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Reportable Segments (Notes) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Reportable Segments | 16. Reportable Segments Our reportable business segments are: •Natural Gas Pipelines—the ownership and operation of (i) major interstate and intrastate natural gas pipeline and storage systems; (ii) natural gas gathering systems and natural gas processing and treating facilities; (iii) NGL fractionation facilities and transportation systems; and (iv) LNG regasification, liquefaction and storage facilities; •Products Pipelines—the ownership and operation of refined petroleum products, crude oil and condensate pipelines that primarily deliver, among other products, gasoline, diesel and jet fuel, crude oil and condensate to various markets, plus the ownership and/or operation of associated product terminals and petroleum pipeline transmix facilities; •Terminals—the ownership and/or operation of (i) liquids and bulk terminal facilities located throughout the U.S. that store and handle various commodities including gasoline, diesel fuel, chemicals, petroleum coke, metals and ethanol and other renewable fuels and feedstocks; and (ii) Jones Act-qualified tankers; •CO 2—(i) the production, transportation and marketing of CO 2 to oil fields that use CO 2 as a flooding medium to increase recovery and production of crude oil from mature oil fields; (ii) ownership interests in and/or operation of oil fields and gasoline processing plants in West Texas; (iii) the ownership and operation of a crude oil pipeline system in West Texas; and (iv) the ownership and operation of RNG and LNG facilities. We evaluate performance principally based on each segment’s earnings before DD&A expenses, including amortization of excess cost of equity investments, (EBDA), which excludes general and administrative expenses and corporate charges, interest expense, net, and income tax expense. Our reportable segments are strategic business units that offer different products and services, and they are structured based on how our chief operating decision makers organize their operations for optimal performance and resource allocation. Each segment is managed separately because each segment involves different products and services and marketing strategies. We consider each period’s earnings before all non-cash DD&A expenses to be an important measure of business segment performance for our reporting segments. We account for intersegment sales at market prices, while we account for asset transfers at book value. During 2023, 2022 and 2021, we did not have revenues from any single external customer that exceeded 10% of our consolidated revenues. Financial information by segment follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Revenues |  |  |  |  |
Natural Gas Pipelines |  |  |  |  |
Revenues from external customers | $ | 9,152 |  |  | $ | 12,659 |  |  | $ | 11,644 |
Intersegment revenues | 16 |  |  | 27 |  |  | 65 |
Products Pipelines | 3,066 |  |  | 3,418 |  |  | 2,245 |
Terminals |  |  |  |  |
Revenues from external customers | 1,911 |  |  | 1,789 |  |  | 1,712 |
Intersegment revenues | 6 |  |  | 3 |  |  | 3 |
CO 2 |  |  |  |  |
Revenues from external customers | 1,205 |  |  | 1,334 |  |  | 1,009 |
Intersegment revenues | 4 |  |  | — |  |  | — |
Corporate and intersegment eliminations | (26) |  |  | (30) |  |  | (68) |
Total consolidated revenues | $ | 15,334 |  |  | $ | 19,200 |  |  | $ | 16,610 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Operating expenses(a) |  |  |  |  |
Natural Gas Pipelines | $ | 4,700 |  |  | $ | 8,562 |  |  | $ | 7,000 |
Products Pipelines | 2,024 |  |  | 2,391 |  |  | 1,239 |
Terminals | 896 |  |  | 853 |  |  | 793 |
CO 2 | 550 |  |  | 554 |  |  | 289 |
Corporate and intersegment eliminations | (4) |  |  | (9) |  |  | (34) |
Total consolidated operating expenses | $ | 8,166 |  |  | $ | 12,351 |  |  | $ | 9,287 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Other expense (income)(b) |  |  |  |  |
Natural Gas Pipelines | $ | (12) |  |  | $ | (13) |  |  | $ | 1,597 |
Products Pipelines | 4 |  |  | (12) |  |  | — |
Terminals | (2) |  |  | (14) |  |  | 32 |
CO 2 | — |  |  | (1) |  |  | (8) |
Corporate | (3) |  |  | 1 |  |  | (4) |
Total consolidated other expense (income) | $ | (13) |  |  | $ | (39) |  |  | $ | 1,617 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
DD&A |  |  |  |  |
Natural Gas Pipelines | $ | 1,041 |  |  | $ | 1,096 |  |  | $ | 1,099 |
Products Pipelines | 367 |  |  | 336 |  |  | 335 |
Terminals | 493 |  |  | 458 |  |  | 440 |
CO 2 | 325 |  |  | 272 |  |  | 236 |
Corporate | 24 |  |  | 24 |  |  | 25 |
Total consolidated DD&A | $ | 2,250 |  |  | $ | 2,186 |  |  | $ | 2,135 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Earnings from equity investments and amortization of excess cost of equity investments |  |  |  |  |
Natural Gas Pipelines | $ | 746 |  |  | $ | 650 |  |  | $ | 435 |
Products Pipelines | (6) |  |  | 33 |  |  | 34 |
Terminals | 9 |  |  | 14 |  |  | 15 |
CO 2 | 23 |  |  | 31 |  |  | 29 |
Total consolidated equity earnings | $ | 772 |  |  | $ | 728 |  |  | $ | 513 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Other, net-income (expense) |  |  |  |  |
Natural Gas Pipelines | $ | 26 |  |  | $ | (19) |  |  | $ | 216 |
Products Pipelines | 1 |  |  | — |  |  | 1 |
Terminals | 8 |  |  | 8 |  |  | 3 |
Corporate | (72) |  |  | 66 |  |  | 62 |
Total consolidated other, net-income (expense) | $ | (37) |  |  | $ | 55 |  |  | $ | 282 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Segment EBDA(c) |  |  |  |  |
Natural Gas Pipelines | $ | 5,282 |  |  | $ | 4,801 |  |  | $ | 3,815 |
Products Pipelines | 1,062 |  |  | 1,107 |  |  | 1,064 |
Terminals | 1,040 |  |  | 975 |  |  | 908 |
CO 2 | 689 |  |  | 819 |  |  | 760 |
Total Segment EBDA | 8,073 |  |  | 7,702 |  |  | 6,547 |
DD&A | (2,250) |  |  | (2,186) |  |  | (2,135) |
Amortization of excess cost of equity investments | (66) |  |  | (75) |  |  | (78) |
General and administrative and corporate charges | (759) |  |  | (593) |  |  | (623) |
Interest, net | (1,797) |  |  | (1,513) |  |  | (1,492) |
Income tax expense | (715) |  |  | (710) |  |  | (369) |
Total consolidated net income | $ | 2,486 |  |  | $ | 2,625 |  |  | $ | 1,850 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Capital expenditures |  |  |  |  |
Natural Gas Pipelines | $ | 1,299 |  |  | $ | 666 |  |  | $ | 570 |
Products Pipelines | 221 |  |  | — |  |  | 122 |
Terminals | 406 |  |  | 552 |  |  | 332 |
CO 2 | 355 |  |  | 371 |  |  | 230 |
Corporate | 36 |  |  | 32 |  |  | 27 |
Total consolidated capital expenditures | $ | 2,317 |  |  | $ | 1,621 |  |  | $ | 1,281 |
| December 31,
| 2023 |  | 2022
| (In millions)
Investments |  |  |
Natural Gas Pipelines | $ | 7,273 |  |  | $ | 6,993 |
Products Pipelines | 390 |  |  | 445 |
Terminals | 130 |  |  | 128 |
CO 2 | 81 |  |  | 87 |
Total consolidated investments | $ | 7,874 |  |  | $ | 7,653 |
| December 31,
| 2023 |  | 2022
| (In millions)
Other intangibles, net |  |  |
Natural Gas Pipelines | $ | 742 |  |  | $ | 439 |
Products Pipelines | 687 |  |  | 777 |
Terminals | 26 |  |  | 38 |
CO 2 | 502 |  |  | 555 |
Total consolidated other intangibles, net | $ | 1,957 |  |  | $ | 1,809 |
| December 31,
| 2023 |  | 2022
| (In millions)
Assets |  |  |
Natural Gas Pipelines | $ | 49,883 |  |  | $ | 47,978 |
Products Pipelines | 8,781 |  |  | 8,985 |
Terminals | 8,235 |  |  | 8,357 |
CO 2 | 3,497 |  |  | 3,449 |
Corporate assets(d) | 624 |  |  | 1,309 |
Total consolidated assets | $ | 71,020 |  |  | $ | 70,078 |
(a)Includes costs of sales, operations and maintenance expenses, and taxes, other than income taxes. (b)Include s (gain) loss on divestitures and impairments, net and other (expense) income, net. (c)Includes revenues, earnings from equity investments, and other, net, less operating expenses, (gain) loss on divestitures and impairments, net and other (expense) income, net. (d)Includes cash and cash equivalents, restricted deposits, certain prepaid assets and deferred charges, risk management assets related to derivative contracts, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as information technology, telecommunications equipment and legacy activity) not allocated to our reportable segments. We do not attribute interest and debt expense to any of our reportable business segments. Following is geographic information regarding the revenues and long-lived assets of our business:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Revenues from external customers |  |  |  |  |
U.S. | $ | 15,255 |  |  | $ | 19,036 |  |  | $ | 16,479 |
Mexico and other foreign | 79 |  |  | 164 |  |  | 131 |
Total consolidated revenues from external customers | $ | 15,334 |  |  | $ | 19,200 |  |  | $ | 16,610 |
| December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Long-term assets, excluding goodwill and other intangibles |  |  |  |  |
U.S. | $ | 46,328 |  |  | $ | 44,425 |  |  | $ | 44,916 |
Mexico and other foreign | 72 |  |  | 75 |  |  | 78 |
Canada | — |  |  | 1 |  |  | 1 |
Total consolidated long-lived assets | $ | 46,400 |  |  | $ | 44,501 |  |  | $ | 44,995 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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