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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following tables present our revenues disaggregated by segment, revenue source and type of revenue for each revenue source:
|  | Three Months Ended June 30, 2024
|  | Natural Gas Pipelines |  | Products Pipelines |  | Terminals |  | CO 2 |  | Corporate and Eliminations |  | Total
|  | (In millions)
Revenues from contracts with customers(a) |  |  |  |  |  |  |  |  |  |  |  |
Services |  |  |  |  |  |  |  |  |  |  |  |
Firm services(b) |  | $ | 920 |  |  | $ | 49 |  |  | $ | 215 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 1,183 |
Fee-based services |  | 257 |  |  | 276 |  |  | 115 |  |  | 10 |  |  | (1) |  |  | 657 |
Total services |  | 1,177 |  |  | 325 |  |  | 330 |  |  | 10 |  |  | (2) |  |  | 1,840 |
Commodity sales |  |  |  |  |  |  |  |  |  |  |  |
Natural gas sales |  | 461 |  |  | — |  |  | — |  |  | 30 |  |  | (1) |  |  | 490 |
Product sales |  | 211 |  |  | 392 |  |  | 15 |  |  | 266 |  |  | (1) |  |  | 883 |
Total commodity sales |  | 672 |  |  | 392 |  |  | 15 |  |  | 296 |  |  | (2) |  |  | 1,373 |
Total revenues from contracts with customers |  | 1,849 |  |  | 717 |  |  | 345 |  |  | 306 |  |  | (4) |  |  | 3,213 |
Other revenues(c) |  |  |  |  |  |  |  |  |  |  |  |
Leasing services(d) |  | 114 |  |  | 53 |  |  | 164 |  |  | 17 |  |  | — |  |  | 348 |
Derivatives adjustments on commodity sales |  | 5 |  |  | — |  |  | — |  |  | (30) |  |  | — |  |  | (25) |
Other |  | 25 |  |  | 6 |  |  | — |  |  | 5 |  |  | — |  |  | 36 |
Total other revenues |  | 144 |  |  | 59 |  |  | 164 |  |  | (8) |  |  | — |  |  | 359 |
Total revenues |  | $ | 1,993 |  |  | $ | 776 |  |  | $ | 509 |  |  | $ | 298 |  |  | $ | (4) |  |  | $ | 3,572 |
|  | Three Months Ended June 30, 2023
|  | Natural Gas Pipelines |  | Products Pipelines |  | Terminals |  | CO 2 |  | Corporate and Eliminations |  | Total
|  | (In millions)
Revenues from contracts with customers(a) |  |  |  |  |  |  |  |  |  |  |  |
Services |  |  |  |  |  |  |  |  |  |  |  |
Firm services(b) |  | $ | 849 |  |  | $ | 49 |  |  | $ | 208 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1,107 |
Fee-based services |  | 248 |  |  | 246 |  |  | 98 |  |  | 10 |  |  | — |  |  | 602 |
Total services |  | 1,097 |  |  | 295 |  |  | 306 |  |  | 11 |  |  | — |  |  | 1,709 |
Commodity sales |  |  |  |  |  |  |  |  |  |  |  |
Natural gas sales |  | 484 |  |  | — |  |  | — |  |  | 13 |  |  | (2) |  |  | 495 |
Product sales |  | 233 |  |  | 380 |  |  | 9 |  |  | 277 |  |  | (3) |  |  | 896 |
Total commodity sales |  | 717 |  |  | 380 |  |  | 9 |  |  | 290 |  |  | (5) |  |  | 1,391 |
Total revenues from contracts with customers |  | 1,814 |  |  | 675 |  |  | 315 |  |  | 301 |  |  | (5) |  |  | 3,100 |
Other revenues(c) |  |  |  |  |  |  |  |  |  |  |  |
Leasing services(d) |  | 120 |  |  | 52 |  |  | 163 |  |  | 11 |  |  | — |  |  | 346 |
Derivatives adjustments on commodity sales |  | 40 |  |  | 2 |  |  | — |  |  | (14) |  |  | — |  |  | 28 |
Other |  | 17 |  |  | 6 |  |  | — |  |  | 4 |  |  | — |  |  | 27 |
Total other revenues |  | 177 |  |  | 60 |  |  | 163 |  |  | 1 |  |  | — |  |  | 401 |
Total revenues |  | $ | 1,991 |  |  | $ | 735 |  |  | $ | 478 |  |  | $ | 302 |  |  | $ | (5) |  |  | $ | 3,501 |
|  | Six Months Ended June 30, 2024
|  | Natural Gas Pipelines |  | Products Pipelines |  | Terminals |  | CO 2 |  | Corporate and Eliminations |  | Total
|  | (In millions)
Revenues from contracts with customers(a) |  |  |  |  |  |  |  |  |  |  |  |
Services |  |  |  |  |  |  |  |  |  |  |  |
Firm services(b) |  | $ | 1,912 |  |  | $ | 107 |  |  | $ | 427 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 2,444 |
Fee-based services |  | 528 |  |  | 524 |  |  | 224 |  |  | 22 |  |  | (2) |  |  | 1,296 |
Total services |  | 2,440 |  |  | 631 |  |  | 651 |  |  | 22 |  |  | (4) |  |  | 3,740 |
Commodity sales |  |  |  |  |  |  |  |  |  |  |  |
Natural gas sales |  | 1,085 |  |  | — |  |  | — |  |  | 53 |  |  | (4) |  |  | 1,134 |
Product sales |  | 434 |  |  | 756 |  |  | 28 |  |  | 533 |  |  | (2) |  |  | 1,749 |
Total commodity sales |  | 1,519 |  |  | 756 |  |  | 28 |  |  | 586 |  |  | (6) |  |  | 2,883 |
Total revenues from contracts with customers |  | 3,959 |  |  | 1,387 |  |  | 679 |  |  | 608 |  |  | (10) |  |  | 6,623 |
Other revenues(c) |  |  |  |  |  |  |  |  |  |  |  |
Leasing services(d) |  | 229 |  |  | 106 |  |  | 326 |  |  | 29 |  |  | — |  |  | 690 |
Derivatives adjustments on commodity sales |  | 47 |  |  | (1) |  |  | — |  |  | (62) |  |  | — |  |  | (16) |
Other |  | 94 |  |  | 12 |  |  | — |  |  | 11 |  |  | — |  |  | 117 |
Total other revenues |  | 370 |  |  | 117 |  |  | 326 |  |  | (22) |  |  | — |  |  | 791 |
Total revenues |  | $ | 4,329 |  |  | $ | 1,504 |  |  | $ | 1,005 |  |  | $ | 586 |  |  | $ | (10) |  |  | $ | 7,414 |
|  | Six Months Ended June 30, 2023
|  | Natural Gas Pipelines |  | Products Pipelines |  | Terminals |  | CO 2 |  | Corporate and Eliminations |  | Total
|  | (In millions)
Revenues from contracts with customers(a) |  |  |  |  |  |  |  |  |  |  |  |
Services |  |  |  |  |  |  |  |  |  |  |  |
Firm services(b) |  | $ | 1,766 |  |  | $ | 89 |  |  | $ | 415 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | 2,270 |
Fee-based services |  | 484 |  |  | 486 |  |  | 196 |  |  | 20 |  |  | — |  |  | 1,186 |
Total services |  | 2,250 |  |  | 575 |  |  | 611 |  |  | 21 |  |  | (1) |  |  | 3,456 |
Commodity sales |  |  |  |  |  |  |  |  |  |  |  |
Natural gas sales |  | 1,283 |  |  | — |  |  | — |  |  | 33 |  |  | (4) |  |  | 1,312 |
Product sales |  | 507 |  |  | 716 |  |  | 13 |  |  | 545 |  |  | (4) |  |  | 1,777 |
Total commodity sales |  | 1,790 |  |  | 716 |  |  | 13 |  |  | 578 |  |  | (8) |  |  | 3,089 |
Total revenues from contracts with customers |  | 4,040 |  |  | 1,291 |  |  | 624 |  |  | 599 |  |  | (9) |  |  | 6,545 |
Other revenues(c) |  |  |  |  |  |  |  |  |  |  |  |
Leasing services(d) |  | 237 |  |  | 99 |  |  | 315 |  |  | 25 |  |  | — |  |  | 676 |
Derivatives adjustments on commodity sales |  | 147 |  |  | 1 |  |  | — |  |  | (34) |  |  | — |  |  | 114 |
Other |  | 33 |  |  | 12 |  |  | — |  |  | 9 |  |  | — |  |  | 54 |
Total other revenues |  | 417 |  |  | 112 |  |  | 315 |  |  | — |  |  | — |  |  | 844 |
Total revenues |  | $ | 4,457 |  |  | $ | 1,403 |  |  | $ | 939 |  |  | $ | 599 |  |  | $ | (9) |  |  | $ | 7,389 |
(a)Differences between the revenue classifications presented on the consolidated statements of income and the categories for the disaggregated revenues by type of revenue above are primarily attributable to revenues reflected in the “Other revenues” category above (see note (c)). (b)Includes non-cancellable firm service customer contracts with take-or-pay or minimum volume commitment elements, including those contracts where both the price and quantity amount are fixed. Excludes service contracts with index-based pricing, which along with revenues from other customer service contracts are reported as “Fee-based services.” (c)Amounts recognized as revenue under guidance prescribed in Topics of the ASC other than in Topic 606 were primarily from leases and derivative contracts. See Note 6 for additional information related to our derivative contracts. (d)Our revenues from leasing services are predominantly comprised of specific assets that we lease to customers under operating leases where one customer obtains substantially all of the economic benefit from the asset and has the right to direct the use of that asset. These leases primarily consist of specific tanks, treating facilities, marine vessels and gas equipment and pipelines with separate control locations. We do not lease assets that qualify as sales-type or finance leases.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of June 30, 2024 that we will invoice or transfer from contract liabilities and recognize in future periods:
Year |  | Estimated Revenue
|  | (In millions)
Six months ended December 31, 2024 |  | $ | 2,501 |
2025 |  | 4,453 |
2026 |  | 3,752 |
2027 |  | 3,101 |
2028 |  | 2,725 |
Thereafter |  | 16,058 |
Total |  | $ | 32,590 |

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