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Revenue Recognition (Notes) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 7. Revenue Recognition Disaggregation of Revenues 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. Contract Balances As of June 30, 2024 and December 31, 2023, our contract asset balances were $29 million and $34 million, respectively. Of the contract asset balance at December 31, 2023, $21 million was transferred to accounts receivable during the six months ended June 30, 2024. As of June 30, 2024 and December 31, 2023, our contract liability balances were $407 million and $415 million, respectively. Of the contract liability balance at December 31, 2023, $65 million was recognized as revenue during the six months ended June 30, 2024. In addition to our contract balances above, we also had lease contract liabilities associated with prepaid fixed reservation charges under long-term transportation and terminaling contracts totaling $615 million and $643 million as of June 30, 2024 and December 31, 2023, respectively. Revenue Allocated to Remaining Performance Obligations 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 |
Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to service or commodity sale customer contracts which have fixed pricing and fixed volume terms and conditions, generally including contracts with take-or-pay or minimum volume commitment payment obligations. Our contractually committed revenue amounts, based on the practical expedient that we elected to apply, generally exclude remaining performance obligations for contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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