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Revenue Recognition (Notes)
 6 Months Ended
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 PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$920 $49 $215 $— $(1)$1,183 
Fee-based services257 276 115 10 (1)657 
Total services1,177 325 330 10 (2)1,840 
Commodity sales
Natural gas sales461 — — 30 (1)490 
Product sales211 392 15 266 (1)883 
Total commodity sales672 392 15 296 (2)1,373 
Total revenues from contracts with customers1,849 717 345 306 (4)3,213 
Other revenues(c)
Leasing services(d)114 53 164 17 — 348 
Derivatives adjustments on commodity sales5 — — (30)— (25)
Other25 6 — 5 — 36 
Total other revenues144 59 164 (8)— 359 
Total revenues$1,993 $776 $509 $298 $(4)$3,572 
Three Months Ended June 30, 2023
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$849 $49 $208 $1 $— $1,107 
Fee-based services248 246 98 10 — 602 
Total services1,097 295 306 11 — 1,709 
Commodity sales
Natural gas sales484 — — 13 (2)495 
Product sales233 380 9 277 (3)896 
Total commodity sales717 380 9 290 (5)1,391 
Total revenues from contracts with customers1,814 675 315 301 (5)3,100 
Other revenues(c)
Leasing services(d)120 52 163 11 — 346 
Derivatives adjustments on commodity sales40 2 — (14)— 28 
Other17 6 — 4 — 27 
Total other revenues177 60 163 1 — 401 
Total revenues$1,991 $735 $478 $302 $(5)$3,501 
Six Months Ended June 30, 2024
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$1,912 $107 $427 $— $(2)$2,444 
Fee-based services528 524 224 22 (2)1,296 
Total services2,440 631 651 22 (4)3,740 
Commodity sales
Natural gas sales1,085 — — 53 (4)1,134 
Product sales434 756 28 533 (2)1,749 
Total commodity sales1,519 756 28 586 (6)2,883 
Total revenues from contracts with customers3,959 1,387 679 608 (10)6,623 
Other revenues(c)
Leasing services(d)229 106 326 29 — 690 
Derivatives adjustments on commodity sales47 (1)— (62)— (16)
Other94 12 — 11 — 117 
Total other revenues370 117 326 (22)— 791 
Total revenues$4,329 $1,504 $1,005 $586 $(10)$7,414 
Six Months Ended June 30, 2023
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$1,766 $89 $415 $1 $(1)$2,270 
Fee-based services484 486 196 20 — 1,186 
Total services2,250 575 611 21 (1)3,456 
Commodity sales
Natural gas sales1,283 — — 33 (4)1,312 
Product sales507 716 13 545 (4)1,777 
Total commodity sales1,790 716 13 578 (8)3,089 
Total revenues from contracts with customers4,040 1,291 624 599 (9)6,545 
Other revenues(c)
Leasing services(d)237 99 315 25 — 676 
Derivatives adjustments on commodity sales147 1 — (34)— 114 
Other33 12 — 9 — 54 
Total other revenues417 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:
YearEstimated Revenue
(In millions)
Six months ended December 31, 2024
$2,501 
20254,453 
20263,752 
20273,101 
20282,725 
Thereafter16,058 
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.