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Revenue Recognition (Tables)

6 Months Ended

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						CO2						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						CO2						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						CO2						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						CO2						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

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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X

- Definition

Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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