XML 44 R23.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Revenue Recognition (Notes) | 12 Months Ended
--- | ---
Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 14. Revenue Recognition Nature of Revenue by Segment Natural Gas Pipelines Segment We provide various types of natural gas transportation and storage services, natural gas and NGL sales contracts, and various types of gathering and processing services for producers, including receiving, compressing, transporting and re-delivering quantities of natural gas and/or NGL made available to us by producers to a specified delivery location. Natural Gas Transportation and Storage Contracts The natural gas we receive under our transportation and storage contracts remains under the control of our customers. Under firm service contracts, the customer generally pays a two-part transaction price that includes (i) a fixed take-or-pay reservation fee and (ii) a fee-based per-unit rate for quantities of natural gas actually transported or injected into/withdrawn from storage. Under non-firm service contracts, generally described as interruptible service, the customer pays a transaction price on a fee-based per-unit rate for the quantities actually transported or injected into/withdrawn from storage. Natural Gas and NGL Sales Contracts Our sales and purchases of natural gas and NGL are primarily accounted for on a gross basis as natural gas sales or product sales, as applicable, and cost of sales. These customer contracts generally provide for the customer to nominate a specified quantity of commodity products to be delivered and sold to the customers at specified delivery points. The customer pays a transaction price typically based on a market indexed per-unit rate for the quantities sold. Gathering and Processing Contracts We provide various types of gathering and processing services for producers, including receiving, processing, compressing, transporting and re-delivering quantities of natural gas made available to us by producers to a specified delivery location. This integrated service can be firm if subject to a minimum volume commitment or acreage dedication or non-firm when offered on an as requested, non-guaranteed basis. In our gathering contracts we generally promise to provide the contracted integrated services each day over the life of the contract. The customer pays a transaction price typically based on a per-unit rate for the quantities actually gathered and/or processed, including amounts attributable to deficiency quantities associated with minimum volume contracts. Products Pipelines Segment We provide crude oil and refined petroleum transportation and storage services on a firm or non-firm basis. For our firm transportation service, the customer is obligated to pay for its minimum volume commitment amount, regardless of whether or not it flows volumes into our pipeline. The customer pays a transaction price typically based on a per-unit rate for quantities transported, including amounts attributable to deficiency quantities. Our firm storage service generally includes a fixed take-or-pay monthly reservation fee for the portion of storage capacity reserved by the customer and a per-unit rate for actual quantities injected into/withdrawn from storage. Under the non-firm transportation and storage service the customer typically pays a per-unit rate for actual quantities of product injected into/withdrawn from storage and/or transported. We sell transmix, crude oil or other commodity products. The customer’s contracts generally include a specified quantity of commodity products to be delivered and sold to the customers at specified delivery points. The customer pays a transaction price typically based on a market indexed per-unit rate for the quantities sold. Terminals Segment We provide various types of liquid tank and bulk terminal services. These services are generally comprised of inbound, storage and outbound handling of customer products. Liquids Tank Services Firm Storage and Handling Contracts: We have liquids tank storage and handling service contracts that include a promised tank storage capacity provision and prepaid volume throughput of the stored product. In these contracts, the customers have fixed take-or-pay monthly obligation which generally include a per-unit rate for any quantities we handle at the request of the customer in excess of the prepaid volume throughput amount and also typically include per-unit rates for additional, ancillary services that may be periodically requested by the customer. Firm Handling Contracts: For our firm handling service contracts, we typically promise to handle on a stand-ready basis throughput volumes up to the customer’s minimum volume commitment amount. The customer is obligated to pay for its minimum volume commitment amount, regardless of whether or not it used the handling service. The customer pays a transaction price typically based on a per-unit rate for volumes handled, including amounts attributable to deficiency quantities. Bulk Services Our bulk storage and handling contracts generally include inbound handling of our customers’ dry bulk material product (e.g., petcoke, metals, ores) into our storage facility and outbound handling of these products from our storage facility. These services are provided on both a firm basis, including amounts attributable to deficiency quantities, and non-firm basis where the customer pays a transaction price typically based on a per-unit rate for quantities handled on an as requested, non-guaranteed basis. CO 2 Segment Our crude oil, NGL, CO 2 and natural gas production customer sales contracts typically include a specified quantity and quality of commodity product to be delivered and sold to the customer at a specified delivery point. The customer pays a transaction price typically based on a market indexed per-unit rate for the quantities sold. Disaggregation of Revenues The following tables present our revenues disaggregated by segment, revenue source and type of revenue for each revenue source:
|  | Year Ended December 31, 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) |  | $ | 3,893 |  |  | $ | 220 |  |  | $ | 846 |  |  | $ | 2 |  |  | $ | (4) |  |  | $ | 4,957 |
Fee-based services |  | 1,044 |  |  | 1,059 |  |  | 460 |  |  | 41 |  |  | (7) |  |  | 2,597 |
Total services |  | 4,937 |  |  | 1,279 |  |  | 1,306 |  |  | 43 |  |  | (11) |  |  | 7,554 |
Commodity sales |  |  |  |  |  |  |  |  |  |  |  |
Natural gas sales |  | 2,303 |  |  | — |  |  | — |  |  | 43 |  |  | (6) |  |  | 2,340 |
Product sales |  | 965 |  |  | 1,444 |  |  | 50 |  |  | 1,031 |  |  | (4) |  |  | 3,486 |
Other sales |  | 20 |  |  | — |  |  | — |  |  | 85 |  |  | (2) |  |  | 103 |
Total commodity sales |  | 3,288 |  |  | 1,444 |  |  | 50 |  |  | 1,159 |  |  | (12) |  |  | 5,929 |
Total revenues from contracts with customers |  | 8,225 |  |  | 2,723 |  |  | 1,356 |  |  | 1,202 |  |  | (23) |  |  | 13,483 |
Other revenues(c) |  |  |  |  |  |  |  |  |  |  |  |
Leasing services(d) |  | 459 |  |  | 209 |  |  | 666 |  |  | 66 |  |  | — |  |  | 1,400 |
Derivatives adjustments on commodity sales |  | 113 |  |  | (1) |  |  | — |  |  | (85) |  |  | — |  |  | 27 |
Other |  | 145 |  |  | 24 |  |  | — |  |  | 21 |  |  | — |  |  | 190 |
Total other revenues |  | 717 |  |  | 232 |  |  | 666 |  |  | 2 |  |  | — |  |  | 1,617 |
Total revenues |  | $ | 8,942 |  |  | $ | 2,955 |  |  | $ | 2,022 |  |  | $ | 1,204 |  |  | $ | (23) |  |  | $ | 15,100 |
|  | Year Ended December 31, 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) |  | $ | 3,543 |  |  | $ | 171 |  |  | $ | 819 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 4,537 |
Fee-based services |  | 1,008 |  |  | 1,036 |  |  | 427 |  |  | 40 |  |  | (9) |  |  | 2,502 |
Total services |  | 4,551 |  |  | 1,207 |  |  | 1,246 |  |  | 41 |  |  | (6) |  |  | 7,039 |
Commodity sales |  |  |  |  |  |  |  |  |  |  |  |
Natural gas sales |  | 2,631 |  |  | — |  |  | — |  |  | 43 |  |  | (8) |  |  | 2,666 |
Product sales |  | 1,110 |  |  | 1,635 |  |  | 33 |  |  | 1,114 |  |  | (8) |  |  | 3,884 |
Other sales |  | 20 |  |  | — |  |  | — |  |  | 42 |  |  | (4) |  |  | 58 |
Total commodity sales |  | 3,761 |  |  | 1,635 |  |  | 33 |  |  | 1,199 |  |  | (20) |  |  | 6,608 |
Total revenues from contracts with customers |  | 8,312 |  |  | 2,842 |  |  | 1,279 |  |  | 1,240 |  |  | (26) |  |  | 13,647 |
Other revenues(c) |  |  |  |  |  |  |  |  |  |  |  |
Leasing services(d) |  | 475 |  |  | 200 |  |  | 638 |  |  | 55 |  |  | — |  |  | 1,368 |
Derivatives adjustments on commodity sales |  | 285 |  |  | — |  |  | — |  |  | (107) |  |  | — |  |  | 178 |
Other |  | 96 |  |  | 24 |  |  | — |  |  | 21 |  |  | — |  |  | 141 |
Total other revenues |  | 856 |  |  | 224 |  |  | 638 |  |  | (31) |  |  | — |  |  | 1,687 |
Total revenues |  | $ | 9,168 |  |  | $ | 3,066 |  |  | $ | 1,917 |  |  | $ | 1,209 |  |  | $ | (26) |  |  | $ | 15,334 |
|  | Year Ended December 31, 2022
|  | Natural Gas Pipelines |  | Products Pipelines |  | Terminals |  | CO 2 |  | Corporate and Eliminations |  | Total
|  | (In millions)
Revenues from contracts with customers(a) |  |  |  |  |  |  |  |  |  |  |  |
Services |  |  |  |  |  |  |  |  |  |  |  |
Firm services(b) |  | $ | 3,547 |  |  | $ | 207 |  |  | $ | 763 |  |  | $ | 1 |  |  | $ | (3) |  |  | $ | 4,515 |
Fee-based services |  | 926 |  |  | 962 |  |  | 426 |  |  | 46 |  |  | — |  |  | 2,360 |
Total services |  | 4,473 |  |  | 1,169 |  |  | 1,189 |  |  | 47 |  |  | (3) |  |  | 6,875 |
Commodity sales |  |  |  |  |  |  |  |  |  |  |  |
Natural gas sales |  | 6,198 |  |  | — |  |  | — |  |  | 82 |  |  | (20) |  |  | 6,260 |
Product sales |  | 1,433 |  |  | 2,032 |  |  | 29 |  |  | 1,426 |  |  | (7) |  |  | 4,913 |
Other sales |  | 68 |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | 80 |
Total commodity sales |  | 7,699 |  |  | 2,032 |  |  | 29 |  |  | 1,520 |  |  | (27) |  |  | 11,253 |
Total revenues from contracts with customers |  | 12,172 |  |  | 3,201 |  |  | 1,218 |  |  | 1,567 |  |  | (30) |  |  | 18,128 |
Other revenues(c) |  |  |  |  |  |  |  |  |  |  |  |
Leasing services(d) |  | 474 |  |  | 194 |  |  | 574 |  |  | 60 |  |  | — |  |  | 1,302 |
Derivatives adjustments on commodity sales |  | (26) |  |  | (3) |  |  | — |  |  | (325) |  |  | — |  |  | (354) |
Other |  | 66 |  |  | 26 |  |  | — |  |  | 32 |  |  | — |  |  | 124 |
Total other revenues |  | 514 |  |  | 217 |  |  | 574 |  |  | (233) |  |  | — |  |  | 1,072 |
Total revenues |  | $ | 12,686 |  |  | $ | 3,418 |  |  | $ | 1,792 |  |  | $ | 1,334 |  |  | $ | (30) |  |  | $ | 19,200 |
(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 13 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. Our revenues derived from leases were not material. We do not lease assets that qualify as sales-type or finance leases. Contract Balances As of December 31, 2024 and 2023, our contract asset balances were $15 million and $34 million, respectively. Of the contract asset balance at December 31, 2023, $25 million was transferred to accounts receivable during the year ended December 31, 2024. As of December 31, 2024 and 2023, our contract liability balances were $377 million and $415 million, respectively. Of the contract liability balance at December 31, 2023, $97 million was recognized as revenue during the year ended December 31, 2024. During the year ended December 31, 2023, we entered into an agreement with a customer to prepay certain fixed reservation charges under a long-term terminaling contract. We received $843 million in the fourth quarter of 2023 as part of this agreement. The prepayment, which relates to contracts expiring from 2035 to 2040, was discounted to present value at a rate that is attractive relative to our cost of issuing long-term debt. As of December 31, 2024 and 2023, we had lease contract liability balances of $587 million and $643 million, respectively, and contract liability balances of $187 million and $195 million, respectively, associated with this prepayment. 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 December 31, 2024 that we will invoice or transfer from contract liabilities and recognize in future periods:
Year |  | Estimated Revenue
|  | (In millions)
2025 |  | $ | 5,038 |
2026 |  | 4,292 |
2027 |  | 3,541 |
2028 |  | 3,088 |
2029 |  | 2,725 |
Thereafter |  | 15,956 |
Total |  | $ | 34,640 |
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.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration