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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Change in Asset Retirement Obligation
The following table summarizes changes in the asset retirement obligations included in our accompanying consolidated balance sheets:
December 31,
20242023
(In millions)
Balance at beginning of period$231 $204 
Accretion expense13 12 
Divestitures (Note 3)
(33)— 
Acquisitions (Note 3)
43 12 
New obligations
10 10 
Settlements(16)(7)
Balance at end of period(a)
$248 $231 
(a)Balances at December 31, 2024 and 2023 include $2 million and $3 million, respectively, included within “Other current liabilities” on our accompanying consolidated balance sheets.
Schedule of Other Intangibles
The following tables summarize our other intangible assets as of December 31, 2024 and 2023 and our amortization expense for the years ended December 31, 2024, 2023 and 2022: 
December 31,
20242023
(In millions)
Gross$3,543 $3,543 
Accumulated amortization(1,783)(1,586)
Net carrying amount$1,760 $1,957 
December 31,
202420232022
(In millions)
Amortization expense$197 $202 $253 
Schedule of Estimated Amortization Expense for Other Intangibles
Our estimated amortization expense for our intangible assets for each of the next five fiscal years is:
20252026202720282029
(In millions)
Estimated amortization expenses$193 $191 $191 $190 $189 
Schedule of Regulatory Assets
The following table summarizes our regulatory asset and liability balances as of December 31, 2024 and 2023:
December 31,
20242023
(In millions)
Current regulatory assets$25 $26 
Non-current regulatory assets231 214 
Total regulatory assets(a)$256 $240 
Current regulatory liabilities$35 $45 
Non-current regulatory liabilities197 188 
Total regulatory liabilities(b)$232 $233 
(a)Regulatory assets as of December 31, 2024 include (i) $90 million of unamortized losses on disposal of assets; (ii) $41 million income tax gross up on equity AFUDC; and (iii) $125 million of other assets, including amounts related to fuel tracker arrangements. Approximately $162 million of the regulatory assets, with a weighted average remaining recovery period of 8 years, are recoverable without earning a return, including the income tax gross up on equity AFUDC for which there is an offsetting deferred income tax balance for FERC rate base purposes; therefore, it does not earn a return.
(b)Regulatory liabilities as of December 31, 2024 are comprised of customer prepayments to be credited to shippers or other over-collections that are expected to be returned to shippers or netted against under-collections over time. Approximately $118 million of the $197 million classified as non-current is expected to be credited to shippers over a remaining weighted average period of 11 years, while the remaining $79 million is not subject to a defined period.
Schedule of Regulatory Liabilities
The following table summarizes our regulatory asset and liability balances as of December 31, 2024 and 2023:
December 31,
20242023
(In millions)
Current regulatory assets$25 $26 
Non-current regulatory assets231 214 
Total regulatory assets(a)$256 $240 
Current regulatory liabilities$35 $45 
Non-current regulatory liabilities197 188 
Total regulatory liabilities(b)$232 $233 
(a)Regulatory assets as of December 31, 2024 include (i) $90 million of unamortized losses on disposal of assets; (ii) $41 million income tax gross up on equity AFUDC; and (iii) $125 million of other assets, including amounts related to fuel tracker arrangements. Approximately $162 million of the regulatory assets, with a weighted average remaining recovery period of 8 years, are recoverable without earning a return, including the income tax gross up on equity AFUDC for which there is an offsetting deferred income tax balance for FERC rate base purposes; therefore, it does not earn a return.
(b)Regulatory liabilities as of December 31, 2024 are comprised of customer prepayments to be credited to shippers or other over-collections that are expected to be returned to shippers or netted against under-collections over time. Approximately $118 million of the $197 million classified as non-current is expected to be credited to shippers over a remaining weighted average period of 11 years, while the remaining $79 million is not subject to a defined period.
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the allocation of net income available to shareholders of Class P common stock and participating securities:
Year Ended December 31,
202420232022
(In millions, except per share amounts)
Net Income Available to Stockholders$2,613 $2,391 $2,548 
Participating securities:
   Less: Net Income Allocated to Restricted stock awards(a)(15)(14)(13)
Net Income Allocated to Common Stockholders$2,598 $2,377 $2,535 
Basic Weighted Average Shares Outstanding2,220 2,234 2,258 
Basic Earnings Per Share$1.17 $1.06 $1.12 
(a)As of December 31, 2024, there were approximately 13 million restricted stock awards outstanding.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following maximum number of potential common stock equivalents are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share. As we have no other common stock equivalents, our diluted earnings per share are the same as our basic earnings per share for all periods presented.
Year Ended December 31,
202420232022
(In millions on a weighted average basis)
Unvested restricted stock awards13 13 13 
Convertible trust preferred securities3 3 3