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Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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						CO2						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						CO2						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						CO2						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.

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

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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- 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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