Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue, Initial Application Period Cumulative Effect Transition [Table Text Block]

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 was as follows:



(In millions)	Balance at December 31, 2017		ASC 606 Adjustment			Total
Assets
Inventories	$	65	$	1		$	66
Property, plant and equipment, net	12,187		(3		)	12,184
Liabilities
Long-term deferred revenue	42		(3		)	39
Equity
Common unitholders - public	$	8,379	$	1		$	8,380

Aside from the adjustments to the opening balances noted above, the impact of adoption on our Consolidated Balance Sheets for the period ended March 31, 2018 was immaterial. The disclosure of the impact of adoption on our Consolidated Statements of Income for the period ended March 31, 2018 was as follows:



	Three Months Ended March 31, 2018
(In millions)	ASC 606 Balance		ASC 605 Balance		Effect of Change Higher/ (Lower)
Revenues and other income:
Service revenue	$	382	$	305	$	77
Service revenue - related parties	471		472		(1		)
Service revenue - product related	44		—		44
Rental income	79		63		16
Product sales⁽¹⁾	207		228		(21		)
Product sales - related parties	4		3		1
Costs and expenses:
Cost of revenues⁽²⁾	206		128		78
Rental cost of sales	29		13		16
Purchased product costs	187		163		24
Depreciation and amortization	176		176		—
Net income	$	423	$	425	$	(2	)


(1)	G&P “Product sales” exclude approximately $1 million of revenue related to derivative gains/losses and mark-to-market adjustments.


(2)	Excludes “Purchased product costs,” “Rental cost of sales,” “Purchases,” “Depreciation and amortization,” “General and administrative expenses,” and “Other taxes.”

Disaggregation of Revenue [Table Text Block]

The following table represents a disaggregation of revenue for each reportable segment for the period ended March 31, 2018:



	Three Months Ended March 31, 2018
(In millions)	L&S		G&P		Total
Revenues and other income:
Service revenue	$	28	$	354	$	382
Service revenue - related parties	471		—		471
Service revenue - product related	—		44		44
Product sales⁽¹⁾	1		205		206
Product sales - related parties	1		3		4
Total revenues from contracts with customers	$	501	$	606	$	1,107
Non-ASC 606 revenue⁽²⁾					313
Total revenues and other income					1,420
Revenue adjustment for unconsolidated affiliates					137
(Income) from equity method investments					(61		)
Other income - related parties					(13		)
Unrealized derivative (gain) related to product sales					(1		)
Total segment revenues and other income					$	1,482


(1)	G&P “Product sales” exclude approximately $1 million of revenue related to derivative gains/losses and mark-to-market adjustments.


(2)	Non-ASC 606 Revenue includes rental income, income from equity method investments, derivative gains/losses, mark-to-market adjustments, and other income.

Contract with Customer, Asset and Liability [Table Text Block]

The table below reflects the changes in our contract balances for the period ended March 31, 2018:



(In millions)	Balance at January 1, 2018⁽¹⁾		Additions/ (Deletions)		Revenue Recognized⁽²⁾			Balance at March 31, 2018
Contract assets	$	4	$	—	$	—		$	4
Deferred revenue	5		2		(2		)	5
Deferred revenue - related parties	42		9		(9		)	42
Long-term deferred revenue	7		1		—			8
Long-term deferred revenue - related parties	39		6		—			45


(1)	Balance represents ASC 606 portion of each respective line items.


(2)	No revenue was recognized related to past performance obligations, in the current period. Changes in long-term amounts represent reclassifications to current balances.

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

The Company does not disclose information about remaining performance obligations that have original expected durations of one year or less. Further, the Company does not disclose variable consideration due to volume variability in the table below.



(In millions)	Logistics & Storage Services		Gathering & Processing Services⁽³⁾
2018	$	704	$	91
2019	929		118
2020	929		114
2021	929		113
2022 and thereafter	5,577		404
Total revenue on remaining performance obligations^(1),(2)	$	9,068	$	840


(1)	All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated as it reflects our efforts to perform is excluded.


(2)	Arrangements deemed implicit leases are included in “Rental income” and are excluded from this table.


(3)	Only minimum volume commitments that are deemed fixed are included in the table above. The Partnership has various minimum volume commitments in processing arrangements that vary based on the actual Btu content of the gas received. These amounts are deemed variable consideration and are excluded from the table above.