DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table summarizes the major line items in the Consolidated Statements of Financial Position for consolidated VIEs as of September 30, 2025 and December 31, 2024. All assets and liabilities of a consolidated VIE are included in the table when it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. The assets and liabilities of consolidated VIEs that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIEs' obligations have been excluded from the table below.


	September 30,		December 31,

	2025		2024
	(millions)
ASSETS (a)
Cash	$	34	$	17
Accounts receivable	9		11
Other current assets	—		2
Intangible assets, net	457		468
Property, plant and equipment, net	427		391
Goodwill	25		25
	$	952	$	914

LIABILITIES (a)
Accounts payable and other current liabilities	$	19	$	5
Other noncurrent liabilities	3		3
	$	22	$	8

_____________________________________

(a)Amounts shown are 100% of the consolidated VIEs' assets and liabilities.

Schedule of Equity Method Investments

Earnings from equity method investees include:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
					(millions)
NEXUS	$	18	$	16	$	48	$	47
Vector	7		9		28		29
Millennium	9		15		25		49
Total earnings from equity method investees	$	34	$	40	$	101	$	125

Equity method investees are described below:


	Investments As of				% Owned As of
	September 30,		December 31,		September 30,	December 31,

Equity Method Investee	2025		2024		2025	2024


	(millions)
NEXUS	$	875	$	880	50%	50%
Vector	133		134		40%	40%
Millennium	254		283		52.5%	52.5%
Total investments in equity method investees	$	1,262	$	1,297

The following table presents summarized financial information of our non-consolidated equity method investees. The amounts included below represent 100% of the results of continuing operations of such entities, including the portion owned by other parties.

Summarized income statement data is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(millions)
Operating revenues	$	202	$	201	$	612	$	613
Operating expenses	97		95		295		283
Net Income	$	78	$	86	$	234	$	280

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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