Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 28, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Williams Companies Inc | ' |
Entity Central Index Key | '0000107263 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 685,518,456 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Service revenues | $819 | $706 |
Product sales | 930 | 1,104 |
Total revenues | 1,749 | 1,810 |
Costs and expenses: | ' | ' |
Product costs | 769 | 790 |
Operating and maintenance expenses | 298 | 260 |
Depreciation and amortization epxenses | 214 | 201 |
Selling, general, and administrative expenses | 150 | 132 |
Net insurance recoveries - Geismar Incident | -119 | 0 |
Other (income) expense - net | 17 | 1 |
Total costs and expenses | 1,329 | 1,384 |
Operating income (loss) | 420 | 426 |
Equity earnings (losses) | -48 | 18 |
Interest incurred | -169 | -152 |
Interest capitalized | 29 | 24 |
Other investing income - net | 14 | 13 |
Other income (expense) - net | 1 | -2 |
Income (loss) from continuing operations before income taxes | 247 | 327 |
Provision (benefit) for income taxes | 51 | 96 |
Income (loss) from continuing operations | 196 | 231 |
Income (loss) from discontinued operations | 0 | -1 |
Net income (loss) | 196 | 230 |
Less: Net income attributable to noncontrolling interests | 56 | 69 |
Net income (loss) attributable to The Williams Companies, Inc. | 140 | 161 |
Amounts attributable to The Williams Companies, Inc.: | ' | ' |
Income (loss) from continuing operations | 140 | 162 |
Income (loss) from discontinued operations | 0 | -1 |
Net income (loss) | $140 | $161 |
Basic earnings (loss) per common share: | ' | ' |
Income (loss) from continuing operations | $0.20 | $0.24 |
Income (loss) from discontinued operations | $0 | $0 |
Net income (loss) | $0.20 | $0.24 |
Weighted-average shares (thousands) | 684,773 | 682,052 |
Diluted earnings (loss) per common share: | ' | ' |
Income (loss) from continuing operations | $0.20 | $0.23 |
Income (loss) from discontinued operations | $0 | $0 |
Net income (loss) | $0.20 | $0.23 |
Weighted-average shares (thousands) | 688,904 | 687,143 |
Cash dividends declared per common share | $0.40 | $0.34 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Comprehensive income (loss): | ' | ' |
Net income (loss) | $196 | $230 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustments | -44 | -21 |
Pension and other postretirement benefits: | ' | ' |
Amortization of prior service cost (credit) included in net periodic benefit cost, net of taxes | -1 | -1 |
Amortization of actuarial (gain) loss included in net periodic benefit cost, net of taxes | 6 | 10 |
Other comprehensive income (loss) | -39 | -12 |
Comprehensive income (loss) | 157 | 218 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 56 | 69 |
Comprehensive Income (loss) attributable to The Williams Companies, Inc. | $101 | $149 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Loss) (Parenthetical) (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $1 | $0 |
Other Comprehensive Income Defined Benefit Plans Tax [Abstract] | ' | ' |
Other Comprehensive Income Amortization Of Defined Benefit Plan Net Prior Service Cost Recognized In Net Periodic Pension Cost Tax | 1 | 0 |
Other Comprehensive Income Loss Reclassification Pension And Other Postretirement Benefit Plans Net Gain Loss Recognized In Net Periodic Benefit Cost Tax | ($3) | ($6) |
Consolidated_Balance_Sheet_Una
Consolidated Balance Sheet (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,064 | $681 |
Accounts and notes receivable, net: | ' | ' |
Trade and other | 629 | 600 |
Income tax receivable | 29 | 74 |
Deferred income tax asset | 141 | 27 |
Inventories | 222 | 194 |
Other current assets and deferred charges | 93 | 107 |
Total current assets | 2,178 | 1,683 |
Investments | 4,520 | 4,360 |
Property, plant and equipment, at cost | 26,484 | 25,823 |
Accumulated depreciation and amortization | -7,773 | -7,613 |
Property, plant and equipment - net | 18,711 | 18,210 |
Goodwill | 646 | 646 |
Other intangible assets | 1,632 | 1,644 |
Regulatory assets, deferred charges, and other | 619 | 599 |
Total assets | 28,306 | 27,142 |
Current liabilities: | ' | ' |
Accounts payable | 1,094 | 960 |
Accrued liabilities | 704 | 797 |
Commercial paper | 0 | 225 |
Long-term debt due within one year | 751 | 1 |
Total current liabilities | 2,549 | 1,983 |
Long-term debt | 12,099 | 11,353 |
Deferred income taxes | 3,528 | 3,529 |
Other noncurrent liabilities | 1,413 | 1,356 |
Contingent liabilities (Note 11) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock (960 million shares authorized at $1 par value; 720 million shares issued at March 31, 2014, and 718 million shares issued at December 31, 2013) | 720 | 718 |
Capital in excess of par value | 11,545 | 11,599 |
Retained deficit | -6,385 | -6,248 |
Accumulated other comprehensive income (loss) | -223 | -164 |
Treasury stock, at cost (35 million shares of common stock) | -1,041 | -1,041 |
Total stockholders' equity | 4,616 | 4,864 |
Noncontrolling interests in consolidated subsidiaries | 4,101 | 4,057 |
Total equity | 8,717 | 8,921 |
Total liabilities and equity | $28,306 | $27,142 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Stockholders' equity: | ' | ' |
Common Stock, Shares Authorized | 960 | 960 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Common Stock, Shares Issued | 720 | 718 |
Treasury Stock, Shares | 35 | 35 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (Unaudited) (USD $) | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity | Noncontrolling Interests |
In Millions | ||||||||
Beginning balance at Dec. 31, 2013 | $8,921 | $718 | $11,599 | ($6,248) | ($164) | ($1,041) | $4,864 | $4,057 |
Net income (loss) | 196 | 0 | 0 | 140 | 0 | 0 | 140 | 56 |
Other comprehensive income (loss) | -39 | 0 | 0 | 0 | -39 | 0 | -39 | 0 |
Cash dividends - common stock | -276 | 0 | 0 | -276 | 0 | 0 | -276 | 0 |
Dividends and distributions to noncontrolling interests | -147 | 0 | 0 | 0 | 0 | 0 | 0 | -147 |
Stock-based compensation and related common stock issuances, net of tax | 23 | 2 | 21 | 0 | 0 | 0 | 23 | 0 |
Changes in ownership of consolidated subsidiaries, net | 43 | 0 | -72 | 0 | -20 | 0 | -92 | 135 |
Contributions from Noncontrolling Interests | 63 | 0 | 0 | 0 | 0 | 0 | 0 | 63 |
Deconsolidation of Bluegrass Pipeline (Note 2) | -63 | 0 | 0 | 0 | 0 | 0 | 0 | -63 |
Other | -4 | 0 | -3 | -1 | 0 | 0 | -4 | 0 |
Ending balance at Mar. 31, 2014 | $8,717 | $720 | $11,545 | ($6,385) | ($223) | ($1,041) | $4,616 | $4,101 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $196 | $230 |
Adjustments to reconcile to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 214 | 201 |
Provision (benefit) for deferred income taxes | -96 | 103 |
Amortization of stock-based awards | 11 | 9 |
Cash provided (used) by changes in current assets and liabilities: | ' | ' |
Accounts and notes receivable | 16 | -72 |
Inventories | -27 | -13 |
Other current assets and deferred charges | 22 | 11 |
Accounts payable | -16 | 6 |
Accrued liabilities | 67 | -25 |
Other, including changes in noncurrent assets and liabilities | 59 | 45 |
Net cash provided (used) by operating activities | 446 | 495 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from (payments of) commercial paper - net | -225 | 0 |
Proceeds from long-term debt | 1,496 | 770 |
Payments of long-term debt | 0 | -895 |
Proceeds from issuance of common stock | 14 | 7 |
Proceeds from sale of limited partner units of consolidated partnership | 0 | 617 |
Dividends paid | -276 | -231 |
Dividends and distributions paid to noncontrolling interests | -147 | -105 |
Contributions from noncontrolling interests | 63 | 2 |
Other - net | 4 | 11 |
Net cash provided (used) by financing activities | 929 | 176 |
INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -793 | -713 |
Purchases of and contributions to equity-method investments | -228 | -93 |
Other - net | 29 | -2 |
Net cash provided (used) by investing activities | -992 | -808 |
Increase (decrease) in cash and cash equivalents | 383 | -137 |
Cash and cash equivalents at beginning of period | 681 | 839 |
Cash and cash equivalents at end of period | 1,064 | 702 |
Increases to property, plant and equipment | -840 | -732 |
Changes in related accounts payable and accrued liabilities | 47 | 19 |
Capital expenditures | ($793) | ($713) |
General_Description_of_Busines
General, Description of Business, and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General, Description of Business and Basis of Presentation [Text Block] | ' |
Note 1 – General, Description of Business, and Basis of Presentation | |
General | |
Our accompanying interim consolidated financial statements do not include all the notes in our annual financial statements and, therefore, should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013, in our Annual Report on Form 10-K. The accompanying unaudited financial statements include all normal recurring adjustments and others that, in the opinion of management, are necessary to present fairly our interim financial statements. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Unless the context clearly indicates otherwise, references in this report to “we,” “our,” “us,” or similar language refer to The Williams Companies, Inc. and its subsidiaries. | |
Description of Business | |
Our operations are located principally in the United States and are organized into the Williams Partners, Williams NGL & Petchem Services, and Access Midstream Partners reportable segments. All remaining business activities are included in Other. | |
Williams Partners consists of our consolidated master limited partnership, Williams Partners L.P. (WPZ), and includes gas pipeline and midstream businesses. The gas pipeline businesses primarily consist of two interstate natural gas pipelines, which are Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (Northwest Pipeline), a 50 percent equity investment in Gulfstream Natural Gas System, L.L.C. (Gulfstream), and a 41 percent interest in Constitution Pipeline Company, LLC (Constitution) (a consolidated entity). WPZ’s midstream operations are composed of significant, large-scale operations in the Rocky Mountain and Gulf Coast regions, operations in the Marcellus Shale region, and various equity investments in domestic natural gas gathering and processing assets and natural gas liquid (NGL) fractionation and transportation assets. WPZ’s midstream assets also include an NGL fractionator and storage facilities near Conway, Kansas as well as an NGL light-feed olefins cracker in Geismar, Louisiana, along with associated ethane and propane pipelines, a refinery grade splitter in Louisiana, an oil sands offgas processing plant located near Fort McMurray, Alberta, and an NGL/olefin fractionation facility and butylene/butane splitter facility at Redwater, Alberta. | |
Williams NGL & Petchem Services consists primarily of a 50 percent equity investment in Bluegrass Pipeline Company LLC (Bluegrass Pipeline) and certain domestic olefins pipeline assets and Canadian facilities under development. | |
Access Midstream Partners consists of our equity investment in Access Midstream Partners, L.P. (ACMP). As of March 31, 2014, this investment includes an indirect 50 percent interest in Access Midstream Partners, GP, L.L.C. (Access GP), including incentive distribution rights, and a 23 percent limited partner interest in ACMP. ACMP is a publicly-traded master limited partnership that provides gathering, treating, and compression services to producers under long-term, fee-based contracts. Access GP is the general partner of ACMP. | |
Other includes other business activities that are not operating segments, as well as corporate operations. | |
Basis of Presentation | |
In February 2014, we contributed certain Canadian operations to WPZ (Canada Dropdown) for total consideration of $25 million of cash from WPZ (subject to certain closing adjustments), 25,577,521 WPZ Class D limited-partner units, and an increase in the capital account of its general partner to allow us to maintain our 2 percent general partner interest. In lieu of cash distributions, the Class D units will receive quarterly distributions of additional paid-in-kind Class D units. All Class D units outstanding will be convertible to common units beginning in the first quarter of 2016. The contribution agreement governing the Canada Dropdown provides that WPZ can issue additional Class D units to us on a quarterly basis through 2015 for up to a total of $200 million in cash for the purpose of funding certain facility expansions. These operations were previously reported within the Williams NGL & Petchem Services segment, but are now reported within Williams Partners. Prior period segment disclosures have been recast for this transaction. | |
Consolidated master limited partnership | |
Following the transaction discussed above, as of March 31, 2014, we own approximately 66 percent of the interests in WPZ, including the interests of the general partner, which are wholly owned by us, and incentive distribution rights. | |
WPZ is self-funding and maintains separate lines of bank credit and cash management accounts and also has a commercial paper program. (See Note 8 – Debt and Banking Arrangements.) Cash distributions from WPZ to us, including any associated with our incentive distribution rights, occur through the normal partnership distributions from WPZ to all partners. | |
Discontinued operations | |
Unless indicated otherwise, the information in the Notes to Consolidated Financial Statements relates to our continuing operations. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Variable Interest Entity Disclosures [Abstract] | ' | |||||||||
Variable Interest Entity Disclosures [Textblock] | ' | |||||||||
Note 2 – Variable Interest Entities | ||||||||||
Consolidated VIEs | ||||||||||
As of March 31, 2014, we consolidate the following variable interest entities (VIEs): | ||||||||||
Gulfstar One | ||||||||||
WPZ owns a 51 percent interest in Gulfstar One LLC (Gulfstar One), a subsidiary that, due to certain risk-sharing provisions in its customer contracts, is a VIE. WPZ is the primary beneficiary because it has the power to direct the activities that most significantly impact Gulfstar One’s economic performance. WPZ, as construction agent for Gulfstar One, designed, constructed, and is installing a proprietary floating-production system, Gulfstar FPS™, and associated pipelines which will initially provide production handling and gathering services for the Tubular Bells oil and gas discovery in the eastern deepwater Gulf of Mexico. The project is expected to be in service in the third quarter of 2014. WPZ has received certain advance payments from the producer customers and is committed to the producer customers to construct this system. The current estimate of the total remaining construction costs is less than $250 million, which we expect will be funded by us and our partner. The producer customers will be responsible for the firm price of building the facilities if they do not develop the offshore oil and gas fields to be connected to Gulfstar One. | ||||||||||
In December 2013, WPZ committed an additional amount to Gulfstar One to fund an expansion of the system that will provide production handling, gathering, and processing services for the Gunflint oil and gas discovery in the eastern deepwater Gulf of Mexico. The expansion project is expected to be in service in the first quarter of 2016. The current estimate of the total remaining construction costs of the Gunflint project is less than $134 million. The other equity partner has an option to participate in the funding of the expansion project on a proportional basis. | ||||||||||
Constitution | ||||||||||
WPZ owns a 41 percent interest in Constitution, a subsidiary that, due to shipper fixed-payment commitments under its firm transportation contracts, is a VIE. WPZ is the primary beneficiary because it has the power to direct the activities that most significantly impact Constitution’s economic performance. WPZ, as construction agent for Constitution, is building a pipeline connecting our gathering system in Susquehanna County, Pennsylvania, to the Iroquois Gas Transmission and the Tennessee Gas Pipeline systems. WPZ plans to place the project in service in late 2015 to 2016 and estimates the total remaining construction costs of the project to be less than $600 million, which will be funded with capital contributions from WPZ and the other equity partners, proportional to ownership interest. | ||||||||||
The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of these VIEs, which are joint projects in the development and construction phase. | ||||||||||
March 31, | December 31, 2013 (1) | Classification | ||||||||
2014 | ||||||||||
(Millions) | ||||||||||
Assets (liabilities): | ||||||||||
Cash and cash equivalents | $ | 36 | $ | 122 | Cash and cash equivalents | |||||
Accounts receivable | 10 | — | Accounts and notes receivable, net | |||||||
Property, plant and equipment | 1,209 | 1,111 | Property, plant and equipment, at cost | |||||||
Accounts payable | (153 | ) | (145 | ) | Accounts payable | |||||
Construction retainage | (4 | ) | (3 | ) | Accrued liabilities | |||||
Current deferred revenue | — | (10 | ) | Accrued liabilities | ||||||
Asset retirement obligation | (30 | ) | — | Other noncurrent liabilities | ||||||
Noncurrent deferred revenue associated with customer advance payments | (130 | ) | (115 | ) | Other noncurrent liabilities | |||||
(1) Amounts presented for December 31, 2013, include balances related to Bluegrass Pipeline. See discussion of the subsequent deconsolidation of Bluegrass Pipeline below. | ||||||||||
Nonconsolidated VIEs | ||||||||||
We have also identified certain interests in VIEs for which we are not the primary beneficiary. These include: | ||||||||||
Laurel Mountain | ||||||||||
WPZ’s 51 percent-owned equity-method investment in Laurel Mountain Midstream, LLC (Laurel Mountain) is considered to be a VIE generally due to contractual provisions that transfer certain risks to customers. As decisions about the activities that most significantly impact the economic performance of this entity require a unanimous vote of all members, WPZ is not the primary beneficiary. Our maximum exposure to loss is limited to the carrying value of this investment, which was $482 million at March 31, 2014. | ||||||||||
Caiman II | ||||||||||
In the first quarter of 2014, WPZ contributed $119 million to Caiman Energy II, LLC (Caiman II) in exchange for an increased ownership of Caiman II. Following these contributions, WPZ owns a 58 percent interest in Caiman II, which is reported as an equity-method investment. Caiman II is considered to be a VIE because it has insufficient equity to finance the construction stage activities of its 50 percent interest in Blue Racer Midstream LLC, which is expanding the gathering and processing and associated liquids infrastructure serving oil and gas producers in the Utica shale primarily in Ohio and northwest Pennsylvania. WPZ is not the primary beneficiary because it does not have the power to direct the activities of Caiman II that most significantly impact its economic performance. Our maximum exposure to loss is limited to the $500 million of total contributions that we have committed to make inclusive of contributions made to date. At March 31, 2014, the carrying value of our investment in Caiman II was $415 million, which substantially reflects our contributions to that date. | ||||||||||
Bluegrass Pipeline | ||||||||||
The Bluegrass Pipeline is a proposed NGL pipeline that would connect processing facilities in the Marcellus and Utica shale-gas areas in the northeastern United States to growing petrochemical and export markets in the Gulf Coast area of the United States. Bluegrass Pipeline is considered to be a VIE because it has insufficient equity to finance activities during its development stage. As of March 31, 2014, we own a 50 percent equity-method investment interest in Bluegrass Pipeline. From its inception until the first quarter of 2014, we were the primary beneficiary of this entity because we had the power to direct whether the project moved forward and thus we previously consolidated the Bluegrass Pipeline. | ||||||||||
On February 16, 2014, we and our partner executed an amendment to the governing documents that removed our power to direct whether the project moved forward. As a result, we were no longer the primary beneficiary as of that date and we deconsolidated the Bluegrass Pipeline and began reporting our 50 percent interest as an equity-method investment. There was no gain or loss recognized upon deconsolidation. | ||||||||||
Completion of this project is subject to execution of customer contracts sufficient to support the project. Although discussions with potential customers continue, we have not received sufficient executed customer commitments to date to support the continued development of the project. Considering this and other factors, our management decided in April to discontinue further funding of the project at this time. Given these developments, the capitalized project development costs at the Bluegrass Pipeline entity were written off as of March 31, 2014, and as a result, we have recognized $67 million in related equity losses in the first quarter of 2014. The carrying value of our investment in Bluegrass Pipeline is $1 million at March 31, 2014. | ||||||||||
Moss Lake | ||||||||||
Our 50 percent-owned equity-method investments in Moss Lake Fractionation LLC and Moss Lake LPG Terminal LLC (collectively referred to as Moss Lake) are considered to be VIEs because they have insufficient equity to finance activities during their development stage. Moss Lake may construct a proposed new large-scale fractionation plant, expand natural gas liquids storage facilities in Louisiana and construct a proposed pipeline connecting these facilities to the Bluegrass Pipeline. Additionally, Moss Lake may construct a proposed new liquefied petroleum gas (LPG) terminal. We are not the primary beneficiary of this entity because we do not have the power to direct the majority of the activities of Moss Lake that most significantly impact its economic performance at this stage. In the first quarter of 2014, we have recognized $4 million in equity losses related to Moss Lake, primarily associated with the underlying write-off of capitalized project development costs at Moss Lake. The carrying value of our investment in Moss Lake is $2 million at March 31, 2014. |
Asset_Sales_and_Other_Accruals
Asset Sales and Other Accruals | 3 Months Ended | |
Mar. 31, 2014 | ||
Other Income and Expenses [Abstract] | ' | |
Other income and expenses | ' | |
Note 3 – Other Income and Expenses | ||
On June 13, 2013, an explosion and fire occurred at WPZ’s Geismar olefins plant. The fire was extinguished on the day of the incident. The incident (Geismar Incident) rendered the facility temporarily inoperable and resulted in significant human, financial and operational effects. | ||
We have substantial insurance coverage for repair and replacement costs, lost production, and additional expenses related to the incident as follows: | ||
• | Property damage and business interruption coverage with a combined per-occurrence limit of $500 million and retentions (deductibles) of $10 million per occurrence for property damage and a waiting period of 60 days per occurrence for business interruption; | |
• | General liability coverage with per-occurrence and aggregate annual limits of $610 million and retentions (deductibles) of $2 million per occurrence; | |
• | Workers’ compensation coverage with statutory limits and retentions (deductibles) of $1 million total per occurrence. | |
During the first quarter of 2014, we received $125 million of insurance recoveries related to the Geismar Incident and incurred $6 million of related covered insurable expenses in excess of our retentions (deductibles). These amounts are reflected as a net gain in Net insurance recoveries – Geismar Incident within Costs and expenses in our Consolidated Statement of Income. | ||
Selling, general, and administrative expenses for the first quarter of 2014 includes $19 million of project development costs related to the Bluegrass Pipeline. | ||
Other investing income – net includes $13 million of interest income for each of the three month periods ended March 31, 2013 and 2014 associated with a receivable related to the sale of certain former Venezuela assets. |
Provision_Benefit_for_Income_T
Provision (Benefit) for Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Provision (Benefit) for Income Taxes | ' | |||||||
Note 4 – Provision (Benefit) for Income Taxes | ||||||||
The Provision (benefit) for income taxes from continuing operations includes: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Current: | ||||||||
Federal | $ | 137 | $ | (11 | ) | |||
State | 5 | 2 | ||||||
Foreign | 2 | 2 | ||||||
144 | (7 | ) | ||||||
Deferred: | ||||||||
Federal | (96 | ) | 82 | |||||
State | (1 | ) | 13 | |||||
Foreign | 4 | 8 | ||||||
(93 | ) | 103 | ||||||
Total provision (benefit) | $ | 51 | $ | 96 | ||||
The effective income tax rate for the total provision for the three months ended March 31, 2014, is less than the federal statutory rate primarily due to a tax benefit related to the completion of the Canada Dropdown and the impact of nontaxable noncontrolling interests, partially offset by the effect of state income taxes and taxes on foreign operations. | ||||||||
The effective income tax rate for the total provision for the three months ended March 31, 2013, is less than the federal statutory rate primarily due to the impact of nontaxable noncontrolling interests and taxes on foreign operations, partially offset by the effect of state income taxes. | ||||||||
As a result of closing the Canada Dropdown, $90 million of previously deferred tax liability has been reclassified as a current income tax liability in the first quarter of 2014. | ||||||||
During the next 12 months, we do not expect ultimate resolution of any unrecognized tax benefit associated with domestic or international matters to have a material impact on our unrecognized tax benefit position. |
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share from Continuing Operations | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Common Share from Continuing Operations | ' | |||||||
Note 5 – Earnings (Loss) Per Common Share from Continuing Operations | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Dollars in millions, except per-share | ||||||||
amounts; shares in thousands) | ||||||||
Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders for basic and diluted earnings (loss) per common share | $ | 140 | $ | 162 | ||||
Basic weighted-average shares | 684,773 | 682,052 | ||||||
Effect of dilutive securities: | ||||||||
Nonvested restricted stock units | 2,096 | 2,720 | ||||||
Stock options | 2,017 | 2,187 | ||||||
Convertible debentures | 18 | 184 | ||||||
Diluted weighted-average shares | 688,904 | 687,143 | ||||||
Earnings (loss) per common share from continuing operations: | ||||||||
Basic | $ | 0.2 | $ | 0.24 | ||||
Diluted | $ | 0.2 | $ | 0.23 | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Employee Benefit Plans | ' | |||||||
Note 6 – Employee Benefit Plans | ||||||||
Net periodic benefit cost (credit) is as follows: | ||||||||
Pension Benefits | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 10 | $ | 11 | ||||
Interest cost | 16 | 13 | ||||||
Expected return on plan assets | (19 | ) | (15 | ) | ||||
Amortization of net actuarial loss | 9 | 15 | ||||||
Net periodic benefit cost | $ | 16 | $ | 24 | ||||
Other Postretirement Benefits | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Components of net periodic benefit cost (credit): | ||||||||
Service cost | $ | 1 | $ | 1 | ||||
Interest cost | 2 | 3 | ||||||
Expected return on plan assets | (3 | ) | (2 | ) | ||||
Amortization of prior service credit | (5 | ) | (2 | ) | ||||
Amortization of net actuarial loss | — | 2 | ||||||
Reclassification to regulatory liability | 1 | — | ||||||
Net periodic benefit cost (credit) | $ | (4 | ) | $ | 2 | |||
Amortization of prior service credit and net actuarial loss included in net periodic benefit cost (credit) for our other postretirement benefit plans associated with Transco and Northwest Pipeline are recorded to regulatory assets/liabilities instead of other comprehensive income (loss). | ||||||||
Amounts recognized in regulatory assets/liabilities include: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Amortization of prior service credit | $ | (3 | ) | $ | (1 | ) | ||
Amortization of net actuarial loss | — | 1 | ||||||
During the three months ended March 31, 2014, we contributed $16 million to our pension plans and $2 million to our other postretirement benefit plans. We presently anticipate making additional contributions of approximately $47 million to our pension plans and approximately $6 million to our other postretirement benefit plans in the remainder of 2014. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
Note 7 – Inventories | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Natural gas liquids, olefins, and natural gas in underground storage | $ | 141 | $ | 111 | ||||
Materials, supplies, and other | 81 | 83 | ||||||
$ | 222 | $ | 194 | |||||
Debt_and_Banking_Arrangements
Debt and Banking Arrangements | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 8 – Debt and Banking Arrangements | |
Long-Term Debt | |
Issuances | |
On March 4, 2014, WPZ completed a public offering of $1 billion of 4.3 percent senior unsecured notes due 2024 and $500 million of 5.4 percent senior unsecured notes due 2044. WPZ used a portion of the net proceeds to repay amounts outstanding under its commercial paper program and expects to utilize the remainder to fund capital expenditures and for general partnership purposes. | |
Credit Facilities | |
Letter of credit capacity under our $1.5 billion and WPZ’s $2.5 billion credit facilities is $700 million and $1.3 billion, respectively. At March 31, 2014, no letters of credit have been issued and no loans are outstanding on these credit facilities. We issued letters of credit totaling $15 million and WPZ issued letters of credit totaling $9 million as of March 31, 2014, under certain bilateral bank agreements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income [Textblock] | ' | |||||||||||||||
Note 9 – Accumulated Other Comprehensive Income | ||||||||||||||||
The following table presents the changes in Accumulated other comprehensive income (loss) by component, net of income taxes: | ||||||||||||||||
Cash | Foreign | Pension and | Total | |||||||||||||
Flow | Currency | Other Post | ||||||||||||||
Hedges | Translation | Retirement | ||||||||||||||
Benefits | ||||||||||||||||
(Millions) | ||||||||||||||||
Balance at December 31, 2013 | $ | (1 | ) | $ | 128 | $ | (291 | ) | $ | (164 | ) | |||||
Other comprehensive income (loss) before reclassifications | — | (44 | ) | — | (44 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 5 | 5 | ||||||||||||
Other comprehensive income (loss) | — | (44 | ) | 5 | (39 | ) | ||||||||||
Changes in ownership of consolidated subsidiaries, net | — | (20 | ) | — | (20 | ) | ||||||||||
Balance at March 31, 2014 | $ | (1 | ) | $ | 64 | $ | (286 | ) | $ | (223 | ) | |||||
Reclassifications out of Accumulated other comprehensive income (loss) are presented in the following table by component for the three months ended March 31, 2014: | ||||||||||||||||
Component | Reclassifications | Classification | ||||||||||||||
(Millions) | ||||||||||||||||
Pension and other postretirement benefits: | ||||||||||||||||
Amortization of prior service cost (credit) included in net periodic benefit cost | $ | (2 | ) | Note 6 – Employee Benefit Plans | ||||||||||||
Amortization of actuarial (gain) loss included in net periodic benefit cost | 9 | Note 6 – Employee Benefit Plans | ||||||||||||||
Total pension and other postretirement benefits, before income taxes | 7 | |||||||||||||||
Income tax benefit | (2 | ) | Provision (benefit) for income taxes | |||||||||||||
Reclassifications during the period | $ | 5 | ||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Note 10 – Fair Value Measurements and Guarantees | ||||||||||||||||||||
The following table presents, by level within the fair value hierarchy, certain of our financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, commercial paper, and accounts payable approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices In | Other | Unobservable | ||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Assets (liabilities) at March 31, 2014: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 45 | $ | 45 | $ | 45 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 3 | 3 | — | — | 3 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (2 | ) | (2 | ) | — | — | (2 | ) | ||||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 75 | 130 | 2 | 6 | 122 | |||||||||||||||
Long-term debt, including current portion (1) | (12,849 | ) | (13,790 | ) | — | (13,790 | ) | — | ||||||||||||
Guarantee | (31 | ) | (28 | ) | — | (28 | ) | — | ||||||||||||
Assets (liabilities) at December 31, 2013: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 33 | $ | 33 | $ | 33 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 3 | 3 | — | — | 3 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (3 | ) | (3 | ) | — | (1 | ) | (2 | ) | |||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 77 | 140 | 1 | 6 | 133 | |||||||||||||||
Long-term debt (1) | (11,353 | ) | (11,971 | ) | — | (11,971 | ) | — | ||||||||||||
Guarantee | (32 | ) | (29 | ) | — | (29 | ) | — | ||||||||||||
(1) Excludes capital leases | ||||||||||||||||||||
Fair Value Methods | ||||||||||||||||||||
We use the following methods and assumptions in estimating the fair value of our financial instruments: | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||||||
ARO Trust investments: Transco deposits a portion of its collected rates, pursuant to its rate case settlement, into an external trust (ARO Trust) that is specifically designated to fund future asset retirement obligations. The ARO Trust invests in a portfolio of actively traded mutual funds that are measured at fair value on a recurring basis based on quoted prices in an active market, is classified as available-for-sale, and is reported in Regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. Both realized and unrealized gains and losses are ultimately recorded as regulatory assets or liabilities. | ||||||||||||||||||||
Energy derivatives: Energy derivatives include commodity based exchange-traded contracts and over-the-counter (OTC) contracts, which consist of physical forwards, futures, and swaps that are measured at fair value on a recurring basis. The fair value amounts are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements. Further, the amounts do not include cash held on deposit in margin accounts that we have received or remitted to collateralize certain derivative positions. Energy derivatives assets are reported in Other current assets and deferred charges and Regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. Energy derivatives liabilities are reported in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheet. | ||||||||||||||||||||
Reclassifications of fair value between Level 1, Level 2, and Level 3 of the fair value hierarchy, if applicable, are made at the end of each quarter. No transfers between Level 1 and Level 2 occurred during the three months ended March 31, 2014 or 2013. | ||||||||||||||||||||
Additional fair value disclosures | ||||||||||||||||||||
Notes receivable and other: Notes receivable and other includes a receivable related to the sale of certain former | ||||||||||||||||||||
Venezuela assets. The disclosed fair value of this receivable is determined by an income approach. We calculated the net present value of a probability-weighted set of cash flows utilizing assumptions based on contractual terms, historical payment patterns by the counterparty, future probabilities of default, our likelihood of using arbitration if the counterparty does not perform, and discount rates. We determined the fair value of the receivable to be $87 million at March 31, 2014. The carrying value of this receivable is $32 million at March 31, 2014. The current and noncurrent portions are reported in Accounts and notes receivable, net and Regulatory assets, deferred charges, and other, respectively, in the Consolidated Balance Sheet. | ||||||||||||||||||||
Notes receivable and other also includes a receivable from our former affiliate, WPX Energy, Inc (WPX) (see Note 11 – Contingent Liabilities) and other notes receivable. The disclosed fair value of these receivables is primarily determined by an income approach which considers the underlying contract amounts and our assessment of our ability to recover these amounts. The current portion is reported in Accounts and notes receivable, net and the noncurrent portion is reported in Regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. | ||||||||||||||||||||
Long-term debt: The disclosed fair value of our long-term debt is determined by a market approach using broker quoted indicative period-end bond prices. The quoted prices are based on observable transactions in less active markets for our debt or similar instruments. | ||||||||||||||||||||
Guarantee: The guarantee represented in the table consists of a guarantee we have provided in the event of nonpayment by our previously owned communications subsidiary, Williams Communications Group (WilTel), on a lease performance obligation that extends through 2042. | ||||||||||||||||||||
To estimate the disclosed fair value of the guarantee, an estimated default rate is applied to the sum of the future contractual lease payments using an income approach. The estimated default rate is determined by obtaining the average cumulative issuer-weighted corporate default rate based on the credit rating of WilTel’s current owner and the term of the underlying obligation. The default rate is published by Moody’s Investors Service. This guarantee is reported in Accrued liabilities in the Consolidated Balance Sheet. | ||||||||||||||||||||
Guarantees | ||||||||||||||||||||
We are required by our revolving credit agreements to indemnify lenders for certain taxes required to be withheld from payments due to the lenders and for certain tax payments made by the lenders. The maximum potential amount of future payments under these indemnifications is based on the related borrowings and such future payments cannot currently be determined. These indemnifications generally continue indefinitely unless limited by the underlying tax regulations and have no carrying value. We have never been called upon to perform under these indemnifications and have no current expectation of a future claim. | ||||||||||||||||||||
Regarding our previously described guarantee of Wiltel’s lease performance, the maximum potential exposure is approximately $35 million at March 31, 2014 and December 31, 2013. Our exposure declines systematically throughout the remaining term of WilTel’s obligation. | ||||||||||||||||||||
We have provided guarantees in the event of nonpayment by our previously owned subsidiary, WPX, on certain contracts, primarily a natural gas purchase contract extending through 2023. We estimate the maximum undiscounted potential future payment obligation under these remaining guarantees is approximately $59 million at March 31, 2014. Our recorded liability for these guarantees, which considers our estimate of the fair value of the guarantees, is insignificant. |
Contingent_Liabilities
Contingent Liabilities | 3 Months Ended | |
Mar. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Contingent Liabilities | ' | |
Note 11 – Contingent Liabilities | ||
Indemnification of WPX Matters | ||
We have agreed to indemnify our former affiliate, WPX and its subsidiaries, related to the following matters. In connection with this indemnification, we have accrued asset and liability balances associated with these matters, and as a result, have an indirect exposure to future developments in these matters. | ||
Issues resulting from California energy crisis | ||
WPX’s former power business was engaged in power marketing in various geographic areas, including California. Prices charged for power by WPX and other traders and generators in California and other western states in 2000 and 2001 were challenged in various proceedings, including those before the Federal Energy Regulatory Commission (FERC). WPX has entered into settlements with the State of California (State Settlement), major California utilities (Utilities Settlement), and others that substantially resolved each of these issues with these parties. | ||
Although the State Settlement and Utilities Settlement resolved a significant portion of the refund issues among the settling parties, WPX continued to have potential refund exposure to nonsettling parties, including various California end users that did not participate in the Utilities Settlement. On April 24, 2014, the FERC approved a settlement among the California utilities, WPX, and us which resolves WPX’s collection of accrued interest from counterparties as well as WPX’s payment of accrued interest on refund amounts. The settlement will resolve most of WPX’s legal issues arising from the 2000-2001 California Energy Crisis. We currently have a net receivable from WPX related to these matters. | ||
Reporting of natural gas-related information to trade publications | ||
Direct and indirect purchasers of natural gas in various states filed class actions against WPX and others alleging the manipulation of published gas price indices and seeking unspecified amounts of damages. Such actions were transferred to the Nevada federal district court for consolidation of discovery and pre-trial issues. | ||
In 2011, the Nevada district court granted WPX’s joint motions for summary judgment to preclude the plaintiffs’ state law claims because the federal Natural Gas Act gives the FERC exclusive jurisdiction to resolve those issues. The court also denied the plaintiffs’ class certification motion as moot. The plaintiffs appealed the court’s ruling and on April 10, 2013, the Ninth Circuit Court of Appeals reversed the district court and remanded the cases to the district court to permit the plaintiffs to pursue their state antitrust claims for natural gas sales that were not subject to FERC jurisdiction under the Natural Gas Act. On August 26, 2013, WPX and the other defendants filed their petition for a writ of certiorari with the U.S. Supreme Court. Because of the uncertainty around the remaining pending unresolved issues, including an insufficient description of the purported classes and other related matters, we cannot reasonably estimate a range of potential exposures at this time. However, it is reasonably possible that the ultimate resolution of these items and our related indemnification obligation could result in future charges that may be material to our results of operations. | ||
Other Legal Matters | ||
Geismar Incident | ||
As a result of the previously discussed Geismar Incident, there were two fatalities, and numerous individuals (including employees and contractors) reported injuries, which varied from minor to serious. WPZ is cooperating with the Chemical Safety Board and the U.S. Environmental Protection Agency (EPA) regarding their investigations of the Geismar Incident. On October 21, 2013, the EPA issued an Inspection Report pursuant to the Clean Air Act’s Risk Management Program following its inspection of the facility on June 24 through 28, 2013. The report notes the EPA’s preliminary determinations about the facility’s documentation regarding process safety, process hazard analysis, as well as operating procedures, employee training, and other matters. We and the EPA continue to discuss such preliminary determinations, and the EPA could issue penalties pertaining to final determinations. On December 11, 2013, the Occupational Safety and Health Administration (OSHA) issued citations in connection with its investigation of the June 13, 2013 incident, which included a Notice of Penalty for $99,000. Although we and OSHA continue settlement negotiations, we are contesting the citations. On June 25, 2013, OSHA commenced a second inspection pursuant to its Refinery and Chemical National Emphasis Program (NEP). OSHA has not issued any citation to WPZ in connection with this NEP inspection. There is a six month statute of limitations for violation of the Occupational Safety and Health Act of 1970 or regulations promulgated under such act. On June 28, 2013, the Louisiana Department of Environmental Quality (LDEQ) issued a Consolidated Compliance Order & Notice of Potential Penalty to Williams Olefins, L.L.C. that consolidates claims of unpermitted emissions and other deviations under the Clean Air Act that the parties had been negotiating since 2010 and alleged unpermitted emissions arising from the Geismar Incident. Negotiations with the LDEQ are ongoing. Any potential fines and penalties from these agencies would not be covered by our insurance policy. Additionally, multiple lawsuits, including class actions for alleged offsite impacts, property damage, and personal injury, have been filed against various of our subsidiaries. | ||
Due to the ongoing investigation into the cause of the incident, and the limited information available associated with the filed lawsuits, which do not specify any amounts for claimed damages, we cannot reasonably estimate a range of potential loss related to these contingencies at this time. | ||
Gulf Liquids litigation | ||
Gulf Liquids, one of our subsidiaries, contracted with Gulsby Engineering Inc. (Gulsby) and Gulsby-Bay (a joint venture between Gulsby and Bay Ltd.) for the construction of certain gas processing plants in Louisiana. National American Insurance Company (NAICO) and American Home Assurance Company provided payment and performance bonds for the projects. In 2001, the contractors and sureties filed multiple cases in Louisiana and Texas against Gulf Liquids and us. In 2006, at the conclusion of the consolidated trial of the asserted contract and tort claims, the jury returned its actual and punitive damages verdict against us and Gulf Liquids. From May through October 2007, the court entered seven post-trial orders in the case which, among other things, overruled the verdict award of tort and punitive damages as well as any damages against us. The court also denied the plaintiffs’ claims for attorneys’ fees. On January 28, 2008, the court issued its judgment awarding certain damages against Gulf Liquids in favor of Gulsby and Gulsby-Bay. Gulf Liquids, Gulsby, Gulsby-Bay, Bay Ltd., and NAICO appealed the judgment. In February 2009, we settled with Gulsby-Bay and Bay. On February 17, 2011, the Texas Court of Appeals upheld the dismissals of the tort and punitive damages claims and reversed and remanded the remaining claims for further proceedings. None of the parties filed a petition for review in the Texas Supreme Court. On May 8, 2012, the Texas Court of Appeals issued its mandate remanding the original breach of contract claims involving Gulsby and attorney fee claims to trial court. Trial is set for October 14, 2014. In 2006, we accrued a charge, and related interest, for our estimate of probable loss associated with the initial adverse verdict. From 2008 through 2011, the amount accrued was reduced based on subsequent judgments and settlement payments. As of March 31, 2014, we have a remaining accrued liability of $13 million associated with the litigation. | ||
Alaska refinery contamination litigation | ||
In January 2010, James West filed a class action lawsuit in state court in Fairbanks, Alaska on behalf of individual property owners whose water contained sulfolane contamination allegedly emanating from the Flint Hills Oil Refinery in North Pole, Alaska. The suit named our subsidiary, Williams Alaska Petroleum Inc. (WAPI), and Flint Hills Resources Alaska, LLC (FHRA), a subsidiary of Koch Industries, Inc., as defendants. We owned and operated the refinery until 2004 when we sold it to FHRA. We and FHRA have made claims under the pollution liability insurance policy issued in connection with the sale of the North Pole refinery to FHRA. We and FHRA also filed claims against each other seeking, among other things, contractual indemnification alleging that the other party caused the sulfolane contamination. | ||
In 2011, we and FHRA settled the James West claim. We and FHRA subsequently filed motions for summary judgment on the other’s claims. On November 5, 2013, the court ruled that the applicable statute of limitations bars all FHRA’s claims against us and dismissed those claims with prejudice. FHRA has asked the court to reconsider and clarify its ruling, and we anticipate that FHRA will appeal the court’s decision. | ||
We currently estimate that our reasonably possible loss exposure in this matter could range from an insignificant amount up to $32 million, although uncertainties inherent in the litigation process, expert evaluations, and jury dynamics might cause our exposure to exceed that amount. | ||
Independent of the litigation matter described in the preceding paragraphs, the Alaska Department of Environmental Conservation (ADEC) indicated that it views FHRA and us as responsible parties. During the first quarter of 2013 and again on December 23, 2013, ADEC informed FHRA and us that ADEC intends to enter a compliance order to address the environmental remediation of sulfolane and other possible contaminants including cleanup work outside the refinery’s boundaries to be performed in 2014. In addition, ADEC will seek from each of FHRA and us an adequate financial performance guarantee for the benefit of ADEC. On March 6, 2014, the State of Alaska filed suit against FHRA and us in state court in Fairbanks seeking injunctive relief and damages in connection with the sulfolane contamination. Due to the ongoing assessment of the level and extent of sulfolane contamination and the ultimate cost of remediation and division of costs among the potentially responsible parties, we are unable to estimate a range of exposure at this time. | ||
Transco 2012 rate case | ||
On August 31, 2012, Transco submitted to the FERC a general rate filing principally designed to recover increased costs and to comply with the terms of the settlement in its prior rate proceedings. The new rates became effective March 1, 2013, subject to refund and the outcome of the hearing. On August 27, 2013, Transco filed a stipulation and agreement with the FERC proposing to resolve all issues in this proceeding without the need for a hearing (Agreement). On December 6, 2013, the FERC issued an order approving the Agreement without modifications. Pursuant to its terms, the Agreement became effective March 1, 2014. As of March 31, 2014, Accounts Payable includes $118 million for rate refunds that were subsequently paid on April 18, 2014. | ||
Environmental Matters | ||
We are a participant in certain environmental activities in various stages including assessment studies, cleanup operations and remedial processes at certain sites, some of which we currently do not own. We are monitoring these sites in a coordinated effort with other potentially responsible parties, the EPA, and other governmental authorities. We are jointly and severally liable along with unrelated third parties in some of these activities and solely responsible in others. Certain of our subsidiaries have been identified as potentially responsible parties at various Superfund and state waste disposal sites. In addition, these subsidiaries have incurred, or are alleged to have incurred, various other hazardous materials removal or remediation obligations under environmental laws. As of March 31, 2014, we have accrued liabilities totaling $46 million for these matters, as discussed below. Our accrual reflects the most likely costs of cleanup, which are generally based on completed assessment studies, preliminary results of studies or our experience with other similar cleanup operations. Certain assessment studies are still in process for which the ultimate outcome may yield significantly different estimates of most likely costs. Any incremental amount in excess of amounts currently accrued cannot be reasonably estimated at this time due to uncertainty about the actual number of contaminated sites ultimately identified, the actual amount and extent of contamination discovered and the final cleanup standards mandated by the EPA and other governmental authorities. | ||
The EPA and various state regulatory agencies routinely promulgate and propose new rules, and issue updated guidance to existing rules. More recent rules and rulemakings include, but are not limited to, rules for reciprocating internal combustion engine maximum achievable control technology, new air quality standards for ground level ozone, one hour nitrogen dioxide emission limits, and new air quality standards impacting storage vessels, pressure valves, and compressors. We are unable to estimate the costs of asset additions or modifications necessary to comply with these new regulations due to uncertainty created by the various legal challenges to these regulations and the need for further specific regulatory guidance. | ||
Continuing operations | ||
Our interstate gas pipelines are involved in remediation activities related to certain facilities and locations for polychlorinated biphenyls, mercury, and other hazardous substances. These activities have involved the EPA and various state environmental authorities, resulting in our identification as a potentially responsible party at various Superfund waste sites. At March 31, 2014, we have accrued liabilities of $13 million for these costs. We expect that these costs will be recoverable through rates. | ||
We also accrue environmental remediation costs for natural gas underground storage facilities, primarily related to soil and groundwater contamination. At March 31, 2014, we have accrued liabilities totaling $7 million for these costs. | ||
Former operations, including operations classified as discontinued | ||
We have potential obligations in connection with assets and businesses we no longer operate. These potential obligations include remediation activities at the direction of federal and state environmental authorities and the indemnification of the purchasers of certain of these assets and businesses for environmental and other liabilities existing at the time the sale was consummated. Our responsibilities relate to the operations of the assets and businesses described below. | ||
• | Former agricultural fertilizer and chemical operations and former retail petroleum and refining operations; | |
• | Former petroleum products and natural gas pipelines; | |
• | Former petroleum refining facilities; | |
• | Former exploration and production and mining operations; | |
• | Former electricity and natural gas marketing and trading operations. | |
At March 31, 2014, we have accrued environmental liabilities of $26 million related to these matters. | ||
Other Divestiture Indemnifications | ||
Pursuant to various purchase and sale agreements relating to divested businesses and assets, we have indemnified certain purchasers against liabilities that they may incur with respect to the businesses and assets acquired from us. The indemnities provided to the purchasers are customary in sale transactions and are contingent upon the purchasers incurring liabilities that are not otherwise recoverable from third parties. The indemnities generally relate to breach of warranties, tax, historic litigation, personal injury, property damage, environmental matters, right of way and other representations that we have provided. | ||
At March 31, 2014, other than as previously disclosed, we are not aware of any material claims against us involving the indemnities; thus, we do not expect any of the indemnities provided pursuant to the sales agreements to have a material impact on our future financial position. Any claim for indemnity brought against us in the future may have a material adverse effect on our results of operations in the period in which the claim is made. | ||
In addition to the foregoing, various other proceedings are pending against us which are incidental to our operations. | ||
Summary | ||
We have disclosed our estimated range of reasonably possible losses for certain matters above, as well as all significant matters for which we are unable to reasonably estimate a range of possible loss. We estimate that for all other matters for which we are able to reasonably estimate a range of loss, our aggregate reasonably possible losses beyond amounts accrued are immaterial to our expected future annual results of operations, liquidity and financial position. These calculations have been made without consideration of any potential recovery from third parties. |
Segment_Disclosures
Segment Disclosures | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Disclosures | ' | |||||||||||||||||||||||
Note 12 – Segment Disclosures | ||||||||||||||||||||||||
Our reportable segments are Williams Partners, Williams NGL & Petchem Services, and Access Midstream Partners. All remaining business activities are included in Other. (See Note 1 – General, Description of Business, and Basis of Presentation.) | ||||||||||||||||||||||||
Performance Measurement | ||||||||||||||||||||||||
We currently evaluate segment operating performance based upon Segment profit (loss) from operations, which includes Segment revenues from external and internal customers, segment costs and expenses, Equity earnings (losses) and Income (loss) from investments. General corporate expenses represent Selling, general, and administrative expenses that are not allocated to our segments. Intersegment revenues are generally accounted for at current market prices as if the sales were to unaffiliated third parties. | ||||||||||||||||||||||||
The following table reflects the reconciliation of Segment revenues and Segment profit (loss) to Total revenues and Operating income (loss) as reported in the Consolidated Statement of Income and Total assets by reportable segment. | ||||||||||||||||||||||||
Williams | Williams | Access | Other | Eliminations | Total | |||||||||||||||||||
Partners | NGL & Petchem | Midstream | ||||||||||||||||||||||
Services | Partners | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 763 | $ | — | $ | — | $ | 56 | $ | — | $ | 819 | ||||||||||||
Internal | — | — | — | 3 | (3 | ) | — | |||||||||||||||||
Total service revenues | 763 | — | — | 59 | (3 | ) | 819 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 930 | — | — | — | — | 930 | ||||||||||||||||||
Internal | — | — | — | — | — | — | ||||||||||||||||||
Total product sales | 930 | — | — | — | — | 930 | ||||||||||||||||||
Total revenues | $ | 1,693 | $ | — | $ | — | $ | 59 | $ | (3 | ) | $ | 1,749 | |||||||||||
Segment profit (loss) | $ | 503 | $ | (100 | ) | $ | 6 | $ | 3 | $ | 412 | |||||||||||||
Less equity earnings (losses) | 23 | (77 | ) | 6 | — | (48 | ) | |||||||||||||||||
Segment operating income (loss) | $ | 480 | $ | (23 | ) | $ | — | $ | 3 | 460 | ||||||||||||||
General corporate expenses | (40 | ) | ||||||||||||||||||||||
Operating income (loss) | $ | 420 | ||||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 702 | $ | — | $ | — | $ | 4 | $ | — | $ | 706 | ||||||||||||
Internal | — | — | — | 3 | (3 | ) | — | |||||||||||||||||
Total service revenues | 702 | — | — | 7 | (3 | ) | 706 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 1,104 | — | — | — | — | 1,104 | ||||||||||||||||||
Internal | — | — | — | — | — | — | ||||||||||||||||||
Total product sales | 1,104 | — | — | — | — | 1,104 | ||||||||||||||||||
Total revenues | $ | 1,806 | $ | — | $ | — | $ | 7 | $ | (3 | ) | $ | 1,810 | |||||||||||
Segment profit (loss) | $ | 494 | $ | (2 | ) | $ | — | $ | (5 | ) | $ | 487 | ||||||||||||
Less: | ||||||||||||||||||||||||
Equity earnings (losses) | 18 | — | — | — | 18 | |||||||||||||||||||
Income (loss) from investments | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||
Segment operating income (loss) | $ | 477 | $ | (2 | ) | $ | — | $ | (5 | ) | 470 | |||||||||||||
General corporate expenses | (44 | ) | ||||||||||||||||||||||
Operating income (loss) | $ | 426 | ||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Total assets | $ | 24,791 | $ | 378 | $ | 2,136 | $ | 1,459 | $ | (458 | ) | $ | 28,306 | |||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Total assets | $ | 23,571 | $ | 486 | $ | 2,161 | $ | 1,359 | $ | (435 | ) | $ | 27,142 | |||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 13 – Subsequent Event | |
On April 23, 2014, an explosion and fire occurred at WPZ’s natural gas processing facility near Opal, Wyoming. There were no reported injuries or damage to property outside the facility. The facility was immediately shut down and natural gas gathering from surrounding producing areas was temporarily suspended as a result of the incident. | |
The facility is primarily comprised of five turbo-expander (TXP) cryogenic gas-processing units. Although we have not yet made a full assessment of all plant equipment, the initial visual assessment of damage indicates that the impact was largely limited to the TXP-3 unit. We are inspecting the damaged equipment in cooperation with regulatory authorities and developing preliminary plans to bring the other four units back into service. The capacity of the four undamaged plants is sufficient to handle all of the natural gas currently available to the facility. | |
We have insurance coverage, subject to retentions (deductibles), for property damage and business interruption that we expect to significantly mitigate the financial effects of the incident. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Variable Interest Entity Disclosures [Abstract] | ' | |||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||||
The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of these VIEs, which are joint projects in the development and construction phase. | ||||||||||
March 31, | December 31, 2013 (1) | Classification | ||||||||
2014 | ||||||||||
(Millions) | ||||||||||
Assets (liabilities): | ||||||||||
Cash and cash equivalents | $ | 36 | $ | 122 | Cash and cash equivalents | |||||
Accounts receivable | 10 | — | Accounts and notes receivable, net | |||||||
Property, plant and equipment | 1,209 | 1,111 | Property, plant and equipment, at cost | |||||||
Accounts payable | (153 | ) | (145 | ) | Accounts payable | |||||
Construction retainage | (4 | ) | (3 | ) | Accrued liabilities | |||||
Current deferred revenue | — | (10 | ) | Accrued liabilities | ||||||
Asset retirement obligation | (30 | ) | — | Other noncurrent liabilities | ||||||
Noncurrent deferred revenue associated with customer advance payments | (130 | ) | (115 | ) | Other noncurrent liabilities | |||||
(1) Amounts presented for December 31, 2013, include balances related to Bluegrass Pipeline. See discussion of the subsequent deconsolidation of Bluegrass Pipeline below. |
Provision_Benefit_for_Income_T1
Provision (Benefit) for Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | |||||||
Provision (benefit) for income taxes from continuing operations | ' | |||||||
The Provision (benefit) for income taxes from continuing operations includes: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Current: | ||||||||
Federal | $ | 137 | $ | (11 | ) | |||
State | 5 | 2 | ||||||
Foreign | 2 | 2 | ||||||
144 | (7 | ) | ||||||
Deferred: | ||||||||
Federal | (96 | ) | 82 | |||||
State | (1 | ) | 13 | |||||
Foreign | 4 | 8 | ||||||
(93 | ) | 103 | ||||||
Total provision (benefit) | $ | 51 | $ | 96 | ||||
Earnings_Loss_Per_Common_Share1
Earnings (Loss) Per Common Share from Continuing Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings (loss) per common share from continuing operations | ' | |||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Dollars in millions, except per-share | ||||||||
amounts; shares in thousands) | ||||||||
Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders for basic and diluted earnings (loss) per common share | $ | 140 | $ | 162 | ||||
Basic weighted-average shares | 684,773 | 682,052 | ||||||
Effect of dilutive securities: | ||||||||
Nonvested restricted stock units | 2,096 | 2,720 | ||||||
Stock options | 2,017 | 2,187 | ||||||
Convertible debentures | 18 | 184 | ||||||
Diluted weighted-average shares | 688,904 | 687,143 | ||||||
Earnings (loss) per common share from continuing operations: | ||||||||
Basic | $ | 0.2 | $ | 0.24 | ||||
Diluted | $ | 0.2 | $ | 0.23 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||
Net periodic benefit cost (credit) is as follows: | ||||||||
Pension Benefits | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 10 | $ | 11 | ||||
Interest cost | 16 | 13 | ||||||
Expected return on plan assets | (19 | ) | (15 | ) | ||||
Amortization of net actuarial loss | 9 | 15 | ||||||
Net periodic benefit cost | $ | 16 | $ | 24 | ||||
Other Postretirement Benefits | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Components of net periodic benefit cost (credit): | ||||||||
Service cost | $ | 1 | $ | 1 | ||||
Interest cost | 2 | 3 | ||||||
Expected return on plan assets | (3 | ) | (2 | ) | ||||
Amortization of prior service credit | (5 | ) | (2 | ) | ||||
Amortization of net actuarial loss | — | 2 | ||||||
Reclassification to regulatory liability | 1 | — | ||||||
Net periodic benefit cost (credit) | $ | (4 | ) | $ | 2 | |||
Schedule of Regulatory Assets / Liabilities [Table Text Block] | ' | |||||||
Amounts recognized in regulatory assets/liabilities include: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Amortization of prior service credit | $ | (3 | ) | $ | (1 | ) | ||
Amortization of net actuarial loss | — | 1 | ||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Natural gas liquids, olefins, and natural gas in underground storage | $ | 141 | $ | 111 | ||||
Materials, supplies, and other | 81 | 83 | ||||||
$ | 222 | $ | 194 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The following table presents the changes in Accumulated other comprehensive income (loss) by component, net of income taxes: | ||||||||||||||||
Cash | Foreign | Pension and | Total | |||||||||||||
Flow | Currency | Other Post | ||||||||||||||
Hedges | Translation | Retirement | ||||||||||||||
Benefits | ||||||||||||||||
(Millions) | ||||||||||||||||
Balance at December 31, 2013 | $ | (1 | ) | $ | 128 | $ | (291 | ) | $ | (164 | ) | |||||
Other comprehensive income (loss) before reclassifications | — | (44 | ) | — | (44 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 5 | 5 | ||||||||||||
Other comprehensive income (loss) | — | (44 | ) | 5 | (39 | ) | ||||||||||
Changes in ownership of consolidated subsidiaries, net | — | (20 | ) | — | (20 | ) | ||||||||||
Balance at March 31, 2014 | $ | (1 | ) | $ | 64 | $ | (286 | ) | $ | (223 | ) | |||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||
Reclassifications out of Accumulated other comprehensive income (loss) are presented in the following table by component for the three months ended March 31, 2014: | ||||||||||||||||
Component | Reclassifications | Classification | ||||||||||||||
(Millions) | ||||||||||||||||
Pension and other postretirement benefits: | ||||||||||||||||
Amortization of prior service cost (credit) included in net periodic benefit cost | $ | (2 | ) | Note 6 – Employee Benefit Plans | ||||||||||||
Amortization of actuarial (gain) loss included in net periodic benefit cost | 9 | Note 6 – Employee Benefit Plans | ||||||||||||||
Total pension and other postretirement benefits, before income taxes | 7 | |||||||||||||||
Income tax benefit | (2 | ) | Provision (benefit) for income taxes | |||||||||||||
Reclassifications during the period | $ | 5 | ||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Assets and Liabilities Measured On Recurring Basis [Text Block] | ' | |||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices In | Other | Unobservable | ||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Assets (liabilities) at March 31, 2014: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 45 | $ | 45 | $ | 45 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 3 | 3 | — | — | 3 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (2 | ) | (2 | ) | — | — | (2 | ) | ||||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 75 | 130 | 2 | 6 | 122 | |||||||||||||||
Long-term debt, including current portion (1) | (12,849 | ) | (13,790 | ) | — | (13,790 | ) | — | ||||||||||||
Guarantee | (31 | ) | (28 | ) | — | (28 | ) | — | ||||||||||||
Assets (liabilities) at December 31, 2013: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 33 | $ | 33 | $ | 33 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 3 | 3 | — | — | 3 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (3 | ) | (3 | ) | — | (1 | ) | (2 | ) | |||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 77 | 140 | 1 | 6 | 133 | |||||||||||||||
Long-term debt (1) | (11,353 | ) | (11,971 | ) | — | (11,971 | ) | — | ||||||||||||
Guarantee | (32 | ) | (29 | ) | — | (29 | ) | — | ||||||||||||
(1) Excludes capital leases |
Segment_Disclosures_Tables
Segment Disclosures (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Reconciliation of segment revenues and segment profit (loss) | ' | |||||||||||||||||||||||
The following table reflects the reconciliation of Segment revenues and Segment profit (loss) to Total revenues and Operating income (loss) as reported in the Consolidated Statement of Income and Total assets by reportable segment. | ||||||||||||||||||||||||
Williams | Williams | Access | Other | Eliminations | Total | |||||||||||||||||||
Partners | NGL & Petchem | Midstream | ||||||||||||||||||||||
Services | Partners | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 763 | $ | — | $ | — | $ | 56 | $ | — | $ | 819 | ||||||||||||
Internal | — | — | — | 3 | (3 | ) | — | |||||||||||||||||
Total service revenues | 763 | — | — | 59 | (3 | ) | 819 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 930 | — | — | — | — | 930 | ||||||||||||||||||
Internal | — | — | — | — | — | — | ||||||||||||||||||
Total product sales | 930 | — | — | — | — | 930 | ||||||||||||||||||
Total revenues | $ | 1,693 | $ | — | $ | — | $ | 59 | $ | (3 | ) | $ | 1,749 | |||||||||||
Segment profit (loss) | $ | 503 | $ | (100 | ) | $ | 6 | $ | 3 | $ | 412 | |||||||||||||
Less equity earnings (losses) | 23 | (77 | ) | 6 | — | (48 | ) | |||||||||||||||||
Segment operating income (loss) | $ | 480 | $ | (23 | ) | $ | — | $ | 3 | 460 | ||||||||||||||
General corporate expenses | (40 | ) | ||||||||||||||||||||||
Operating income (loss) | $ | 420 | ||||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 702 | $ | — | $ | — | $ | 4 | $ | — | $ | 706 | ||||||||||||
Internal | — | — | — | 3 | (3 | ) | — | |||||||||||||||||
Total service revenues | 702 | — | — | 7 | (3 | ) | 706 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 1,104 | — | — | — | — | 1,104 | ||||||||||||||||||
Internal | — | — | — | — | — | — | ||||||||||||||||||
Total product sales | 1,104 | — | — | — | — | 1,104 | ||||||||||||||||||
Total revenues | $ | 1,806 | $ | — | $ | — | $ | 7 | $ | (3 | ) | $ | 1,810 | |||||||||||
Segment profit (loss) | $ | 494 | $ | (2 | ) | $ | — | $ | (5 | ) | $ | 487 | ||||||||||||
Less: | ||||||||||||||||||||||||
Equity earnings (losses) | 18 | — | — | — | 18 | |||||||||||||||||||
Income (loss) from investments | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||
Segment operating income (loss) | $ | 477 | $ | (2 | ) | $ | — | $ | (5 | ) | 470 | |||||||||||||
General corporate expenses | (44 | ) | ||||||||||||||||||||||
Operating income (loss) | $ | 426 | ||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Total assets | $ | 24,791 | $ | 378 | $ | 2,136 | $ | 1,459 | $ | (458 | ) | $ | 28,306 | |||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Total assets | $ | 23,571 | $ | 486 | $ | 2,161 | $ | 1,359 | $ | (435 | ) | $ | 27,142 | |||||||||||
General_Description_of_Busines1
General, Description of Business, and Basis of Presentation (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' |
General partner ownership percentage | 2.00% |
Canada Acquisition [Member] | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' |
Proceeds from Divestiture of Businesses | 25 |
ClassDSharesReceivedFromContribution | 25,577,521 |
FuturePurchasesOfClassDUnits | 200 |
General and Limited Partner [Member] | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' |
Master limited partnership, ownership percentage | 66.00% |
Constitution Pipeline Company LLC [Member] | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' |
Variable Interest Entity Ownership Percentage | 41.00% |
Gulfstream Natural Gas System, L.L.C.[Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 50.00% |
Access Midstream Partners, GP, L.L.C.[Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 50.00% |
Access Midstream Partners Lp [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 23.00% |
Bluegrass Pipeline Company Llc [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 50.00% |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||
Constitution Pipeline Company Llc [Member] | Blue Racer Midstream Llc [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||
Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Property Plant And Equipment [Member] | Property Plant And Equipment [Member] | Accounts Payable [Member] | Accounts Payable [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Asset Retirement Obligation Costs [Member] | Asset Retirement Obligation Costs [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Gulfstar One [Member] | Gulfstar One [Member] | Gunflint [Member] | Constitution Pipeline Company Llc [Member] | Constitution Pipeline Company Llc [Member] | Laurel Mountain [Member] | Laurel Mountain [Member] | Caiman Energy II LLC [Member] | Caiman Energy II LLC [Member] | Bluegrass Pipeline Company Llc [Member] | Bluegrass Pipeline Company Llc [Member] | Bluegrass Pipeline Company Llc [Member] | Bluegrass Pipeline Company Llc [Member] | Moss Lake [Member] | Moss Lake [Member] | Moss Lake [Member] | |||||||||||
Estimated Remaining Construction Costs For Variable Interest Entity [Member] | Estimated Remaining Construction Costs For Variable Interest Entity [Member] | Estimated Remaining Construction Costs For Variable Interest Entity [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Income Loss From Equity Method Investment [Member] | Equity Method Investments [Member] | Income Loss From Equity Method Investment [Member] | Equity Method Investments [Member] | ||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Variable Interest Entity Ownership Percentage | ' | ' | 41.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | 41.00% | ' | 51.00% | ' | 58.00% | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | ||||||
Equity Method Investment Ownership Percentage Of An Investee By Our Subsidiary | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250 | $134 | ' | $600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deconsolidation, Gain (Loss), Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ||||||
Our share of impairment of assets of equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67 | ' | ' | 4 | ' | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | ' | ' | ' | ' | 36 | 122 | [1] | 10 | 0 | 1,209 | 1,111 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -153 | -145 | [1] | -4 | -3 | [1] | 0 | -10 | [1] | -30 | 0 | -130 | -115 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Payments to Acquire Equity Method Investments | 228 | 93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 482 | ' | 415 | ' | ' | ' | 1 | ' | ' | 2 | ||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $482 | ' | $500 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Amounts presented for December 31, 2013, include balances related to Bluegrass Pipeline. See discussion of the subsequent deconsolidation of Bluegrass Pipeline below. |
Asset_Sales_and_Other_Accruals1
Asset Sales and Other Accruals (Details Textuals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Williams Partners [Member] | Geismar Incident [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Insurance recoveries | $125 | ' |
Insurable Expenses in Excess of our Deductibles | 6 | ' |
Williams Partners [Member] | Property Damage And Business Interruption [Member] | Geismar Incident [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Maximum insurance recoverable amount | 500 | ' |
Williams Partners [Member] | Property Damage [Member] | Geismar Incident [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Insurance deductibles | 10 | ' |
Williams Partners [Member] | Business Interruption [Member] | Geismar Incident [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Duration of waiting period before business interrutpion coverage begins | '60 days | ' |
Williams Partners [Member] | General Liability [Member] | Geismar Incident [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Insurance deductibles | 2 | ' |
Maximum insurance recoverable amount | 610 | ' |
Williams Partners [Member] | Workers Compensation [Member] | Geismar Incident [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Insurance deductibles | 1 | ' |
Former Venezuela Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Investment Income, Interest | 13 | 13 |
Access Midstream Partners Lp [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percent interest in equity method investment | 23.00% | ' |
Bluegrass Pipeline Company Llc [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percent interest in equity method investment | 50.00% | ' |
Project Development Costs | $19 | ' |
Provision_Benefit_for_Income_T2
Provision (Benefit) for Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Current : | ' | ' |
Federal | $137 | ($11) |
State | 5 | 2 |
Foreign | 2 | 2 |
Total | 144 | -7 |
Deferred: | ' | ' |
Federal | -96 | 82 |
State | -1 | 13 |
Foreign | 4 | 8 |
Total | -93 | 103 |
Provision (benefit) for income taxes | 51 | 96 |
Income Tax Contingency [Line Items] | ' | ' |
Current income tax liabilities associated with undistributed earnings of foreign operations | $90 | ' |
Earnings_Loss_Per_Common_Share2
Earnings (Loss) Per Common Share from Continuing Operations (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings (loss) per common share from continuing operations | ' | ' |
Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders for basic and diluted earnings (loss) per common share | $140 | $162 |
Basic weighted-average shares | 684,773 | 682,052 |
Diluted weighted-average shares | 688,904 | 687,143 |
Earnings (loss) per common share from continuing operations: | ' | ' |
Basic | $0.20 | $0.24 |
Diluted | $0.20 | $0.23 |
Nonvested restricted stock units [Member] | ' | ' |
Effect of dilutive securities: | ' | ' |
Incremental common shares attributable to share-based payment arrangements under effects of dilutive securities item | 2,096 | 2,720 |
Stock options [Member] | ' | ' |
Effect of dilutive securities: | ' | ' |
Incremental common shares attributable to share-based payment arrangements under effects of dilutive securities item | 2,017 | 2,187 |
Convertible debentures [Member] | ' | ' |
Effect of dilutive securities: | ' | ' |
Incremental dilutive shares, Convertible debt | 18 | 184 |
Employee_Benefit_Plans_Quarter
Employee Benefit Plans (Quarterly Info) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits [Member] | ' | ' |
Components of net periodic benefit cost: | ' | ' |
Service cost | $10 | $11 |
Interest cost | 16 | 13 |
Expected return on plan assets | -19 | -15 |
Amortization of net actuarial loss | 9 | 15 |
Net periodic benefit cost | 16 | 24 |
Employer contributions | 16 | ' |
Estimated future employer contributions in current fiscal year | 47 | ' |
Other Postretirement Benefits [Member] | ' | ' |
Components of net periodic benefit cost: | ' | ' |
Service cost | 1 | 1 |
Interest cost | 2 | 3 |
Expected return on plan assets | -3 | -2 |
Amortization of prior service cost (credit) | -5 | -2 |
Amortization of net actuarial loss | 0 | 2 |
Reclassification to regulatory liability | 1 | 0 |
Net periodic benefit cost | -4 | 2 |
Amortization of prior service cost (credit) from regulatory assets (liabilities) | -3 | -1 |
Amortization of net actuarial loss (gain) from regulatory assets (liabilities) | 0 | 1 |
Employer contributions | 2 | ' |
Estimated future employer contributions in current fiscal year | $6 | ' |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Natural gas liquids, olefins, and natural gas in underground storage | $141 | $111 |
Materials, supplies, and other | 81 | 83 |
Inventories, Total | $222 | $194 |
LongTerm_Debt_Issuances_and_Re
Long-Term Debt Issuances and Retirements (Details 1) (Williams Partners L.P. [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
4.3% Senior Unsecured Notes due 2024 [Member] | ' |
Debt Instrument [Line Items] | ' |
Long-term debt face amount | $1,000 |
Long-term debt interest rate | 4.30% |
5.4% Senior Unsecured Notes due 2044 [Member] | ' |
Debt Instrument [Line Items] | ' |
Long-term debt face amount | $500 |
Long-term debt interest rate | 5.40% |
Credit_Facilities_and_Commerci
Credit Facilities and Commercial Paper (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Commercial paper, outstanding | $0 | $225 |
$1.5 Billion Unsecured Credit Facility [Member] | ' | ' |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Credit facility, capacity | 1,500 | ' |
Credit facility, loans outstanding | 0 | ' |
$2.5 Billion Unsecured Credit Facility [Member] | Williams Partners L. P. [Member] | ' | ' |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Credit facility, capacity | 2,500 | ' |
Credit facility, loans outstanding | 0 | ' |
$2.5 Billion Unsecured Credit Facility Letter of Credit [Member] | Williams Partners L. P. [Member] | ' | ' |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Credit facility, capacity | 1,300 | ' |
Credit facility, letters of credit outstanding | 0 | ' |
$1.5 Billion Unsecured Credit Facility Letter of Credit [Member] | ' | ' |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Credit facility, capacity | 700 | ' |
Credit facility, letters of credit outstanding | 0 | ' |
$1.5 Billion Unsecured Credit Facility Letter of Credit Under Bilateral Bank Agreements [Member] | ' | ' |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Credit facility, letters of credit outstanding | 15 | ' |
$2.5 Billion Unsecured Credit Facility Letter of Credit Under Bilateral Bank Agreements [Member] | Williams Partners L. P. [Member] | ' | ' |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Credit facility, letters of credit outstanding | $9 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Total, Beginning Balance | ($164) | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -44 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5 | ' |
Other comprehensive income (loss) | -39 | -12 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | 43 | ' |
Total, Ending Balance | -223 | ' |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | ' | ' |
Product sales | 930 | 1,104 |
Reclassifications before income tax | -247 | -327 |
Provision (benefit) for income taxes | -51 | -96 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | ' | ' |
Provision (benefit) for income taxes | -2 | ' |
Reclassifications during the period | 5 | ' |
Cash flow hedging activities [Member] | ' | ' |
Total, Beginning Balance | -1 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Other comprehensive income (loss) | 0 | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | 0 | ' |
Total, Ending Balance | -1 | ' |
Foreign currency translation [Member] | ' | ' |
Total, Beginning Balance | 128 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -44 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Other comprehensive income (loss) | -44 | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | -20 | ' |
Total, Ending Balance | 64 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Other comprehensive income (loss) | -39 | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | -20 | ' |
Pension and other postretirement benefits [Member] | ' | ' |
Total, Beginning Balance | -291 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5 | ' |
Other comprehensive income (loss) | 5 | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | 0 | ' |
Total, Ending Balance | -286 | ' |
Pension and other postretirement benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | ' | ' |
Amortization of prior service cost (credit) included in net periodic benefit cost | -2 | ' |
Amortization of actuarial (gain) loss included in net periodic benefit cost | 9 | ' |
Reclassifications before income tax | 7 | ' |
Parent [Member] | ' | ' |
Other comprehensive income (loss) | -39 | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | ($92) | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||
In Millions, unless otherwise specified | Carrying Amount [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||
Former Venezuela Operations [Member] | Former Venezuela Operations [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||||||||||||||||||||||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||
Measured on a recurring basis: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
ARO Trust investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45 | $33 | ' | ' | $45 | $33 | ' | ' | $45 | $33 | ' | ' | $0 | $0 | ' | ' | $0 | $0 | ' | ' | ||||||||||
Energy derivatives assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' | 3 | 3 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 3 | 3 | ||||||||||
Energy derivative liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -3 | ' | ' | -2 | -3 | ' | ' | 0 | 0 | ' | ' | 0 | -1 | ' | ' | -2 | -2 | ||||||||||
Additional disclosure: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Notes receivable and other | ' | ' | 75 | 77 | ' | 130 | 140 | ' | 2 | 1 | 6 | 6 | 122 | 133 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Long-term debt, including current portion | ' | ' | -12,849 | [1] | -11,353 | [1] | ' | -13,790 | [1] | -11,971 | [1] | ' | 0 | [1] | 0 | [1] | -13,790 | [1] | -11,971 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee | ' | ' | -31 | -32 | ' | -28 | -29 | ' | 0 | 0 | -28 | -29 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Fair Value, Level 1 to level 2 Transfers, Amount | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Fair Value, Level 2 to level 1 Transfers, Amount | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Notes Receivable, Fair Value Disclosure | ' | ' | ' | ' | $32 | ' | ' | $87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | Excludes capital leases |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textuals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Wpx Guarantee [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $59 | ' |
Wiltel Guarantee [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $35 | $35 |
Contingent_Liabilities_Details
Contingent Liabilities (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 11, 2013 |
Loss Contingencies [Line Items] | ' | ' |
Accrued Environmental Loss liabilities | $46,000,000 | ' |
Loss Contingency, Range of Possible Loss | 32,000,000 | ' |
Customer Refund Liability, Current | 118,000,000 | ' |
Notice of Penalty | ' | 99,000 |
Environmental Protection Agency [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrued Environmental Loss liabilities | 13,000,000 | ' |
Former Operations | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrued Environmental Loss liabilities | 26,000,000 | ' |
Natural gas underground storage facilities | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrued Environmental Loss liabilities | 7,000,000 | ' |
Gulf Liquids | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated Litigation Liability, Current | $13,000,000 | ' |
Segment_Disclosures_Details_1
Segment Disclosures (Details 1) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment revenues: | ' | ' | ' |
Total revenues | $1,749 | $1,810 | ' |
Segment profit (loss) | 412 | 487 | ' |
Equity earnings (losses) | -48 | 18 | ' |
Income (loss) from investments | ' | -1 | ' |
Operating income (loss) | 420 | 426 | ' |
Total assets and equity method investments by reporting segment | ' | ' | ' |
Total assets | 28,306 | ' | 27,142 |
Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 819 | 706 | ' |
Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 930 | 1,104 | ' |
Williams Partners [Member] | ' | ' | ' |
Total assets and equity method investments by reporting segment | ' | ' | ' |
Total assets | 24,791 | ' | 23,571 |
Williams Partners [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 763 | 702 | ' |
Williams Partners [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 930 | 1,104 | ' |
Williams NGL & Petchem Services [Member] | ' | ' | ' |
Total assets and equity method investments by reporting segment | ' | ' | ' |
Total assets | 378 | ' | 486 |
Williams NGL & Petchem Services [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Williams NGL & Petchem Services [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Access Midstream Partners [Member] | ' | ' | ' |
Total assets and equity method investments by reporting segment | ' | ' | ' |
Total assets | 2,136 | ' | 2,161 |
Access Midstream Partners [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Access Midstream Partners [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Other [Member] | ' | ' | ' |
Total assets and equity method investments by reporting segment | ' | ' | ' |
Total assets | 1,459 | ' | 1,359 |
Other [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 56 | 4 | ' |
Other [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Operating Segments [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Operating income (loss) | 460 | 470 | ' |
Operating Segments [Member] | Williams Partners [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 1,693 | 1,806 | ' |
Segment profit (loss) | 503 | 494 | ' |
Equity earnings (losses) | 23 | 18 | ' |
Income (loss) from investments | ' | -1 | ' |
Operating income (loss) | 480 | 477 | ' |
Operating Segments [Member] | Williams Partners [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 763 | 702 | ' |
Operating Segments [Member] | Williams Partners [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 930 | 1,104 | ' |
Operating Segments [Member] | Williams NGL & Petchem Services [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Segment profit (loss) | -100 | -2 | ' |
Equity earnings (losses) | -77 | 0 | ' |
Income (loss) from investments | ' | 0 | ' |
Operating income (loss) | -23 | -2 | ' |
Operating Segments [Member] | Williams NGL & Petchem Services [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Operating Segments [Member] | Williams NGL & Petchem Services [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Operating Segments [Member] | Access Midstream Partners [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Segment profit (loss) | 6 | 0 | ' |
Equity earnings (losses) | 6 | 0 | ' |
Income (loss) from investments | ' | 0 | ' |
Operating income (loss) | 0 | 0 | ' |
Operating Segments [Member] | Access Midstream Partners [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Operating Segments [Member] | Access Midstream Partners [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Operating Segments [Member] | Other [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 59 | 7 | ' |
Segment profit (loss) | 3 | -5 | ' |
Equity earnings (losses) | 0 | 0 | ' |
Income (loss) from investments | ' | 0 | ' |
Operating income (loss) | 3 | -5 | ' |
Operating Segments [Member] | Other [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 59 | 7 | ' |
Operating Segments [Member] | Other [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Intersegment Elimination [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | -3 | -3 | ' |
Total assets and equity method investments by reporting segment | ' | ' | ' |
Total assets | -458 | ' | -435 |
Intersegment Elimination [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | -3 | -3 | ' |
Intersegment Elimination [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Intersegment Elimination [Member] | Williams Partners [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Intersegment Elimination [Member] | Williams Partners [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Intersegment Elimination [Member] | Williams NGL & Petchem Services [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Intersegment Elimination [Member] | Williams NGL & Petchem Services [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Intersegment Elimination [Member] | Access Midstream Partners [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Intersegment Elimination [Member] | Access Midstream Partners [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
Intersegment Elimination [Member] | Other [Member] | Service [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | -3 | -3 | ' |
Intersegment Elimination [Member] | Other [Member] | Product [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Total revenues | 0 | 0 | ' |
General Corporate Expenses [Member] | ' | ' | ' |
Segment revenues: | ' | ' | ' |
Operating income (loss) | ($40) | ($44) | ' |