Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Williams Companies Inc | |
Entity Central Index Key | 107,263 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 826,274,756 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Service revenues | $ 1,261 | $ 1,229 |
Product sales | 727 | 431 |
Total revenues | 1,988 | 1,660 |
Costs and expenses: | ||
Product costs | 579 | 318 |
Operating and maintenance expenses | 368 | 391 |
Depreciation and amortization expenses | 442 | 445 |
Selling, general, and administrative expenses | 161 | 221 |
Other (income) expense – net | 5 | 23 |
Total costs and expenses | 1,555 | 1,398 |
Operating income (loss) | 433 | 262 |
Equity earnings (losses) | 107 | 97 |
Impairment of equity-method investments (Note 10) | 0 | (112) |
Other investing income (loss) – net (Note 3) | 272 | 18 |
Interest incurred | (287) | (306) |
Interest capitalized | 7 | 15 |
Other income (expense) – net | 74 | 15 |
Income (loss) before income taxes | 606 | (11) |
Provision (benefit) for income taxes | 37 | 2 |
Net income (loss) | 569 | (13) |
Less: Net income (loss) attributable to noncontrolling interests | 196 | 52 |
Net income (loss) attributable to The Williams Companies, Inc. | $ 373 | $ (65) |
Basic earnings (loss) per common share: | ||
Net income (loss) | $ 0.45 | $ (0.09) |
Weighted-average shares (thousands) | 824,548 | 750,332 |
Diluted earnings (loss) per common share: | ||
Net income (loss) | $ 0.45 | $ (0.09) |
Weighted-average shares (thousands) | 826,476 | 750,332 |
Cash dividends declared per common share | $ 0.30 | $ 0.64 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Comprehensive income (loss): | ||
Net income (loss) | $ 569 | $ (13) |
Cash flow hedging activities: | ||
Net unrealized gain (loss) from derivative instruments, net of taxes of ($1) in 2017 | 3 | 0 |
Foreign currency translation adjustments, net of taxes of ($15) in 2016 | 0 | 89 |
Pension and other postretirement benefits: | ||
Amortization of prior service cost (credit) included in net periodic benefit cost | (1) | (1) |
Amortization of actuarial (gain) loss included in net periodic benefit cost, net of taxes of ($3) in 2017 and 2016 | 4 | 5 |
Other comprehensive income (loss) | 6 | 93 |
Comprehensive income (loss) | 575 | 80 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 197 | 81 |
Comprehensive income (loss) attributable to The Williams Companies, Inc. | $ 378 | $ (1) |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | ||
Other Comprehensive Income, Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ (1) | $ 0 |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Foreign currency translation adjustments, taxes | 0 | (15) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax [Abstract] | ||
Amortization of prior service cost (credit) included in net periodic benefit cost, taxes | 0 | 0 |
Amortization of actuarial (gain) loss included in net periodic benefit cost, taxes | $ (3) | $ (3) |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 639 | $ 170 |
Trade accounts and other receivables (net of allowance of $6 at March 31, 2017 and $6 at December 31, 2016) | 867 | 938 |
Inventories | 148 | 138 |
Assets held for sale (Note 1) | 1,023 | 24 |
Other current assets and deferred charges | 168 | 192 |
Total current assets | 2,845 | 1,462 |
Investments | 6,738 | 6,701 |
Property, plant, and equipment, at cost | 38,342 | 38,912 |
Accumulated depreciation and amortization | (10,580) | (10,484) |
Property, plant, and equipment – net | 27,762 | 28,428 |
Intangible assets – net of accumulated amortization | 9,570 | 9,663 |
Regulatory assets, deferred charges, and other | 597 | 581 |
Total assets | 47,512 | 46,835 |
Current liabilities: | ||
Accounts payable | 680 | 623 |
Liabilities held for sale (Note 1) | 43 | 0 |
Accrued liabilities | 1,322 | 1,448 |
Commercial paper | 0 | 93 |
Long-term debt due within one year | 0 | 785 |
Total current liabilities | 2,045 | 2,949 |
Long-term debt | 21,825 | 22,624 |
Deferred income tax liabilities | 5,133 | 4,238 |
Regulatory liabilities, deferred income, and other | 3,100 | 2,978 |
Contingent liabilities (Note 11) | ||
Stockholders’ equity: | ||
Common stock (960 million shares authorized at $1 par value; 861 million shares issued at March 31, 2017 and 785 million shares issued at December 31, 2016) | 861 | 785 |
Capital in excess of par value | 18,445 | 14,887 |
Retained deficit | (9,487) | (9,649) |
Accumulated other comprehensive income (loss) | (334) | (339) |
Treasury stock, at cost (35 million shares of common stock) | (1,041) | (1,041) |
Total stockholders’ equity | 8,444 | 4,643 |
Noncontrolling interests in consolidated subsidiaries | 6,965 | 9,403 |
Total equity | 15,409 | 14,046 |
Total liabilities and equity | $ 47,512 | $ 46,835 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) (Unaudited) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for trade accounts and other receivables | $ 6 | $ 6 |
Stockholders’ equity: | ||
Common stock, shares authorized | 960 | 960 |
Common stock, par value of shares authorized | $ 1 | $ 1 |
Common stock, shares issued | 861 | 785 |
Treasury stock, shares of common shares | 35 | 35 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Millions | Total | Total Stockholders’ Equity | Common Stock | Capital in Excess of Par Value | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interests |
December 31, 2016 at Dec. 31, 2016 | $ 14,046 | $ 4,643 | $ 785 | $ 14,887 | $ (9,649) | $ (339) | $ (1,041) | $ 9,403 |
Net income (loss) | 569 | 373 | 0 | 0 | 373 | 0 | 0 | 196 |
Other comprehensive income (loss) | 6 | 5 | 0 | 0 | 0 | 5 | 0 | 1 |
Issuance of common stock (Note 9) | 2,118 | 2,118 | 75 | 2,043 | 0 | 0 | 0 | 0 |
Cash dividends – common stock | (248) | (248) | 0 | 0 | (248) | 0 | 0 | 0 |
Dividends and distributions to noncontrolling interests | (258) | 0 | 0 | 0 | 0 | 0 | 0 | (258) |
Stock-based compensation and related common stock issuances, net of tax | 18 | 18 | 1 | 17 | 0 | 0 | 0 | 0 |
Adoption of ASU 2016-09 (Note 1) | 37 | 37 | 0 | 1 | 36 | 0 | 0 | 0 |
Sales of limited partner units of Williams Partners L.P. | 16 | 0 | 0 | 0 | 0 | 0 | 0 | 16 |
Changes in ownership of consolidated subsidiaries, net | (901) | 1,496 | 0 | 1,496 | 0 | 0 | 0 | (2,397) |
Contributions from noncontrolling interests | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
Other | 2 | 2 | 0 | 1 | 1 | 0 | 0 | 0 |
Net increase (decrease) in equity | 1,363 | 3,801 | 76 | 3,558 | 162 | 5 | 0 | (2,438) |
March 31, 2017 at Mar. 31, 2017 | $ 15,409 | $ 8,444 | $ 861 | $ 18,445 | $ (9,487) | $ (334) | $ (1,041) | $ 6,965 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ 569 | $ (13) |
Adjustments to reconcile to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 442 | 445 |
Provision (benefit) for deferred income taxes | 28 | 2 |
Net (gain) loss on disposition of equity-method investments | (269) | 0 |
Impairment of equity-method investments | 0 | 112 |
Amortization of stock-based awards | 21 | 21 |
Cash provided (used) by changes in current assets and liabilities: | ||
Accounts and notes receivable | 29 | 298 |
Inventories | (30) | (16) |
Other current assets and deferred charges | 18 | 16 |
Accounts payable | 32 | (23) |
Accrued liabilities | (133) | (141) |
Other, including changes in noncurrent assets and liabilities | (101) | 82 |
Net cash provided (used) by operating activities | 606 | 783 |
FINANCING ACTIVITIES: | ||
Proceeds from (payments of) commercial paper – net | (93) | (365) |
Proceeds from long-term debt | 470 | 2,688 |
Payments of long-term debt | (2,000) | (1,991) |
Proceeds from issuance of common stock | 2,122 | 6 |
Dividends paid | (248) | (480) |
Dividends and distributions paid to noncontrolling interests | (242) | (236) |
Contributions from noncontrolling interests | 4 | 16 |
Payments for debt issuance costs | 0 | (8) |
Other – net | (28) | (3) |
Net cash provided (used) by financing activities | (15) | (373) |
INVESTING ACTIVITIES: | ||
Capital expenditures (1) | (511) | (513) |
Net proceeds from dispositions | (2) | 24 |
Proceeds from dispositions of equity-method investments | 200 | 0 |
Purchases of and contributions to equity-method investments | (52) | (63) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 121 | 109 |
Other – net | 122 | 97 |
Net cash provided (used) by investing activities | (122) | (346) |
Increase (decrease) in cash and cash equivalents | 469 | 64 |
Cash and cash equivalents at beginning of year | 170 | 100 |
Cash and cash equivalents at end of period | 639 | 164 |
(1) Increases to property, plant, and equipment | (569) | (525) |
Changes in related accounts payable and accrued liabilities | 58 | 12 |
Capital expenditures (1) | $ (511) | $ (513) |
General, Description of Busines
General, Description of Business, and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016, 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 “Williams,” “we,” “our,” “us,” or like terms refer to The Williams Companies, Inc. and its subsidiaries. Unless the context clearly indicates otherwise, references to “Williams,” “we,” “our,” and “us” include the operations in which we own interests accounted for as equity-method investments that are not consolidated in our financial statements. When we refer to our equity investees by name, we are referring exclusively to their businesses and operations. Financial Repositioning In January 2017, we announced agreements with Williams Partners L.P. (WPZ), wherein we permanently waived the general partner’s incentive distribution rights (IDRs) and converted our 2 percent general partner interest in WPZ to a non-economic interest in exchange for 289 million newly issued WPZ common units. Pursuant to this agreement, we also purchased approximately 277 thousand WPZ common units for $10 million . Additionally, we purchased approximately 59 million common units of WPZ at a price of $36.08586 per unit in a private placement transaction, funded with proceeds from our equity offering (see Note 9 – Stockholders’ Equity). According to the terms of this agreement, following WPZ’s quarterly distribution in February 2017, we paid additional consideration of approximately $50 million to WPZ for these units. Subsequent to these transactions and as of March 31, 2017, we own a 74 percent limited partner interest in WPZ. Geismar Olefins Facility Assets Held For Sale On April 17, 2017, WPZ announced that it agreed to sell Williams Olefins, L.L.C., a wholly owned subsidiary which owns an interest in the Geismar, Louisiana, olefins plant (Geismar Interest) for $2.1 billion in cash, subject to customary closing conditions and regulatory approvals. Upon closing of the sale, WPZ will enter into a long-term supply and transportation agreement with the purchaser to provide feedstock to the plant via its Bayou Ethane pipeline system. WPZ expects that the sale will close during the summer of 2017. The assets and liabilities of the Geismar olefins plant are presented as held for sale as of March 31, 2017. The following table presents the carrying amounts of the major classes of assets and liabilities included as part of the Geismar disposal group, which are presented within Assets held for sale and Liabilities held for sale in the Consolidated Balance Sheet. Also included in Assets held for sale in the Consolidated Balance Sheet are $24 million of assets held for sale in the Williams Partners segment unrelated to the Geismar Interest and at December 31, 2016, were previously included in Other current assets and deferred charges . Carrying Amount March 31, 2017 (Millions) Assets: Current assets $ 71 Property, plant, and equipment – net 901 Other noncurrent assets 27 $ 999 Liabilities: Current liabilities $ 42 Noncurrent liabilities 1 $ 43 The following table presents the results of operations for the Geismar disposal group. Three Months Ended 2017 2016 (Millions) Income (loss) before income taxes of disposal group $ 23 $ 18 Income (loss) before income taxes of disposal group attributable to The Williams Companies, Inc. 17 11 Description of Business We are a Delaware corporation whose common stock is listed and traded on the New York Stock Exchange. Our operations are located principally in the United States. We have one reportable segment, Williams Partners. All remaining business activities are included in Other. Williams Partners Williams Partners consists of our consolidated master limited partnership, WPZ, and primarily includes gas pipeline and midstream businesses. WPZ’s 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), and several joint venture investments in interstate and intrastate natural gas pipeline systems, including a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C. (Gulfstream), and a 41 percent interest in Constitution Pipeline Company, LLC (Constitution) (a consolidated entity), which is under development. WPZ’s midstream businesses primarily consist of (1) natural gas gathering, treating, compression, and processing; (2) natural gas liquid (NGL) fractionation, storage, and transportation; (3) crude oil production handling and transportation; and (4) olefins production (see Geismar Olefin Facility Assets Held for Sale). The primary service areas are concentrated in major producing basins in Colorado, Texas, Oklahoma, Kansas, New Mexico, Wyoming, the Gulf of Mexico, Louisiana, Pennsylvania, West Virginia, New York, and Ohio which include the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara, and Utica shale plays as well as the Mid-Continent region. The midstream businesses include equity-method investments in natural gas gathering and processing assets and NGL fractionation and transportation assets, including a 62 percent equity-method investment in Utica East Ohio Midstream, LLC (UEOM), a 69 percent equity-method investment in Laurel Mountain Midstream, LLC (Laurel Mountain), a 58 percent equity-method investment in Caiman Energy II, LLC (Caiman II), a 60 percent equity-method investment in Discovery Producer Services LLC (Discovery), a 50 percent equity-method investment in Overland Pass Pipeline, LLC (OPPL), and Appalachia Midstream Services, LLC, which owns equity-method investments with an approximate average 66 percent interest in multiple gathering systems in the Marcellus Shale (Appalachia Midstream Investments), as well as our previously owned 50 percent equity-method investment in the Delaware basin gas gathering system (DBJV) in the Mid-Continent region (see Note 3 – Investing Activities ). The midstream businesses also included our Canadian midstream operations, which were comprised of an oil sands offgas processing plant near Fort McMurray, Alberta, and an NGL/olefin fractionation facility at Redwater, Alberta. In September 2016, we completed the sale of our Canadian operations. Other Our former Williams NGL & Petchem Services segment included certain domestic olefins pipeline assets as well as certain Canadian assets, which included a liquids extraction plant located near Fort McMurray, Alberta, that began operations in March 2016, and a propane dehydrogenation facility which was under development. In September 2016, the Canadian assets were sold. Considering this, the remaining assets are now reported within Other, effective January 1, 2017. Other also includes minor business activities that are not operating segments, as well as corporate operations. Prior period segment disclosures have been recast for this segment change. Basis of Presentation Consolidated master limited partnership As of March 31, 2017 , we own approximately 74 percent of the interests in WPZ, a variable interest entity (VIE) (see Note 2 – Variable Interest Entities ). WPZ units issued to us in connection with the Financial Repositioning, WPZ’s quarterly distribution of additional paid-in-kind Class B units to us, and other equity issuances by WPZ had the combined net impact of decreasing Noncontrolling interests in consolidated subsidiaries by $2.397 billion , and increasing Capital in excess of par value by $1.496 billion and Deferred income tax liabilities by $901 million in the Consolidated Balance Sheet. 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 previous IDRs, occur through the normal partnership distributions from WPZ to all partners. Significant risks and uncertainties We have announced plans to monetize assets that are not core to our strategy. As we pursue these other asset monetizations, it is possible that we may incur impairments of certain equity-method investments, property, plant, and equipment, and intangible assets. Such impairments could potentially be caused by indications of fair value implied through the monetization process or, in the case of asset dispositions that are part of a broader asset group, the impact of the loss of future estimated cash flows. Accounting standards issued and adopted Effective January 1, 2017, we adopted Accounting Standards Update (ASU) 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09). ASU 2016-09 changed the accounting for income taxes such that all excess tax benefits and all tax deficiencies are now recognized as a discrete item in the provision for income taxes in the financial reporting period they occur and the recognition of tax benefits is no longer delayed until the tax benefit is realized through a reduction in income taxes payable. These changes are applied prospectively beginning in 2017. We recorded a cumulative-effect adjustment as of January 1, 2017, decreasing Retained deficit by $37 million in the Consolidated Balance Sheet to recognize tax benefits that were not previously recognized. ASU 2016-09 requires entities to classify excess tax benefits as an operating activity on the statement of cash flows. We will apply this part of the guidance prospectively beginning in 2017; therefore, the cash flows for prior periods were not adjusted. In recognizing compensation cost from share-based payments, ASU 2016-09 allows entities to make an accounting policy election to either recognize forfeitures when they occur or estimate the number of forfeitures expected to occur. We will recognize forfeitures when they occur and as a result of the change in our accounting policy, we increased our Retained deficit for an insignificant cumulative-effect adjustment as of January 1, 2017. ASU 2016-09 requires entities to classify as a financing activity, on the statement of cash flows, cash paid by an employer to a taxing authority when directly withholding shares from an employee’s award to satisfy the employer’s statutory tax withholding obligation. This guidance must be applied retrospectively and we have adjusted operating and financing activities on the Consolidated Statement of Cash Flows for prior periods. Accounting standards issued but not yet adopted In March 2017, the Financial Accounting Standards Board (FASB) issued ASU 2017-07 “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (ASU 2017-07). ASU 2017-07 requires employers to report the service cost component of net benefit cost in the same line item or items as other compensation costs arising from employee services. The other components of net benefit cost must be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. Only the service cost component is now eligible for capitalization when applicable. ASU 2017-07 is effective beginning January 1, 2018. The presentation aspect of the new standard must be applied retrospectively and the capitalization requirement prospectively. We are currently evaluating the impact of ASU 2017-07 on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04 “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (ASU 2017-04). ASU 2017-04 modifies the concept of goodwill impairment to represent the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Under the new standard, entities will no longer be required to determine the implied fair value of goodwill by assigning the fair value of a reporting unit to its individual assets and liabilities as if that reporting unit had been acquired in a business combination. ASU 2017-04 is effective for goodwill impairment testing for interim and annual periods beginning after December 15, 2019, and requires a prospective transition. Early adoption is permitted for interim and annual goodwill impairment tests performed after January 1, 2017, and we plan to adopt this standard in 2017. Our Williams Partners reportable segment has $47 million of goodwill included in Intangible assets - net of accumulated amortization in the Consolidated Balance Sheet . In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (ASU 2016-15). ASU 2016-15 provides specific guidance on eight cash flow classification issues, including debt prepayment or debt extinguishment costs and distributions received from equity method investees, to reduce diversity in practice. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. The new standard requires a retrospective transition. We are evaluating the impact of the new standard on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans, and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. The guidance also requires increased disclosures. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The new standard requires varying transition methods for the different categories of amendments. We are evaluating the impact of the new standard on our consolidated financial statements. Although we do not expect this new standard to have a significant impact, it will impact our trade receivables as the related allowance for credit losses will be recognized earlier under the expected loss model. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (ASU 2016-02). ASU 2016-02 establishes a comprehensive new lease accounting model. The new standard clarifies the definition of a lease, requires a dual approach to lease classification similar to current lease classifications, and causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. We are reviewing contracts to identify leases, particularly reviewing the applicability of the new standard to contracts involving easements/rights-of-way. In May 2014, the FASB issued ASU 2014-09 establishing Accounting Standards Codification (ASC) Topic 606, “Revenue from Contracts with Customers” (ASC 606). ASC 606 establishes a comprehensive new revenue recognition model designed to depict the transfer of goods or services to a customer in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for those goods or services and requires significantly enhanced revenue disclosures. In August 2015, the FASB issued ASU 2015-14 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (ASU 2015-14). Per ASU 2015-14, the standard is effective for interim and annual reporting periods beginning after December 15, 2017. ASC 606 allows either full retrospective or modified retrospective transition and early adoption is permitted for annual periods beginning after December 15, 2016. We continue to evaluate the impact the standard may have on our financial statements. For each revenue contract type, we are conducting a formal contract review process to evaluate the impact, if any, that the new revenue standard may have. We have substantially completed that process, but continue to evaluate our accounting for noncash consideration, which exists in contracts where we receive commodities as full or partial consideration, and contracts with a significant financing component, which may exist in situations where the timing of the consideration we received varies significantly from the timing of when we provide the service. As such, we are unable to determine the potential impact upon the amount and timing of revenue recognition and related disclosures. Additionally, we have identified possible financial system and internal control changes necessary for adoption. We currently anticipate utilizing a modified retrospective transition upon the adoption of ASC 606 as of January 1, 2018. Termination of WPZ Merger Agreement On May 12, 2015, we entered into an agreement for a unit-for-stock transaction whereby we would have acquired all of the publicly held outstanding common units of WPZ in exchange for shares of our common stock (WPZ Merger Agreement). On September 28, 2015, we entered into a Termination Agreement and Release (Termination Agreement), terminating the WPZ Merger Agreement. Under the terms of the Termination Agreement, we were required to pay a $428 million termination fee to WPZ, at which time we owned approximately 60 percent , including the interests of the general partner and incentive distribution rights (IDRs). Such termination fee settled through a reduction of quarterly incentive distributions we were entitled to receive from WPZ (such reduction not to exceed $209 million per quarter). The distributions from WPZ in November 2015, February 2016, and May 2016 were reduced by $209 million , $209 million , and $10 million , respectively, related to this termination fee. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2017 | |
Variable Interest Entity Disclosures [Abstract] | |
Variable Interest Entities [Text Block] | Note 2 – Variable Interest Entities WPZ We own a 74 percent interest in WPZ, a master limited partnership that is a VIE due to the limited partners’ lack of substantive voting rights, such as either participating rights or kick-out rights that can be exercised with a simple majority of the vote of the limited partners. We are the primary beneficiary of WPZ because we have the power, through our general partner interest, to direct the activities that most significantly impact WPZ’s economic performance. The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of WPZ and/or its subsidiaries, and which comprise a significant portion of our consolidated assets and liabilities. March 31, December 31, 2016 Classification (Millions) Assets (liabilities): Cash and cash equivalents $ 625 $ 145 Cash and cash equivalents Trade accounts and other receivables – net 861 925 Trade accounts and other receivables Inventories 148 138 Inventories Assets held for sale 1,023 24 Assets held for sale Other current assets 157 181 Other current assets and deferred charges Investments 6,738 6,701 Investments Property, plant, and equipment - net 27,364 28,021 Property, plant, and equipment - net Intangible assets – net 9,569 9,662 Intangible assets – net of accumulated amortization Regulatory assets, deferred charges, and other noncurrent assets 453 467 Regulatory assets, deferred charges, and other Accounts payable (656 ) (589 ) Accounts payable Liabilities held for sale (43 ) — Liabilities held for sale Accrued liabilities including current asset retirement obligations (1,099 ) (1,122 ) Accrued liabilities Commercial paper — (93 ) Commercial paper Long-term debt due within one year — (785 ) Long-term debt due within one year Long-term debt (17,065 ) (17,685 ) Long-term debt Deferred income tax liabilities (19 ) (20 ) Deferred income tax liabilities Noncurrent asset retirement obligations (830 ) (798 ) Regulatory liabilities, deferred income, and other Regulatory liabilities, deferred income, and other noncurrent liabilities (1,951 ) (1,860 ) Regulatory liabilities, deferred income, and other The assets and liabilities presented in the table above also include the consolidated interests of the following individual VIEs within WPZ: 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. Gulfstar One includes a proprietary floating-production system, Gulfstar FPS, and associated pipelines which provide production handling and gathering services in the eastern deepwater Gulf of Mexico. WPZ is the primary beneficiary because it has the power to direct the activities that most significantly impact Gulfstar One’s economic performance. Constitution WPZ owns a 41 percent interest in Constitution, a subsidiary that, due to shipper fixed-payment commitments under its long-term 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 manager for Constitution, is responsible for constructing the proposed pipeline connecting its gathering system in Susquehanna County, Pennsylvania, to the Iroquois Gas Transmission and the Tennessee Gas Pipeline systems. The total remaining cost of the project is estimated to be approximately $691 million , which is expected to be funded with capital contributions from WPZ and the other equity partners on a proportional basis. In December 2014, Constitution received approval from the Federal Energy Regulatory Commission (FERC) to construct and operate its proposed pipeline. However, in April 2016, the New York State Department of Environmental Conservation (NYSDEC) denied a necessary water quality certification for the New York portion of the pipeline. We remain steadfastly committed to the project, and in May 2016, Constitution appealed the NYSDEC's denial of the water quality certification. The oral argument before the Second Circuit Court of Appeals regarding the NYSDEC’s denial of Constitution’s application for water quality certification under Section 401 of the Clean Water Act was held on November 16, 2016. We anticipate a decision from the Second Circuit Court of Appeals as early as the second quarter of 2017. In light of the NYSDEC's denial of the water quality certification and the actions taken to challenge the decision, the project in-service date is targeted as early as the second half of 2018, which assumes that the legal challenge process is satisfactorily and promptly concluded. An unfavorable resolution could result in the impairment of a significant portion of the capitalized project costs, which total $381 million on a consolidated basis at March 31, 2017, and are included within Property, plant, and equipment, at cost in the Consolidated Balance Sheet . Beginning in April 2016, we discontinued capitalization of development costs related to this project. It is also possible that we could incur certain supplier-related costs in the event of a prolonged delay or termination of the project. Cardinal WPZ owns a 66 percent interest in Cardinal Gas Services, L.L.C. (Cardinal), a subsidiary that provides gathering services for the Utica Shale region and is a VIE due to certain risks shared with customers. WPZ is the primary beneficiary because it has the power to direct the activities that most significantly impact Cardinal’s economic performance. Future expansion activity is expected to be funded with capital contributions from WPZ and the other equity partner on a proportional basis. Jackalope WPZ owns a 50 percent interest in Jackalope Gas Gathering Services, L.L.C. (Jackalope), a subsidiary that provides gathering and processing services for the Powder River basin and is a VIE due to certain risks shared with customers. WPZ is the primary beneficiary because it has the power to direct the activities that most significantly impact Jackalope’s economic performance. Future expansion activity is expected to be funded with capital contributions from WPZ and the other equity partner on a proportional basis. |
Investing Activities
Investing Activities | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investing Activities [Text Block] | Note 3 – Investing Activities Acquisition of Additional Interests in Appalachia Midstream Investments During the first quarter of 2017, WPZ exchanged all of its 50 percent interest in DBJV for an increased interest in two natural gas gathering systems that are part of the Appalachia Midstream Investments and $155 million in cash. This transaction was recorded based on our estimate of the fair value of the interests received as we have more insight to this value as we operate the underlying assets. Following this exchange, we have an approximate average 66 percent interest in the Appalachia Midstream Investments. We continue to account for this investment under the equity-method due to the significant participatory rights of our partners such that we do not exercise control. WPZ also sold all of its interest in Ranch Westex JV LLC for $45 million . These transactions resulted in a total gain of $269 million reflected in Other investing income (loss) – net in the Consolidated Statement of Operations . The fair value of the increased interests in the Appalachia Midstream Investments received as consideration was estimated to be $1.1 billion using an income approach based on expected cash flows and an appropriate discount rate (a Level 3 measurement within the fair value hierarchy). The determination of estimated future cash flows involved significant assumptions regarding gathering volumes, rates, and related capital spending. A 9.5 percent discount rate was utilized and reflected our estimate of the cost of capital as impacted by market conditions and risks associated with the underlying business. Impairments The three months ended March 31, 2016, includes $59 million and $50 million of other-than-temporary impairment charges related to WPZ’s equity-method investments in DBJV and Laurel Mountain, respectively (see Note 10 – Fair Value Measurements and Guarantees ). Interest Income and Other The three months ended March 31, 2016, includes $18 million of income associated with a payment received on a receivable related to the sale of certain former Venezuela assets reflected in Other investing income (loss) – net in the Consolidated Statement of Operations . |
Other Income and Expenses
Other Income and Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other income and expenses [Text Block] | Note 4 – Other Income and Expenses The following table presents certain gains or losses reflected in Other (income) expense – net within Costs and expenses in our Consolidated Statement of Operations : Three Months Ended 2017 2016 (Millions) Williams Partners Net foreign currency exchange (gains) losses (1) $ — $ 11 Gains on contract settlements and terminations (13 ) — Other Gain on sale of unused pipe — (10 ) (1) Primarily relates to gains and losses incurred on foreign currency transactions and the remeasurement of U.S. dollar denominated current assets and liabilities within our former Canadian operations. Additional Items Certain additional items included in the Consolidated Statement of Operations are as follows: • Service revenues were reduced by $15 million for the three months ended March 31, 2016 , related to potential refunds associated with a ruling received in certain rate case litigation within the Williams Partners segment. • Selling, general, and administrative expenses at March 31, 2016 includes $34 million of project development costs related to a proposed propane dehydrogenation facility in Alberta, Canada within the Other segment. Beginning in the first quarter of 2016, these costs did not qualify for capitalization. • Selling, general, and administrative expenses and Operating and maintenance expenses include $9 million in severance and other related costs for the three months ended March 31, 2017 for the Williams Partners segment. The three months ended March 31, 2016, included $26 million in severance and other related costs associated with an approximate 10 percent reduction in workforce in the first quarter of 2016, primarily within the Williams Partners segment. • Other (income) expense – net below Operating income (loss) includes $18 million and $17 million for the three months ended March 31, 2017 and 2016, respectively, for allowance for equity funds used during construction primarily within the Williams Partners segment as well as $28 million and $4 million , respectively, of income associated with a regulatory asset related to deferred taxes on equity funds used during construction. • Other income (expense) – net below Operating income (loss) includes a net gain of $30 million associated with the February 2017, early retirement of $750 million of 6.125 percent senior unsecured notes that were due in 2022. (See Note 8 – Debt and Banking Arrangements .) The net gain within Williams Partners reflects $53 million of unamortized premium, partially offset by $23 million in premiums paid. |
Provision (Benefit) for Income
Provision (Benefit) for Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes [Text Block] | Note 5 – Provision (Benefit) for Income Taxes The Provision (benefit) for income taxes includes: Three Months Ended 2017 2016 (Millions) Current: Federal $ 3 $ — State 6 — 9 — Deferred: Federal 15 (5 ) State 13 7 28 2 Provision (benefit) for income taxes $ 37 $ 2 The effective income tax rate for the total provision for the three months ended March 31, 2017 , is less than the federal statutory rate primarily due to releasing a $127 million valuation allowance on a capital loss carryover and the impact of nontaxable noncontrolling interests, partially offset by the effect of state income taxes. In 2016, we recorded a valuation allowance on a capital loss that was incurred with the sale of our Canadian operations. The pending sale of the Geismar olefins facility (see Note 1 – General, Description of Business, and Basis of Presentation ) is expected to generate capital gains sufficient to offset the capital loss carryover, thereby allowing us to reverse the valuation allowance in full. The effective income tax rate for the total provision for the three months ended March 31, 2016 , is unfavorable relative to the federal statutory rate primarily due to the effect of state income taxes and the impact of nontaxable noncontrolling interests, partially offset by taxes on foreign operations. 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 Shar
Earnings (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share [Text Block] | Note 6 – Earnings (Loss) Per Common Share Three Months Ended 2017 2016 (Dollars in millions, except per-share amounts; shares in thousands) Net income (loss) attributable to The Williams Companies, Inc. available to common stockholders for basic and diluted earnings (loss) per common share $ 373 $ (65 ) Basic weighted-average shares 824,548 750,332 Effect of dilutive securities: Nonvested restricted stock units 1,305 — Stock options 623 — Diluted weighted-average shares 826,476 750,332 Earnings (loss) per common share: Basic $ .45 $ (.09 ) Diluted $ .45 $ (.09 ) |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 7 – Employee Benefit Plans Net periodic benefit cost (credit) is as follows: Pension Benefits Three Months Ended 2017 2016 (Millions) Components of net periodic benefit cost: Service cost $ 13 $ 14 Interest cost 15 15 Expected return on plan assets (20 ) (21 ) Amortization of net actuarial loss 7 8 Net periodic benefit cost $ 15 $ 16 Other Postretirement Benefits Three Months Ended 2017 2016 (Millions) Components of net periodic benefit cost (credit): Interest cost $ 2 $ 2 Expected return on plan assets (3 ) (3 ) Amortization of prior service credit (3 ) (3 ) Reclassification to regulatory liability 1 1 Net periodic benefit cost (credit) $ (3 ) $ (3 ) 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). The amounts of amortization of prior service credit recognized in regulatory liabilities were $2 million for the three months ended March 31, 2017 and 2016 . During the three months ended March 31, 2017 , we contributed $1 million to our pension plans and $1 million to our other postretirement benefit plans. We presently anticipate making additional contributions of approximately $62 million to our pension plans and approximately $6 million to our other postretirement benefit plans in the remainder of 2017. |
Debt and Banking Arrangements
Debt and Banking Arrangements | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Banking Arrangements [Text Block] | Note 8 – Debt and Banking Arrangements Long-Term Debt Issuances and retirements On April 3, 2017, Northwest Pipeline issued $250 million of 4.0 percent senior unsecured notes due 2027 to investors in a private debt placement. Northwest Pipeline used the net proceeds to retire $185 million of 5.95 percent senior unsecured notes that matured on April 15, 2017, which are classified as long-term in the accompanying Consolidated Balance Sheet due to Northwest Pipeline’s intent and ability to refinance, and for general corporate purposes. As part of the new issuance, Northwest Pipeline entered into a registration rights agreement with the initial purchasers of the unsecured notes. Northwest Pipeline is obligated to file and consummate a registration statement for an offer to exchange the notes for a new issue of substantially identical notes registered under the Securities Act of 1933, as amended, within 365 days from closing and to use commercially reasonable efforts to complete the exchange offer. Northwest Pipeline is required to provide a shelf registration statement to cover resales of the notes under certain circumstances. If Northwest Pipeline fails to fulfill these obligations, additional interest will accrue on the affected securities. The rate of additional interest will be 0.25 percent per annum on the principal amount of the affected securities for the first 90-day period immediately following the occurrence of a registration default, increasing by an additional 0.25 percent per annum with respect to each subsequent 90-day period thereafter, up to a maximum amount for all such registration defaults of 0.5 percent annually. Following the cure of any registration defaults, the accrual of additional interest will cease. On February 23, 2017, utilizing proceeds received from the Financial Repositioning (see Note 1 – General, Description of Business, and Basis of Presentation ) , WPZ early retired $750 million of 6.125 percent senior unsecured notes that were due in 2022. WPZ retired $600 million of 7.25 percent senior unsecured notes that matured on February 1, 2017. Commercial Paper Program As of March 31, 2017, no Commercial paper was outstanding under WPZ’s $3 billion commercial paper program. Credit Facilities March 31, 2017 Stated Capacity Outstanding (Millions) WMB Long-term credit facility $ 1,500 $ 595 Letters of credit under certain bilateral bank agreements 13 WPZ Long-term credit facility (1) 3,500 — Letters of credit under certain bilateral bank agreements 1 (1) In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of WPZ’s credit facility inclusive of any outstanding amounts under its commercial paper program. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity [Text Block] | Note 9 – Stockholders’ Equity In January 2017, we issued 65 million shares of common stock in a public offering at a price of $29.00 per share. In February 2017, we issued 9.75 million shares of common stock pursuant to the full exercise of the underwriter’s option to purchase additional shares. The net proceeds of approximately $2.1 billion were used to purchase newly issued common units in WPZ as part of our Financial Repositioning. (See Note 1 – General, Description of Business, and Basis of Presentation .) AOCI The following table presents the changes in Accumulated other comprehensive income (loss) (AOCI) by component, net of income taxes: Cash Flow Hedges Foreign Currency Translation Pension and Other Post Retirement Benefits Total (Millions) Balance at December 31, 2016 $ — $ (2 ) $ (337 ) $ (339 ) Other comprehensive income (loss) before reclassifications 2 — — 2 Amounts reclassified from accumulated other comprehensive income (loss) — — 3 3 Other comprehensive income (loss) 2 — 3 5 Balance at March 31, 2017 $ 2 $ (2 ) $ (334 ) $ (334 ) Reclassifications out of AOCI are presented in the following table by component for the three months ended March 31, 2017 : Component Reclassifications Classification (Millions) Pension and other postretirement benefits: Amortization of prior service cost (credit) included in net periodic benefit cost $ (1 ) Note 7 – Employee Benefit Plans Amortization of actuarial (gain) loss included in net periodic benefit cost 7 Note 7 – Employee Benefit Plans Total pension and other postretirement benefits 6 Income tax benefit (3 ) Provision (benefit) for income taxes Reclassifications during the period $ 3 |
Fair Value Measurements and Gua
Fair Value Measurements and Guarantees | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Guarantees [Text Block] | 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 Amount Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Millions) Assets (liabilities) at March 31, 2017: Measured on a recurring basis: ARO Trust investments $ 112 $ 112 $ 112 $ — $ — Energy derivatives assets designated as hedging instruments 5 5 5 — — Energy derivatives assets not designated as hedging instruments 2 2 1 — 1 Energy derivatives liabilities not designated as hedging instruments (4 ) (4 ) — — (4 ) Additional disclosures: Other receivables 5 5 5 — — Long-term debt (21,825 ) (23,055 ) — (23,055 ) — Guarantees (44 ) (31 ) — (15 ) (16 ) Assets (liabilities) at December 31, 2016: Measured on a recurring basis: ARO Trust investments $ 96 $ 96 $ 96 $ — $ — Energy derivatives assets designated as hedging instruments 2 2 — 2 — Energy derivatives assets not designated as hedging instruments 1 1 — — 1 Energy derivatives liabilities not designated as hedging instruments (6 ) (6 ) — — (6 ) Additional disclosures: Other receivables 15 15 15 — — Long-term debt, including current portion (23,409 ) (24,090 ) — (24,090 ) — Guarantees (44 ) (30 ) — (14 ) (16 ) 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 (ARO). 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 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 Regulatory liabilities, deferred income, and other 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, 2017 or 2016 . Additional fair value disclosures Other receivables: Other receivables consist of margin deposits, which are reported in Other current assets and deferred charges in the Consolidated Balance Sheet. The disclosed fair value of our margin deposits is considered to approximate the carrying value generally due to the short-term nature of these items. 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. Guarantees : Guarantees primarily consist 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. Guarantees also include an indemnification related to a disposed operation. To estimate the disclosed fair value of the WilTel 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. The carrying value of the WilTel guarantee is reported in Accrued liabilities in the Consolidated Balance Sheet. The maximum potential undiscounted exposure is approximately $31 million at March 31, 2017 . Our exposure declines systematically through the remaining term of WilTel’s obligation. The fair value of the guarantee associated with the indemnification related to a disposed operation was estimated using an income approach that considered probability-weighted scenarios of potential levels of future performance. The terms of the indemnification do not limit the maximum potential future payments associated with the guarantee. The carrying value of this guarantee is reported in Regulatory liabilities, deferred income, and other in the Consolidated Balance Sheet. 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. Nonrecurring fair value measurements The following table presents impairments of investments associated with certain nonrecurring fair value measurements within Level 3 of the fair value hierarchy. Impairments Three Months Ended March 31, Classification Segment Date of Measurement Fair Value 2017 2016 (Millions) Equity-method investments (1) Investments Williams Partners March 31, 2016 $ 1,294 $ — $ 109 Other equity-method investment Investments Williams Partners March 31, 2016 — — 3 Impairment of equity-method investments $ — $ 112 ___________ (1) Relates to equity-method investments in DBJV and Laurel Mountain. Our carrying values in these equity-method investments had been written down to fair value at December 31, 2015. Our first-quarter 2016 analysis reflected higher discount rates for both of these investments, along with lower natural gas prices for Laurel Mountain. We estimated the fair value of these investments using an income approach based on expected future cash flows and appropriate discount rates. The determination of estimated future cash flows involved significant assumptions regarding gathering volumes and related capital spending. Discount rates utilized ranged from 13.0 percent to 13.3 percent and reflected increases in our estimated cost of capital, revised estimates of expected future cash flows, and risks associated with the underlying businesses. |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities [Text Block] | Note 11 – Contingent Liabilities Reporting of Natural Gas-Related Information to Trade Publications Direct and indirect purchasers of natural gas in various states filed an individual and class actions against us, our former affiliate WPX and its subsidiaries, 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. We have agreed to indemnify WPX and its subsidiaries related to this matter. In the individual action, filed by Farmland Industries Inc. (Farmland), the court issued an order on May 24, 2016, granting one of our co-defendant’s motion for summary judgment as to Farmland’s claims. On January 5, 2017, the court extended such ruling to us, entering final judgment in our favor. Farmland has appealed. In the putative class actions, on March 30, 2017, the court issued an order denying the plaintiffs’ motions for class certification. On April 13, 2017, the plaintiffs filed a petition for permission to appeal such order with the United States Court of Appeals for the Ninth Circuit. Because of the uncertainty around the remaining pending unresolved issues, we cannot reasonably estimate a range of potential exposure at this time. However, it is reasonably possible that the ultimate resolution of these actions and our related indemnification obligation could result in a potential loss that may be material to our results of operations. In connection with this indemnification, we have an accrued liability balance associated with this matter, and as a result, have exposure to future developments in this matter. Geismar Incident On June 13, 2013, an explosion and fire occurred at our Geismar olefins plant and rendered the facility temporarily inoperable (Geismar Incident). As a result, there were two fatalities and numerous individuals (including employees and contractors) reported injuries. We are addressing the following contingent liabilities in connection with the Geismar Incident. On October 21, 2013, the U.S. Environmental Protection Agency (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 June 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. On June 16, 2014, we received a request for information related to the Geismar Incident from the EPA under Section 114 of the Clean Air Act to which we responded on August 13, 2014. The EPA could issue penalties pertaining to final determinations. Multiple lawsuits, including class actions for alleged offsite impacts, property damage, customer claims, and personal injury, have been filed against us. The first two trials, for nine plaintiffs claiming personal injury, were held in Louisiana state court in Iberville Parish, Louisiana in September and November 2016. The juries returned adverse verdicts against us, our subsidiary Williams Olefins, LLC, and other defendants. To date, we have settled those cases as well as settled or agreed in principle to settle numerous other personal injury claims, and such aggregate amount greater than our $2 million retention (deductible) value has been or will be recovered from our insurers. We believe these settlements to date substantially resolve any material exposure to such claims arising from the Geismar Incident. We believe that any additional losses arising from our alleged liability will be immaterial to our expected future annual results of operations, liquidity, and financial position and will be substantially covered by our general liability insurance policy, which has an aggregate limit of $610 million applicable to this event. Alaska Refinery Contamination Litigation In 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 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. Certain claims by FHRA against us were resolved by the Alaska Supreme Court in our favor. FHRA’s claims against us for contractual indemnification and statutory claims for damages related to off-site sulfolane remain pending. On March 6, 2014, the State of Alaska filed suit against FHRA, WAPI, and us in state court in Fairbanks seeking injunctive relief and damages in connection with sulfolane contamination of the water supply near the Flint Hills Oil Refinery in North Pole, Alaska. On May 5, 2014, FHRA filed cross-claims against us in the State of Alaska suit for contractual indemnification and statutory claims for damages related to off-site sulfolane. On November 26, 2014, the City of North Pole (North Pole) filed suit in Alaska state court in Fairbanks against FHRA, WAPI, and us alleging nuisance and violations of municipal ordinances and state statutes based upon the same alleged sulfolane contamination of the water supply. North Pole claims an unspecified amount of past and future damages as well as punitive damages against WAPI. FHRA filed cross-claims against us. In October of 2015, the court consolidated the State of Alaska and North Pole cases. Both we and WAPI asserted counter claims against both the State of Alaska and North Pole, and cross claims against FHRA. The underlying factual basis and claims in the consolidated State of Alaska and North Pole action are similar to and may duplicate exposure in the James West case. As such, on February 9, 2017, the remaining claims in the James West case were consolidated into the State of Alaska and North Pole action. A trial is scheduled to commence in the fall of 2017 that will encompass all three consolidated cases. Due to the ongoing assessment of the level and extent of sulfolane contamination, the lack of an articulated cleanup level for sulfolane, and the lack of a concrete remedial proposal and cost estimate, we are unable to estimate a range of exposure to the State of Alaska or North Pole at this time. We currently estimate that our reasonably possible loss exposure to Flint Hills 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, in 2013, the Alaska Department of Environmental Conservation indicated that it views FHRA and us as responsible parties, and that it intended to enter a compliance order to address the environmental remediation of sulfolane and other possible contaminants including cleanup work outside the refinery’s boundaries. 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. Royalty Matters Certain of our customers, including one major customer, have been named in various lawsuits alleging underpayment of royalties and claiming, among other things, violations of anti-trust laws and the Racketeer Influenced and Corrupt Organizations Act. We have also been named as a defendant in certain of these cases in Pennsylvania based on allegations that we improperly participated with that major customer in causing the alleged royalty underpayments. We believe that the claims asserted are subject to indemnity obligations owed to us by that major customer. Due to the preliminary status of the cases, we are unable to estimate a range of potential loss at this time. Shareholder Litigation Between October 2015 and December 2015, purported shareholders of us filed six putative class action lawsuits in the Delaware Court of Chancery that were consolidated into a single suit on January 13, 2016. This consolidated putative class action lawsuit relates to our terminated merger with Energy Transfer Equity, L.P. (Energy Transfer). The complaint asserts various claims against the individual members of our Board of Directors, including that they breached their fiduciary duties by agreeing to sell us through an allegedly unfair process and for an allegedly unfair price and by allegedly failing to disclose allegedly material information about the merger. The complaint seeks, among other things, an injunction against the merger and an award of costs and attorneys’ fees. On March 22, 2016, the court granted the parties’ proposed order in the consolidated action to stay the proceedings pending the close of the transaction with Energy Transfer. The plaintiffs have not filed an amended complaint. A purported shareholder filed a separate class action lawsuit in the Delaware Court of Chancery on January 15, 2016. The putative class action complaint alleged that the individual members of our Board of Directors breached their fiduciary duties by, among other things, agreeing to the WPZ Merger Agreement, which purportedly reduced the merger consideration to have been received in the subsequently proposed but now terminated merger with Energy Transfer. The plaintiff filed a motion to voluntarily dismiss, which the court granted on January 13, 2017. On September 2, 2016, the same purported shareholder filed a derivative action claiming that the members of our Board of Directors breached their fiduciary duties by executing the WPZ Merger Agreement as a defensive measure against Energy Transfer. On September 28, 2016, we requested the court dismiss this action also. On March 7, 2016, a purported unitholder of WPZ filed a putative class action on behalf of certain purchasers of WPZ units in U.S. District Court in Oklahoma. The action names as defendants us, WPZ, Williams Partners GP LLC, Alan S. Armstrong, and Donald R. Chappel and alleges violations of certain federal securities laws for failure to disclose Energy Transfer’s intention to pursue a purchase of us conditioned on us not closing the WPZ Merger Agreement when announcing the WPZ Merger Agreement. The complaint seeks, among other things, damages and an award of costs and attorneys’ fees. The plaintiff filed an amended complaint on August 31, 2016. On October 17, 2016, we requested the court dismiss the action, and on March 8, 2017, the court dismissed the complaint with prejudice. On April 7, 2017, the plaintiff filed a notice of appeal. We cannot reasonably estimate a range of potential loss at this time. Litigation against Energy Transfer and related parties On April 6, 2016, we filed suit in Delaware Chancery Court against Energy Transfer and LE GP, LLC (the general partner for Energy Transfer) alleging willful and material breaches of the Agreement and Plan of Merger (Merger Agreement) with Energy Transfer resulting from the private offering by Energy Transfer on March 8, 2016, of Series A Convertible Preferred Units (Special Offering) to certain Energy Transfer insiders and other accredited investors. The suit seeks, among other things, an injunction ordering the defendants to unwind the Special Offering and to specifically perform their obligations under the Merger Agreement. On April 19, 2016, we filed an amended complaint seeking the same relief. On May 3, 2016, Energy Transfer and LE GP, LLC filed an answer and counterclaims. On May 13, 2016, we filed a separate complaint in Delaware Chancery Court against Energy Transfer, LE GP, LLC, and the other Energy Transfer affiliates that are parties to the Merger Agreement, alleging material breaches of the Merger Agreement for failing to cooperate and use necessary efforts to obtain a tax opinion required under the Merger Agreement (Tax Opinion) and for otherwise failing to use necessary efforts to consummate the merger under the Merger Agreement wherein we would be merged with and into the newly formed Energy Transfer Corp LP (ETC) (ETC Merger). The suit sought, among other things, a declaratory judgment and injunction preventing Energy Transfer from terminating or otherwise avoiding its obligations under the Merger Agreement due to any failure to obtain the Tax Opinion. The Court of Chancery coordinated the Special Offering and Tax Opinion suits. On May 20, 2016, the Energy Transfer defendants filed amended affirmative defenses and verified counterclaims in the Special Offering and Tax Opinion suits, alleging certain breaches of the Merger Agreement by us and seeking, among other things, a declaration that we were not entitled to specific performance, that Energy Transfer could terminate the ETC Merger, and that Energy Transfer is entitled to a $1.48 billion termination fee. On June 24, 2016, following a two-day trial, the court issued a Memorandum Opinion and Order denying our requested relief in the Tax Opinion suit. The court did not rule on the substance of our claims related to the Special Offering or on the substance of Energy Transfer’s counterclaims. On June 27, 2016, we filed an appeal of the court’s decision with the Supreme Court of Delaware, seeking reversal and remand to pursue damages. On March 23, 2017, the Supreme Court of Delaware affirmed the Court of Chancery’s ruling. On March 30, 2017, we filed a motion for reargument with the Supreme Court of Delaware, which was denied on April 5, 2017. On September 16, 2016, we filed an amended complaint with the Court of Chancery seeking damages for breaches of the Merger Agreement by defendants. On September 23, 2016, Energy Transfer filed a second amended and supplemental affirmative defenses and verified counterclaim with the Court of Chancery seeking, among other things, payment of the $1.48 billion termination fee due to our alleged breaches of the Merger Agreement. We filed a motion to dismiss Energy Transfer’s counterclaims, which was fully briefed on November 14, 2016, and oral argument occurred on November 30, 2016. 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, 2017 , we have accrued liabilities totaling $40 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 one hour nitrogen dioxide emissions, and volatile organic compound and methane new source performance standards impacting design and operation of storage vessels, pressure valves, and compressors. On October 1, 2015, the EPA issued its new rule regarding National Ambient Air Quality Standards for ground-level ozone, setting a new standard of 70 parts per billion . We are monitoring the rule’s implementation and evaluating potential impacts to our operations. For these and other new regulations, we are unable to estimate the costs of asset additions or modifications necessary to comply 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, 2017 , we have accrued liabilities of $9 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, 2017 , we have accrued liabilities totaling $8 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, 2017 , we have accrued environmental liabilities of $23 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, 2017 , 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, 2017 | |
Segment Reporting [Abstract] | |
Segment Disclosures [Text Block] | Note 12 – Segment Disclosures We have one reportable segment, Williams Partners. All remaining business activities are included in Other. (See Note 1 – General, Description of Business, and Basis of Presentation .) Our segment presentation of Williams Partners, which includes our consolidated master limited partnership, is reflective of the parent-level focus by our chief operating decision-maker, considering the resource allocation and governance provisions associated with the master limited partnership structure. This partnership maintains capital and cash management structures that are separate from ours. It is self-funding and maintains its own lines of bank credit and cash management accounts. These factors, coupled with different costs of capital from our other businesses, serve to differentiate the management of this entity as a whole. Performance Measurement We evaluate segment operating performance based upon Modified EBITDA (earnings before interest, taxes, depreciation, and amortization). This measure represents the basis of our internal financial reporting and is the primary performance measure used by our chief operating decision maker in measuring performance and allocating resources among our reportable segments. We define Modified EBITDA as follows: • Net income (loss) before: ◦ Income (loss) from discontinued operations; ◦ Provision (benefit) for income taxes; ◦ Interest incurred, net of interest capitalized; ◦ Equity earnings (losses); ◦ Gain on remeasurement of equity-method investment; ◦ Impairment of equity-method investments; ◦ Other investing income (loss) – net; ◦ Impairment of goodwill; ◦ Depreciation and amortization expenses; ◦ Accretion expense associated with asset retirement obligations for nonregulated operations. • This measure is further adjusted to include our proportionate share (based on ownership interest) of Modified EBITDA from our equity-method investments calculated consistently with the definition described above. The following table reflects the reconciliation of Segment revenues to Total revenues as reported in the Consolidated Statement of Operations and Total assets by reportable segment. Williams Partners Other Eliminations Total (Millions) Three Months Ended March 31, 2017 Segment revenues: Service revenues External $ 1,256 $ 5 $ — $ 1,261 Internal — 3 (3 ) — Total service revenues 1,256 8 (3 ) 1,261 Product sales External 727 — — 727 Internal — — — — Total product sales 727 — — 727 Total revenues $ 1,983 $ 8 $ (3 ) $ 1,988 Three Months Ended March 31, 2016 Segment revenues: Service revenues External $ 1,222 $ 7 $ — $ 1,229 Internal 4 11 (15 ) — Total service revenues 1,226 18 (15 ) 1,229 Product sales External 428 3 — 431 Internal — — — — Total product sales 428 3 — 431 Total revenues $ 1,654 $ 21 $ (15 ) $ 1,660 March 31, 2017 Total assets $ 46,938 $ 656 $ (82 ) $ 47,512 December 31, 2016 Total assets $ 46,265 $ 685 $ (115 ) $ 46,835 The following table reflects the reconciliation of Modified EBITDA to Net income (loss) as reported in the Consolidated Statement of Operations . Three Months Ended 2017 2016 (Millions) Modified EBITDA by segment: Williams Partners $ 1,132 $ 955 Other 18 (37 ) 1,150 918 Accretion expense associated with asset retirement obligations for nonregulated operations (7 ) (7 ) Depreciation and amortization expenses (442 ) (445 ) Equity earnings (losses) 107 97 Impairment of equity-method investments — (112 ) Other investing income (loss) – net 272 18 Proportional Modified EBITDA of equity-method investments (194 ) (189 ) Interest expense (280 ) (291 ) (Provision) benefit for income taxes (37 ) (2 ) Net income (loss) $ 569 $ (13 ) |
General, Description of Busin21
General, Description of Business, and Basis of Presentation Disposal Group (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The assets and liabilities of the Geismar olefins plant are presented as held for sale as of March 31, 2017. The following table presents the carrying amounts of the major classes of assets and liabilities included as part of the Geismar disposal group, which are presented within Assets held for sale and Liabilities held for sale in the Consolidated Balance Sheet. Also included in Assets held for sale in the Consolidated Balance Sheet are $24 million of assets held for sale in the Williams Partners segment unrelated to the Geismar Interest and at December 31, 2016, were previously included in Other current assets and deferred charges . Carrying Amount March 31, 2017 (Millions) Assets: Current assets $ 71 Property, plant, and equipment – net 901 Other noncurrent assets 27 $ 999 Liabilities: Current liabilities $ 42 Noncurrent liabilities 1 $ 43 The following table presents the results of operations for the Geismar disposal group. Three Months Ended 2017 2016 (Millions) Income (loss) before income taxes of disposal group $ 23 $ 18 Income (loss) before income taxes of disposal group attributable to The Williams Companies, Inc. 17 11 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 WPZ and/or its subsidiaries, and which comprise a significant portion of our consolidated assets and liabilities. March 31, December 31, 2016 Classification (Millions) Assets (liabilities): Cash and cash equivalents $ 625 $ 145 Cash and cash equivalents Trade accounts and other receivables – net 861 925 Trade accounts and other receivables Inventories 148 138 Inventories Assets held for sale 1,023 24 Assets held for sale Other current assets 157 181 Other current assets and deferred charges Investments 6,738 6,701 Investments Property, plant, and equipment - net 27,364 28,021 Property, plant, and equipment - net Intangible assets – net 9,569 9,662 Intangible assets – net of accumulated amortization Regulatory assets, deferred charges, and other noncurrent assets 453 467 Regulatory assets, deferred charges, and other Accounts payable (656 ) (589 ) Accounts payable Liabilities held for sale (43 ) — Liabilities held for sale Accrued liabilities including current asset retirement obligations (1,099 ) (1,122 ) Accrued liabilities Commercial paper — (93 ) Commercial paper Long-term debt due within one year — (785 ) Long-term debt due within one year Long-term debt (17,065 ) (17,685 ) Long-term debt Deferred income tax liabilities (19 ) (20 ) Deferred income tax liabilities Noncurrent asset retirement obligations (830 ) (798 ) Regulatory liabilities, deferred income, and other Regulatory liabilities, deferred income, and other noncurrent liabilities (1,951 ) (1,860 ) Regulatory liabilities, deferred income, and other |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income and Expenses [Table Text Block] | The following table presents certain gains or losses reflected in Other (income) expense – net within Costs and expenses in our Consolidated Statement of Operations : Three Months Ended 2017 2016 (Millions) Williams Partners Net foreign currency exchange (gains) losses (1) $ — $ 11 Gains on contract settlements and terminations (13 ) — Other Gain on sale of unused pipe — (10 ) (1) Primarily relates to gains and losses incurred on foreign currency transactions and the remeasurement of U.S. dollar denominated current assets and liabilities within our former Canadian operations. |
Provision (Benefit) for Incom24
Provision (Benefit) for Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Provision (benefit) for income taxes includes: Three Months Ended 2017 2016 (Millions) Current: Federal $ 3 $ — State 6 — 9 — Deferred: Federal 15 (5 ) State 13 7 28 2 Provision (benefit) for income taxes $ 37 $ 2 |
Earnings (Loss) Per Common Sh25
Earnings (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per common share [Table Text Block] | Three Months Ended 2017 2016 (Dollars in millions, except per-share amounts; shares in thousands) Net income (loss) attributable to The Williams Companies, Inc. available to common stockholders for basic and diluted earnings (loss) per common share $ 373 $ (65 ) Basic weighted-average shares 824,548 750,332 Effect of dilutive securities: Nonvested restricted stock units 1,305 — Stock options 623 — Diluted weighted-average shares 826,476 750,332 Earnings (loss) per common share: Basic $ .45 $ (.09 ) Diluted $ .45 $ (.09 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 2017 2016 (Millions) Components of net periodic benefit cost: Service cost $ 13 $ 14 Interest cost 15 15 Expected return on plan assets (20 ) (21 ) Amortization of net actuarial loss 7 8 Net periodic benefit cost $ 15 $ 16 Other Postretirement Benefits Three Months Ended 2017 2016 (Millions) Components of net periodic benefit cost (credit): Interest cost $ 2 $ 2 Expected return on plan assets (3 ) (3 ) Amortization of prior service credit (3 ) (3 ) Reclassification to regulatory liability 1 1 Net periodic benefit cost (credit) $ (3 ) $ (3 ) |
Debt and Banking Arrangements (
Debt and Banking Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Credit Facilities March 31, 2017 Stated Capacity Outstanding (Millions) WMB Long-term credit facility $ 1,500 $ 595 Letters of credit under certain bilateral bank agreements 13 WPZ Long-term credit facility (1) 3,500 — Letters of credit under certain bilateral bank agreements 1 (1) In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of WPZ’s credit facility inclusive of any outstanding amounts under its commercial paper program. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income (Loss) [Table Text Block] | AOCI The following table presents the changes in Accumulated other comprehensive income (loss) (AOCI) by component, net of income taxes: Cash Flow Hedges Foreign Currency Translation Pension and Other Post Retirement Benefits Total (Millions) Balance at December 31, 2016 $ — $ (2 ) $ (337 ) $ (339 ) Other comprehensive income (loss) before reclassifications 2 — — 2 Amounts reclassified from accumulated other comprehensive income (loss) — — 3 3 Other comprehensive income (loss) 2 — 3 5 Balance at March 31, 2017 $ 2 $ (2 ) $ (334 ) $ (334 ) |
Reclassifications Out Of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications out of AOCI are presented in the following table by component for the three months ended March 31, 2017 : Component Reclassifications Classification (Millions) Pension and other postretirement benefits: Amortization of prior service cost (credit) included in net periodic benefit cost $ (1 ) Note 7 – Employee Benefit Plans Amortization of actuarial (gain) loss included in net periodic benefit cost 7 Note 7 – Employee Benefit Plans Total pension and other postretirement benefits 6 Income tax benefit (3 ) Provision (benefit) for income taxes Reclassifications during the period $ 3 |
Fair Value Measurements and G29
Fair Value Measurements and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured On Recurring Basis [Table Text Block] | 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 Amount Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Millions) Assets (liabilities) at March 31, 2017: Measured on a recurring basis: ARO Trust investments $ 112 $ 112 $ 112 $ — $ — Energy derivatives assets designated as hedging instruments 5 5 5 — — Energy derivatives assets not designated as hedging instruments 2 2 1 — 1 Energy derivatives liabilities not designated as hedging instruments (4 ) (4 ) — — (4 ) Additional disclosures: Other receivables 5 5 5 — — Long-term debt (21,825 ) (23,055 ) — (23,055 ) — Guarantees (44 ) (31 ) — (15 ) (16 ) Assets (liabilities) at December 31, 2016: Measured on a recurring basis: ARO Trust investments $ 96 $ 96 $ 96 $ — $ — Energy derivatives assets designated as hedging instruments 2 2 — 2 — Energy derivatives assets not designated as hedging instruments 1 1 — — 1 Energy derivatives liabilities not designated as hedging instruments (6 ) (6 ) — — (6 ) Additional disclosures: Other receivables 15 15 15 — — Long-term debt, including current portion (23,409 ) (24,090 ) — (24,090 ) — Guarantees (44 ) (30 ) — (14 ) (16 ) |
Fair Value Measurements, Nonrecurring [Table Text Block] | Nonrecurring fair value measurements The following table presents impairments of investments associated with certain nonrecurring fair value measurements within Level 3 of the fair value hierarchy. Impairments Three Months Ended March 31, Classification Segment Date of Measurement Fair Value 2017 2016 (Millions) Equity-method investments (1) Investments Williams Partners March 31, 2016 $ 1,294 $ — $ 109 Other equity-method investment Investments Williams Partners March 31, 2016 — — 3 Impairment of equity-method investments $ — $ 112 ___________ (1) Relates to equity-method investments in DBJV and Laurel Mountain. Our carrying values in these equity-method investments had been written down to fair value at December 31, 2015. Our first-quarter 2016 analysis reflected higher discount rates for both of these investments, along with lower natural gas prices for Laurel Mountain. We estimated the fair value of these investments using an income approach based on expected future cash flows and appropriate discount rates. The determination of estimated future cash flows involved significant assumptions regarding gathering volumes and related capital spending. Discount rates utilized ranged from 13.0 percent to 13.3 percent and reflected increases in our estimated cost of capital, revised estimates of expected future cash flows, and risks associated with the underlying businesses. |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The following table reflects the reconciliation of Segment revenues to Total revenues as reported in the Consolidated Statement of Operations and Total assets by reportable segment. Williams Partners Other Eliminations Total (Millions) Three Months Ended March 31, 2017 Segment revenues: Service revenues External $ 1,256 $ 5 $ — $ 1,261 Internal — 3 (3 ) — Total service revenues 1,256 8 (3 ) 1,261 Product sales External 727 — — 727 Internal — — — — Total product sales 727 — — 727 Total revenues $ 1,983 $ 8 $ (3 ) $ 1,988 Three Months Ended March 31, 2016 Segment revenues: Service revenues External $ 1,222 $ 7 $ — $ 1,229 Internal 4 11 (15 ) — Total service revenues 1,226 18 (15 ) 1,229 Product sales External 428 3 — 431 Internal — — — — Total product sales 428 3 — 431 Total revenues $ 1,654 $ 21 $ (15 ) $ 1,660 March 31, 2017 Total assets $ 46,938 $ 656 $ (82 ) $ 47,512 December 31, 2016 Total assets $ 46,265 $ 685 $ (115 ) $ 46,835 |
Reconciliation of Modified EBITDA to Net Income (Loss) [Table Text Block] | The following table reflects the reconciliation of Modified EBITDA to Net income (loss) as reported in the Consolidated Statement of Operations . Three Months Ended 2017 2016 (Millions) Modified EBITDA by segment: Williams Partners $ 1,132 $ 955 Other 18 (37 ) 1,150 918 Accretion expense associated with asset retirement obligations for nonregulated operations (7 ) (7 ) Depreciation and amortization expenses (442 ) (445 ) Equity earnings (losses) 107 97 Impairment of equity-method investments — (112 ) Other investing income (loss) – net 272 18 Proportional Modified EBITDA of equity-method investments (194 ) (189 ) Interest expense (280 ) (291 ) (Provision) benefit for income taxes (37 ) (2 ) Net income (loss) $ 569 $ (13 ) |
General, Description of Busin31
General, Description of Business, and Basis of Presentation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Feb. 10, 2017 | Jan. 09, 2017 | Sep. 28, 2015 | Feb. 10, 2017 | Feb. 03, 2017 | Jan. 31, 2017 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 17, 2017 | Jan. 01, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number Of Interstate Natural Gas Pipelines | 2 | |||||||||||||
Equity Method Investments | $ 6,738 | $ 6,701 | ||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.30 | $ 0.64 | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | $ (901) | |||||||||||||
Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 37 | |||||||||||||
WPZ Merger Agreement [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Termination Fee | $ 428 | |||||||||||||
Maximum Reduction Of Quarterly Incentive Distributions | $ 209 | |||||||||||||
Reduction in incentive distribution rights payment | $ 10 | $ 209 | $ 209 | |||||||||||
Constitution Pipeline Company LLC [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Variable Interest Entity Ownership Percentage | 41.00% | |||||||||||||
Appalachia Midstream Services, LLC [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 66.00% | |||||||||||||
Noncontrolling Interest [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | $ (2,397) | |||||||||||||
Capital in excess of par value [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | 1,496 | |||||||||||||
Deferred Income Taxes [Member] | Williams Partners L.P. [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | $ 901 | |||||||||||||
General and Limited Partner [Member] | Williams Partners L.P. [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Variable Interest Entity Ownership Percentage | 60.00% | 74.00% | ||||||||||||
Limited Partner [Member] | Williams Partners L.P. [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Variable Interest Entity Ownership Percentage | 74.00% | |||||||||||||
Financial Repositioning [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 277 | 59,000 | 289,000 | |||||||||||
Payments to Acquire Limited Partnership Interests | $ 50 | $ 10 | ||||||||||||
Sale of Stock, Price Per Share | $ 36.08586 | |||||||||||||
Financial Repositioning [Member] | Williams Partners L.P. [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 2.00% | |||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 74.00% | |||||||||||||
Williams Partners [Member] | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Goodwill | $ 47 | |||||||||||||
Gulfstream Natural Gas System, L.L.C.[Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||
Utica East Ohio Midstream, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 62.00% | |||||||||||||
Delaware Basin Gas Gathering System [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||
Delaware Basin Gas Gathering System [Member] | Williams Partners [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||
Laurel Mountain Midstream, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 69.00% | |||||||||||||
Caiman Energy II [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 58.00% | |||||||||||||
Discovery Producer Services LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 60.00% | |||||||||||||
Overland Pass Pipeline Company LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% |
General, Description of Busin32
General, Description of Business, and Basis of Presentation Assets and Liabilities Held For Sale (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Liabilities | $ 43 | $ 0 |
Williams Olefins, L.L.C. [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 71 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 901 | |
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 27 | |
Disposal Group, Including Discontinued Operation, Assets | 999 | |
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 42 | |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 1 | |
Disposal Group, Including Discontinued Operation, Liabilities | 43 | |
Williams Partners [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group | $ 24 |
General, Description of Busin33
General, Description of Business, and Basis of Presentation Results of Operations For the Disposal Group (Details) - Williams Olefins, L.L.C. [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Apr. 17, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax | $ 23 | $ 18 | |
Williams Companies Inc [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax | $ 17 | $ 11 | |
Subsequent Event [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 2,100 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 28, 2015 | Mar. 31, 2017 | Dec. 31, 2016 |
Constitution Pipeline Company LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity Ownership Percentage | 41.00% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Cash and Cash Equivalents [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 625 | $ 145 | |
Variable Interest Entity, Primary Beneficiary [Member] | Trade accounts and other receivables - net [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 861 | 925 | |
Variable Interest Entity, Primary Beneficiary [Member] | Inventories [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 148 | 138 | |
Variable Interest Entity, Primary Beneficiary [Member] | Assets held for sale [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 1,023 | 24 | |
Variable Interest Entity, Primary Beneficiary [Member] | Other Current Assets [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 157 | 181 | |
Variable Interest Entity, Primary Beneficiary [Member] | Investments [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 6,738 | 6,701 | |
Variable Interest Entity, Primary Beneficiary [Member] | Property Plant And Equipment, net [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 27,364 | 28,021 | |
Variable Interest Entity, Primary Beneficiary [Member] | Intangible Assets, net [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 9,569 | 9,662 | |
Variable Interest Entity, Primary Beneficiary [Member] | Regulatory assets, Deferred Charges, and Other Noncurrent Assets [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 453 | 467 | |
Variable Interest Entity, Primary Beneficiary [Member] | Accounts Payable [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (656) | (589) | |
Variable Interest Entity, Primary Beneficiary [Member] | Liabilities Of Disposal Group Held For Sale [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (43) | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | Accrued Liabilities including current asset retirement obligations [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (1,099) | (1,122) | |
Variable Interest Entity, Primary Beneficiary [Member] | Commercial Paper [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0 | (93) | |
Variable Interest Entity, Primary Beneficiary [Member] | Long-term debt due within one year [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0 | (785) | |
Variable Interest Entity, Primary Beneficiary [Member] | Long-term Debt [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (17,065) | (17,685) | |
Variable Interest Entity, Primary Beneficiary [Member] | Deferred Income Tax Liabilities [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (19) | (20) | |
Variable Interest Entity, Primary Beneficiary [Member] | Noncurrent Asset Retirement Obligation [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (830) | (798) | |
Variable Interest Entity, Primary Beneficiary [Member] | Regulatory liabilities, deferred income, and other noncurrent liabilities [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ (1,951) | $ (1,860) | |
Variable Interest Entity, Primary Beneficiary [Member] | Gulfstar One [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity Ownership Percentage | 51.00% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Constitution Pipeline Company LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity Ownership Percentage | 41.00% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Constitution Pipeline Company LLC [Member] | Estimated Remaining Construction Costs For Variable Interest Entity [Member] | |||
Variable Interest Entity [Line Items] | |||
Other commitment | $ 691 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Constitution Pipeline Company LLC [Member] | Property Plant And Equipment, net [Member] | |||
Variable Interest Entity [Line Items] | |||
Capitalized Project Development Costs | $ 381 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Cardinal Gas Services LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity Ownership Percentage | 66.00% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Jackalope Gas Gathering Services LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity Ownership Percentage | 50.00% | ||
General and Limited Partner [Member] | Williams Partners L.P. [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity Ownership Percentage | 60.00% | 74.00% |
Investing Activities (Details)
Investing Activities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 17, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from Sale of Equity Method Investments | $ 200 | $ 0 | |
Gain from sale of an equity-method investment interest | 269 | 0 | |
Impairment of equity-method investments | 0 | 112 | |
Investing income, interest | $ 272 | 18 | |
Delaware Basin Gas Gathering System [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Laurel Mountain Midstream, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 69.00% | ||
Gulfstream Natural Gas System, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Williams Partners [Member] | Delaware Basin Gas Gathering System [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Proceeds from Sale of Equity Method Investments | $ 155 | ||
Gain from sale of an equity-method investment interest | $ 269 | ||
Impairment of equity-method investments | 59 | ||
Williams Partners [Member] | Appalachia Midstream Services, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 66.00% | ||
Williams Partners [Member] | Ranch Westex JV LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from Sale of Equity Method Investments | $ 45 | ||
Williams Partners [Member] | Laurel Mountain Midstream, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Impairment of equity-method investments | 50 | ||
Former Venezuela Operations [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investing income, interest | $ 18 | ||
Appalachia Midstream Services, LLC [Member] | Williams Partners [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments, Fair Value Disclosure | $ 1,100 | ||
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Fair Value Inputs, Discount Rate | 9.50% |
Other Income and Expenses (Deta
Other Income and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Segment Reporting Information [Line Items] | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 53 | ||
Debt Instrument, Unamortized Premium | 23 | ||
Debt Instrument, Unamortized Discount (Premium), Net | 30 | ||
Williams Partners [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue adjustment associated with litigation | $ (15) | ||
Other income (expense) - net [Member] | Williams Partners [Member] | |||
Segment Reporting Information [Line Items] | |||
Net foreign currency exchange (gains) losses (1) | [1] | 0 | 11 |
Gain (Loss) on Contract Termination | (13) | 0 | |
Other income (expense) - net [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of unused pipe | 0 | (10) | |
Selling, general, and administrative expenses [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Project development costs | 34 | ||
Selling, general, and administrative expenses and Operating and maintenance expenses [Member] | Williams Partners [Member] | |||
Segment Reporting Information [Line Items] | |||
Severance and other related costs | 9 | $ 26 | |
Approximate percentage of workforce reductions | 10.00% | ||
Other Nonoperating Income (Expense) [Member] | Williams Partners [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for funds used during construction, capitalized cost of equity | 18 | $ 17 | |
Deferred taxes on equity funds used during construction [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for funds used during construction, capitalized cost of equity | 28 | $ 4 | |
6.125% Senior Unsecured Notes due 2022 [Member] | Williams Partners L.P. [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-term debt retired | $ 750 | ||
Long-term debt interest rate | 6.125% | ||
[1] | Primarily relates to gains and losses incurred on foreign currency transactions and the remeasurement of U.S. dollar denominated current assets and liabilities within our former Canadian operations. |
Provision (Benefit) for Incom37
Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Current: | ||
Federal | $ 3 | $ 0 |
State | 6 | 0 |
Total | 9 | 0 |
Deferred: | ||
Federal | 15 | (5) |
State | 13 | 7 |
Total | 28 | 2 |
Provision (benefit) for income taxes | 37 | $ 2 |
Valuation Allowance, Deferred Tax Asset, Decrease Amount | $ 127 |
Earnings (Loss) Per Common Sh38
Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share Table [Line Items] | ||
Net income (loss) attributable to The Williams Companies, Inc. available to common stockholders for basic and diluted earnings (loss) per common share | $ 373 | $ (65) |
Basic weighted-average shares | 824,548 | 750,332 |
Effect of dilutive securities: | ||
Diluted weighted-average shares | 826,476 | 750,332 |
Earnings (loss) per common share: | ||
Basic | $ 0.45 | $ (0.09) |
Diluted | $ 0.45 | $ (0.09) |
Nonvested restricted stock units [Member] | ||
Effect of dilutive securities: | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,305 | 0 |
Stock Options [Member] | ||
Effect of dilutive securities: | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 623 | 0 |
Employee Benefit Plans (Quarter
Employee Benefit Plans (Quarterly Info) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Benefits [Member] | ||
Components of net periodic benefit cost: | ||
Service cost | $ 13 | $ 14 |
Interest cost | 15 | 15 |
Expected return on plan assets | (20) | (21) |
Amortization of net actuarial loss | 7 | 8 |
Net periodic benefit cost (credit) | 15 | 16 |
Employer contributions | 1 | |
Estimated future employer contributions in current fiscal year | 62 | |
Other Postretirement Benefits [Member] | ||
Components of net periodic benefit cost: | ||
Interest cost | 2 | 2 |
Expected return on plan assets | (3) | (3) |
Amortization of prior service cost (credit) | (3) | (3) |
Reclassification to regulatory liability | 1 | 1 |
Net periodic benefit cost (credit) | (3) | (3) |
Amortization of prior service cost (credit) from regulatory assets (liabilities) | 2 | $ 2 |
Employer contributions | 1 | |
Estimated future employer contributions in current fiscal year | $ 6 |
Debt and Banking Arrangements L
Debt and Banking Arrangements Long-Term Debt Issuances and Retirements (Details 1) - USD ($) $ in Millions | Apr. 15, 2017 | Feb. 01, 2017 | Mar. 31, 2017 | Apr. 03, 2017 |
6.125% Senior Unsecured Notes due 2022 [Member] | Williams Partners L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt interest rate | 6.125% | |||
Long-term debt retired | $ 750 | |||
4% Senior Unsecured Notes Due 2027 [Member] | Northwest Pipeline LLC [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt face amount | $ 250 | |||
Long-term debt interest rate | 4.00% | |||
Additional interest rate accrued for default of registration rights agreements first period | 0.25% | |||
Additional interest rate accrued for default of registration rights agreements each subsequent period | 0.25% | |||
Maximum additional interest rate accrued for default of registration rights agreements all periods | 0.50% | |||
5.95% Senior Unsecured Notes due 2017 [Member] | Northwest Pipeline LLC [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt interest rate | 5.95% | |||
Long-term debt retired | $ 185 | |||
7.25% Senior Unsecured Notes due 2017 [Member] | Williams Partners L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt interest rate | 7.25% | |||
Long-term debt retired | $ 600 |
Debt and Banking Arrangements C
Debt and Banking Arrangements Credit Facilities and Commercial Paper (Details 2) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Credit Facility and Commercial Paper [Line Items] | |||
Commercial paper, outstanding | $ 0 | $ 93 | |
Williams Companies Inc [Member] | |||
Credit Facility and Commercial Paper [Line Items] | |||
Credit facility, capacity | 1,500 | ||
Credit facility, loans outstanding | 595 | ||
Williams Partners L.P. [Member] | |||
Credit Facility and Commercial Paper [Line Items] | |||
Credit facility, capacity | [1] | 3,500 | |
Credit facility, loans outstanding | [1] | 0 | |
Commercial Paper [Member] | Williams Partners L.P. [Member] | |||
Credit Facility and Commercial Paper [Line Items] | |||
Credit facility, capacity | 3,000 | ||
Commercial paper, outstanding | 0 | ||
Letters Of Credit Under Certain Bilateral Bank Agreements [Member] | Williams Companies Inc [Member] | |||
Credit Facility and Commercial Paper [Line Items] | |||
Credit facility, letters of credit outstanding | 13 | ||
Letters Of Credit Under Certain Bilateral Bank Agreements [Member] | Williams Partners L.P. [Member] | |||
Credit Facility and Commercial Paper [Line Items] | |||
Credit facility, letters of credit outstanding | $ 1 | ||
[1] | In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of WPZ’s credit facility inclusive of any outstanding amounts under its commercial paper program. |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2017 | Jan. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Jan. 13, 2017 | |
Stockholders' Equity Note [Abstract] | |||||
Stock Issued During Period, Shares, New Issues | 9,750 | 65,000 | |||
Shares Issued, Price Per Share | $ 29 | ||||
Proceeds from Issuance of Common Stock | $ 2,122 | $ 6 |
Stockholders' Equity Table Of C
Stockholders' Equity Table Of Changes In AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total, Beginning Balance | $ (339) | |
Other comprehensive income (loss) | 6 | $ 93 |
Total, Ending Balance | (334) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total, Beginning Balance | (339) | |
Other comprehensive income (loss) before reclassifications | 2 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 3 | |
Other comprehensive income (loss) | 5 | |
Total, Ending Balance | (334) | |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total, Beginning Balance | 0 | |
Other comprehensive income (loss) before reclassifications | 2 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Other comprehensive income (loss) | 2 | |
Total, Ending Balance | 2 | |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total, Beginning Balance | (2) | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Other comprehensive income (loss) | 0 | |
Total, Ending Balance | (2) | |
Pension and Other Post Retirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total, Beginning Balance | (337) | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 3 | |
Other comprehensive income (loss) | 3 | |
Total, Ending Balance | (334) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amounts reclassified from accumulated other comprehensive income (loss) | $ 3 |
Stockholders' Equity Table Of R
Stockholders' Equity Table Of Reclassifications from AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax benefit | $ 37 | $ 2 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Pension and Other Post Retirement Benefits | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 3 | |
Foreign Currency Translation | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax benefit | (3) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 3 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Post Retirement Benefits | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior service cost (credit) included in net periodic benefit cost | (1) | |
Amortization of actuarial (gain) loss included in net periodic benefit cost | 7 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | $ 6 |
Fair Value Measurements Recurri
Fair Value Measurements Recurring Measurements and Additional (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Additional disclosures: | |||
Fair Value, Level 1 to level 2 Transfers, Amount | $ 0 | $ 0 | |
Fair Value, Level 2 to level 1 Transfers, Amount | 0 | $ 0 | |
Carrying Amount [Member] | |||
Additional disclosures: | |||
Other receivables | 5 | $ 15 | |
Long-term debt | (21,825) | (23,409) | |
Guarantees | (44) | (44) | |
Fair Value [Member] | |||
Additional disclosures: | |||
Other receivables | 5 | 15 | |
Long-term debt | (23,055) | (24,090) | |
Guarantees | (31) | (30) | |
Level 1 [Member] | |||
Additional disclosures: | |||
Other receivables | 5 | 15 | |
Long-term debt | 0 | 0 | |
Guarantees | 0 | 0 | |
Level 2 [Member] | |||
Additional disclosures: | |||
Other receivables | 0 | 0 | |
Long-term debt | (23,055) | (24,090) | |
Guarantees | (15) | (14) | |
Level 3 [Member] | |||
Additional disclosures: | |||
Other receivables | 0 | 0 | |
Long-term debt | 0 | 0 | |
Guarantees | (16) | (16) | |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | |||
Measured on a recurring basis: | |||
ARO Trust investments | 112 | 96 | |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 5 | 2 | |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Not Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 2 | 1 | |
Energy derivatives liabilities | (4) | (6) | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | |||
Measured on a recurring basis: | |||
ARO Trust investments | 112 | 96 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 5 | 2 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Not Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 2 | 1 | |
Energy derivatives liabilities | (4) | (6) | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Measured on a recurring basis: | |||
ARO Trust investments | 112 | 96 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 5 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Not Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 1 | 0 | |
Energy derivatives liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Measured on a recurring basis: | |||
ARO Trust investments | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 0 | 2 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 0 | 0 | |
Energy derivatives liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Measured on a recurring basis: | |||
ARO Trust investments | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Not Designated as Hedging Instrument [Member] | |||
Measured on a recurring basis: | |||
Energy derivatives assets | 1 | 1 | |
Energy derivatives liabilities | (4) | $ (6) | |
WilTel Guarantee [Member] | |||
Additional disclosures: | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 31 |
Fair Value Measurements Nonrecu
Fair Value Measurements Nonrecurring Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Fair Value Assets Measured On Nonrecurring Basis [Abstract] | |||
Impairment of equity-method investments | $ 0 | $ 112 | |
Williams Partners [Member] | Delaware Basin Gas Gathering System [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis [Abstract] | |||
Impairment of equity-method investments | 59 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impairment Of Equity-Method Investments [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis [Abstract] | |||
Impairment of equity-method investments | 0 | 112 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Investments [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis [Abstract] | |||
Fair value of investment | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Investments [Member] | Williams Partners [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis [Abstract] | |||
Fair value of investment | [1] | $ 1,294 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Investments [Member] | Williams Partners [Member] | Minimum [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis [Abstract] | |||
Discount rate | 13.00% | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Investments [Member] | Williams Partners [Member] | Maximum [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis [Abstract] | |||
Discount rate | 13.30% | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Impairment Of Equity-Method Investments [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis [Abstract] | |||
Impairment of equity-method investments | 0 | $ 3 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Impairment Of Equity-Method Investments [Member] | Williams Partners [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis [Abstract] | |||
Impairment of equity-method investments | [1] | $ 0 | $ 109 |
[1] | Relates to equity-method investments in DBJV and Laurel Mountain. Our carrying values in these equity-method investments had been written down to fair value at December 31, 2015. Our first-quarter 2016 analysis reflected higher discount rates for both of these investments, along with lower natural gas prices for Laurel Mountain. We estimated the fair value of these investments using an income approach based on expected future cash flows and appropriate discount rates. The determination of estimated future cash flows involved significant assumptions regarding gathering volumes and related capital spending. Discount rates utilized ranged from 13.0 percent to 13.3 percent and reflected increases in our estimated cost of capital, revised estimates of expected future cash flows, and risks associated with the underlying businesses. |
Contingent Liabilities (Details
Contingent Liabilities (Details) - USD ($) $ in Millions | May 20, 2016 | Mar. 31, 2017 |
Loss Contingencies [Line Items] | ||
Accrued environmental loss liabilities | $ 40 | |
Energy Transfer Merger [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency, damages sought, value | $ 1,480 | |
Gas Pipeline [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued environmental loss liabilities | 9 | |
Natural Gas Underground Storage Facilities [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued environmental loss liabilities | 8 | |
Former Operations [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued environmental loss liabilities | 23 | |
Williams Partners [Member] | General Liability [Member] | Geismar Incident [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance deductibles | 2 | |
Aggregate limit of insurance | 610 | |
Maximum [Member] | Former Alaska Refinery [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency, range of possible loss, maximum | $ 32 |
Segment Disclosures Reconciliat
Segment Disclosures Reconciliation of Segment Revenues to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment revenues | ||
Service revenues | $ 1,261 | $ 1,229 |
Product sales | 727 | 431 |
Total revenues | 1,988 | 1,660 |
Williams Partners [Member] | ||
Segment revenues | ||
Service revenues | 1,256 | 1,222 |
Product sales | 727 | 428 |
Other [Member] | ||
Segment revenues | ||
Service revenues | 5 | 7 |
Product sales | 0 | 3 |
Intersegment Elimination [Member] | ||
Segment revenues | ||
Service revenues | (3) | (15) |
Product sales | 0 | 0 |
Total revenues | (3) | (15) |
Intersegment Elimination [Member] | Williams Partners [Member] | ||
Segment revenues | ||
Service revenues | 0 | (4) |
Product sales | 0 | 0 |
Intersegment Elimination [Member] | Other [Member] | ||
Segment revenues | ||
Service revenues | (3) | (11) |
Product sales | 0 | 0 |
Operating Segments [Member] | Williams Partners [Member] | ||
Segment revenues | ||
Service revenues | 1,256 | 1,226 |
Product sales | 727 | 428 |
Total revenues | 1,983 | 1,654 |
Operating Segments [Member] | Other [Member] | ||
Segment revenues | ||
Service revenues | 8 | 18 |
Product sales | 0 | 3 |
Total revenues | $ 8 | $ 21 |
Segment Disclosures Reconcili49
Segment Disclosures Reconciliation of Segment Assets to Consolidated (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Segment assets: | ||
Total assets | $ 47,512 | $ 46,835 |
Williams Partners [Member] | ||
Segment assets: | ||
Total assets | 46,938 | 46,265 |
Other [Member] | ||
Segment assets: | ||
Total assets | 656 | 685 |
Intersegment Elimination [Member] | ||
Segment assets: | ||
Total assets | $ (82) | $ (115) |
Segment Disclosures Reconcili50
Segment Disclosures Reconciliation of Segment Modified EBITDA to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reconciliation of Modified EBITDA to Net Income (Loss): | ||
Modified EBITDA Earnings (Loss) | $ 1,150 | $ 918 |
Accretion expense associated with asset retirement obligations for nonregulated operations | (7) | (7) |
Depreciation and amortization expenses | (442) | (445) |
Equity earnings (losses) | 107 | 97 |
Impairment of equity-method investments (Note 10) | 0 | (112) |
Other investing income (loss) – net (Note 3) | 272 | 18 |
Proportional Modified EBITDA of equity-method investments | (194) | (189) |
Interest expense | (280) | (291) |
(Provision) benefit for income taxes | (37) | (2) |
Net income (loss) | 569 | (13) |
Operating Segments [Member] | Williams Partners [Member] | ||
Reconciliation of Modified EBITDA to Net Income (Loss): | ||
Modified EBITDA Earnings (Loss) | 1,132 | 955 |
Operating Segments [Member] | Other [Member] | ||
Reconciliation of Modified EBITDA to Net Income (Loss): | ||
Modified EBITDA Earnings (Loss) | $ 18 | $ (37) |