Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'Williams Partners L.P. | ' |
Entity Central Index Key | '0001324518 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 438,625,699 |
Common Class D [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,577,521 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Service revenues | $763 | $702 |
Product sales | 930 | 1,104 |
Total revenues | 1,693 | 1,806 |
Costs and expenses: | ' | ' |
Product costs | 769 | 790 |
Operating and maintenance expenses | 248 | 257 |
Depreciation and amortization expenses | 208 | 196 |
Selling, general, and administrative expenses | 130 | 130 |
Net insurance recoveries - Geismar Incident | -119 | 0 |
Other (income) expense - net | 17 | 1 |
Total costs and expenses | 1,253 | 1,374 |
Operating income | 440 | 432 |
Equity earnings (losses) | 23 | 18 |
Interest incurred | -131 | -118 |
Interest capitalized | 25 | 22 |
Other investing income (loss) - net | 0 | -1 |
Other income (expense) - net | 3 | 6 |
Income before Income Taxes | 360 | 359 |
Provision (benefit) for income taxes | 8 | 15 |
Net income | 352 | 344 |
Allocation of net income for calculation of earnings per common unit: | ' | ' |
Net income | 352 | 344 |
Allocation of net income to general partner | 180 | 142 |
Allocation of net income to Class D units | 14 | 0 |
Allocation of net income to common units | 158 | 202 |
Basic net income per common unit | $0.36 | $0.50 |
Diluted net income per common unit | $0.36 | $0.50 |
Basic weighted average number of common units outstanding (thousands) | 438,626 | 401,969 |
Diluted weighted average number of common units outstanding (thousands) | 438,626 | 401,969 |
Cash distributions per common unit | $0.90 | $0.85 |
Other Comprehensive Income (Loss): | ' | ' |
Foreign currency translation adjustments | -39 | -19 |
Other comprehensive income (loss) | -39 | -19 |
Comprehensive income | $313 | $325 |
Consolidated_Balance_Sheet_Una
Consolidated Balance Sheet (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $535 | $110 |
Trade accounts and notes receivable, net | 570 | 568 |
Inventories | 222 | 194 |
Other current assets | 85 | 96 |
Total current assets | 1,412 | 968 |
Investments | 2,381 | 2,187 |
Property, plant, and equipment, at cost | 25,789 | 25,062 |
Accumulated depreciation | -7,592 | -7,437 |
Property, plant, and equipment - net | 18,197 | 17,625 |
Goodwill | 646 | 646 |
Other intangible assets | 1,630 | 1,642 |
Regulatory assets, deferred charges, and other | 525 | 503 |
Total assets | 24,791 | 23,571 |
Accounts payable: | ' | ' |
Trade | 1,062 | 889 |
Affiliate | 77 | 104 |
Accrued interest | 132 | 115 |
Asset retirement obligations | 63 | 64 |
Other accrued liabilities | 252 | 375 |
Long-term debt due within one year | 750 | 0 |
Commercial Paper | 0 | 225 |
Total current liabilities | 2,336 | 1,772 |
Long-term debt | 9,803 | 9,057 |
Asset retirement obligations | 532 | 497 |
Deferred income taxes | 120 | 117 |
Regulatory liabilities, deferred income, and other | 591 | 561 |
Contingent liabilities (Note 9) | ' | ' |
Partners' equity | ' | ' |
Common units (438,625,699 units outstanding at March 31, 2014 and December 31, 2013) | 11,494 | 11,596 |
Class D units (25,577,521 units outstanding at March 31, 2014) | 879 | 0 |
General partner | -1,494 | -541 |
Accumulated other comprehensive income (loss) | 58 | 97 |
Total partners' equity | 10,937 | 11,152 |
Noncontrolling interests in consolidated subsidiaries | 472 | 415 |
Total equity | 11,409 | 11,567 |
Total liabilities and equity | $24,791 | $23,571 |
Consolidated_Balance_Sheet_Una1
Consolidated Balance Sheet (Unaudited) (Parenthetical) | Mar. 31, 2014 | Dec. 31, 2013 |
Equity: | ' | ' |
Limited partners capital account units outstanding | 438,625,699 | 438,625,699 |
Class D Partners Capital Account Units Outstanding | 25,577,521 | 0 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (Unaudited) (USD $) | Total | Common units | Class D units | General Partner | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total Partners Equity |
In Millions | |||||||
Beginning Balance at Dec. 31, 2013 | $11,567 | $11,596 | $0 | ($541) | $97 | $415 | $11,152 |
Net income | 352 | 178 | -1 | 175 | 0 | 0 | 352 |
Other comprehensive income (loss) | -39 | 0 | 0 | 0 | -39 | 0 | -39 |
Cash distributions (Note 3) | -556 | -392 | 0 | -164 | 0 | 0 | -556 |
Contributions from the Williams Companies, Inc. - net | 25 | 0 | 0 | 25 | 0 | 0 | 25 |
Issuance of Class D units in common control transaction (Note 1) | 0 | 0 | 992 | -992 | 0 | 0 | 0 |
Beneficial conversion feature of Class D units | 0 | 117 | -117 | 0 | 0 | 0 | 0 |
Amortization of beneficial conversion feature of Class D units | 0 | -5 | 5 | 0 | 0 | 0 | 0 |
Contributions from general partner | 3 | 0 | 0 | 3 | 0 | 0 | 3 |
Contributions from noncontrolling interests | 57 | 0 | 0 | 0 | 0 | 57 | 0 |
Ending Balance at Mar. 31, 2014 | $11,409 | $11,494 | $879 | ($1,494) | $58 | $472 | $10,937 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $352 | $344 |
Adjustments to reconcile to net cash provided by operations: | ' | ' |
Depreciation and amortization | 208 | 196 |
Cash provided (used) by changes in current assets and liabilities: | ' | ' |
Accounts and notes receivable | -3 | -36 |
Inventories | -27 | -15 |
Other current assets and deferred charges | 19 | 13 |
Accounts payable | -9 | 8 |
Accrued liabilities | 18 | 18 |
Affiliate accounts receivable and payable - net | -27 | -24 |
Other, including changes in noncurrent assets and liabilities | 18 | 51 |
Net cash provided by operating activities | 549 | 555 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from (payments of) commercial paper - net | -225 | 0 |
Proceeds from long-term debt | 1,496 | 770 |
Payments of long-term debt | 0 | -895 |
Proceeds from sales of common units | 0 | 760 |
General partner contributions | 3 | 20 |
Distributions to limited partners and general partner | -556 | -442 |
Contributions from noncontrolling interests | 57 | 0 |
Contributions from The Williams Companies, Inc. - Net | 50 | 105 |
Other - net | 1 | 7 |
Net cash provided by financing activities | 826 | 325 |
Property, plant and equipment: | ' | ' |
Capital expenditures | -724 | -704 |
Net proceeds from dispositions | 5 | 3 |
Purchase of businesses from affiliates | -25 | 25 |
Purchases of and contributions to equity-method investments | -215 | -93 |
Other - net | 9 | 1 |
Net cash used by investing activities | -950 | -768 |
Increase (decrease) in cash and cash equivalents | 425 | 112 |
Cash and cash equivalents at beginning of period | 110 | 82 |
Cash and cash equivalents at end of period | $535 | $194 |
General_and_Basis_of_Presentat
General and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General and Basis of Presentation | ' |
Note 1 – General and Basis of Presentation | |
General | |
Our accompanying interim consolidated financial statements do not include all the notes in our annual financial statements and, therefore, should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013, in our Annual Report on Form 10-K. The accompanying unaudited financial statements include all normal recurring adjustments and others that, in the opinion of management, are necessary to present fairly our interim financial statements. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Unless the context clearly indicates otherwise, references in this report to “we,” “our,” “us,” or similar language refer to Williams Partners L.P. and its subsidiaries. | |
We are a publicly traded Delaware limited partnership. Williams Partners GP LLC, a Delaware limited liability company wholly owned by The Williams Companies, Inc. (Williams), serves as our general partner. As of March 31, 2014, Williams owns an approximate 64 percent limited partner interest, a 2 percent general partner interest and incentive distribution rights (IDRs) in us. All of our activities are conducted through Williams Partners Operating LLC, an operating limited liability company (wholly owned by us). | |
Description of Business | |
Our operations are located in North America and are organized into the following reportable segments: Northeast G&P, Atlantic-Gulf, West, and NGL & Petchem Services. | |
Northeast G&P is comprised of our midstream gathering and processing businesses in the Marcellus and Utica shale regions, as well as a 51 percent equity investment in Laurel Mountain Midstream, LLC (Laurel Mountain) and a 58 percent equity investment in Caiman Energy II, LLC (Caiman II). | |
Atlantic-Gulf is comprised of our interstate natural gas pipeline, Transcontinental Gas Pipe Line Company, LLC (Transco), and significant natural gas gathering and processing and crude production handling and transportation in the Gulf Coast region, as well as a 50 percent equity investment in Gulfstream Natural Gas System, L.L.C. (Gulfstream), a 41 percent interest in Constitution Pipeline Company, LLC (Constitution) (a consolidated entity), and a 60 percent equity investment in Discovery Producer Services LLC (Discovery). | |
West is comprised of our interstate natural gas pipeline, Northwest Pipeline LLC (Northwest Pipeline), and our gathering, processing and treating operations in New Mexico, Colorado, and Wyoming. | |
NGL & Petchem Services is comprised of our 83.3 percent undivided interest in an olefins production facility in Geismar, Louisiana, along with a refinery grade propylene splitter and pipelines in the Gulf Coast region, an oil sands offgas processing plant located near Fort McMurray, Alberta, and an NGL/olefin fractionation facility and butylene/butane splitter facility at Redwater, Alberta. This segment also includes our natural gas liquid (NGL) and natural gas marketing business, storage facilities and an undivided 50 percent interest in an NGL fractionator near Conway, Kansas, and a 50 percent equity investment in Overland Pass Pipeline, LLC (OPPL). | |
Basis of Presentation | |
In February 2014, we acquired certain Canadian operations from Williams (Canada Acquisition) for total consideration of $25 million of cash (subject to certain closing adjustments), 25,577,521 Class D limited-partner units, and an increase in the capital account of our general partner to allow it to maintain its 2 percent general partner interest. In lieu of cash distributions, the Class D units will receive quarterly distributions of additional paid-in-kind Class D units, all of which will be convertible to common units beginning in the first quarter of 2016. The contribution agreement governing the Canada Acquisition provides that we can issue additional Class D units to Williams on a quarterly basis through 2015 for up to a total of $200 million in cash for the purpose of funding certain facility expansions. This common control acquisition was treated similar to a pooling of interests whereby the historical results of operations were combined with ours for all periods presented. These Canadian operations are reported in our NGL & Petchem Services segment. | |
The Canadian operations previously participated in Williams’ cash management program under a credit agreement with Williams. Net changes in amounts due to/from Williams prior to the Canada Acquisition, along with the cash consideration paid for the Canada Acquisition, are reflected within Contributions from The Williams Companies, Inc. - net within the Consolidated Statement of Changes in Equity. | |
Prior period amounts and disclosures have been recast for this transaction. The effect of recasting our financial statements to account for this transaction increased net income $23 million for the three months ended March 31, 2013. This acquisition does not impact historical earnings per unit as pre-acquisition earnings were allocated to our general partner. | |
Certain of our foreign subsidiaries use the Canadian dollar as their functional currency. Assets and liabilities of such foreign subsidiaries are translated at the spot rate in effect at the applicable reporting date, and the combined statements of income are translated into the U.S. dollar at the average exchange rates in effect during the applicable period. The resulting cumulative translation adjustment is recorded as a separate component of Accumulated other comprehensive income (loss) (AOCI). | |
Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates when the transactions are settled result in transaction gains and losses which are reflected in the Consolidated Statement of Comprehensive Income. | |
Accumulated Other Comprehensive Income (Loss) | |
AOCI is substantially comprised of foreign currency translation adjustments. These adjustments did not impact Net income in any of the periods presented. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Variable Interest Entity Disclosures [Abstract] | ' | |||||||||
Variable Interest Entity Disclosures [Textblock] | ' | |||||||||
Note 2 – Variable Interest Entities | ||||||||||
Consolidated VIEs | ||||||||||
As of March 31, 2014, we consolidate the following variable interest entities (VIEs): | ||||||||||
Gulfstar One | ||||||||||
We own 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. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Gulfstar One’s economic performance. We, as construction agent for Gulfstar One, designed, constructed, and are installing a proprietary floating-production system, Gulfstar FPS™, and associated pipelines which will initially provide production handling and gathering services for the Tubular Bells oil and gas discovery in the eastern deepwater Gulf of Mexico. The project is expected to be in service in the third quarter of 2014. We have received certain advance payments from the producer customers and are committed to the producer customers to construct this system. The current estimate of the total remaining construction costs is less than $250 million, which we expect will be funded by us and our partner. The producer customers will be responsible for the firm price of building the facilities if they do not develop the offshore oil and gas fields to be connected to Gulfstar One. | ||||||||||
In December 2013, we committed an additional amount to Gulfstar One to fund an expansion of the system that will provide production handling, gathering, and processing services for the Gunflint oil and gas discovery in the eastern deepwater Gulf of Mexico. The expansion project is expected to be in service in the first quarter of 2016. The current estimate of the total remaining construction costs for the Gunflint project is less than $134 million. The other equity partner has an option to participate in the funding of the expansion project on a proportional basis. | ||||||||||
Constitution | ||||||||||
We own a 41 percent interest in Constitution, a subsidiary that, due to shipper fixed-payment commitments under its firm transportation contracts, is a VIE. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Constitution’s economic performance. We, as construction agent for Constitution, are building a pipeline connecting our gathering system in Susquehanna County, Pennsylvania, to the Iroquois Gas Transmission and the Tennessee Gas Pipeline systems. We plan to place the project in service in late 2015 to 2016 and estimate the total remaining construction costs of the project to be less than $600 million, which will be funded with capital contributions from us and the other equity partners, proportional to ownership interest. | ||||||||||
The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of these VIEs, which are joint projects in the development and construction phase: | ||||||||||
March 31, | December 31, | Classification | ||||||||
2014 | 2013 | |||||||||
(Millions) | ||||||||||
Assets (liabilities): | ||||||||||
Cash and cash equivalents | $ | 36 | $ | 76 | Cash and cash equivalents | |||||
Accounts receivable | 10 | — | Trade accounts and notes receivable, net | |||||||
Property, plant, and equipment | 1,209 | 998 | Property, plant, and equipment, at cost | |||||||
Accounts payable | (153 | ) | (120 | ) | Accounts payable - trade | |||||
Construction retainage | (4 | ) | (3 | ) | Other accrued liabilities | |||||
Current deferred revenue | — | (10 | ) | Other accrued liabilities | ||||||
Asset retirement obligation | (30 | ) | — | Asset retirement obligations, noncurrent | ||||||
Noncurrent deferred revenue associated with customer advance payments | (130 | ) | (115 | ) | Regulatory liabilities, deferred income, and other | |||||
Nonconsolidated VIEs | ||||||||||
We have also identified certain interests in VIEs for which we are not the primary beneficiary. These include: | ||||||||||
Laurel Mountain | ||||||||||
Our 51 percent-owned equity-method investment in Laurel Mountain is considered to be a VIE generally due to contractual provisions that transfer certain risks to customers. As decisions about the activities that most significantly impact the economic performance of this entity require a unanimous vote of all members, we are not the primary beneficiary. Our maximum exposure to loss is limited to the carrying value of this investment, which was $482 million at March 31, 2014. | ||||||||||
Caiman II | ||||||||||
In the first quarter of 2014, we contributed $119 million to Caiman Energy II, LLC (Caiman II) in exchange for an increased ownership of Caiman II. Following these contributions, we own a 58 percent interest in Caiman II, which is reported as an equity-method investment. Caiman II is considered to be a VIE because it has insufficient equity to finance the construction stage activities of its 50 percent interest in Blue Racer Midstream LLC, which is expanding the gathering and processing and associated liquids infrastructure serving oil and gas producers in the Utica shale primarily in Ohio and northwest Pennsylvania. We are not the primary beneficiary because we do not have the power to direct the activities of Caiman II that most significantly impact its economic performance. Our maximum exposure to loss is limited to the $500 million of total contributions that we have committed to make inclusive of contributions made to date. At March 31, 2014, the carrying value of our investment in Caiman II was $415 million, which substantially reflects our contributions to that date. |
Allocation_of_Net_Income_and_D
Allocation of Net Income and Distributions | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Allocation of Net Income and Distributions | ' | ||||||||||||||||||||
Note 3 – Allocation of Net Income and Distributions | |||||||||||||||||||||
The allocation of net income between our general partner and limited partners is as follows: | |||||||||||||||||||||
Three months ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Allocation of net income to general partner: | |||||||||||||||||||||
Net income | $ | 352 | $ | 344 | |||||||||||||||||
Net income applicable to pre-partnership operations allocated to general partner | (15 | ) | (23 | ) | |||||||||||||||||
Income subject to 2% allocation of general partner interest | 337 | 321 | |||||||||||||||||||
General partner’s share of net income | 2 | % | 2 | % | |||||||||||||||||
General partner’s allocated share of net income before items directly allocable to general partner interest | 7 | 6 | |||||||||||||||||||
Priority allocations, including incentive distributions, paid to general partner (1) | 153 | 104 | |||||||||||||||||||
Pre-partnership net income allocated to general partner interest | 15 | 23 | |||||||||||||||||||
Net income allocated to general partner | $ | 175 | $ | 133 | |||||||||||||||||
Net income | $ | 352 | $ | 344 | |||||||||||||||||
Net income allocated to general partner | 175 | 133 | |||||||||||||||||||
Net income allocated to Class D limited partners (2) | 4 | — | |||||||||||||||||||
Net income allocated to common limited partners | $ | 173 | $ | 211 | |||||||||||||||||
-1 | The net income allocated to the general partner’s capital account reflects IDRs paid during the current reporting period. In the calculation of basic and diluted net income per common unit, the net income allocated to the general partner includes IDRs pertaining to the current reporting period but paid in the subsequent period. | ||||||||||||||||||||
-2 | The net income allocated to Class D limited partners includes the amortization of the beneficial conversion feature associated with these units. | ||||||||||||||||||||
We paid or have authorized payment of the following partnership cash distributions during 2013 and 2014 (in millions, except for per unit amounts): | |||||||||||||||||||||
General Partner | |||||||||||||||||||||
Payment Date | Per Unit | Common | 2% | Incentive | Total Cash | ||||||||||||||||
Distribution | Units | Distribution | Distribution | ||||||||||||||||||
Rights | |||||||||||||||||||||
2/8/13 | $ | 0.8275 | $ | 329 | $ | 9 | $ | 104 | $ | 442 | |||||||||||
5/10/13 | 0.8475 | 351 | 10 | 112 | 473 | ||||||||||||||||
8/9/13 | 0.8625 | 357 | 11 | 121 | 489 | ||||||||||||||||
11/12/13 | 0.8775 | 385 | 11 | 46 | 442 | ||||||||||||||||
2/13/14 | 0.8925 | 392 | 11 | 153 | 556 | ||||||||||||||||
5/9/2014 (1) | 0.9045 | 396 | 12 | 158 | 566 | ||||||||||||||||
-1 | The Board of Directors of our general partner declared this $0.9045 per common unit cash distribution on April 21, 2014, to be paid on May 9, 2014, to unitholders of record at the close of business on May 2, 2014. | ||||||||||||||||||||
The 2013 and 2014 cash distributions paid to our general partner in the table above have been reduced by $139 million resulting from the temporary waiver of IDRs associated with certain assets acquired in 2012 and an additional $90 million in IDRs waived by our general partner related to the third quarter 2013 distribution, to support our cash distribution metrics as our large platform of growth projects moves toward completion. | |||||||||||||||||||||
Class D Units | |||||||||||||||||||||
As previously mentioned (see Note 1 – General and Basis of Presentation), a portion of the total consideration for the Canada Acquisition was funded through the issuance of Class D units to an affiliate of our general partner, which are convertible to common units on a one-for-one basis beginning in the first quarter of 2016. The Class D units were issued at a discount to the market price of our common units, into which they are convertible. The discount represents a beneficial conversion feature and is reflected as an increase in the common unit capital account and a decrease in the Class D capital account on the Consolidated Statement of Changes in Equity. This discount is being amortized through the conversion date in the first quarter of 2016, resulting in an increase to the Class D capital account and a decrease to the common unit capital account. | |||||||||||||||||||||
Distributions | |||||||||||||||||||||
The Class D units are not entitled to cash distributions. Instead, prior to conversion into common units, the Class D units receive quarterly distributions of additional paid-in-kind Class D units no later than the applicable distribution date. With respect to the Class D units, the number of Class D units to be issued in connection with a Class D unit distribution is the quotient of the amount of the per-unit distribution declared for a common unit for the applicable distribution period multiplied by the number of Class D units outstanding as of the record date, divided by the volume-weighted average price of a common unit calculated over the consecutive 30-day trading period prior to the declaration of the quarterly distribution to common units. On April 21, 2014, the Board of Directors of our general partner authorized the issuance of 456,916 Class D units as the Class D distribution, to be issued on May 9, 2014. | |||||||||||||||||||||
Earnings per unit | |||||||||||||||||||||
Basic and diluted earnings per limited partner unit are calculated using the two-class method. At March 31, 2014, Class D units are anti-dilutive and therefore not included in calculating diluted earnings per common unit. |
Asset_Sales_and_Other_Accruals
Asset Sales and Other Accruals | 3 Months Ended | |
Mar. 31, 2014 | ||
Other Income and Expenses [Abstract] | ' | |
Other income and expenses | ' | |
Note 4 – Other Income and Expenses | ||
On June 13, 2013, an explosion and fire occurred at our Geismar olefins plant. The fire was extinguished on the day of the incident. The incident (Geismar Incident) rendered the facility temporarily inoperable and resulted in significant human, financial and operational effects. | ||
We have substantial insurance coverage for repair and replacement costs, lost production, and additional expenses related to the incident as follows: | ||
• | Property damage and business interruption coverage with a combined per-occurrence limit of $500 million and retentions (deductibles) of $10 million per occurrence for property damage and a waiting period of 60 days per occurrence for business interruption; | |
• | General liability coverage with per-occurrence and aggregate annual limits of $610 million and retentions (deductibles) of $2 million per occurrence; | |
• | Workers’ compensation coverage with statutory limits and retentions (deductibles) of $1 million total per occurrence. | |
During the first quarter of 2014, we received $125 million of insurance recoveries related to the Geismar Incident and incurred $6 million of related covered insurable expenses in excess of our retentions (deductibles). These amounts are reflected at NGL & Petchem Services as a net gain in Net insurance recoveries – Geismar Incident within Costs and expenses in our Consolidated Statement of Comprehensive Income. |
Provision_Benefit_for_Income_T
Provision (Benefit) for Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
Note 5 – Provision for Income Taxes | ||||||||
The Provision for income taxes includes: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Current: | ||||||||
State | $ | — | $ | 3 | ||||
Foreign | — | 2 | ||||||
— | 5 | |||||||
Deferred: | ||||||||
State | 1 | — | ||||||
Foreign | 7 | 10 | ||||||
8 | 10 | |||||||
Total provision | $ | 8 | $ | 15 | ||||
The effective income tax rates for the total provision for the three months ended March 31, 2014 and 2013 are less than the federal statutory rate due to income not subject to U.S. federal tax, partially offset by taxes on foreign operations and the effect of Texas franchise tax. | ||||||||
We generally are not a taxable entity for income tax purposes, with the exception of Texas franchise tax and foreign income taxes associated with our Canadian operations. Other income taxes on net income are generally borne by individual partners. Net income for financial statement purposes may differ significantly from taxable income of unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under our partnership agreement. The aggregated difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined because information regarding each partner’s tax attributes in us is not available to us. | ||||||||
Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial basis and the tax basis of our assets and liabilities. Our management’s judgment and income tax assumptions are used to determine the levels, if any, of valuation allowances associated with deferred tax assets. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Note 6 – Inventories | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Natural gas liquids, olefins, and natural gas in underground storage | $ | 141 | $ | 111 | ||||
Materials, supplies, and other | 81 | 83 | ||||||
$ | 222 | $ | 194 | |||||
Debt_and_Banking_Arrangements
Debt and Banking Arrangements | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 7 – Debt and Banking Arrangements | |
Long-Term Debt | |
Issuances | |
On March 4, 2014, we completed a public offering of $1 billion of 4.3 percent senior unsecured notes due 2024 and $500 million of 5.4 percent senior unsecured notes due 2044. We used a portion of the net proceeds to repay amounts outstanding under our commercial paper program and expect to use the remainder to fund capital expenditures and for general partnership purposes. | |
Credit Facility | |
Letter of credit capacity under our $2.5 billion credit facility is $1.3 billion. At March 31, 2014, no letters of credit have been issued and no loans are outstanding under our credit facility. We issued letters of credit totaling $9 million as of March 31, 2014, under a certain bilateral bank agreement. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Note 8 – Fair Value Measurements and Guarantee | ||||||||||||||||||||
The following table presents, by level within the fair value hierarchy, certain of our financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, commercial paper, and accounts payable approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices In | Other | Unobservable | ||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Assets (liabilities) at March 31, 2014: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 45 | $ | 45 | $ | 45 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 3 | 3 | — | — | 3 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (2 | ) | (2 | ) | — | — | (2 | ) | ||||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 8 | 8 | 2 | 6 | — | |||||||||||||||
Long-term debt, including current portion | (10,553 | ) | (11,306 | ) | — | (11,306 | ) | — | ||||||||||||
Assets (liabilities) at December 31, 2013: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 33 | $ | 33 | $ | 33 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 3 | 3 | — | — | 3 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (3 | ) | (3 | ) | — | (1 | ) | (2 | ) | |||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 7 | 7 | 1 | 6 | — | |||||||||||||||
Long-term debt | (9,057 | ) | (9,581 | ) | — | (9,581 | ) | — | ||||||||||||
Fair Value Methods | ||||||||||||||||||||
We use the following methods and assumptions in estimating the fair value of our financial instruments: | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||||||
ARO Trust investments: Transco deposits a portion of its collected rates, pursuant to its rate case settlement, into an external trust (ARO Trust) that is specifically designated to fund future asset retirement obligations. The ARO Trust invests in a portfolio of actively traded mutual funds that are measured at fair value on a recurring basis based on quoted prices in an active market, is classified as available-for-sale, and is reported in Regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. Both realized and unrealized gains and losses are ultimately recorded as regulatory assets or liabilities. | ||||||||||||||||||||
Energy derivatives: Energy derivatives include commodity based exchange-traded contracts and over-the-counter (OTC) contracts, which consist of physical forwards, futures, and swaps that are measured at fair value on a recurring basis. The fair value amounts are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements. Further, the amounts do not include cash held on deposit in margin accounts that we have received or remitted to collateralize certain derivative positions. Energy derivatives assets are reported in Other current assets and Regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. Energy derivatives liabilities are reported in Other 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, 2014 or 2013. | ||||||||||||||||||||
Additional fair value disclosures | ||||||||||||||||||||
Notes receivable and other: The disclosed fair value of our notes receivable is primarily determined by an income approach which considers the underlying contract amounts and our assessment of our ability to recover these amounts. The current portion is reported in Trade accounts and notes receivable, net and the noncurrent portion is reported in Regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. | ||||||||||||||||||||
Long-term debt: The disclosed fair value of our long-term debt is determined by a market approach using broker quoted indicative period-end bond prices. The quoted prices are based on observable transactions in less active markets for our debt or similar instruments. | ||||||||||||||||||||
Guarantee | ||||||||||||||||||||
We are required by our revolving credit agreement 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. |
Contingent_Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingent Liabilities | ' |
Note 9 – Contingent Liabilities | |
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 U.S. Environmental Protection Agency (EPA), and other governmental authorities. We are jointly and severally liable along with unrelated third parties in some of these activities and solely responsible in others. Certain of our subsidiaries have been identified as potentially responsible parties at various Superfund and state waste disposal sites. In addition, these subsidiaries have incurred, or are alleged to have incurred, various other hazardous materials removal or remediation obligations under environmental laws. As of March 31, 2014, we have accrued liabilities totaling $20 million for these matters, as discussed below. Our accrual reflects the most likely costs of cleanup, which are generally based on completed assessment studies, preliminary results of studies or our experience with other similar cleanup operations. Certain assessment studies are still in process for which the ultimate outcome may yield significantly different estimates of most likely costs. Any incremental amount in excess of amounts currently accrued cannot be reasonably estimated at this time due to uncertainty about the actual number of contaminated sites ultimately identified, the actual amount and extent of contamination discovered and the final cleanup standards mandated by the EPA and other governmental authorities. | |
The EPA and various state regulatory agencies routinely promulgate and propose new rules, and issue updated guidance to existing rules. More recent rules and rulemakings include, but are not limited to, rules for reciprocating internal combustion engine maximum achievable control technology, new air quality standards for ground level ozone, one hour nitrogen dioxide emission limits, and new air quality standards impacting storage vessels, pressure valves, and compressors. We are unable to estimate the costs of asset additions or modifications necessary to comply with these new regulations due to uncertainty created by the various legal challenges to these regulations and the need for further specific regulatory guidance. | |
Our interstate gas pipelines are involved in remediation activities related to certain facilities and locations for polychlorinated biphenyls, mercury, and other hazardous substances. These activities have involved the EPA and various state environmental authorities, resulting in our identification as a potentially responsible party at various Superfund waste sites. At March 31, 2014, we have accrued liabilities of $13 million for these costs. We expect that these costs will be recoverable through rates. | |
We also accrue environmental remediation costs for natural gas underground storage facilities, primarily related to soil and groundwater contamination. At March 31, 2014, we have accrued liabilities totaling $7 million for these costs. | |
Geismar Incident | |
As a result of the previously discussed Geismar Incident, there were two fatalities, and numerous individuals (including affiliate employees and contractors) reported injuries, which varied from minor to serious. We are cooperating with the Chemical Safety Board and the EPA regarding their investigations of the Geismar Incident. On October 21, 2013, the EPA issued an Inspection Report pursuant to the Clean Air Act’s Risk Management Program following its inspection of the facility on June 24 through 28, 2013. The report notes the EPA’s preliminary determinations about the facility’s documentation regarding process safety, process hazard analysis, as well as operating procedures, employee training, and other matters. We and the EPA continue to discuss such preliminary determinations, and the EPA could issue penalties pertaining to final determinations. On December 11, 2013, the Occupational Safety and Health Administration (OSHA) issued citations in connection with its investigation of the June 13, 2013 incident, which included a Notice of Penalty for $99,000. Although we and OSHA continue settlement negotiations, we are contesting the citations. On June 25, 2013, OSHA commenced a second inspection pursuant to its Refinery and Chemical National Emphasis Program (NEP). OSHA has not issued any citation to us in connection with this NEP inspection. There is a six month statute of limitations for violation of the Occupational Safety and Health Act of 1970 or regulations promulgated under such act. On June 28, 2013, the Louisiana Department of Environmental Quality (LDEQ) issued a Consolidated Compliance Order & Notice of Potential Penalty to Williams Olefins, L.L.C. that consolidates claims of unpermitted emissions and other deviations under the Clean Air Act that the parties had been negotiating since 2010 and alleged unpermitted emissions arising from the Geismar Incident. Negotiations with the LDEQ are ongoing. Any potential fines and penalties from these agencies would not be covered by our insurance policy. Additionally, multiple lawsuits, including class actions for alleged offsite impacts, property damage, and personal injury, have been filed against various of our subsidiaries. | |
Due to the ongoing investigation into the cause of the incident, and the limited information available associated with the filed lawsuits, which do not specify any amounts for claimed damages, we cannot reasonably estimate a range of potential loss related to these contingencies at this time. | |
Transco 2012 Rate Case | |
On August 31, 2012, Transco submitted to the Federal Energy Regulatory Commission (FERC) a general rate filing principally designed to recover increased costs and to comply with the terms of the settlement in its prior rate proceedings. The new rates became effective March 1, 2013, subject to refund and the outcome of the hearing. On August 27, 2013, Transco filed a stipulation and agreement with the FERC proposing to resolve all issues in this proceeding without the need for a hearing (Agreement). On December 6, 2013, the FERC issued an order approving the Agreement without modifications. Pursuant to its terms, the Agreement became effective March 1, 2014. As of March 31, 2014, Accounts Payable Trade includes $118 million for rate refunds that were subsequently paid on April 18, 2014. | |
Other | |
In addition to the foregoing, various other proceedings are pending against us which are incidental to our operations. | |
Summary | |
We estimate that for all matters for which we are able to reasonably estimate a range of loss, including those noted above and others that are not individually significant, our aggregate reasonably possible losses beyond amounts accrued for all of our contingent liabilities 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. We disclose all significant matters for which we are unable to reasonably estimate a range of possible loss. |
Segment_Disclosures
Segment Disclosures | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Disclosures | ' | |||||||||||||||||||||||
Note 10 – Segment Disclosures | ||||||||||||||||||||||||
Our reportable segments are Northeast G&P, Atlantic-Gulf, West, and NGL & Petchem Services. (See Note 1 – General and Basis of Presentation.) | ||||||||||||||||||||||||
Performance Measurement | ||||||||||||||||||||||||
We currently evaluate segment operating performance based on Segment profit (loss) from operations, which includes Segment revenues from external and internal customers, segment costs and expenses, Equity earnings (losses), and Income (loss) from investments. General corporate expenses represent Selling, general, and administrative expenses that are not allocated to our segments. Intersegment revenues primarily represent the sale of NGLs from our natural gas processing plants to our marketing business and are generally accounted for at current market prices as if the sales were to unaffiliated third parties. | ||||||||||||||||||||||||
The following table reflects the reconciliation of Segment revenues and Segment profit (loss) to Total revenues and Operating income as reported in the Consolidated Statement of Comprehensive Income. | ||||||||||||||||||||||||
Northeast | Atlantic- | West | NGL & | Eliminations | Total | |||||||||||||||||||
G&P | Gulf | Petchem | ||||||||||||||||||||||
Services | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 99 | $ | 378 | $ | 256 | $ | 30 | $ | — | $ | 763 | ||||||||||||
Internal | — | 1 | — | — | (1 | ) | — | |||||||||||||||||
Total service revenues | 99 | 379 | 256 | 30 | (1 | ) | 763 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 60 | 152 | 19 | 699 | — | 930 | ||||||||||||||||||
Internal | — | 69 | 126 | 76 | (271 | ) | — | |||||||||||||||||
Total product sales | 60 | 221 | 145 | 775 | (271 | ) | 930 | |||||||||||||||||
Total revenues | $ | 159 | $ | 600 | $ | 401 | $ | 805 | $ | (272 | ) | $ | 1,693 | |||||||||||
Segment profit (loss) | $ | 6 | $ | 165 | $ | 165 | $ | 167 | $ | 503 | ||||||||||||||
Less equity earnings (losses) | 1 | 15 | — | 7 | 23 | |||||||||||||||||||
Segment operating income (loss) | $ | 5 | $ | 150 | $ | 165 | $ | 160 | 480 | |||||||||||||||
General corporate expenses | (40 | ) | ||||||||||||||||||||||
Operating income | $ | 440 | ||||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 63 | $ | 354 | $ | 258 | $ | 27 | $ | — | $ | 702 | ||||||||||||
Internal | — | 4 | — | — | (4 | ) | — | |||||||||||||||||
Total service revenues | 63 | 358 | 258 | 27 | (4 | ) | 702 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 20 | 205 | 26 | 853 | — | 1,104 | ||||||||||||||||||
Internal | — | 26 | 173 | 78 | (277 | ) | — | |||||||||||||||||
Total product sales | 20 | 231 | 199 | 931 | (277 | ) | 1,104 | |||||||||||||||||
Total revenues | $ | 83 | $ | 589 | $ | 457 | $ | 958 | $ | (281 | ) | $ | 1,806 | |||||||||||
Segment profit (loss) | $ | (9 | ) | $ | 159 | $ | 186 | $ | 158 | $ | 494 | |||||||||||||
Less: | ||||||||||||||||||||||||
Equity earnings (losses) | (3 | ) | 16 | — | 5 | 18 | ||||||||||||||||||
Income (loss) from investments | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||
Segment operating income (loss) | $ | (6 | ) | $ | 143 | $ | 186 | $ | 154 | 477 | ||||||||||||||
General corporate expenses | (45 | ) | ||||||||||||||||||||||
Operating income | $ | 432 | ||||||||||||||||||||||
The following table reflects Total assets by reportable segment. | ||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Northeast G&P | $ | 6,658 | $ | 6,229 | ||||||||||||||||||||
Atlantic-Gulf | 10,315 | 10,007 | ||||||||||||||||||||||
West | 4,737 | 4,767 | ||||||||||||||||||||||
NGL & Petchem Services | 3,207 | 3,035 | ||||||||||||||||||||||
Other corporate assets | 613 | 147 | ||||||||||||||||||||||
Eliminations (1) | (739 | ) | (614 | ) | ||||||||||||||||||||
Total | $ | 24,791 | $ | 23,571 | ||||||||||||||||||||
-1 | Eliminations primarily relate to the intercompany accounts receivable generated by our cash management program. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 11 – Subsequent Event | |
On April 23, 2014, an explosion and fire occurred at our natural gas processing facility near Opal, Wyoming. There were no reported injuries or damage to property outside the facility. The facility was immediately shut down and natural gas gathering from surrounding producing areas was temporarily suspended as a result of the incident. | |
The facility is primarily comprised of five turbo-expander (TXP) cryogenic gas-processing units. Although we have not yet made a full assessment of all plant equipment, the initial visual assessment of damage indicates that the impact was largely limited to the TXP-3 unit. We are inspecting the damaged equipment in cooperation with regulatory authorities and developing preliminary plans to bring the other four units back into service. The capacity of the four undamaged plants is sufficient to handle all of the natural gas currently available to the facility. | |
We have insurance coverage, subject to retentions (deductibles), for property damage and business interruption that we expect to significantly mitigate the financial effects of the incident. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Variable Interest Entity Disclosures [Abstract] | ' | |||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||||
The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of these VIEs, which are joint projects in the development and construction phase: | ||||||||||
March 31, | December 31, | Classification | ||||||||
2014 | 2013 | |||||||||
(Millions) | ||||||||||
Assets (liabilities): | ||||||||||
Cash and cash equivalents | $ | 36 | $ | 76 | Cash and cash equivalents | |||||
Accounts receivable | 10 | — | Trade accounts and notes receivable, net | |||||||
Property, plant, and equipment | 1,209 | 998 | Property, plant, and equipment, at cost | |||||||
Accounts payable | (153 | ) | (120 | ) | Accounts payable - trade | |||||
Construction retainage | (4 | ) | (3 | ) | Other accrued liabilities | |||||
Current deferred revenue | — | (10 | ) | Other accrued liabilities | ||||||
Asset retirement obligation | (30 | ) | — | Asset retirement obligations, noncurrent | ||||||
Noncurrent deferred revenue associated with customer advance payments | (130 | ) | (115 | ) | Regulatory liabilities, deferred income, and other |
Allocation_of_Net_Income_and_D1
Allocation of Net Income and Distributions (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Allocation of net income among our general partner, limited partners, and noncontrolling interests | ' | ||||||||||||||||||||
The allocation of net income between our general partner and limited partners is as follows: | |||||||||||||||||||||
Three months ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Allocation of net income to general partner: | |||||||||||||||||||||
Net income | $ | 352 | $ | 344 | |||||||||||||||||
Net income applicable to pre-partnership operations allocated to general partner | (15 | ) | (23 | ) | |||||||||||||||||
Income subject to 2% allocation of general partner interest | 337 | 321 | |||||||||||||||||||
General partner’s share of net income | 2 | % | 2 | % | |||||||||||||||||
General partner’s allocated share of net income before items directly allocable to general partner interest | 7 | 6 | |||||||||||||||||||
Priority allocations, including incentive distributions, paid to general partner (1) | 153 | 104 | |||||||||||||||||||
Pre-partnership net income allocated to general partner interest | 15 | 23 | |||||||||||||||||||
Net income allocated to general partner | $ | 175 | $ | 133 | |||||||||||||||||
Net income | $ | 352 | $ | 344 | |||||||||||||||||
Net income allocated to general partner | 175 | 133 | |||||||||||||||||||
Net income allocated to Class D limited partners (2) | 4 | — | |||||||||||||||||||
Net income allocated to common limited partners | $ | 173 | $ | 211 | |||||||||||||||||
-1 | The net income allocated to the general partner’s capital account reflects IDRs paid during the current reporting period. In the calculation of basic and diluted net income per common unit, the net income allocated to the general partner includes IDRs pertaining to the current reporting period but paid in the subsequent period. | ||||||||||||||||||||
-2 | The net income allocated to Class D limited partners includes the amortization of the beneficial conversion feature associated with these units. | ||||||||||||||||||||
Authorized payment of cash distributions | ' | ||||||||||||||||||||
We paid or have authorized payment of the following partnership cash distributions during 2013 and 2014 (in millions, except for per unit amounts): | |||||||||||||||||||||
General Partner | |||||||||||||||||||||
Payment Date | Per Unit | Common | 2% | Incentive | Total Cash | ||||||||||||||||
Distribution | Units | Distribution | Distribution | ||||||||||||||||||
Rights | |||||||||||||||||||||
2/8/13 | $ | 0.8275 | $ | 329 | $ | 9 | $ | 104 | $ | 442 | |||||||||||
5/10/13 | 0.8475 | 351 | 10 | 112 | 473 | ||||||||||||||||
8/9/13 | 0.8625 | 357 | 11 | 121 | 489 | ||||||||||||||||
11/12/13 | 0.8775 | 385 | 11 | 46 | 442 | ||||||||||||||||
2/13/14 | 0.8925 | 392 | 11 | 153 | 556 | ||||||||||||||||
5/9/2014 (1) | 0.9045 | 396 | 12 | 158 | 566 | ||||||||||||||||
-1 | The Board of Directors of our general partner declared this $0.9045 per common unit cash distribution on April 21, 2014, to be paid on May 9, 2014, to unitholders of record at the close of business on May 2, 2014. |
Provision_Benefit_for_Income_T1
Provision (Benefit) for Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||
The Provision for income taxes includes: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Current: | ||||||||
State | $ | — | $ | 3 | ||||
Foreign | — | 2 | ||||||
— | 5 | |||||||
Deferred: | ||||||||
State | 1 | — | ||||||
Foreign | 7 | 10 | ||||||
8 | 10 | |||||||
Total provision | $ | 8 | $ | 15 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Natural gas liquids, olefins, and natural gas in underground storage | $ | 141 | $ | 111 | ||||
Materials, supplies, and other | 81 | 83 | ||||||
$ | 222 | $ | 194 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices In | Other | Unobservable | ||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Assets (liabilities) at March 31, 2014: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 45 | $ | 45 | $ | 45 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 3 | 3 | — | — | 3 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (2 | ) | (2 | ) | — | — | (2 | ) | ||||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 8 | 8 | 2 | 6 | — | |||||||||||||||
Long-term debt, including current portion | (10,553 | ) | (11,306 | ) | — | (11,306 | ) | — | ||||||||||||
Assets (liabilities) at December 31, 2013: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 33 | $ | 33 | $ | 33 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 3 | 3 | — | — | 3 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (3 | ) | (3 | ) | — | (1 | ) | (2 | ) | |||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 7 | 7 | 1 | 6 | — | |||||||||||||||
Long-term debt | (9,057 | ) | (9,581 | ) | — | (9,581 | ) | — | ||||||||||||
Segment_Disclosures_Tables
Segment Disclosures (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Reconciliation of segment revenues and segment profit (loss) | ' | |||||||||||||||||||||||
The following table reflects the reconciliation of Segment revenues and Segment profit (loss) to Total revenues and Operating income as reported in the Consolidated Statement of Comprehensive Income. | ||||||||||||||||||||||||
Northeast | Atlantic- | West | NGL & | Eliminations | Total | |||||||||||||||||||
G&P | Gulf | Petchem | ||||||||||||||||||||||
Services | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 99 | $ | 378 | $ | 256 | $ | 30 | $ | — | $ | 763 | ||||||||||||
Internal | — | 1 | — | — | (1 | ) | — | |||||||||||||||||
Total service revenues | 99 | 379 | 256 | 30 | (1 | ) | 763 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 60 | 152 | 19 | 699 | — | 930 | ||||||||||||||||||
Internal | — | 69 | 126 | 76 | (271 | ) | — | |||||||||||||||||
Total product sales | 60 | 221 | 145 | 775 | (271 | ) | 930 | |||||||||||||||||
Total revenues | $ | 159 | $ | 600 | $ | 401 | $ | 805 | $ | (272 | ) | $ | 1,693 | |||||||||||
Segment profit (loss) | $ | 6 | $ | 165 | $ | 165 | $ | 167 | $ | 503 | ||||||||||||||
Less equity earnings (losses) | 1 | 15 | — | 7 | 23 | |||||||||||||||||||
Segment operating income (loss) | $ | 5 | $ | 150 | $ | 165 | $ | 160 | 480 | |||||||||||||||
General corporate expenses | (40 | ) | ||||||||||||||||||||||
Operating income | $ | 440 | ||||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 63 | $ | 354 | $ | 258 | $ | 27 | $ | — | $ | 702 | ||||||||||||
Internal | — | 4 | — | — | (4 | ) | — | |||||||||||||||||
Total service revenues | 63 | 358 | 258 | 27 | (4 | ) | 702 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 20 | 205 | 26 | 853 | — | 1,104 | ||||||||||||||||||
Internal | — | 26 | 173 | 78 | (277 | ) | — | |||||||||||||||||
Total product sales | 20 | 231 | 199 | 931 | (277 | ) | 1,104 | |||||||||||||||||
Total revenues | $ | 83 | $ | 589 | $ | 457 | $ | 958 | $ | (281 | ) | $ | 1,806 | |||||||||||
Segment profit (loss) | $ | (9 | ) | $ | 159 | $ | 186 | $ | 158 | $ | 494 | |||||||||||||
Less: | ||||||||||||||||||||||||
Equity earnings (losses) | (3 | ) | 16 | — | 5 | 18 | ||||||||||||||||||
Income (loss) from investments | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||
Segment operating income (loss) | $ | (6 | ) | $ | 143 | $ | 186 | $ | 154 | 477 | ||||||||||||||
General corporate expenses | (45 | ) | ||||||||||||||||||||||
Operating income | $ | 432 | ||||||||||||||||||||||
Total assets and investments by reporting segment | ' | |||||||||||||||||||||||
The following table reflects Total assets by reportable segment. | ||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Northeast G&P | $ | 6,658 | $ | 6,229 | ||||||||||||||||||||
Atlantic-Gulf | 10,315 | 10,007 | ||||||||||||||||||||||
West | 4,737 | 4,767 | ||||||||||||||||||||||
NGL & Petchem Services | 3,207 | 3,035 | ||||||||||||||||||||||
Other corporate assets | 613 | 147 | ||||||||||||||||||||||
Eliminations (1) | (739 | ) | (614 | ) | ||||||||||||||||||||
Total | $ | 24,791 | $ | 23,571 | ||||||||||||||||||||
-1 | Eliminations primarily relate to the intercompany accounts receivable generated by our cash management program. |
General_and_Basis_of_Presentat1
General and Basis of Presentation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' |
Parent, general partner ownership percentage | 2.00% | 2.00% | ' |
Ownership percentage of an asset | 50.00% | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | ' | ' | ' |
Reduction in incentive distribution rights payment | $139 | ' | $90 |
Canada Acquisition [Member] | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | ' | ' | ' |
Payments to Acquire Businesses, Gross | 25 | ' | ' |
Partners' Capital Account, Units, Acquisitions | 25,577,521 | ' | ' |
Future Sales Of Class D Units | 200 | ' | ' |
Combination Of Entities Under Common Control Effect On Net Income | $23 | ' | ' |
Williams | ' | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' |
Parent, limited partner ownership percentage | 64.00% | ' | ' |
Parent, general partner ownership percentage | 2.00% | ' | ' |
Constitution Pipeline Company LLC | ' | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' |
Variable Interest Entity Ownership Percentage | 41.00% | ' | ' |
Geismar | ' | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' |
Subsidiary, ownership percentage | 83.30% | ' | ' |
Gulfstream Natural Gas System, L.L.C. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Laurel Mountain Midstream, LLC | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 51.00% | ' | ' |
Caiman Energy II, LLC | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 58.00% | ' | ' |
Discovery Producer Services LLC | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 60.00% | ' | ' |
Overland Pass Pipeline Company LLC | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Constitution Pipeline Company LLC [Member] | Blue Racer Midstream Llc [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Property Plant And Equipment [Member] | Property Plant And Equipment [Member] | Accounts payable - trade [Member] | Accounts payable - trade [Member] | Other accrued liabilities [Member] | Other accrued liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Asset Retirement Obligation Costs [Member] | Asset Retirement Obligation Costs [Member] | Regulatory liabilities, deferred income and other [Member] | Regulatory liabilities, deferred income and other [Member] | Gulfstar One [Member] | Gulfstar One [Member] | Gunflint [Member] | Constitution Pipeline Company LLC [Member] | Constitution Pipeline Company LLC [Member] | Laurel Mountain [Member] | Laurel Mountain [Member] | Caiman Energy II LLC [Member] | Caiman Energy II LLC [Member] | |||||
Estimated Remaining Construction Costs For Variable Interest Entity [Member] | Estimated Remaining Construction Costs For Variable Interest Entity [Member] | Estimated Remaining Construction Costs For Variable Interest Entity [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | |||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity Ownership Percentage | ' | ' | 41.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | 41.00% | ' | 51.00% | ' | 58.00% | ' |
Other commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250 | $134 | ' | $600 | ' | ' | ' | ' |
Equity Method Investment Ownership Percentage Of An Investee By Our Subsidiary | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | ' | ' | ' | ' | 36 | 76 | 10 | 0 | 1,209 | 998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -153 | -120 | -4 | -3 | 0 | -10 | -30 | 0 | -130 | -115 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | 215 | 93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119 | ' |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 482 | ' | 415 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $482 | ' | $500 | ' |
Allocation_of_Net_Income_and_D2
Allocation of Net Income and Distributions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 21, 2014 | |||
Subsequent Event [Member] | ||||||||||
Allocation of net income to general partner: | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $352 | ' | ' | ' | $344 | ' | ' | |||
Net income applicable to pre-partnership operations allocated to general partner | -15 | ' | ' | ' | -23 | ' | ' | |||
Income subject to 2% allocation of general partner interest | 337 | ' | ' | ' | 321 | ' | ' | |||
General partner's share of net income | 2.00% | ' | ' | ' | 2.00% | ' | ' | |||
General partner's allocated share of net income before items directly allocable to general partner interest | 7 | ' | ' | ' | 6 | ' | ' | |||
Priority allocations, including incentive distributions, paid to general partner | 153 | [1] | ' | ' | ' | 104 | [1] | ' | ' | |
Pre-partnership net income allocated to general partner interest | 15 | ' | ' | ' | 23 | ' | ' | |||
Net income allocated to general partner | 175 | ' | ' | ' | 133 | ' | ' | |||
Net income | 352 | ' | ' | ' | 344 | ' | ' | |||
Net income allocated to general partner | 175 | ' | ' | ' | 133 | ' | ' | |||
Net income allocated to Class D limited partners | 4 | [2] | ' | ' | ' | 0 | [2] | ' | ' | |
Net income allocated to common limited partners | 173 | ' | ' | ' | 211 | ' | ' | |||
Distributions Made to Members or Limited Partners [Abstract] | ' | ' | ' | ' | ' | ' | ' | |||
Payment Date | 13-Feb-14 | 12-Nov-13 | 9-Aug-13 | 10-May-13 | 8-Feb-13 | ' | 9-May-14 | [3] | ||
Per Unit Distribution (Paid) | $0.89 | $0.88 | $0.86 | $0.85 | $0.83 | ' | ' | |||
Per Unit Distribution (Declared) | $0.90 | ' | ' | ' | $0.85 | ' | $0.90 | [3] | ||
Common Units Cash Distribution | 392 | 385 | 357 | 351 | 329 | ' | 396 | [3] | ||
2% General Partner Cash Distribution | 11 | 11 | 11 | 10 | 9 | ' | 12 | [3] | ||
Incentive distributions paid to general partner | 153 | 46 | 121 | 112 | 104 | ' | 158 | [3] | ||
Total Cash Distributions | 556 | 442 | 489 | 473 | 442 | ' | 566 | [3] | ||
Class D Units Issued In Lieu Of Cash Distributions | ' | ' | ' | ' | ' | ' | 456,916 | |||
Reduction in incentive distribution rights payment | $139 | ' | ' | ' | ' | $90 | ' | |||
[1] | The net income allocated to the general partnerbs capital account reflects IDRs paid during the current reporting period. In the calculation of basic and diluted net income per common unit, the net income allocated to the general partner includes IDRs pertaining to the current reporting period but paid in the subsequent period. | |||||||||
[2] | The net income allocated to Class D limited partners includes the amortization of the beneficial conversion feature associated with these units. | |||||||||
[3] | The Board of Directors of our general partner declared this $0.9045 per common unit cash distribution on April 21, 2014, to be paid on May 9, 2014, to unitholders of record at the close of business on May 2, 2014. |
Asset_Sales_and_Other_Accruals1
Asset Sales and Other Accruals (Details) (NGL & Petchem Services [Member], Geismar Incident [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ' |
Insurance recoveries | $125 |
Insurable Expenses in Excess of our Deductibles | 6 |
Property Damage And Business Interruption Coverage [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Maximum insurance recoverable amount | 500 |
Property Damage [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Insurance deductibles | 10 |
Business Interruption [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Duration of waiting period before business interruption coverage begins | '60 days |
General Liability Coverage [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Maximum insurance recoverable amount | 610 |
Insurance deductibles | 2 |
Workers Compensation Coverage [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Insurance deductibles | $1 |
Provision_Benefit_for_Income_T2
Provision (Benefit) for Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Current: | ' | ' |
State | $0 | $3 |
Foreign | 0 | 2 |
Total | 0 | 5 |
Deferred: | ' | ' |
State | 1 | 0 |
Foreign | 7 | 10 |
Total | 8 | 10 |
Income Tax Expense (Benefit) | $8 | $15 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Natural gas liquids, olefins, and natural gas in underground storage | $141 | $111 |
Materials, supplies, and other | 81 | 83 |
Total Inventories | $222 | $194 |
Longterm_Debt_Issuances_and_Re
Long-term Debt Issuances and Retirements (Details 1) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
4.3% Senior Unsecured Notes Due 2024 [Member] | ' |
Debt Instrument [Line Items] | ' |
Long-term debt face amount | $1,000 |
Long-term debt interest rate | 4.30% |
5.4% Senior Unsecured Notes Due 2044 [Member] | ' |
Debt Instrument [Line Items] | ' |
Long-term debt face amount | $500 |
Long-term debt interest rate | 5.40% |
Credit_Facilities_and_Commerci
Credit Facilities and Commercial Paper (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Commercial paper, outstanding | $0 | $225,000,000 |
$2.5 Billion Unsecured Credit Facility [Member] | ' | ' |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Credit facility, capacity | 2,500,000,000 | ' |
Credit facility, loans outstanding | 0 | ' |
$2.5 Billion Unsecured Credit Facility Letter of Credit [Member] | ' | ' |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Credit facility, capacity | 1,300,000,000 | ' |
Credit facility, letters of credit outstanding | 0 | ' |
$2.5 Billion Unsecured Credit Facility Letter of Credit Under Bilateral Bank Agreements [Member] | ' | ' |
Credit Facility and Commercial Paper [Line Items] | ' | ' |
Credit facility, letters of credit outstanding | $9,000,000 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||
Carrying Amount [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||||||||||||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||
Measured on a recurring basis: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ARO Trust investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45 | $33 | ' | ' | $45 | $33 | ' | ' | $45 | $33 | ' | ' | $0 | $0 | ' | ' | $0 | $0 | ' | ' |
Energy derivative assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' | 3 | 3 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 3 | 3 |
Energy derivative liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -3 | ' | ' | -2 | -3 | ' | ' | 0 | 0 | ' | ' | 0 | -1 | ' | ' | -2 | -2 |
Additional disclosures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable and other | ' | ' | 8 | 7 | 8 | 7 | 2 | 1 | 6 | 6 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, including current portion | ' | ' | -10,553 | -9,057 | -11,306 | -9,581 | 0 | 0 | -11,306 | -9,581 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent_Liabilities_Details
Contingent Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 11, 2013 |
Contingent Liabilities [Line Items] | ' | ' |
Accrued environmental loss liabilities | $20,000,000 | ' |
Customer Refund Liability, Current | 118,000,000 | ' |
Notice of Penalty | ' | 99,000 |
Environmental Protection Agency [Member] | ' | ' |
Contingent Liabilities [Line Items] | ' | ' |
Accrued environmental loss liabilities | 13,000,000 | ' |
Natural gas underground storage facilities [Member] | ' | ' |
Contingent Liabilities [Line Items] | ' | ' |
Accrued environmental loss liabilities | $7,000,000 | ' |
Segment_Disclosures_Details_1
Segment Disclosures (Details 1) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | $1,693 | $1,806 | ' | ||
Segment profit (loss) | 503 | 494 | ' | ||
Less equity earnings (losses) | 23 | 18 | ' | ||
Income (loss) from investments | ' | -1 | ' | ||
Operating income | 440 | 432 | ' | ||
Total assets and investments by reporting segment | ' | ' | ' | ||
Total assets | 24,791 | ' | 23,571 | ||
Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 763 | 702 | ' | ||
Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 930 | 1,104 | ' | ||
Northeast G&P [Member] | ' | ' | ' | ||
Total assets and investments by reporting segment | ' | ' | ' | ||
Total assets | 6,658 | ' | 6,229 | ||
Northeast G&P [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 99 | 63 | ' | ||
Northeast G&P [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 60 | 20 | ' | ||
Atlantic-Gulf [Member] | ' | ' | ' | ||
Total assets and investments by reporting segment | ' | ' | ' | ||
Total assets | 10,315 | ' | 10,007 | ||
Atlantic-Gulf [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 378 | 354 | ' | ||
Atlantic-Gulf [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 152 | 205 | ' | ||
West [Member] | ' | ' | ' | ||
Total assets and investments by reporting segment | ' | ' | ' | ||
Total assets | 4,737 | ' | 4,767 | ||
West [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 256 | 258 | ' | ||
West [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 19 | 26 | ' | ||
NGL & Petchem Services [Member] | ' | ' | ' | ||
Total assets and investments by reporting segment | ' | ' | ' | ||
Total assets | 3,207 | ' | 3,035 | ||
NGL & Petchem Services [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 30 | 27 | ' | ||
NGL & Petchem Services [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 699 | 853 | ' | ||
Intersegment Eliminations [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | -272 | -281 | ' | ||
Intersegment Eliminations [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | -1 | -4 | ' | ||
Intersegment Eliminations [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | -271 | -277 | ' | ||
Operating Segments [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Operating income | 480 | 477 | ' | ||
Operating Segments [Member] | Northeast G&P [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 159 | 83 | ' | ||
Segment profit (loss) | 6 | -9 | ' | ||
Less equity earnings (losses) | 1 | -3 | ' | ||
Income (loss) from investments | ' | 0 | ' | ||
Operating income | 5 | -6 | ' | ||
Operating Segments [Member] | Northeast G&P [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 99 | 63 | ' | ||
Operating Segments [Member] | Northeast G&P [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 60 | 20 | ' | ||
Operating Segments [Member] | Atlantic-Gulf [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 600 | 589 | ' | ||
Segment profit (loss) | 165 | 159 | ' | ||
Less equity earnings (losses) | 15 | 16 | ' | ||
Income (loss) from investments | ' | 0 | ' | ||
Operating income | 150 | 143 | ' | ||
Operating Segments [Member] | Atlantic-Gulf [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 379 | 358 | ' | ||
Operating Segments [Member] | Atlantic-Gulf [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 221 | 231 | ' | ||
Operating Segments [Member] | West [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 401 | 457 | ' | ||
Segment profit (loss) | 165 | 186 | ' | ||
Less equity earnings (losses) | 0 | 0 | ' | ||
Income (loss) from investments | ' | 0 | ' | ||
Operating income | 165 | 186 | ' | ||
Operating Segments [Member] | West [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 256 | 258 | ' | ||
Operating Segments [Member] | West [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 145 | 199 | ' | ||
Operating Segments [Member] | NGL & Petchem Services [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 805 | 958 | ' | ||
Segment profit (loss) | 167 | 158 | ' | ||
Less equity earnings (losses) | 7 | 5 | ' | ||
Income (loss) from investments | ' | -1 | ' | ||
Operating income | 160 | 154 | ' | ||
Operating Segments [Member] | NGL & Petchem Services [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 30 | 27 | ' | ||
Operating Segments [Member] | NGL & Petchem Services [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 775 | 931 | ' | ||
Intersegment Eliminations [Member] | ' | ' | ' | ||
Total assets and investments by reporting segment | ' | ' | ' | ||
Total assets | -739 | [1] | ' | -614 | [1] |
Intersegment Eliminations [Member] | Northeast G&P [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 0 | 0 | ' | ||
Intersegment Eliminations [Member] | Northeast G&P [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 0 | 0 | ' | ||
Intersegment Eliminations [Member] | Atlantic-Gulf [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | -1 | -4 | ' | ||
Intersegment Eliminations [Member] | Atlantic-Gulf [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | -69 | -26 | ' | ||
Intersegment Eliminations [Member] | West [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 0 | 0 | ' | ||
Intersegment Eliminations [Member] | West [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | -126 | -173 | ' | ||
Intersegment Eliminations [Member] | NGL & Petchem Services [Member] | Service [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | 0 | 0 | ' | ||
Intersegment Eliminations [Member] | NGL & Petchem Services [Member] | Product [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Total revenues | -76 | -78 | ' | ||
Other corporate assets [Member] | ' | ' | ' | ||
Total assets and investments by reporting segment | ' | ' | ' | ||
Total assets | 613 | ' | 147 | ||
General Corporate Expenses [Member] | ' | ' | ' | ||
Reconciliation of segment revenues and segment profit (loss) | ' | ' | ' | ||
Operating income | ($40) | ($45) | ' | ||
[1] | Eliminations primarily relate to the intercompany accounts receivable generated by our cash management program. |