Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-7584 | |
Entity Registrant Name | TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-1079400 | |
Entity Address, Address Line One | 2800 Post Oak Boulevard | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77056 | |
City Area Code | 713 | |
Local Phone Number | 215-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000099250 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 0 |
Condensed Statement of Net Inco
Condensed Statement of Net Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Revenues: | ||
Natural gas sales | $ 14,224 | $ 19,654 |
Natural gas transportation | 582,557 | 566,006 |
Natural gas storage | 42,502 | 38,374 |
Other | 4,494 | 3,334 |
Total operating revenues | 643,777 | 627,368 |
Operating Costs and Expenses: | ||
Cost of natural gas sales | 14,224 | 19,654 |
Cost of natural gas transportation | 17,614 | 13,396 |
Operation and maintenance | 78,470 | 80,689 |
Administrative and general | 50,753 | 42,171 |
Depreciation and amortization | 117,797 | 113,635 |
Taxes - other than income taxes | 24,528 | 22,437 |
Regulatory credit resulting from tax rate changes | (7,688) | (7,688) |
Other expense, net | 1,423 | 3,290 |
Total operating costs and expenses | 297,121 | 287,584 |
Operating Income | 346,656 | 339,784 |
Other (Income) and Other Expenses: | ||
Interest expense | 80,175 | 73,109 |
Allowance for equity and borrowed funds used during construction (AFUDC) | (3,997) | (10,953) |
Miscellaneous other (income) expenses, net | 52 | (356) |
Total other (income) and other expenses | 76,230 | 61,800 |
Net Income | $ 270,426 | $ 277,984 |
Condensed Balance Sheet (Unaudi
Condensed Balance Sheet (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 0 | $ 0 |
Receivables: | ||
Affiliates | 1,288 | 1,011 |
Advances to affiliate | 968,838 | 642,734 |
Trade and other | 214,516 | 223,864 |
Accounts and Other Receivables, Net, Current | 13,962 | 14,660 |
Transportation and exchange gas receivables | 7,678 | 4,627 |
Inventories | 60,610 | 56,297 |
Regulatory assets | 69,351 | 62,861 |
Other | 8,849 | 13,847 |
Total current assets | 1,345,092 | 1,019,901 |
Property, Plant and Equipment | ||
Natural gas transmission plant | 17,212,718 | 17,123,779 |
Less-Accumulated depreciation and amortization | 4,903,794 | 4,802,256 |
Total property, plant and equipment, net | 12,308,924 | 12,321,523 |
Other Assets: | ||
Regulatory assets | 271,289 | 281,870 |
Right-of-use assets | 75,974 | 78,899 |
Other | 259,234 | 252,051 |
Total other assets | 606,497 | 612,820 |
Total Assets | 14,260,513 | 13,954,244 |
Payables: | ||
Affiliates | 45,187 | 32,676 |
Trade and other | 107,868 | 128,449 |
Transportation and exchange gas payables | 6,778 | 1,905 |
Regulatory liabilities | 58,412 | 57,086 |
Accrued liabilities | 215,228 | 242,379 |
Long-term debt due within one year | 23,152 | 22,640 |
Total current liabilities | 456,625 | 485,135 |
Long-Term Debt | 5,212,630 | 5,217,140 |
Other Long-Term Liabilities: | ||
Asset retirement obligations | 400,791 | 397,737 |
Regulatory liabilities | 944,566 | 946,774 |
Deferred revenue | 202,391 | 205,030 |
Lease liability | 77,281 | 78,688 |
Other | 54,984 | 42,921 |
Total other long-term liabilities | 1,680,013 | 1,671,150 |
Contingent Liabilities and Commitments (Note 3) | ||
Members' Equity | ||
Member's capital | 4,603,499 | 4,543,499 |
Retained earnings | 2,307,746 | 2,037,320 |
Total member's equity | 6,911,245 | 6,580,819 |
Total liabilities and member's equity | $ 14,260,513 | $ 13,954,244 |
Condensed Statement of Member's
Condensed Statement of Member's Equity (Unaudited) - USD ($) $ in Thousands | Total | Member's Capital | Retained Earnings [Member] |
Balance at beginning of period at Dec. 31, 2019 | $ 4,428,499 | $ 2,177,284 | |
Cash contributions from parent | $ 0 | 0 | |
Net Income | 277,984 | 277,984 | |
Cash distributions to parent | (270,000) | (270,000) | |
Balance at end of period at Mar. 31, 2020 | 6,613,767 | 4,428,499 | 2,185,268 |
Balance at beginning of period at Dec. 31, 2020 | 6,580,819 | 4,543,499 | 2,037,320 |
Cash contributions from parent | 60,000 | 60,000 | |
Net Income | 270,426 | 270,426 | |
Cash distributions to parent | 0 | 0 | |
Balance at end of period at Mar. 31, 2021 | $ 6,911,245 | $ 4,603,499 | $ 2,307,746 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net Income | $ 270,426 | $ 277,984 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 117,797 | 113,635 |
Allowance for equity funds used during construction (equity AFUDC) | (3,052) | (8,121) |
Regulatory credit resulting from tax rate changes | (7,688) | (7,688) |
Changes in operating assets and liabilities: | ||
Receivables - affiliates | (277) | (1,016) |
Receivables - trade and other | 10,046 | 20,227 |
Transportation and exchange gas receivable | (3,051) | 697 |
Inventories | (4,313) | 1,130 |
Payables - affiliates | 12,511 | (6,973) |
Payables - trade | (26,077) | (31,120) |
Accrued liabilities | (22,381) | (40,343) |
Reserve for rate refunds | 0 | 59,449 |
Asset retirement obligations | 4,653 | 5,432 |
Deferred revenue | (2,638) | (2,641) |
Other, net | 2,748 | 9,572 |
Net cash provided by operating activities | 348,704 | 390,224 |
Cash flows from financing activities: | ||
Proceeds from other financing obligations | 817 | 1,685 |
Payments on other financing obligations | (5,430) | (4,837) |
Payments for debt issuance costs | (32) | 0 |
Cash distributions to parent | 0 | (270,000) |
Cash contributions from parent | 60,000 | 0 |
Advances from affiliate, net | 0 | 64,358 |
Net cash provided by (used in) financing activities | 55,355 | (208,794) |
Cash flows from investing activities: | ||
Capital expenditures | (89,200) | (173,184) |
Contributions and advances for construction costs | 12,454 | 10,149 |
Disposal of property, plant and equipment, net | (1,635) | (4,782) |
Advances to affiliate, net | (326,104) | 0 |
Purchase of ARO Trust investments | (14,573) | (28,686) |
Proceeds from sale of ARO Trust investments | 14,999 | 15,073 |
Net cash used in investing activities | (404,059) | (181,430) |
Increase (decrease) in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | 0 | 0 |
Increase to property, plant and equipment, exclusive of equity AFUDC | (84,631) | (132,575) |
Changes in related accounts payable and accrued liabilities | (4,569) | (40,609) |
Capital expenditures | $ (89,200) | $ (173,184) |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION In this report, Transcontinental Gas Pipe Line Company, LLC (Transco) is at times referred to in the first person as “we,” “us” or “our.” Transco is indirectly owned by The Williams Companies, Inc. (Williams). General The accompanying condensed unaudited financial statements have been prepared from our books and records. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted in this Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. The condensed unaudited financial statements include all normal recurring adjustments and others which, in the opinion of our management, are necessary to present fairly our interim financial statements. These condensed unaudited financial statements should be read in conjunction with the financial statements and the notes thereto included in our 2020 Annual Report on Form 10-K. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed unaudited financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION Revenue by Category Our revenue disaggregation by major service line includes Natural gas sales , Natural gas transportation , Natural gas storage , and Other , which are separately presented on the Condensed Statement of Net Income. Contract Liabilities The following table presents a reconciliation of our contract liabilities: Three Months Ended March 31, 2021 2020 (Thousands) Balance at beginning of period $ 215,596 $ 226,164 Recognized in revenue (2,638) (2,641) Balance at end of period $ 212,958 $ 223,523 Remaining Performance Obligations Our remaining performance obligations primarily include reservation charges on contracted capacity on our firm transportation and storage contracts with customers. Amounts from certain contracts included in the table below, which are subject to periodic review and approval by the Federal Energy Regulatory Commission (FERC), reflect the rates for such services in our current FERC tariffs, net of estimated reserve for refund, for the life of the related contracts; however, these rates may change based on future tariffs approved by the FERC and the amount and timing of these changes is not currently known. This table excludes the variable consideration component for commodity charges. Certain of our contracts contain evergreen provisions for periods beyond the initial term of the contract. The remaining performance obligations, as of March 31, 2021, do not consider potential future performance obligations for which the renewal has not been exercised. The table below also does not include contracts with customers for which the underlying facilities have not received FERC authorization to be placed into service. The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of March 31, 2021. Contract Liabilities Remaining Performance Obligations (Thousands) 2021 (remainder) $ 7,928 $ 1,764,521 2022 10,566 2,219,717 2023 10,566 2,052,380 2024 10,568 1,617,624 2025 10,566 1,454,637 Thereafter 162,764 12,210,945 Total $ 212,958 $ 21,319,824 Accounts Receivable Receivables from contracts with customers are included within Receivables - Trade and Receivables - Affiliates, and receivables that are not related to contracts with customers are included within the balance of Receivables - Advances to affiliate and Receivables - Other in our Condensed Balance Sheet. |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Commitments | CONTINGENT LIABILITIES AND COMMITMENTS Environmental Matters We have had studies underway for many years to test some of our facilities for the presence of toxic and hazardous substances such as polychlorinated biphenyls (PCBs) and mercury to determine to what extent, if any, remediation may be necessary. We have also similarly evaluated past on-site disposal of hydrocarbons at a number of our facilities. We have worked closely with and responded to data requests from the U.S. Environmental Protection Agency (EPA) and state agencies regarding such potential contamination of certain of our sites. We are conducting environmental assessments and implementing a variety of remedial measures that may result in increases or decreases in the total estimated costs. At March 31, 2021, we have accrued approximately $2.9 million for the expense portion of these estimated costs, $0.7 million of which is recorded in Accrued liabilities and $2.2 million of which is recorded in Other Long-Term Liabilities - Other in the accompanying Condensed Balance Sheet. At December 31, 2020, we had a balance of approximately $2.4 million for the expense portion of these estimated costs, $0.7 million of which is recorded in Accrued liabilities and $1.7 million of which is recorded in Other Long-Term Liabilities - Other in the accompanying Condensed Balance Sheet. We have been identified as a potentially responsible party (PRP) at various Superfund and state waste disposal sites. Based on present volumetric estimates and other factors, our estimated aggregate exposure for remediation of these sites is less than $0.5 million. The estimated remediation costs for all of these sites are included in the environmental liabilities discussed above. Liability under the Comprehensive Environmental Response, Compensation and Liability Act and applicable state law can be joint and several with other PRPs. Although volumetric allocation is a factor in assessing liability, it is not necessarily determinative; thus, the ultimate liability could be substantially greater than the amounts described above. The EPA and various state regulatory agencies routinely promulgate and propose new rules, and issue updated guidance to existing rules. These rulemakings include, but are not limited to, rules for reciprocating internal combustion engine and combustion turbine maximum achievable control technology, 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. The EPA previously issued its rule regarding National Ambient Air Quality Standards for ground-level ozone. We are monitoring the rule’s implementation as it will trigger additional federal and state regulatory actions that may impact our operations. Implementation of the regulations is expected to result in impacts to our operations and increase the cost of additions to Total property, plant and equipment, net in the Condensed Balance Sheet for both new and existing facilities in affected areas. We are unable to reasonably estimate the cost of additions that may be required to meet the regulations at this time due to uncertainty created by various legal challenges to these regulations and the need for further specific regulatory guidance. We consider prudently incurred environmental assessment and remediation costs and the costs associated with compliance with environmental standards to be recoverable through rates. To date, we have been permitted recovery of environmental costs, and it is our intent to continue seeking recovery of such costs through future rate filings. Other Matters Various other proceedings are pending against us and are considered 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 have disclosed all significant matters for which we are unable to reasonably estimate a range of possible loss. |
Debt and Financing Arrangements
Debt and Financing Arrangements (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | DEBT AND FINANCING ARRANGEMENTS Credit Facility We, along with Williams and Northwest Pipeline LLC (Northwest), are party to a credit agreement with aggregate commitments available of $4.5 billion, with up to an additional $500 million increase in aggregate commitments available under certain circumstances. We and Northwest are each subject to a $500 million borrowing sublimit. Letter of credit commitments of $1.0 billion are subject to the $500 million borrowing sublimit applicable to us and Northwest. At March 31, 2021, no letters of credit have been issued, and no loans were outstanding under the credit facility. Williams participates in a commercial paper program and Williams’ management considers amounts outstanding under this program to be a reduction of available capacity under the credit facility. The program allows a maximum outstanding amount at any time of $4.0 billion of unsecured commercial paper notes. At March 31, 2021, Williams had no outstanding commercial paper. Other Financing Obligations Dalton Expansion Project At March 31, 2021, the amount included in Long-Term Debt on our Condensed Balance Sheet for this financing obligation is $253.8 million, and the amount included in Long-term debt due within one year on our Condensed Balance Sheet for this financing obligation is $2.4 million. Atlantic Sunrise Project During the first three months of 2021, we received an additional $0.8 million of funding from a co-owner for its proportionate share of construction costs related to its undivided ownership interest in certain parts of the project. This additional funding is reflected in Long-Term Debt on our Condensed Balance Sheet. At March 31, 2021, the amount included in Long-Term Debt on our Condensed Balance Sheet for this financing obligation is $822.5 million, and the amount included in Long-term debt due within one year on our Condensed Balance Sheet for this financing obligation is $20.8 million. |
ARO Trust (Notes)
ARO Trust (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
ARO Trust | ARO TRUST We are entitled to collect in rates the amounts necessary to fund our asset retirement obligations (ARO). We deposit monthly, into an external trust account (ARO Trust), the revenues specifically designated for ARO. The ARO Trust carries a moderate risk portfolio. The Money Market Funds held in our ARO Trust are considered investments. We measure the financial instruments held in our ARO Trust at fair value. However, in accordance with the ASC Topic 980, Regulated Operations, both realized and unrealized gains and losses of the ARO Trust are recorded as regulatory assets or liabilities. Effective March 1, 2020, the annual funding obligation is approximately $16.0 million, with deposits made monthly. Investments within the ARO Trust at fair value were as follows (in millions): March 31, 2021 December 31, 2020 Amortized Fair Amortized Fair Money Market Funds $ 6.5 $ 6.5 $ 5.8 $ 5.8 U.S. Equity Funds 52.7 103.8 59.9 108.0 International Equity Funds 31.7 42.5 34.2 43.7 Municipal Bond Funds 87.5 89.9 74.9 78.0 Total $ 178.4 $ 242.7 $ 174.8 $ 235.5 |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following table presents, by level within the fair value hierarchy, certain of our financial assets and liabilities. The carrying values of short-term financial assets (advances to affiliate) that have variable interest rates, accounts receivable 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 Value Quoted Significant Significant (Millions) Assets (liabilities) at March 31, 2021: Measured on a recurring basis: ARO Trust investments $ 242.7 $ 242.7 $ 242.7 $ — $ — Additional disclosures: Long-term debt, including current portion (5,235.8) (6,504.6) — (6,504.6) — Assets (liabilities) at December 31, 2020: Measured on a recurring basis: ARO Trust investments $ 235.5 $ 235.5 $ 235.5 $ — $ — Additional disclosures: Long-term debt, including current portion (5,239.8) (6,949.0) — (6,949.0) — Fair Value Methods The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: ARO Trust investments — We deposit a portion of our collected rates, pursuant to the terms of the Docket No. RP18-1126 rate case settlement, into the ARO Trust, which 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 and are reported in Other Assets-Other in the Condensed Balance Sheet. However, both realized and unrealized gains and losses are ultimately recorded as regulatory assets or liabilities. (See Note 5. ARO Trust for more information regarding the ARO Trust.) Long-term debt, including current portion — The disclosed fair value of our long-term debt is determined primarily 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. The fair value of the financing obligations associated with our Dalton and Atlantic Sunrise expansions, which are included within long-term debt, were determined using an income approach (See Note 4. Debt and Financing Arrangements). |
Transactions with Affiliates (N
Transactions with Affiliates (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | TRANSACTIONS WITH AFFILIATES We are a participant in Williams’ cash management program, and we receive advances from and make advances to Williams. At March 31, 2021 and December 31, 2020, our advances to Williams totaled approximately $968.8 million and $642.7 million, respectively. These advances are classified as Receivables - Advances to affiliate in the accompanying Condensed Balance Sheet. Advances are stated at the historical carrying amounts. The interest rate on these intercompany demand notes is based upon the daily overnight investment rate paid on Williams’ excess cash at the end of each month. At March 31, 2021, the interest rate was 0.01 percent. Included in Operating Revenues in the accompanying Condensed Statement of Net Income are revenues received from affiliates of $2.6 million for the three months ended March 31, 2021 and 2020. The rates charged to provide sales and services to affiliates are the same as those that are charged to similarly-situated nonaffiliated customers. Included in Cost of natural gas sales in the accompanying Condensed Statement of Net Income are costs of gas purchased from affiliates of $3.4 million and $2.5 million for the three months ended March 31, 2021 and 2020, respectively. All gas purchases are made at market or contract prices. We have no employees. Services necessary to operate our business are provided to us by Williams and certain affiliates of Williams. We reimburse Williams and its affiliates for all direct and indirect expenses incurred or payments made (including salary, bonus, incentive compensation and benefits) in connection with these services. Employees of Williams also provide general, administrative and management services to us, and we are charged for certain administrative expenses incurred by Williams. These charges are either directly identifiable or allocated to our assets. Direct charges are for goods and services provided by Williams at our request. Allocated charges are based on a three-factor formula, which considers revenues; property, plant and equipment; and payroll. In management’s estimation, the allocation methodologies used are reasonable and result in a reasonable allocation to us of our costs of doing business incurred by Williams. We were billed $94.7 million and $86.9 million for the three months ended March 31, 2021 and 2020, respectively, for these services. Such expenses are primarily included in Operation and maintenance and Administrative and general expenses in the accompanying Condensed Statement of Net Income. We provide services to certain of our affiliates. We recorded reductions in operating expenses for services provided to and reimbursed by our affiliates of $1.7 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively. We made equity distributions totaling $270.0 million during the three months ended March 31, 2020. During April 2021, we made a distribution of $231.4 million. Our parent made contributions to us totaling $60.0 million during the three months ended March 31, 2021 to fund a portion of our expenditures for additions to property, plant, and equipment. During April 2021, our parent made an additional $73.0 million contribution to us. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | The following table presents a reconciliation of our contract liabilities: Three Months Ended March 31, 2021 2020 (Thousands) Balance at beginning of period $ 215,596 $ 226,164 Recognized in revenue (2,638) (2,641) Balance at end of period $ 212,958 $ 223,523 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of March 31, 2021. Contract Liabilities Remaining Performance Obligations (Thousands) 2021 (remainder) $ 7,928 $ 1,764,521 2022 10,566 2,219,717 2023 10,566 2,052,380 2024 10,568 1,617,624 2025 10,566 1,454,637 Thereafter 162,764 12,210,945 Total $ 212,958 $ 21,319,824 |
ARO Trust (Tables)
ARO Trust (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
ARO Trust | Investments within the ARO Trust at fair value were as follows (in millions): March 31, 2021 December 31, 2020 Amortized Fair Amortized Fair Money Market Funds $ 6.5 $ 6.5 $ 5.8 $ 5.8 U.S. Equity Funds 52.7 103.8 59.9 108.0 International Equity Funds 31.7 42.5 34.2 43.7 Municipal Bond Funds 87.5 89.9 74.9 78.0 Total $ 178.4 $ 242.7 $ 174.8 $ 235.5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The following table presents, by level within the fair value hierarchy, certain of our financial assets and liabilities. The carrying values of short-term financial assets (advances to affiliate) that have variable interest rates, accounts receivable 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 Value Quoted Significant Significant (Millions) Assets (liabilities) at March 31, 2021: Measured on a recurring basis: ARO Trust investments $ 242.7 $ 242.7 $ 242.7 $ — $ — Additional disclosures: Long-term debt, including current portion (5,235.8) (6,504.6) — (6,504.6) — Assets (liabilities) at December 31, 2020: Measured on a recurring basis: ARO Trust investments $ 235.5 $ 235.5 $ 235.5 $ — $ — Additional disclosures: Long-term debt, including current portion (5,239.8) (6,949.0) — (6,949.0) — |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recogntion Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contract With Customer, Liability [Line Items] | ||||
Contract with Customer, Liability | $ 212,958 | $ 223,523 | $ 215,596 | $ 226,164 |
Recognized in revenue | $ (2,638) | $ (2,641) |
Revenue Recognition Contract Li
Revenue Recognition Contract Liabilities Performance Obligation (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | $ 212,958 | $ 215,596 | $ 223,523 | $ 226,164 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 7,928 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 10,566 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 10,566 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 10,568 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 10,566 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | $ 162,764 | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligation (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 21,319,824 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 1,764,521 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 2,219,717 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 2,052,380 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 1,617,624 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 1,454,637 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 12,210,945 |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Environmental assessment and remediation [Member] | ||
Site Contingency [Line Items] | ||
Accrued environmental assessment and remediation costs, total | $ 2.9 | $ 2.4 |
Accrued environmental assessment and remediation costs, current | 0.7 | 0.7 |
Accrued environmental assessment and remediation costs, noncurrent | 2.2 | $ 1.7 |
Potentially responsible party at various Superfund and state waste disposal sites [Member] | Maximum [Member] | ||
Site Contingency [Line Items] | ||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ 0.5 |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements Line of Credit Facility (Details) $ in Millions | Mar. 31, 2021USD ($) |
Line of Credit Facility [Line Items] | |
Letters of Credit Outstanding, Amount | $ 0 |
Letter of credit [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 500 |
Williams Companies Inc [Member] | Letter of credit [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 |
Credit Agreement Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 500 |
Credit Agreement Member] | Williams Companies Inc [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 4,500 |
Additional Amount By Which Credit Facility Can Be Increased | 500 |
Line of credit facility, loans outstanding | 0 |
Commercial Paper [Member] | Williams Companies Inc [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 4,000 |
Commercial paper, outstanding | $ 0 |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements Long-Term Debt Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-Term Debt | $ 5,212,630 | $ 5,217,140 | |
Long-term debt due within one year | 23,152 | $ 22,640 | |
Proceeds from other financing obligations | 817 | $ 1,685 | |
Dalton Expansion Project | |||
Debt Instrument [Line Items] | |||
Long-Term Debt | 253,800 | ||
Long-term debt due within one year | 2,400 | ||
Atlantic Sunrise Project [Member] | |||
Debt Instrument [Line Items] | |||
Long-Term Debt | 822,500 | ||
Long-term debt due within one year | 20,800 | ||
Proceeds from other financing obligations | $ 800 |
ARO Trust (Details)
ARO Trust (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 01, 2020 |
Debt Securities, Available-for-sale [Line Items] | |||
Trading Securities, Equity, Cost | $ 178.4 | $ 174.8 | |
Trading Securities, Equity | 242.7 | 235.5 | |
External trust [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Other Commitment, Due in Next Twelve Months | $ 16 | ||
Money Market Funds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Trading Securities, Equity, Cost | 6.5 | 5.8 | |
Trading Securities, Equity | 6.5 | 5.8 | |
U.S. Equity Funds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Trading Securities, Equity, Cost | 52.7 | 59.9 | |
Trading Securities, Equity | 103.8 | 108 | |
International Equity Funds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Trading Securities, Equity, Cost | 31.7 | 34.2 | |
Trading Securities, Equity | 42.5 | 43.7 | |
Municipal Bond Funds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Trading Securities, Equity, Cost | 87.5 | 74.9 | |
Trading Securities, Equity | $ 89.9 | $ 78 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Long-term debt, including current portion | $ 0 | $ 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Long-term debt, including current portion | (6,504.6) | (6,949) |
Fair Value, Inputs, Level 3 [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Long-term debt, including current portion | 0 | 0 |
Reported Value Measurement [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Long-term debt, including current portion | (5,235.8) | (5,239.8) |
Estimate of Fair Value Measurement [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Long-term debt, including current portion | (6,504.6) | (6,949) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
ARO Trust investments | 242.7 | 235.5 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
ARO Trust investments | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
ARO Trust investments | 0 | 0 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
ARO Trust investments | 242.7 | 235.5 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
ARO Trust investments | $ 242.7 | $ 235.5 |
Transactions with Affiliates Re
Transactions with Affiliates Related Party Transations (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($)employee | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | ||||
Advances to affiliate, net | $ 968,800 | $ 642,700 | ||
Related party transaction, rate | 0.01% | |||
Entity number of employees | employee | 0 | |||
Expenses, related party | $ 94,700 | $ 86,900 | ||
Equity distributions to parent | 0 | 270,000 | ||
Cash contributions from Parent | 60,000 | 0 | ||
Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity distributions to parent | $ 231,400 | |||
Cash contributions from Parent | $ 73,000 | |||
Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating revenues, related party | 2,600 | 2,600 | ||
Cost of natural gas sales, related party | 3,400 | 2,500 | ||
Reduction to expenses | $ (1,700) | $ (1,000) |