Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 0 |
Statement of Net Income (Unaudi
Statement of Net Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Revenues: | ||
Revenues | $ 731,720 | $ 705,895 |
Operating Costs and Expenses: | ||
Cost of natural gas sales | 24,347 | 21,772 |
Operation and maintenance | 120,354 | 130,199 |
General and administrative | 50,909 | 54,774 |
Depreciation and amortization | 133,996 | 125,367 |
Taxes, other than income taxes | 28,125 | 26,658 |
Regulatory credit resulting from tax rate changes | (7,688) | (7,688) |
Other (income) expense, net | (7,554) | 1,075 |
Total operating costs and expenses | 342,489 | 352,157 |
Operating Income | 389,231 | 353,738 |
Other (Income) and Other Expenses: | ||
Interest expense | 80,979 | 81,096 |
Interest income | (17,553) | (20,536) |
Allowance for equity and borrowed funds used during construction (AFUDC) | (23,588) | (15,583) |
Miscellaneous other (income) expense, net | 1,558 | (30) |
Total other (income) and other expenses | 41,396 | 44,947 |
Net Income | 347,835 | 308,791 |
Natural gas transportation | ||
Operating Revenues: | ||
Revenues | 651,612 | 623,740 |
Natural gas storage | ||
Operating Revenues: | ||
Revenues | 48,079 | 47,676 |
Natural gas sales | ||
Operating Revenues: | ||
Revenues | 24,347 | 21,772 |
Other | ||
Operating Revenues: | ||
Revenues | $ 7,682 | $ 12,707 |
Balance Sheet (Unaudited)
Balance Sheet (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash | $ 0 | $ 0 |
Receivables: | ||
Other | 10,367 | 10,572 |
Transportation and exchange gas receivables | 4,316 | 2,803 |
Inventories: | ||
Materials and supplies, at average cost | 44,959 | 42,904 |
Gas in storage, last-in, first-out | 3,120 | 0 |
Gas available for customer nomination, at average cost | 30,639 | 39,832 |
Gas in storage, at original cost | 788 | 752 |
Regulatory assets | 84,375 | 87,198 |
Other | 18,681 | 11,835 |
Total current assets | 1,627,497 | 1,809,141 |
Property, plant and equipment | 19,466,256 | 19,293,599 |
Less-Accumulated depreciation and amortization | 5,993,128 | 5,963,213 |
Total property, plant and equipment, net | 13,473,128 | 13,330,386 |
Other Assets: | ||
Regulatory assets | 289,737 | 299,099 |
Right-of-use assets | 51,611 | 53,255 |
Other | 309,107 | 296,408 |
Total other assets | 650,455 | 648,762 |
Total assets | 15,751,080 | 15,788,289 |
Payables: | ||
Trade | 233,977 | 263,363 |
Cash overdrafts | 8,146 | 15,374 |
Transportation and exchange gas payables | 4,234 | 6,433 |
Accrued liabilities: | ||
Interest | 50,023 | 76,000 |
Asset retirement obligations | 104,912 | 95,540 |
Regulatory liabilities | 54,927 | 49,259 |
Taxes, other than income taxes | 29,469 | 28,738 |
Customer deposits | 32,975 | 35,046 |
Customer advances | 19,767 | 17,183 |
Other | 21,679 | 26,795 |
Long-term debt due within one year | 32,433 | 31,718 |
Total current liabilities | 642,423 | 700,266 |
Long-Term Debt | 5,223,362 | 5,229,450 |
Other Long-Term Liabilities: | ||
Regulatory liabilities | 964,028 | 955,628 |
Asset retirement obligations | 518,524 | 523,741 |
Contract liabilities | 170,691 | 173,332 |
Lease liability | 54,733 | 56,353 |
Other | 11,885 | 11,920 |
Total other long-term liabilities | 1,719,861 | 1,720,974 |
Contingent Liabilities and Commitments (Note 3) | ||
Member’s Equity: | ||
Member’s capital | 5,088,499 | 5,088,499 |
Retained earnings | 3,076,935 | 3,049,100 |
Total member’s equity | 8,165,434 | 8,137,599 |
Total liabilities and member’s equity | 15,751,080 | 15,788,289 |
Related Party [Member] | ||
Receivables: | ||
Advances to affiliate | 1,180,594 | 1,352,927 |
Trade | 11,634 | 9,559 |
Affiliates | 11,634 | 9,559 |
Payables: | ||
Affiliates | 49,881 | 54,817 |
Nonrelated Party [Member] | ||
Receivables: | ||
Trade | 238,024 | 250,759 |
Affiliates | $ 238,024 | $ 250,759 |
Statement of Changes in Member'
Statement of Changes in Member's Equity (Unaudited) - USD ($) $ in Thousands | Total | Member's Capital | Retained Earnings |
Balance at beginning of period at Dec. 31, 2022 | $ 5,088,499 | $ 3,021,895 | |
Net income | $ 308,791 | 308,791 | |
Cash distributions to parent | (310,000) | (310,000) | |
Balance at end of period at Mar. 31, 2023 | 8,109,185 | 5,088,499 | 3,020,686 |
Balance at beginning of period at Dec. 31, 2023 | 8,137,599 | 5,088,499 | 3,049,100 |
Net income | 347,835 | 347,835 | |
Cash distributions to parent | (320,000) | (320,000) | |
Balance at end of period at Mar. 31, 2024 | $ 8,165,434 | $ 5,088,499 | $ 3,076,935 |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES: | ||
Net income | $ 347,835 | $ 308,791 |
Adjustments to reconcile net cash provided (used) by operating activities: | ||
Depreciation and amortization | 133,996 | 125,367 |
Allowance for equity funds used during construction (equity AFUDC) | (19,199) | (12,689) |
Regulatory credit resulting from tax rate changes | (7,688) | (7,688) |
Changes in current assets and liabilities: | ||
Affiliate receivables | (2,075) | 2,498 |
Trade and other accounts receivable | 12,940 | 21,975 |
Transportation and exchange gas receivables | (1,513) | 4,184 |
Inventories | 3,982 | (164) |
Regulatory assets | 2,823 | 10,516 |
Other current assets | (6,846) | (4,678) |
Affiliate payables | (4,936) | (5,376) |
Trade accounts payable | (36,872) | (44,826) |
Transportation and exchange gas payables | (2,199) | 365 |
Accrued liabilities | (17,394) | (15,781) |
Other, including changes in long-term assets and liabilities | (6,972) | 576 |
Net cash provided (used) by operating activities | 395,882 | 383,070 |
FINANCING ACTIVITIES: | ||
Proceeds from other financing obligations | 1,453 | 3,757 |
Payments on other financing obligations | (7,610) | (6,842) |
Cash distributions to parent | (320,000) | (310,000) |
Net cash provided (used) by financing activities | (326,157) | (313,085) |
Property, plant and equipment: | ||
Capital expenditures | (231,846) | (119,188) |
Contributions and advances for construction costs, net | 2,200 | 9,482 |
Disposal of property, plant and equipment, net | (11,230) | (7,984) |
Advances to affiliate, net | 172,333 | 50,227 |
Purchase of ARO Trust investments | (5,566) | (5,199) |
Proceeds from sale of ARO Trust investments | 4,384 | 2,677 |
Net cash provided (used) by investing activities | (69,725) | (69,985) |
Increase (decrease) in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | 0 | 0 |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Increases to property, plant and equipment, exclusive of equity AFUDC | (233,163) | (116,873) |
Changes in related accounts payable and accrued liabilities | 1,317 | (2,315) |
Capital expenditures | $ (231,846) | $ (119,188) |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
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), a publicly traded Delaware corporation. We own and operate an interstate natural gas pipeline system that is regulated by the Federal Energy Regulatory Commission (FERC). General Our accompanying interim financial statements do not include all the notes in our annual financial statements and, therefore, should be read in conjunction with our financial statements and notes thereto for the year ended December 31, 2023, 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 our financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue by Category Our revenue disaggregation by major service line includes Natural gas transportation , Natural gas storage , Natural gas sales , and Other , which are separately presented on the Statement of Net Income. Contract Liabilities The following table presents a reconciliation of our contract liabilities: Three Months Ended 2024 2023 (Thousands) Balance at beginning of period $ 183,898 $ 194,464 Recognized in revenue (2,640) (2,638) Balance at end of period $ 181,258 $ 191,826 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 FERC, reflect the rates for such services in our current FERC tariffs for the life of the related contracts; however, these rates may change based on future rate cases or settlements approved by the FERC. This table excludes the variable consideration component for commodity charges. Certain of our contracts contain evergreen and other renewal provisions for periods beyond the initial term of the contract. The remaining performance obligations as of March 31, 2024 do not consider potential future performance obligations for which the renewal has not been exercised and exclude 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, 2024. Contract Liabilities Remaining Performance Obligations (Thousands) 2024 (nine months) $ 7,927 $ 1,922,672 2025 (one year) 10,566 2,344,445 2026 (one year) 10,566 2,231,934 2027 (one year) 10,566 1,790,192 2028 (one year) 10,568 1,539,309 Thereafter 131,065 9,489,772 Total $ 181,258 $ 19,318,324 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 on our Balance Sheet. |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
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. We also have a program for monitoring certain environmental activities at our Eminence storage facility. At March 31, 2024, we had a liability of approximately $ 10.4 million 0.7 million Accrued liabilities - Other and $ 9.7 million Other Long-Term Liabilities - Other on the Balance Sheet. At December 31, 2023, we had a liability of approximately $ 10.5 million 0.6 million Accrued liabilities - Other and $ 9.9 million Other Long-Term Liabilities - Other on the 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 propose and promulgate 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, review and updates to the National Ambient Air Quality Standards, and rules for new and existing source performance standards for volatile organic compounds and methane. We continuously monitor these regulatory changes and how they may impact our operations. Implementation of new or modified regulations may result in impacts to our operations and increase the cost of additions to Total property, plant, and equipment, net on the Balance Sheet for both new and existing facilities in affected areas; however, due to regulatory uncertainty on final rule content and applicability timeframes, we are unable to reasonably estimate the cost of these regulatory impacts at this time. We consider prudently incurred environmental assessment and remediation costs and the costs associated with compliance with environmental standards to be recoverable through rates. Historically, with limited exceptions, 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 |
Debt and Financing Arrangements
Debt and Financing Arrangements (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | Note 4 – 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 $3.75 billion, with up to an additional $500 million increase in aggregate commitments available under certain circumstances. We and Northwest are each able to borrow up to $500 million under the credit facility to the extent not otherwise utilized by the other co-borrowers. At March 31, 2024, no letters of credit have been issued and no loans were outstanding under the credit facility. Commercial Paper Program Williams has a $3.5 billion commercial paper program. Williams’ management considers amounts outstanding under this program to be a reduction of available capacity under the credit facility. At March 31, 2024, Williams had no outstanding commercial paper. Other Financing Obligations Dalton Expansion Project At March 31, 2024 and December 31, 2023, the amount included in Long-Term Debt on the Balance Sheet for this financing obligation was $246.3 million and $246.8 million, respectively, and the amount included in Long-term debt due within one year on the Balance Sheet for this financing obligation was $3.1 million and $3.0 million, respectively. Atlantic Sunrise Project During the first three months of 2024 and 2023, we received an additional $1.2 million and $3.7 million, respectively, 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 the Balance Sheet. At March 31, 2024 and December 31, 2023, the amount included in Long-Term Debt on the Balance Sheet for this financing obligation was $756.8 million and $762.8 million, respectively, and the amount included in Long-term debt due within one year on the Balance Sheet for this financing obligation was $28.0 million and $27.4 million, respectively. Leidy South Project At March 31, 2024 and December 31, 2023, the amount included in Long-Term Debt on the Balance Sheet for this financing obligation was $74.7 million and $75.0 million, respectively, and the amount included in Long-term debt due within one year on the Balance Sheet for this financing obligation was $1.3 million and $1.3 million, respectively. |
ARO Trust (Notes)
ARO Trust (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
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 AROs. The ARO Trust carries a moderate risk portfolio. The Money Market Funds held in our ARO Trust are considered investments. The financial instruments held in our ARO Trust are measured at fair value and reported in Other Assets - Other on the Balance Sheet. However, in accordance with ASC Topic 980, Regulated Operations, both realized and unrealized gains and losses of the ARO Trust are ultimately recorded as regulatory assets or liabilities. Pursuant to the approved stipulation and agreement in Docket No. RP18-1126, the annual funding obligation effective March 1, 2020 is approximately $16.0 million with deposits made monthly. Investments within the ARO Trust were as follows (in millions): March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair Money Market Funds $ 26.7 $ 26.7 $ 25.5 $ 25.5 U.S. Equity Funds 52.7 130.7 52.7 119.8 International Equity Funds 31.7 40.9 31.7 39.2 Municipal Bond Funds 87.7 83.8 87.7 84.4 Total $ 198.8 $ 282.1 $ 197.6 $ 268.9 |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents, by level within the fair value hierarchy, certain of our significant financial assets and liabilities. The carrying values of short-term financial assets that have variable interest rates (advances to affiliate), 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 Prices In Active Markets for Identical Assets (Level 1) Significant Significant (Millions) Assets (liabilities) at March 31, 2024: Measured on a recurring basis: ARO Trust investments $ 282.1 $ 282.1 $ 282.1 $ — $ — Additional disclosures: Long-term debt, including current portion (5,255.8) (5,382.4) — (5,382.4) — Assets (liabilities) at December 31, 2023: Measured on a recurring basis: ARO Trust investments $ 268.9 $ 268.9 $ 268.9 $ — $ — Additional disclosures: Long-term debt, including current portion (5,261.2) (5,438.4) — (5,438.4) — 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 ARO. The ARO Trust invests in a portfolio of actively traded mutual funds that are measured at fair value on a recurring basis based on quoted prices in an active market and are reported in Other Assets - Other on the 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. 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, Atlantic Sunrise and Leidy South projects 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, 2024 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | Transactions with Affiliates We are a participant in Williams’ cash management program, and we make advances to and receive advances from Williams. Our advances to Williams totaled approximately $1.2 billion and $1.4 billion at March 31, 2024 and December 31, 2023, respectively. These advances are represented by demand notes and are classified as Receivables - Advances to affiliate on the Balance Sheet. 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, which was approximately 5.2 percent at March 31, 2024. The interest income from these advances was $16.0 million and $19.3 million for the three months ended March 31, 2024 and 2023, respectively. Such interest income is included in Other (Income) and Other Expenses - Interest income on the Statement of Net Income. Included in Operating Revenues on the Statement of Net Income are revenues received from affiliates of $18.6 million and $12.2 million for the three months ended March 31, 2024 and 2023, respectively. Included in Cost of natural gas sales on the Statement of Net Income are costs of gas purchased from affiliates of $2.0 million and $3.4 million for the three months ended March 31, 2024 and 2023, 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 have recorded $84.5 million and $84.1 million for the three months ended March 31, 2024 and 2023, respectively, for these service expenses, which are primarily included in Operation and maintenance and General and administrative expenses on the 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 $2.3 million and $2.8 million for the three months ended March 31, 2024 and 2023, respectively. During April 2024, we declared and paid a cash distribution of $330 million to our parent. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | The following table presents a reconciliation of our contract liabilities: Three Months Ended 2024 2023 (Thousands) Balance at beginning of period $ 183,898 $ 194,464 Recognized in revenue (2,640) (2,638) Balance at end of period $ 181,258 $ 191,826 |
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, 2024. Contract Liabilities Remaining Performance Obligations (Thousands) 2024 (nine months) $ 7,927 $ 1,922,672 2025 (one year) 10,566 2,344,445 2026 (one year) 10,566 2,231,934 2027 (one year) 10,566 1,790,192 2028 (one year) 10,568 1,539,309 Thereafter 131,065 9,489,772 Total $ 181,258 $ 19,318,324 |
ARO Trust (Tables)
ARO Trust (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
ARO Trust | Investments within the ARO Trust were as follows (in millions): March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair Money Market Funds $ 26.7 $ 26.7 $ 25.5 $ 25.5 U.S. Equity Funds 52.7 130.7 52.7 119.8 International Equity Funds 31.7 40.9 31.7 39.2 Municipal Bond Funds 87.7 83.8 87.7 84.4 Total $ 198.8 $ 282.1 $ 197.6 $ 268.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The following table presents, by level within the fair value hierarchy, certain of our significant financial assets and liabilities. The carrying values of short-term financial assets that have variable interest rates (advances to affiliate), 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 Prices In Active Markets for Identical Assets (Level 1) Significant Significant (Millions) Assets (liabilities) at March 31, 2024: Measured on a recurring basis: ARO Trust investments $ 282.1 $ 282.1 $ 282.1 $ — $ — Additional disclosures: Long-term debt, including current portion (5,255.8) (5,382.4) — (5,382.4) — Assets (liabilities) at December 31, 2023: Measured on a recurring basis: ARO Trust investments $ 268.9 $ 268.9 $ 268.9 $ — $ — Additional disclosures: Long-term debt, including current portion (5,261.2) (5,438.4) — (5,438.4) — |
Revenue Recogntion Contract Lia
Revenue Recogntion Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Contract With Customer, Liability [Line Items] | ||
Balance at beginning of period | $ 183,898 | $ 194,464 |
Recognized in revenue | (2,640) | (2,638) |
Balance at end of period | $ 181,258 | $ 191,826 |
Revenue Recognition Contract Li
Revenue Recognition Contract Liabilities Performance Obligation (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | $ 181,258 | $ 183,898 | $ 191,826 | $ 194,464 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | $ 7,927 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance Obligations Related To Contract Liabilities [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months | |||
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]: 2025-01-01 | Performance Obligations Related To Contract Liabilities [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
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 | $ 10,566 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Performance Obligations Related To Contract Liabilities [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | ||||
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]: 2027-01-01 | Performance Obligations Related To Contract Liabilities [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | ||||
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]: 2028-01-01 | Performance Obligations Related To Contract Liabilities [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | $ 131,065 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Performance Obligations Related To Contract Liabilities [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligation (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 19,318,324 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,922,672 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Remaining Performance Obligations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
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, Amount | $ 2,344,445 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Remaining Performance Obligations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
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, Amount | $ 2,231,934 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Remaining Performance Obligations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,790,192 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Remaining Performance Obligations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,539,309 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Remaining Performance Obligations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 9,489,772 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Remaining Performance Obligations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Environmental assessment and remediation [Member] | ||
Site Contingency [Line Items] | ||
Accrued environmental assessment and remediation costs, total | $ 10.4 | $ 10.5 |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other, Other | Other, Other |
Accrued environmental assessment and remediation costs, current | $ 0.7 | $ 0.6 |
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Accrued environmental assessment and remediation costs, noncurrent | $ 9.7 | $ 9.9 |
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | Other |
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 - Credit Facility and Commercial Paper (Details) | Mar. 31, 2024 USD ($) |
Williams Companies Inc | |
Line of Credit Facility [Line Items] | |
Commercial paper, outstanding | $ 0 |
Commercial Paper | Williams Companies Inc | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 3,500,000,000 |
Credit Agreement | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 |
Credit Agreement | Williams Companies Inc | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 3,750,000,000 |
Additional Amount By Which Credit Facility Can Be Increased | 500,000,000 |
Letters of Credit Outstanding, Amount | 0 |
Line of credit facility, loans outstanding | $ 0 |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements - Other Financing Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Long-Term Debt | $ 5,223,362 | $ 5,229,450 | |
Long-term debt due within one year | 32,433 | 31,718 | |
Proceeds from other financing obligations | 1,453 | $ 3,757 | |
Dalton Expansion Project | |||
Debt Instrument [Line Items] | |||
Long-Term Debt | 246,300 | 246,800 | |
Long-term debt due within one year | 3,100 | 3,000 | |
Atlantic Sunrise Project | |||
Debt Instrument [Line Items] | |||
Long-Term Debt | 756,800 | 762,800 | |
Long-term debt due within one year | 28,000 | 27,400 | |
Proceeds from other financing obligations | 1,200 | $ 3,700 | |
Leidy South Project | |||
Debt Instrument [Line Items] | |||
Long-Term Debt | 74,700 | 75,000 | |
Long-term debt due within one year | $ 1,300 | $ 1,300 |
ARO Trust (Details)
ARO Trust (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Debt and Equity Securities, Cost | $ 198.8 | $ 197.6 |
Debt and Equity Securities, Fair Value | 282.1 | 268.9 |
External trust [Member] | ||
Marketable Securities [Line Items] | ||
Funding obligation | 16 | |
Money Market Funds [Member] | ||
Marketable Securities [Line Items] | ||
Debt and Equity Securities, Cost | 26.7 | 25.5 |
Debt and Equity Securities, Fair Value | 26.7 | 25.5 |
U.S. Equity Funds [Member] | ||
Marketable Securities [Line Items] | ||
Debt and Equity Securities, Cost | 52.7 | 52.7 |
Debt and Equity Securities, Fair Value | 130.7 | 119.8 |
International Equity Funds [Member] | ||
Marketable Securities [Line Items] | ||
Debt and Equity Securities, Cost | 31.7 | 31.7 |
Debt and Equity Securities, Fair Value | 40.9 | 39.2 |
Municipal Bond Funds [Member] | ||
Marketable Securities [Line Items] | ||
Debt and Equity Securities, Cost | 87.7 | 87.7 |
Debt and Equity Securities, Fair Value | $ 83.8 | $ 84.4 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
ARO Trust investments | $ 282.1 | $ 268.9 |
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 | (5,382.4) | (5,438.4) |
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 | (5,255.8) | (5,261.2) |
Estimate of Fair Value Measurement [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Long-term debt, including current portion | (5,382.4) | (5,438.4) |
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 | 282.1 | 268.9 |
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 | 282.1 | 268.9 |
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 | $ 282.1 | $ 268.9 |
Transactions with Affiliates Re
Transactions with Affiliates Related Party Transations (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Sep. 30, 2023 | Apr. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) employee | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | |||||
Related party transaction, rate | 5.20% | ||||
Interest income | $ 17,553 | $ 20,536 | |||
Revenues | 731,720 | 705,895 | |||
Cost of natural gas sales | $ 24,347 | 21,772 | |||
Entity number of employees | employee | 0 | ||||
Reduction to operating expenses | $ 2,300 | 2,800 | |||
Cash distributions to parent | 320,000 | 310,000 | |||
Credit Agreement | |||||
Related Party Transaction [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000 | ||||
Credit Agreement | Williams Companies Inc | |||||
Related Party Transaction [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,750,000 | ||||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advances to affiliate | 1,180,594 | $ 1,352,927 | |||
Williams Companies Inc | |||||
Related Party Transaction [Line Items] | |||||
Advances to affiliate | 1,200,000 | $ 1,400,000 | |||
Interest income | 16,000 | 19,300 | |||
Expenses, related party | 84,500 | 84,100 | |||
Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenues | 18,600 | 12,200 | |||
Cost of natural gas sales | $ 2,000 | $ 3,400 | |||
Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Cash distributions to parent | $ 330,000 |