Note 5 – Other Income and Expenses

The following table presents certain gains or losses reflected in Other (income) expense – net within Costs and expenses in our Consolidated Statement of Operations:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2015		2014			2015		2014
	(Millions)
Williams Partners
Amortization of regulatory assets associated with asset retirement obligations	$	8	$	8		$	25	$	25
Impairment of certain assets (See Note 12)	2		—			29		17
Net gain related to partial acreage dedication release	—		(12		)	—		(12		)

Geismar Incident

On June 13, 2013, an explosion and fire occurred at Williams Partners’ Geismar olefins plant. The incident rendered the facility temporarily inoperable (Geismar Incident).

We received $126 million and $175 million of insurance recoveries related to the Geismar Incident during the nine months ended September 30, 2015 and 2014, respectively. The nine months ended September 30, 2014, also includes $14 million of related covered insurable expenses incurred in excess of our retentions (deductibles). These amounts are reported within Williams Partners and reflected as a net gain in Net insurance recoveries – Geismar Incident in the Consolidated Statement of Operations.

Since June 2013, we have settled claims associated with $480 million of available property damage and business interruption coverage for a total of $422 million.

ACMP Acquisition & Merger

Certain ACMP Acquisition and ACMP Merger costs included in Selling, general, and administrative expenses, Operating and maintenance expenses, and Interest incurred are as follows:


•	Selling, general, and administrative expenses includes $26 million for the nine months ended September 30, 2015, and $17 million and $19 million for the three and nine months ended September 30, 2014, respectively, primarily related to professional advisory fees associated with the ACMP Acquisition and ACMP Merger, reported within the Williams Partners segment.

•

Selling, general, and administrative expenses for the three and nine months ended September 30, 2015, also includes $1 million and $9 million, respectively, of related employee transition costs reported within the Williams Partners segment, in addition to $7 million and $20 million, respectively, of general corporate expenses associated with integration and re-alignment of resources. Selling, general, and administrative expenses for the three and nine months ended September 30, 2014, also includes $4 million of related employee transition costs reported within the Williams Partners segment, in addition to $3 million of general corporate expenses associated with integration and re-alignment of resources.


•	Operating and maintenance expenses includes $10 million for the nine months ended September 30, 2015, and $3 million for the three and nine months ended September 30, 2014, of transition costs reported within the Williams Partners segment.


•	Interest incurred includes $2 million for the nine months ended September 30, 2015, and $9 million for the nine months ended September 30, 2014, of transaction-related financing costs.

Additional Items

Selling, general, and administrative expenses includes $18 million and $25 million for the three and nine months ended September 30, 2015, respectively, of costs associated with our evaluation of strategic alternatives.

The nine months ended September 30, 2014, includes $19 million of project development costs related to the Bluegrass Pipeline Company LLC (Bluegrass Pipeline) reported within Williams NGL & Petchem Services and reflected in Selling, general, and administrative expenses in the Consolidated Statement of Operations.

The three and nine months ended September 30, 2015, include $21 million and $57 million, respectively, and the three and nine months ended September 30, 2014, include $10 million and $20 million, respectively, of allowance for equity funds used during construction (AFUDC) reported within Williams Partners in Other income (expense) – net below Operating income (loss). AFUDC increased during 2015 due to the increase in spending on various Transco expansion projects and Constitution.

Other income (expense) – net below Operating income (loss) includes a $14 million gain for the nine months ended September 30, 2015, resulting from the early retirement of certain debt.