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, and Other, which are separately presented on the Statement of Net Income.

Contract Assets

The following table presents a reconciliation of our contract assets:

	Three Months Ended
	March 31,
	2024		2023
	(Thousands)
Balance at beginning of period	$	16,806	$	12,490
Revenue recognized in excess of amounts invoiced	1,076		1,064
Balance at end of period	$	17,882	$	13,554

Contract Liabilities

The following table presents a reconciliation of our contract liabilities:

	Three Months Ended
	March 31,
	2024		2023
	(Thousands)
Balance at beginning of period	$	1,468	$	2,643
Recognized in revenue	(293)		(290)
Balance at end of period	$	1,175	$	2,353

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)	$	885	$	285,582
2025 (one year)	290		379,010
2026 (one year)	—		358,499
2027 (one year)	—		352,185
2028 (one year)	—		346,683
Thereafter	—		2,251,160
Total	$	1,175	$	3,973,119

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.