Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Regulatory Assets and Liabilities Table [Table Text Block]

The following table summarizes our regulatory asset and liability balances as of December 31, 2021 and 2020:

	December 31,
	2021		2020
	(In millions)
Current regulatory assets	$	66	$	25
Non-current regulatory assets	220		231
Total regulatory assets(a)	$	286	$	256
Current regulatory liabilities	$	32	$	26
Non-current regulatory liabilities	163		169
Total regulatory liabilities(b)	$	195	$	195

(a)Regulatory assets as of December 31, 2021 include (i) $121 million of unamortized losses on disposal of assets; (ii) $47 million income tax gross up on equity AFUDC; and (iii) $118 million of other assets including amounts related to fuel tracker arrangements. Approximately $155 million of the regulatory assets, with a weighted average remaining recovery period of 10 years, are recoverable without earning a return, including the income tax gross up on equity AFUDC for which there is an offsetting deferred income tax balance for FERC rate base purposes; therefore, it does not earn a return.

(b)Regulatory liabilities as of December 31, 2021 are comprised of customer prepayments to be credited to shippers or other over-collections that are expected to be returned to shippers or netted against under-collections over time. Approximately $107 million of the $163 million classified as non-current is expected to be credited to shippers over a remaining weighted average period of 16 years, while the remaining $56 million is not subject to a defined period.

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the allocation of net income available to shareholders of Class P common stock and participating securities:

	Year Ended December 31,
	2021		2020		2019
	(In millions, except per share amounts)
Net Income Available to Stockholders	$	1,784	$	119	$	2,190
Participating securities:
Less: Net Income Allocated to Restricted stock awards(a)	(14)		(13)		(12)
Net Income Allocated to Class P Stockholders	$	1,770	$	106	$	2,178
Basic Weighted Average Shares Outstanding	2,266		2,263		2,264
Basic Earnings Per Share	$	0.78	$	0.05	$	0.96

(a)As of December 31, 2021, there were approximately 13 million restricted stock awards outstanding.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following maximum number of potential common stock equivalents are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share:

	Year Ended December 31,
	2021	2020	2019
	(In millions on a weighted average basis)
Unvested restricted stock awards	13	13	13
Convertible trust preferred securities	3	3	3