Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present our revenues disaggregated by segment, revenue source and type of revenue for each revenue source:

	Three Months Ended March 31, 2024
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2		Corporate and Eliminations		Total
	(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)	$	992	$	58	$	212	$	—	$	(1)	$	1,261
Fee-based services	271		248		109		12		(1)		639
Total services	1,263		306		321		12		(2)		1,900
Commodity sales
Natural gas sales	624		—		—		23		(3)		644
Product sales	223		364		13		267		(1)		866
Total commodity sales	847		364		13		290		(4)		1,510
Total revenues from contracts with customers	2,110		670		334		302		(6)		3,410
Other revenues(c)
Leasing services(d)	115		53		162		12		—		342
Derivatives adjustments on commodity sales	42		(1)		—		(32)		—		9
Other	69		6		—		6		—		81
Total other revenues	226		58		162		(14)		—		432
Total revenues	$	2,336	$	728	$	496	$	288	$	(6)	$	3,842

	Three Months Ended March 31, 2023
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2		Corporate and Eliminations		Total
	(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)	$	917	$	40	$	207	$	—	$	(1)	$	1,163
Fee-based services	236		240		98		10		—		584
Total services	1,153		280		305		10		(1)		1,747
Commodity sales
Natural gas sales	799		—		—		20		(2)		817
Product sales	274		336		4		268		(1)		881
Total commodity sales	1,073		336		4		288		(3)		1,698
Total revenues from contracts with customers	2,226		616		309		298		(4)		3,445
Other revenues(c)
Leasing services(d)	117		47		152		14		—		330
Derivatives adjustments on commodity sales	107		(1)		—		(20)		—		86
Other	16		6		—		5		—		27
Total other revenues	240		52		152		(1)		—		443
Total revenues	$	2,466	$	668	$	461	$	297	$	(4)	$	3,888

(a)Differences between the revenue classifications presented on the consolidated statements of income and the categories for the disaggregated revenues by type of revenue above are primarily attributable to revenues reflected in the “Other revenues” category above (see note (c)).

(b)Includes non-cancellable firm service customer contracts with take-or-pay or minimum volume commitment elements, including those contracts where both the price and quantity amount are fixed. Excludes service contracts with index-based pricing, which along with revenues from other customer service contracts are reported as “Fee-based services.”

(c)Amounts recognized as revenue under guidance prescribed in Topics of the ASC other than in Topic 606 were primarily from leases and derivative contracts. See Note 6 for additional information related to our derivative contracts.

(d)Our revenues from leasing services are predominantly comprised of specific assets that we lease to customers under operating leases where one customer obtains substantially all of the economic benefit from the asset and has the right to direct the use of that asset. These leases primarily consist of specific tanks, treating facilities, marine vessels and gas equipment and pipelines with separate control locations. We do not lease assets that qualify as sales-type or finance leases.

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of March 31, 2024 that we will invoice or transfer from contract liabilities and recognize in future periods:

Year	Estimated Revenue
	(In millions)
Nine months ended December 31, 2024	$	3,589
2025	4,223
2026	3,565
2027	2,931
2028	2,530
Thereafter	14,490
Total	$	31,328