ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Page | ||||||||
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ITEM 1B. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
ITEM 7. | ||||||||
ITEM 7A. | ||||||||
ITEM 8. | ||||||||
ITEM 9. | ||||||||
ITEM 9A. | ||||||||
ITEM 9B. | ||||||||
ITEM 10. | ||||||||
ITEM 11. | ||||||||
ITEM 12. | ||||||||
ITEM 13. | ||||||||
ITEM 14. | ||||||||
ITEM 15. | ||||||||
ITEM 16. | ||||||||
/d | per day | |||||||
ARO | Asset retirement obligation | |||||||
Bcf | Billion cubic feet | |||||||
ET | Energy Transfer LP, the parent of ETO | |||||||
ETO | Energy Transfer Operating, L.P., the parent of PEPL | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
ROU | Right-of-use | |||||||
Sea Robin | Sea Robin Pipeline Company, LLC | |||||||
SEC | United States Securities and Exchange Commission | |||||||
Southwest Gas | Pan Gas Storage LLC (d.b.a. Southwest Gas) | |||||||
TBtu | Trillion British thermal units | |||||||
Trunkline | Trunkline Gas Company, LLC | |||||||
Years Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Panhandle transportation | 759 | 892 | |||||||||
Trunkline transportation | 569 | 730 | |||||||||
Sea Robin transportation | 67 | 102 |
Approximate Miles of Pipelines | ||||||||
Panhandle | 6,000 | |||||||
Trunkline | 2,000 | |||||||
Sea Robin | 1,000 | |||||||
Peak Day Delivery Capacity (Bcf/d) | ||||||||
Panhandle | 2.8 | |||||||
Trunkline | 0.9 | |||||||
Sea Robin | 2.0 | |||||||
Underground Storage Capacity-Owned (Bcf) | 71.1 | |||||||
Underground Storage Capacity-Leased (Bcf) | 12.0 | |||||||
Weighted Average Remaining Life in Years of Firm Transportation Contracts (1) | ||||||||
Panhandle | 5.3 | |||||||
Trunkline | 7.3 | |||||||
Sea Robin (2) | N/A | |||||||
Weighted Average Remaining Life in Years of Firm Storage Contracts (1) | ||||||||
Panhandle | 5.5 | |||||||
Trunkline | 3.2 |
Years Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
OPERATING REVENUES: | |||||||||||
Transportation and storage of natural gas | $ | 528 | $ | 556 | |||||||
Other | 19 | 22 | |||||||||
Total operating revenues (1) | 547 | 578 | |||||||||
OPERATING EXPENSES: | |||||||||||
Operating and maintenance | 177 | 193 | |||||||||
General and administrative | 37 | 30 | |||||||||
Depreciation and amortization | 116 | 112 | |||||||||
Impairment losses | — | 12 | |||||||||
Total operating expenses | 330 | 347 | |||||||||
OPERATING INCOME | 217 | 231 | |||||||||
OTHER EXPENSE: | |||||||||||
Interest expense, net | (14) | (17) | |||||||||
Interest expense - related company | (32) | (25) | |||||||||
Other, net | (3) | (2) | |||||||||
Total other expense, net | (49) | (44) | |||||||||
INCOME BEFORE INCOME TAX BENEFIT | 168 | 187 | |||||||||
Income tax benefit | (3) | (402) | |||||||||
NET INCOME | $ | 171 | $ | 589 | |||||||
Natural gas volumes transported (TBtu): (2) | |||||||||||
Panhandle | 759 | 892 | |||||||||
Trunkline | 569 | 730 | |||||||||
Sea Robin | 67 | 102 |
Years Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Audit fees (1) | $ | 667 | $ | 708 | |||||||
Audit related fees (2) | 32 | 32 | |||||||||
Total Fees | $ | 699 | $ | 740 |
Exhibit Number | Description | |||||||
Exhibit Number | Description | |||||||
101* | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) our Consolidated Balance Sheets as of December 31, 2020 and 2019; (ii) our Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2020, 2019 and 2018; (iii) our Consolidated Statements of Partners’ Capital for the years ended December 31, 2020, 2019 and 2018; and (iv) our Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
* | Filed herewith. | |||||||
** | Furnished herewith. |
PANHANDLE EASTERN PIPE LINE COMPANY, LP | ||||||||
February 19, 2021 | By: | /s/ A. Troy Sturrock | ||||||
A. Troy Sturrock | ||||||||
Vice President and Controller | ||||||||
(duly authorized to sign on behalf of the registrant) |
Signature | Title | Date | |||||||||||||||
(i) | /s/ Marshall S. McCrea, III | Co-Chief Executive Officer | February 19, 2021 | ||||||||||||||
Marshall S. McCrea, III | (Co-Principal Executive Officer) | ||||||||||||||||
(ii) | /s/ Thomas E. Long | Co-Chief Executive Officer | February 19, 2021 | ||||||||||||||
Thomas E. Long | (Co-Principal Executive Officer) | ||||||||||||||||
(iii) | /s/ Bradford D. Whitehurst | Chief Financial Officer | February 19, 2021 | ||||||||||||||
Bradford D. Whitehurst | (Principal Financial Officer) | ||||||||||||||||
(iv) | The Managers of Southern Union Panhandle LLC, General Partner of Panhandle Eastern Pipe Line Company, LP | ||||||||||||||||
Signature | Title | Date | |||||||||||||||
/s/ Kelcy L. Warren | Manager | February 19, 2021 | |||||||||||||||
Kelcy L. Warren | Southern Union Panhandle LLC | ||||||||||||||||
/s/ Thomas E. Long | Manager | February 19, 2021 | |||||||||||||||
Thomas E. Long | Southern Union Panhandle LLC | ||||||||||||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Accounts receivable from related companies | |||||||||||
Exchanges receivable | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Operating lease right-of-use assets | |||||||||||
Other non-current assets, net | |||||||||||
Total assets | $ | $ |
LIABILITIES AND PARTNERS’ CAPITAL | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accounts payable to related companies | |||||||||||
Exchanges payable | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, less current maturities | |||||||||||
Note payable to related company | |||||||||||
Non-current operating lease liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Partners’ capital: | |||||||||||
Partners’ capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total partners’ capital | |||||||||||
Total liabilities and partners’ capital | $ | $ |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
OPERATING REVENUES: | |||||||||||||||||
Transportation and storage of natural gas | $ | $ | $ | ||||||||||||||
Other | |||||||||||||||||
Total operating revenues | |||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
Cost of natural gas and other energy | |||||||||||||||||
Operating and maintenance | |||||||||||||||||
General and administrative | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairment losses | |||||||||||||||||
Total operating expenses | |||||||||||||||||
OPERATING INCOME | |||||||||||||||||
OTHER EXPENSE: | |||||||||||||||||
Interest expense, net | ( | ( | ( | ||||||||||||||
Interest expense - related company | ( | ( | ( | ||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||
Total other expense, net | ( | ( | ( | ||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | |||||||||||||||||
Income tax expense (benefit) | ( | ( | |||||||||||||||
NET INCOME | |||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||||||||
Actuarial gain (loss) relating to postretirement benefits, net of tax amounts of $6, $4, and $11, respectively | ( | ||||||||||||||||
COMPREHENSIVE INCOME | $ | $ | $ |
Partners’ Capital | Accumulated Other Comprehensive Loss | Total | |||||||||||||||
Balance, December 31, 2017 | $ | $ | ( | $ | |||||||||||||
Net income | |||||||||||||||||
Distributions to partners | ( | ( | |||||||||||||||
Deemed contribution from partners | |||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||||||||
Other | ( | ||||||||||||||||
Balance, December 31, 2018 | ( | ||||||||||||||||
Net income | |||||||||||||||||
Distributions to partners | ( | ( | |||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Other | |||||||||||||||||
Balance, December 31, 2019 | ( | ||||||||||||||||
Net income | |||||||||||||||||
Deemed contribution from partners | |||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Other | ( | ( | |||||||||||||||
Balance, December 31, 2020 | $ | $ | ( | $ |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Reconciliation of net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairment losses | |||||||||||||||||
Deferred income taxes | ( | ( | |||||||||||||||
Amortization of deferred financing fees | ( | ( | ( | ||||||||||||||
PEPL Restructuring income tax benefit | ( | ||||||||||||||||
Other non-cash | |||||||||||||||||
Changes in operating assets and liabilities | ( | ( | |||||||||||||||
Net cash flows provided by operating activities | |||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||
Capital expenditures | ( | ( | ( | ||||||||||||||
Net cash flows used in investing activities | ( | ( | ( | ||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Distributions to partners | ( | ( | |||||||||||||||
Note payable issued from related company | |||||||||||||||||
Repayments of loan from related company | ( | ( | ( | ||||||||||||||
Repayment of long-term debt | ( | ( | |||||||||||||||
Other | ( | ||||||||||||||||
Net cash flows used in financing activities | ( | ( | ( | ||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | ( | ||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of period | |||||||||||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | $ | $ | ||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Settlement of affiliate liability - tax payable | $ | $ | $ | ( | |||||||||||||
Settlement of affiliate liability - related company payables | ( | ( | |||||||||||||||
Contribution of assets from affiliate | ( | ||||||||||||||||
Distribution of non-cash assets to parent | |||||||||||||||||
Supplemental cash flow information: | |||||||||||||||||
Accrued capital expenditures | $ | $ | $ | ||||||||||||||
Cash paid for interest, net of interest capitalized | |||||||||||||||||
Cash paid for interest on note payable to related company |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Natural gas (1) | $ | $ | |||||||||
Materials and supplies | |||||||||||
$ | $ |
December 31, | ||||||||||||||||||||
Lives in Years | 2020 | 2019 | ||||||||||||||||||
Land and improvements | $ | $ | ||||||||||||||||||
Buildings and improvements | 6 – 46 | |||||||||||||||||||
Pipelines and equipment | 5 – 46 | |||||||||||||||||||
Natural gas storage facilities | 26 – 46 | |||||||||||||||||||
Other | 3 – 21 | |||||||||||||||||||
Construction work in progress | ||||||||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Accumulated depreciation and amortization | ( | ( | ||||||||||||||||||
Property, plant and equipment, net | $ | $ |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Deposits from customers | $ | $ | |||||||||
Accrued expenses | |||||||||||
Accrued capital expenditures | |||||||||||
Current income tax payable | |||||||||||
ARO | |||||||||||
Other | |||||||||||
Total other current liabilities | $ | $ |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Pension liability | $ | $ | |||||||||
ARO | |||||||||||
Other | |||||||||||
Total other non-current liabilities | $ | $ |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Customer A | % | % | % | ||||||||||||||
Customer B | |||||||||||||||||
Other top 10 customers | |||||||||||||||||
Remaining customers | |||||||||||||||||
Total percentage | % | % | % |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operating revenues | $ | $ | $ | ||||||||||||||
Operating and maintenance | |||||||||||||||||
General and administrative | |||||||||||||||||
Interest expense — related company | |||||||||||||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
7.60% Senior Notes due 2024 | $ | $ | |||||||||
7.00% Senior Notes due 2029 | |||||||||||
8.25% Senior Notes due 2029 | |||||||||||
Floating Rate Junior Subordinated Notes due 2066 | |||||||||||
Unamortized fair value adjustments | |||||||||||
Total long-term debt outstanding | $ | $ | |||||||||
Years Ending December 31, | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total | $ |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Change in benefit obligation: | |||||||||||
Benefit obligation at beginning of period | $ | $ | |||||||||
Service cost | |||||||||||
Interest cost | |||||||||||
Actuarial loss | |||||||||||
Benefits paid, net | ( | ( | |||||||||
Benefit obligation at end of period | $ | $ | |||||||||
Change in plan assets: | |||||||||||
Fair value of plan assets at beginning of period | $ | $ | |||||||||
Return on plan assets and other | |||||||||||
Employer contributions | |||||||||||
Benefits paid, net | ( | ( | |||||||||
Fair value of plan assets at end of period | $ | $ | |||||||||
Amount overfunded at end of period (1) | $ | $ | |||||||||
Amounts recognized in accumulated other comprehensive loss (pre-tax basis) consist of: | |||||||||||
Net actuarial gain | $ | ( | $ | ( | |||||||
Prior service cost | |||||||||||
$ | $ |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Service cost | $ | $ | $ | ||||||||||||||
Interest cost | |||||||||||||||||
Expected return on plan assets | ( | ( | ( | ||||||||||||||
Prior service credit amortization | |||||||||||||||||
Net periodic benefit cost | $ | $ | $ |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Discount rate | % | % | % | ||||||||||||||
Expected return on assets: | |||||||||||||||||
Tax exempt accounts | % | % | % | ||||||||||||||
Taxable accounts | % | % | % |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Health care cost trend rate | % | % | |||||||||
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | % | % | |||||||||
Year that the rate reaches the ultimate trend rate | 2028 | 2027 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Total Market Index Fund (1) | |||||||||||
Total International Index Fund(2) | |||||||||||
U.S. Bond Index Fund (3) | |||||||||||
Total | $ | $ |
Years | Expected Benefit Payments | |||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026-2030 |
Years Ended December 31, | |||||||||||
2019 | 2018 | ||||||||||
Current expense: | |||||||||||
Federal | $ | $ | |||||||||
State | |||||||||||
Total | |||||||||||
Deferred expense (benefit): | |||||||||||
Federal | $ | ( | $ | ||||||||
State | ( | ||||||||||
Total | ( | ||||||||||
Total income tax expense (benefit) | $ | ( | $ | ||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Revisions | ( | ||||||||||||||||
Settled | ( | ( | |||||||||||||||
Accretion expense | |||||||||||||||||
Ending balance | $ | $ | $ |
December 31, 2020 | |||||
Weighted-average remaining lease term (years) | |||||
Operating leases | |||||
Weighted-average discount rate (%) | |||||
Operating leases |
Operating leases | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: present value discount | |||||
Present value of lease liabilities | $ |
Years Ending December 31, | ||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||||||||||||||||
Revenue expected to be recognized on contracts with customers existing as of December 31, 2020 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||
March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | Total | |||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating income | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||
March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | Total | |||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating income | |||||||||||||||||||||||||||||
Net income |
/s/ Marshall S. McCrea, III | |||||
Marshall S. McCrea, III | |||||
Co-Chief Executive Officer |
/s/ Thomas E. Long | |||||
Thomas E. Long | |||||
Co-Chief Executive Officer |
/s/ Bradford D. Whitehurst | |||||
Bradford D. Whitehurst | |||||
Chief Financial Officer |
/s/ Marshall S. McCrea, III | |||||
Marshall S. McCrea, III | |||||
Co-Chief Executive Officer |
/s/ Thomas E. Long | |||||
Thomas E. Long | |||||
Co-Chief Executive Officer |
/s/ Bradford D. Whitehurst | |||||
Bradford D. Whitehurst | |||||
Chief Financial Officer |
Description of the Business |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | OPERATIONS AND ORGANIZATION: The Company primarily operates interstate pipelines that transport natural gas from the Gulf of Mexico, South Texas and the Panhandle region of Texas and Oklahoma to major United States markets in the Midwest and Great Lakes regions and natural gas storage assets and are subject to the rules and regulations of the FERC. PEPL’s subsidiaries are Trunkline, Sea Robin and Southwest Gas. Southern Union Panhandle LLC, an indirect wholly-owned subsidiary of ETO, owns a 1% general partner interest in PEPL and ETO indirectly owns a 99% limited partner interest in PEPL. On July 1, 2019, ETO executed a series of internal restructuring transactions that resulted in PEPL becoming a subsidiary of a non-corporate subsidiary of ETO (“PEPL Restructuring”). As a result, PEPL’s tax status changed from a disregarded entity for federal income tax purposes wholly owned by a corporate entity to a disregarded entity for federal income tax purposes wholly owned by a limited partnership. In connection with this restructuring, PEPL’s tax sharing agreement with its former corporate parent was terminated, and PEPL reversed all of its existing deferred tax assets and liabilities in July 2019, which resulted in the recognition of a $428 million non-cash benefit in the consolidated statement of operations. Certain prior period amounts have been reclassified to conform to the 2020 presentation. These reclassifications had no impact on net income, total partners’ capital, or cash flows.
|
Estimates, Significant Accounting Policies and Balance Sheet Detail (Notes) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ESTIMATES, SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL: Basis of Presentation. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of all majority-owned subsidiaries, after eliminating significant intercompany transactions and balances. Investments in which the Company has significant influence over the operations of the investee are accounted for using the equity method. The Company is subject to regulation by certain state and federal authorities. The Company has accounting policies which are in accordance with the accounting requirements and ratemaking practices of the regulatory authorities. The Company does not apply regulatory-based accounting policies, primarily due to the level of discounting from tariff rates and its inability to recover specific costs. If regulatory-based accounting policies were applied, certain transactions would be recorded differently, including, among others, recording of regulatory assets, the capitalization of an equity component of invested funds on regulated capital projects and depreciation differences. The Company periodically reviews its level of discounting and negotiated rate contracts, the length of rate moratoriums and other related factors to determine if the regulatory-based authoritative guidance should be applied. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents. Cash equivalents consist of highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. The Company places cash deposits and temporary cash investments with high credit quality financial institutions. At times, cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit. Non-cash investing and financing activities and supplemental cash flow information are as follows:
Inventories. System natural gas and operating supplies consist of natural gas held for operations and materials and supplies, both of which are carried at the lower of weighted average cost or market, while natural gas owed back to customers is valued at market. The natural gas held for operations that the Company does not expect to consume in its operations in the next twelve months is reflected in non-current assets. The following table presents the components of inventory:
(1)Natural gas volumes held for operations at December 31, 2020 and 2019 were 29.2 TBtu and 19.3 TBtu, respectively. Natural Gas Imbalances. Natural gas imbalances occur as a result of differences in volumes of natural gas received and delivered. The Company records natural gas imbalance in-kind receivables and payables at cost or market. Net imbalances that have reduced system natural gas are valued at the cost basis of the system natural gas, while net imbalances that have increased system natural gas and are owed back to customers are priced, along with the corresponding system natural gas, at market. Fuel Tracker. The fuel tracker is the cumulative balance of compressor fuel volumes owed to the Company by its customers or owed by the Company to its customers. The customers, pursuant to each pipeline’s tariff and related contracts, provide all compressor fuel to the pipeline based on specified percentages of the customer’s natural gas volumes delivered into the pipeline. The percentages are designed to match the actual natural gas consumed in moving the natural gas through the pipeline facilities, with any difference between the volumes provided versus volumes consumed reflected in the fuel tracker. The tariff of Trunkline, in conjunction with the customers’ contractual obligations, allows the Company to record an asset and direct bill customers for any fuel ultimately under-recovered. The other FERC-regulated PEPL entities record an expense when fuel is under-recovered or record a credit to expense to the extent any under-recovered prior period balances are subsequently recouped as they do not have such explicit billing rights specified in their tariffs. Liability accounts are maintained for net volumes of compressor fuel natural gas owed to customers collectively. The pipelines’ fuel reimbursement is in-kind and non-discountable. Property, Plant and Equipment. The following table presents the components of property, plant and equipment:
Additions. Ongoing additions of property, plant and equipment are stated at cost. The Company capitalizes all construction-related direct labor and material costs, as well as indirect construction costs. Such indirect construction costs primarily include capitalized interest costs and labor and related costs of departments associated with supporting construction activities. The indirect capitalized labor and related costs are largely based upon results of periodic time studies or management reviews of time allocations, which provide an estimate of time spent supporting construction projects. The cost of replacements and betterments that extend the useful life of property, plant and equipment is also capitalized. The cost of repairs and replacements of minor property, plant and equipment items is charged to expense as incurred. Retirements. When ordinary retirements of property, plant and equipment occur, the original cost less salvage value is removed by a charge to accumulated depreciation and amortization, with no gain or loss recorded. When entire regulated operating units of property, plant and equipment are retired or sold, the original cost less salvage value and related accumulated depreciation and amortization accounts are removed, with any resulting gain or loss recorded in earnings. Depreciation. The Company computes depreciation expense using the straight-line method. Interest Cost Capitalized. The Company capitalizes interest on certain qualifying assets that are undergoing activities to prepare them for their intended use. Interest costs incurred during the construction period are capitalized and amortized over the life of the assets. For the year ended December 31, 2020, the Company recognized no capitalized interest. For the years ended December 31, 2019 and 2018 the Company recognized capitalized interest of $2 million and $1 million, respectively. Related Party Transactions. Related party expenses primarily include payments for services provided by ET, ETO and other affiliates, as well as interest expense on a note payable to ETO. Environmental Expenditures. Environmental expenditures that relate to an existing condition caused by past operations that do not contribute to current or future revenue generation are expensed. Environmental expenditures relating to current or future revenues are expensed or capitalized as appropriate. Liabilities are recorded when environmental assessments and/or clean-ups are probable and the costs can be reasonably estimated. Remediation obligations are not discounted because the timing of future cash flow streams is not predictable. Other Current Liabilities. Other current liabilities consisted of the following:
Other Non-Current Liabilities. Other non-current liabilities consisted of the following:
Revenues. The Company’s revenues from transportation and storage of natural gas are based on capacity reservation charges and, to a lesser extent, commodity usage charges. Reservation revenues are based on contracted rates and capacity reserved by the customers and are recognized monthly. Revenues from commodity usage charges are also recognized monthly, based on the volumes received from or delivered for the customer, based on the tariff, with any differences in volumes received and delivered resulting in an imbalance. Volume imbalances generally are settled in-kind with no impact on revenues, with the exception of Trunkline, which settles certain imbalances in cash pursuant to its tariff, and records gains and losses on such cashout sales as a component of revenue, to the extent not owed back to customers. Because the Company is subject to FERC regulation, revenues collected during the pendency of a rate proceeding may be required by FERC to be refunded in the final order. The Company establishes reserves for such potential refunds, as appropriate. Accounts Receivable and Allowance for Expected Credit Losses. The Company has a large number of customers in the electric and gas utility industries as well as oil and natural gas producers and municipalities. The large number of customers in these energy segments may impact our overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic or other conditions. The Company manages trade credit risk to mitigate credit losses and exposure to uncollectible trade receivables. Prospective and existing customers are reviewed regularly for creditworthiness based upon pre-established standards consistent with FERC filed tariffs to manage credit risk within approved tolerances. Customers that do not meet minimum credit standards are required to provide additional credit support in the form of a letter of credit, prepayment, or other forms of security. The Company establishes an allowance for expected credit losses on trade receivables based on the expected ultimate recovery of these receivables and considers many factors including historical customer collection experience, general and specific economic trends, and known specific issues related to individual customers, sectors, and transactions that might impact collectability. Increases in the allowance are recorded as a component of operating expenses; reductions in the allowance are recorded when receivables are subsequently collected or written-off. Past-due receivable balances are written-off when the Company’s efforts have been unsuccessful in collecting the amount due. The allowance for expected credit losses was not material as of December 31, 2020 and 2019. The following table presents the relative contribution to the Company’s total operating revenue from operations of each customer that comprised at least 10% of its operating revenues:
Accumulated Other Comprehensive Loss. The main components of accumulated other comprehensive loss are a net actuarial loss and prior service costs on pension and other postretirement benefit plans. Retirement Benefits. The Company recognizes the overfunded or underfunded status of defined benefit pension and other postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation (the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for other postretirement plans). Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. Changes in the funded status of the plan are recorded in other comprehensive income in partners’ capital in the year in which the change occurs. Fair Value Measurement. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about nonperformance risk, which is primarily comprised of credit risk (both the Company’s own credit risk and counterparty credit risk) and the risks inherent in the inputs to any applicable valuation techniques. The Company places more weight on current market information concerning credit risk (e.g. current credit default swap rates) as opposed to historical information (e.g. historical default probabilities and credit ratings). These inputs can be readily observable, market corroborated, or generally unobservable. The Company endeavors to utilize the best available information, including valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. A three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value, is as follows: •Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities; •Level 2 – Observable inputs such as: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active and do not require significant adjustment based on unobservable inputs; or (iii) valuations based on pricing models, discounted cash flow methodologies or similar techniques where significant inputs (e.g., interest rates, yield curves, etc.) are derived principally from observable market data, or can be corroborated by observable market data, for substantially the full term of the assets or liabilities; and •Level 3 – Unobservable inputs, including valuations based on pricing models, discounted cash flow methodologies or similar techniques where at least one significant model assumption or input is unobservable. Unobservable inputs are used to the extent that observable inputs are not available and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the assets or liabilities. Unobservable inputs are based on the best information available in the circumstances, which might include the Company’s own data. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of these assets and liabilities and their placement within the fair value hierarchy. The Company had $34 million and $31 million available for sale securities, included in other non-current assets, at December 31, 2020 and 2019, respectively. At December 31, 2020, $22 million in equity securities were valued at Level 1 and $12 million in fixed income securities were valued at Level 2. At December 31, 2019, $20 million in equity securities were valued at Level 1 and $11 million in fixed income securities were valued at Level 2. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable approximates fair value. Asset Retirement Obligations. Legal obligations associated with the retirement of long-lived assets are recorded at fair value at the time the obligations are incurred, if a reasonable estimate of fair value can be made. Present value techniques are used which reflect assumptions such as removal and remediation costs, inflation, and profit margins that third parties would demand to settle the amount of the future obligation. The Company did not include a market risk premium for unforeseeable circumstances in its fair value estimates because such a premium could not be reliably estimated. Upon initial recognition of the liability, costs are capitalized as a part of the long-lived asset and allocated to expense over the useful life of the related asset. The liability is accreted to its present value each period with accretion being recorded to operating expense with a corresponding increase in the carrying amount of the liability. To the extent the Company is permitted to collect and has reflected in its financials amounts previously collected from customers and expensed, such amounts serve to reduce what would be reflected as capitalized costs at the initial establishment of an ARO. Income Taxes. Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in earnings in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. The determination of the provision for income taxes requires significant judgment, use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in our financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, we reassess these probabilities and record any changes through the provision for income taxes. Commitments and Contingencies. The Company is subject to proceedings, lawsuits and other claims related to environmental and other matters. Accounting for contingencies requires significant judgment by management regarding the estimated probabilities and ranges of exposure to potential liability.
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Related Party Transactions |
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Related Party Transactions | RELATED PARTY TRANSACTIONS: Accounts receivable from related companies reflected on the consolidated balance sheets primarily related to services provided to ET, ETO and other affiliates. Accounts payable to related companies and advance from affiliates reflected on the consolidated balance sheets related to various services provided by ETO and other affiliates. The following table provides a summary of related party activity included in our consolidated statements of operations:
The Company settled affiliate payables with a subsidiary of ETO through non-cash contributions during the year ended December 31, 2020 for $4 million and during the year ended December 31, 2018 for $31 million. As of December 31, 2020 and 2019, the Company had $550 million and $732 million, respectively, outstanding under a note payable to ETO. The note payable accrues interest monthly with an annual interest rate of 4.845% as of December 31, 2020 and matures on July 31, 2027.
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Debt Obligations |
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Debt Obligations | DEBT OBLIGATIONS: The following table sets forth the debt obligations of the Company:
Based on the estimated borrowing rates currently available to the Company and its subsidiaries for loans with similar terms and average maturities, the aggregate fair value of the Company’s consolidated debt obligations at December 31, 2020 and 2019 was $256 million and $247 million, respectively. The fair value of the Company’s consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. As of December 31, 2020, the Company has scheduled long-term debt principal payments as follows:
Floating Rate Junior Subordinated Notes The interest rate on the remaining portion of PEPL’s $600 million junior subordinated notes due 2066 is a variable rate based upon the three-month London Interbank Offered Rate plus 3.0175%. The balance of the variable rate portion of the junior subordinated notes was $54 million at December 31, 2020 and 2019 at an effective interest rate of 3.232% and 4.927%, respectively. Compliance With Our Covenants The Company’s notes are subject to certain requirements, such as the maintenance of a fixed charge coverage ratio and a leverage ratio, which if not maintained, restrict the ability of the Company to make certain payments and impose limitations on the ability of the Company to subject its property to liens. Other covenants impose limitations on restricted payments, including dividends and loans to related companies, and additional indebtedness. As of December 31, 2020, the Company is in compliance with these covenants. The Company will continue to opportunistically evaluate alternatives for funding its debt repayment obligations. Alternatives include, but are not limited to, refinancing of amounts due with new senior notes, a term loan facility or a loan provided by ETO or other affiliates.
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Retirement Benefits (Notes) |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits | RETIREMENT BENEFITS: Postretirement Benefit Plans Affiliates of the Company previously offered postretirement health care and life insurance benefit plans (other postretirement plans) that covered substantially all employees. Participation in the plan was subsequently frozen and medical benefits were no longer offered. Effective January 1, 2018, the plan was amended to extend coverage to a closed group of former employees based on certain criteria. Obligations and Funded Status Other postretirement benefit liabilities are accrued on an actuarial basis during the years an employee provides services. The following tables contain information at the dates indicated about the obligations and funded status of the Company’s other postretirement plans.
(1)Recorded as a non-current asset in the consolidated balance sheets. Components of Net Periodic Benefit Cost The following tables set forth the components of net periodic benefit cost of the Company’s postretirement benefit plan for the periods presented:
Services cost is recorded within general and administrative expense while non-service cost components are recorded within other, net in our consolidated statements of operations. The estimated prior service cost for other postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2021 is $1 million. Assumptions. The weighted-average discount rate used in determining benefit obligations was 2.16% and 2.92% at December 31, 2020 and 2019, respectively. The weighted-average assumptions used in determining net periodic benefit cost for the periods presented are shown in the table below:
The Company employs a building block approach in determining the expected long-term rate of return on the plans’ assets with proper consideration for diversification and rebalancing. Historical markets are studied and long-term historical relationships between equities and fixed-income are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term market assumptions are determined. Peer data and historical returns are reviewed to check for reasonableness and appropriateness. The assumed health care cost trend weighted-average rates used to measure the expected cost of benefits covered by the plans are shown in the table below:
Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one-percentage-point change in assumed health care cost trend rates would have no material effect on accumulated postretirement benefit obligation or on total of annual service and interest cost components. Plan Assets. The Company’s overall investment strategy is to maintain an appropriate balance of actively managed investments while maintaining a high standard of portfolio quality and achieving proper diversification. To achieve diversity within its other postretirement plan asset portfolio, the Company has targeted the following asset allocations: equity of 25% to 35% and fixed income of 65% to 75%. These target allocations are monitored by the Investment Committee of ETO’s Board of Directors in conjunction with an external investment advisor. On occasion, the asset allocations may fluctuate as compared to these guidelines as a result of Investment Committee actions. The fair value of the Company’s other postretirement plan assets at the dates indicated by asset category is as follows:
(1)The fund invests primarily in common stocks included in the Dow Jones U.S. Total Stock Market Index. As of December 31, 2020, this fund was invested 100% in domestic equities. (2)The fund invests primarily in both the securities and in depository receipts representing securities included in the MSCI All Country World Index. As of December 31, 2020, this fund was invested 99% in foreign equities and 1% in domestic equities. (3)The fund invests primarily in bonds included in the Bloomberg Barclays U.S. Aggregate Bond Index. As of December 31, 2020, this fund was invested 41% in U.S. Treasury, 25% in mortgage-backed securities, 26% in corporations and 8% in other. The Total Market Index Fund and Total International Index Fund assets are classified as Level 1 assets within the fair value hierarchy. The U.S. Bond Index Fund is classified as Level 2 assets within the fair value hierarchy. Contributions. The Company expects to make contributions of $8 million to its other postretirement plans in 2021 and annually thereafter until modified by rate case proceedings. Benefit Payments. The Company’s estimate of expected benefit payments, which reflect expected future service, as appropriate, in each of the next five years and in the aggregate for the five years thereafter are shown in the table below.
The Medicare Prescription Drug Act provides for a prescription drug benefit under Medicare (“Medicare Part D”) as well as a federal subsidy to sponsors of retiree health plans that provide a prescription drug benefit that is at least actuarially equivalent to Medicare Part D. The Company does not expect to receive any Medicare Part D subsidies in any future periods. Defined Contribution Plan The Company participates in ETO’s defined contribution savings plan (“Savings Plan”) that is available to virtually all employees. The Company provided matching contributions of 100% of the first 5% of the participant’s compensation paid into the Savings Plan. The Company contributed $1 million, $2 million and $2 million to the Savings Plan during the years ended December 31, 2020, 2019, and 2018, respectively. In addition, the Company provides a 3% discretionary profit sharing contribution to eligible employees with annual base compensation below a specific threshold. Company contributions are 100% vested after five years of continuous service. The Company made discretionary profit sharing contributions of $0.5 million, $1 million and $1 million for the years ended December 31, 2020, 2019, and 2018, respectively.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes on Income | INCOME TAXES: The following table provides a summary of the current and deferred components of income tax expense (benefit) from continuing operations for the years ended December 31, 2019 and 2018. The year ended December 31, 2020 is excluded from the table below, because income tax expense is no longer significant to the Company subsequent to the PEPL Restructuring in 2019.
The differences between the Company’s effective income tax rate and the United States federal income tax statutory rate are primarily due to state income taxes and, subsequent to the PEPL Restructuring in 2019, due to partnership earnings, not subject to tax. In addition, for the year ended December 31, 2019 income tax expense was also impacted by a benefit of $428 million due to the change in tax status associated with the PEPL Restructuring. The Company is no longer subject to examination by the Internal Revenue Service and most state jurisdictions for 2013 and prior years. However, the Company is currently under state income tax examination for its 2013 and 2014 years.
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ASSET RETIREMENT OBLIGATIONS |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS: The Company’s recorded asset retirement obligations are primarily related to owned natural gas storage wells and offshore lines and platforms. At the end of the useful life of these underlying assets, the Company is legally or contractually required to abandon in place or remove the asset. Although a number of other onshore assets in the Company’s system are subject to agreements or regulations that give rise to an ARO upon the Company’s discontinued use of these assets, AROs were not recorded because these assets have an indeterminate removal or abandonment date given the expected continued use of the assets with proper maintenance or replacement. Individual component assets have been and will continue to be replaced, but the pipeline system will continue in operation as long as supply and demand for natural gas exists. Based on the widespread use of natural gas in industrial and power generation activities, management expects supply and demand to exist for the foreseeable future. The Company has in place a rigorous repair and maintenance program that keeps the pipeline system in good working order. Therefore, although some of the individual assets may be replaced, the pipeline system itself will remain intact indefinitely. The Company recorded ARO related to (i) retiring natural gas storage wells, (ii) retiring offshore platforms and lines and (iii) removing asbestos. In addition, the Company had $34 million and $31 million legally restricted for the purpose of settling ARO that was reflected as other non-current assets as of December 31, 2020 and 2019, respectively; these restricted funds did not include any material amounts of restricted cash. The following table is a reconciliation of the carrying amount of the ARO liability for the periods presented. Changes in assumptions regarding the timing, amount, and probabilities associated with the expected cash flows, as well as the difference in actual versus estimated costs, may result in a change in the amount of the liability recognized.
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Commitments and Contingencies |
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Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure | REGULATORY MATTERS, COMMITMENTS, CONTINGENCIES AND ENVIRONMENTAL LIABILITIES: Contingent Residual Support Agreement with ETO Under a contingent residual support agreement with ETO and Citrus ETP Finance LLC, the Company provides contingent, residual support to Citrus ETP Finance LLC (on a non-recourse basis to the Company) with respect to Citrus ETP Finance LLC’s obligations to ETO to support the payment of $2 billion in principal amount of ETO senior notes, of which $1 billion mature in each of 2022 and 2042. FERC Proceedings On July 18, 2018, the FERC issued a final rule establishing procedures to evaluate rates charged by the FERC-jurisdictional gas pipelines in light of the Tax Act and the FERC’s Revised Policy Statement. By order issued January 16, 2019, the FERC initiated a review of Panhandle’s existing rates pursuant to Section 5 of the Natural Gas Act (“NGA”) to determine whether the rates currently charged by Panhandle are just and reasonable and set the matter for hearing. Panhandle filed a cost and revenue study on April 1, 2019 and an NGA Section 4 rate case on August 30, 2019. The Section 4 and Section 5 proceedings were consolidated by order of the Chief Judge on October 1, 2019. A hearing in the combined proceedings commenced on August 25, 2020 and adjourned on September 15, 2020. By order dated January 19, 2021, the Chief Judge has extended the deadline for the initial decision to March 2021. Environmental Matters The Company’s operations are subject to federal, state and local laws, rules and regulations regarding water quality, hazardous and solid waste management, air quality control and other environmental matters. These laws, rules and regulations require the Company to conduct its operations in a specified manner and to obtain and comply with a wide variety of environmental registrations, licenses, permits, inspections and other approvals. Failure to comply with environmental laws, rules and regulations may expose the Company to significant fines, penalties and/or interruptions in operations. The Company’s environmental policies and procedures are designed to achieve compliance with such applicable laws and regulations. These evolving laws and regulations and claims for damages to property, employees, other persons and the environment resulting from current or past operations may result in significant expenditures and liabilities in the future. The Company engages in a process of updating and revising its procedures for the ongoing evaluation of its operations to identify potential environmental exposures and enhance compliance with regulatory requirements. The Company is responsible for environmental remediation at certain sites on its natural gas transmission systems for contamination resulting from the past use of lubricants containing polychlorinated biphenyls (“PCBs”) in compressed air systems; the past use of paints containing PCBs; and the prior use of wastewater collection facilities and other on-site disposal areas. The Company has implemented a program to remediate such contamination. The primary remaining remediation activity on the PEPL systems is associated with past use of paints containing PCBs or PCB impacts to equipment surfaces and to a building at one location. The PCB assessments are ongoing and the related estimated remediation costs are subject to further change. Other remediation typically involves the management of contaminated soils and may involve remediation of groundwater. Activities vary with site conditions and locations, the extent and nature of the contamination, remedial requirements, complexity and sharing of responsibility. The ultimate liability and total costs associated with these sites will depend upon many factors. If remediation activities involve statutory joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Company could potentially be held responsible for contamination caused by other parties. In some instances, the Company may share liability associated with contamination with other potentially related parties. The Company may also benefit from contractual indemnities that cover some or all of the cleanup costs. These sites are generally managed in the normal course of business or operations. The Company’s environmental remediation activities are undertaken in cooperation with and under the oversight of appropriate regulatory agencies, enabling the Company under certain circumstances to take advantage of various voluntary cleanup programs in order to perform the remediation in the most effective and efficient manner. The Company had accrued $1 million in non-current liabilities as of December 31, 2020 and 2019 to cover environmental remediation actions where management believes a loss is probable and reasonably estimable. The Company is not able to estimate the possible loss or range of loss in excess of amounts accrued. The Company does not have any material environmental remediation matters assessed as reasonably possible. Liabilities for Litigation and Other Claims The Company records accrued liabilities for litigation and other claim costs when management believes a loss is probable and reasonably estimable. When management believes there is at least a reasonable possibility that a material loss or an additional material loss may have been incurred, the Company discloses (i) an estimate of the possible loss or range of loss in excess of the amount accrued; or (ii) a statement that such an estimate cannot be made. As of December 31, 2020 and 2019, the Company’s consolidated balance sheet reflected litigation and other claim-related accrued liabilities of $18 million. The Company does not have any material litigation or other claim contingency matters assessed as probable or reasonably possible that would require disclosure in the financial statements. Other Commitments and Contingencies The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment (the transfer of property to the state) of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements. The Company is currently being examined by a third-party auditor on behalf of nine states for compliance with unclaimed property laws.
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Leases (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases of Lessor Disclosure | The Company leases office space, land, and equipment under non-cancelable operating leases whose initial terms are typically 5 to 10 years, with some real estate leases having terms of 30 years or more, along with options that permit renewals for additional periods. At contract inception, we determine if the arrangement is a lease or contains an embedded lease and review the facts and circumstances of the arrangement to classify lease assets as operating or finance leases under Accounting Standards Codification (“ASC”) Topic 842. At present, the majority of the Company’s active leases are classified as operating in accordance with ASC Topic 842. Balances related to operating leases are included in operating lease ROU assets, other current liabilities and operating lease liabilities in our consolidated balance sheet. Finance leases represent a small portion of the active lease agreements and are included in property and equipment, other current liabilities, and other non-current liabilities in our consolidated balance sheet. The ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation of the Company to make minimum lease payments arising from the lease for the duration of the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or greater. The exercise of lease renewal options is typically at the sole discretion of the Company, and lease extensions are evaluated on a lease-by-lease basis. Leases containing early termination clauses typically require the agreement of both parties to the lease. At the inception of a lease, all renewal options reasonably certain to be exercised are considered when determining the lease term. Presently, the Company does not have leases that include options to purchase or automatic transfer of ownership of the leased property to the Company. The depreciable life of lease assets and leasehold improvements are limited by the expected lease term. To determine the present value of future minimum lease payments, we use the implicit rate when readily determinable. Presently, since many of our leases do not provide an implicit rate, the Company applies its incremental borrowing rate based on the information available at the lease commencement date, to determine the present value of minimum lease payments. The operating and finance lease ROU assets include any lease payments made and exclude lease incentives. Minimum rent payments are expensed on a straight-line basis over the term of the lease. In addition, some leases require additional contingent or variable lease payments, which are based on the factors specific to the individual agreement. Variable lease payments the Company is typically responsible for include payment of real estate taxes, maintenance expenses and insurance. For short-term leases (leases that have term of twelve months or less upon commencement), lease payments are recognized on a straight-line basis and no ROU assets are recorded. For the years ended December 31, 2020 and 2019, the Company recognized $0.2 million and $2 million, respectively, of short-term lease cost, which is reflected in operating and maintenance in the accompanying consolidated statement of operations. The weighted average remaining lease terms and weighted average discount rate as of December 31, 2020 were as follows:
Maturities of operating lease liabilities as of December 31, 2020 are as follows:
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REVENUE Revenue (Notes) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | REVENUE: Contract Balances with Customers The Company satisfies its obligations by transferring goods or services in exchange for consideration from customers. The timing of performance may differ from the timing the associated consideration is paid to or received from the customer, thus resulting in the recognition of a contract asset or a contract liability. The Company recognizes a contract asset when making upfront consideration payments to certain customers or when providing services to customers prior to the time at which the Company is contractually allowed to bill for such services. As of December 31, 2020 and 2019, no contract assets have been recognized. The Company recognizes a contract liability if the customer's payment of consideration precedes the Company’s fulfillment of the performance obligations. As of December 31, 2020 and 2019, no contract liabilities have been recognized. Performance Obligation At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Revenue is recognized when (or as) the performance obligations are satisfied, that is, when the customer obtains control of the good or service. Certain of our contracts contain variable components, which, when combined with the fixed component are considered a single performance obligation. For these types of contracts, only the fixed component of the contracts are included in the table below. As of December 31, 2020, the aggregate amount of transaction price allocated to unsatisfied (or partially satisfied) performance obligations is approximately $2.44 billion, and the Company expects to recognize this amount as revenue within the time bands illustrated below:
Practical Expedients Utilized by the Company The Company elected the following practical expedients in accordance with Topic 606: •Right to invoice - The Company elected to utilize an output method to recognize revenue that is based on the amount to which the Company has a right to invoice a customer for services performed to date, if that amount corresponds directly with the value provided to the customer for the related performance or its obligation completed to date. As such, the Company recognized revenue in the amount to which it had the right to invoice customers. •Significant financing component - The Company elected not to adjust the promised amount of consideration for the effects of significant financing component if the Company expects, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less. •Unearned variable consideration - The Company elected to only disclose the unearned fixed consideration associated with unsatisfied performance obligations related to our various customer contracts which contain both fixed and variable components.
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QUARTERLY OPERATIONS |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED): The following table provides certain quarterly financial information for the periods presented:
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Estimates, Significant Accounting Policies and Balance Sheet Detail (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies [Policy Text Block] | Basis of Presentation. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of all majority-owned subsidiaries, after eliminating significant intercompany transactions and balances. Investments in which the Company has significant influence over the operations of the investee are accounted for using the equity method. The Company is subject to regulation by certain state and federal authorities. The Company has accounting policies which are in accordance with the accounting requirements and ratemaking practices of the regulatory authorities. The Company does not apply regulatory-based accounting policies, primarily due to the level of discounting from tariff rates and its inability to recover specific costs. If regulatory-based accounting policies were applied, certain transactions would be recorded differently, including, among others, recording of regulatory assets, the capitalization of an equity component of invested funds on regulated capital projects and depreciation differences. The Company periodically reviews its level of discounting and negotiated rate contracts, the length of rate moratoriums and other related factors to determine if the regulatory-based authoritative guidance should be applied.
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Consolidation, Policy [Policy Text Block] | The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of all majority-owned subsidiaries, after eliminating significant intercompany transactions and balances. Investments in which the Company has significant influence over the operations of the investee are accounted for using the equity method. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents. Cash equivalents consist of highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. The Company places cash deposits and temporary cash investments with high credit quality financial institutions. At times, cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Policy [Policy Text Block] | Inventories. System natural gas and operating supplies consist of natural gas held for operations and materials and supplies, both of which are carried at the lower of weighted average cost or market, while natural gas owed back to customers is valued at market. The natural gas held for operations that the Company does not expect to consume in its operations in the next twelve months is reflected in non-current assets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas Exchanges [Policy Text Block] | Natural Gas Imbalances. Natural gas imbalances occur as a result of differences in volumes of natural gas received and delivered. The Company records natural gas imbalance in-kind receivables and payables at cost or market. Net imbalances that have reduced system natural gas are valued at the cost basis of the system natural gas, while net imbalances that have increased system natural gas and are owed back to customers are priced, along with the corresponding system natural gas, at market. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel Tracker [Policy Text Block] | Fuel Tracker. The fuel tracker is the cumulative balance of compressor fuel volumes owed to the Company by its customers or owed by the Company to its customers. The customers, pursuant to each pipeline’s tariff and related contracts, provide all compressor fuel to the pipeline based on specified percentages of the customer’s natural gas volumes delivered into the pipeline. The percentages are designed to match the actual natural gas consumed in moving the natural gas through the pipeline facilities, with any difference between the volumes provided versus volumes consumed reflected in the fuel tracker. The tariff of Trunkline, in conjunction with the customers’ contractual obligations, allows the Company to record an asset and direct bill customers for any fuel ultimately under-recovered. The other FERC-regulated PEPL entities record an expense when fuel is under-recovered or record a credit to expense to the extent any under-recovered prior period balances are subsequently recouped as they do not have such explicit billing rights specified in their tariffs. Liability accounts are maintained for net volumes of compressor fuel natural gas owed to customers collectively. The pipelines’ fuel reimbursement is in-kind and non-discountable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment. The following table presents the components of property, plant and equipment:
Additions. Ongoing additions of property, plant and equipment are stated at cost. The Company capitalizes all construction-related direct labor and material costs, as well as indirect construction costs. Such indirect construction costs primarily include capitalized interest costs and labor and related costs of departments associated with supporting construction activities. The indirect capitalized labor and related costs are largely based upon results of periodic time studies or management reviews of time allocations, which provide an estimate of time spent supporting construction projects. The cost of replacements and betterments that extend the useful life of property, plant and equipment is also capitalized. The cost of repairs and replacements of minor property, plant and equipment items is charged to expense as incurred. Retirements. When ordinary retirements of property, plant and equipment occur, the original cost less salvage value is removed by a charge to accumulated depreciation and amortization, with no gain or loss recorded. When entire regulated operating units of property, plant and equipment are retired or sold, the original cost less salvage value and related accumulated depreciation and amortization accounts are removed, with any resulting gain or loss recorded in earnings. Depreciation. The Company computes depreciation expense using the straight-line method. Interest Cost Capitalized. The Company capitalizes interest on certain qualifying assets that are undergoing activities to prepare them for their intended use. Interest costs incurred during the construction period are capitalized and amortized over the life of the assets. For the year ended December 31, 2020, t
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Related Party Transactions Disclosure [Policy Text Block] | Related Party Transactions. Related party expenses primarily include payments for services provided by ET, ETO and other affiliates, as well as interest expense on a note payable to ETO. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Cost, Expense Policy [Policy Text Block] | Environmental Expenditures. Environmental expenditures that relate to an existing condition caused by past operations that do not contribute to current or future revenue generation are expensed. Environmental expenditures relating to current or future revenues are expensed or capitalized as appropriate. Liabilities are recorded when environmental assessments and/or clean-ups are probable and the costs can be reasonably estimated. Remediation obligations are not discounted because the timing of future cash flow streams is not predictable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [Policy Text Block] | Revenues. The Company’s revenues from transportation and storage of natural gas are based on capacity reservation charges and, to a lesser extent, commodity usage charges. Reservation revenues are based on contracted rates and capacity reserved by the customers and are recognized monthly. Revenues from commodity usage charges are also recognized monthly, based on the volumes received from or delivered for the customer, based on the tariff, with any differences in volumes received and delivered resulting in an imbalance. Volume imbalances generally are settled in-kind with no impact on revenues, with the exception of Trunkline, which settles certain imbalances in cash pursuant to its tariff, and records gains and losses on such cashout sales as a component of revenue, to the extent not owed back to customers. Because the Company is subject to FERC regulation, revenues collected during the pendency of a rate proceeding may be required by FERC to be refunded in the final order. The Company establishes reserves for such potential refunds, as appropriate. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable and Allowance for Expected Credit Losses. The Company has a large number of customers in the electric and gas utility industries as well as oil and natural gas producers and municipalities. The large number of customers in these energy segments may impact our overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic or other conditions. The Company manages trade credit risk to mitigate credit losses and exposure to uncollectible trade receivables. Prospective and existing customers are reviewed regularly for creditworthiness based upon pre-established standards consistent with FERC filed tariffs to manage credit risk within approved tolerances. Customers that do not meet minimum credit standards are required to provide additional credit support in the form of a letter of credit, prepayment, or other forms of security. The Company establishes an allowance for expected credit losses on trade receivables based on the expected ultimate recovery of these receivables and considers many factors including historical customer collection experience, general and specific economic trends, and known specific issues related to individual customers, sectors, and transactions that might impact collectability. Increases in the allowance are recorded as a component of operating expenses; reductions in the allowance are recorded when receivables are subsequently collected or written-off. Past-due receivable balances are written-off when the Company’s efforts have been unsuccessful in collecting the amount due. The allowance for expected credit losses was not material as of December 31, 2020 and 2019.
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Accumulated Other Comprehensive Loss [Policy Text Block] | Accumulated Other Comprehensive Loss. The main components of accumulated other comprehensive loss are a net actuarial loss and prior service costs on pension and other postretirement benefit plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Retirement Benefits. The Company recognizes the overfunded or underfunded status of defined benefit pension and other postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation (the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for other postretirement plans). Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. Changes in the funded status of the plan are recorded in other comprehensive income in partners’ capital in the year in which the change occurs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurement. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about nonperformance risk, which is primarily comprised of credit risk (both the Company’s own credit risk and counterparty credit risk) and the risks inherent in the inputs to any applicable valuation techniques. The Company places more weight on current market information concerning credit risk (e.g. current credit default swap rates) as opposed to historical information (e.g. historical default probabilities and credit ratings). These inputs can be readily observable, market corroborated, or generally unobservable. The Company endeavors to utilize the best available information, including valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. A three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value, is as follows: •Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities; •Level 2 – Observable inputs such as: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active and do not require significant adjustment based on unobservable inputs; or (iii) valuations based on pricing models, discounted cash flow methodologies or similar techniques where significant inputs (e.g., interest rates, yield curves, etc.) are derived principally from observable market data, or can be corroborated by observable market data, for substantially the full term of the assets or liabilities; and •Level 3 – Unobservable inputs, including valuations based on pricing models, discounted cash flow methodologies or similar techniques where at least one significant model assumption or input is unobservable. Unobservable inputs are used to the extent that observable inputs are not available and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the assets or liabilities. Unobservable inputs are based on the best information available in the circumstances, which might include the Company’s own data. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of these assets and liabilities and their placement within the fair value hierarchy.
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Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations. Legal obligations associated with the retirement of long-lived assets are recorded at fair value at the time the obligations are incurred, if a reasonable estimate of fair value can be made. Present value techniques are used which reflect assumptions such as removal and remediation costs, inflation, and profit margins that third parties would demand to settle the amount of the future obligation. The Company did not include a market risk premium for unforeseeable circumstances in its fair value estimates because such a premium could not be reliably estimated. Upon initial recognition of the liability, costs are capitalized as a part of the long-lived asset and allocated to expense over the useful life of the related asset. The liability is accreted to its present value each period with accretion being recorded to operating expense with a corresponding increase in the carrying amount of the liability. To the extent the Company is permitted to collect and has reflected in its financials amounts previously collected from customers and expensed, such amounts serve to reduce what would be reflected as capitalized costs at the initial establishment of an ARO. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes. Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in earnings in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. The determination of the provision for income taxes requires significant judgment, use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in our financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, we reassess these probabilities and record any changes through the provision for income taxes.
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Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies. The Company is subject to proceedings, lawsuits and other claims related to environmental and other matters. Accounting for contingencies requires significant judgment by management regarding the estimated probabilities and ranges of exposure to potential liability. |
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail (Tables) |
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Other Current Liabilities [Table Text Block] | Other Current Liabilities. Other current liabilities consisted of the following:
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Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Non-cash investing and financing activities and supplemental cash flow information are as follows:
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Property, Plant and Equipment [Table Text Block] |
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Schedule of Inventory, Current [Table Text Block] | The following table presents the components of inventory:
(1)Natural gas volumes held for operations at December 31, 2020 and 2019 were 29.2 TBtu and 19.3 TBtu, respectively.
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Revenue from External Customers by Products and Services [Table Text Block] | The following table presents the relative contribution to the Company’s total operating revenue from operations of each customer that comprised at least 10% of its operating revenues:
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Other Noncurrent Liabilities [Table Text Block] | Other Non-Current Liabilities. Other non-current liabilities consisted of the following:
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Related Party Transactions (Tables) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [table text block] | Accounts receivable from related companies reflected on the consolidated balance sheets primarily related to services provided to ET, ETO and other affiliates. Accounts payable to related companies and advance from affiliates reflected on the consolidated balance sheets related to various services provided by ETO and other affiliates. The following table provides a summary of related party activity included in our consolidated statements of operations:
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Debt Obligations (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Debt Instruments | The following table sets forth the debt obligations of the Company:
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Schedule of Maturities of Long-term Debt | As of December 31, 2020, the Company has scheduled long-term debt principal payments as follows:
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Retirement Benefits (Tables) |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following tables contain information at the dates indicated about the obligations and funded status of the Company’s other postretirement plans.
(1)Recorded as a non-current asset in the consolidated balance sheets.
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Schedule of Net Benefit Costs [Table Text Block] | The following tables set forth the components of net periodic benefit cost of the Company’s postretirement benefit plan for the periods presented:
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Defined Benefit Plan, Assumptions [Table Text Block] | The weighted-average assumptions used in determining net periodic benefit cost for the periods presented are shown in the table below:
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Schedule of Health Care Cost Trend Rates [Table Text Block] | The assumed health care cost trend weighted-average rates used to measure the expected cost of benefits covered by the plans are shown in the table below:
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Schedule of Allocation of Plan Assets [Table Text Block] | The fair value of the Company’s other postretirement plan assets at the dates indicated by asset category is as follows:
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Schedule of Expected Benefit Payments [Table Text Block] | Benefit Payments. The Company’s estimate of expected benefit payments, which reflect expected future service, as appropriate, in each of the next five years and in the aggregate for the five years thereafter are shown in the table below.
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Expense (Benefit) and Effective Income Tax Rate | The following table provides a summary of the current and deferred components of income tax expense (benefit) from continuing operations for the years ended December 31, 2019 and 2018. The year ended December 31, 2020 is excluded from the table below, because income tax expense is no longer significant to the Company subsequent to the PEPL Restructuring in 2019.
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table provides a summary of the current and deferred components of income tax expense (benefit) from continuing operations for the years ended December 31, 2019 and 2018. The year ended December 31, 2020 is excluded from the table below, because income tax expense is no longer significant to the Company subsequent to the PEPL Restructuring in 2019.
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ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations (Tables) |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Asset Retirement Obligation | The following table is a reconciliation of the carrying amount of the ARO liability for the periods presented. Changes in assumptions regarding the timing, amount, and probabilities associated with the expected cash flows, as well as the difference in actual versus estimated costs, may result in a change in the amount of the liability recognized.
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Leases (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The weighted average remaining lease terms and weighted average discount rate as of December 31, 2020 were as follows:
Maturities of operating lease liabilities as of December 31, 2020 are as follows:
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REVENUE Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | As of December 31, 2020, the aggregate amount of transaction price allocated to unsatisfied (or partially satisfied) performance obligations is approximately $2.44 billion, and the Company expects to recognize this amount as revenue within the time bands illustrated below:
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QUARTERLY OPERATIONS Quarterly Operations (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following table provides certain quarterly financial information for the periods presented:
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Description of the Business (Details) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Description of the Business | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ 428 | $ 0 | |
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer | $ 0 | ||
General partnership | |||
Description of the Business | |||
Limited partnership interest | 1.00% | ||
Limited partnership | |||
Description of the Business | |||
Limited partnership interest | 99.00% |
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - New Accounting Pronouncements (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 5 | $ 5 |
Operating Lease, Liability, Noncurrent | 5 | $ 5 |
Present value of lease liabilities | $ 5 |
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - Cash and Cash Equivalents (Details) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Restricted Cash and Cash Equivalents Items | |||
Non-Cash Settlement of Tax Liability | $ 0 | $ 0 | $ (19) |
Settlement of affiliate liability - related party payables | (4) | 0 | (12) |
Proceeds from Contributions from Affiliates | 0 | 0 | (7) |
Deemed contribution (distribution) to Parent | 0 | 0 | 68 |
Capital Expenditures Incurred but Not yet Paid | 4 | 11 | 13 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 16 | 23 | 43 |
Affiliated Entity | |||
Restricted Cash and Cash Equivalents Items | |||
Dividends and Interest Paid | $ 33 | $ 23 | $ 13 |
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - Inventory (Details) MMbtu in Millions, $ in Millions |
12 Months Ended | ||||
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Dec. 31, 2020
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Dec. 31, 2019
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Dec. 31, 2018
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Inventory Accounting Policies [Abstract] | |||||
Energy Related Inventory, Natural Gas in Storage | [1] | $ 63 | $ 39 | ||
Inventory, Raw Materials and Supplies | 23 | 22 | |||
Inventories | $ 86 | $ 61 | |||
Natural Gas Volumes | MMbtu | 29.2 | 19.3 | |||
Interest Costs Capitalized | $ 0 | $ 2 | $ 1 | ||
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ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - Other Current Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Other Liabilities, Current [Abstract] | ||
Customer Advances and Deposits, Current | $ 8,000 | $ 13,000 |
Accrued Liabilities and Other Liabilities | 13,000 | 21,000 |
Accrued Capital Expenditures | 4,000 | 11,000 |
Taxes Payable, Current | 0 | 16,000 |
Asset Retirement Obligation, Current | 0 | 5,000 |
Other Accrued Liabilities | 8,000 | 9,000 |
Other current liabilities | $ 33,000 | $ 75,000 |
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - Other Non-Current Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Other Liabilities Disclosure [Abstract] | ||
Liability, Other Retirement Benefits, Noncurrent | $ 97 | $ 103 |
Asset Retirement Obligation | 37 | 30 |
Other Accrued Liabilities, Current | 109 | 88 |
Other Liabilities, Noncurrent | $ 243 | $ 221 |
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - Top Customers (Details) |
12 Months Ended | ||
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Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Entity-Wide Revenue, Major Customer, Percentage | 100.00% | 100.00% | 100.00% |
Customer A [Member] | |||
Entity-Wide Revenue, Major Customer, Percentage | 12.00% | 10.00% | 10.00% |
Customer B [Member] | |||
Entity-Wide Revenue, Major Customer, Percentage | 17.00% | 16.00% | 16.00% |
Other Top 10 Customers | |||
Entity-Wide Revenue, Major Customer, Percentage | 31.00% | 31.00% | 28.00% |
Remaining Customers | |||
Entity-Wide Revenue, Major Customer, Percentage | 40.00% | 43.00% | 46.00% |
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - Capitalized Interest (Details) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Accounting Policies [Abstract] | |||
Interest Costs Capitalized | $ 0 | $ 2 | $ 1 |
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - Fair Value (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Investments, Fair Value Disclosure | $ 22 | $ 20 |
Fair Value, Inputs, Level 1 [Member] | Available-for-sale Securities [Member] | ||
Investments, Fair Value Disclosure | 34 | 31 |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | ||
Investments, Fair Value Disclosure | $ 12 | $ 11 |
Related Party Transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Related Party Transaction | |||
Interest Expense, Related Party | $ 32 | $ 25 | $ 13 |
Affiliated Entity | |||
Related Party Transaction | |||
Revenue from Related Parties | 90 | 95 | 97 |
Related Party Transaction, Expenses from Transactions with Related Party | 10 | 6 | 3 |
Related Party Operating, Maintenance and General Expenses | $ 23 | $ 18 | $ 24 |
Related Party (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2018 |
Dec. 31, 2019 |
|
Non-Cash Equity Contribution | $ 4 | $ 31 | |
Note payable to related company | 550 | $ 732 | |
Limited Partner [Member] | |||
Non-Cash Equity Contribution | $ 4 | $ 31 | |
Affiliated Entity | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.845% |
Debt Obligations - Instruments (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument | ||
Junior Subordinated Notes | $ 54 | $ 54 |
Note payable to related company | 550 | 732 |
Unamortized Net Premiums And Fair Value Adjustments | 10 | 12 |
Total long-term debt outstanding | $ 245 | 247 |
8.125% Senior Notes due 2019 | ||
Debt Instrument | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.125% | |
7.60% Senior Notes, due February 1, 2024 [Member] | ||
Debt Instrument | ||
Senior Notes | $ 82 | 82 |
Debt Instrument, Interest Rate, Stated Percentage | 7.60% | |
Senior Notes Due 2029 [Member] | ||
Debt Instrument | ||
Senior Notes | $ 66 | 66 |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
8.25% Senior Notes, due November 14, 2029 [Member] | ||
Debt Instrument | ||
Senior Notes | $ 33 | $ 33 |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |
Panhandle [Member] | ||
Debt Instrument | ||
Junior Subordinated Notes | $ 600 |
DEBT OBLIGATIONS Debt Obligations - Future Maturities (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2021 | $ 0 |
2022 | 0 |
2023 | 0 |
2024 | 82 |
2025 | 0 |
Thereafter | 153 |
Long Term Debt Maturities Repayments Of Principal Total | $ 235 |
Retirement Benefits- Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Service Cost | $ 1 | $ 1 | $ 1 |
Interest cost | 3 | 3 | 2 |
Expected return on plan assets | (9) | (7) | (7) |
Prior service credit amortization | 18 | 24 | 14 |
Net periodic benefit cost | $ 13 | $ 21 | $ 10 |
RETIREMENT BENEFITS Retirement Benefits - Weighted-average Assumptions (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Postemployment Benefits [Abstract] | |||
Discount rate | 3.00% | 4.05% | 3.44% |
Tax exempt accounts | 7.00% | 7.00% | 7.00% |
Expected long term reurn on assets, taxable accounts | 4.75% | 4.75% | 4.75% |
RETIREMENT BENEFITS Benefits - Assumed Health Care Cost Trend Rates Used (Details) |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Postemployment Benefits [Abstract] | ||
Health care cost trend rate | 8.05% | 8.05% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.65% | 4.65% |
RETIREMENT BENEFITS Retirement Benefits - Fair Value of Assets by Category (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||
---|---|---|---|---|---|---|---|---|---|
Defined Benefit Plan, Plan Assets, Amount | $ 191 | $ 169 | |||||||
Cash and Cash Equivalents | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 11 | 9 | |||||||
Market index fund [Member] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 87 | 73 | ||||||
International index fund [Member] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | [2] | 18 | 17 | ||||||
U.S. bond index fund [Member] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | [3] | 75 | 70 | ||||||
Other Postretirement Benefits Plan [Member] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 191 | $ 169 | $ 141 | ||||||
Other Postretirement Benefits Plan [Member] | Market index fund [Member] | |||||||||
Large Cap US Equitiies | 100.00% | ||||||||
Other Postretirement Benefits Plan [Member] | International index fund [Member] | |||||||||
Large Cap US Equitiies | 1.00% | ||||||||
International Securities Funds | 99.00% | ||||||||
Other Postretirement Benefits Plan [Member] | U.S. bond index fund [Member] | |||||||||
Large Cap US Equitiies | 26.00% | ||||||||
Fixed Income Securities | 41.00% | ||||||||
|
RETIREMENT BENEFITS Retirement Benefits - Estimate of Expected Benefit Payments (Details) - Other Postretirement Benefits Plan [Member] $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
2021 | $ 5,000 |
2022 | 5,000 |
2023 | 6,000 |
2024 | 6,000 |
2025 | 5,000 |
Thereafter | $ 25,000 |
RETIREMENT BENEFITS Retirement Benefits - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Defined Benefit Plan Disclosure | |||
Defined Contribution Plan Employers Matching Contribution Percentage to Participants Percentage Conribution | 100.00% | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 8.0 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent | 5.00% | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | $ 1.0 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.16% | 2.92% | |
Other Postretirement Benefits Plan [Member] | Fixed Income Securities | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75.00% | ||
Other Postretirement Benefits Plan [Member] | Market index fund [Member] | |||
Defined Benefit Plan Disclosure | |||
Large Cap US Equitiies | 100.00% | ||
Other Postretirement Benefits Plan [Member] | International index fund [Member] | |||
Defined Benefit Plan Disclosure | |||
Large Cap US Equitiies | 1.00% | ||
International Securities Funds | 99.00% | ||
Other Postretirement Benefits Plan [Member] | U.S. bond index fund [Member] | |||
Defined Benefit Plan Disclosure | |||
Large Cap US Equitiies | 26.00% | ||
Other securities | 8.00% | ||
Fixed Income Securities | 41.00% | ||
Mortgage-backed securities | 25.00% | ||
Savings Plan [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Contribution Plan, Cost | $ 1.0 | $ 2.0 | $ 2.0 |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 3.00% | ||
Company Contributions Vested | 100.00% | ||
Company Contributions Years | five | ||
Defined Contribution Plan, Cost | $ 0.5 | $ 1.0 | $ 1.0 |
Minimum [Member] | Other Postretirement Benefits Plan [Member] | Equity Securities | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% | ||
Minimum [Member] | Other Postretirement Benefits Plan [Member] | Fixed Income Securities | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 65.00% | ||
Maximum [Member] | Other Postretirement Benefits Plan [Member] | Equity Securities | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35.00% |
Income Taxes - Current and Deferred (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||
Federal | $ 31 | $ 30 | |
State | 8 | 7 | |
Current Income Tax Expense (Benefit) | 39 | 37 | |
Federal | (349) | 2 | |
State | (92) | 10 | |
Deferred income taxes | (441) | 12 | |
Total income tax expense (benefit) | $ (3) | $ (402) | $ 49 |
INCOME TAXES Income Taxes - Effective Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Schedule of Effective Income Tax Rate Reconciliation [Line Items] | |||
Total income tax expense (benefit) | $ (3) | $ (402) | $ 49 |
INCOME TAXES Income Taxes - Narrative (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | $ 428 |
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations - Schedule of Changes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Asset Retirement Obligation Disclosure [Abstract] | |||
Beginning balance | $ 35 | $ 26 | $ 57 |
Revisions | 0 | 9 | (33) |
Settled | 0 | (2) | (1) |
Accretion expense | 2 | 2 | 3 |
Ending balance | $ 37 | $ 35 | $ 26 |
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Asset Retirement Obligation, Revision of Estimate | $ 0 | $ 9 | $ (33) |
Asset Retirement Obligation, Liabilities Settled | $ 0 | $ 2 | $ 1 |
Commitment and Contingenices (Narrative) (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2020
USD ($)
| |
Loss Contingencies [Line Items] | |
Contingent Residual Support Agreement, Amount | $ 2,000,000 |
Estimated litigation liability | 18,000 |
Accrued Environmental Loss Contingencies, Noncurrent | 1,000 |
Contingent Residual Support Agreement | |
Loss Contingencies [Line Items] | |
Senior Notes | $ 1,000,000 |
Leases Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Short-term Lease, Cost | $ 0.2 | $ 2.0 |
Short-term Lease, Cost | $ 0.2 | $ 2.0 |
Real Estate [Member] | ||
Lessee, Operating Lease, Term of Contract | 30 years | |
Maximum [Member] | Equipment [Member] | ||
Lessee, Operating Lease, Term of Contract | 10 years | |
Minimum [Member] | Equipment [Member] | ||
Lessee, Operating Lease, Term of Contract | 5 years |
Leases Lease Maturity (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 12 years |
Weighted-average discount rate (%) | 4.00% |
2021 | $ 0 |
2022 | 1 |
2023 | 1 |
2024 | 0 |
2025 | 1 |
Thereafter | 3 |
Total lease payments | 6 |
Less: present value discount | 1 |
Present value of lease liabilities | $ 5 |
REVENUE Revenue Narrative (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 0 |
Contract with Customer, Liability | 0 |
Revenue, Remaining Performance Obligation, Amount | $ 2,439 |
REVENUE Revenue - Schedule of Future Contract Recognition (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,439 |
QUARTERLY OPERATIONS Quarterly Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Asset Impairment Charges | $ 0 | $ 12 | $ 0 | ||||||||
Operating revenues | $ 145 | $ 132 | $ 126 | $ 144 | $ 146 | $ 135 | $ 139 | $ 158 | 547 | 578 | 574 |
Operating income | 52 | 55 | 52 | 58 | 62 | 41 | 52 | 76 | 217 | 231 | 203 |
Net income (loss) | $ 44 | $ 44 | $ 43 | $ 40 | $ 33 | $ 475 | $ 31 | $ 50 | $ 171 | $ 589 | $ 108 |
Label | Element | Value |
---|---|---|
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Start Date Axis: 2022-12-31 | ||
Revenue, Remaining Performance Obligation, Amount | us-gaap_RevenueRemainingPerformanceObligation | $ 366,000,000 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Start Date Axis: 2021-12-31 | ||
Revenue, Remaining Performance Obligation, Amount | us-gaap_RevenueRemainingPerformanceObligation | 418,000,000 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Start Date Axis: 2024-12-31 | ||
Revenue, Remaining Performance Obligation, Amount | us-gaap_RevenueRemainingPerformanceObligation | 1,335,000,000 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Start Date Axis: 2023-12-31 | ||
Revenue, Remaining Performance Obligation, Amount | us-gaap_RevenueRemainingPerformanceObligation | $ 320,000,000 |
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