Cover Page
Cover Page $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Cover [Abstract] | |
Document Type | 10-K |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Entity File Number | 1-2921 |
Entity Registrant Name | Panhandle Eastern Pipe Line Co LP |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 44-0382470 |
Entity Address, Address Line One | 8111 Westchester Drive |
Entity Address, Address Line Two | Suite 600 |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75225 |
City Area Code | 214 |
Local Phone Number | 981-0700 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Public Float | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 0 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0000076063 |
Current Fiscal Year End Date | --12-31 |
Auditor Firm ID | 248 |
Auditor Name | GRANT THORNTON LLP |
Auditor Location | Houston, Texas |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Operating Lease, Liability, Noncurrent | $ 3 | $ 5 |
Operating Lease, Right-of-Use Asset | 4 | 5 |
Current assets: | ||
Cash and cash equivalents | 0 | 0 |
Accounts receivable, net | 50 | 47 |
Accounts receivable from related companies | 8 | 8 |
Exchanges receivable | 7 | 6 |
Inventories | 57 | 86 |
Other current assets | 5 | 6 |
Total current assets | 127 | 153 |
Property, plant and equipment | ||
Total property, plant and equipment | 3,421 | 3,349 |
Accumulated depreciation | (813) | (717) |
Property, plant and equipment, net | 2,608 | 2,632 |
Other Assets, Noncurrent | 192 | 172 |
Total assets | 2,931 | 2,962 |
Current liabilities: | ||
Accounts payable to related companies | 25 | 14 |
Exchanges payable | 22 | 71 |
Other current liabilities | 62 | 33 |
Total current liabilities | 148 | 122 |
Long-term debt, less current maturities | 243 | 245 |
Note payable to related company | 221 | 550 |
Other non-current liabilities | 312 | 246 |
Commitments and contingencies | ||
Partners’ capital: | ||
Partners’ capital | 2,001 | 1,803 |
Accumulated other comprehensive income (loss) | 3 | (9) |
Total partners’ capital | 2,004 | 1,794 |
Total liabilities and partners’ capital | 2,931 | 2,962 |
Accounts payable | $ 39 | $ 4 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING REVENUES: | |||
Total operating revenues | $ 571 | $ 547 | $ 578 |
OPERATING EXPENSES: | |||
Operating, maintenance and general | 206 | 177 | 193 |
General and Administrative Expense | 36 | 37 | 30 |
Depreciation and amortization | 104 | 116 | 112 |
Asset Impairment Charges | 0 | 0 | 12 |
Total operating expenses | 346 | 330 | 347 |
Operating Income (Loss) | 225 | 217 | 231 |
OTHER EXPENSE: | |||
Interest expense, net | (14) | (14) | (17) |
Income from unconsolidated affiliates | (17) | (32) | (25) |
Other, net | 1 | (3) | (2) |
Total other expenses, net | (30) | (49) | (44) |
Income (Loss) from Continuing Operations Before Income Tax Expense | 195 | 168 | 187 |
Income tax benefit | (1) | (3) | (402) |
Net Income (Loss) | 196 | 171 | 589 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 14 | 21 | 23 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 210 | 192 | 612 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 3 | 6 | 4 |
Product and Service, Other [Member] | |||
Income Statement | |||
Revenue from Contract with Customer, Including Assessed Tax | 18 | 19 | 22 |
Operational Gas Sales | |||
Income Statement | |||
Revenue from Contract with Customer, Including Assessed Tax | 67 | 0 | 0 |
Transportation and storage of natural gas | |||
Income Statement | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 486 | $ 528 | $ 556 |
CONSOLIDATED STATEMENT OF PARTN
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL - USD ($) $ in Millions | Total | Accumulated Other Comprehensive Income (Loss) | Limited Partner [Member] |
Balance at Dec. 31, 2018 | $ 1,362 | $ (47) | $ 1,409 |
Other comprehensive income, net of tax | 23 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 23 | ||
Net income (loss) | 589 | 0 | 589 |
Distribution to partners | (375) | 0 | (375) |
Panhandle Merger | (3) | 0 | (3) |
Balance at Dec. 31, 2019 | 1,602 | (24) | 1,626 |
Other comprehensive income, net of tax | 21 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 21 | ||
Non-Cash Equity Contribution | 4 | 0 | 4 |
Net income (loss) | 171 | 0 | 171 |
Panhandle Merger | 4 | 6 | (2) |
Balance at Dec. 31, 2020 | 1,794 | (9) | 1,803 |
Other comprehensive income, net of tax | 14 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 14 | ||
Net income (loss) | 196 | 0 | 196 |
Panhandle Merger | 0 | 2 | (2) |
Balance at Dec. 31, 2021 | $ 2,004 | $ 3 | $ 2,001 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 196 | $ 171 | $ 589 |
Reconciliation of net income to net cash provided by operating activities: | |||
Depreciation and amortization | 104 | 116 | 112 |
Goodwill Impairment | 0 | 0 | 12 |
Deferred income taxes | (2) | (3) | (13) |
Amortization of deferred financing fees | (2) | (2) | (4) |
Income tax benefit | (1) | (3) | (402) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | (428) |
Other non-cash | 31 | 9 | 13 |
Changes in operating assets and liabilities | 76 | (25) | (51) |
Net cash flows provided by operating activities | 403 | 266 | 230 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (74) | (84) | (101) |
Net cash flows used in investing activities | (74) | (84) | (101) |
FINANCING ACTIVITIES: | |||
Distribution Made to Limited Partner, Cash Distributions Paid | 0 | 0 | (375) |
Repayments of Related Party Debt | 329 | 182 | |
Proceeds from Related Party Debt | 376 | ||
Repayments of Long-term Debt | 0 | 0 | (150) |
Net cash flows used in financing activities | (329) | (182) | (149) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | (20) |
CASH AND CASH EQUIVALENTS, beginning of period | 0 | 0 | 20 |
CASH AND CASH EQUIVALENTS, end of period | $ 0 | $ 0 | $ 0 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2021 | |
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, as well as natural gas storage assets. These operations 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 Energy Transfer, owns a 1% general partner interest in PEPL and Energy Transfer indirectly owns a 99% limited partner interest in PEPL. Prior to April 1, 2021, ETO owned Southern Union Panhandle LLC as well as the 99% limited partner interest in PEPL. On April 1, 2021, ETO merged with and into Energy Transfer with Energy Transfer surviving the merger. 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 2021 presentation. These reclassifications had no impact on net income, total partners’ capital, or cash flows. |
Estimates, Significant Accounti
Estimates, Significant Accounting Policies and Balance Sheet Detail (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
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 Accounting Standards Codification (“ASC”) Topic 980 in its GAAP-basis consolidated financial statements, primarily due to the level of discounting from tariff rates and its inability to recover specific costs. If ASC Topic 980 were applied, certain transactions would be reported differently in the Company’s GAAP-basis consolidated financial statements, 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 ASC Topic 980 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: Years Ended December 31, 2021 2020 2019 Non-cash investing and financing activities: Settlement of affiliate liability - related company payables $ — $ (4) $ — Supplemental cash flow information: Accrued capital expenditures $ 8 $ 4 $ 11 Cash paid for interest, net of interest capitalized 15 16 23 Cash paid for interest on note payable to related company 18 33 23 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 net realizable value, 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: December 31, 2021 2020 Natural gas (1) $ 36 $ 63 Materials and supplies 21 23 $ 57 $ 86 (1) Natural gas volumes held for operations at December 31, 2021 and 2020 were 11.4 TBtu and 29.2 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. As of December 31, 2021 and 2020, the Company had a fuel tracker balance of $15 million and $2 million, respectively, included in other current liabilities. Property, Plant and Equipment. The following table presents the components of property, plant and equipment: December 31, Lives in Years 2021 2020 Land and improvements $ 4 $ 4 Buildings and improvements 6 – 46 195 197 Pipelines and equipment 5 – 46 2,684 2,631 Natural gas storage facilities 26 – 46 368 360 Other 3 – 21 145 142 Construction work in progress 25 15 Property, plant and equipment 3,421 3,349 Accumulated depreciation and amortization (813) (717) Property, plant and equipment, net $ 2,608 $ 2,632 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 years ended December 31, 2021 and 2020, the Company recognized no capitalized interest. For the year ended December 31, 2019 the Company recognized capitalized interest of $2 million. Related Party Transactions. Related party expenses primarily include payments for services provided by Energy Transfer and other affiliates, as well as interest expense on a note payable to Energy Transfer. 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: December 31, 2021 2020 Deposits from customers $ 14 $ 8 Accrued expenses 34 13 Accrued capital expenditures 8 4 Other 6 8 Total other current liabilities $ 62 $ 33 Other Non-Current Liabilities. Other non-current liabilities consisted of the following: December 31, 2021 2020 Pension liability $ 110 $ 97 ARO 56 37 Provision for rate refunds (1) 57 24 Other 89 88 Total other non-current liabilities $ 312 $ 246 (1) Provision for rate refunds represents future amounts to be settled with the Company’s shippers under FERC regulation. 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, 2021 and 2020. 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: Years Ended December 31, 2021 2020 2019 Customer A 12 % 12 % 10 % Customer B 17 17 16 Other top 10 customers 29 31 31 Remaining customers 42 40 43 Total percentage 100 % 100 % 100 % Accumulated Other Comprehensive Income (Loss). The main components of accumulated other comprehensive income (loss) are net actuarial gain 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 $39 million and $34 million available for sale securities, included in other non-current assets, at December 31, 2021 and 2020, respectively. At December 31, 2021, $26 million in equity securities were valued at Level 1 and $13 million in fixed income securities were valued at Level 2. 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. 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS: Accounts receivable from related companies reflected on the consolidated balance sheets primarily related to services provided to Energy Transfer and other affiliates. Accounts payable to related companies reflected on the consolidated balance sheets related to various services provided by Energy Transfer and other affiliates. The following table provides a summary of related party activity included in our consolidated statements of operations: Years Ended December 31, 2021 2020 2019 Operating revenues $ 90 $ 90 $ 95 Operating and maintenance 19 15 27 General and administrative 25 23 18 Interest expense — related company 17 32 25 The Company settled affiliate payables with a subsidiary of Energy Transfer through non-cash contributions during the year ended December 31, 2020 for $4 million. As of December 31, 2021 and 2020, the Company had $221 million and $550 million, respectively, outstanding under a note payable to Energy Transfer. The note payable accrues interest monthly with an annual interest rate of 4.898% as of December 31, 2021 and matures on July 31, 2027. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Obligations | DEBT OBLIGATIONS: The following table sets forth the debt obligations of the Company: December 31, 2021 2020 7.60% Senior Notes due February 1, 2024 $ 82 $ 82 7.00% Senior Notes due July 15, 2029 66 66 8.25% Senior Notes due November 15, 2029 33 33 Floating Rate Junior Subordinated Notes due November 1, 2066 54 54 Unamortized fair value adjustments 8 10 Total long-term debt outstanding $ 243 $ 245 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, 2021 and 2020 was $253 million and $256 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, 2021, the Company has scheduled long-term debt principal payments as follows: Years Ending December 31, 2022 $ — 2023 — 2024 82 2025 — 2026 — Thereafter 153 Total $ 235 Floating Rate Junior Subordinated Notes The interest rate on PEPL’s 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 floating rate junior subordinated notes was $54 million at December 31, 2021 and 2020 at an effective interest rate of 3.149% and 3.232%, 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, 2021, the Company is in compliance with these covenants. |
Retirement Benefits (Notes)
Retirement Benefits (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
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 previously frozen and medical benefits were no longer offered, except for coverage that has been extended 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. December 31, 2021 2020 Change in benefit obligation: Benefit obligation at beginning of period $ 98 $ 91 Service cost 1 1 Interest cost 2 3 Actuarial loss 1 7 Benefits paid, net (4) (4) Benefit obligation at end of period $ 98 $ 98 Change in plan assets: Fair value of plan assets at beginning of period $ 191 $ 169 Return on plan assets and other 23 18 Employer contributions 8 8 Benefits paid, net (4) (4) Fair value of plan assets at end of period $ 218 $ 191 Amount overfunded at end of period (1) $ 120 $ 93 Amounts recognized in accumulated other comprehensive income (pre-tax basis) consist of: Net actuarial gain $ (21) $ (8) Prior service cost 18 19 $ (3) $ 11 (1) Recorded as a non-current asset in the consolidated balance sheets with a non-current pension liability for overfunded amounts owed to the Company’s shippers. 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: Years Ended December 31, 2021 2020 2019 Service cost $ 1 $ 1 $ 1 Interest cost 2 3 3 Expected return on plan assets (10) (9) (7) Prior service credit amortization 1 18 24 Net periodic benefit cost $ (6) $ 13 $ 21 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 2022 is $1 million. Assumptions. The weighted-average discount rate used in determining benefit obligations was 2.50% and 2.16% at December 31, 2021 and 2020, respectively. The weighted-average assumptions used in determining net periodic benefit cost for the periods presented are shown in the table below: Years Ended December 31, 2021 2020 2019 Discount rate 2.18 % 3.00 % 4.05 % Expected return on assets: Tax exempt accounts 7.00 % 7.00 % 7.00 % Taxable accounts 4.75 % 4.75 % 4.75 % 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: December 31, 2021 2020 Health care cost trend rate 8.10 % 8.05 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.90 % 4.65 % Year that the rate reaches the ultimate trend rate 2029 2028 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 30% and fixed income of 65% to 70%. These target allocations are monitored by the Investment Committee of Energy Transfer’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: December 31, 2021 2020 Cash and cash equivalents $ 14 $ 11 Total Market Index Fund (1) 111 87 Total International Index Fund (2) 19 18 U.S. Bond Index Fund (3) 74 75 Total $ 218 $ 191 (1) The fund invests primarily in common stocks included in the Dow Jones U.S. Total Stock Market Index. As of December 31, 2021, 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, 2021, this fund was invested 97% in foreign equities and 3% in domestic equities. (3) The fund invests primarily in bonds included in the Bloomberg Barclays U.S. Aggregate Bond Index. As of December 31, 2021, this fund was invested 40% in U.S. Treasury, 27% in mortgage-backed securities, 25% 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 2022 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. Years Expected Benefit Payments 2022 $ 6 2023 6 2024 6 2025 6 2026 6 2027-2031 26 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 Energy Transfer’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 $2 million, $1 million and $2 million to the Savings Plan during the years ended December 31, 2021, 2020, and 2019, 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 $1 million, $0.5 million and $1 million for the years ended December 31, 2021, 2020, and 2019, respectively. As a result of the economic conditions in 2020, effective June 8, 2020, the Company ceased employer matching and profit sharing contributions through December 31, 2020. The Company resumed all such contributions in 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxes on Income | INCOME TAXES: The following table provides a summary of the current and deferred components of income tax benefit for the year ended December 31, 2019. The years ended December 31, 2021 and 2020 are excluded from the table below, because income tax expense is no longer significant to the Company subsequent to the PEPL Restructuring in 2019. Year Ended December 31, 2019 Current expense: Federal $ 31 State 8 Total 39 Deferred benefit: Federal $ (349) State (92) Total (441) Total income tax benefit $ (402) 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. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2021 | |
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 AROs related to (i) retiring natural gas storage wells, (ii) retiring offshore platforms and lines and (iii) removing asbestos. In addition, the Company had $39 million and $34 million legally restricted for the purpose of settling AROs that was reflected as other non-current assets as of December 31, 2021 and 2020, 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. Years Ended December 31, 2021 2020 2019 Beginning balance $ 37 $ 35 $ 26 Revisions 17 — 9 Settled — — (2) Accretion expense 2 2 2 Ending balance $ 56 $ 37 $ 35 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure | REGULATORY MATTERS, COMMITMENTS, CONTINGENCIES AND ENVIRONMENTAL LIABILITIES: Contingent Residual Support Agreement with Energy Transfer Under a contingent residual support agreement with Energy Transfer (as successor by merger to 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 Energy Transfer to support the payment of certain Energy Transfer senior notes. As of December 31, 2021, $1 billion in principal amount of such supported Energy Transfer senior notes remains outstanding. FERC Proceedings By the Order issued January 16, 2019, the FERC initiated a review of PEPL’s existing rates pursuant to Section 5 of the NGA to determine whether the rates currently charged by PEPL are just and reasonable and set the matter for hearing. On August 30, 2019, PEPL filed a general rate proceeding under Section 4 of the NGA. The NGA Section 5 and Section 4 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. The initial decision by the administrative law judge was issued on March 26, 2021. On April 26, 2021, PEPL filed its brief on exceptions to the initial decision. On May 17, 2021, PEPL filed its brief opposing exceptions in this proceeding. This matter remains pending before FERC. 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 responsible 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, 2021 and 2020 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, 2021 and 2020, the Company’s consolidated balance sheet reflected litigation and other claim-related accrued liabilities of $73 million and $41 million, respectively. 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 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessor, Operating Leases | LEASES: 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, 2021 and 2020, the Company recognized $0.2 million 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, 2021 were as follows: Weighted-average remaining lease term (years) Operating leases 13 Weighted-average discount rate (%) Operating leases 4% Maturities of operating lease liabilities as of December 31, 2021 are as follows: Operating leases 2022 $ — 2023 1 2024 1 2025 1 2026 1 Thereafter 1 Total lease payments 5 Less: present value discount 1 Present value of lease liabilities $ 4 |
REVENUE Revenue (Notes)
REVENUE Revenue (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020, 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, 2021 and 2020, 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, 2021, the aggregate amount of transaction price allocated to unsatisfied (or partially satisfied) performance obligations is approximately $2.27 billion, and the Company expects to recognize this amount as revenue within the time bands illustrated below: Years Ending December 31, 2022 2023 2024 Thereafter Total Revenue expected to be recognized on contracts with customers existing as of December 31, 2021 $ 421 $ 370 $ 256 $ 1,219 $ 2,266 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. |
Estimates, Significant Accoun_2
Estimates, Significant Accounting Policies and Balance Sheet Detail (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 Accounting Standards Codification (“ASC”) Topic 980 in its GAAP-basis consolidated financial statements, primarily due to the level of discounting from tariff rates and its inability to recover specific costs. If ASC Topic 980 were applied, certain transactions would be reported differently in the Company’s GAAP-basis consolidated financial statements, 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 ASC Topic 980 should be applied. |
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 net realizable value, 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. As of December 31, 2021 and 2020, the Company had a fuel tracker balance of $15 million and $2 million, respectively, included in other current liabilities. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment. The following table presents the components of property, plant and equipment: December 31, Lives in Years 2021 2020 Land and improvements $ 4 $ 4 Buildings and improvements 6 – 46 195 197 Pipelines and equipment 5 – 46 2,684 2,631 Natural gas storage facilities 26 – 46 368 360 Other 3 – 21 145 142 Construction work in progress 25 15 Property, plant and equipment 3,421 3,349 Accumulated depreciation and amortization (813) (717) Property, plant and equipment, net $ 2,608 $ 2,632 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 years ended December 31, 2021 and 2020, the Company recognized no capitalized interest. For the year ended December 31, 2019 the Company recognized capitalized interest of $2 million. |
Related Party Transactions Disclosure [Policy Text Block] | Related Party Transactions. Related party expenses primarily include payments for services provided by Energy Transfer and other affiliates, as well as interest expense on a note payable to Energy Transfer. |
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, 2021 and 2020. |
Accumulated Other Comprehensive Loss [Policy Text Block] | Accumulated Other Comprehensive Income (Loss). The main components of accumulated other comprehensive income (loss) are net actuarial gain 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 |
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. |
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. |
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 SIGNIFICA
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Other Current Liabilities [Table Text Block] | Other Current Liabilities. Other current liabilities consisted of the following: December 31, 2021 2020 Deposits from customers $ 14 $ 8 Accrued expenses 34 13 Accrued capital expenditures 8 4 Other 6 8 Total other current liabilities $ 62 $ 33 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Non-cash investing and financing activities and supplemental cash flow information are as follows: Years Ended December 31, 2021 2020 2019 Non-cash investing and financing activities: Settlement of affiliate liability - related company payables $ — $ (4) $ — Supplemental cash flow information: Accrued capital expenditures $ 8 $ 4 $ 11 Cash paid for interest, net of interest capitalized 15 16 23 Cash paid for interest on note payable to related company 18 33 23 |
Property, Plant and Equipment [Table Text Block] | December 31, Lives in Years 2021 2020 Land and improvements $ 4 $ 4 Buildings and improvements 6 – 46 195 197 Pipelines and equipment 5 – 46 2,684 2,631 Natural gas storage facilities 26 – 46 368 360 Other 3 – 21 145 142 Construction work in progress 25 15 Property, plant and equipment 3,421 3,349 Accumulated depreciation and amortization (813) (717) Property, plant and equipment, net $ 2,608 $ 2,632 |
Schedule of Inventory, Current [Table Text Block] | The following table presents the components of inventory: December 31, 2021 2020 Natural gas (1) $ 36 $ 63 Materials and supplies 21 23 $ 57 $ 86 (1) Natural gas volumes held for operations at December 31, 2021 and 2020 were 11.4 TBtu and 29.2 TBtu, respectively. |
Other Noncurrent Liabilities [Table Text Block] | Other Non-Current Liabilities. Other non-current liabilities consisted of the following: December 31, 2021 2020 Pension liability $ 110 $ 97 ARO 56 37 Provision for rate refunds (1) 57 24 Other 89 88 Total other non-current liabilities $ 312 $ 246 (1) Provision for rate refunds represents future amounts to be settled with the Company’s shippers under FERC regulation. |
Schedules of Concentration of Risk, by Risk Factor | 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: Years Ended December 31, 2021 2020 2019 Customer A 12 % 12 % 10 % Customer B 17 17 16 Other top 10 customers 29 31 31 Remaining customers 42 40 43 Total percentage 100 % 100 % 100 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Energy Transfer and other affiliates. Accounts payable to related companies reflected on the consolidated balance sheets related to various services provided by Energy Transfer and other affiliates. The following table provides a summary of related party activity included in our consolidated statements of operations: Years Ended December 31, 2021 2020 2019 Operating revenues $ 90 $ 90 $ 95 Operating and maintenance 19 15 27 General and administrative 25 23 18 Interest expense — related company 17 32 25 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt Instruments | The following table sets forth the debt obligations of the Company: December 31, 2021 2020 7.60% Senior Notes due February 1, 2024 $ 82 $ 82 7.00% Senior Notes due July 15, 2029 66 66 8.25% Senior Notes due November 15, 2029 33 33 Floating Rate Junior Subordinated Notes due November 1, 2066 54 54 Unamortized fair value adjustments 8 10 Total long-term debt outstanding $ 243 $ 245 |
Schedule of Maturities of Long-term Debt | As of December 31, 2021, the Company has scheduled long-term debt principal payments as follows: Years Ending December 31, 2022 $ — 2023 — 2024 82 2025 — 2026 — Thereafter 153 Total $ 235 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. December 31, 2021 2020 Change in benefit obligation: Benefit obligation at beginning of period $ 98 $ 91 Service cost 1 1 Interest cost 2 3 Actuarial loss 1 7 Benefits paid, net (4) (4) Benefit obligation at end of period $ 98 $ 98 Change in plan assets: Fair value of plan assets at beginning of period $ 191 $ 169 Return on plan assets and other 23 18 Employer contributions 8 8 Benefits paid, net (4) (4) Fair value of plan assets at end of period $ 218 $ 191 Amount overfunded at end of period (1) $ 120 $ 93 Amounts recognized in accumulated other comprehensive income (pre-tax basis) consist of: Net actuarial gain $ (21) $ (8) Prior service cost 18 19 $ (3) $ 11 (1) Recorded as a non-current asset in the consolidated balance sheets with a non-current pension liability for overfunded amounts owed to the Company’s shippers. |
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: Years Ended December 31, 2021 2020 2019 Service cost $ 1 $ 1 $ 1 Interest cost 2 3 3 Expected return on plan assets (10) (9) (7) Prior service credit amortization 1 18 24 Net periodic benefit cost $ (6) $ 13 $ 21 |
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: Years Ended December 31, 2021 2020 2019 Discount rate 2.18 % 3.00 % 4.05 % Expected return on assets: Tax exempt accounts 7.00 % 7.00 % 7.00 % Taxable accounts 4.75 % 4.75 % 4.75 % |
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: December 31, 2021 2020 Health care cost trend rate 8.10 % 8.05 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.90 % 4.65 % Year that the rate reaches the ultimate trend rate 2029 2028 |
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: December 31, 2021 2020 Cash and cash equivalents $ 14 $ 11 Total Market Index Fund (1) 111 87 Total International Index Fund (2) 19 18 U.S. Bond Index Fund (3) 74 75 Total $ 218 $ 191 |
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. Years Expected Benefit Payments 2022 $ 6 2023 6 2024 6 2025 6 2026 6 2027-2031 26 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 benefit for the year ended December 31, 2019. The years ended December 31, 2021 and 2020 are excluded from the table below, because income tax expense is no longer significant to the Company subsequent to the PEPL Restructuring in 2019. Year Ended December 31, 2019 Current expense: Federal $ 31 State 8 Total 39 Deferred benefit: Federal $ (349) State (92) Total (441) Total income tax benefit $ (402) |
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 benefit for the year ended December 31, 2019. The years ended December 31, 2021 and 2020 are excluded from the table below, because income tax expense is no longer significant to the Company subsequent to the PEPL Restructuring in 2019. Year Ended December 31, 2019 Current expense: Federal $ 31 State 8 Total 39 Deferred benefit: Federal $ (349) State (92) Total (441) Total income tax benefit $ (402) |
ASSET RETIREMENT OBLIGATIONS As
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. Years Ended December 31, 2021 2020 2019 Beginning balance $ 37 $ 35 $ 26 Revisions 17 — 9 Settled — — (2) Accretion expense 2 2 2 Ending balance $ 56 $ 37 $ 35 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 were as follows: Weighted-average remaining lease term (years) Operating leases 13 Weighted-average discount rate (%) Operating leases 4% Maturities of operating lease liabilities as of December 31, 2021 are as follows: Operating leases 2022 $ — 2023 1 2024 1 2025 1 2026 1 Thereafter 1 Total lease payments 5 Less: present value discount 1 Present value of lease liabilities $ 4 |
REVENUE Revenue (Tables)
REVENUE Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | As of December 31, 2021, the aggregate amount of transaction price allocated to unsatisfied (or partially satisfied) performance obligations is approximately $2.27 billion, and the Company expects to recognize this amount as revenue within the time bands illustrated below: Years Ending December 31, 2022 2023 2024 Thereafter Total Revenue expected to be recognized on contracts with customers existing as of December 31, 2021 $ 421 $ 370 $ 256 $ 1,219 $ 2,266 |
Description of the Business (De
Description of the Business (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Description of the Business | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | $ 428 | |
Energy Transfer | ||
Description of the Business | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.00% | |
PEPL | ||
Description of the Business | ||
Limited partnership interest | 99.00% |
ESTIMATES, SUMMARY OF SIGNIFI_2
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, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 4 | $ 5 |
Operating Lease, Liability, Noncurrent | 3 | $ 5 |
Present value of lease liabilities | $ 4 |
ESTIMATES, SUMMARY OF SIGNIFI_3
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 | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Cash and Cash Equivalents Items | |||
Settlement of affiliate liability - related party payables | $ 0 | $ (4) | $ 0 |
Capital Expenditures Incurred but Not yet Paid | 8 | 4 | 11 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 15 | 16 | 23 |
Affiliated Entity | |||
Restricted Cash and Cash Equivalents Items | |||
Dividends and Interest Paid | $ 18 | $ 33 | $ 23 |
ESTIMATES, SUMMARY OF SIGNIFI_4
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 | ||
Dec. 31, 2021USD ($)MMbtu | Dec. 31, 2020USD ($)MMbtu | ||
Inventory Accounting Policies [Abstract] | |||
Energy Related Inventory, Natural Gas in Storage | [1] | $ 36 | $ 63 |
Inventory, Raw Materials and Supplies | 21 | 23 | |
Inventories | $ 57 | $ 86 | |
Natural Gas Volumes | MMbtu | 11.4 | 29.2 | |
Interest Costs Capitalized | $ 0 | $ 2 | |
[1] | Natural gas volumes held for operations at December 31, 2021 and 2020 were 11.4 TBtu and 29.2 TBtu, respectively. |
ESTIMATES, SUMMARY OF SIGNIFI_5
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - PPE (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,421 | $ 3,349 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 813 | 717 |
Net property, plant and equipment | 2,608 | 2,632 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4 | 4 |
Construction Work-In-Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 25 | 15 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 195 | 197 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 6 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 46 years | |
Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,684 | 2,631 |
Pipelines [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Pipelines [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 46 years | |
Natural Gas, Storage [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 368 | 360 |
Natural Gas, Storage [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 26 years | |
Natural Gas, Storage [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 46 years | |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 145 | $ 142 |
Property, Plant and Equipment, Other Types [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Property, Plant and Equipment, Other Types [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 21 years |
ESTIMATES, SUMMARY OF SIGNIFI_6
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities, Current [Abstract] | ||
Customer Advances and Deposits, Current | $ 14 | $ 8 |
Accrued Liabilities and Other Liabilities | 34 | 13 |
Accrued Capital Expenditures | 8 | 4 |
Other Accrued Liabilities | 6 | 8 |
Other current liabilities | $ 62 | $ 33 |
ESTIMATES, SUMMARY OF SIGNIFI_7
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, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Liability, Other Retirement Benefits, Noncurrent | $ 110 | $ 97 |
Asset Retirement Obligation | 56 | 37 |
Provision for rate refunds (1) | 57 | 24 |
Other Accrued Liabilities, Current | 89 | 88 |
Other Liabilities, Noncurrent | $ 312 | $ 246 |
ESTIMATES, SUMMARY OF SIGNIFI_8
ESTIMATES, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET DETAIL Estimates, Significant Accounting Policies and Balance Sheet Detail - Top Customers (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Benchmark | |||
Entity-Wide Revenue, Major Customer, Percentage | 10.00% | ||
Customer Concentration Risk | 10% | |||
Entity-Wide Revenue, Major Customer, Percentage | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk | 10% | Customer A [Member] | |||
Entity-Wide Revenue, Major Customer, Percentage | 12.00% | 12.00% | 10.00% |
Customer Concentration Risk | 10% | Customer B [Member] | |||
Entity-Wide Revenue, Major Customer, Percentage | 17.00% | 17.00% | 16.00% |
Customer Concentration Risk | 10% | Other Top 10 Customers | |||
Entity-Wide Revenue, Major Customer, Percentage | 29.00% | 31.00% | 31.00% |
Customer Concentration Risk | 10% | Remaining Customers | |||
Entity-Wide Revenue, Major Customer, Percentage | 42.00% | 40.00% | 43.00% |
ESTIMATES, SUMMARY OF SIGNIFI_9
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 | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Interest Costs Capitalized | $ 0 | $ 2 |
ESTIMATES, SUMMARY OF SIGNIF_10
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, 2021 | Dec. 31, 2020 |
Available-for-sale Securities [Member] | ||
Investments, Fair Value Disclosure | $ 39 | $ 34 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Investments, Fair Value Disclosure | 26 | 22 |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | ||
Investments, Fair Value Disclosure | $ 13 | $ 12 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction | |||
Interest Expense, Related Party | $ 17 | $ 32 | $ 25 |
Affiliated Entity | |||
Related Party Transaction | |||
Revenue from Related Parties | 90 | 90 | 95 |
Related Party Transaction, Expenses from Transactions with Related Party | 19 | 15 | 27 |
Related Party Operating, Maintenance and General Expenses | $ 25 | $ 23 | $ 18 |
Related Party (Narrative) (Deta
Related Party (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Non-Cash Equity Contribution | $ 4 | |
Note payable to related company | 550 | $ 221 |
Limited Partner [Member] | ||
Non-Cash Equity Contribution | $ 4 | |
Affiliated Entity | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.898% |
Debt Obligations - Instruments
Debt Obligations - Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument | ||
Junior Subordinated Notes | $ 54 | $ 54 |
Note payable to related company | 221 | 550 |
Unamortized Net Premiums And Fair Value Adjustments | 8 | 10 |
Long-term Debt | $ 243 | 245 |
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 |
Long-term Debt, Description | 7.60% Senior Notes due February 1, 2024 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.60% | |
Senior Notes Due 2029 [Member] | ||
Debt Instrument | ||
Senior Notes | $ 66 | 66 |
Long-term Debt, Description | 7.00% Senior Notes due July 15, 2029 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
8.25% Senior Notes, due November 14, 2029 [Member] | ||
Debt Instrument | ||
Senior Notes | $ 33 | $ 33 |
Long-term Debt, Description | 8.25% Senior Notes due November 15, 2029 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% |
DEBT OBLIGATIONS Debt Obligatio
DEBT OBLIGATIONS Debt Obligations - Future Maturities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 0 |
2023 | 0 |
2024 | 82 |
2025 | 0 |
2026 | 0 |
Long Term Debt Maturities Repayments Of Principal Total | 235 |
Thereafter | $ 153 |
Debt Obligations - Narrative (D
Debt Obligations - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument | ||
Debt Instrument, Fair Value Disclosure | $ 253 | $ 256 |
Long term debt, amount outstanding | 243 | 245 |
Note payable to related company | 221 | 550 |
Junior Subordinated Notes | 54 | 54 |
Unamortized Net Premiums And Fair Value Adjustments | $ 8 | $ 10 |
3.26% Junior Subordinated Notes due November 1, 2066 [Member] | ||
Debt Instrument | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.0175% | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.149% | 3.232% |
8.125% Senior Notes due 2019 | ||
Debt Instrument | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.125% | |
Senior Notes Due 2029 [Member] | ||
Debt Instrument | ||
Senior Notes | $ 66 | $ 66 |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
7.60% Senior Notes, due February 1, 2024 [Member] | ||
Debt Instrument | ||
Senior Notes | $ 82 | 82 |
Debt Instrument, Interest Rate, Stated Percentage | 7.60% | |
8.25% Senior Notes, due November 14, 2029 [Member] | ||
Debt Instrument | ||
Senior Notes | $ 33 | $ 33 |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% |
RETIREMENT BENEFITS Retirement
RETIREMENT BENEFITS Retirement Benefits - Obligations and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Defined Benefit Plan, Service Cost | $ 1 | $ 1 | $ 1 | |
Interest cost | 2 | 3 | 3 | |
Fair value of plan assets at beginning of period | 191 | |||
Fair value of plan assets at end of period | 218 | 191 | ||
Other Postretirement Benefits Plan [Member] | ||||
Benefit obligation at beginning of period | 98 | 91 | ||
Defined Benefit Plan, Service Cost | 1 | 1 | ||
Interest cost | 2 | 3 | ||
Actuarial loss | 1 | 7 | ||
Benefit obligation at end of period | 98 | 98 | 91 | |
Fair value of plan assets at beginning of period | 191 | 169 | ||
Return on plan assets and other | 23 | 18 | ||
Employer contributions | 8 | 8 | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 4 | 4 | ||
Fair value of plan assets at end of period | 218 | 191 | $ 169 | |
Amount overfunded at end of period (1) | [1] | 120 | 93 | |
Net actuarial gain | (21) | (8) | ||
Prior service cost | 18 | 19 | ||
Amounts recognized in accumulated other comprehensive income (pre-tax basis) consist of: | $ (3) | $ 11 | ||
[1] | Recorded as a non-current asset in the consolidated balance sheets with a non-current pension liability for overfunded amounts owed to the Company’s shippers. |
Retirement Benefits- Components
Retirement Benefits- Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Service Cost | $ 1 | $ 1 | $ 1 |
Interest cost | 2 | 3 | 3 |
Expected return on plan assets | (10) | (9) | (7) |
Prior service credit amortization | 1 | 18 | 24 |
Net periodic benefit cost | $ (6) | $ 13 | $ 21 |
RETIREMENT BENEFITS Retiremen_2
RETIREMENT BENEFITS Retirement Benefits - Weighted-average Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |||
Discount rate | 2.18% | 3.00% | 4.05% |
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 -
RETIREMENT BENEFITS Benefits - Assumed Health Care Cost Trend Rates Used (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Postemployment Benefits [Abstract] | ||
Health care cost trend rate | 8.10% | 8.05% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.90% | 4.65% |
RETIREMENT BENEFITS Retiremen_3
RETIREMENT BENEFITS Retirement Benefits - Fair Value of Assets by Category (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Plan Assets, Amount | $ 218 | $ 191 | ||
Cash and Cash Equivalents | ||||
Defined Benefit Plan, Plan Assets, Amount | 14 | 11 | ||
Market index fund [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 111 | 87 | |
International index fund [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount | [2] | 19 | 18 | |
U.S. bond index fund [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount | [3] | 74 | 75 | |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 218 | $ 191 | $ 169 | |
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 | 3.00% | |||
International Securities Funds | 97.00% | |||
Other Postretirement Benefits Plan [Member] | U.S. bond index fund [Member] | ||||
Large Cap US Equitiies | 25.00% | |||
Fixed Income Securities | 40.00% | |||
[1] | The fund invests primarily in common stocks included in the Dow Jones U.S. Total Stock Market Index. As of December 31, 2021, 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, 2021, this fund was invested 97% in foreign equities and 3% in domestic equities. | |||
[3] | The fund invests primarily in bonds included in the Bloomberg Barclays U.S. Aggregate Bond Index. As of December 31, 2021, this fund was invested 40% in U.S. Treasury, 27% in mortgage-backed securities, 25% in corporations and 8% in other. |
RETIREMENT BENEFITS Retiremen_4
RETIREMENT BENEFITS Retirement Benefits - Estimate of Expected Benefit Payments (Details) - Other Postretirement Benefits Plan [Member] $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 6,000 |
2023 | 6,000 |
2024 | 6,000 |
2025 | 6,000 |
2026 | 6,000 |
Thereafter | $ 26,000 |
RETIREMENT BENEFITS Retiremen_5
RETIREMENT BENEFITS Retirement Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | ||
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 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | 2.16% | |
Other Postretirement Benefits Plan [Member] | Fixed Income Securities | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70.00% | ||
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 | 3.00% | ||
International Securities Funds | 97.00% | ||
Other Postretirement Benefits Plan [Member] | U.S. bond index fund [Member] | |||
Defined Benefit Plan Disclosure | |||
Large Cap US Equitiies | 25.00% | ||
Other securities | 8.00% | ||
Fixed Income Securities | 40.00% | ||
Mortgage-backed securities | 27.00% | ||
Savings Plan [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Contribution Plan, Cost | $ 2 | $ 1 | $ 2 |
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 | $ 1 | $ 0.5 | $ 1 |
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 | 30.00% |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 31 | ||
State | 8 | ||
Current Income Tax Expense (Benefit) | 39 | ||
Federal | (349) | ||
State | (92) | ||
Deferred income taxes | (441) | ||
Total income tax benefit | $ (1) | $ (3) | $ (402) |
INCOME TAXES Income Taxes - Eff
INCOME TAXES Income Taxes - Effective Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Effective Income Tax Rate Reconciliation [Line Items] | |||
Total income tax benefit | $ (1) | $ (3) | $ (402) |
INCOME TAXES Income Taxes - Nar
INCOME TAXES Income Taxes - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | $ 428 |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations - Schedule of Changes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Beginning balance | $ 37 | $ 35 | $ 26 |
Revisions | 17 | 0 | 9 |
Settled | 0 | 0 | (2) |
Accretion expense | 2 | 2 | 2 |
Ending balance | $ 56 | $ 37 | $ 35 |
ASSET RETIREMENT OBLIGATIONS _3
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation, Revision of Estimate | $ 17 | $ 0 | $ 9 |
Asset Retirement Obligation, Liabilities Settled | $ 0 | $ 0 | $ 2 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Contingent Residual Support Agreement, Amount | $ 1,000 | |
Estimated litigation liability | 73 | $ 41 |
Accrued Environmental Loss Contingencies, Noncurrent | $ 1 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Lease, Cost | $ 0.2 | $ 0.2 |
Short-term Lease, Cost | $ 0.2 | $ 0.2 |
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)
Leases Lease Maturity (Details) $ in Millions | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 13 years |
Weighted-average discount rate (%) | 4.00% |
2022 | $ 0 |
2023 | 1 |
2024 | 1 |
2025 | 1 |
2026 | 1 |
Thereafter | 1 |
Total lease payments | 5 |
Less: present value discount | 1 |
Present value of lease liabilities | $ 4 |
REVENUE Revenue Narrative (Deta
REVENUE Revenue Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 0 |
Contract with Customer, Liability | $ 0 |
REVENUE Revenue - Schedule of F
REVENUE Revenue - Schedule of Future Contract Recognition (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,266 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,266 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 421 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2022 |
Revenue, Remaining Performance Obligation, Amount | $ 421 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 370 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2023 |
Revenue, Remaining Performance Obligation, Amount | $ 370 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 256 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2024 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2024 |
Revenue, Remaining Performance Obligation, Amount | $ 256 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,219 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 4 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,219 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 4 years |