2017 Q4 Form 10-K Financial Statement

#000010726319000007 Filed on February 21, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4 2016
Revenue $2.228B $2.198B $7.499B
YoY Change 1.36% 9.57% 1.89%
Cost Of Revenue $680.0M $545.0M $1.725B
YoY Change 24.77% 37.28% -3.04%
Gross Profit $1.548B $1.653B $5.774B
YoY Change -6.35% 2.73% 3.46%
Gross Profit Margin 69.48% 75.2% 77.0%
Selling, General & Admin $552.0M $568.0M $722.0M
YoY Change -2.82% -8.68% -1.9%
% of Gross Profit 35.66% 34.36% 12.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $428.0M $437.0M $1.763B
YoY Change -2.06% -3.1% 1.44%
% of Gross Profit 27.65% 26.44% 30.53%
Operating Expenses $1.017B $1.010B $722.0M
YoY Change 0.69% -19.84% -1.9%
Operating Profit $531.0M $643.0M $689.0M
YoY Change -17.42% 84.24% 203.52%
Interest Expense -$174.0M -$199.0M $1.179B
YoY Change -12.56% 17.75% 12.93%
% of Operating Profit -32.77% -30.95% 171.12%
Other Income/Expense, Net -$149.0M $22.00M $85.00M
YoY Change -777.27% -31.25% -15.84%
Pretax Income -$478.0M $86.00M -$375.0M
YoY Change -655.81% -104.82% -78.11%
Income Tax -$168.0M $49.00M -$25.00M
% Of Pretax Income 56.98%
Net Earnings $1.687B -$15.00M -$424.0M
YoY Change -11346.67% -97.9% -25.74%
Net Earnings / Revenue 75.72% -0.68% -5.65%
Basic Earnings Per Share -$0.57
Diluted Earnings Per Share $2.034M -$19.97K -$0.57
COMMON SHARES
Basic Shares Outstanding 826.7M shares 750.8M shares 750.7M shares
Diluted Shares Outstanding 750.7M shares

Balance Sheet

Concept 2017 Q4 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $899.0M $170.0M $170.0M
YoY Change 428.82% 70.0% 70.0%
Cash & Equivalents $899.0M $170.0M $170.0M
Short-Term Investments
Other Short-Term Assets $191.0M $216.0M $216.0M
YoY Change -11.57% -16.6% -16.6%
Inventory $113.0M $138.0M $138.0M
Prepaid Expenses
Receivables $976.0M $938.0M $938.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.179B $1.462B $1.462B
YoY Change 49.04% -4.26% -4.26%
LONG-TERM ASSETS
Property, Plant & Equipment $28.21B $28.43B $28.43B
YoY Change -0.76% -3.89% -3.89%
Goodwill $47.00M
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.552B $6.701B $6.701B
YoY Change -2.22% -8.66% -8.66%
Other Assets $619.0M $581.0M $581.0M
YoY Change 6.54% 3.57% 3.57%
Total Long-Term Assets $44.17B $45.37B $45.37B
YoY Change -2.64% -4.46% -4.46%
TOTAL ASSETS
Total Short-Term Assets $2.179B $1.462B $1.462B
Total Long-Term Assets $44.17B $45.37B $45.37B
Total Assets $46.35B $46.84B $46.84B
YoY Change -1.03% -4.46% -4.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $978.0M $623.0M $623.0M
YoY Change 56.98% -16.26% -16.26%
Accrued Expenses $1.167B $1.448B $950.0M
YoY Change -19.41% 34.32% -11.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $93.00M $93.00M
YoY Change -100.0% -81.36% -81.36%
Long-Term Debt Due $501.0M $785.0M $785.0M
YoY Change -36.18% 346.02% 346.02%
Total Short-Term Liabilities $2.646B $2.949B $2.949B
YoY Change -10.27% 18.1% 18.1%
LONG-TERM LIABILITIES
Long-Term Debt $20.43B $22.62B $22.62B
YoY Change -9.68% -4.99% -4.99%
Other Long-Term Liabilities $3.950B $2.978B $2.978B
YoY Change 32.64% 31.31% 31.31%
Total Long-Term Liabilities $24.38B $25.60B $25.60B
YoY Change -4.76% -1.83% -1.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.646B $2.949B $2.949B
Total Long-Term Liabilities $24.38B $25.60B $25.60B
Total Liabilities $36.70B $42.19B $42.19B
YoY Change -13.03% -1.59% -1.59%
SHAREHOLDERS EQUITY
Retained Earnings -$8.434B -$9.649B
YoY Change -12.59% 21.22%
Common Stock $19.37B $15.67B
YoY Change 23.59% 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.041B $1.041B
YoY Change 0.0% 0.0%
Treasury Stock Shares 35.00M shares 35.00M shares
Shareholders Equity $9.656B $4.643B $4.643B
YoY Change
Total Liabilities & Shareholders Equity $46.35B $46.84B $46.84B
YoY Change -1.03% -4.46% -4.46%

Cashflow Statement

Concept 2017 Q4 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $1.687B -$15.00M -$424.0M
YoY Change -11346.67% -97.9% -25.74%
Depreciation, Depletion And Amortization $428.0M $437.0M $1.763B
YoY Change -2.06% -3.1% 1.44%
Cash From Operating Activities $858.0M $2.073B $4.155B
YoY Change -58.61% 233.28% 33.43%
INVESTING ACTIVITIES
Capital Expenditures -$713.0M -$474.0M $2.051B
YoY Change 50.42% -36.12% -35.24%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $151.0M -$17.00M -$35.00M
YoY Change -988.24% -111.33% -55.7%
Cash From Investing Activities -$562.0M -$491.0M -$891.0M
YoY Change 14.46% -17.06% -75.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.000M
YoY Change -66.67%
Debt Paid & Issued, Net $7.091B
YoY Change 8.82%
Cash From Financing Activities -569.0M -1.489B -$3.194B
YoY Change -61.79% 2607.27% -808.2%
NET CHANGE
Cash From Operating Activities 858.0M 2.073B $4.155B
Cash From Investing Activities -562.0M -491.0M -$891.0M
Cash From Financing Activities -569.0M -1.489B -$3.194B
Net Change In Cash -273.0M 93.00M $70.00M
YoY Change -393.55% -472.0% -150.0%
FREE CASH FLOW
Cash From Operating Activities $858.0M $2.073B $4.155B
Capital Expenditures -$713.0M -$474.0M $2.051B
Free Cash Flow $1.571B $2.547B $2.104B
YoY Change -38.32% 86.73% -4069.81%

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1800000000 USD
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430000000 USD
CY2017 us-gaap Equity Method Investment Other Than Temporary Impairment
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CY2018 us-gaap Equity Method Investment Other Than Temporary Impairment
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2491000000 USD
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1961000000 USD
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0 USD
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0 USD
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0 USD
CY2018Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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312000000 USD
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312000000 USD
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312000000 USD
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312000000 USD
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312000000 USD
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331000000 USD
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105000000 USD
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CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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78000000 USD
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187000000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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69000000 USD
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22000000 USD
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117000000 USD
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73000000 USD
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43000000 USD
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26000000 USD
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38000000 USD
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5000000 USD
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CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
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28000000 USD
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9000000 USD
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3000000 USD
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11000000 USD
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118000000 USD
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25000000 USD
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16000000 USD
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4000000 USD
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21000000 USD
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38000000 USD
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33000000 USD
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48000000 USD
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1160000000 USD
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1110000000 USD
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130000000 USD
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282000000 USD
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219000000 USD
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64000000 USD
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62000000 USD
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501000000 USD
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47000000 USD
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47000000 USD
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890000000 USD
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940000000 USD
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100000000 USD
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335000000 USD
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348000000 USD
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2174000000 USD
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37000000 USD
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267000000 USD
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114000000 USD
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46000000 USD
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1576000000 USD
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1507000000 USD
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689000000 USD
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216000000 USD
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15000000 USD
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24000000 USD
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28000000 USD
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31000000 USD
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44000000 USD
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CY2017 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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15000000 USD
CY2018 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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CY2016 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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50000000 USD
CY2017 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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1000000 USD
CY2018 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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0 USD
CY2016 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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CY2017 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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CY2018 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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0 USD
CY2016 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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CY2017 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
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CY2018 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
0 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
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CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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1000000 USD
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1020000000 USD
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918000000 USD
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1249000000 USD
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1915000000 USD
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0 USD
CY2018 wmb Income Tax Reconciliation Translation Adjustment Of Certain Unrecognized Tax Benefits
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0 USD
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263000000 USD
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0.05
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0.05
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P3M
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1000000 USD
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3322000000 USD
CY2017 wmb Modified Ebitda Earnings Loss
ModifiedEbitdaEarningsLoss
3466000000 USD
CY2018 wmb Modified Ebitda Earnings Loss
ModifiedEbitdaEarningsLoss
3388000000 USD
CY2016 wmb Processingcommodityexpenses
Processingcommodityexpenses
0 USD
CY2017 wmb Processingcommodityexpenses
Processingcommodityexpenses
0 USD
CY2018 wmb Processingcommodityexpenses
Processingcommodityexpenses
137000000 USD
CY2016 wmb Proportional Modified Ebitda Equity Method Investments
ProportionalModifiedEbitdaEquityMethodInvestments
754000000 USD
CY2017 wmb Proportional Modified Ebitda Equity Method Investments
ProportionalModifiedEbitdaEquityMethodInvestments
795000000 USD
CY2018 wmb Proportional Modified Ebitda Equity Method Investments
ProportionalModifiedEbitdaEquityMethodInvestments
770000000 USD
CY2016 wmb Regulatory Charges In Operating Expense Resulting From Tax Reform
RegulatoryChargesInOperatingExpenseResultingFromTaxReform
0 USD
CY2017 wmb Regulatory Charges In Operating Expense Resulting From Tax Reform
RegulatoryChargesInOperatingExpenseResultingFromTaxReform
674000000 USD
CY2018 wmb Regulatory Charges In Operating Expense Resulting From Tax Reform
RegulatoryChargesInOperatingExpenseResultingFromTaxReform
-17000000 USD
CY2016 wmb Regulatory Charges Resulting From Tax Reform
RegulatoryChargesResultingFromTaxReform
0 USD
CY2017 wmb Regulatory Charges Resulting From Tax Reform
RegulatoryChargesResultingFromTaxReform
776000000 USD
CY2018 wmb Regulatory Charges Resulting From Tax Reform
RegulatoryChargesResultingFromTaxReform
-15000000 USD
CY2016 wmb Salesrevenueservicescommodityconsideration
Salesrevenueservicescommodityconsideration
0 USD
CY2017 wmb Salesrevenueservicescommodityconsideration
Salesrevenueservicescommodityconsideration
0 USD
CY2018 wmb Salesrevenueservicescommodityconsideration
Salesrevenueservicescommodityconsideration
400000000 USD
CY2018Q4 wmb Threshold For Amortization Of Unrecognized Actuarial Gains Losses
ThresholdForAmortizationOfUnrecognizedActuarialGainsLosses
0.1
CY2018 wmb Variable Interest Entity Nonconsolidated Contract Liability1
VariableInterestEntityNonconsolidatedContractLiability1
26000000 USD
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant estimates and assumptions include:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Impairment assessments of investments, property, plant, and equipment, and other identifiable intangible assets;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Litigation-related contingencies;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Environmental remediation obligations;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and/or amortization of long-lived assets;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and/or amortization of equity-method investment basis differences;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Asset retirement obligations (AROs);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Pension and postretirement valuation variables;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Measurement of regulatory liabilities;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Measurement of deferred income tax assets and liabilities, including assumptions related to the realization of deferred income tax assets.</font></div></td></tr></table><div style="line-height:120%;padding-top:13px;text-align:justify;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These estimates are discussed further throughout these notes.</font></div></div>
CY2018 wmb Equity Method Investment Basis Difference Policy Policy Textblock
EquityMethodInvestmentBasisDifferencePolicyPolicyTextblock
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Equity-method investment basis differences</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Differences between the cost of our equity-method investments and our underlying equity in the net assets of investees are accounted for as if the investees were consolidated subsidiaries. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Equity earnings (losses)</font><font style="font-family:inherit;font-size:10pt;"> in the </font><font style="font-family:inherit;font-size:10pt;font-weight:normal;">Consolidated Statement of Operations</font><font style="font-family:inherit;font-size:10pt;"> includes our allocable share of net income (loss) of investees adjusted for any depreciation and amortization, as applicable, associated with basis differences.</font></div></div>

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