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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________
FORM 10-Q
________________________________________________________________________________________________________________________________
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2022
 
or
 
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number: 1-14569
________________________________________________________________

PLAINS ALL AMERICAN PIPELINE, L.P.
(Exact name of registrant as specified in its charter)
Delaware 76-0582150
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

333 Clay Street, Suite 1600
Houston, Texas 77002
(Address of principal executive offices) (Zip code)
(713) 646-4100
(Registrant’s telephone number, including area code)
________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common UnitsPAANasdaq
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☐ No
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
 Emerging growth company
 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes   No
As of July 29, 2022, there were 697,939,946 Common Units outstanding.



PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
TABLE OF CONTENTS
 Page
 
 
 
  
  
 

2

PART I. FINANCIAL INFORMATION 
Item 1.    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except unit data)
June 30,
2022
December 31,
2021
 (unaudited)
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$267 $449 
Trade accounts receivable and other receivables, net5,581 4,705 
Inventory528 783 
Other current assets285 200 
Total current assets6,661 6,137 
PROPERTY AND EQUIPMENT19,329 19,257 
Accumulated depreciation(4,656)(4,354)
Property and equipment, net14,673 14,903 
OTHER ASSETS  
Investments in unconsolidated entities3,773 3,805 
Intangible assets, net1,839 1,960 
Linefill931 907 
Long-term operating lease right-of-use assets, net365 393 
Long-term inventory378 253 
Other long-term assets, net266 251 
Total assets$28,886 $28,609 
LIABILITIES AND PARTNERS’ CAPITAL  
CURRENT LIABILITIES  
Trade accounts payable$5,421 $4,810 
Short-term debt630 822 
Other current liabilities823 600 
Total current liabilities6,874 6,232 
LONG-TERM LIABILITIES  
Senior notes, net7,933 8,329 
Other long-term debt, net53 69 
Long-term operating lease liabilities316 339 
Other long-term liabilities and deferred credits991 830 
Total long-term liabilities9,293 9,567 
COMMITMENTS AND CONTINGENCIES (NOTE 10)
PARTNERS’ CAPITAL  
Series A preferred unitholders (71,090,468 and 71,090,468 units outstanding, respectively)
1,505 1,505 
Series B preferred unitholders (800,000 and 800,000 units outstanding, respectively)
787 787 
Common unitholders (697,939,946 and 704,991,540 units outstanding, respectively)
7,639 7,680 
Total partners’ capital excluding noncontrolling interests9,931 9,972 
Noncontrolling interests2,788 2,838 
Total partners’ capital12,719 12,810 
Total liabilities and partners’ capital$28,886 $28,609 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
 (unaudited)(unaudited)
REVENUES    
Product sales revenues$16,007 $9,623 $29,388 $17,706 
Services revenues352 307 665 607 
Total revenues16,359 9,930 30,053 18,313 
COSTS AND EXPENSES    
Purchases and related costs15,324 9,277 28,109 16,669 
Field operating costs307 252 653 471 
General and administrative expenses78 72 160 139 
Depreciation and amortization242 196 473 374 
(Gains)/losses on asset sales and asset impairments, net(3)369 (46)370 
Total costs and expenses15,948 10,166 29,349 18,023 
OPERATING INCOME/(LOSS)411 (236)704 290 
OTHER INCOME/(EXPENSE)    
Equity earnings in unconsolidated entities104 33 201 121 
Interest expense (net of capitalized interest of $1, $5, $2 and $10, respectively)
(99)(107)(206)(213)
Other income/(expense), net(118)84 (155)23 
INCOME/(LOSS) BEFORE TAX298 (226)544 221 
Current income tax expense(30)(1)(48)(3)
Deferred income tax (expense)/benefit(17)11 (20)(11)
NET INCOME/(LOSS)251 (216)476 207 
Net income attributable to noncontrolling interests(48)(4)(86)(5)
NET INCOME/(LOSS) ATTRIBUTABLE TO PAA$203 $(220)$390 $202 
NET INCOME/(LOSS) PER COMMON UNIT (NOTE 4):    
Net income/(loss) allocated to common unitholders — Basic and Diluted$153 $(269)$290 $103 
Basic and diluted weighted average common units outstanding702 720 703 721 
Basic and diluted net income/(loss) per common unit$0.22 $(0.37)$0.41 $0.14 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

4

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(in millions)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
 (unaudited)(unaudited)
Net income/(loss)$251 $(216)$476 $207 
Other comprehensive income/(loss)(52)— 22 108 
Comprehensive income/(loss)199 (216)498 315 
Comprehensive income attributable to noncontrolling interests
(48)(4)(86)(5)
Comprehensive income/(loss) attributable to PAA$151 $(220)$412 $310 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.


PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
(in millions)

 
Derivative
Instruments
Translation
Adjustments
OtherTotal
 (unaudited)
Balance at December 31, 2021$(208)$(642)$(3)$(853)
Reclassification adjustments6 — — 6 
Unrealized gain on hedges68 — — 68 
Currency translation adjustments— (50)— (50)
Other— — (2)(2)
Total period activity74 (50)(2)22 
Balance at June 30, 2022$(134)$(692)$(5)$(831)

Derivative
Instruments
Translation
Adjustments
OtherTotal
 (unaudited)
Balance at December 31, 2020$(258)$(657)$(3)$(918)
Reclassification adjustments6 — — 6 
Unrealized gain on hedges29 — — 29 
Currency translation adjustments— 73 — 73 
Total period activity35 73 — 108 
Balance at June 30, 2021$(223)$(584)$(3)$(810)
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)

Six Months Ended
June 30,
 20222021
 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$476 $207 
Reconciliation of net income to net cash provided by operating activities:  
Depreciation and amortization473 374 
(Gains)/losses on asset sales and asset impairments, net(46)370 
Deferred income tax expense20 11 
Gains on sales of linefill(30)— 
(Gain)/loss on foreign currency revaluation10 (15)
Change in fair value of Preferred Distribution Rate Reset Option (Note 8)147 (9)
Equity earnings in unconsolidated entities(201)(121)
Distributions on earnings from unconsolidated entities224 211 
Other27 27 
Changes in assets and liabilities, net of acquisitions32 (29)
Net cash provided by operating activities1,132 1,026 
CASH FLOWS FROM INVESTING ACTIVITIES  
Cash paid in connection with acquisitions, net of cash acquired— (32)
Investments in unconsolidated entities(4)(71)
Additions to property, equipment and other(190)(182)
Cash paid for purchases of linefill(60)(23)
Proceeds from sales of assets57 22 
Cash received from sales of linefill61 3 
Other investing activities13 — 
Net cash used in investing activities(123)(283)
CASH FLOWS FROM FINANCING ACTIVITIES  
Net borrowings/(repayments) under commercial paper program (Note 6)115 (159)
Net repayments under senior secured hedged inventory facility (Note 6)— (167)
Repayments of senior notes(750)— 
Repurchase of common units (Note 7)(74)(53)
Distributions paid to Series A preferred unitholders (Note 7)(74)(74)
Distributions paid to Series B preferred unitholders (Note 7)(25)(25)
Distributions paid to common unitholders (Note 7)(280)(260)
Distributions paid to noncontrolling interests (Note 7)(121)(6)
Other financing activities13 (30)
Net cash used in financing activities(1,196)(774)
Effect of translation adjustment1 2 
Net decrease in cash and cash equivalents and restricted cash(186)(29)
Cash and cash equivalents and restricted cash, beginning of period453 60 
Cash and cash equivalents and restricted cash, end of period$267 $31 
Cash paid for:  
Interest, net of amounts capitalized$201 $202 
Income taxes, net of amounts refunded$39 $27 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL
(in millions)

 Limited PartnersPartners’
Capital Excluding Noncontrolling Interests
Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
 (unaudited)
Balance at December 31, 2021$1,505 $787 $7,680 $9,972 $2,838 $12,810 
Net income74 25 291 390 86 476 
Distributions (Note 7)(74)(25)(280)(379)(121)(500)
Other comprehensive income— — 22 22 — 22 
Repurchase of common units (Note 7)— — (74)(74)— (74)
Other— —   (15)(15)
Balance at June 30, 2022$1,505 $787 $7,639 $9,931 $2,788 $12,719 
Limited PartnersPartners’
Capital Excluding Noncontrolling Interests
Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
(unaudited)
Balance at March 31, 2022$1,505 $787 $7,751 $10,043 $2,811 $12,854 
Net income37 12 154 203 48 251 
Distributions (Note 7)(37)(12)(153)(202)(62)(264)
Other comprehensive loss— — (52)(52)— (52)
Repurchase of common units (Note 7)— — (49)(49)— (49)
Other— — (12)(12)(9)(21)
Balance at June 30, 2022$1,505 $787 $7,639 $9,931 $2,788 $12,719 

The accompanying notes are an integral part of these condensed consolidated financial statements.
7

 Limited PartnersPartners’
Capital Excluding Noncontrolling Interests
Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
 (unaudited)
Balance at December 31, 2020$1,505 $787 $7,301 $9,593 $145 $9,738 
Net income74 25 103 202 5 207 
Distributions(74)(25)(260)(359)(6)(365)
Other comprehensive income— — 108 108 — 108 
Repurchase of common units (Note 7)— — (53)(53)— (53)
Other— — 4 4 1 5 
Balance at June 30, 2021$1,505 $787 $7,203 $9,495 $145 $9,640 
Limited PartnersPartners’
Capital Excluding Noncontrolling Interests
Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
(unaudited)
Balance at March 31, 2021$1,505 $787 $7,651 $9,943 $141 $10,084 
Net income/(loss)37 12 (269)(220)4 (216)
Distributions(37)(12)(130)(179)— (179)
Repurchase of common units (Note 7)— — (50)(50)— (50)
Other— — 1 1 — 1 
Balance at June 30, 2021$1,505 $787 $7,203 $9,495 $145 $9,640 

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 
Note 1—Organization and Basis of Consolidation and Presentation
 
Organization
 
Plains All American Pipeline, L.P. (“PAA”) is a Delaware limited partnership formed in 1998. Our operations are conducted directly and indirectly through our primary operating subsidiaries. As used in this Form 10-Q and unless the context indicates otherwise, the terms “Partnership,” “we,” “us,” “our,” “ours” and similar terms refer to PAA and its subsidiaries.
 
Our business model integrates large-scale supply aggregation capabilities with the ownership and operation of critical midstream infrastructure systems that connect major producing regions to key demand centers and export terminals. As one of the largest midstream service providers in North America, we own an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and natural gas liquids (“NGL”) producing basins (including the Permian Basin) and transportation corridors and at major market hubs in the United States and Canada. Our assets and the services we provide are primarily focused on and conducted through two operating segments: Crude Oil and NGL. See Note 11 for further discussion of our operating segments.
 
Our non-economic general partner interest is held by PAA GP LLC (“PAA GP”), a Delaware limited liability company, whose sole member is Plains AAP, L.P. (“AAP”), a Delaware limited partnership. In addition to its ownership of PAA GP, as of June 30, 2022, AAP also owned a limited partner interest in us through its ownership of approximately 241.5 million of our common units (approximately 31% of our total outstanding common units and Series A preferred units combined). Plains All American GP LLC (“GP LLC”), a Delaware limited liability company, is AAP’s general partner. Plains GP Holdings, L.P. (“PAGP”) is the sole and managing member of GP LLC, and, at June 30, 2022, owned an approximate 81% limited partner interest in AAP. PAA GP Holdings LLC (“PAGP GP”) is the general partner of PAGP.
 
As the sole member of GP LLC, PAGP has responsibility for conducting our business and managing our operations; however, the board of directors of PAGP GP has ultimate responsibility for managing the business and affairs of PAGP, AAP and us. GP LLC employs our domestic officers and personnel; our Canadian officers and personnel are employed by our subsidiary, Plains Midstream Canada ULC.

References to our “general partner,” as the context requires, include any or all of PAGP GP, PAGP, GP LLC, AAP and PAA GP. 
9

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Definitions
 
Additional defined terms are used in this Form 10-Q and shall have the meanings indicated below:

AOCI=Accumulated other comprehensive income/(loss)
ASC=Accounting Standards Codification
ASU=Accounting Standards Update
Bcf=Billion cubic feet
Btu=British thermal unit
CAD=Canadian dollar
CODM=Chief Operating Decision Maker
EBITDA=Earnings before interest, taxes, depreciation and amortization
EPA=United States Environmental Protection Agency
FASB=Financial Accounting Standards Board
GAAP=Generally accepted accounting principles in the United States
ICE=Intercontinental Exchange
ISDA=International Swaps and Derivatives Association
LIBOR=London Interbank Offered Rate
LTIP=Long-term incentive plan
Mcf=Thousand cubic feet
MMbls=Million barrels
NGL=Natural gas liquids, including ethane, propane and butane
NYMEX=New York Mercantile Exchange
SEC=United States Securities and Exchange Commission
TWh=Terawatt hour
USD=United States dollar
WTI=West Texas Intermediate

Basis of Consolidation and Presentation
 
The accompanying unaudited condensed consolidated interim financial statements and related notes thereto should be read in conjunction with our 2021 Annual Report on Form 10-K. The accompanying condensed consolidated financial statements include the accounts of PAA and all of its wholly owned subsidiaries and those entities that it controls. Investments in entities over which we have significant influence but not control are accounted for by the equity method. We apply proportionate consolidation for pipelines and other assets in which we own undivided joint interests. The financial statements have been prepared in accordance with the instructions for interim reporting as set forth by the SEC. The condensed consolidated balance sheet data as of December 31, 2021 was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the three and six months ended June 30, 2022 should not be taken as indicative of results to be expected for the entire year. All adjustments (consisting only of normal recurring adjustments) that in the opinion of management were necessary for a fair statement of the results for the interim periods have been reflected. All significant intercompany transactions have been eliminated in consolidation, and certain reclassifications have been made to information from previous years to conform to the current presentation, including the reclassifications discussed below.

Subsequent events have been evaluated through the financial statements issuance date and have been included in the following footnotes where applicable. 
 
10

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Reclassification of Prior Period Information

During the fourth quarter of 2021, we effected changes in the primary financial information provided to our CODM (our Chief Executive Officer) for assessing performance and allocating resources to present two operating segments, Crude Oil and NGL. Prior to the fourth quarter of 2021, this information was organized into three operating segments: Transportation, Facilities and Supply and Logistics. See Note 11 for further discussion of our operating segments. In connection with this change, we changed the presentation of Revenues on our Condensed Consolidated Statements of Operations. “Product sales revenues” include amounts that were previously presented as “Supply and Logistics segment revenues,” while “Services revenues” includes amounts previously presented as “Transportation segment revenues” and “Facilities segment revenues.”

Note 2—Summary of Significant Accounting Policies
 
Recent Accounting Pronouncements

Except as discussed below and in our 2021 Annual Report on Form 10-K, there have been no new accounting pronouncements that have become effective or have been issued during the six months ended June 30, 2022 that are of significance or potential significance to us.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity, by eliminating two of the three models that require separate accounting for embedded conversion features and the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. This guidance is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted. We adopted this guidance effective January 1, 2022, and our adoption did not have a material impact on our financial position, results of operations or cash flows.
11

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 3—Revenues and Accounts Receivable

Revenue Recognition

We disaggregate our revenues by segment and type of activity. These categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. See Note 3 to our Consolidated Financial Statements included in Part IV of our 2021 Annual Report on Form 10-K for additional information regarding our types of revenues and policies for revenue recognition.

Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions):

Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Crude Oil segment revenues from contracts with customers
Sales$15,576 $9,623 $28,433 $17,349 
Transportation175 113 330 203 
Terminalling, Storage and Other90 116 180 246 
Total Crude Oil segment revenues from contracts with customers$15,841 $9,852 $28,943 $17,798 

Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
NGL segment revenues from contracts with customers
Sales$499 $355 $1,344 $1,128 
Transportation7 5 16 12 
Terminalling, Storage and Other20 21 45 42 
Total NGL segment revenues from contracts with customers$526 $381 $1,405 $1,182 
12

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Reconciliation to Total Revenues of Reportable Segments. The following disclosures only include information regarding revenues associated with consolidated entities; revenues from entities accounted for by the equity method are not included. The following tables present the reconciliation of our revenues from contracts with customers to total revenues of reportable segments and total revenues as disclosed in our Condensed Consolidated Statements of Operations (in millions):

Three Months Ended June 30, 2022Crude OilNGLTotal
Revenues from contracts with customers$15,841 $526 $16,367 
Other items in revenues99 44 143 
Total revenues of reportable segments$15,940 $570 $16,510 
Intersegment revenue elimination(151)
Total revenues$16,359 
Three Months Ended June 30, 2021Crude OilNGLTotal
Revenues from contracts with customers$9,852 $381 $10,233 
Other items in revenues(73)(151)(224)
Total revenues of reportable segments$9,779 $230 $10,009 
Intersegment revenue elimination(79)
Total revenues$9,930 
Six Months Ended June 30, 2022Crude OilNGLTotal
Revenues from contracts with customers$28,943 $1,405 $30,348 
Other items in revenues76 (101)(25)
Total revenues of reportable segments$29,019 $1,304 $30,323 
Intersegment revenues(270)
Total revenues$30,053 
Six Months Ended June 30, 2021Crude OilNGLTotal
Revenues from contracts with customers$17,798 $1,182 $18,980 
Other items in revenues(166)(313)(479)
Total revenues of reportable segments$17,632 $869 $18,501 
Intersegment revenues(188)
Total revenues$18,313 

Minimum Volume Commitments. We have certain agreements that require counterparties to transport or throughput a minimum volume over an agreed upon period. The following table presents counterparty deficiencies associated with contracts with customers and buy/sell arrangements that include minimum volume commitments for which we had remaining performance obligations and the customers still had the ability to meet their obligations (in millions):

Counterparty DeficienciesFinancial Statement ClassificationJune 30,
2022
December 31,
2021
Billed and collectedLiability$65 $63 
Unbilled (1)
N/A10 16 
Total$75 $79 
(1)Amounts were related to deficiencies for which the counterparties had not met their contractual minimum commitments and are not reflected in our Condensed Consolidated Financial Statements as we had not yet billed or collected such amounts.
13

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Contract Balances. Our contract balances consist of amounts received associated with services or sales for which we have not yet completed the related performance obligation. The following table presents the change in the liability balance associated with contracts with customers (in millions):

 Contract Liabilities
Balance at December 31, 2021$141 
Amounts recognized as revenue(22)
Additions