Company Quick10K Filing
Williams Companies
Price24.20 EPS1
Shares1,214 P/E38
MCap29,383 P/FCF11
Net Debt20,472 EBIT1,912
TEV49,855 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-05-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-05-04 Earnings, Exhibits
8-K 2020-05-04 Other Events, Exhibits
8-K 2020-04-28 Shareholder Vote
8-K 2020-03-19 Enter Agreement, Shareholder Rights, Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2020-02-28 Officers
8-K 2020-02-19 Earnings, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-23 Officers
8-K 2019-07-02 Officers, Other Events
8-K 2019-05-09 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-02-13 Earnings, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-08-09 Enter Agreement, Leave Agreement, M&A, Off-BS Arrangement, Shareholder Rights, Amend Bylaw, Shareholder Vote, Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-07-31 Officers, Exhibits
8-K 2018-07-13 Enter Agreement, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2018-06-01 Officers, Exhibits
8-K 2018-05-16 Enter Agreement, Regulation FD, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-05-03 Other Events, Exhibits
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-03-15 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-14 Earnings, Exhibits

WMB 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - General, Description of Business, and Basis of Presentation
Note 2 - Acquisitions
Note 3 - Revenue Recognition
Note 4 - Variable Interest Entities
Note 5 - Investing Activities
Note 6 - Provision (Benefit) for Income Taxes
Note 7 - Earnings (Loss) per Common Share
Note 8 - Employee Benefit Plans
Note 9 - Debt and Banking Arrangements
Note 10 - Stockholders' Equity
Note 11 - Fair Value Measurements and Guarantees
Note 12 - Contingent Liabilities
Note 13 - Segment Disclosures
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.1 wmb20200331ex101.htm
EX-10.2 wmb20200331ex102.htm
EX-10.3 wmb20200331ex103.htm
EX-10.4 wmb20200331ex104.htm
EX-31.1 wmb20200331ex311.htm
EX-31.2 wmb20200331ex312.htm
EX-32 wmb20200331ex32.htm

Williams Companies Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
554433221102012201420172020
Assets, Equity
2.41.81.10.5-0.2-0.82012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission file number 1-4174

THE WILLIAMS COMPANIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
73-0569878
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
One Williams Center
 
 
Tulsa
Oklahoma
 
74172-0172
    (Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (918573-2000
NO CHANGE
 
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1.00 par value
WMB
New York Stock Exchange
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 (§232.405 of this chapter) 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
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
Shares Outstanding at April 30, 2020
Common Stock, $1.00 par value
 
1,213,196,974
 




The Williams Companies, Inc.
Index


 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.

All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe, or anticipate will exist or may occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in-service date,” or other similar expressions. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management and include, among others, statements regarding:

Levels of dividends to Williams stockholders;

Future credit ratings of Williams and its affiliates;

Amounts and nature of future capital expenditures;

Expansion and growth of our business and operations;


1



Expected in-service dates for capital projects;

Financial condition and liquidity;

Business strategy;

Cash flow from operations or results of operations;

Seasonality of certain business components;

Natural gas, natural gas liquids and crude oil prices, supply, and demand;

Demand for our services;

The impact of the novel coronavirus (COVID-19) pandemic.

Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:

Availability of supplies, market demand, and volatility of prices;

Development and rate of adoption of alternative energy sources;

The impact of existing and future laws and regulations, the regulatory environment, environmental liabilities, and litigation, as well as our ability to obtain necessary permits and approvals, and achieve favorable rate proceeding outcomes;

Our exposure to the credit risk of our customers and counterparties;

Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities, and to consummate asset sales on acceptable terms;

Whether we are able to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;

The strength and financial resources of our competitors and the effects of competition;

The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;

Whether we will be able to effectively execute our financing plan;

Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social, and governance practices;

The physical and financial risks associated with climate change;


2



The impact of operational and developmental hazards and unforeseen interruptions;

The risks resulting from outbreaks or other public health crises, including the novel coronavirus (COVID-19);

Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;

Acts of terrorism, cybersecurity incidents, and related disruptions;

Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;

Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;

Inflation, interest rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);

Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;

The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;

Changes in the current geopolitical situation;

Whether we are able to pay current and expected levels of dividends;

Additional risks described in our filings with the Securities and Exchange Commission (SEC).

Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.

In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.

Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 24, 2020, as supplemented by the disclosure in Part II, Item 1A. Risk Factors in this Quarterly Report on Form 10-Q.


3



DEFINITIONS

The following is a listing of certain abbreviations, acronyms, and other industry terminology that may be used throughout this Form 10-Q.

Measurements:
Barrel: One barrel of petroleum products that equals 42 U.S. gallons
Bcf: One billion cubic feet of natural gas
Bcf/d: One billion cubic feet of natural gas per day
British Thermal Unit (Btu): A unit of energy needed to raise the temperature of one pound of water by one degree Fahrenheit
Dekatherms (Dth): A unit of energy equal to one million British thermal units
Mbbls/d: One thousand barrels per day
Mdth/d: One thousand dekatherms per day
MMcf/d: One million cubic feet per day
MMdth: One million dekatherms or approximately one trillion British thermal units
MMdth/d: One million dekatherms per day
Tbtu: One trillion British thermal units
Consolidated Entities:
Cardinal: Cardinal Gas Services, L.L.C.
Gulfstar One: Gulfstar One LLC
Northwest Pipeline: Northwest Pipeline LLC
Transco: Transcontinental Gas Pipe Line Company, LLC
UEOM: Utica East Ohio Midstream LLC, previously a Partially Owned Entity until acquiring remaining interest in March 2019
Northeast JV: Ohio Valley Midstream LLC, a partially owned venture that includes our Ohio Valley assets and UEOM
     
Partially Owned Entities: Entities in which we do not own a 100 percent ownership interest and which, as of March 31, 2020, we account for as an equity-method investment, including principally the following:
Aux Sable: Aux Sable Liquid Products LP
Brazos Permian II: Brazos Permian II, LLC
Caiman II: Caiman Energy II, LLC
Discovery: Discovery Producer Services LLC
Gulfstream: Gulfstream Natural Gas System, L.L.C.
Jackalope: Jackalope Gas Gathering Services, L.L.C., which was sold in April 2019
Laurel Mountain: Laurel Mountain Midstream, LLC
OPPL: Overland Pass Pipeline Company LLC
RMM: Rocky Mountain Midstream Holdings LLC
Government and Regulatory:
EPA: Environmental Protection Agency
Exchange Act, the: Securities and Exchange Act of 1934, as amended

4



FERC: Federal Energy Regulatory Commission
IRS: Internal Revenue Service
SEC: Securities and Exchange Commission
Other:
Fractionation: The process by which a mixed stream of natural gas liquids is separated into constituent products, such as ethane, propane, and butane
GAAP: U.S. generally accepted accounting principles
LNG: Liquefied natural gas; natural gas which has been liquefied at cryogenic temperatures
MVC: Minimum volume commitment
NGLs: Natural gas liquids; natural gas liquids result from natural gas processing and crude oil refining and are used as petrochemical feedstocks, heating fuels, and gasoline additives, among other applications
NGL margins: NGL revenues less any applicable Btu replacement cost, plant fuel, transportation, and fractionation
    



5



PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

The Williams Companies, Inc.
Consolidated Statement of Operations
(Unaudited)
 
Three Months Ended 
March 31,
 
2020
 
2019
 
(Millions, except per-share amounts)
Revenues:
 
 
 
Service revenues
$
1,474


$
1,440

Service revenues – commodity consideration
28

 
64

Product sales
411


550

Total revenues
1,913


2,054

Costs and expenses:



Product costs
396


525

Processing commodity expenses
13


40

Operating and maintenance expenses
337


340

Depreciation and amortization expenses
429


416

Selling, general, and administrative expenses
113


128

Impairment of goodwill (Note 11)
187



Other (income) expense – net
7


44

Total costs and expenses
1,482


1,493

Operating income (loss)
431


561

Equity earnings (losses) (Note 5)
22


80

Impairment of equity-method investments (Note 11)
(938
)
 
(74
)
Other investing income (loss) – net
3


1

Interest incurred
(301
)

(306
)
Interest capitalized
5


10

Other income (expense) – net
4


11

Income (loss) before income taxes
(774
)

283

Provision (benefit) for income taxes
(204
)

69

Net income (loss)
(570
)

214

Less: Net income (loss) attributable to noncontrolling interests
(53
)

19

Net income (loss) attributable to The Williams Companies, Inc.
(517
)

195

Preferred stock dividends
1

 
1

Net income (loss) available to common stockholders
$
(518
)
 
$
194

Basic earnings (loss) per common share:
 
 
 
Net income (loss)
$
(.43
)
 
$
.16

Weighted-average shares (thousands)
1,213,019

 
1,211,489

Diluted earnings (loss) per common share:
 
 
 
Net income (loss)
$
(.43
)
 
$
.16

Weighted-average shares (thousands)
1,213,019

 
1,213,592


See accompanying notes.

6



The Williams Companies, Inc.
Consolidated Statement of Comprehensive Income (Loss)
(Unaudited)

 
Three Months Ended 
March 31,
 
2020
 
2019
 
(Millions)
Net income (loss)
$
(570
)
 
$
214

Other comprehensive income (loss):
 
 
 
Pension and other postretirement benefits:
 
 
 
Net actuarial gain (loss) arising during the year, net of taxes of $4 in 2020
(14
)
 

Amortization of actuarial (gain) loss and net actuarial loss from settlements included in net periodic benefit cost (credit), net of taxes of ($2) in 2020 and ($1) in 2019
8

 
3

Other comprehensive income (loss)
(6
)
 
3

Comprehensive income (loss)
(576
)
 
217

Less: Comprehensive income (loss) attributable to noncontrolling interests
(53
)
 
19

Comprehensive income (loss) attributable to The Williams Companies, Inc.
$
(523
)
 
$
198

See accompanying notes.


7



The Williams Companies, Inc.
Consolidated Balance Sheet
(Unaudited)
 
 
March 31,
2020
 
December 31,
2019
 
 
(Millions, except per-share amounts)
ASSETS
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
400

 
$
289

Trade accounts and other receivables
 
940

 
1,002

Allowance for doubtful accounts
 
(10
)
 
(6
)
Trade accounts and other receivables – net
 
930

 
996

Inventories
 
105

 
125

Other current assets and deferred charges
 
130

 
170

Total current assets
 
1,565

 
1,580

Investments
 
5,179

 
6,235

Property, plant, and equipment
 
41,772

 
41,510

Accumulated depreciation and amortization
 
(12,631
)
 
(12,310
)
Property, plant, and equipment – net
 
29,141

 
29,200

Intangible assets – net of accumulated amortization
 
7,688

 
7,959

Regulatory assets, deferred charges, and other
 
1,056

 
1,066

Total assets
 
$
44,629

 
$
46,040

LIABILITIES AND EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
359

 
$
552

Accrued liabilities
 
1,129

 
1,276

Long-term debt due within one year
 
628

 
2,140

Total current liabilities
 
2,116

 
3,968

Long-term debt
 
21,848

 
20,148

Deferred income tax liabilities
 
1,602

 
1,782

Regulatory liabilities, deferred income, and other
 
3,804

 
3,778

Contingent liabilities (Note 12)
 

 

Equity:
 
 
 
 
Stockholders’ equity:
 
 
 
 
Preferred stock
 
35

 
35

Common stock ($1 par value; 1,470 million shares authorized at March 31, 2020 and December 31, 2019; 1,248 million shares issued at March 31, 2020 and 1,247 million shares issued at December 31, 2019)
 
1,248

 
1,247

Capital in excess of par value
 
24,330

 
24,323

Retained deficit
 
(12,013
)
 
(11,002
)
Accumulated other comprehensive income (loss)
 
(205
)
 
(199
)
Treasury stock, at cost (35 million shares of common stock)
 
(1,041
)
 
(1,041
)
Total stockholders’ equity
 
12,354

 
13,363

Noncontrolling interests in consolidated subsidiaries
 
2,905

 
3,001

Total equity
 
15,259

 
16,364

Total liabilities and equity
 
$
44,629

 
$
46,040


See accompanying notes.

8




The Williams Companies, Inc.
Consolidated Statement of Changes in Equity
(Unaudited)
 
The Williams Companies, Inc. Stockholders
 
 
 
 
 
Preferred
Stock
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Retained
Deficit
 
AOCI*
 
Treasury
Stock
 
Total
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
 
(Millions)
Balance – December 31, 2019
$
35

 
$
1,247

 
$
24,323

 
$
(11,002
)
 
$
(199
)
 
$
(1,041
)
 
$
13,363

 
$
3,001

 
$
16,364

Net income (loss)

 

 

 
(517
)
 

 

 
(517
)
 
(53
)
 
(570
)
Other comprehensive income (loss)

 

 

 

 
(6
)
 

 
(6
)
 

 
(6
)
Cash dividends – common stock ($0.40 per share)

 

 

 
(485
)
 

 

 
(485
)
 

 
(485
)
Dividends and distributions to noncontrolling interests

 

 

 

 

 

 

 
(44
)
 
(44
)
Stock-based compensation and related common stock issuances, net of tax

 
1

 
7

 

 

 

 
8

 

 
8

Contributions from noncontrolling interests

 

 

 

 

 

 

 
2

 
2

Other

 

 

 
(9
)
 

 

 
(9
)
 
(1
)
 
(10
)
   Net increase (decrease) in equity

 
1

 
7

 
(1,011
)
 
(6
)
 

 
(1,009
)
 
(96
)
 
(1,105
)
Balance – March 31, 2020
$
35

 
$
1,248

 
$
24,330

 
$
(12,013
)
 
$
(205
)
 
$
(1,041
)
 
$
12,354

 
$
2,905

 
$
15,259

Balance – December 31, 2018
$
35

 
$
1,245

 
$
24,693

 
$
(10,002
)
 
$
(270
)
 
$
(1,041
)
 
$
14,660

 
$
1,337

 
$
15,997

Net income (loss)

 

 

 
195

 

 

 
195

 
19

 
214

Other comprehensive income (loss)

 

 

 

 
3

 

 
3

 

 
3

Cash dividends – common stock ($0.38 per share)

 

 

 
(460
)
 

 

 
(460
)
 

 
(460
)
Dividends and distributions to noncontrolling interests

 

 

 

 

 

 

 
(41
)
 
(41
)
Stock-based compensation and related common stock issuances, net of tax

 
1

 
10

 

 

 

 
11

 

 
11

Contributions from noncontrolling interests

 

 

 

 

 

 

 
4

 
4

Other

 

 

 
(3
)
 

 

 
(3
)
 

 
(3
)
   Net increase (decrease) in equity

 
1

 
10

 
(268
)
 
3

 

 
(254
)
 
(18
)
 
(272
)
Balance – March 31, 2019
$
35

 
$
1,246

 
$
24,703

 
$
(10,270
)
 
$
(267
)
 
$
(1,041
)
 
$
14,406

 
$
1,319

 
$
15,725

 
*
Accumulated Other Comprehensive Income (Loss)
See accompanying notes.


9



The Williams Companies, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
 
Three Months Ended 
March 31,
 
2020
 
2019
 
(Millions)
OPERATING ACTIVITIES:
 
Net income (loss)
$
(570
)
 
$
214

Adjustments to reconcile to net cash provided (used) by operating activities:
 
 
 
Depreciation and amortization
429

 
416

Provision (benefit) for deferred income taxes
(177
)
 
75

Equity (earnings) losses
(22
)
 
(80
)
Distributions from unconsolidated affiliates
169

 
172

Impairment of goodwill (Note 11)
187

 

Impairment of equity-method investments (Note 11)
938

 
74

Amortization of stock-based awards
9

 
14

Cash provided (used) by changes in current assets and liabilities:
 
 
 
Accounts receivable
67

 
97

Inventories
19

 
1

Other current assets and deferred charges
20

 
(6
)
Accounts payable
(155
)
 
(39
)
Accrued liabilities
(150
)
 
(142
)
Other, including changes in noncurrent assets and liabilities
23

 
(21
)
Net cash provided (used) by operating activities
787

 
775

FINANCING ACTIVITIES:
 
 
 
Proceeds from (payments of) commercial paper – net

 
1,014

Proceeds from long-term debt
1,702

 
708

Payments of long-term debt
(1,518
)
 
(864
)
Proceeds from issuance of common stock
6

 
6

Common dividends paid
(485
)
 
(460
)
Dividends and distributions paid to noncontrolling interests
(44
)
 
(41
)
Contributions from noncontrolling interests
2

 
4

Other – net
(10
)
 
(9
)
Net cash provided (used) by financing activities
(347
)
 
358

INVESTING ACTIVITIES:
 
 
 
Property, plant, and equipment:
 
 
 
Capital expenditures (1)
(306
)
 
(422
)
Dispositions – net
(3
)
 
(4
)
Contributions in aid of construction
14

 
10

Purchases of businesses, net of cash acquired (Note 2)

 
(727
)
Purchases of and contributions to equity-method investments
(30
)
 
(99
)
Other – net
(4
)
 
(16
)
Net cash provided (used) by investing activities
(329
)
 
(1,258
)
Increase (decrease) in cash and cash equivalents
111

 
(125
)
Cash and cash equivalents at beginning of year
289

 
168

Cash and cash equivalents at end of period
$
400

 
$
43

_____________
 
 
 
(1) Increases to property, plant, and equipment
$
(254
)
 
$
(418
)
Changes in related accounts payable and accrued liabilities
(52
)
 
(4
)
Capital expenditures
$
(306
)
 
$
(422
)

See accompanying notes.

10



The Williams Companies, Inc.
Notes to Consolidated Financial Statements
(Unaudited)

Note 1 – General, Description of Business, and Basis of Presentation
General
Our accompanying interim consolidated financial statements do not include all the notes in our annual financial statements and, therefore, should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019, in our Annual Report on Form 10-K. The accompanying unaudited financial statements include all normal recurring adjustments and others that, in the opinion of management, are necessary to present fairly our interim financial statements.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management 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.
Unless the context clearly indicates otherwise, references in this report to “Williams,” “we,” “our,” “us,” or like terms refer to The Williams Companies, Inc. and its subsidiaries. Unless the context clearly indicates otherwise, references to “Williams,” “we,” “our,” and “us” include the operations in which we own interests accounted for as equity-method investments that are not consolidated in our financial statements. When we refer to our equity investees by name, we are referring exclusively to their businesses and operations.
Description of Business
We are a Delaware corporation whose common stock is listed and traded on the New York Stock Exchange. Our operations are located in the United States. Effective January 1, 2020, following an organizational realignment, our interstate natural gas pipeline Northwest Pipeline LLC (Northwest Pipeline), which was reported within the West reporting segment throughout 2019, is now managed within the Transmission & Gulf of Mexico reporting segment (previously identified as the Atlantic-Gulf reporting segment). As a result, beginning with the reporting of first quarter 2020, our operations are presented within the following reportable segments: Transmission & Gulf of Mexico, Northeast G&P, and West, consistent with the manner in which our chief operating decision maker evaluates performance and allocates resources. All remaining business activities as well as corporate activities are included in Other. Prior period segment disclosures have been recast for the new segment presentation.
Transmission & Gulf of Mexico is comprised of our interstate natural gas pipelines, Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline, as well as natural gas gathering and processing and crude oil production handling and transportation assets in the Gulf Coast region, including a 51 percent interest in Gulfstar One LLC (Gulfstar One) (a consolidated variable interest entity, or VIE), which is a proprietary floating production system, a