Williams Partners L.P.

CIK:0001324518|SEC Filings

Consolidated Statement of Comprehensive Income (Unaudited) (USD $) In Millions, except Share data in Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Service revenues	$ 766	$ 731	$ 2,292	$ 2,150
Product sales	942	887	2,725	3,037
Total revenues	1,708	1,618	5,017	5,187
Costs and expenses:
Product costs	807	710	2,300	2,301
Operating and maintenance expenses	267	265	766	811
Depreciation and amortization expenses	209	201	624	588
Selling, general, and administrative expenses	129	130	391	391
Net insurance recoveries - Geismar Incident	0	(50)	(161)	(50)
Other (income) expense - net	(1)	21	43	26
Total costs and expenses	1,411	1,277	3,963	4,067
Operating income	297	341	1,054	1,120
Equity earnings (losses)	36	31	91	84
Interest incurred	(155)	(119)	(428)	(355)
Interest capitalized	36	24	86	68
Other income (expense) - net	13	7	23	19
Income before Income Taxes	227	284	826	936
Provision (benefit) for income taxes	9	(1)	22	35
Net income	218	285	804	901
Less: Net income attributable to noncontrolling interests	1	1	3	2
Net Income (Loss) Attributable to controlling interests	217	284	801	899
Allocation of net income for calculation of earnings per common unit:
Net Income (Loss) Attributable to controlling interests	217	284	801	899
Allocation of net income to general partner	171	60	518	343
Allocation of net income to Class D units	17	0	49	0
Allocation of net income to common units	29	224	234	556
Basic net income per common unit	$ 0.07	$ 0.52	$ 0.53	$ 1.34
Diluted net income per common unit	$ 0.07	$ 0.52	$ 0.53	$ 1.34
Basic weighted average number of common units outstanding (thousands)	439,138	428,682	438,798	414,949
Diluted weighted average number of common units outstanding (thousands)	439,138	428,682	438,798	414,949
Cash distributions per common unit	$ 0.9285	$ 0.8775	$ 2.7495	$ 2.5875
Other Comprehensive Income (Loss):
Net unrealized gain (loss) from derivative instruments	0	1	0	2
Foreign currency translation adjustments	(53)	17	(48)	(28)
Other comprehensive income (loss)	(53)	18	(48)	(26)
Comprehensive income	165	303	756	875
Less: Comprehensive income attributable to noncontrolling interests	1	1	3	2
Comprehensive income attributable to controlling interests	$ 164	$ 302	$ 753	$ 873

Consolidated Statement of Cash Flows (Unaudited) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES:
Net income	$ 804	$ 901
Adjustments to reconcile to net cash provided by operations:
Depreciation and amortization	624	588
Cash provided (used) by changes in current assets and liabilities:
Accounts and notes receivable	(46)	101
Inventories	(89)	(53)
Other current assets and deferred charges	(44)	7
Accounts payable	26	(40)
Accrued liabilities	(71)	100
Affiliate accounts receivable and payable - net	(19)	(21)
Other, including changes in noncurrent assets and liabilities	50	108
Net cash provided by operating activities	1,235	1,691
FINANCING ACTIVITIES:
Proceeds from (payments of) commercial paper - net	39	370
Proceeds from long-term debt	2,740	1,705
Payments of long-term debt	0	(2,080)
Proceeds from sales of common units	55	1,962
General partner contributions	10	50
Distributions to limited partners and general partner	(1,699)	(1,404)
Contributions from noncontrolling interests	205	300
Contributions from The Williams Companies, Inc. - net	45	191
Other - net	0	(6)
Net cash provided by financing activities	1,395	1,088
INVESTING ACTIVITIES:
Property, plant and equipment: Capital expenditures	(2,458)	(2,422)
Property, plant and equipment: Net proceeds from dispositions	28	1
Purchase of businesses from affiliates	(56)	25
Purchases of and contributions to equity-method investments	(265)	(344)
Other - net	121	(9)
Net cash used by investing activities	(2,630)	(2,749)
Increase (decrease) in cash and cash equivalents	0	30
Cash and cash equivalents at beginning of period	110	82
Cash and cash equivalents at end of period	$ 110	$ 112

Consolidated Balance Sheet (Unaudited) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 110	$ 110
Trade accounts and notes receivable, net	613	568
Inventories	284	194
Other current assets	183	96
Total current assets	1,190	968
Investments	2,374	2,187
Property, plant, and equipment, at cost	27,382	25,062
Accumulated depreciation	(7,905)	(7,437)
Property, plant, and equipment - net	19,477	17,625
Goodwill	646	646
Other intangible assets, net of amortization	1,600	1,642
Regulatory assets, deferred charges, and other	527	503
Total assets	25,814	23,571
Accounts payable:
Trade	893	889
Affiliate	89	104
Accrued interest	146	115
Asset retirement obligations	34	64
Other accrued liabilities	248	375
Long-term debt due within one year	750	0
Commercial paper	265	225
Total current liabilities	2,425	1,772
Long-term debt	11,048	9,057
Asset retirement obligations	651	497
Deferred income taxes	129	117
Regulatory liabilities, deferred income, and other	678	561
Contingent liabilities (Note 10)
Partners' equity
Common units (439,706,147 and 438,625,699 units outstanding at September 30, 2014 and and December 31, 2013, respectively)	10,834	11,596
Class D units (26,475,507 units outstanding at September 30, 2014)	884	0
General partner	(1,502)	(536)
Accumulated other comprehensive income (loss)	43	92
Total partners' equity	10,259	11,152
Noncontrolling interests in consolidated subsidiaries	624	415
Total equity	10,883	11,567
Total liabilities and equity	$ 25,814	$ 23,571