WILLIAMS COMPANIES, INC. Leases Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
(Millions) | |||||||||||||||||
| Lease Cost: | |||||||||||||||||
| Operating lease cost | $ | 39 | $ | 39 | $ | 38 | |||||||||||
| Variable lease cost | 33 | 31 | 31 | ||||||||||||||
| Sublease income | — | — | (1) | ||||||||||||||
| Total lease cost | $ | 72 | $ | 70 | $ | 68 | |||||||||||
| Cash paid for operating lease liabilities | $ | 40 | $ | 37 | $ | 37 | |||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
(Dollars in Millions) | |||||||||||
| Other Information: | |||||||||||
Right-of-use assets (included in Regulatory assets, deferred charges, and other) | $ | $ | |||||||||
| Operating lease liabilities: | |||||||||||
Current (included in Other current liabilities) | $ | $ | |||||||||
Noncurrent (included in Regulatory liabilities, deferred income, and other) | $ | $ | |||||||||
Weighted-average remaining lease term – operating leases (years) | 10 | 11 | |||||||||
Weighted-average discount rate – operating leases | 4.99% | 4.90% | |||||||||
| (Millions) | |||||
| 2026 | $ | 40 | |||
| 2027 | 36 | ||||
| 2028 | 28 | ||||
| 2029 | 25 | ||||
| 2030 | 21 | ||||
| Thereafter | 87 | ||||
| Total future lease payments | 237 | ||||
| Less: Amount representing interest | 54 | ||||
| Total obligations under operating leases | $ | ||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
(Millions) | |||||||||||||||||
| Lease Cost: | |||||||||||||||||
| Operating lease cost | $ | 11 | $ | 9 | $ | 9 | |||||||||||
| Variable lease cost | 7 | 7 | 7 | ||||||||||||||
| Total lease cost | $ | 18 | $ | 16 | $ | 16 | |||||||||||
| Cash paid for operating lease liabilities | $ | 12 | $ | 9 | $ | 10 | |||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
(Dollars in Millions) | |||||||||||||||||
| Other Information: | |||||||||||||||||
Right-of-use assets (included in Deferred charges and other in Transco’s Balance Sheet) | $ | $ | |||||||||||||||
| Operating lease liabilities: | |||||||||||||||||
Current (included in Other current liabilities in Transco’s Balance Sheet) | $ | $ | |||||||||||||||
Noncurrent (included in Deferred income and other in Transco’s Balance Sheet) | $ | $ | |||||||||||||||
| Weighted-average remaining lease term – operating leases (years) | 12 | 13 | |||||||||||||||
| Weighted-average discount rate – operating leases | 4.84% | 4.77% | |||||||||||||||
(Millions) | |||||
| 2026 | $ | 12 | |||
| 2027 | 13 | ||||
| 2028 | 12 | ||||
| 2029 | 13 | ||||
| 2030 | 12 | ||||
| Thereafter | 36 | ||||
| Total future lease payments | 98 | ||||
| Less: Amount representing interest | 26 | ||||
| Total obligations under operating leases | $ | ||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
(Millions) | |||||||||||||||||
| Lease Cost: | |||||||||||||||||
| Operating lease cost | $ | 1 | $ | 3 | $ | 1 | |||||||||||
| Variable lease cost | — | 1 | 1 | ||||||||||||||
| Total lease cost | $ | 1 | $ | 4 | $ | 2 | |||||||||||
| Cash paid for operating lease liabilities | $ | 1 | $ | 2 | $ | 1 | |||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
(Dollars in Millions) | |||||||||||||||||
| Other Information: | |||||||||||||||||
Right-of-use assets (included in Deferred charges and other in NWP’s Balance Sheet) | $ | $ | |||||||||||||||
| Operating lease liabilities: | |||||||||||||||||
Current (included in Other current liabilities in NWP’s Balance Sheet) | $ | $ | |||||||||||||||
Noncurrent (included in Deferred income and other in NWP’s Balance Sheet) | $ | $ | |||||||||||||||
| Weighted-average remaining lease term – operating leases (years) | 18 | 19 | |||||||||||||||
| Weighted-average discount rate – operating leases | 4.66% | 4.90% | |||||||||||||||
(Millions) | |||||
| 2026 | $ | — | |||
| 2027 | 1 | ||||
| 2028 | — | ||||
| 2029 | 1 | ||||
| 2030 | — | ||||
| Thereafter | 4 | ||||
| Total future lease payments | 6 | ||||
| Less: Amount representing interest | 2 | ||||
| Total obligations under operating leases | $ | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 26, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.