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Sankey diagram of Williams Companies, Inc.. A complete text table follows the diagram.
Pipelines and gathering systems produce nearly all segment EBITDA; commodity marketing adds revenue and volatility, but little profit.
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Modified EBITDA is a company-defined non-GAAP measure. Every displayed component is reported in the filing's segment reconciliation, and the diagram fully reconciles it to GAAP pretax and net income. The topology is an editorial selection intended to show the business model, not a substitute for the GAAP statements.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Transmission, Power & Gulf | 1 | $1.0B | 51% of reportable-segment EBITDA |
| Northeast G&P | 1 | $524M | Gathering and processing |
| West | 1 | $407M | Gathering and processing |
| Gas & NGL Marketing | 1 | $40M | $534M revenue, only $40M EBITDA |
| Reportable-segment Modified EBITDA | 2 | $2.0B | Infrastructure dominates the mix |
| Other operations | 2 | $50M | Upstream, corporate and other |
| Asset-sale gain | 2 | $182M | Nonrecurring operating gain |
| Equity-method earnings | 2 | $161M | Affiliated investments |
| Other investing income | 2 | $24M | Reported reconciliation item |
| EBITDA and other earnings | 3 | $2.4B | Before GAAP reconciliation deductions |
| Income before tax | 4 | $1.2B | Reported GAAP result |
| Depreciation & amortization | 4 | $584M | Capital-intensive network |
| Interest expense | 4 | $376M | Financing the infrastructure base |
| Equity-investee EBITDA removal | 4 | $259M | Removes proportional non-GAAP EBITDA |
| ARO accretion | 4 | $23M | Asset-retirement obligation |
| Net income | 5 | $912M | Consolidated GAAP result |
| Income tax | 5 | $244M | 21.1% effective rate |
| Williams attributable | 6 | $865M | After noncontrolling interests |
| Noncontrolling interests | 6 | $47M | Partners' share |
| Common stockholders | 7 | $864M | Final reported attribution |
| Preferred dividend | 7 | $1M | Preferred-stock claim |
| From | To | Value |
|---|---|---|
| Transmission, Power & Gulf | Reportable-segment Modified EBITDA | $1.0B |
| Northeast G&P | Reportable-segment Modified EBITDA | $524M |
| West | Reportable-segment Modified EBITDA | $407M |
| Gas & NGL Marketing | Reportable-segment Modified EBITDA | $40M |
| Reportable-segment Modified EBITDA | EBITDA and other earnings | $2.0B |
| Other operations | EBITDA and other earnings | $50M |
| Asset-sale gain | EBITDA and other earnings | $182M |
| Equity-method earnings | EBITDA and other earnings | $161M |
| Other investing income | EBITDA and other earnings | $24M |
| EBITDA and other earnings | Income before tax | $1.2B |
| EBITDA and other earnings | Depreciation & amortization | $584M |
| EBITDA and other earnings | Interest expense | $376M |
| EBITDA and other earnings | Equity-investee EBITDA removal | $259M |
| EBITDA and other earnings | ARO accretion | $23M |
| Income before tax | Net income | $912M |
| Income before tax | Income tax | $244M |
| Net income | Williams attributable | $865M |
| Net income | Noncontrolling interests | $47M |
| Williams attributable | Common stockholders | $864M |
| Williams attributable | Preferred dividend | $1M |