The following financial data at December 31, 2018 and 2017, and for each of the three preceding years in the period ended December 31, 2018, should be read in conjunction with the other financial information included in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 8, Financial Statements and Supplementary Data of this Form 10-K. All other financial data has been prepared from our accounting records.
2018
2017
2016
2015
2014
(Millions, except per-share amounts)
Revenues
$
8,686
$
8,031
$
7,499
$
7,360
$
7,637
Net income (loss) from continuing operations (1)
193
2,509
(350
)
(1,314
)
2,335
Amounts attributable to The Williams Companies, Inc.:
Net income (loss) from continuing operations (1)
(155
)
2,174
(424
)
(571
)
2,110
Diluted earnings (loss) per common share:
Net income (loss) from continuing operations (1)
(.16
)
2.62
(.57
)
(.76
)
2.91
Total assets at December 31
45,302
46,352
46,835
49,020
50,455
Commercial paper and long-term debt due within one year at December 31
47
501
878
675
802
Long-term debt at December 31
22,367
20,434
22,624
23,812
20,780
Stockholders’ equity at December 31 (2)
14,660
9,656
4,643
6,148
8,777
Cash dividends declared per common share
1.360
1.200
1.680
2.450
1.958
(1)
Net income (loss) from continuing operations:
•
For 2018 includes a $1.849 billion impairment of certain assets located in the Barnett Shale region, partially offset by a $591 million gain on the sale of our Four Corners area assets, a $141 million gain on the deconsolidation of certain Permian assets, and a $101 million gain from the sale of our Gulf Coast pipeline system assets;
•
For 2017 includes a $1.923 billion benefit for income taxes resulting from Tax Reform rate change, a $1.095 billion pre-tax gain on the sale of our Geismar Interest, partially offset by $1.248 billion of pre-tax impairments of certain assets, and $776 million of pre-tax regulatory charges resulting from Tax Reform;
•
For 2016 includes an $873 million impairment of certain assets and a $430 million impairment of certain equity-method investments;
•
For 2015 includes a $1.4 billion impairment of certain equity-method investments and a $1.1 billion impairment of goodwill;
•
For 2014 includes $2.5 billion pre-tax gain recognized as a result of remeasuring to fair value the equity-method investment we held before we acquired a controlling interest in ACMP, $246 million of insurance recoveries related to the 2013 Geismar Incident, and $154 million of cash received related to a contingency settlement. 2014 also includes $78 million of pre-tax equity losses from Bluegrass Pipeline and Moss Lake related primarily to the underlying write-off of previously capitalized project development costs and $76 million of pre-tax acquisition, merger, and transition expenses related to our acquisition of ACMP.
(2)
Stockholders’ equity at December 31:
The increase in 2018 reflects our merger with WPZ;
The increase in 2017 includes our issuance of common stock as part of our Financial Repositioning.
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