Summary
This 8-K filing from The Williams Companies, Inc. (WMB) primarily serves to amend prior filings (Form 10-K for the fiscal year ended December 31, 2003, and Form 10-Q for the quarter ended March 31, 2004) by restating certain financial information. The restatements are due to a reclassification of results from certain regulated gas gathering assets and the reporting of Canadian straddle plants as discontinued operations following their sale. Key events include the transfer of management control of certain regulated gas gathering assets and the completion of the sale of three Canadian straddle plants for approximately $536 million USD. The filing also includes a comprehensive set of restated financial statements and related disclosures, as well as the consent of their independent auditor, Ernst & Young LLP. Investors should note that this filing is an amendment and does not update all information previously filed, but provides clarity on specific accounting treatments and asset disposals.
Key Highlights
- 1Williams Companies restated consolidated financial statements for periods ending December 31, 2003, and March 31, 2004.
- 2Certain regulated gas gathering assets had their management and decision-making control transferred from the Midstream segment to the Gas Pipelines segment effective June 1, 2004.
- 3Williams sold three straddle plants in western Canada on July 28, 2004, for approximately $536 million USD.
- 4The Canadian straddle plant sale resulted in these assets being classified as discontinued operations.
- 5The filing includes restated Management's Discussion and Analysis (MD&A) and Quantitative and Qualitative Disclosures about Market Risk.
- 6This 8-K acts as an amendment to the company's 2003 Form 10-K and Q1 2004 Form 10-Q, revising specific disclosures.