What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to announce the adoption of SFAS No. 160, which changes how noncontrolling interests are accounted for, and to provide revised financial information reflecting this new standard and updates on Venezuela operations.

How does the adoption of SFAS No. 160 affect Williams Companies' financial statements?

SFAS No. 160 requires Williams Companies to present noncontrolling interests as a separate component of equity in the consolidated balance sheet and to include earnings attributable to these interests in consolidated net income. Earnings per share will continue to be based only on earnings attributable to WMB's shareholders.

What specific parts of the 2008 10-K have been revised and filed as exhibits?

Several parts of the 2008 10-K have been revised, including Selected Financial Data (Item 6), Management's Discussion and Analysis (Item 7), Quantitative and Qualitative Disclosures About Market Risk (Item 7A), and Financial Statements and Supplementary Data (Item 8). Computations of Ratio of Earnings to Fixed Charges and Valuation and Qualifying Accounts are also provided as exhibits.

Are there any significant operational changes disclosed in this filing?

This filing is primarily focused on accounting standard adoption and retrospective financial adjustments. While it mentions updates to subsequent events concerning Venezuela operations, it does not detail specific operational changes beyond what's necessary for those disclosures.

WMB 8-K SEC Disclosure — May 28, 2009

Summary

Williams Companies, Inc. (WMB) filed this Current Report on Form 8-K to disclose the adoption of new accounting standard SFAS No. 160, effective January 1, 2009. This adoption requires retrospective revision of previously issued financial information, specifically impacting how noncontrolling interests (formerly minority interests) are presented in consolidated financial statements. These interests will now be shown within equity, separate from the company's stockholders' equity, and consolidated net income will reflect earnings attributable to both the parent and these noncontrolling interests, though earnings per share will remain based solely on WMB's attributable earnings. The filing also notes updates for subsequent events related to the company's Venezuela operations, as reflected in revised sections of their 2008 Form 10-K.

Key Highlights

1Adoption of SFAS No. 160, impacting accounting for noncontrolling interests.
2Retrospective presentation of financial data to reflect SFAS No. 160 requirements.
3Noncontrolling interests now presented as a separate component of equity.
4Consolidated net income will include earnings attributable to noncontrolling interests.
5Earnings per share calculation remains exclusive to The Williams Companies, Inc. (WMB).
6Updates to the 2008 Form 10-K include disclosures on subsequent events concerning Venezuela operations.

WILLIAMS COMPANIES, INC. 8-K Report, Corporate Update (May 28, 2009)

Summary

Key Highlights

Frequently Asked Questions