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

The primary purpose of this 8-K filing is to announce and detail the adoption of new accounting standards (ASU 2017-07 and ASU 2016-15) and to provide recast sections of the company's 2017 Annual Report (Form 10-K) reflecting these changes. It also serves as a reminder to read current financial information in conjunction with the latest 10-Q.

How do the new accounting standards affect Williams Companies' financial reporting?

ASU 2017-07 changes how net periodic pension and postretirement benefit costs are presented in the income statement, separating service cost from other components. ASU 2016-15 allows for different classifications of cash flows from equity investments, and Williams has elected the 'nature of distribution' approach. These changes require retrospective application for presentation and prospective for capitalization.

Does this filing contain updated financial results for the first quarter of 2018?

No, this 8-K primarily concerns accounting standard adoptions and the recasting of prior year's 10-K information. For updated financial results for the first quarter of 2018, investors should refer to Williams Companies, Inc.'s Quarterly Report on Form 10-Q filed on May 3, 2018.

What information is included in the recast exhibits to this 8-K?

The recast exhibits include updated versions of specific items from the 2017 Form 10-K, such as the Ratio of Earnings to Fixed Charges, Selected Financial Data, Management's Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures About Market Risk, and Financial Statements. These are updated solely to reflect the impact of ASU 2017-07 and ASU 2016-15, along with certain subsequent events.

WMB 8-K SEC Disclosure

Summary

This Current Report (8-K) filed by Williams Companies, Inc. (WMB) on May 3, 2018, primarily announces the retrospective adoption of new accounting standards: ASU 2017-07, which impacts the presentation of net periodic pension cost, and ASU 2016-15, concerning the classification of certain cash receipts and payments in the statement of cash flows. These adoptions led to the recasting of specific sections of WMB's 2017 Annual Report on Form 10-K, including financial statements and management's discussion and analysis, which are filed as exhibits to this 8-K. The report also includes a comprehensive "Other Events" disclosure, detailing the specific changes required by these new accounting standards. Investors should note that the recast information is updated solely for these accounting standard implementations and certain subsequent events as disclosed in the 10-K, and not for other general business activities or events post-original filing. The company emphasizes that this report should be read in conjunction with their most recent Form 10-Q for the period ended March 31, 2018.

Key Highlights

1Williams Companies, Inc. adopted new accounting standards ASU 2017-07 and ASU 2016-15 effective January 1, 2018.
2ASU 2017-07 requires changes in the presentation of net periodic pension cost, separating service cost from other benefit costs and affecting capitalization eligibility.
3ASU 2016-15 provides an election for classifying distributions from equity-method investees, which WMB has chosen to apply using the nature of distribution approach.
4Key sections of the company's 2017 Annual Report on Form 10-K have been recast to reflect these accounting standard changes, including financial data, MD&A, and market risk disclosures.
5The recast 10-K exhibits are updated only for these specific accounting changes and certain subsequent events, not for general business developments.
6Investors are advised to read this 8-K in conjunction with WMB's most recent Form 10-Q (period ended March 31, 2018) for a complete view of recent financial information.

WILLIAMS COMPANIES, INC. 8-K Report, Corporate Update (May 3, 2018)

Summary

Key Highlights

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