Document_And_Entity_Informatio
Document And Entity Information (USD $) | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 29, 2012 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | |
Class A [Member] | Class B [Member] | Class C [Member] | Class P [Member] | ||||
Entity Information [Line Items] | |||||||
Severance Costs | $157,000,000 | ||||||
Legal Fees and Reserves | 96,000,000 | ||||||
Entity Registrant Name | KINDER MORGAN, INC. | ||||||
Entity Central Index Key | 1506307 | ||||||
Current Fiscal Year End Date | -19 | ||||||
Entity Well-known Seasoned Issuer | Yes | ||||||
Entity Voluntary Filers | No | ||||||
Entity Current Reporting Status | Yes | ||||||
Entity Filer Category | Large Accelerated Filer | ||||||
Entity Public Float | $16,375,009,661 | ||||||
Entity Common Stock, Shares Outstanding | 0 | 0 | 0 | 1,035,849,756 | |||
Document Fiscal Year Focus | 2013 | ||||||
Document Fiscal Period Focus | Q3 | ||||||
Document Type | 10-Q | ||||||
Amendment Flag | FALSE | ||||||
Document Period End Date | 30-Sep-13 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues [Abstract] | ||||
Natural gas sales | $968 | $670 | $2,649 | $1,751 |
Services | 1,675 | 1,531 | 4,881 | 3,400 |
Product sales and other | 1,113 | 669 | 2,668 | 1,743 |
Total Revenues | 3,756 | 2,870 | 10,198 | 6,894 |
Operating Costs, Expenses and Other | ||||
Costs of sales | 1,543 | 854 | 3,767 | 2,071 |
Operations and maintenance | 517 | 491 | 1,579 | 1,184 |
Depreciation, depletion and amortization | 467 | 403 | 1,327 | 1,010 |
General and administrative | 158 | 186 | 481 | 816 |
Taxes, other than income taxes | 95 | 88 | 295 | 207 |
Other income, net | -65 | -4 | -81 | -22 |
Total Operating Costs, Expenses and Other | 2,715 | 2,018 | 7,368 | 5,266 |
Operating Income (Loss) [Abstract] | ||||
Operating Income | 1,041 | 852 | 2,830 | 1,628 |
Other Income (Expense) | ||||
Earnings from equity investments | 100 | 101 | 294 | 238 |
Amortization of excess cost of equity investments | -11 | -5 | -29 | -9 |
Interest expense, net | -418 | -523 | -1,247 | -993 |
Gain on remeasurement of previously held equity interest in Eagle Ford to fair value (Note 2) | 0 | 0 | 558 | 0 |
Gain on sale of investments in Express pipeline system (Note 2) | -1 | 0 | 224 | 0 |
Other, net | 11 | 21 | 35 | 29 |
Total Other Income (Expense) | -319 | -406 | -165 | -735 |
Income from Continuing Operations Before Income Taxes | 722 | 446 | 2,665 | 893 |
Income Tax Expense | -171 | -60 | -675 | -165 |
Income from Continuing Operations | 551 | 386 | 1,990 | 728 |
Discontinued Operations (Notes 1 and 2) | ||||
Income from operations of KMPbs FTC Natural Gas Pipelines disposal group and other, net of tax | 0 | 48 | 0 | 145 |
Loss on sale and the remeasurement of KMPbs FTC Natural Gas Pipelines disposal group to fair value, net of tax | 0 | -179 | -2 | -934 |
Loss from Discontinued Operations, Net of Tax | 0 | -131 | -2 | -789 |
Net Income (Loss) | 551 | 255 | 1,988 | -61 |
Net (Income) Loss Attributable to Noncontrolling Interests | -265 | -55 | -1,133 | 156 |
Net Income Attributable to Kinder Morgan, Inc. | $286 | $200 | $855 | $95 |
Diluted Weighted-Average Number of Shares Outstanding | ||||
Dividends Per Common Share Declared for the Period | $0.41 | $0.36 | $1.19 | $1.03 |
Class P [Member] | ||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Basic and Diluted Earnings Per Common Share From Continuing Operations | $0.27 | $0.21 | $0.82 | $0.33 |
Basic and Diluted Loss Per Common Share From Discontinued Operations | $0 | ($0.02) | $0 | ($0.22) |
Total Basic and Diluted Earnings Per Common Share | $0.27 | $0.19 | $0.82 | $0.11 |
Basic Weighted-Average Number of Shares Outstanding | ||||
Basic Weighted-Average Number of Shares Outstanding | 1,036 | 605 | 1,036 | 366 |
Diluted Weighted-Average Number of Shares Outstanding | ||||
Diluted Weighted-Average Number of Shares Outstanding | 1,036 | 1,039 | 1,036 | 864 |
Dividends Per Common Share Declared for the Period | $0.41 | $0.36 | $1.19 | $1.03 |
Class A [Member] | ||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Basic and Diluted Earnings Per Common Share From Continuing Operations | $0.19 | $0.26 | ||
Basic and Diluted Loss Per Common Share From Discontinued Operations | ($0.02) | ($0.22) | ||
Total Basic and Diluted Earnings Per Common Share | $0.17 | $0.04 | ||
Basic Weighted-Average Number of Shares Outstanding | ||||
Basic Weighted-Average Number of Shares Outstanding | 432 | 496 | ||
Diluted Weighted-Average Number of Shares Outstanding | ||||
Diluted Weighted-Average Number of Shares Outstanding | 432 | 496 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Kinder Morgan, Inc. | ||||
Net income (loss) attributable to KMI | $286 | $200 | $855 | $95 |
Other comprehensive income (loss), net of tax | ||||
Change in fair value of derivatives utilized for hedging purposes (net of tax benefit (expense) of $19, $19, $9, and $(15), respectively) | -42 | -30 | -22 | 25 |
Reclassification of change in fair value of derivatives to net income (net of tax (expense) benefit of $(5), $2, $(2), and $(1), respectively) | 10 | -5 | 5 | 1 |
Foreign currency translation adjustments (net of tax (expense) benefit of $(7), $(13), $12, and $(13), respectively) | 17 | 22 | -28 | 21 |
Adjustments to pension and other postretirement benefit plan liabilities (net of tax (expense) benefit of $(36), $1, $(37), and $(7), respectively) | 66 | -1 | 66 | 12 |
Total other comprehensive income (loss) | 51 | -14 | 21 | 59 |
Total comprehensive income | 337 | 186 | 876 | 154 |
Noncontrolling Interests | ||||
Net (Income) Loss Attributable to Noncontrolling Interests | 265 | 55 | 1,133 | -156 |
Other comprehensive income (loss), net of tax (see Note 10) | ||||
Change in fair value of derivatives utilized for hedging purposes (net of tax benefit (expense) of $6, $5, $4, and $(5), respectively) | -38 | -41 | -27 | 46 |
Reclassification of change in fair value of derivatives to net income (net of tax (expense) benefit of $(2), $-, $(1), and $(1), respectively) | 9 | -5 | 5 | 4 |
Foreign currency translation adjustments (net of tax (expense) benefit of $(2), $(4), $4, and $(4), respectively) | 16 | 32 | -26 | 31 |
Adjustments to pension and other postretirement benefit plan liabilities (net of tax (expense) benefit of $(2), $1, $(2), and $1, respectively) | 13 | -2 | 13 | -2 |
Total other comprehensive income (loss) | 0 | -16 | -35 | 79 |
Total comprehensive income (loss) | 265 | 39 | 1,098 | -77 |
Total | ||||
Net income (loss) | 551 | 255 | 1,988 | -61 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Change in fair value of derivatives utilized for hedging purposes (net of tax benefit (expense) of $25, $24, $13, and $(20), respectively) | -80 | -71 | -49 | 71 |
Reclassification of change in fair value of derivatives to net income (net of tax (expense) benefit of $(7), $2, $(3) and $(2), respectively) | 19 | -10 | 10 | 5 |
Foreign currency translation adjustments (net of tax (expense) benefit of $(9), $(17), $16, and $(17), respectively) | 33 | 54 | -54 | 52 |
Adjustments to pension and other postretirement benefit plan liabilities (net of tax (expense) benefit of $(38), $2, $(39), and $(6), respectively) | 79 | -3 | 79 | 10 |
Total other comprehensive income (loss) | 51 | -30 | -14 | 138 |
Total comprehensive income | $602 | $225 | $1,974 | $77 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other comprehensive income (loss) tax (benefit) expense attributable to Kinder Morgan, Inc. | ||||
Change in fair value of derivatives utilized for hedging purposes, tax benefit attributable to KMI | $19 | $19 | $9 | ($15) |
Reclassification of change in fair value of derivatives to net income, tax expense attributable to KMI | -5 | 2 | -2 | -1 |
Foreign currency translation adjustments, tax expense attributable to KMI | -7 | -13 | 12 | -13 |
Adjustments to pension and other postretirement benefit liabilities, tax benefit attributable to KMI | -36 | 1 | -37 | -7 |
Other comprehensive income loss tax portion attributable to noncontrolling interests | ||||
Change in fair value of derivatives utilized for hedging purposes, tax benefit attributable to noncontrolling interests | 6 | 5 | 4 | -5 |
Reclassification of change in fair value of derivatives to net income, tax expense attributable to noncontrolling interests | -2 | 0 | -1 | -1 |
Foreign currency translation adjustments, tax expense attributable to noncontrolling interests | -2 | -4 | 4 | -4 |
Adjustments to pension and other postretirement benefit liabilities, tax benefit attributable to noncontrolling interests | -2 | 1 | -2 | 1 |
Other comprehensive income loss tax portion total | ||||
Change in fair value of derivatives utilized for hedging purposes, tax benefit total | 25 | 24 | 13 | -20 |
Reclassification of change in fair value of derivatives to net income, tax expense total | -7 | 2 | -3 | -2 |
Foreign currency translation adjustments, tax expense total | -9 | -17 | 16 | -17 |
Adjustments to pension and other postretirement benefit plan liabilities, tax benefit total | ($38) | $2 | ($39) | ($6) |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Assets | |||
Cash and cash equivalents | $816 | $714 | |
Accounts receivable, net | 1,420 | 1,333 | [1] |
Inventories | 435 | 374 | [1] |
Assets held for sale | 0 | 298 | [1] |
Deferred income taxes | 428 | 539 | |
Other current assets | 492 | 416 | [1] |
Total current assets | 3,591 | 3,674 | [1] |
Property, plant and equipment, net (Note 14) | 35,275 | 30,996 | [1] |
Investments | 6,044 | 5,804 | [1] |
Goodwill (Note 14) | 24,494 | 23,632 | [1] |
Other intangibles, net | 2,474 | 1,171 | [1] |
Deferred charges and other assets | 2,697 | 2,968 | [1] |
Total Assets | 74,575 | 68,245 | [1] |
Liabilities [Abstract] | |||
Current Portion of Debt (Note 14) | 2,973 | 2,401 | |
Accounts payable | 1,427 | 1,248 | [1] |
Accrued interest | 391 | 513 | [1] |
Accrued other current liabilities | 1,624 | 1,066 | [1] |
Total current liabilities | 6,415 | 5,228 | [1] |
Long-term debt outstanding | 30,814 | 29,309 | |
Debt fair value adjustments | 2,124 | 2,591 | [1] |
Total long-term debt | 33,038 | 32,000 | [1] |
Deferred income taxes | 4,314 | 4,071 | [1] |
Other long-term liabilities and deferred credits | 2,506 | 2,846 | [1] |
Total long-term liabilities and deferred credits | 39,858 | 38,917 | [1] |
Total Liabilities | 46,273 | 44,145 | [1] |
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none outstanding | 0 | 0 | [1] |
Additional paid-in capital | 14,636 | 14,917 | [1] |
Retained deficit | -1,284 | -943 | [1] |
Accumulated other comprehensive loss | -97 | -118 | [1] |
Total Kinder Morgan, Inc.bs stockholdersb equity | 13,265 | 13,866 | [1] |
Noncontrolling interests | 15,037 | 10,234 | [1] |
Total Stockholdersb Equity | 28,302 | 24,100 | [1] |
Total Liabilities and Stockholdersb Equity | 74,575 | 68,245 | [1] |
Regulatory Assets | 540 | 464 | |
KMI $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock [Member] | Mezzanine Equity, Cumulative Preferred Stock With Liquidation Approval Rights [Member] | |||
Liabilities [Abstract] | |||
Total long-term debt | 100 | 100 | |
Class P [Member] | |||
Liabilities [Abstract] | |||
Class P shares, $0.01 par value, 2,000,000,000 shares authorized, 1,035,846,825 and 1,035,668,596 shares, respectively, issued and outstanding | 10 | 10 | [1] |
Kinder Morgan, Inc. [Member] | |||
Assets | |||
Cash and cash equivalents | 137 | 71 | [1] |
Property, plant and equipment, net (Note 14) | 2,630 | 2,735 | |
Goodwill (Note 14) | 17,940 | 18,193 | |
Liabilities [Abstract] | |||
Current Portion of Debt (Note 14) | 2,195 | 1,153 | [1] |
Long-term debt excluding preferred interest | 7,724 | 9,148 | [1] |
Total long-term debt | 7,724 | 9,148 | |
KMP and EPB [Member] | |||
Assets | |||
Cash and cash equivalents | 679 | 643 | [1] |
Liabilities [Abstract] | |||
Current Portion of Debt (Note 14) | 778 | 1,248 | [1] |
Long-term debt excluding preferred interest | 23,090 | 20,161 | [1] |
Kinder Morgan Energy Partners, L.P. and El Paso Pipeline Partners, L.P. [Member] | |||
Liabilities [Abstract] | |||
Total long-term debt | $23,090 | $20,161 | |
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Stockholders' Equity | ||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Class P [Member] | ||
Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized | 2,000,000,000 | 2,000,000,000 |
Common Stock, Shares, Issued | 1,035,846,825 | 1,035,668,596 |
Common stock, shares outstanding (in shares) | 1,035,846,825 | 1,035,668,596 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) | $1,988 | ($61) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation, depletion and amortization | 1,327 | 1,017 |
Deferred income taxes | 474 | 20 |
Amortization of excess cost of equity investments | 29 | 9 |
(Gain) Loss on sale and the remeasurement of KMP's FTC Natural Gas Pipelines disposal group to to fair value, net of tax | -558 | 856 |
Gain from the sale of investments in Express pipeline system (Note 2) | -224 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 2 | 78 |
Loss on early extinguishment of debt | 0 | 82 |
Non-cash compensation expense on settlement of EP stock awards | 0 | 87 |
Earnings from equity investments | -294 | -302 |
Distributions from equity investments | 303 | 290 |
Proceeds from termination of interest rate swap agreements | 96 | 53 |
Pension contributions in excess of expense | -59 | -9 |
Changes in components of working capital | ||
Accounts receivable | 126 | -25 |
Inventories | -57 | -99 |
Other current assets | 53 | 40 |
Accounts payable | -232 | -47 |
Accrued interest | -133 | -175 |
Accrued other current liabilities | 20 | 79 |
Rate reparations, refunds and other litigation reserve adjustments | 174 | -23 |
Other, net | -258 | 57 |
Net Cash Provided by Operating Activities | 2,777 | 1,927 |
Cash Flows From Investing Activities | ||
Acquisitions of assets and investments | -292 | -72 |
Repayments from related party | 10 | 48 |
Capital expenditures | -2,270 | -1,399 |
Contributions to investments | -171 | -158 |
Proceeds from Sale of Property, Plant, and Equipment | 74 | 40 |
Distributions from equity investments in excess of cumulative earnings | 117 | 159 |
Other, net | 4 | -13 |
Net Cash Used in Investing Activities | -2,038 | -6,365 |
Cash Flows From Financing Activities | ||
Debt issue costs | -23 | -104 |
Cash dividends | -1,196 | -810 |
Warrants repurchased | -463 | -136 |
Contributions from noncontrolling interests | 1,420 | 1,404 |
Distributions to noncontrolling interests | -1,220 | -853 |
Proceeds from (Payments for) Other Financing Activities | 1 | -18 |
Net Cash Provided by (Used in) Financing Activities | -625 | 4,789 |
Effect of Exchange Rate on Cash and Cash Equivalents | -12 | 13 |
Cash and Cash Equivalents, Period Increase (Decrease) | 102 | 364 |
Cash and Cash Equivalents, beginning of period | 714 | 411 |
Cash and Cash Equivalents, end of period | 816 | 775 |
Noncash Investing and Financing Activities | ||
Liabilities settled by the issuance of shares and warrents | 0 | 12 |
Stock and Warrants Issued During Period, Value, Acquisitions | 0 | 11,464 |
Supplemental Disclosures of Cash Flow Information | ||
Assets acquired by the assumption or incurrance of liabilities | 1,487 | 0 |
Assets acquired or liabilities settled by contributions from noncontrolling interests | 3,733 | 306 |
Cash paid during the period for interest (net of capitalized interest) | 1,362 | 1,051 |
Increase in accrual for capital expenditures | 240 | 74 |
Net cash paid during the period for income taxes | 82 | 175 |
Express Pipeline System [Member] | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Gain from the sale of investments in Express pipeline system (Note 2) | 0 | |
Cash Flows From Investing Activities | ||
Proceeds from Sale of Investments | 402 | 0 |
El Paso Corporation [Member] | ||
Cash Flows From Investing Activities | ||
Acquisitions of assets and investments | 0 | -4,970 |
BBPP Holdings Ltda [Member] | ||
Cash Flows From Investing Activities | ||
Proceeds from Sale of Investments | 88 | 0 |
Kinder Morgan, Inc. [Member] | ||
Cash Flows From Financing Activities | ||
Issuance of debt | 1,592 | 7,244 |
Payment of debt | -1,985 | -4,864 |
KMP and EPB [Member] | ||
Cash Flows From Financing Activities | ||
Issuance of debt | 7,915 | 8,483 |
Payment of debt | ($6,666) | ($5,557) |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Parenthetical (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
El Paso Corporation [Member] | |
Cash Acquired from Acquisition | $6,581 |
Other Acquisitions [Member] | |
Cash Acquired from Acquisition | $30 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) Statement (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Kinder Morgan, Inc. [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | KMI [Member] | Noncontrolling Interest [Member] | KMP, EPB and KMR [Member] | KMP, EPB and KMR [Member] | KMP, EPB and KMR [Member] | KMP, EPB and KMR [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | EP Trust I Preferred [Member] | EP Trust I Preferred [Member] | EP Trust I Preferred [Member] | Class P [Member] | Class P [Member] | Class P [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | ||
In Millions | Additional Paid-in Capital [Member] | KMI [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] | KMI [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] | KMI [Member] | Retained Earnings [Member] | KMI [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | KMI [Member] | Noncontrolling Interest [Member] | |||||||||||||||
Total Stockholders' Equity at Dec. 31, 2011 | $8,568 | ||||||||||||||||||||||||||||
Noncontrolling interests at Dec. 31, 2011 | 5,247 | ||||||||||||||||||||||||||||
Stockholders' Equity Attributable to KMI at Dec. 31, 2011 | 8 | 3,431 | -3 | -115 | 3,321 | ||||||||||||||||||||||||
Issuance of shares for EP acquisition | 10,601 | 3 | 10,598 | 10,601 | |||||||||||||||||||||||||
Issuance of warrants for EP acquisition | 863 | 863 | 863 | ||||||||||||||||||||||||||
Warrants repurchased | -136 | -136 | -136 | ||||||||||||||||||||||||||
Conversions of EP Trust I Preferred securities | 11 | 11 | 11 | ||||||||||||||||||||||||||
Cash paid for Class P Share cancelation | -15 | -15 | -15 | ||||||||||||||||||||||||||
Amortization of restricted shares | 9 | 9 | 9 | ||||||||||||||||||||||||||
Impact of subidiary equity transactions | -29 | 47 | 47 | -76 | |||||||||||||||||||||||||
Tax impact on stock based compensation | 101 | 101 | 101 | ||||||||||||||||||||||||||
Net income (loss) attributable to KMI | 95 | 95 | 95 | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 156 | -156 | |||||||||||||||||||||||||||
Net income (loss), including portion attributable to noncontrolling interests | -61 | ||||||||||||||||||||||||||||
Distributions | 853 | 0 | -853 | ||||||||||||||||||||||||||
Contributions | 1,710 | 0 | 1,710 | ||||||||||||||||||||||||||
Noncontrolling Interest, Increase from Business Combination | 3,797 | 0 | 3,797 | ||||||||||||||||||||||||||
Dividends, Common Stock, Cash | -810 | -810 | -810 | ||||||||||||||||||||||||||
Other | -4 | 0 | 4 | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax, portion attributable to KMI | 59 | 59 | 59 | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax, portion attributable to noncontrolling interests | 79 | 79 | |||||||||||||||||||||||||||
Total other comprehensive loss | 138 | ||||||||||||||||||||||||||||
Total Stockholders' Equity at Sep. 30, 2012 | 23,898 | ||||||||||||||||||||||||||||
Noncontrolling interests at Sep. 30, 2012 | 9,752 | ||||||||||||||||||||||||||||
Stockholders' Equity Attributable to KMI at Sep. 30, 2012 | 11 | 14,924 | -733 | -56 | 14,146 | ||||||||||||||||||||||||
Total Stockholders' Equity at Dec. 31, 2012 | [1] | 24,100 | |||||||||||||||||||||||||||
Noncontrolling interests at Dec. 31, 2012 | 10,234 | [1] | 10,234 | 3,270 | |||||||||||||||||||||||||
Stockholders' Equity Attributable to KMI at Dec. 31, 2012 | 13,866 | [1] | 10 | 14,917 | -943 | -118 | 13,866 | ||||||||||||||||||||||
Warrants repurchased | -463 | -463 | -463 | ||||||||||||||||||||||||||
Warrants exercised | 1 | 1 | 1 | ||||||||||||||||||||||||||
Conversions of EP Trust I Preferred securities | 3 | 3 | 3 | ||||||||||||||||||||||||||
Amortization of restricted shares | 24 | 24 | 24 | ||||||||||||||||||||||||||
Impact of subidiary equity transactions | -90 | 154 | 154 | -244 | |||||||||||||||||||||||||
Tax impact on stock based compensation | 1 | 1 | 1 | ||||||||||||||||||||||||||
Net income (loss) attributable to KMI | 855 | 855 | 855 | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | -1,133 | 1,133 | |||||||||||||||||||||||||||
Net income (loss), including portion attributable to noncontrolling interests | 1,988 | ||||||||||||||||||||||||||||
Distributions | 1,220 | 0 | -1,220 | ||||||||||||||||||||||||||
Contributions | 5,153 | 0 | 5,153 | ||||||||||||||||||||||||||
Noncontrolling Interest, Increase from Business Combination | 17 | 0 | 17 | ||||||||||||||||||||||||||
Dividends, Common Stock, Cash | -1,196 | -1,196 | -1,196 | ||||||||||||||||||||||||||
Other | 2 | 1 | 1 | 1 | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax, portion attributable to KMI | 21 | 21 | 21 | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax, portion attributable to noncontrolling interests | -35 | -35 | |||||||||||||||||||||||||||
Total other comprehensive loss | -14 | ||||||||||||||||||||||||||||
Total Stockholders' Equity at Sep. 30, 2013 | 28,302 | ||||||||||||||||||||||||||||
Noncontrolling interests at Sep. 30, 2013 | 15,037 | 15,037 | 7,612 | ||||||||||||||||||||||||||
Stockholders' Equity Attributable to KMI at Sep. 30, 2013 | $13,265 | $10 | $14,636 | ($1,284) | ($97) | $13,265 | |||||||||||||||||||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
General_Notes
General (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||
General | General | |||||||||||||||
Organization | ||||||||||||||||
Kinder Morgan, Inc. is the largest midstream and the third largest energy company in North America with a combined enterprise value of approximately $110 billion. We own an interest in or operate approximately 82,000 miles of pipelines and 180 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, CO2 and other products, and our terminals store petroleum products and chemicals, and handle such products as ethanol, coal, petroleum coke and steel. We are also the leading producer and transporter of CO2 for enhanced oil recovery projects in North America. | ||||||||||||||||
Effective on May 25, 2012, we completed the acquisition of all of the outstanding shares of EP. As a result, we own a 41% limited partner interest and the 2% general partner interest in EPB, as well as certain natural gas pipeline assets. | ||||||||||||||||
We also own the general partner and approximately 10% of the limited partner interests of KMP, one of the largest publicly-traded pipeline limited partnerships in America. | ||||||||||||||||
Our common stock trades on the NYSE under the symbol “KMI.” | ||||||||||||||||
KMR is a Delaware limited liability company. KMGP, the general partner of KMP and a wholly-owned subsidiary of ours, owns all of KMR’s voting shares. KMR, pursuant to a delegation of control agreement, has been delegated, to the fullest extent permitted under Delaware law, all of KMGP’s power and authority to manage and control the business and affairs of KMP, subject to KMGP’s right to approve certain transactions. | ||||||||||||||||
Basis of Presentation | ||||||||||||||||
General | ||||||||||||||||
We have prepared our accompanying unaudited consolidated financial statements under the rules and regulations of the SEC. These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification. Under such rules and regulations, we have condensed or omitted certain information and notes normally included in financial statements prepared in conformity with the Codification. We believe, however, that our disclosures are adequate to make the information presented not misleading. | ||||||||||||||||
Our accompanying unaudited consolidated financial statements reflect normal adjustments, and also recurring adjustments that are, in the opinion of our management, necessary for a fair statement of our financial results for the interim periods. In addition, certain amounts from prior periods have been reclassified to conform to the current presentation (including reclassifications between “Services” and “Product sales and other” within the “Revenues” section of our accompanying consolidated statements of income). Interim results are not necessarily indicative of results for a full year; accordingly, you should read these consolidated financial statements in conjunction with our consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012 (2012 Form 10-K). | ||||||||||||||||
Our accounting records are maintained in United States dollars, and all references to dollars are United States dollars, except where stated otherwise. Canadian dollars are designated as C$. Our consolidated financial statements include our accounts and those of our majority-owned subsidiaries as well as the accounts of KMP, EPB and KMR. Investments in jointly-owned operations in which we hold a 50% or less interest (other than KMP, EPB and KMR, because we have the ability to exercise significant control over their operating and financial policies) are accounted for under the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. | ||||||||||||||||
Notwithstanding the consolidation of KMP and EPB, and their respective subsidiaries, into our financial statements, we are not liable for, and our assets are not available to satisfy, the obligations of KMP and EPB, and/or their respective subsidiaries, and vice versa, except as discussed in Note 11, “—Other Contingencies.” Responsibility for payments of obligations reflected in our, KMP or EPB’s financial statements is a legal determination based on the entity that incurs the liability. | ||||||||||||||||
KMP’s FTC Natural Gas Pipelines Disposal Group - Discontinued Operations | ||||||||||||||||
Effective November 1, 2012, we sold KMP’s (i) Kinder Morgan Interstate Gas Transmission natural gas pipeline system; (ii) Trailblazer natural gas pipeline system; (iii) Casper and Douglas natural gas processing operations; and (iv) 50% equity investment in the Rockies Express natural gas pipeline system to Tallgrass Energy Partners, LP (now known as Tallgrass Development, LP) (Tallgrass) for approximately $1.8 billion in cash (before selling costs), or $3.3 billion including KMP’s share of joint venture debt. In this report, we refer to this combined group of assets as KMP’s FTC Natural Gas Pipelines disposal group. For more information about the presentation of KMP’s FTC Natural Gas Pipelines disposal group as discontinued operations, see Note 2 “Summary of Significant Accounting Policies—Basis of Presentation” to our consolidated financial statements included in our 2012 Form 10-K. | ||||||||||||||||
Goodwill | ||||||||||||||||
We evaluate goodwill for impairment on May 31 of each year. For this purpose, we have seven reporting units as follows: (i) Products Pipelines—KMP (excluding associated terminals); (ii) Products Pipelines Terminals—KMP (evaluated separately from Products Pipelines—KMP for goodwill purposes); (iii) Natural Gas Pipelines Regulated; (iv) Natural Gas Pipelines Non—Regulated; (v) CO2—KMP; (vi) Terminals—KMP; and (vii) Kinder Morgan Canada—KMP. During the quarter ended June 30, 2013, the Natural Gas Pipelines Non-Regulated reporting unit was created to include the non-regulated businesses KMP acquired from Copano on May 1, 2013 as well as other non-regulated businesses that were historically part of the former Natural Gas Pipelines reporting unit (now the Natural Gas Pipelines Regulated reporting unit). Goodwill was allocated between these two reporting units based on the relative fair values of the reporting units. There were no impairment charges resulting from our May 31, 2013 impairment testing, and no event indicating an impairment has occurred subsequent to that date. | ||||||||||||||||
The fair value of each reporting unit was determined based on a market approach utilizing an average dividend/distribution yield of comparable companies. The value of each reporting unit was determined on a stand-alone basis from the perspective of a market participant and represented the price estimated to be received in a sale of the unit as a whole in an orderly transaction between market participants at the measurement date. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
For the three and nine months ended September 30, 2013, earnings per share was calculated using the two-class method. Earnings were allocated to Class P shares of common stock and to participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in earnings or excess distributions over earnings. Our unvested restricted stock awards do not participate in excess distributions over earnings. For the three and nine months ended September 30, 2013, the following potential Class P common shares are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share; (i) 6 million and 3 million, respectively, related to unvested restricted stock awards; (ii) 400 million and 419 million, respectively, related to outstanding warrants to purchase our Class P shares; and (iii) 10 million for each period, related to convertible trust preferred securities. | ||||||||||||||||
The following table sets forth the allocation of net income for Class P shares and for participating securities for the three and nine months ended September 30, 2013 (in millions): | ||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||
Net Income Available to Shareholders | ||||||||||||||||
Class P | $ | 283 | $ | 851 | ||||||||||||
Participating securities(a) | 3 | 4 | ||||||||||||||
Net Income Attributable to Kinder Morgan, Inc. | $ | 286 | $ | 855 | ||||||||||||
_______ | ||||||||||||||||
(a) | Participating securities are unvested restricted stock awards issued to management employees that contain non-forfeitable rights to dividend equivalent payments. | |||||||||||||||
On December 26, 2012, the remaining series of our Class A, Class B and Class C shares were fully converted and as a result, only our Class P common stock was outstanding as of December 31, 2012. | ||||||||||||||||
For the three and nine months ended September 30, 2012, earnings per share was calculated using the two-class method. Earnings were allocated to each class of common stock based on the amount of dividends paid in the current period for each class of stock plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in earnings or excess distributions over earnings. For the investor retained stock, the allocation of undistributed earnings or excess distributions over earnings was in direct proportion to the maximum number of Class P shares into which it could convert. | ||||||||||||||||
For the Class P diluted earnings per share computations, total net income attributable to Kinder Morgan, Inc. was divided by the adjusted weighted-average shares outstanding during the period, including all dilutive potential shares. This included the Class P shares into which the investor retained stock (collectively, our Class A, Class B and Class C common stocks) was convertible. The number of Class P shares on a fully-converted basis was the same before and after any conversion of our investor retained stock. Each time one Class P share was issued upon conversion of investor retained stock, the number of Class P shares went up by one, and the number of Class P shares into which the investor retained stock was convertible went down by one. Accordingly, there was no difference between Class P basic and diluted earnings per share because the conversion of Class A, Class B, and Class C shares into Class P shares did not impact the number of Class P shares on a fully-converted basis. Commencing with the acquisition of EP, dilutive potential shares also included the Class P shares issuable in connection with the warrants and the trust preferred securities (see Note 4). As no securities were convertible into Class A shares, the basic and diluted earnings per share computations for Class A shares were the same. For the three and nine months ended September 30, 2012, the following potential Class P common shares were antidilutive and, accordingly, were excluded from the determination of diluted earnings per share; (i) 450 million and 457 million, respectively, related to outstanding warrants to purchase our Class P shares; and (ii) 11 million for each period, related to convertible trust preferred securities. | ||||||||||||||||
The following tables set forth the computation of basic and diluted earnings per share from continuing operations for the three and nine months ended September 30, 2012 (in millions, except per share amounts): | ||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Income from Continuing Operations Available to Shareholders | ||||||||||||||||
Class P | Class A | Participating | Total | |||||||||||||
Securities (a) | ||||||||||||||||
Income from continuing operations | $ | 386 | ||||||||||||||
Less: income from continuing operations attributable to noncontrolling interests | (171 | ) | ||||||||||||||
Income from continuing operations attributable to KMI | 215 | |||||||||||||||
Dividends paid in the period | $ | 212 | $ | 142 | $ | 10 | (364 | ) | ||||||||
Excess distributions over earnings | (87 | ) | (62 | ) | — | $ | (149 | ) | ||||||||
Income from continuing operations attributable to shareholders | $ | 125 | $ | 80 | $ | 10 | $ | 215 | ||||||||
Basic earnings per share from continuing operations | ||||||||||||||||
Basic weighted-average number of shares outstanding | 605 | 432 | N/A | |||||||||||||
Basic earnings per common share from continuing operations(b) | $ | 0.21 | $ | 0.19 | N/A | |||||||||||
Diluted earnings per share from continuing operations | ||||||||||||||||
Income from continuing operations attributable to shareholders and assumed conversions(c) | $ | 215 | $ | 80 | N/A | |||||||||||
Diluted weighted-average number of shares | 1,039 | 432 | N/A | |||||||||||||
Diluted earnings per common share from continuing operations(b) | $ | 0.21 | $ | 0.19 | N/A | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Income from Continuing Operations Available to Shareholders | ||||||||||||||||
Class P | Class A | Participating | Total | |||||||||||||
Securities (a) | ||||||||||||||||
Income from continuing operations | $ | 728 | ||||||||||||||
Less: income from continuing operations attributable to noncontrolling interests | (441 | ) | ||||||||||||||
Income from continuing operations attributable to KMI | 287 | |||||||||||||||
Dividends paid in the period | $ | 343 | $ | 432 | $ | 35 | (810 | ) | ||||||||
Excess distributions over earnings | (221 | ) | (301 | ) | (1 | ) | $ | (523 | ) | |||||||
Income from continuing operations attributable to shareholders | $ | 122 | $ | 131 | $ | 34 | $ | 287 | ||||||||
Basic earnings per share from continuing operations | ||||||||||||||||
Basic weighted-average number of shares outstanding | 366 | 496 | N/A | |||||||||||||
Basic earnings per common share from continuing operations(b) | $ | 0.33 | $ | 0.26 | N/A | |||||||||||
Diluted earnings per share from continuing operations | ||||||||||||||||
Income from continuing operations attributable to shareholders and assumed conversions(c) | $ | 287 | $ | 131 | N/A | |||||||||||
Diluted weighted-average number of shares | 864 | 496 | N/A | |||||||||||||
Diluted earnings per common share from continuing operations(b) | $ | 0.33 | $ | 0.26 | N/A | |||||||||||
The following tables set forth the computation of total basic and diluted earnings per share for the three and nine months ended September 30, 2012 (in millions, except per share amounts): | ||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Net Income Available to Shareholders | ||||||||||||||||
Class P | Class A | Participating | Total | |||||||||||||
Securities (a) | ||||||||||||||||
Net income attributable to KMI | $ | 200 | ||||||||||||||
Dividends paid in the period | $ | 212 | $ | 142 | $ | 10 | (364 | ) | ||||||||
Excess distributions over earnings | (96 | ) | (68 | ) | — | $ | (164 | ) | ||||||||
Net income attributable to shareholders | $ | 116 | $ | 74 | $ | 10 | $ | 200 | ||||||||
Basic earnings per share | ||||||||||||||||
Basic weighted-average number of shares outstanding | 605 | 432 | N/A | |||||||||||||
Basic earnings per common share(b) | $ | 0.19 | $ | 0.17 | N/A | |||||||||||
Diluted earnings per share | ||||||||||||||||
Net income attributable to shareholders and assumed conversions(c) | $ | 200 | $ | 74 | N/A | |||||||||||
Diluted weighted-average number of shares | 1,039 | 432 | N/A | |||||||||||||
Diluted earnings per common share(b) | $ | 0.19 | $ | 0.17 | N/A | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Net Income Available to Shareholders | ||||||||||||||||
Class P | Class A | Participating | Total | |||||||||||||
Securities (a) | ||||||||||||||||
Net income attributable to KMI | $ | 95 | ||||||||||||||
Dividends paid in the period | $ | 343 | $ | 432 | $ | 35 | (810 | ) | ||||||||
Excess distributions over earnings | (303 | ) | (410 | ) | (2 | ) | $ | (715 | ) | |||||||
Net income attributable to shareholders | $ | 40 | $ | 22 | $ | 33 | $ | 95 | ||||||||
Basic earnings per share | ||||||||||||||||
Basic weighted-average number of shares outstanding | 366 | 496 | N/A | |||||||||||||
Basic earnings per common share(b) | $ | 0.11 | $ | 0.04 | N/A | |||||||||||
Diluted earnings per share | ||||||||||||||||
Net income attributable to shareholders and assumed conversions(c) | $ | 95 | $ | 22 | N/A | |||||||||||
Diluted weighted-average number of shares | 864 | 496 | N/A | |||||||||||||
Diluted earnings per common share(b) | $ | 0.11 | $ | 0.04 | N/A | |||||||||||
_______ | ||||||||||||||||
(a) | Participating securities included Class B shares, Class C shares, and unvested restricted stock awards issued to non-senior management employees that contained rights to dividend equivalents in the case of the restricted shares. Our Class B and Class C shares were entitled to participate in our earnings, only to the extent of cash distributions made to them. As a result, no earnings in excess of dividends received were allocated to the Class B and Class C shares in our determination of basic and diluted earnings per share. | |||||||||||||||
(b) | The Class A shares earnings per share as compared to the Class P shares earnings per share were reduced due to the sharing of economic benefits (including dividends) amongst the Class A, B, and C shares. Class A, B and C shares owned by Richard Kinder, the sponsor investors, the original shareholders, and other management were referred to as “investor retained stock,” and were convertible into a fixed number of Class P shares. In the aggregate, our investor retained stock was entitled to receive a dividend per share on a fully-converted basis equal to the dividend per share on our common stock. The conversion of shares of investor retained stock into Class P shares did not increase our total fully-converted shares outstanding, impact the aggregate dividends we paid or the dividends we paid per share on our Class P common stock. | |||||||||||||||
(c) | For the diluted earnings per share calculation, total net income attributable to each class of common stock was divided by the adjusted weighted-average shares outstanding during the period, including all dilutive potential shares. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Acquisitions and Divestitures | Acquisitions and Divestitures | |||||||||||||||
Copano Energy, L.L.C. Acquisition | ||||||||||||||||
Effective May 1, 2013, KMP closed its acquisition of Copano. KMP acquired all of Copano’s outstanding units for a total purchase price of approximately $5.2 billion (including assumed debt and all other assumed liabilities). The transaction was a 100% unit for unit transaction with an exchange ratio of 0.4563 of KMP’s common units for each Copano common unit. KMP issued 43,371,210 of its common units valued at $3,733 million as consideration for the Copano acquisition (based on the $86.08 closing market price of a KMP common unit on the NYSE on the May 1, 2013 issuance date). | ||||||||||||||||
KMP accounted for its acquisition of Copano under the acquisition method of accounting, and accordingly, measured the consideration paid to Copano unitholders, the acquired identifiable tangible and intangible assets, and the assumed liabilities at their acquisition-date fair values. Also, due to the fact that KMP’s acquisition included the remaining 50% interest in Eagle Ford that it did not already own, KMP remeasured its existing 50% equity investment in Eagle Ford to its fair value as of the acquisition date, resulting in the recognition of a $558 million pre-tax non-cash gain reported separately within “Other Income (Expense)” on our accompanying consolidated statement of income for the nine months ended September 30, 2013. | ||||||||||||||||
As of September 30, 2013, KMP’s preliminary purchase price allocation related to the Copano acquisition, as adjusted to date, is as follows (in millions). KMP’s evaluation of the assigned fair values is ongoing and subject to adjustment: | ||||||||||||||||
Preliminary Purchase Price Allocation: | ||||||||||||||||
Current assets (including cash acquired of $30) | $ | 218 | ||||||||||||||
Property, plant and equipment | 2,805 | |||||||||||||||
Investments | 387 | |||||||||||||||
Goodwill | 1,119 | |||||||||||||||
Other intangibles, net | 1,375 | |||||||||||||||
Other assets | 13 | |||||||||||||||
Total assets | 5,917 | |||||||||||||||
Less: Fair value of previously held 50% interest in Eagle Ford | (704 | ) | ||||||||||||||
Total assets acquired | 5,213 | |||||||||||||||
Current liabilities | (207 | ) | ||||||||||||||
Other liabilities | (4 | ) | ||||||||||||||
Long-term debt | (1,252 | ) | ||||||||||||||
Noncontrolling interests | (17 | ) | ||||||||||||||
KMP’s common unit consideration | $ | 3,733 | ||||||||||||||
The “Goodwill” intangible asset amount represents the future economic benefits expected to be derived from this acquisition that are not assignable to other individually identifiable, separately recognizable assets acquired. KMP believes the primary items that generated the goodwill are the value of the synergies created by expanding its natural gas gathering and refined product transportation operations. This goodwill is not deductible for tax purposes and is subject to an impairment test at least annually. The “Other intangibles, net” asset amount represents the fair value of acquired customer contracts and agreements, which are currently being amortized over an estimated remaining useful life of 25 years. | ||||||||||||||||
Copano provides comprehensive services to natural gas producers, including natural gas gathering, processing, treating and NGL fractionation. Copano owns an interest in or operates approximately 6,900 miles of pipelines with 2.7 Bcf/d of natural gas transportation capacity, and also owns nine natural gas processing plants with more than 1 Bcf/d of natural gas processing capacity and 315 MMcf/d of natural gas treating capacity. Its operations are located primarily in Texas, Oklahoma and Wyoming. Most of the acquired assets are included in the Natural Gas Pipelines business segment. | ||||||||||||||||
Impact of KMP’s Acquisition of Copano on KMI’s Income Taxes | ||||||||||||||||
Our accounting policy is to apply the look-through method of recording deferred taxes on the outside book tax basis differences in our investments without regard to non-tax deductible goodwill. As a result of the goodwill recorded by KMP for its Copano acquisition, KMI’s deferred tax liability and goodwill were adjusted by $255 million for the portion of its outside basis difference associated with KMP’s underlying goodwill. | ||||||||||||||||
KMI Acquisition of EP | ||||||||||||||||
Effective on May 25, 2012, we acquired all of the outstanding shares of EP for an aggregate consideration of approximately $23 billion (excluding assumed debt). In total, EP shareholders received $11.6 billion in cash, 330 million KMI Class P shares with a fair value of $10.6 billion as of May 24, 2012 and 505 million KMI warrants with a fair value of $863 million as of May 24, 2012. The warrants have an exercise price of $40 per share and a 5-year term. | ||||||||||||||||
We accounted for the EP acquisition using the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized on the balance sheet at their acquisition date fair values. During the three months ended June 30, 2013, management completed its purchase accounting valuation estimates and, as a result, retrospectively adjusted the valuations of certain liabilities with a corresponding increase to goodwill as of the acquisition date. The retrospective adjustments amounted to approximately $60 million and primarily related to revisions of estimates related to certain environmental obligations, sales and use tax liabilities, and deferred income taxes. | ||||||||||||||||
Goldsmith Landreth Unit | ||||||||||||||||
On June 1, 2013, KMP acquired certain oil and gas properties, rights, and related assets in the Permian Basin of West Texas from Legado Resources LLC for approximately $285 million (before working capital adjustments). KMP also assumed $18 million of liabilities. The acquisition of the Goldsmith Landreth San Andres oil field unit includes more than 6,000 acres located in Ector County, Texas, and based on KMP’s measurement of fair values for all of the identifiable tangible and intangible assets acquired and liabilities assumed, KMP assigned the $285 million amount to “Property, plant and equipment, net.” The acquired oil field is in the early stages of CO2 flood development and includes a residual oil zone along with a classic San Andres waterflood. The field currently produces approximately 1,250 barrels of oil per day, and as part of the transaction, KMP obtained a long-term supply contract for up to 150 MMcf/d of CO2. The acquisition complements KMP’s existing oil and gas producing assets in the Permian Basin, and the acquired assets are included as part of the CO2—KMP business segment. | ||||||||||||||||
Pro Forma Information | ||||||||||||||||
The following summarized unaudited pro forma consolidated income statement information for the three and nine months ended September 30, 2013 and 2012, assumes that the EP, Copano and the Goldsmith Landreth Unit acquisitions had occurred as of January 1, 2012. We prepared the following summarized unaudited pro forma financial results for comparative purposes only. The summarized unaudited pro forma financial results may not be indicative of the results that would have occurred if these acquisitions had been completed as of January 1, 2012 or the results that will be attained in the future. Amounts presented below are in millions, except for the per share amounts: | ||||||||||||||||
Pro Forma | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 3,756 | $ | 3,341 | $ | 10,903 | $ | 9,384 | ||||||||
Income from Continuing Operations | $ | 551 | $ | 379 | $ | 1,952 | $ | 410 | ||||||||
(Loss) Income from Discontinued Operations, Net of Tax | $ | — | $ | (131 | ) | $ | (2 | ) | $ | 1,279 | ||||||
Net Income | $ | 551 | $ | 248 | $ | 1,950 | $ | 1,689 | ||||||||
Net (Income) Loss Attributable to Noncontrolling Interests | $ | (265 | ) | $ | 127 | $ | (1,120 | ) | $ | 291 | ||||||
Net Income Attributable to Kinder Morgan, Inc. | $ | 286 | $ | 375 | $ | 830 | $ | 1,980 | ||||||||
Diluted Earnings per Common Share | ||||||||||||||||
Class P Shares | $ | 0.27 | $ | 0.36 | $ | 0.8 | $ | 1.91 | ||||||||
Class A Shares | $ | 0.34 | $ | 1.84 | ||||||||||||
KMP’s FTC Natural Gas Pipelines Disposal Group – Discontinued Operations | ||||||||||||||||
We began accounting for KMP’s FTC Natural Gas Pipelines disposal group as discontinued operations in the first quarter of 2012 (prior to our sale announcement, we included the disposal group in the Natural Gas Pipelines business segment). For the nine months ended September 30, 2012, we recognized a combined $934 million non-cash loss from both the remeasurement of the disposal group to fair value and from estimated costs to sell, and we reported this loss amount separately as “Loss on sale and the remeasurement of KMP’s FTC Natural Gas Pipelines disposal group to fair value, net of tax” within the discontinued operations section of our accompanying consolidated statement of income. | ||||||||||||||||
KMP and Tallgrass trued up the final consideration for the sale of our FTC Natural Gas Pipelines disposal group in the first quarter of 2013, and based on this true up, we recognized an additional $2 million loss. We reported this loss amount separately as “Loss on sale and the remeasurement of KMP’s FTC Natural Gas Pipelines disposal group to fair value, net of tax” within the discontinued operations section of our accompanying consolidated statement of income for the nine months ended September 30, 2013, and except for this loss amount, no other financial results from the operations of KMP’s FTC Natural Gas Pipelines disposal group were recorded in the first nine months of 2013. | ||||||||||||||||
Summarized financial information for KMP’s FTC Natural Gas Pipelines disposal group is as follows (in millions): | ||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||
Operating revenues | $ | 71 | $ | 204 | ||||||||||||
Operating expenses | (45 | ) | (116 | ) | ||||||||||||
Depreciation and amortization | — | (7 | ) | |||||||||||||
Other expense | (1 | ) | (1 | ) | ||||||||||||
Earnings from equity investments | 22 | 64 | ||||||||||||||
Interest income and Other, net | — | 1 | ||||||||||||||
Income from operations of KMP’s FTC Natural Gas Pipelines disposal group, net of tax | $ | 47 | $ | 145 | ||||||||||||
Express Pipeline System | ||||||||||||||||
Effective March 14, 2013, KMP sold both its one-third equity ownership interest in the Express pipeline system and its subordinated debenture investment in Express to Spectra Energy Corp. KMP received net cash proceeds of $402 million (after paying both a final working capital settlement and certain transaction related selling expenses in the current quarter), and we reported the net cash proceeds received from the sale separately as “Proceeds from sale of investments in Express pipeline system” within the investing section of our accompanying consolidated statement of cash flows. For the nine months ended September 30, 2013, we recognized a combined $224 million pre-tax gain with respect to this sale, and we reported this gain amount separately as “(Loss) gain on the sale of investments in Express pipeline system” on our accompanying consolidated statement of income. We also recorded an income tax expense of $84 million related to this nine month gain, and we included this expense within “Income Tax Expense” in our accompanying consolidated statement of income. | ||||||||||||||||
As of the date of sale, KMP’s equity investment in Express totaled $67 million and its note receivable due from Express totaled $110 million. Prior to KMP’s sale, we (i) accounted for KMP’s equity investment under the equity method of accounting; (ii) accounted for KMP’s debt investment under the historical amortized cost method of accounting; and (iii) included the financial results of the Express pipeline system within the Kinder Morgan Canada—KMP business segment. As of December 31, 2012, KMP’s equity and debt investments in Express totaled $65 million and $114 million, respectively, and we included the combined $179 million amount within “Assets held for sale” on our accompanying consolidated balance sheet. | ||||||||||||||||
TGP’s Sale of Production Area Facilities | ||||||||||||||||
On September 1, 2013, TGP sold certain natural gas facilities located offshore in the Gulf of Mexico and onshore in the state of Louisiana for an aggregate consideration of $32 million in cash. TGP’s net assets sold in this transaction (including assets identified as “held for sale”) totaled $88 million, and as a result of the sale, TGP recognized both a $92 million increase in regulatory assets pursuant to a FERC order, and a $36 million gain from the sale of assets. We included the cash proceeds received from the sale in 2013 within “Sale or casualty of property, plant and equipment, investments and other net assets, net of removal costs” within the investing section of our accompanying consolidated statement of cash flows for the nine months ended September 30, 2013, and we included the gain amount within “Other Income (Expense)” on our accompanying consolidated statements of income for the three and nine months ended September 30, 2013. | ||||||||||||||||
BBPP Holdings Ltda | ||||||||||||||||
As of December 31, 2012, we owned a 2% interest in Gas Transboliviano S.A., and 33 1/3% interest in BBPP Holdings Ltda which we acquired as a part of the May 25, 2012 EP acquisition. BBPP Holdings Ltda owned a 29% interest in Transportadora Brasileira Gasoduto Bolivia-Brasil S.A. which, together with Gas Transboliviano S.A., owned the Bolivia to Brazil Pipeline. On January 18, 2013, we completed the sale of our equity interests in the Bolivia to Brazil Pipeline for $88 million. As of December 31, 2012, our $88 million equity interests in the Bolivia to Brazil Pipeline was included within “Assets held for sale” on our accompanying consolidated balance sheet. | ||||||||||||||||
Drop-Down of EP Assets to KMP | ||||||||||||||||
Aug-12 | ||||||||||||||||
Effective August 1, 2012, KMP acquired a 100% ownership interest in TGP and an initial 50% ownership interest in EPNG from us for an aggregate consideration of approximately $6.2 billion (including a proportional share of assumed debt borrowings as of August 1, 2012). For additional information about this acquisition, see Note 3 “Acquisitions and Divestitures—Drop-Down of EP Assets to KMP” to our consolidated financial statements included in our 2012 Form 10-K. | ||||||||||||||||
Mar-13 | ||||||||||||||||
Effective March 1, 2013, KMP acquired from us the remaining 50% ownership interest it did not already own in both EPNG and the EP midstream assets for an aggregate consideration of approximately $1.7 billion (including a proportional 50% share of assumed debt borrowings as of March 1, 2013). The consideration that we received from KMP consisted of (i) $994 million in cash (including $6 million in the second quarter of 2013 to settle the final working capital adjustment); (ii) 1,249,452 common units (valued at $108 million based on the $86.72 closing market price of KMP’s common unit on the NYSE on the March 1, 2013 issuance date); and (iii) $557 million in assumed debt (consisting of 50% of the outstanding principal amount of EPNG’s debt borrowings as of March 1, 2013, excluding any debt fair value adjustments). We used the proceeds from the March 1, 2013 drop-down transaction to (i) pay down $947 million of our senior secured term loan facility; and (ii) reduce borrowings under our credit facility. See Note 3 “Debt” for further discussion. The terms of the drop-down transaction were approved on our behalf by the independent members of our board of directors and on KMP’s behalf by the audit committees and the boards of directors of both KMGP, as KMP’s general partner, and KMR, in its capacity as the delegate of KMGP, following the receipt by our independent directors and by the audit committees of KMGP and KMR of separate fairness opinions from different independent financial advisors. | ||||||||||||||||
The drop-down transactions were accounted for as transfers of net assets between entities under common control. Specifically, we have retrospectively adjusted our consolidated financial statements to reflect the recognition by KMP of the acquired assets and assumed liabilities at our carrying value, including our EP purchase accounting adjustments as of May 25, 2012. In this report, we refer to these acquisitions of assets by KMP from us as the drop-down transactions; the combined group of assets acquired by KMP from us as the drop-down asset groups; the El Paso Natural Gas pipeline system or El Paso Natural Gas Company, L.L.C. as EPNG; and the EP Midstream assets or Kinder Morgan Altamont LLC (formerly, El Paso Midstream Investment Company, L.L.C.) as the midstream assets. | ||||||||||||||||
Income Tax Impact of the Drop-Down of EP Assets to KMP | ||||||||||||||||
As discussed above, we accounted for the acquisition of EP as a business combination and for the subsequent March 2013 and August 2012 drop-down transactions as transfers of net assets between entities under common control. For income tax purposes, the March 2013 drop-down transaction was treated as a contribution and the August 2012 drop-down transaction was treated as a partial sale, and a partial contribution. | ||||||||||||||||
Our accounting policy is to apply the look-through method of recording deferred taxes on the outside book tax basis differences in our investments without regard to non tax deductible goodwill. As a result of the drop-down transactions, a deferred tax liability arose related to the portion of the outside basis difference associated with the underlying goodwill that was contributed to KMP by us. However, since the drop-downs were transactions between entities under common control, we recognized an offsetting deferred charge of $448 million for the August 2012 and $53 million for the March 2013 drop-down transactions. These balances will be amortized to income tax expense over the remaining useful lives of the transferred assets of approximately 25 years Similar to the impact described above, KMP’s acquisition of a 50% ownership interest in the EP Midstream joint venture, also generated the recognition of a deferred charge and corresponding deferred tax liability and is included in the amount above. | ||||||||||||||||
The amortization of the deferred charge will result in incremental income tax expense of approximately $20 million per year. For the three and nine months ended September 30, 2013, total income tax expense related to the amortization of the deferred charges was approximately $5 million and $15 million, respectively. |
Debt_Debt_Disclosure_Notes
Debt Debt Disclosure (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt Disclosure [Text Block] | Debt | ||||||||||||||||
We classify our debt based on the contractual maturity dates of the underlying debt instruments. We defer costs associated with debt issuance over the applicable term. These deferred costs are then amortized as interest expense in our accompanying consolidated statements of income. The following table provides detail on the principal amount of our outstanding debt balances, as of September 30, 2013 and December 31, 2012. The table amounts exclude all debt fair value adjustments, including debt discounts and premiums (in millions). | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
KMI | |||||||||||||||||
Senior term loan facility, variable rate, due 2015 | $ | 1,528 | $ | 2,714 | |||||||||||||
Senior notes and debentures, 5.15% through 7.45%, due 2015 through 2098 | 315 | 315 | |||||||||||||||
Credit facility due December 31, 2014(a) | 1,514 | 1,035 | |||||||||||||||
Subsidiary borrowings (as obligor) | |||||||||||||||||
K N Capital Trust I, deferrable interest debentures issued by subsidiary trusts, 7.63% and 8.56%, due 2027 and 2028 | 27 | 27 | |||||||||||||||
Kinder Morgan Finance Company, LLC, senior notes, 5.70% through 6.40%, due 2016 through 2036 | 1,636 | 1,636 | |||||||||||||||
El Paso, senior notes, 6.50% through 12.00%, due 2013 through 2037 | 3,860 | 3,860 | |||||||||||||||
EPC Building, LLC promissory note, 3.967%, due 2013 through 2035(b) | 464 | 217 | |||||||||||||||
Colorado Interstate Gas Services Company, 7.76% Totem note payable, due 2018 | 1 | 1 | |||||||||||||||
Other credit facilities due December 20, 2013, March 20 and June 20, 2014 | 293 | 210 | |||||||||||||||
EP preferred securities, 4.75%, due March 31, 2028 | 281 | 286 | |||||||||||||||
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock | 100 | 100 | |||||||||||||||
Total debt — KMI | 10,019 | 10,401 | |||||||||||||||
Less: Current portion of debt — KMI | (2,195 | ) | (1,153 | ) | |||||||||||||
Total long-term debt — KMI(c) | $ | 7,824 | $ | 9,248 | |||||||||||||
KMP and EPB | |||||||||||||||||
KMP | |||||||||||||||||
Senior notes, 2.65% through 9.00% due 2013 through 2043(d) | $ | 16,100 | $ | 13,350 | |||||||||||||
Commercial paper borrowings(e) | 174 | 621 | |||||||||||||||
Credit facility due May 1, 2018 | — | — | |||||||||||||||
KMP subsidiary borrowings (as obligor) | |||||||||||||||||
TGP senior notes, 7.00% through 8.375%, due 2016 through 2037(f) | 1,790 | 1,790 | |||||||||||||||
EPNG senior notes 5.95% through 8.625%, due 2017 through 2032(g) | 1,115 | 1,115 | |||||||||||||||
Copano senior notes, 7.125%, due April 1, 2021(h) | 332 | — | |||||||||||||||
Other miscellaneous subsidiary debt | 101 | 186 | |||||||||||||||
Total debt — KMP | 19,612 | 17,062 | |||||||||||||||
Less: Current portion of debt — KMP(i) | (702 | ) | (1,155 | ) | |||||||||||||
Total long-term debt — KMP(c) | 18,910 | 15,907 | |||||||||||||||
EPB | |||||||||||||||||
EPPOC | |||||||||||||||||
Senior notes, 4.10% through 8.00% due 2013 through 2042(j) | 2,260 | 2,348 | |||||||||||||||
Credit facility due May 27, 2016(k) | — | — | |||||||||||||||
EPB subsidiary borrowings (as obligor) | |||||||||||||||||
Colorado Interstate Gas Company, L.L.C. senior notes, 5.95% through 6.85%, due 2015 through 2037 | 475 | 475 | |||||||||||||||
SLNG senior notes, 9.50% through 9.75%, due 2014 through 2016 | 135 | 135 | |||||||||||||||
SNG notes, 4.40% through 8.00%, due 2017 through 2032 | 1,211 | 1,211 | |||||||||||||||
Other financing obligations | 175 | 178 | |||||||||||||||
Total debt — EPB | 4,256 | 4,347 | |||||||||||||||
Less: Current portion of debt — EPB | (76 | ) | (93 | ) | |||||||||||||
Total long-term debt — EPB(c) | 4,180 | 4,254 | |||||||||||||||
Total long-term debt — KMP and EPB | $ | 23,090 | $ | 20,161 | |||||||||||||
_______ | |||||||||||||||||
(a) | As of September 30, 2013 and December 31, 2012, the weighted average interest rates on KMI’s credit facility borrowings were 2.68% and 2.72%, respectively. | ||||||||||||||||
(b) | In December 2012, our subsidiary, EPC Building, LLC had issued $468 million of 3.967% amortizing promissory notes with payments due 2013 through 2035, of which $217 million was issued to third parties and the remaining $251 million was held by KMI until they were sold to third parties in April of 2013. EPC Building, LLC, as the landlord, leases the property to KMI as a tenant. Proceeds from the issuance of the notes were used to reduce KMI’s credit facility borrowings. | ||||||||||||||||
(c) | Excludes debt fair value adjustments. As of September 30, 2013 and December 31, 2012, our “Debt fair value adjustments” increased our debt balances by $2,124 million and $2,591 million, respectively. In addition to all unamortized debt discount/premium amounts and purchase accounting on our debt balances, our debt fair value adjustments also include (i) amounts associated with the offsetting entry for hedged debt; and (ii) any unamortized portion of proceeds received from the early termination of interest rate swap agreements. For further information about our debt fair value adjustments, see Note 5 “Risk Management—Fair Value of Derivative Contracts.” | ||||||||||||||||
(d) | On February 28, 2013, KMP completed a public offering of $1 billion in principal amount of senior notes in two separate series, consisting of $600 million of 3.50% notes due September 1, 2023 and $400 million of 5.00% notes due March 1, 2043. KMP received net proceeds of $991 million, and used the proceeds to pay a portion of the purchase price for the March 2013 drop-down transaction and to reduce the borrowings under its commercial paper program. On August 5, 2013, KMP completed a public offering of $1.75 billion in principal amount of senior notes in three separate series, consisting of $800 million of 2.65% notes due February 1, 2019, $650 million of 4.15% notes due February 1, 2024 and $300 million of 5.00% notes due March 1, 2043 (the 5.00% notes issued in August 2013 constitute a further issuance of the $400 million aggregate principal amount of the 5.00% notes that KMP issued in February 2013 and form a single series with these notes). KMP received net proceeds of $1,724 million, and used the proceeds to reduce the borrowings of its commercial paper program and to fund its partial redemption and retirement of Copano’s 7.125% senior notes in September 2013 (see “—KMP’s Copano Debt” below). | ||||||||||||||||
(e) | In May 2013, in association with the increase of capacity negotiated for KMP’s senior unsecured revolving bank credit facility (see “—Credit Facilities - KMP” below), KMP increased its commercial paper program by $500 million to provide for the issuance of up to $2.7 billion. As of September 30, 2013 and December 31, 2012, the average interest rates on KMP’s outstanding commercial paper borrowings were 0.27% and 0.45%, respectively. The borrowings under KMP’s commercial paper program were used principally to finance the acquisitions and capital expansions made during the first nine months of 2013 and during 2012, and in the near term, KMP expects that its short-term liquidity and financing needs will be met primarily through borrowings made under its commercial paper program. | ||||||||||||||||
(f) | Consists of six separate series of fixed-rate unsecured senior notes that KMP assumed as part of the August 2012 drop-down transaction. | ||||||||||||||||
(g) | Consists of four separate series of fixed-rate unsecured senior notes that KMP assumed as part of the August 2012 and March 2013 drop-down transactions. | ||||||||||||||||
(h) | Consists of a single series of fixed-rate unsecured senior notes that KMP guaranteed as part of its May 1, 2013 Copano acquisition. The notes mature in full on April 1, 2021, and interest on the notes is payable semiannually on April 1 and October 1 of each year. For further information about these notes, see “—KMP’s Copano Debt” below. | ||||||||||||||||
(i) | As of September 30, 2013 and December 31, 2012, includes commercial paper borrowings of $174 million and $621 million. | ||||||||||||||||
(j) | In September 2013, EPPOC repaid $88 million of 8% senior notes. | ||||||||||||||||
(k) | LIBOR plus 1.75%. | ||||||||||||||||
KMP’s Copano Debt | |||||||||||||||||
As of the May 1, 2013 Copano acquisition date, KMP assumed the following outstanding Copano debt amounts (i) $404 million of outstanding borrowings under Copano’s revolving credit facility due June 10, 2016; (ii) $249 million aggregate principal amount of Copano’s 7.75% unsecured senior notes due June 1, 2018; and (iii) $510 million aggregate principal amount of Copano’s 7.125% unsecured senior notes due April 1, 2021. Immediately following the acquisition, KMP repaid the outstanding $404 million of borrowings under Copano’s revolving credit facility, and terminated the credit facility at the time of such repayment. On June 1, 2013, KMP paid $259 million (based on a price of 103.875% of the principal amount) to fully redeem and retire the 7.75% series of senior notes in accordance with the terms and conditions of the indenture governing the notes. As part of its May 1, 2013 purchase price allocation, KMP valued the 7.75% senior notes equal to the $259 million redemption value and accordingly, no gain or loss was recorded from this debt retirement. KMP utilized borrowings under its commercial paper program for both of these debt retirements. | |||||||||||||||||
On September 4, 2013, KMP paid $191 million to complete the partial redemption and retirement of $178 million (35%) of the total $510 million outstanding principal amount of Copano’s 7.125% senior notes, (excluding a $6 million payment for accrued and unpaid interest on the redeemed notes as of September 4, 2013). As part of its May 1, 2013 purchase price allocation, KMP valued the 7.125% senior notes equal to the $191 million redemption value and accordingly, KMP recorded no gain or loss from this debt retirement. As of September 30, 2013, an aggregate principal amount of $332 million of 7.125% senior notes remained outstanding. | |||||||||||||||||
Credit Facilities | |||||||||||||||||
KMI | |||||||||||||||||
As of September 30, 2013, we had $1,514 million outstanding under KMI’s $1.75 billion senior secured credit facility and $80 million in letters of credit. Our availability under this facility as of September 30, 2013 was approximately $156 million. | |||||||||||||||||
KMP | |||||||||||||||||
On May 1, 2013, KMP replaced its previous $2.2 billion, senior unsecured revolving bank credit facility that was due July 1, 2016, with a new $2.7 billion five-year senior unsecured revolving credit facility expiring May 1, 2018. Borrowings under the credit facility can be used for general partnership purposes and as a backup for KMP’s commercial paper program. KMP had no borrowings under the credit facility as of September 30, 2013. The credit facility’s financial covenants are substantially similar to those in the previous facility, and as of September 30, 2013, KMP was in compliance with all required financial covenants. The new facility provides that the margin KMP will pay with respect to borrowings and the facility fee KMP will pay on the total commitment will vary based on its senior debt credit rating. Interest on the credit facility accrues at KMP’s option at a floating rate equal to either: | |||||||||||||||||
▪ | the administrative agent’s base rate, plus a margin, which varies depending upon the credit rating of KMP’s long-term senior unsecured debt (the administrative agent’s base rate is a rate equal to the greatest of (i) the Federal Funds Rate, plus 0.5%; (ii) the Prime Rate; or (iii) LIBOR for a one-month eurodollar loan, plus 1%); or | ||||||||||||||||
▪ | LIBOR for a one-month eurodollar loan, plus a margin, which varies depending upon the credit rating of KMP’s long-term senior unsecured debt. | ||||||||||||||||
As of September 30, 2013, KMP had approximately $174 million of commercial paper borrowings outstanding under its $2.7 billion credit facility and $204 million in letters of credit. KMP’s availability under its facility as of September 30, 2013 was approximately $2,322 million. | |||||||||||||||||
EPB | |||||||||||||||||
As of September 30, 2013, EPB had no outstanding balance under its revolving credit facility. EPB’s availability under this facility as of September 30, 2013 was approximately $1 billion. | |||||||||||||||||
Kinder Morgan G.P., Inc. Preferred Shares | |||||||||||||||||
The following table provides information about KMGP’s distributions on 100,000 shares of its Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Per share cash distribution declared for the period(a) | $ | 10.517 | $ | 10.948 | $ | 31.531 | $ | 52.598 | |||||||||
Per share cash distribution paid in the period | $ | 10.545 | $ | 20.825 | $ | 31.652 | $ | 62.475 | |||||||||
_________ | |||||||||||||||||
(a) | Distribution declared for the three months ended September 30, 2013, was declared on October 16, 2013 and is payable on November 18, 2013 to shareholders of record as of October 31, 2013. |
Stockholders_Equity_Stockholde
Stockholders Equity Stockholders' Equity (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Stockholders’ Equity | |||||||||||||||
Common Equity | ||||||||||||||||
As of September 30, 2013, our common equity consisted of our Class P common stock. On December 26, 2012, our remaining series of Class A, Class B and Class C shares were fully converted, and as a result only our Class P common stock was outstanding as of December 31, 2012. Our Class P common stock is sometimes referred to herein as our “common stock,” and our Class A, Class B and Class C common stock is sometimes collectively referred to herein as our “investor retained stock.” For accounting purposes, our Class P shares are and our Class A shares, prior to the full conversion of the investor retained stock, were considered common stock, and prior to the full conversion of the investor retained stock, our Class B and Class C shares, were considered participating securities. For additional information regarding our common stock and our investor retained stock, see Note 10 “Stockholders’ Equity” to our consolidated financial statements included in our 2012 Form 10-K. | ||||||||||||||||
The following tables set forth the changes in our outstanding series of shares during the nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Class P | ||||||||||||||||
Balance at December 31, 2012 | 1,035,668,596 | |||||||||||||||
Shares issued with conversions of EP Trust I Preferred securities | 74,421 | |||||||||||||||
Shares issued for exercised warrants | 16,886 | |||||||||||||||
Restricted shares vested | 86,922 | |||||||||||||||
Balance at September 30, 2013 | 1,035,846,825 | |||||||||||||||
Class P | Class A | Class B | Class C | |||||||||||||
Balance at December 31, 2011 | 170,921,140 | 535,972,387 | 94,132,596 | 2,318,258 | ||||||||||||
Shares issued for EP acquisition (Note 2) | 330,154,610 | — | — | — | ||||||||||||
Shares issued with conversions of EP Trust I Preferred securities | 454,028 | — | — | — | ||||||||||||
Shares converted | 147,255,126 | (147,255,126 | ) | (4,827,797 | ) | (2,761 | ) | |||||||||
Shares canceled | (446,206 | ) | — | — | — | |||||||||||
Restricted shares vested | 77,925 | — | — | — | ||||||||||||
Balance at September 30, 2012 | 648,416,623 | 388,717,261 | 89,304,799 | 2,315,497 | ||||||||||||
Dividends | ||||||||||||||||
Holders of our common stock share equally in any dividend declared by our board of directors, subject to the rights of the holders of any outstanding preferred stock. The following table provides information about our per share dividends. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Per common share cash dividend declared for the period | $ | 0.41 | $ | 0.36 | $ | 1.19 | $ | 1.03 | ||||||||
Per common share cash dividend paid in the period | $ | 0.4 | $ | 0.35 | $ | 1.15 | $ | 0.98 | ||||||||
Dividends Subsequent to September 30, 2013 | ||||||||||||||||
On October 16, 2013, our board of directors declared a cash dividend of $0.41 per share for the quarterly period ended September 30, 2013, which is payable on November 15, 2013 to shareholders of record as of October 31, 2013. | ||||||||||||||||
Warrants | ||||||||||||||||
The table below sets forth the changes in our outstanding warrants during the nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Warrants | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning balance | 439,809,442 | — | ||||||||||||||
Warrants issued in EP acquisition(a) | — | 504,598,883 | ||||||||||||||
Warrants issued with conversions of EP Trust I Preferred securities(b) | 113,757 | 693,971 | ||||||||||||||
Warrants exercised | (21,208 | ) | — | |||||||||||||
Warrants repurchased(c) | (91,460,387 | ) | (59,787,050 | ) | ||||||||||||
Ending balance | 348,441,604 | 445,505,804 | ||||||||||||||
_______ | ||||||||||||||||
(a) | See Note 2, “Acquisitions and Divestitures—KMI Acquisition of EP.” | |||||||||||||||
(b) | See Note 8, “Debt” to our consolidated financial statements included in our 2012 Form 10-K. | |||||||||||||||
(c) | On May 23, 2012, we announced that our board of directors had approved a warrant repurchase program, authorizing us to repurchase in the aggregate up to $250 million of warrants, which repurchase was completed as of May 2013. In the second quarter of 2013, we repurchased an additional $38 million in warrants, which was approved by our board of directors separate and apart from the publicly announced repurchase program. On July 17, 2013, we announced that our board of directors had authorized an additional $350 million share and warrant repurchase program. As of September 30, 2013, $331 million of the $350 million repurchase program had been utilized. On October 16, 2013, we announced that our board of directors had approved an additional share and warrant repurchase program authorizing us to repurchase in the aggregate up to $250 million of additional shares or warrants. During the nine months ended September 30, 2013 and 2012, we paid a total of $463 million and $136 million, respectively, for the repurchase of warrants. | |||||||||||||||
Each of our warrants entitles the holder to purchase one share of our common stock for an exercise price of $40 per share, payable in cash or by cashless exercise, at any time until May 25, 2017. For additional information regarding our warrants, see Note 10 “Stockholders’ Equity” to our consolidated financial statements included in our 2012 Form 10-K. | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||
The caption “Noncontrolling interests” in our accompanying consolidated balance sheets consists of interests that we do not own in the following subsidiaries (in millions): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
KMP | $ | 7,612 | $ | 3,270 | ||||||||||||
EPB | 4,141 | 4,111 | ||||||||||||||
KMR | 3,020 | 2,716 | ||||||||||||||
Other | 264 | 137 | ||||||||||||||
$ | 15,037 | $ | 10,234 | |||||||||||||
Contributions | ||||||||||||||||
Contributions from our noncontrolling interests consist primarily of equity issuances by KMP, EPB and KMR. As of September 30, 2013, each of these subsidiaries has an equity distribution agreements in place which allows the subsidiary to sell its equity interests from time to time through a designated sales agent. The terms of each agreement are substantially similar. Sales of the subsidiary’s equity interests will be made by means of ordinary brokers’ transactions on the NYSE at market prices, in block transactions or as otherwise agreed between the subsidiary equity issuer and its sales agent. The subsidiary equity issuer may also sell its equity interests to its sales agent as principal for the sales agent’s own account at a price agreed upon at the time of the sale. Any sale of the subsidiary’s equity interests to the sales agent as principal would be pursuant to the terms of a separate agreement between the subsidiary equity issuer and its sales agent. The equity distribution agreement provides the subsidiary with the right, but not the obligation to offer and sell its equity units or shares, at prices to be determined by market conditions. The subsidiary retains at all times complete control over the amount and the timing of sales under its respective equity distribution agreement, and it will designate the maximum number of equity units or shares to be sold through its sales agent, on a daily basis or otherwise as the subsidiary equity issuer and its sales agent agree. | ||||||||||||||||
The table below shows significant issuances of common units or shares, the net proceeds from the issuances and the use of the proceeds during the nine months ended September 30, 2013 for KMP, EPB and KMR (dollars in millions and units and shares in thousands). | ||||||||||||||||
Issuances | Common units/shares | Net proceeds | Use of proceeds | |||||||||||||
(in thousands) | (in millions) | |||||||||||||||
KMP | ||||||||||||||||
Issued under equity distribution agreement(a) | ||||||||||||||||
2013 | 8,248 | $ | 695 | Reduced borrowings under KMP's commercial paper program | ||||||||||||
Other issuances | ||||||||||||||||
Feb-13 | 4,600 | $ | 385 | Issued to pay a portion of the purchase price for the March 2013 drop-down transaction | ||||||||||||
May-13 | 43,371 | $ | — | (b) | Issued to Copano unitholders as KMP's purchase price for Copano | |||||||||||
EPB(c) | ||||||||||||||||
2013 | 2,038 | $ | 85 | (d) | General partnership purposes | |||||||||||
KMR(e) | ||||||||||||||||
2013 | 1,757 | $ | 145 | Purchased additional KMP i-units; KMP then used proceeds to reduce borrowings under its commercial paper program | ||||||||||||
_______ | ||||||||||||||||
(a) | On June 3, 2013, KMP entered into a fourth amended and restated equity distribution agreement with UBS Securities LLC (UBS) which increased the aggregate offering price of KMP’s common units to up to $2.175 billion (up from $1.9 billion), and on August 7, 2013, KMP entered into a second and separate equity distribution agreement with UBS. The terms of this second equity distribution agreement are substantially similar to those in KMP’s previous agreement, and allows it to offer and sell from time to time additional KMP common units having an aggregate offering price of up to $1.9 billion through UBS, as sales agent. | |||||||||||||||
(b) | KMP valued these units at $3,733 million based on the $86.08 closing market price of a KMP common unit on the NYSE on May 1, 2013. | |||||||||||||||
(c) | On March 7, 2013, EPB entered into an equity distribution agreement with Citigroup. Pursuant to the provisions of EPB’s equity distribution agreement, EPB may sell from time to time through Citigroup, as its sales agent, EPB’s common units representing limited partner interests having an aggregate offering price of up to $500 million. | |||||||||||||||
(d) | Represents proceeds received from noncontrolling interests and excludes our $2 million contribution as the owner of EPB’s general partner. | |||||||||||||||
(e) | On May 4, 2012, KMR entered into an equity distribution agreement with Credit Suisse Securities (USA) LLC (Credit Suisse). Pursuant to the provisions of KMR’s equity distribution agreement, it may sell from time to time through Credit Suisse, as its sales agent, KMR shares having an aggregate offering price of up to $500 million. | |||||||||||||||
The above equity issuances by KMP, EPB and KMR during the nine months ended September 30, 2013 had the associated effects of increasing our (i) noncontrolling interests by $4,799 million; (ii) accumulated deferred income taxes by $90 million; and (iii) additional paid-in capital by $154 million. | ||||||||||||||||
Distributions | ||||||||||||||||
The following table provides information about distributions from our noncontrolling interests (in millions except per unit distribution amounts): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
KMP | ||||||||||||||||
Per unit cash distribution declared for the period | $ | 1.35 | $ | 1.26 | $ | 3.97 | $ | 3.69 | ||||||||
Per unit cash distribution paid in the period | $ | 1.32 | $ | 1.23 | $ | 3.91 | $ | 3.59 | ||||||||
Cash distributions paid in the period to the public | $ | 377 | $ | 275 | $ | 983 | $ | 788 | ||||||||
EPB(a) | ||||||||||||||||
Per unit cash distribution declared for the period | $ | 0.65 | $ | 0.58 | $ | 1.9 | $ | 1.13 | ||||||||
Per unit cash distribution paid in the period | $ | 0.63 | $ | 0.55 | $ | 1.86 | $ | 0.55 | ||||||||
Cash distributions paid in the period to the public | $ | 80 | $ | 64 | $ | 235 | $ | 64 | ||||||||
KMR(b) | ||||||||||||||||
Share distributions paid in the period | 1,880,172 | 1,578,616 | 5,411,720 | 4,646,736 | ||||||||||||
_______ | ||||||||||||||||
(a) | Represents distribution information since the May 2012 EP acquisition. | |||||||||||||||
(b) | KMR’s distributions are paid in the form of additional shares or fractions thereof calculated by dividing the KMP cash distribution per common unit by the average of the market closing prices of a KMR share determined for a ten-trading day period ending on the trading day immediately prior to the ex-dividend date for the shares. On October 16, 2013, KMR declared a share distribution of 0.017610 shares per outstanding share (2,153,480 total shares) payable on November 14, 2013 to shareholders of record as of October 31, 2013, based on the $1.35 per common unit distribution declared by KMP. | |||||||||||||||
Subsequent Events | ||||||||||||||||
Noncontrolling Interests Distributions | ||||||||||||||||
On October 16, 2013, KMP declared a cash distribution of $1.35 per unit for the quarterly period ended September 30, 2013. The distribution will be paid on November 14, 2013 to KMP’s unitholders of record as of October 31, 2013. | ||||||||||||||||
On October 16, 2013, EPB declared a cash distribution of $0.65 per unit for the quarterly period ended September 30, 2013. The distribution will be paid on November 14, 2013 to EPB’s unitholders of record as of October 31, 2013. |
Risk_Management_Notes
Risk Management (Notes) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Risk Management | Risk Management | ||||||||||||||||||||||||||||
Certain of our business activities expose us to risks associated with unfavorable changes in the market price of natural gas, NGLs and crude oil. We also have exposure to interest rate risk as a result of the issuance of our debt obligations. Pursuant to our management’s approved risk management policy, we use derivative contracts to hedge or reduce our exposure to certain of these risks. | |||||||||||||||||||||||||||||
As part of the EP acquisition, we acquired power forward and swap contracts. We have entered into offsetting positions that eliminate the price risks associated with our power contracts. As part of the May 1, 2013 Copano acquisition, KMP acquired derivative contracts related to natural gas, NGLs and crude oil. None of these derivatives are designated as accounting hedges. | |||||||||||||||||||||||||||||
Energy Commodity Price Risk Management | |||||||||||||||||||||||||||||
As of September 30, 2013, KMI and KMP had the following outstanding commodity forward contracts to hedge their forecasted energy commodity purchases and sales: | |||||||||||||||||||||||||||||
Net open position long/(short) | |||||||||||||||||||||||||||||
Derivatives designated as hedging contracts | |||||||||||||||||||||||||||||
Crude oil fixed price | (23.1 | ) | million barrels | ||||||||||||||||||||||||||
Natural gas fixed price | (35.2 | ) | billion cubic feet | ||||||||||||||||||||||||||
Natural gas basis | (30.7 | ) | billion cubic feet | ||||||||||||||||||||||||||
Derivatives not designated as hedging contracts | |||||||||||||||||||||||||||||
Crude oil fixed price | 0.5 | million barrels | |||||||||||||||||||||||||||
Crude oil basis | (1.2 | ) | million barrels | ||||||||||||||||||||||||||
Natural gas fixed price | 0.3 | billion cubic feet | |||||||||||||||||||||||||||
Natural gas basis | 7.9 | billion cubic feet | |||||||||||||||||||||||||||
NGLs fixed price | 0.4 | million barrels | |||||||||||||||||||||||||||
As of September 30, 2013, the maximum length of time over which we have hedged our exposure to the variability in future cash flows associated with energy commodity price risk is through December 2017. | |||||||||||||||||||||||||||||
Interest Rate Risk Management | |||||||||||||||||||||||||||||
As of September 30, 2013, KMI and KMP had a combined notional principal amount of $725 million and $5,050 million, respectively, of fixed-to-variable interest rate swap agreements, effectively converting the interest expense associated with certain series of senior notes from fixed rates to variable rates based on an interest rate of LIBOR plus a spread. All of KMI and KMP’s swap agreements have termination dates that correspond to the maturity dates of the related series of senior notes and, as of September 30, 2013, the maximum length of time over which we have hedged a portion of our exposure to the variability in the value of this debt due to interest rate risk is through March 15, 2035. | |||||||||||||||||||||||||||||
In June 2013, KMP terminated three fixed-to-variable interest rate swap agreements in separate transactions having a combined notional principal amount of $975 million, and received combined proceeds of $96 million from the early termination of these swap agreements. In August 2013, KMP entered into six separate fixed-to-variable interest rate swap agreements having a combined notional principal amount of $500 million. Four of these agreements effectively convert a portion of the interest expense associated with KMP’s 2.65% senior notes due February 1, 2019 from a fixed rate to a variable rate based on an interest rate of LIBOR plus a spread and the remaining two agreements effectively convert a portion of the interest expense associated with KMP’s 4.15% senior notes due February 1, 2024, from a fixed rate to a variable rate based on an interest rate of LIBOR plus a spread. As of December 31, 2012, KMI and KMP had a combined notional principal amount of $725 million and $5,525 million, respectively, of fixed-to-variable interest rate swap agreements. | |||||||||||||||||||||||||||||
Fair Value of Derivative Contracts | |||||||||||||||||||||||||||||
The following table summarizes the fair values of our derivative contracts included in our accompanying consolidated balance sheets as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||||||
Fair Value of Derivative Contracts | |||||||||||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Balance sheet location | Fair value | Fair value | Fair value | Fair value | |||||||||||||||||||||||||
Derivatives designated as hedging contracts | |||||||||||||||||||||||||||||
Natural gas and crude derivative contracts | Other current assets/(Accrued other current liabilities) | $ | 19 | $ | 42 | $ | (49 | ) | $ | (18 | ) | ||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits) | 65 | 40 | (43 | ) | (11 | ) | |||||||||||||||||||||||
Subtotal | 84 | 82 | (92 | ) | (29 | ) | |||||||||||||||||||||||
Interest rate swap agreements | Other current assets/(Accrued other current liabilities) | 114 | 9 | — | — | ||||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits) | 200 | 656 | (79 | ) | (1 | ) | |||||||||||||||||||||||
Subtotal | 314 | 665 | (79 | ) | (1 | ) | |||||||||||||||||||||||
Total | 398 | 747 | (171 | ) | (30 | ) | |||||||||||||||||||||||
Derivatives not designated as hedging contracts | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | Other current assets/(Accrued other current liabilities) | 11 | 4 | (2 | ) | (3 | ) | ||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits) | 2 | — | (1 | ) | (1 | ) | |||||||||||||||||||||||
Subtotal | 13 | 4 | (3 | ) | (4 | ) | |||||||||||||||||||||||
Power derivative contracts | Other current assets/(Accrued other current liabilities) | 9 | 8 | (55 | ) | (59 | ) | ||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits) | 13 | 13 | (85 | ) | (120 | ) | |||||||||||||||||||||||
Subtotal | 22 | 21 | (140 | ) | (179 | ) | |||||||||||||||||||||||
Total | 35 | 25 | (143 | ) | (183 | ) | |||||||||||||||||||||||
Total derivatives | $ | 433 | $ | 772 | $ | (314 | ) | $ | (213 | ) | |||||||||||||||||||
Certain of our derivative contracts are subject to master netting agreements. As of September 30, 2013 and December 31, 2012, we presented the fair value of our derivative contracts on a gross basis on our accompanying consolidated balance sheets. The following tables present our derivative contracts subject to such netting agreements as of the dates indicated (in millions): | |||||||||||||||||||||||||||||
Offsetting of financial assets and derivative assets | |||||||||||||||||||||||||||||
Gross amounts not offset in the balance sheet | |||||||||||||||||||||||||||||
Gross amounts of recognized assets | Gross amounts offset in the balance sheet | Amounts of assets presented in the balance sheet | Financial instruments | Cash collateral held(a) | Net amount | ||||||||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | $ | 97 | $ | — | $ | 97 | $ | (60 | ) | $ | — | $ | 37 | ||||||||||||||||
Power derivative contracts | $ | 22 | $ | — | $ | 22 | $ | (22 | ) | $ | — | $ | — | ||||||||||||||||
Interest rate swap agreements | $ | 314 | $ | — | $ | 314 | $ | (19 | ) | $ | — | $ | 295 | ||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | $ | 86 | $ | — | $ | 86 | $ | (17 | ) | $ | — | $ | 69 | ||||||||||||||||
Power derivative contracts | $ | 21 | $ | — | $ | 21 | $ | (21 | ) | $ | — | $ | — | ||||||||||||||||
Interest rate swap agreements | $ | 665 | $ | — | $ | 665 | $ | — | $ | — | $ | 665 | |||||||||||||||||
Offsetting of financial liabilities and derivative liabilities | |||||||||||||||||||||||||||||
Gross amounts not offset in the balance sheet | |||||||||||||||||||||||||||||
Gross amounts of recognized liabilities | Gross amounts offset in the balance sheet | Amounts of liabilities presented in the balance sheet | Financial instruments | Cash collateral posted(b) | Net amount | ||||||||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | $ | (95 | ) | $ | — | $ | (95 | ) | $ | 60 | $ | — | $ | (35 | ) | ||||||||||||||
Power derivative contracts | $ | (140 | ) | $ | — | $ | (140 | ) | $ | 22 | $ | 5 | $ | (113 | ) | ||||||||||||||
Interest rate swap agreements | $ | (79 | ) | $ | — | $ | (79 | ) | $ | 19 | $ | — | $ | (60 | ) | ||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | $ | (33 | ) | $ | — | $ | (33 | ) | $ | 17 | $ | 5 | $ | (11 | ) | ||||||||||||||
Power derivative contracts | $ | (179 | ) | $ | — | $ | (179 | ) | $ | 21 | $ | — | $ | (158 | ) | ||||||||||||||
Interest rate swap agreements | $ | (1 | ) | $ | — | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||||||||||
_______ | |||||||||||||||||||||||||||||
(a) | Cash margin deposits held by KMP associated with its energy commodity contract positions and OTC swap agreements and reported within “Accrued other current liabilities” in our accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||
(b) | $5 million of cash margin deposits posted by KMI at September 30, 2013 and KMP at December 31, 2012, associated with energy commodity contract positions and OTC swap agreements and reported within “Other current assets” in our accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||
Debt Fair Value Adjustments | |||||||||||||||||||||||||||||
The offsetting entry to adjust the carrying value of the debt securities whose fair value was being hedged is included within “Debt fair value adjustments” on our accompanying consolidated balance sheets. Our “Debt fair value adjustments” also include all unamortized debt discount/premium amounts, purchase accounting on our debt balances, and any unamortized portion of proceeds received from the early termination of interest rate swap agreements. As of September 30, 2013 and December 31, 2012, these fair value adjustments to our debt balances included (i) $1,419 million and $1,470 million, respectively, associated with fair value adjustments to our debt previously recorded in purchase accounting; (ii) $235 million and $664 million, respectively, associated with the offsetting entry for hedged debt; (iii) $533 million and $490 million, respectively, associated with unamortized premium from the termination of interest rate swap agreements; and offset by (iv) $63 million and $33 million, respectively, associated with unamortized debt discount amounts. As of September 30, 2013, the weighted-average amortization period of the unamortized premium from the termination of the interest rate swaps was approximately 16 years. | |||||||||||||||||||||||||||||
Effect of Derivative Contracts on the Income Statement | |||||||||||||||||||||||||||||
The following two tables summarize the impact of our derivative contracts on our accompanying consolidated statements of income for each of the three and nine months ended September 30, 2013 and 2012 (in millions): | |||||||||||||||||||||||||||||
Derivatives in fair value hedging relationships | Location of gain/(loss) recognized in income on derivatives | Amount of gain/(loss) recognized in income | |||||||||||||||||||||||||||
on derivatives and related hedged item(a) | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest rate swap agreements | Interest expense | $ | (26 | ) | $ | 29 | $ | (333 | ) | $ | 110 | ||||||||||||||||||
Total | $ | (26 | ) | $ | 29 | $ | (333 | ) | $ | 110 | |||||||||||||||||||
Fixed rate debt | Interest expense | $ | 26 | $ | (29 | ) | $ | 333 | $ | (110 | ) | ||||||||||||||||||
Total | $ | 26 | $ | (29 | ) | $ | 333 | $ | (110 | ) | |||||||||||||||||||
_______ | |||||||||||||||||||||||||||||
(a) | Amounts reflect the change in the fair value of interest rate swap agreements and the change in the fair value of the associated fixed rate debt which exactly offset each other as a result of no hedge ineffectiveness. | ||||||||||||||||||||||||||||
Derivatives | Amount of gain/(loss) | Location of | Amount of gain/(loss) reclassified from | Location of | Amount of gain/(loss) | ||||||||||||||||||||||||
in cash flow | recognized in OCI | gain/(loss) | Accumulated OCI | gain/(loss) | recognized in income | ||||||||||||||||||||||||
hedging | on derivative(effective portion)(a) | reclassified from | into income | recognized in | on derivative | ||||||||||||||||||||||||
relationships | Accumulated OCI | (effective portion)(b) | income on | (ineffective portion | |||||||||||||||||||||||||
into income | derivative | and amount | |||||||||||||||||||||||||||
(effective | (ineffective | excluded from | |||||||||||||||||||||||||||
portion) | portion | effectiveness testing) | |||||||||||||||||||||||||||
and amount | |||||||||||||||||||||||||||||
excluded from | |||||||||||||||||||||||||||||
effectiveness | |||||||||||||||||||||||||||||
testing) | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Energy commodity derivative contracts | $ | (78 | ) | $ | (69 | ) | Natural gas sales | $ | — | $ | 1 | Natural gas sales | $ | — | $ | — | |||||||||||||
Product sales and other | (22 | ) | — | Product sales and other | (8 | ) | (5 | ) | |||||||||||||||||||||
Costs of sales | 3 | 7 | Costs of sales | — | — | ||||||||||||||||||||||||
Interest rate swap agreements | (2 | ) | (2 | ) | Interest expense | — | 2 | Interest expense | — | — | |||||||||||||||||||
Total | $ | (80 | ) | $ | (71 | ) | Total | $ | (19 | ) | $ | 10 | Total | $ | (8 | ) | $ | (5 | ) | ||||||||||
Derivatives | Amount of gain/(loss) | Location of | Amount of gain/(loss) | Location of | Amount of gain/(loss) | ||||||||||||||||||||||||
in cash flow | recognized in OCI | gain/(loss) | reclassified from | gain/(loss) | recognized in income | ||||||||||||||||||||||||
hedging | on derivative(effective portion)(a) | reclassified from | Accumulated OCI | recognized in | on derivative | ||||||||||||||||||||||||
relationships | Accumulated OCI | into income | income on | (ineffective portion | |||||||||||||||||||||||||
into income | (effective portion)(b) | derivative | and amount | ||||||||||||||||||||||||||
(effective | (ineffective | excluded from | |||||||||||||||||||||||||||
portion) | portion | effectiveness testing) | |||||||||||||||||||||||||||
and amount | |||||||||||||||||||||||||||||
excluded from | |||||||||||||||||||||||||||||
effectiveness | |||||||||||||||||||||||||||||
testing) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Energy commodity derivative contracts | $ | (55 | ) | $ | 76 | Natural gas sales | $ | — | $ | 3 | Natural gas sales | $ | — | $ | — | ||||||||||||||
Product sales and other | (9 | ) | (23 | ) | Product sales and other | (2 | ) | (8 | ) | ||||||||||||||||||||
Costs of sales | (2 | ) | 13 | Costs of sales | — | — | |||||||||||||||||||||||
Interest rate swap agreements | 6 | (5 | ) | Interest expense | 1 | 2 | Interest expense | — | — | ||||||||||||||||||||
Total | $ | (49 | ) | $ | 71 | Total | $ | (10 | ) | $ | (5 | ) | Total | $ | (2 | ) | $ | (8 | ) | ||||||||||
_______ | |||||||||||||||||||||||||||||
(a) | We expect to reclassify an approximate $17 million loss associated with energy commodity price risk management activities and included in our accumulated other comprehensive loss and noncontrolling interest balances as of September 30, 2013 into earnings during the next twelve months (when the associated forecasted sales and purchases are also expected to occur), however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices. | ||||||||||||||||||||||||||||
(b) | Amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred). | ||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2013, we recognized losses of $7 million and $10 million, respectively, in income and included these amounts within “Product sales and other” from derivative contracts not designated as accounting hedges. For the three and nine months ended September 30, 2012, such amounts were not significant. | |||||||||||||||||||||||||||||
Credit Risks | |||||||||||||||||||||||||||||
We and our subsidiary, KMP, have counterparty credit risk as a result of our use of financial derivative contracts. Our counterparties consist primarily of financial institutions, major energy companies, natural gas and electric utilities, and local distribution companies. This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, in that the counterparties may be similarly affected by changes in economic, regulatory or other conditions. | |||||||||||||||||||||||||||||
We maintain credit policies with regard to our counterparties that we believe minimize our overall credit risk. These policies include (i) an evaluation of potential counterparties’ financial condition (including credit ratings); (ii) collateral requirements under certain circumstances; and (iii) the use of standardized agreements which allow for netting of positive and negative exposure associated with a single counterparty. Based on our policies, exposure, credit and other reserves, our management does not anticipate a material adverse effect on our financial position, results of operations, or cash flows as a result of counterparty performance. | |||||||||||||||||||||||||||||
Our OTC swaps and options are entered into with counterparties outside central trading organizations such as futures, options or stock exchanges. These contracts are with a number of parties, all of which have investment grade credit ratings. While we enter into derivative transactions with investment grade counterparties and actively monitor their ratings, it is nevertheless possible that from time to time losses will result from counterparty credit risk in the future. | |||||||||||||||||||||||||||||
In conjunction with the purchase of exchange-traded derivative contracts or when the market value of our derivative contracts with specific counterparties exceeds established limits, we are required to provide collateral to our counterparties, which may include posting letters of credit or placing cash in margin accounts. As of both September 30, 2013 and December 31, 2012, KMP had no outstanding letters of credit supporting its hedging of energy commodity price risks associated with the sale of natural gas, NGLs and crude oil. As of September 30, 2013 and December 31, 2012, KMI had $170 million and $300 million, respectively, of outstanding letters of credit supporting its commodity price risks associated with the sale of natural gas and power. | |||||||||||||||||||||||||||||
KMP and KMI also have agreements with certain counterparties to their derivative contracts that contain provisions requiring the posting of additional collateral upon a decrease in their credit rating. As of September 30, 2013, we estimate that if KMP’s credit rating was downgraded one notch, KMP would be required to post no additional collateral to its counterparties. If KMP was downgraded two notches (that is, below investment grade), KMP would be required to post $18 million of incremental collateral. As of September 30, 2013, we estimate that if KMI’s credit rating was downgraded one or two notches, KMI would be required to post no additional collateral to its counterparties. | |||||||||||||||||||||||||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Changes in the components of our “Accumulated other comprehensive income (loss)” for the nine months ended September 30, 2013 are summarized as follows (in millions): | |||||||||||||||||||||||||||||
Net unrealized | Foreign | Pension and | Total | ||||||||||||||||||||||||||
gains/(losses) | currency | other | Accumulated other | ||||||||||||||||||||||||||
on cash flow | translation | postretirement | comprehensive | ||||||||||||||||||||||||||
hedge derivatives | adjustments | liability adjustments | income/(loss) | ||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | 51 | $ | (176 | ) | $ | (118 | ) | |||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (22 | ) | (28 | ) | 66 | 16 | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 5 | — | — | 5 | |||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | (17 | ) | (28 | ) | 66 | 21 | |||||||||||||||||||||||
Balance as of September 30, 2013 | $ | (10 | ) | $ | 23 | $ | (110 | ) | $ | (97 | ) | ||||||||||||||||||
Fair_Value_Notes
Fair Value (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value | Fair Value | |||||||||||||||
The fair values of our financial instruments are separated into three broad levels (Levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine fair value. Each fair value measurement must be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. | ||||||||||||||||
The three broad levels of inputs defined by the fair value hierarchy are as follows: | ||||||||||||||||
• | Level 1 Inputs—quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; | |||||||||||||||
• | Level 2 Inputs—inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability; and | |||||||||||||||
• | Level 3 Inputs—unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data). | |||||||||||||||
Fair Value of Derivative Contracts | ||||||||||||||||
The following two tables summarize the fair value measurements of our (i) energy commodity derivative contracts; and (ii) interest rate swap agreements as of September 30, 2013 and December 31, 2012, based on the three levels established by the Codification. The fair value measurements in the tables below do not include cash margin deposits made by us or our counterparties, which are reported within “Other current assets” and “Accrued other current liabilities,” respectively, in our accompanying consolidated balance sheets (in millions). | ||||||||||||||||
Asset fair value measurements using | ||||||||||||||||
Total | Quoted prices in active markets for identical | Significant other observable inputs (Level 2) | Significant | |||||||||||||
assets (Level 1) | unobservable | |||||||||||||||
inputs (Level 3) | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Energy commodity derivative contracts(a) | $ | 119 | $ | 13 | $ | 43 | $ | 63 | ||||||||
Interest rate swap agreements | $ | 314 | $ | — | $ | 314 | $ | — | ||||||||
As of December 31, 2012 | ||||||||||||||||
Energy commodity derivative contracts(a) | $ | 107 | $ | 3 | $ | 76 | $ | 28 | ||||||||
Interest rate swap agreements | $ | 665 | $ | — | $ | 665 | $ | — | ||||||||
Liability fair value measurements using | ||||||||||||||||
Total | Quoted prices in | Significant other observable | Significant | |||||||||||||
active markets | inputs (Level 2) | unobservable | ||||||||||||||
for identical | inputs (Level 3) | |||||||||||||||
liabilities | ||||||||||||||||
(Level 1) | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Energy commodity derivative contracts(a) | $ | (235 | ) | $ | (5 | ) | $ | (47 | ) | $ | (183 | ) | ||||
Interest rate swap agreements | $ | (79 | ) | $ | — | $ | (79 | ) | $ | — | ||||||
As of December 31, 2012 | ||||||||||||||||
Energy commodity derivative contracts(a) | $ | (212 | ) | $ | (3 | ) | $ | (26 | ) | $ | (183 | ) | ||||
Interest rate swap agreements | $ | (1 | ) | $ | — | $ | (1 | ) | $ | — | ||||||
_______ | ||||||||||||||||
(a) | Level 1 consists primarily of NYMEX natural gas futures. Level 2 consists primarily of OTC WTI swaps and OTC natural gas swaps that are settled on NYMEX. Level 3 consists primarily of WTI options, WTI basis swaps, NGL options and power derivative contracts. | |||||||||||||||
The table below provides a summary of changes in the fair value of our Level 3 energy commodity derivative contracts for each of the three and nine months ended September 30, 2013 and 2012 (in millions): | ||||||||||||||||
Significant unobservable inputs (Level 3) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives-net asset (liability) | ||||||||||||||||
Beginning of Period | $ | (114 | ) | $ | (220 | ) | $ | (155 | ) | $ | 7 | |||||
Total gains or (losses) | ||||||||||||||||
Included in earnings | (17 | ) | (7 | ) | (18 | ) | (8 | ) | ||||||||
Included in other comprehensive loss | (2 | ) | (6 | ) | (2 | ) | — | |||||||||
Purchases(a) | — | — | 18 | (243 | ) | |||||||||||
Settlements | 13 | 14 | 37 | 25 | ||||||||||||
End of Period | $ | (120 | ) | $ | (219 | ) | $ | (120 | ) | $ | (219 | ) | ||||
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or (losses) relating to assets held at the reporting date | $ | (14 | ) | $ | (10 | ) | $ | (13 | ) | $ | (6 | ) | ||||
_______ | ||||||||||||||||
(a) | 2012 purchases include a net liability of $246 million of Level 3 energy commodity derivative contracts associated with the EP acquisition. 2013 purchases include a net asset of $18 million of Level 3 energy commodity derivative contracts assumed in conjunction with KMP’s May 1, 2013 Copano acquisition. | |||||||||||||||
As of September 30, 2013, our Level 3 derivative assets and liabilities consisted primarily of WTI options, WTI basis swaps, NGL options and power derivative contracts, where a significant portion of fair value is calculated from underlying market data that is not readily observable. The derived values use industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management’s best estimate of fair value. | ||||||||||||||||
The significant unobservable inputs used in the fair value measurement of our power derivative contracts are illiquid pricing points. As the delivery points in our power contracts are in an illiquid market and not actively traded, we adjust the Pennsylvania-New Jersey-Maryland (PJM) forward curves by the difference between the 12-month rolling average of actual settled prices at delivery points in the PJM East region. As of September 30, 2012, the adjusted prices over the contract term ranged from $28.50 per MW/h to $60.93 per MW/h. However, we have entered into offsetting positions that eliminate the price risks associated with our PJM power contracts. Significant increases (decreases) in these inputs in isolation would result in a significantly lower (higher) fair value measurement. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The estimated fair value of our outstanding debt balance (both short-term and long-term and including debt fair value adjustments), is disclosed below (in millions): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Total debt | $ | 36,011 | $ | 35,939 | $ | 34,401 | $ | 36,720 | ||||||||
We used Level 2 input values to measure the estimated fair value of our outstanding debt balances as of both September 30, 2013 and December 31, 2012. |
Reportable_Segments_Notes
Reportable Segments (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Reportable Segments | Reportable Segments | |||||||||||||||
We operate the following reportable business segments. These segments and their principal sources of revenues are as follows: | ||||||||||||||||
• | Natural Gas Pipelines—the sale, transport, processing, treating, fractionation, storage and gathering of natural gas and NGLs; | |||||||||||||||
• | CO2—KMP—the production, sale and transportation of crude oil from fields in the Permian Basin of West Texas and the production, transportation and marketing of CO2 used as a flooding medium for recovering crude oil from mature oil fields; | |||||||||||||||
• | Products Pipelines—KMP— the transportation and terminaling of refined petroleum products, including gasoline, diesel fuel, jet fuel, NGLs, crude and condensate, and bio-fuels; | |||||||||||||||
• | Terminals—KMP—the transloading and storing of refined petroleum products and dry and liquid bulk products, including coal, petroleum coke, cement, alumina, salt and other bulk chemicals; | |||||||||||||||
• | Kinder Morgan Canada—KMP—the transportation of crude oil and refined products from Alberta, Canada to marketing terminals and refineries in British Columbia, and the state of Washington. As further described in Note 2, Kinder Morgan Canada divested its interest in the Express pipeline system effective March 14, 2013; and | |||||||||||||||
• | Other—primarily includes several physical natural gas contracts with power plants associated with EP’s legacy trading activities. These contracts obligate EP to sell natural gas to these plants and have various expiration dates ranging from 2012 to 2028. | |||||||||||||||
We evaluate performance principally based on each segment’s earnings before depreciation, depletion and amortization expenses (including amortization of excess cost of equity investments), which excludes general and administrative expenses, third-party debt costs and interest expense, unallocable interest income, and unallocable income tax expense. Our reportable segments are strategic business units that offer different products and services, and they are structured based on how our chief operating decision makers organize their operations for optimal performance and resource allocation. Each segment is managed separately because each segment involves different products and marketing strategies. | ||||||||||||||||
Financial information by segment follows (in millions): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Natural Gas Pipelines | ||||||||||||||||
Revenues from external customers(a) | $ | 2,388 | $ | 1,646 | $ | 6,197 | $ | 3,440 | ||||||||
Intersegment revenues | 2 | — | 3 | — | ||||||||||||
CO2–KMP | 456 | 420 | 1,345 | 1,250 | ||||||||||||
Products Pipelines–KMP | 474 | 386 | 1,371 | 940 | ||||||||||||
Terminals–KMP | ||||||||||||||||
Revenues from external customers | 354 | 334 | 1,034 | 1,017 | ||||||||||||
Intersegment revenues | — | — | 1 | 1 | ||||||||||||
Kinder Morgan Canada–KMP | 74 | 80 | 221 | 226 | ||||||||||||
Other | 1 | (4 | ) | 3 | (5 | ) | ||||||||||
Total segment revenues | 3,749 | 2,862 | 10,175 | 6,869 | ||||||||||||
Other revenues | 9 | 8 | 27 | 26 | ||||||||||||
Less: Total intersegment revenues | (2 | ) | — | (4 | ) | (1 | ) | |||||||||
Total consolidated revenues | $ | 3,756 | $ | 2,870 | $ | 10,198 | $ | 6,894 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Segment earnings (loss) before depreciation, depletion, amortization and amortization of excess cost of equity investments(b) | ||||||||||||||||
Natural Gas Pipelines(a)(c) | $ | 958 | $ | 822 | $ | 3,281 | $ | 1,477 | ||||||||
CO2–KMP | 340 | 327 | 1,040 | 988 | ||||||||||||
Products Pipelines–KMP(d) | 202 | 150 | 399 | 490 | ||||||||||||
Terminals–KMP | 217 | 183 | 609 | 564 | ||||||||||||
Kinder Morgan Canada–KMP(e) | 43 | 56 | 286 | 158 | ||||||||||||
Other | -3 | 21 | (4 | ) | 18 | |||||||||||
Total segment EBDA | 1,757 | 1,559 | 5,611 | 3,695 | ||||||||||||
Total segment depreciation, depletion and amortization | -467 | -403 | (1,327 | ) | (1,010 | ) | ||||||||||
Total segment amortization of excess cost of investments | -11 | -5 | (29 | ) | (9 | ) | ||||||||||
Other revenues | 9 | 8 | 27 | 26 | ||||||||||||
General and administrative expenses(f) | -158 | -186 | (481 | ) | (816 | ) | ||||||||||
Unallocable interest and other, net of unallocable interest income(g) | -420 | -533 | (1,257 | ) | (1,013 | ) | ||||||||||
Unallocable income tax expense | -159 | -54 | (554 | ) | (145 | ) | ||||||||||
Loss from discontinued operations, net of tax(h) | — | -131 | (2 | ) | (789 | ) | ||||||||||
Total consolidated net income (loss) | $ | 551 | $ | 255 | $ | 1,988 | $ | (61 | ) | |||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets | ||||||||||||||||
Natural Gas Pipelines | $ | 52,146 | $ | 46,600 | ||||||||||||
CO2–KMP | 4,611 | 4,148 | ||||||||||||||
Products Pipelines–KMP | 6,466 | 6,089 | ||||||||||||||
Terminals–KMP | 6,673 | 5,931 | ||||||||||||||
Kinder Morgan Canada–KMP | 1,662 | 1,724 | ||||||||||||||
Other | 567 | 601 | ||||||||||||||
Total segment assets | 72,125 | 65,093 | ||||||||||||||
Corporate assets(i) | 2,450 | 2,854 | ||||||||||||||
Assets held for sale(j) | — | 298 | ||||||||||||||
Total consolidated assets | $ | 74,575 | $ | 68,245 | ||||||||||||
_______ | ||||||||||||||||
(a) | Increases in the three and nine month 2013 amounts versus the three and nine month 2012 amounts reflect our May 25, 2012 acquisition of EP and KMP’s May 1, 2013 acquisition of Copano. | |||||||||||||||
(b) | Includes revenues, earnings from equity investments, allocable interest income, and other, net, less operating expenses, allocable income taxes, and other expense (income). | |||||||||||||||
(c) | Nine month 2013 amount includes a $558 million non-cash gain from the remeasurement of net assets to fair value. See Note 2 for further discussion. | |||||||||||||||
(d) | Nine month 2013 amount includes a $177 million increase in expense associated with adjustments to certain legal liabilities related to both transportation rate cases and environmental matters. | |||||||||||||||
(e) | Three and nine month 2013 amounts include a $1 million decrease and a $140 million increase, respectively, from after-tax loss and gain amounts on the sale of KMP’s investments in the Express pipeline system. | |||||||||||||||
(f) | Nine month 2012 amount includes increases in expense of (i) $157 million in employee severance, retention and bonus costs; (ii) $87 million of accelerated EP stock based compensation allocated to the post-combination period under applicable GAAP rules; (iii) $37 million in advisory fees; and (iv) $96 million for legal fees and litigation reserves. These increases in expense were partially offset by a $17 million benefit associated with pension income. | |||||||||||||||
(g) | Three and nine month 2012 amounts include increases in expense of $95 million and $104 million, respectively, of capitalized financing fees, almost all of which was associated with the EP acquisition financing, that was written-off (primarily due to debt repayment) or amortized. | |||||||||||||||
(h) | Represents amounts primarily attributable to KMP’s FTC Natural Gas Pipelines disposal group and other, net of tax. Nine month 2013 amount represents an incremental loss related to the sale of KMP’s disposal group effective November 1, 2012. Three month 2012 amount includes a $179 million non-cash loss from remeasurement of net assets to fair value, and nine month 2012 amount includes a combined $934 million loss from both costs to sell and the remeasurement of net assets to fair value, net of tax, and $7 million of depreciation and amortization expense. | |||||||||||||||
(i) | Includes cash and cash equivalents, margin and restricted deposits, unallocable interest receivable, prepaid assets and deferred charges, risk management assets related to debt fair value adjustments and miscellaneous corporate assets (such as information technology and telecommunications equipment) not allocated to individual segments. | |||||||||||||||
(j) | 2012 amount primarily represents amounts attributable to KMP’s Express pipelines system and our ownership interest in the Bolivia to Brazil Pipeline as of December 31, 2012. |
Related_Party_Transactions_Not
Related Party Transactions (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Related Party Transactions | Related Party Transactions | |||||||
Affiliated Balances | ||||||||
The following table summarizes our balance sheet affiliate balances (in millions): | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
Balance sheet location | ||||||||
Accounts receivable, net | $ | 20 | $ | 25 | ||||
Assets held for sale(a) | — | 114 | ||||||
Other current assets | 3 | 14 | ||||||
Deferred charges and other assets | 48 | 48 | ||||||
$ | 71 | $ | 201 | |||||
Current portion of debt – KMP and EPB(b) | $ | 5 | $ | 5 | ||||
Accounts payable | 9 | 11 | ||||||
Long-term debt - Outstanding - KMP and EPB(b) | 170 | 173 | ||||||
$ | 184 | $ | 189 | |||||
_______ | ||||||||
(a)2012 amount related to KMP’s equity investment in the Express pipeline system (see Note 2). | ||||||||
(b)EPB has financing obligations payable to WYCO. | ||||||||
Notes Receivable | ||||||||
Plantation Pipe Line Company | ||||||||
KMP and ExxonMobil have a term loan agreement covering a note receivable due from Plantation. KMP owns a 51.17% equity interest in Plantation and their proportionate share of the outstanding principal amount of the note receivable was $49 million as of both September 30, 2013 and December 31, 2012. The note bears interest at the rate of 4.25% per annum and provides for semiannual payments of principal and interest on December 31 and June 30 each year, with a final principal | ||||||||
payment of $45 million (for KMP’s portion of the note) due on July 20, 2016. We included $1 million of this note receivable balance within “Other current assets,” on our accompanying consolidated balance sheets as of both September 30, 2013 and December 31, 2012, and we included the remaining outstanding balance within “Deferred charges and other assets.” | ||||||||
Gulf LNG Holdings Group, LLC | ||||||||
In conjunction with the acquisition of EP, KMI acquired a long-term note receivable, bearing interest at 12% per annum, that was due from Gulf LNG Holdings Group, LLC, a 50% equity investee, with a remaining principal amount of $85 million. Subsequent to the EP acquisition and through the end of 2012, we received payments on this note totaling $75 million. We received payments for the remaining note balance of $10 million during the first quarter of 2013. The balance of $10 million at December 31, 2012 was included in our accompanying consolidated balance sheet within “Other current assets.” |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Planss (Notes) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension and Other Postretirement Benefit Plans | |||||||||||||||||||||||||||||||
Kinder Morgan, Inc. | ||||||||||||||||||||||||||||||||
The components of net benefit (credit) cost for our pension and other postretirement benefit (OPEB) plans, not including KMP and EPB’s plans, are as follows (in millions): | ||||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Service cost | $ | 7 | $ | 6 | $ | — | $ | (1 | ) | $ | 19 | $ | 13 | $ | — | $ | — | |||||||||||||||
Interest cost | 22 | 26 | 4 | 5 | 68 | 42 | 14 | 9 | ||||||||||||||||||||||||
Expected return on assets | (43 | ) | (43 | ) | (1 | ) | (2 | ) | (131 | ) | (69 | ) | (5 | ) | (5 | ) | ||||||||||||||||
Amortization of prior service credits | (1 | ) | (1 | ) | — | — | — | (1 | ) | — | — | |||||||||||||||||||||
Amortization of net actuarial loss | — | 2 | — | 2 | — | 7 | 3 | 4 | ||||||||||||||||||||||||
Settlement gain(a) | — | — | — | — | (3 | ) | — | — | — | |||||||||||||||||||||||
Net benefit (credit) cost | $ | (15 | ) | $ | (10 | ) | $ | 3 | $ | 4 | $ | (47 | ) | $ | (8 | ) | $ | 12 | $ | 8 | ||||||||||||
_______ | ||||||||||||||||||||||||||||||||
(a) | Reflects the gain recognized upon the February 2013 settlement of our obligations under the El Paso Supplemental Executive Retirement Plan. | |||||||||||||||||||||||||||||||
Income_Taxes_Notes
Income Taxes ( Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||
Income taxes from continuing operations included in our accompanying consolidated statements of income were as follows (in millions, except percentages): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income tax expense | $ | 171 | $ | 60 | $ | 675 | $ | 165 | ||||||||
Effective tax rate | 24 | % | 13 | % | 25 | % | 18 | % | ||||||||
Tax expense from income from continuing operations for the three months ended September 30, 2013 is approximately $171 million resulting in an effective tax rate of 24% as compared with $60 million tax expense, and an effective tax rate of 13%, for the same period of 2012. The effective tax rate for the three months ended September 30, 2013 is lower than the statutory federal rate of 35% primarily due to (i) the net effect of consolidating KMP and EPB’s income tax provision; (ii) dividend-received deductions from our 50% interest in Florida Gas Pipeline (through our investment in Citrus Corporation); and (iii) the tax impact of our 2013 sale of our investment in a Pakistan power plant. These decreases are partially offset by state income taxes. | ||||||||||||||||
The effective tax rate for the three months ended September 30, 2012 is lower than the statutory federal rate of 35% primarily due to (i) the net effect of consolidating KMP and EPB’s income tax provisions; (ii) dividend-received deductions from our 20% investment in NGPL and 50% investment in Florida Gas Pipeline; (iii) an adjustment to non tax-deductible costs incurred to facilitate the EP acquisition; (iv) an adjustment to the deferred tax liability related to non tax-deductible goodwill recorded to our investment in KMP; and (v) adjustments to our income tax reserve for uncertain tax positions. These decreases are partially offset by state income taxes. | ||||||||||||||||
Tax expense from income from continuing operations for the nine months ended September 30, 2013 is approximately $675 million resulting in an effective tax rate of 25% as compared with $165 million tax expense, and an effective tax rate of 18%, for the same period of 2012. The effective tax rate for the nine months ended September 30, 2013 is lower than the statutory federal rate of 35% primarily due to (i) the net effect of consolidating KMP’s and EPB’s income tax provision; (ii) dividend-received deductions from our 50% interest in Florida Gas Pipeline; and (iii) the tax impact of a decrease in our deferred state tax rate as a result of the drop-down of our 50% ownership interests in EPNG and EP midstream assets and KMP’s acquisition of Copano. These decreases are partially offset by state income taxes and a change in nondeductible goodwill related to our investment in KMP. | ||||||||||||||||
The effective tax rate for the nine months ended September 30, 2012 is lower than the statutory federal rate of 35% primarily due to (i) the net effect of consolidating KMP and EPB’s income tax provisions; (ii) dividend-received deductions from our 20% investment in NGPL and 50% investment in Florida Gas Pipeline; (iii) adjustments to our income tax reserve for uncertain tax positions; (iv) the adjustment to the deferred tax liability related to our investment in KMR; and (v) the tax impact of recording a deferred tax asset related to our state net operating losses. These decreases are partially offset by (i) state income taxes; (ii) the impact of non tax-deductible costs incurred to facilitate the acquisition of EP; (iii) an adjustment to the deferred tax liability related to non tax-deductible goodwill recorded to our investment in KMP; and (iv) the tax impact of an increase in the deferred state tax rate as a result of the EP acquisition. |
Litigation_Environmental_and_O
Litigation, Environmental and Other Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Environmental and Other Contingencies | Litigation, Environmental and Other Contingencies |
We and our subsidiaries are parties to various legal, regulatory and other matters arising from the day-to-day operations of our businesses that may result in claims against the Company. Although no assurance can be given, we believe, based on our experiences to date and taking into account established reserves, that the ultimate resolution of such items will not have a material adverse impact on our business, financial position, results of operations or dividends to our shareholders. We believe we have meritorious defenses to the matters to which we are a party and intend to vigorously defend the Company. When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range. We disclose contingencies where an adverse outcome may be material, or in the judgment of management, we conclude the matter should otherwise be disclosed. | |
Federal Energy Regulatory Commission Proceedings | |
The tariffs and rates charged by SFPP and EPNG are subject to a number of ongoing proceedings at the FERC. A substantial portion of our legal reserves relate to these FERC cases and the CPUC cases described below them. | |
SFPP | |
The tariffs and rates charged by SFPP are subject to a number of ongoing proceedings at the FERC, including the | |
complaints and protests of various shippers. In general, these complaints and protests allege the rates and tariffs charged | |
by SFPP are not just and reasonable under the Interstate Commerce Act (ICA). If the shippers are successful in proving their claims, they are entitled to seek reparations (which may reach back up to two years prior to the filing of their complaints) or refunds of any excess rates paid, and SFPP may be required to reduce its rates going forward. These proceedings tend to be protracted, with decisions of the FERC often appealed to the federal courts. The issues involved in these proceedings include, among others, whether indexed rate increases are justified, and the appropriate level of return and income tax allowance we may include in our rates. With respect to all of the SFPP proceedings at the FERC, we estimate that the shippers are seeking approximately $20 million in annual rate reductions and approximately $100 million in refunds. However, applying the principles of several recent FERC decisions in SFPP cases, as applicable, to other pending cases would result in substantially lower rate reductions and refunds than those sought by the shippers. We do not expect refunds in these cases to have an impact on KMP’s distributions to its limited partners or our dividends to our shareholders. | |
EPNG | |
The tariffs and rates charged by EPNG are subject to two ongoing FERC proceedings (the “2008 rate case” and the “2010 rate case”). With respect to the 2008 rate case, the FERC issued its decision (“Opinion 517”) in May 2012 and EPNG implemented certain aspects of that decision. EPNG has sought rehearing on Opinion 517. With respect to the 2010 rate case, the FERC issued its decision (“Opinion 528”) on October 17, 2013. EPNG is evaluating Opinion 528 and its impact. Based on our preliminary assessment, we believe our incremental exposure for refunds above our existing legal reserve is zero to $50 million. | |
California Public Utilities Commission Proceedings | |
KMP has previously reported ratemaking and complaint proceedings against SFPP pending with the CPUC. The ratemaking and complaint cases generally involve challenges to rates charged by SFPP for intrastate transportation of refined petroleum products through its pipeline system in the state of California and request prospective rate adjustments and refunds with respect to tariffed and previously untariffed charges for certain pipeline transportation and related services. These matters have generally been consolidated and assigned to two administrative law judges. | |
On May 26, 2011, the CPUC issued a decision in several intrastate rate cases involving SFPP and a number of its shippers (the “Long” cases). The decision includes determinations on issues, such as SFPP’s entitlement to an income tax allowance, allocation of environmental expenses, and refund liability which KMP believes are contrary both to CPUC policy and precedent and to established federal regulatory policies for pipelines. On March 8, 2012, the CPUC issued another decision related to the Long cases. This decision largely reflected the determinations made on May 26, 2011, including the denial of an income tax allowance for SFPP. The CPUC’s order denied SFPP’s request for rehearing of the CPUC’s income tax allowance treatment, while granting requested rehearing of various, other issues relating to SFPP’s refund liability and staying the payment of refunds until resolution of the outstanding issues on rehearing. On March 23, 2012, SFPP filed a petition for writ of review in the California Court of Appeals, seeking a court order vacating the CPUC’s determination that SFPP is not entitled to recover an income tax allowance in its intrastate rates. The Court denied SFPP’s petition, and on October 16, 2013, the California Supreme Court declined SFPP’s request for further review. SFPP is currently assessing the precise impact of the now final state rulings denying SFPP an income tax allowance and is awaiting CPUC decisions that will determine the impact related to the denial of an income tax allowance. | |
On April 6, 2011, in proceedings unrelated to the above-referenced CPUC dockets, a CPUC administrative law judge issued a proposed decision (Bemesderfer case) substantially reducing SFPP’s authorized cost of service and ordering SFPP to pay refunds from May 24, 2007 to the present of revenues collected in excess of the authorized cost of service. The proposed decision was subsequently withdrawn, and the presiding administrative law judge is expected to reissue a proposed decision at some indeterminate time in the future. | |
On January 30, 2012, SFPP filed an application reducing its intrastate rates by approximately 7%. This matter remains pending before the CPUC, with a decision expected in the fourth quarter of 2013. | |
On July 19, 2013, Calnev filed an application with the CPUC requesting a 36% increase in its intrastate rates; a decision from the CPUC is expected by the first quarter of 2014. | |
Based on KMP’s review of these CPUC proceedings and the shipper comments thereon, it estimates that the shippers are requesting approximately $375 million in reparation payments and approximately $30 million in annual rate reductions. The actual amount of reparations will be determined through further proceedings at the CPUC. As of September 30, 2013, KMP believes its legal reserve, including an adjustment of the reserve made in the second quarter of 2013 related in part to this matter, is adequate such that the resolution of pending CPUC matters will not have a material adverse impact on its business, financial position or results of operations. We do not expect any reparations that KMP would pay in this matter to impact KMP’s $5.33 per unit cash distributions it expects to pay to its limited partners for 2013. | |
Copano Shareholders’ Litigation | |
Three putative class action lawsuits were filed in connection with KMP’s merger with Copano: (i) Schultes v. Copano Energy, L.L.C., et al. (Case No. 06966), in the District Court of Harris County, Texas, which is referred to as the Texas State Action; (ii) Bruen v. Copano Energy, L.L.C., et al. (Case No. 4:13-CV-00540) in the United States District Court for the Southern District of Texas, which is referred to as the Texas Federal Action; and (iii) In re Copano Energy, L.L.C. Shareholder Litigation, Case No. 8284-VCN in the Court of Chancery of the State of Delaware, which is referred to as the Delaware Action, which reflects the consolidation of three actions originally filed in the Court of Chancery. The Texas State Action, the Texas Federal Action and the Delaware Action are collectively referred to as the “Actions.” | |
The Actions name Copano, R. Bruce Northcutt, William L. Thacker, James G. Crump, Ernie L. Danner, T. William Porter, Scott A. Griffiths, Michael L. Johnson, Michael G. MacDougall, Kinder Morgan G.P., Inc., KMEP and Javelina Merger Sub LLC as defendants. The Actions were purportedly brought on behalf of a putative class seeking to enjoin the merger and allege, among other things, that the members of Copano’s board of directors breached their fiduciary duties by agreeing to sell Copano for inadequate and unfair consideration and pursuant to an inadequate and unfair process, and that Copano, KMEP, Kinder Morgan G.P., Inc. and Javelina Merger Sub LLC aided and abetted such alleged breaches. In addition, the plaintiffs in each of the Texas State Action and the Delaware Action alleged that the Copano directors breached their duty of candor to unitholders by failing to provide the unitholders with all material information regarding the merger and/or made misstatements in the preliminary proxy statement. The plaintiffs in the Texas Federal Action also asserted a claim under the federal securities laws alleging that the preliminary proxy statement omits and/or misrepresents material information in connection with the merger. | |
On April 21, 2013, the parties in all the Actions executed a Memorandum of Understanding pursuant to which Copano agreed to make certain additional disclosures concerning the merger in a Form 8-K, which Copano filed on April 22, 2013, and the plaintiffs agreed to enter into a stipulation of settlement providing for full settlement and dismissal with prejudice of each of the Actions. The parties then prepared and filed a Stipulation of Settlement with the Delaware Chancery Court, and on June 28, 2013, Copano announced that it had reached an agreement with the plaintiffs to settle all claims asserted against all defendants. The settlement does not require the defendants to pay any monetary consideration to the proposed settlement class. Following notice to the putative class, the Delaware Chancery Court held a settlement hearing and issued a final order approving the settlement on September 9, 2013. The order, among other things, dismissed the Delaware Action with prejudice and provided for a release in favor of all of the defendants for any and all claims by any of the putative class members arising out of the merger. The order also awarded plaintiffs’ counsel in the Delaware action $450,000 for their fees and expenses, to be paid by defendants. The plaintiff in the Texas Federal Action dismissed his case on May 13, 2013 and intervened in the Texas State Action on August 12, 2013 for the sole purpose of advancing a joint motion and petition for attorneys’ fees and expenses. On October 11, 2013, the court in the Texas State Action entered an order and final judgment denying plaintiffs’ joint motion for fees and expenses. | |
Other Commercial Matters | |
Union Pacific Railroad Company Easements | |
SFPP and Union Pacific Railroad Company (UPRR) are engaged in a proceeding to determine the extent, if any, to which the rent payable by SFPP for the use of pipeline easements on rights-of-way held by UPRR should be adjusted pursuant to existing contractual arrangements for the ten-year period beginning January 1, 2004 (Union Pacific Railroad Company v. Santa Fe Pacific Pipelines, Inc., SFPP, L.P., Kinder Morgan Operating L.P. “D”, Kinder Morgan G.P., Inc., et al., Superior Court of the State of California for the County of Los Angeles, filed July 28, 2004). In September 2011, the judge determined that the annual rent payable as of January 1, 2004 was $15 million, subject to annual consumer price index increases. SFPP intends to appeal the judge’s determination, but if that determination is upheld, SFPP would owe approximately $75 million in back rent. Accordingly, during 2011, KMP increased its rights-of-way liability to cover this liability amount. In addition, the judge determined that UPRR is entitled to an estimated $20 million for interest on the outstanding back rent liability. KMP believes the award of interest is without merit and it is pursuing its appellate rights. | |
SFPP and UPRR are also engaged in multiple disputes over the circumstances under which SFPP must pay for a relocation of its pipeline within the UPRR right-of-way and the safety standards that govern relocations. In July 2006, a trial before a judge regarding the circumstances under which SFPP must pay for relocations concluded, and the judge determined that SFPP must pay for any relocations resulting from any legitimate business purpose of the UPRR. SFPP appealed this decision, and in December 2008, the appellate court affirmed the decision. In addition, UPRR contends that SFPP must comply with the more expensive American Railway Engineering and Maintenance-of-Way Association (AREMA) standards in determining when relocations are necessary and in completing relocations. Each party is seeking declaratory relief with respect to its positions regarding the application of these standards with respect to relocations. A trial occurred in the fourth quarter of 2011, with a verdict having been reached that SFPP was obligated to comply with AREMA standards in connection with a railroad project in Beaumont Hills, California. SFPP is evaluating its post-trial and appellate options. | |
Since SFPP does not know UPRR’s plans for projects or other activities that would cause pipeline relocations, it is difficult to quantify the effects of the outcome of these cases on SFPP. Even if SFPP is successful in advancing its positions, significant relocations for which SFPP must nonetheless bear the expense (i.e., for railroad purposes, with the standards in the federal Pipeline Safety Act applying) would have an adverse effect on KMP’s financial position, its results of operations, its cash flows, and KMP’s distributions to its limited partners. These effects would be even greater in the event SFPP is unsuccessful in one or more of these litigations. | |
Severstal Sparrows Point Crane Collapse | |
On June 4, 2008, a bridge crane owned by Severstal and located in Sparrows Point, Maryland collapsed while being operated by Kinder Morgan Bulk Terminals, Inc. (KMBT). According to KMP’s investigation, the collapse was caused by unexpected, sudden and extreme winds. On June 24, 2009, Severstal filed suit against KMBT in the United States District Court for the District of Maryland, Case No. 09CV1668-WMN. Severstal and its successor in interest, RG Steel, allege that KMBT was contractually obligated to replace the collapsed crane and that its employees were negligent in failing to properly secure the crane prior to the collapse. RG Steel seeks to recover in excess of $30 million for the alleged value of the crane and lost profits. KMBT denies each of RG Steel’s allegations. Trial is scheduled to begin on November 12, 2013. | |
Plains Gas Solutions, LLC v. Tennessee Gas Pipeline Company, L.L.C. et al | |
On October 16, 2013, Plains Gas Solutions, LLC (“Plains”) filed a petition in the 151st Judicial District Court for Harris County, Texas (Case No. 62528) against TGP, Kinetica Partners, LLC and two other Kinetica entities. The suit arises from the sale by TGP of the Cameron System in Louisiana to Kinetica Partners, LLC on September 1, 2013. Plains alleges that defendants breached a straddle agreement requiring that gas on the Cameron System be committed to Plains’ Grand Chenier gas-processing facility, that requisite daily volume reports were not provided, that TGP improperly assigned its obligations under the straddle agreement to Kinetica, and that defendants interfered with Plains’ contracts with producers. The petition alleges damages of at least $100 million. We believe that we are entitled to defense and indemnity from Kinetica under the Amended and Restated Purchase and Sale Agreement with Kinetica and intend to vigorously defend the suit. | |
Brinckerhoff v. El Paso Pipeline GP Company, LLC., et al. | |
In December 2011 (“Brinckerhoff I”), March 2012 (“Brinckerhoff II”) and May 2013 (“Brinckerhoff III”), derivative lawsuits were filed in Delaware Chancery Court against El Paso, El Paso Pipeline GP Company, L.L.C., EPB’s general partner, and the directors of its general partner. EPB was named in these lawsuits as a “Nominal Defendant.” The lawsuits arise from the March 2010, November 2010 and May 2012 drop down transactions involving EPB’s purchase of SLNG, Elba Express, CPG and interest in SNG and CIG. The lawsuits allege various conflicts of interest and that the consideration EPB paid was excessive. Defendants’ motion to dismiss in Brinckerhoff I was denied in part. Brinckerhoff I and II have been consolidated into one proceeding. A motion to dismiss has been filed in Brinckerhoff III. Defendants continue to believe that these actions are without merit and intend to defend against them vigorously. | |
Allen v. El Paso Pipeline GP Company, L.L.C., et al. | |
In May 2012, a unitholder of EPB filed a purported class action in Delaware Chancery Court, alleging both derivative and non derivative claims, against EPB, and EPB’s general partner and its board. EPB was named in the lawsuit as both a “Class Defendant” and a “Derivative Nominal Defendant.” The complaint alleges a breach of the duty of good faith and fair dealing in connection with the March 2011 sale to EPB of a 25% ownership interest in SNG. Defendants’ motion to dismiss was denied. Defendants continue to believe this action is without merit and intend to defend against it vigorously. | |
Price Reporting Litigation | |
Beginning in 2003, several lawsuits were filed against El Paso Marketing L.P. (EPM) alleging that EP, EPM and other energy companies conspired to manipulate the price of natural gas by providing false price information to industry trade publications that published gas indices. Several of the cases have been settled or dismissed. The remaining cases, which are pending in federal court in Nevada, were dismissed, however, on April 10, 2013, the 9th Circuit Court of Appeals reversed this dismissal and remanded the cases to the Nevada court. We have filed a petition for writ of certiorari with the U.S. Supreme Court, and the matter has been stayed pending the filing of such petition. Although damages in excess of $140 million have been alleged in total against all defendants in one of the remaining lawsuits where a damage number is provided, there remains significant uncertainty regarding the validity of the causes of action, the damages asserted and the level of damages, if any, that may be allocated to us. Therefore, our costs and legal exposure related to the remaining outstanding lawsuits and claims are not currently determinable. | |
Pipeline Integrity and Releases | |
From time to time, despite our best efforts, our pipelines experience leaks and ruptures. These leaks and ruptures may cause explosions, fire, and damage to the environment, damage to property and/or personal injury or death. In connection with these incidents, we may be sued for damages caused by an alleged failure to properly mark the locations of our pipelines and/or to properly maintain our pipelines. Depending upon the facts and circumstances of a particular incident, state and federal regulatory authorities may seek civil and/or criminal fines and penalties. | |
General | |
As of September 30, 2013 and December 31, 2012, our total reserve for legal matters was $619 million and $425 million, respectively. The reserve primarily relates to various claims from regulatory proceedings arising from KMP’s products pipeline and natural gas pipeline transportation rates. The overall change in the reserve from December 31, 2012 was primarily due to increases in expense in the first nine months of 2013 associated with KMP’s adjustments to interstate and California intrastate transportation rate case liabilities. | |
Environmental Matters | |
We and our subsidiaries are subject to environmental cleanup and enforcement actions from time to time. In particular, the Comprehensive Environmental Response, Compensation and Liability Act, also known as CERCLA, generally imposes joint and several liability for cleanup and enforcement costs on current and predecessor owners and operators of a site, among others, without regard to fault or the legality of the original conduct, subject to the right of a liable party to establish a “reasonable basis” for apportionment of costs. Our operations are also subject to federal, state and local laws and regulations relating to protection of the environment. Although we believe our operations are in substantial compliance with applicable environmental law and regulations, risks of additional costs and liabilities are inherent in pipeline, terminal and CO2 field and oil field operations, and there can be no assurance that we will not incur significant costs and liabilities. Moreover, it is possible that other developments, such as increasingly stringent environmental laws, regulations and enforcement policies under the terms of authority of those laws, and claims for damages to property or persons resulting from our operations, could result in substantial costs and liabilities to us. | |
We are currently involved in several governmental proceedings involving alleged violations of environmental and safety regulations. As we receive notices of non-compliance, we attempt to negotiate and settle such matters where appropriate. Specifically, we are involved in matters including incidents at terminal facilities in New Jersey and Texas involving the United States Department of Transportation PHMSA and the Texas Commission on Environmental Quality, respectively, which may result in fines and penalties for alleged violations. We do not believe that these alleged violations will have a material adverse effect on our business, financial position, results of operations or dividends to our shareholders. | |
We are also currently involved in several governmental proceedings involving groundwater and soil remediation efforts under administrative orders or related state remediation programs. We have established a reserve to address the costs associated with the cleanup. | |
In addition, we are involved with and have been identified as a potentially responsible party in several federal and state superfund sites. Environmental reserves have been established for those sites where our contribution is probable and reasonably estimable. In addition, we are from time to time involved in civil proceedings relating to damages alleged to have occurred as a result of accidental leaks or spills of refined petroleum products, NGLs, natural gas and CO2. | |
Colorado Oil and Gas Conservation Commission Inspections | |
In Fall 2012, the Colorado Oil and Gas Conservation Commission, referred to as COGCC, performed inspections at multiple well sites in Southwestern Colorado owned by KMCO2 and some of these inspections resulted in alleged violations of COGCC’s rules. KMCO2 took immediate steps to correct the alleged deficiencies and has engaged COGCC and other agencies in its efforts to maintain compliance. In June 2013, the parties settled the matter through an Administrative Order on Consent under which KMCO2 agreed to pay $220,000 of which up to $80,000 may be paid toward a public project. Other than completion of the agreed public project, this matter is resolved and no further actions are anticipated. | |
Lower Passaic River Study Area of the Diamond Alkali Superfund Site, Essex, Hudson, Bergen and Passaic Counties, New Jersey | |
EPEC Polymers and EPEC Oil Company Liquidating Trust, former El Paso entities now owned by KMI, are involved in an administrative action under CERCLA known as the Lower Passaic River Study Area Superfund Site (Site) concerning the remediation of the lower eight miles of the Passaic River. EPEC Polymers and EPEC Oil Company Liquidating Trust are potentially responsible parties under CERCLA based on prior ownership and/or operation of properties located along the relevant section of the Passaic River. EPEC Polymers and the EPEC Oil Company Liquidating Trust entered into two Administrative Orders on Consent (AOCs) which obligated them to investigate and characterize contamination at the Site. They are also part of a joint defense group of cooperating parties (CPG) which have entered into AOCs and are directing and funding the work required by EPA . Under the first AOC, a remedial investigation and feasibility study of the Site is presently estimated to be completed by 2015, at which time the EPA is expected to issue a Record of Decision directing the CPG and other parties to perform remedial measures. Under the second AOC, the CPG members are conducting a CERCLA removal action at the Passaic River Mile 10.9, including the dredging of sediment in mud flats at this location of the river to a depth of two feet. After the completion of dredging, a cap will be installed. The removal action is ongoing and is estimated to be completed by December 2013. We have established a reserve for the anticipated cost of compliance with the AOCs. | |
New Jersey Department of Environmental Protection v. Occidental Chemical Corporation, et al. (Defendants), Maxus Energy Corp. and Tierra Solutions, Inc. (Third Party Plaintiffs) v. 3M Company et al., Superior Court of New Jersey, Law Division - Essex County, Docket No. L-9868-05 | |
The New Jersey Department of Environmental Protection (NJDEP) sued Occidental Chemical and others under the New Jersey Spill Act for contamination in the Newark Bay Complex including numerous waterways and rivers. Occidental et al. then brought in approximately 300 third party defendants for contribution. NJDEP claimed damages related to forty years of discharges of TCDD (a form of dioxin), DDT and “other hazardous substances.” GATX Terminals Corporation (n/k/a Kinder Morgan Liquids Terminals LLC) (KMLT) was brought in as a third party defendant because of the noted hazardous substances language and because the Carteret, New Jersey facility (a former GATX Terminals facility) is located on the Arthur Kill River, one of the waterways included in the litigation. This case was filed against third party defendants in 2009. Recently, KMLT, as part of a joint defense group, entered a settlement agreement (Consent Judgment) with the NJDEP whereby the settling parties for a prescribed payment, get a contribution bar against first party defendants Occidental, Maxus and Tierra in addition to a release. This third-party Consent Judgment was published in the New Jersey Register for a 60-day comment period and no significant comments were received. Additionally, the NJDEP has reached an agreement for a settlement with Maxus and Tierra. Occidental is not part of the settlement. As part of this settlement, these defendants agreed to dismiss all direct claims against third-party defendants and to not oppose the third-party settlement. The notice and comment period for this settlement agreement has now closed and comments are being reviewed by the NJDEP. We anticipate the Maxus/Tierra settlement and the third-party settlement to be completed by year end. All discovery and trial proceedings are stayed during settlement negotiations. | |
Portland Harbor Superfund Site, Willamette River, Portland, Oregon | |
In December 2000, the EPA sent out General Notice letters to potentially responsible parties including GATX Terminals Corporation (n/k/a KMLT). At that time, GATX owned two liquids terminals along the lower reach of the Willamette River, an industrialized area known as Portland Harbor. Portland Harbor is listed on the National Priorities List and is designated as a Superfund Site under CERCLA. A group of potentially responsible parties formed what is known as the Lower Willamette Group (LWG), of which KMLT is a non-voting member and pays a minimal fee to be part of the group. The LWG agreed to conduct the Remedial Investigation and Feasibility Study leading to the proposed remedy for cleanup of the Portland Harbor site. Once the EPA determines the cleanup remedy from the remedial investigations and feasibility studies conducted during the last decade at the site, it will issue a Record of Decision. Currently, KMLT and 90 other parties are involved in an allocation process to determine each party’s respective share of the cleanup costs. This is a non-judicial allocation process. KMP is participating in the allocation process on behalf of both KMLT and KMBT. Each entity has two facilities located in Portland Harbor. KMP expects the allocation to conclude in 2014 and the EPA to issue its Record of Decision in 2015. It is anticipated that the cleanup activities would begin within one year of the issuance of the Record of Decision. | |
Roosevelt Irrigation District v. Kinder Morgan G.P., Inc., Kinder Morgan Energy Partners, L.P. , U.S. District Court, Arizona | |
This is a CERCLA case brought against a number of defendants by a water purveyor whose wells have allegedly been contaminated due to the presence of a number of contaminants. The Roosevelt Irrigation District is seeking up to $175 million from approximately 70 defendants. Plaintiffs filed its Second Amended Complaint (SAC) on August 6,2013. In the SAC, plaintiffs added defendants but also eliminated a number of claims and defendants that were previously named in the First Amended Complaint. KMEP was added as a defendant. The claims now presented in the SAC against KMEP and SFPP are all related to alleged releases from the SFPP Phoenix Terminal and the alleged impact of these releases on water wells owned by the plaintiffs and located in the vicinity of the Terminal. On October 24, 2013, we moved to dismiss the SAC. | |
The City of Los Angeles v. Kinder Morgan Liquids Terminals, LLC, Shell Oil Company, Equilon Enterprises LLC; California Superior Court, County of Los Angeles, Case No. NC041463 | |
KMLT is a defendant in a lawsuit filed in 2005 alleging claims for environmental cleanup costs at the former Los Angeles Marine Terminal in the Port of Los Angeles. The lawsuit was stayed beginning in 2009 and remained stayed following the last case management conference in March 2013. On April 9, 2013, KMLT and the Port of Los Angeles entered into a Settlement and Release Agreement the terms of which provide for the dismissal of the litigation by the Port and KMLT’s agreement to pay 60% of the Port’s costs to remediate the former terminal site up to a $15 million cap. Further, according to terms of the Settlement and Release, we received a 5-year lease extension that allows KMLT to continue fuel loading and offloading operations at another KMLT Port of Los Angeles terminal property. The Court approved the parties’ Good Faith Settlement motion in the Superior Court and dismissed the case. | |
The City of Los Angeles, KMLT, Chevron and Phillips 66 remain named on a Cleanup and Abatement Order from the California Regional Water Quality Control Board as parties responsible for the cleanup of the former Los Angeles Marine Terminal. The private parties have all settled with the City of Los Angeles and have agreed to pay a percentage of the City’s costs to perform the required cleanup. We anticipate that cleanup activities by the Port at the site will begin by 1st quarter 2014. | |
Exxon Mobil Corporation v. GATX Corporation, Kinder Morgan Liquids Terminals, LLC and ST Services, Inc. | |
On April 23, 2003, ExxonMobil filed a complaint in the Superior Court of New Jersey, Gloucester County. The lawsuit relates to environmental remediation obligations at a Paulsboro, New Jersey liquids terminal owned by ExxonMobil from the mid-1950s through November 1989, by GATX Terminals Corporation from 1989 through September 2000, and later owned by Support Terminals and Pacific Atlantic Terminals, LLC. The terminal is now owned by Plains Products, and it too is a party to the lawsuit. | |
On June 25, 2007, the NJDEP, the Commissioner of the New Jersey Department of Environmental Protection and the Administrator of the New Jersey Spill Compensation Fund, referred to collectively as the plaintiffs, filed a complaint against ExxonMobil and KMLT, formerly known as GATX Terminals Corporation, alleging natural resource damages related to historic contamination at the Paulsboro terminal. The complaint was filed in Gloucester County, New Jersey. Both ExxonMobil and KMLT filed third party complaints against Support Terminals/Plains and successfully brought Support Terminals/Plains into the case. The court consolidated the two cases. | |
In mid 2011, KMLT and Plains Products entered into a settlement agreement with the NJDEP for settlement of the state’s alleged natural resource damages claim. The parties then entered into a Consent Judgment concerning the claim. The natural resource damage settlement includes a monetary award of $1 million and a series of remediation and restoration activities at the terminal site. KMLT and Plains Products have joint responsibility for this settlement. Simultaneously, KMLT and Plains Products entered into a settlement agreement that settled each party’s relative share of responsibility (50/50) to the NJDEP under the Consent Judgment noted above. The Consent Judgment is now entered with the Court and the settlement is final. According to the agreement, Plains will conduct remediation activities at the site and KMLT will provide oversight and 50% of the costs. | |
The settlement with the state did not resolve the original complaint brought by ExxonMobil. On or around, April 10, 2013, KMLT, Plains and ExxonMobil settled the original Exxon complaint for past remediation costs for $750,000 to be split 50/50 between KMLT and Plains. All parties have now executed the agreement and the litigation is settled and dismissed. | |
Mission Valley Terminal Lawsuit | |
In August 2007, the City of San Diego, on its own behalf and purporting to act on behalf of the People of the State of California, filed a lawsuit against KMP and several affiliates seeking injunctive relief and unspecified damages allegedly resulting from hydrocarbon and methyl tertiary butyl ether (MTBE) impacted soils and groundwater beneath the City’s stadium property in San Diego arising from historic operations at the Mission Valley terminal facility. The case was filed in the Superior Court of California, San Diego County, case number 37-2007-00073033-CU-OR-CTL. On September 26, 2007, KMP removed the case to the United States District Court, Southern District of California, case number 07CV1883WCAB. The City disclosed in discovery that it is seeking approximately $170 million in damages for alleged lost value/lost profit from the redevelopment of the City’s property and alleged lost use of the water resources underlying the property. Later, in 2010, the City amended its initial disclosures to add claims for restoration of the site as well as a number of other claims that increased their claim for damages to approximately $365 million. | |
On November 29, 2012, the Court issued a Notice of Tentative Rulings on the parties’ summary adjudication motions. The Court tentatively granted our partial motions for summary judgment on the City’s claims for water and real estate damages and the State’s claims for violations of California Business and Professions Code § 17200, tentatively denied the City’s motion for summary judgment on its claims of liability for nuisance and trespass, and tentatively granted our cross motion for summary judgment on such claims. On January 25, 2013, the Court issued its final order reaffirming in all respects its tentative rulings and rendered judgment in favor of all defendants on all claims asserted by the City. | |
On February 20, 2013, the City of San Diego filed a notice of appeal of this case to the United States Court of Appeals for the Ninth Circuit. The appeal is currently pending. | |
This site has been, and currently is, under the regulatory oversight and order of the California Regional Water Quality Control Board. SFPP continues to conduct an extensive remediation effort at the City’s stadium property site. | |
On May 7, 2013, the City of San Diego filed a writ of mandamus to the California Superior Court seeking an order from the Court setting aside the California Regional Water Quality Control Board’s (RWQCB) approval of KMP’s permit request to increase the discharge of water from KMP’s groundwater treatment system to the City of San Diego’s municipal storm sewer system. KMEP is coordinating with the RWQCB to oppose the City’s writ. | |
Uranium Mines in Vicinity of Cameron, Arizona | |
In the 1950s and 1960s, Rare Metals Inc., an historical subsidiary of EPNG, operated approximately twenty uranium mines in the vicinity of Cameron, Arizona, many of which are located on the Navajo Indian Reservation. The mining activities were in response to numerous incentives provided to industry by the United States to locate and produce domestic sources of uranium to support the Cold War-era nuclear weapons program. In May 2012, EPNG received a general notice letter from the EPA notifying EPNG of the EPA’s investigation of certain sites and its determination that the EPA considers EPNG to be a potentially responsible party within the meaning of CERCLA. In August 2013, EPNG and the EPA entered into an Administrative Order on Consent and Scope of Work pursuant to which EPNG will conduct a radiological assessment of the surface of the mines. We are also seeking contribution from the applicable United States’ federal government agencies toward the cost of environmental activities associated with the mines, given its pervasive control over all aspects of the nuclear weapons program. | |
PHMSA Inspection of Carteret Terminal, Carteret, NJ | |
On April 4, 2013, the PHMSA, Office of Pipeline Safety issued a Notice of Probable Violation, Proposed Civil Penalty and Proposed Compliance Order (NOPV) arising from an inspection at the KMLT, Carteret, New Jersey location on March 15, 2011 following a release and fire that occurred during maintenance activity on March 14, 2011. On July 17, 2013, KMLT entered into a Consent Agreement and Order with PHMSA, pursuant to which KMLT paid a penalty of $63,100 and is required to conduct ongoing pipeline integrity testing and other corrective measures by May, 2015. | |
Southeast Louisiana Flood Protection Litigation | |
On July 24, 2013, the Board of Commissioners of the Southeast Louisiana Flood Protection Authority - East (“Flood Protection Authority”) filed a petition for damages and injunctive relief in state district court for Orleans Parish, Louisiana (Case No. 13-6911) against TGP and SNG, and approximately one hundred energy companies, alleging that defendants’ drilling, dredging, pipeline and industrial operations since the 1930’s have caused direct land loss and increased erosion and submergence resulting in alleged increased storm surge risk, increased flood protection costs and unspecified damages to the plaintiff. The Flood Protection Authority asserts claims for negligence, strict liability, public nuisance, private nuisance, and breach of contract. Among other relief, the petition seeks unspecified monetary damages, attorney fees, interest, and injunctive relief in the form of abatement and restoration of the alleged coastal land loss including but not limited to backfilling and re-vegetation of canals, wetlands and reef creation, land bridge construction, hydrologic restoration, shoreline protection, structural protection, and bank stabilization. On August 13, 2013, the suit was removed to the U.S. District Court for the Eastern District of Louisiana. | |
General | |
Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters set forth in this note, and other matters to which we and our subsidiaries are a party, will not have a material adverse effect on our business, financial position, results of operations or cash flows. As of September 30, 2013 and December 31, 2012, we have accrued a total reserve for environmental liabilities in the amount of $390 million and $421 million , respectively, of which $219 million and $253 million, respectively, are associated with KMI (excluding KMP and EPB) and primarily relate to legacy sites acquired in the May 25, 2012 EP acquisition. In addition, as of September 30, 2013 and December 31, 2012, we have recorded a receivable of $14 million and $22 million, respectively, for expected cost recoveries that have been deemed probable. | |
Other Contingencies | |
In conjunction with KMP’s acquisition of certain natural gas pipelines from us, we agreed to indemnify KMP with respect to approximately $5.9 billion of its debt. This includes $5.2 billion associated with KMP’s March 2013 and August 2012 purchases of natural gas assets from us. In conjunction with our EP acquisition, we have agreed to indemnify EPB with respect to $470 million of its debt. We would be obligated to perform under these indemnities only if KMP’s or EPB’s assets, as applicable, were unable to satisfy its obligations. | |
Commitments | |
Capital Contributions for Elba Island Liquefaction Project | |
In January 2013, SLC, a subsidiary of EPB, and Shell US Gas and Power, LLC (Shell G&P), a subsidiary of Royal Dutch Shell plc (Shell), formed ELC, EPB’s equity method investment, to develop and own a natural gas liquefaction plant at SLNG’s existing Elba Island LNG terminal. In connection with the formation of ELC, SLC and Shell G&P entered into a LLC agreement in which SLC owns 51% of ELC and Shell G&P owns the remaining membership interest. Under the terms of the LLC agreement, SLC and Shell G&P are both obligated to make certain capital contributions in proportion to their membership interests in ELC to fund the construction of the liquefaction facilities. EPB’s estimated investment at the terminal in Phase I, including both the liquefaction facilities and SLNG ancillary facilities, is approximately $800 million. Phase I of the project requires no additional Department of Energy (DOE) approval. |
Accounting_for_Regulatory_Acti
Accounting for Regulatory Activities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ||||||||
Regulatory Matters | Accounting for Regulatory Activities | |||||||
Regulatory Assets and Liabilities | ||||||||
Regulatory assets and liabilities represent probable future revenues or expenses associated with certain charges and credits that will be recovered from or refunded to customers through the ratemaking process. We included the amounts of our regulatory assets and liabilities within “Other current assets,” “Deferred charges and other assets,” “Accrued other current liabilities,” and “Other long-term liabilities and deferred credits” respectively, in our accompanying consolidated balance sheets. As of September 30, 2013, the recovery period for these regulatory assets is approximately one year to forty-two years . | ||||||||
The following table summarizes our regulatory asset and liability balances as of September 30, 2013 and December 31, 2012 (in millions): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Current regulatory assets | $ | 77 | $ | 62 | ||||
Non-current regulatory assets | 463 | 402 | ||||||
Total regulatory assets(a) | $ | 540 | $ | 464 | ||||
Current regulatory liabilities | $ | 123 | $ | 7 | ||||
Non-current regulatory liabilities | 393 | 113 | ||||||
Total regulatory liabilities(b) | $ | 516 | $ | 120 | ||||
_______ | ||||||||
(a) | Includes an $87 million increase since December 31, 2012 (net of related amortization of $5 million) associated with TGP’s sale of certain natural gas facilities located offshore in the Gulf of Mexico and onshore in the state of Louisiana. | |||||||
(b) | During the second quarter of 2013, we began applying regulatory accounting to another one of KMP’s pipeline systems due to a newly negotiated long-term tolling agreement approved by the system’s regulator that went into effect in April 2013. The primary impact of applying regulatory accounting was the reclassification of approximately $362 million of current and long-term deferred credits to regulatory liabilities. KMP expects this regulatory liability to be refunded to rate-payers over approximately the next four years. As of September 30, 2013, $117 million remains classified as current regulatory liability. | |||||||
On July 26, 2012, TGP filed an application with the FERC seeking authority to abandon by sale certain natural gas facilities located offshore in the Gulf of Mexico and onshore in the state of Louisiana, as well as a related offer of settlement that addressed the proposed rate and accounting treatment associated with the sale. The offer of settlement provided for a rate adjustment to TGP’s maximum tariff rates upon the transfer of the assets and established a regulatory asset for a portion of the unrecovered net book value of the facilities to be sold. Effective September 1, 2013, following the FERC’s approval of both the requested abandonment authorization and the offer of settlement, TGP sold these assets and recognized both a $92 million increase in regulatory assets and a $36 million gain from the sale of assets. | ||||||||
More information about our regulatory matters can be found in Note 17 “Regulatory Matters” to our consolidated financial statements included in our 2012 Form 10-K. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Accounting Standards Updates | |
None of the Accounting Standards Updates (ASU) that we adopted and that became effective January 1, 2013 (including (i) ASU No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities;” (ii) ASU No. 2012-02, “Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment;” (iii) ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities;” and (iv) ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”) had a material impact on our consolidated financial statements. More information about the four ASUs listed above can be found in Note 18 “Recent Accounting Pronouncements” to our consolidated financial statements that were included in our 2012 Form 10-K. | |
On March 5, 2013 the FASB issued ASU No. 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force).” This ASU amends the FASB’s Accounting Standards Codification (ASC) 830, “Foreign Currency Matters,” and ASC 810, “Consolidation,” to address diversity in practice related to the release of cumulative translation adjustments (CTA) into earnings upon the occurrence of certain derecognition events. ASU No. 2013-05 precludes the release of CTA for derecognition events that occur within a foreign entity, unless such events represent a complete or substantially complete liquidation of the foreign entity; however, derecognition events related to investments in a foreign entity result in the release of all CTA related to the derecognized foreign entity, even when a noncontrolling financial interest is retained. ASU No. 2013-05 also amends ASC 805, “Business Combinations,” for transactions that result in a company obtaining control of a business in a step acquisition by increasing an investment in a foreign entity from one accounted for under the equity method to one accounted for as a consolidated investment. ASU No. 2013-05 is effective for fiscal years beginning after December 15, 2013 (January 1, 2014 for us) and is to be applied prospectively to derecognition events occurring after the effective date. The adoption of this ASU is not expected to have a material impact on our consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (Topic 740).” Under this ASU, an entity must present an unrecognized tax benefit in the financial statements as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. This guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013 (early adoption and retrospective application are permitted). We are currently reviewing the effects of ASU 2013-11. However, this guidance only affects gross versus net presentation and not the recognition or measurement of uncertain tax positions under Topic 740. |
Reconciliation_of_Significant_
Reconciliation of Significant Asset Balances | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Reconciliation of Significant Asset Balances [Abstract] | ||||||||
Reconciliation of Significant Asset Balances | Reconciliation of Significant Balance Sheet Accounts | |||||||
The following is a reconciliation between KMP’s and EPB’s significant asset and liability balances as reported in KMP’s and EPB’s Quarterly Reports on Form 10-Q for the quarter ended September 30, 2013 and our consolidated asset and liability balances as shown on our accompanying consolidated balance sheets (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 (a) | |||||||
Cash and cash equivalents - KMI(b) | $ | 137 | $ | 71 | ||||
Cash and cash equivalents - KMP | 534 | 529 | ||||||
Cash and cash equivalents - EPB | 145 | 114 | ||||||
Cash and cash equivalents | $ | 816 | $ | 714 | ||||
Property, plant and equipment, net–KMI(b) | $ | 2,630 | $ | 2,735 | ||||
Property, plant and equipment, net–KMP | 26,742 | 22,330 | ||||||
Property, plant and equipment, net–EPB | 5,903 | 5,931 | ||||||
Property, plant and equipment, net | $ | 35,275 | $ | 30,996 | ||||
Goodwill–KMI(b) | $ | 17,940 | $ | 18,193 | ||||
Goodwill–KMP | 6,532 | 5,417 | ||||||
Goodwill–EPB | 22 | 22 | ||||||
Goodwill | $ | 24,494 | $ | 23,632 | ||||
Current portion of debt–KMI(b) | $ | 2,195 | $ | 1,153 | ||||
Current portion of debt–KMP | 702 | 1,155 | ||||||
Current portion of debt–EPB | 76 | 93 | ||||||
Current portion of debt | $ | 2,973 | $ | 2,401 | ||||
Long-term debt outstanding–KMI(b) | $ | 7,724 | $ | 9,148 | ||||
Long-term debt outstanding–KMP | 18,910 | 15,907 | ||||||
Long-term debt outstanding–EPB(c) | 4,180 | 4,254 | ||||||
Long-term debt outstanding | $ | 30,814 | $ | 29,309 | ||||
_______ | ||||||||
(a) | Retrospectively adjusted as discussed in Note 2. | |||||||
(b) | Includes assets and liabilities of KMI’s consolidated subsidiaries, excluding KMP and EPB. | |||||||
(c) | Excludes debt fair value adjustments. Decrease to long-term debt for debt fair value adjustments totaled $8 million as of both September 30, 2013 and December 31, 2012. |
Guarantee_of_Securities_of_Sub
Guarantee of Securities of Subsidiaries (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||
Guarantees [Text Block] | Guarantee of Securities of Subsidiaries | |||||||||||||||||||||||
KMI has guaranteed the payment of the outstanding senior notes issued by El Paso LLC (formerly known as El Paso Corporation). These notes were also guaranteed by El Paso Holdco LLC (“El Paso Holdco”), El Paso LLC’s direct parent. El Paso Issuing Corporation (“Finance Corp”), a direct subsidiary of El Paso LLC, is the co-issuer of these notes. As of both September 30, 2013 and December 31, 2012, approximately $3.9 billion in aggregate principal amount of these series of El Paso LLC senior notes (referred to as the “Guaranteed Notes”) is outstanding. Finance Corp’s obligations as a co-issuer and primary obligor are the same as and joint and several with the obligations of El Paso LLC as issuer. Subject to the limitations set forth in the applicable supplemental indentures, the guarantees of KMI and El Paso Holdco are full and unconditional and joint and several, and guarantee the Guaranteed Notes through their respective maturity dates, the latest of which is in 2037. Finance Corp has no subsidiaries and no independent assets or operations. A significant amount of KMI’s and El Paso Holdco’s income and cash flow are generated by their subsidiaries. As a result, the funds necessary to meet KMI’s and El Paso Holdco’s debt service and/or guarantee obligations are provided in large part by distributions or advances from their subsidiaries. Included among the non-guarantor subsidiaries are KMP, KMR and EPB, along with Kinder Morgan G.P., Inc., the general partner of KMP and El Paso Pipeline GP Company, L.L.C., the general partner of EPB. In the unaudited condensed consolidating financial information presented below, KMI is “Parent Guarantor,” El Paso Holdco is the “Guarantor Subsidiary” and El Paso LLC and Finance Corp are the “Subsidiary Issuers.” The Guarantor Subsidiary and both of the Subsidiary Issuers are 100% owned by KMI. | ||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||
On October 3, 2013 El Paso LLC transferred all of it’s assets to El Paso Holdco pursuant to an internal restructuring transaction. In connection with such internal restructuring, El Paso Holdco succeeded El Paso LLC as issuer with respect to the Guaranteed Notes and El Paso LLC ceased to be an obligor with respect to the Guaranteed Notes. KMI continues to guarantee the payment of the Guaranteed Notes and Finance Corp continues to be co-issuer of the Guaranteed Notes. The information below has been prepared based on the legal organization as it existed prior to the reorganization. The internal restructuring will result in a revised presentation of this unaudited condensed consolidating financial information in future periods. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets as of September 30, 2013 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 106 | $ | — | $ | — | $ | 710 | $ | — | $ | 816 | ||||||||||||
All other current assets | 672 | 11 | 4 | 2,430 | (342 | ) | 2,775 | |||||||||||||||||
Property, plant and equipment, net | 9 | — | — | 35,266 | — | 35,275 | ||||||||||||||||||
Investments | — | — | — | 6,044 | — | 6,044 | ||||||||||||||||||
Investments in affiliates | 20,375 | 10,602 | 6,469 | — | (37,446 | ) | — | |||||||||||||||||
Goodwill | — | — | 8,062 | 16,432 | — | 24,494 | ||||||||||||||||||
Notes receivable from affiliates | 2 | — | — | 1,993 | (1,995 | ) | — | |||||||||||||||||
Deferred charges and all other assets | 209 | — | 903 | 4,935 | (876 | ) | 5,171 | |||||||||||||||||
Total assets | $ | 21,373 | $ | 10,613 | $ | 15,438 | $ | 67,810 | $ | (40,659 | ) | $ | 74,575 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Current portion of debt | $ | 1,514 | $ | — | $ | 530 | $ | 929 | $ | — | $ | 2,973 | ||||||||||||
All other current liabilities | 194 | 5 | 160 | 3,425 | (342 | ) | 3,442 | |||||||||||||||||
Long-term debt | 1,872 | — | 4,011 | 27,155 | — | 33,038 | ||||||||||||||||||
Notes payable to affiliates | 1,993 | — | — | 2 | (1,995 | ) | — | |||||||||||||||||
Deferred income taxes | 2,021 | — | — | 3,169 | (876 | ) | 4,314 | |||||||||||||||||
All other long-term liabilities | 514 | — | 164 | 1,828 | — | 2,506 | ||||||||||||||||||
Total liabilities | 8,108 | 5 | 4,865 | 36,508 | (3,213 | ) | 46,273 | |||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||||||
Total KMI equity | 13,265 | 10,608 | 10,573 | 15,875 | (37,056 | ) | 13,265 | |||||||||||||||||
Noncontrolling interests | — | — | — | 15,427 | (390 | ) | 15,037 | |||||||||||||||||
Total stockholders’ equity | 13,265 | 10,608 | 10,573 | 31,302 | (37,446 | ) | 28,302 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 21,373 | $ | 10,613 | $ | 15,438 | $ | 67,810 | $ | (40,659 | ) | $ | 74,575 | |||||||||||
Condensed Consolidating Balance Sheets as of December 31, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 3 | $ | — | $ | 45 | $ | 666 | $ | — | $ | 714 | ||||||||||||
All other current assets | 813 | 27 | 123 | 9,322 | (7,325 | ) | 2,960 | |||||||||||||||||
Property, plant and equipment, net | 8 | — | — | 30,988 | — | 30,996 | ||||||||||||||||||
Investments | — | — | 19 | 5,785 | — | 5,804 | ||||||||||||||||||
Investments in affiliates | 20,053 | 11,190 | 13,232 | — | (44,475 | ) | — | |||||||||||||||||
Goodwill | — | — | 8,059 | 15,573 | — | 23,632 | ||||||||||||||||||
Notes receivable from affiliates | 1,555 | — | — | 2,095 | (3,650 | ) | — | |||||||||||||||||
Deferred charges and all other assets | 202 | — | 1,158 | 3,912 | (1,133 | ) | 4,139 | |||||||||||||||||
Total assets | $ | 22,634 | $ | 11,217 | $ | 22,636 | $ | 68,341 | $ | (56,583 | ) | $ | 68,245 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Current portion of debt | $ | 1,035 | $ | — | $ | 115 | $ | 1,251 | $ | — | $ | 2,401 | ||||||||||||
All other current liabilities | 196 | 383 | 6,741 | 2,832 | (7,325 | ) | 2,827 | |||||||||||||||||
Long-term debt | 3,068 | — | 4,378 | 24,554 | — | 32,000 | ||||||||||||||||||
Notes payable to affiliates | 1,764 | 296 | 35 | 1,555 | (3,650 | ) | — | |||||||||||||||||
Deferred income taxes | 2,095 | — | — | 3,109 | (1,133 | ) | 4,071 | |||||||||||||||||
All other long term liabilities | 610 | — | 169 | 2,067 | — | 2,846 | ||||||||||||||||||
Total liabilities | 8,768 | 679 | 11,438 | 35,368 | (12,108 | ) | 44,145 | |||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||||||
Total KMI equity | 13,866 | 10,538 | 11,198 | 22,580 | (44,316 | ) | 13,866 | |||||||||||||||||
Noncontrolling interests | — | — | — | 10,393 | (159 | ) | 10,234 | |||||||||||||||||
Total stockholders’ equity | 13,866 | 10,538 | 11,198 | 32,973 | (44,475 | ) | 24,100 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 22,634 | $ | 11,217 | $ | 22,636 | $ | 68,341 | $ | (56,583 | ) | $ | 68,245 | |||||||||||
Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Revenues | $ | 9 | $ | — | $ | — | $ | 3,756 | $ | (9 | ) | $ | 3,756 | |||||||||||
Costs, expenses and other | ||||||||||||||||||||||||
Costs of sales | — | — | — | 1,543 | — | 1,543 | ||||||||||||||||||
Depreciation, depletion and amortization | — | — | — | 467 | — | 467 | ||||||||||||||||||
Other operating expenses | 12 | — | — | 702 | (9 | ) | 705 | |||||||||||||||||
Total costs, expenses and other | 12 | — | — | 2,712 | (9 | ) | 2,715 | |||||||||||||||||
Operating (loss) income | (3 | ) | — | — | 1,044 | — | 1,041 | |||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Earnings from equity investments | 334 | 50 | 123 | 100 | (507 | ) | 100 | |||||||||||||||||
Interest, net | (58 | ) | — | (65 | ) | (295 | ) | — | (418 | ) | ||||||||||||||
Amortization of excess cost of equity investments and other, net | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Income from continuing operations before income taxes | 273 | 50 | 58 | 848 | (507 | ) | 722 | |||||||||||||||||
Income tax benefit (expense) | 13 | — | (8 | ) | (176 | ) | — | (171 | ) | |||||||||||||||
Net income | 286 | 50 | 50 | 672 | (507 | ) | 551 | |||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (280 | ) | 15 | (265 | ) | ||||||||||||||||
Net income attributable to controlling interests | $ | 286 | $ | 50 | $ | 50 | $ | 392 | $ | (492 | ) | $ | 286 | |||||||||||
Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Revenues | $ | 9 | $ | — | $ | — | $ | 2,861 | $ | — | $ | 2,870 | ||||||||||||
Costs, expenses and other | ||||||||||||||||||||||||
Costs of sales | — | — | — | 854 | — | 854 | ||||||||||||||||||
Depreciation, depletion and amortization | — | — | — | 403 | — | 403 | ||||||||||||||||||
Other operating expenses | 26 | — | (1 | ) | 736 | — | 761 | |||||||||||||||||
Total costs, expenses and other | 26 | — | (1 | ) | 1,993 | — | 2,018 | |||||||||||||||||
Operating (loss) income | (17 | ) | — | 1 | 868 | — | 852 | |||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Earnings from equity investments | 350 | 59 | 138 | 101 | (547 | ) | 101 | |||||||||||||||||
Interest, net | (188 | ) | (3 | ) | (129 | ) | (203 | ) | — | (523 | ) | |||||||||||||
Amortization of excess cost of equity investments and other, net | 1 | (1 | ) | (1 | ) | 17 | — | 16 | ||||||||||||||||
Income from continuing operations before income taxes | 146 | 55 | 9 | 783 | (547 | ) | 446 | |||||||||||||||||
Income tax benefit (expense) | 54 | 1 | 51 | (166 | ) | — | (60 | ) | ||||||||||||||||
Income from continuing operations | 200 | 56 | 60 | 617 | (547 | ) | 386 | |||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (131 | ) | — | (131 | ) | ||||||||||||||||
Net income | 200 | 56 | 60 | 486 | (547 | ) | 255 | |||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (53 | ) | (2 | ) | (55 | ) | |||||||||||||||
Net income attributable to controlling interests | $ | 200 | $ | 56 | $ | 60 | $ | 433 | $ | (549 | ) | $ | 200 | |||||||||||
Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Revenues | $ | 27 | $ | — | $ | — | $ | 10,195 | $ | (24 | ) | $ | 10,198 | |||||||||||
Costs, expenses and other | ||||||||||||||||||||||||
Costs of sales | — | — | — | 3,767 | — | 3,767 | ||||||||||||||||||
Depreciation, depletion and amortization | 1 | — | — | 1,326 | — | 1,327 | ||||||||||||||||||
Other operating expenses | 21 | — | (3 | ) | 2,280 | (24 | ) | 2,274 | ||||||||||||||||
Total costs, expenses and other | 22 | — | (3 | ) | 7,373 | (24 | ) | 7,368 | ||||||||||||||||
Operating income | 5 | — | 3 | 2,822 | — | 2,830 | ||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Earnings from equity investments | 1,007 | 127 | 378 | 294 | (1,512 | ) | 294 | |||||||||||||||||
Interest, net | (194 | ) | — | (239 | ) | (814 | ) | — | (1,247 | ) | ||||||||||||||
Amortization of excess cost of equity investments and other, net | (1 | ) | — | — | 789 | — | 788 | |||||||||||||||||
Income from continuing operations before income taxes | 817 | 127 | 142 | 3,091 | (1,512 | ) | 2,665 | |||||||||||||||||
Income tax benefit (expense) | 38 | — | (15 | ) | (698 | ) | — | (675 | ) | |||||||||||||||
Income from continuing operations | 855 | 127 | 127 | 2,393 | (1,512 | ) | 1,990 | |||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Net income | 855 | 127 | 127 | 2,391 | (1,512 | ) | 1,988 | |||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (1,208 | ) | 75 | (1,133 | ) | ||||||||||||||||
Net income attributable to controlling interests | $ | 855 | $ | 127 | $ | 127 | $ | 1,183 | $ | (1,437 | ) | $ | 855 | |||||||||||
Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Revenues | $ | 26 | $ | — | $ | — | $ | 6,868 | $ | — | $ | 6,894 | ||||||||||||
Costs, expenses and other | ||||||||||||||||||||||||
Costs of sales | — | — | — | 2,071 | — | 2,071 | ||||||||||||||||||
Depreciation, depletion and amortization | — | — | — | 1,010 | — | 1,010 | ||||||||||||||||||
Other operating expenses | 216 | — | 63 | 1,906 | — | 2,185 | ||||||||||||||||||
Total costs, expenses and other | 216 | — | 63 | 4,987 | — | 5,266 | ||||||||||||||||||
Operating (loss) income | (190 | ) | — | (63 | ) | 1,881 | — | 1,628 | ||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Earnings from equity investments | 465 | (17 | ) | 106 | 238 | (554 | ) | 238 | ||||||||||||||||
Interest, net | (320 | ) | (3 | ) | (143 | ) | (527 | ) | — | (993 | ) | |||||||||||||
Amortization of excess cost of equity investments and other, net | (1 | ) | (1 | ) | (2 | ) | 24 | — | 20 | |||||||||||||||
(Loss) income from continuing operations before income taxes | (46 | ) | (21 | ) | (102 | ) | 1,616 | (554 | ) | 893 | ||||||||||||||
Income tax benefit (expense) | 142 | 1 | 86 | (394 | ) | — | (165 | ) | ||||||||||||||||
Income (loss) from continuing operations | 96 | (20 | ) | (16 | ) | 1,222 | (554 | ) | 728 | |||||||||||||||
Loss from discontinued operations, net of tax | (1 | ) | — | — | (788 | ) | — | (789 | ) | |||||||||||||||
Net income (loss) | 95 | (20 | ) | (16 | ) | 434 | (554 | ) | (61 | ) | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 175 | (19 | ) | 156 | |||||||||||||||||
Net income (loss) attributable to controlling interests | $ | 95 | $ | (20 | ) | $ | (16 | ) | $ | 609 | $ | (573 | ) | $ | 95 | |||||||||
Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net income | $ | 286 | $ | 50 | $ | 50 | $ | 672 | $ | (507 | ) | $ | 551 | |||||||||||
Other comprehensive income, net of tax | ||||||||||||||||||||||||
Change in fair value of derivatives utilized for hedging purposes | (42 | ) | (2 | ) | (2 | ) | (78 | ) | 44 | (80 | ) | |||||||||||||
Reclassification of change in fair value of derivatives to net income | 10 | — | — | 19 | (10 | ) | 19 | |||||||||||||||||
Foreign currency translation adjustments | 17 | — | — | 32 | (16 | ) | 33 | |||||||||||||||||
Adjustments to pension and other postretirement benefit plan liabilities | 66 | 52 | 52 | 78 | (169 | ) | 79 | |||||||||||||||||
Total other comprehensive income | 51 | 50 | 50 | 51 | (151 | ) | 51 | |||||||||||||||||
Comprehensive income | 337 | 100 | 100 | 723 | (658 | ) | 602 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (265 | ) | — | (265 | ) | ||||||||||||||||
Comprehensive income attributable to controlling interests | $ | 337 | $ | 100 | $ | 100 | $ | 458 | $ | (658 | ) | $ | 337 | |||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net income | $ | 200 | $ | 56 | $ | 60 | $ | 486 | $ | (547 | ) | $ | 255 | |||||||||||
Other comprehensive loss, net of tax | ||||||||||||||||||||||||
Change in fair value of derivatives utilized for hedging purposes | (30 | ) | (2 | ) | (2 | ) | (70 | ) | 33 | (71 | ) | |||||||||||||
Reclassification of change in fair value of derivatives to net income | (5 | ) | (2 | ) | (2 | ) | (10 | ) | 9 | (10 | ) | |||||||||||||
Foreign currency translation adjustments | 22 | — | — | 52 | (20 | ) | 54 | |||||||||||||||||
Adjustments to pension and other postretirement benefit plan liabilities | (1 | ) | (1 | ) | (1 | ) | (18 | ) | 18 | (3 | ) | |||||||||||||
Total other comprehensive loss | (14 | ) | (5 | ) | (5 | ) | (46 | ) | 40 | (30 | ) | |||||||||||||
Comprehensive income | 186 | 51 | 55 | 440 | (507 | ) | 225 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (39 | ) | — | (39 | ) | ||||||||||||||||
Comprehensive income attributable to controlling interests | $ | 186 | $ | 51 | $ | 55 | $ | 401 | $ | (507 | ) | $ | 186 | |||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net income | $ | 855 | $ | 127 | $ | 127 | $ | 2,391 | $ | (1,512 | ) | $ | 1,988 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||
Change in fair value of derivatives utilized for hedging purposes | (22 | ) | 6 | 6 | (48 | ) | 9 | (49 | ) | |||||||||||||||
Reclassification of change in fair value of derivatives to net income | 5 | (1 | ) | (1 | ) | 10 | (3 | ) | 10 | |||||||||||||||
Foreign currency translation adjustments | (28 | ) | — | — | (53 | ) | 27 | (54 | ) | |||||||||||||||
Adjustments to pension and other postretirement benefit plan liabilities | 66 | 49 | 49 | 76 | (161 | ) | 79 | |||||||||||||||||
Total other comprehensive income (loss) | 21 | 54 | 54 | (15 | ) | (128 | ) | (14 | ) | |||||||||||||||
Comprehensive income | 876 | 181 | 181 | 2,376 | (1,640 | ) | 1,974 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (1,098 | ) | — | (1,098 | ) | ||||||||||||||||
Comprehensive income attributable to controlling interests | $ | 876 | $ | 181 | $ | 181 | $ | 1,278 | $ | (1,640 | ) | $ | 876 | |||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net income (loss) | $ | 95 | $ | (20 | ) | $ | (16 | ) | $ | 434 | $ | (554 | ) | $ | (61 | ) | ||||||||
Other comprehensive income, net of tax | ||||||||||||||||||||||||
Change in fair value of derivatives utilized for hedging purposes | 25 | (5 | ) | (5 | ) | 68 | (12 | ) | 71 | |||||||||||||||
Reclassification of change in fair value of derivatives to net income (loss) | 1 | (2 | ) | (2 | ) | 5 | 3 | 5 | ||||||||||||||||
Foreign currency translation adjustments | 21 | — | — | 50 | (19 | ) | 52 | |||||||||||||||||
Adjustments to pension and other postretirement benefit plan liabilities, net of tax | 12 | 12 | 12 | (5 | ) | (21 | ) | 10 | ||||||||||||||||
Total other comprehensive income | 59 | 5 | 5 | 118 | (49 | ) | 138 | |||||||||||||||||
Comprehensive income (loss) | 154 | (15 | ) | (11 | ) | 552 | (603 | ) | 77 | |||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | — | 77 | — | 77 | ||||||||||||||||||
Comprehensive income (loss) attributable to controlling interests | $ | 154 | $ | (15 | ) | $ | (11 | ) | $ | 629 | $ | (603 | ) | $ | 154 | |||||||||
Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net cash provided by operating activities | $ | 1,129 | $ | — | $ | 113 | $ | 3,174 | $ | (1,639 | ) | $ | 2,777 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (3 | ) | — | — | (2,267 | ) | — | (2,270 | ) | |||||||||||||||
Proceeds from sale of investments in Express pipeline system | — | — | — | 402 | — | 402 | ||||||||||||||||||
Proceeds from sale of investments in BBPP Holdings Ltda | — | — | — | 88 | — | 88 | ||||||||||||||||||
Acquisitions of assets and investments | — | — | — | (292 | ) | — | (292 | ) | ||||||||||||||||
Repayment from related party | — | — | — | 10 | — | 10 | ||||||||||||||||||
Funding to affiliates | (170 | ) | — | (581 | ) | (525 | ) | 1,276 | — | |||||||||||||||
Drop down assets to KMP | 994 | — | — | (994 | ) | — | — | |||||||||||||||||
Contributions to investments | (6 | ) | — | — | (171 | ) | 6 | (171 | ) | |||||||||||||||
Investments in KMP and EPB | (59 | ) | — | (3 | ) | — | 62 | — | ||||||||||||||||
Distributions from equity investments in excess of cumulative earnings | 2 | — | 70 | 68 | (23 | ) | 117 | |||||||||||||||||
Other, net | — | — | — | 78 | — | 78 | ||||||||||||||||||
Net cash provided by (used in) investing activities | 758 | — | (514 | ) | (3,603 | ) | 1,321 | (2,038 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Issuance of debt | 1,220 | — | 133 | 8,154 | — | 9,507 | ||||||||||||||||||
Payment of debt | (1,930 | ) | — | (50 | ) | (6,671 | ) | — | (8,651 | ) | ||||||||||||||
Funding from affiliates | 584 | — | 273 | 419 | (1,276 | ) | — | |||||||||||||||||
Debt issuance costs | — | — | — | (23 | ) | — | (23 | ) | ||||||||||||||||
Cash dividends | (1,196 | ) | — | — | — | — | (1,196 | ) | ||||||||||||||||
Repurchase of warrants | (463 | ) | — | — | — | — | (463 | ) | ||||||||||||||||
Distributions to parent | — | — | — | (1,654 | ) | 1,654 | — | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | 1,474 | (54 | ) | 1,420 | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | (1,220 | ) | — | (1,220 | ) | ||||||||||||||||
Other, net | 1 | — | — | 6 | (6 | ) | 1 | |||||||||||||||||
Net cash (used in) provided by financing activities | (1,784 | ) | — | 356 | 485 | 318 | (625 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (12 | ) | — | (12 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 103 | — | (45 | ) | 44 | — | 102 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 3 | — | 45 | 666 | — | 714 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 106 | $ | — | $ | — | $ | 710 | $ | — | $ | 816 | ||||||||||||
Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net cash provided by (used in)operating activities | $ | 725 | $ | — | $ | (429 | ) | $ | 2,761 | $ | (1,130 | ) | $ | 1,927 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (6 | ) | — | — | (1,393 | ) | — | (1,399 | ) | |||||||||||||||
Acquisitions of assets and investments | — | — | — | (72 | ) | — | (72 | ) | ||||||||||||||||
Repayment from related party | — | — | — | 48 | — | 48 | ||||||||||||||||||
Funding to affiliates | (398 | ) | — | (313 | ) | (632 | ) | 1,343 | — | |||||||||||||||
Contributions to investments | (15 | ) | — | — | (143 | ) | — | (158 | ) | |||||||||||||||
Distributions from equity investments in excess of cumulative earnings | 11 | — | 29 | 119 | — | 159 | ||||||||||||||||||
Investments in KMP and EPB | (69 | ) | — | (7 | ) | — | 76 | — | ||||||||||||||||
Acquisition of EP | (5,212 | ) | — | — | 242 | — | (4,970 | ) | ||||||||||||||||
Drop down assets to KMP | 3,485 | — | — | (3,485 | ) | — | — | |||||||||||||||||
Other, net | — | — | — | 27 | — | 27 | ||||||||||||||||||
Net cash used in investing activities | (2,204 | ) | — | (291 | ) | (5,289 | ) | 1,419 | (6,365 | ) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Issuance of debt | 7,182 | — | 62 | 8,483 | — | 15,727 | ||||||||||||||||||
Payment of debt | (4,683 | ) | — | (176 | ) | (5,562 | ) | — | (10,421 | ) | ||||||||||||||
Funding from affiliates | 82 | — | 905 | 356 | (1,343 | ) | — | |||||||||||||||||
Debt issuance costs | (88 | ) | — | — | (16 | ) | — | (104 | ) | |||||||||||||||
Cash dividends | (810 | ) | — | — | — | — | (810 | ) | ||||||||||||||||
Repurchase of warrants | (136 | ) | — | — | — | — | (136 | ) | ||||||||||||||||
Distributions to parent | — | — | — | (1,080 | ) | 1,080 | — | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | 1,423 | (19 | ) | 1,404 | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | (853 | ) | — | (853 | ) | ||||||||||||||||
Other, net | (15 | ) | — | — | 4 | (7 | ) | (18 | ) | |||||||||||||||
Net cash provided by financing activities | 1,532 | — | 791 | 2,755 | (289 | ) | 4,789 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 13 | — | 13 | ||||||||||||||||||
Net increase in cash and cash equivalents | 53 | — | 71 | 240 | — | 364 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | 2 | — | — | 409 | — | 411 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 55 | $ | — | $ | 71 | $ | 649 | $ | — | $ | 775 | ||||||||||||
Update for Recast and Correction to Condensed Consolidating Financial Information | ||||||||||||||||||||||||
During the second quarter 2013, KMI determined it had incorrectly presented certain amounts in the Condensed Consolidating Financial Information included in its Form 10-K for the period ended December 31, 2012, and its Form 10-Q for the periods ended September 30, 2012 and March 31, 2013. The Company revised its Condensed Consolidating Financial Statements, for the applicable periods presented, to correct for the presentation of (i) investments, loans, capital contributions and repayments between, and (ii) incorrect inclusion of certain entities within, the Parent Guarantor, Guarantor Subsidiary, Subsidiary Issuers and Non-guarantor Subsidiaries. These errors had no impact on KMI’s consolidated results of operations, cash flows, or financial position, or any debt covenants. We concluded the errors were not material to the consolidated financial statements. | ||||||||||||||||||||||||
In addition, the Company has updated the Condensed Consolidating Financial Information to reflect the recast related to the March 1, 2013 drop-down transaction and the retroactive application of the EP purchase accounting adjustments discussed in Note 2 on each of the statements that were included in the Quarterly Report on Form 10-Q for the periods indicated or the Annual Report on Form 10-K for the period ended December 31, 2012. The impact of these revisions are shown in Note 15 “Guarantee of Securities of Subsidiaries” to our consolidated financial statements included in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013. |
General_Policies
General (Policies) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Acquisition [Line Items] | |||||||||
Income Tax, Policy [Policy Text Block] | Our accounting policy is to apply the look-through method of recording deferred taxes on the outside book tax basis differences in our investments without regard to non-tax deductible goodwill. | ||||||||
Segment Reporting, Policy [Policy Text Block] | Reportable Segments | ||||||||
We operate the following reportable business segments. These segments and their principal sources of revenues are as follows: | |||||||||
• | Natural Gas Pipelines—the sale, transport, processing, treating, fractionation, storage and gathering of natural gas and NGLs; | ||||||||
• | CO2—KMP—the production, sale and transportation of crude oil from fields in the Permian Basin of West Texas and the production, transportation and marketing of CO2 used as a flooding medium for recovering crude oil from mature oil fields; | ||||||||
• | Products Pipelines—KMP— the transportation and terminaling of refined petroleum products, including gasoline, diesel fuel, jet fuel, NGLs, crude and condensate, and bio-fuels; | ||||||||
• | Terminals—KMP—the transloading and storing of refined petroleum products and dry and liquid bulk products, including coal, petroleum coke, cement, alumina, salt and other bulk chemicals; | ||||||||
• | Kinder Morgan Canada—KMP—the transportation of crude oil and refined products from Alberta, Canada to marketing terminals and refineries in British Columbia, and the state of Washington. As further described in Note 2, Kinder Morgan Canada divested its interest in the Express pipeline system effective March 14, 2013; and | ||||||||
• | Other—primarily includes several physical natural gas contracts with power plants associated with EP’s legacy trading activities. These contracts obligate EP to sell natural gas to these plants and have various expiration dates ranging from 2012 to 2028. | ||||||||
We evaluate performance principally based on each segment’s earnings before depreciation, depletion and amortization expenses (including amortization of excess cost of equity investments), which excludes general and administrative expenses, third-party debt costs and interest expense, unallocable interest income, and unallocable income tax expense. Our reportable segments are strategic business units that offer different products and services, and they are structured based on how our chief operating decision makers organize their operations for optimal performance and resource allocation. Each segment is managed separately because each segment involves different products and marketing strategies. | |||||||||
Regulatory Assets and Liabilities [Policy Text Block] | Regulatory Assets and Liabilities | ||||||||
Regulatory assets and liabilities represent probable future revenues or expenses associated with certain charges and credits that will be recovered from or refunded to customers through the ratemaking process. We included the amounts of our regulatory assets and liabilities within “Other current assets,” “Deferred charges and other assets,” “Accrued other current liabilities,” and “Other long-term liabilities and deferred credits” respectively, in our accompanying consolidated balance sheets. As of September 30, 2013, the recovery period for these regulatory assets is approximately one year to forty-two years . | |||||||||
Drop-Down of EP Assets to KMP [Policy Text Block] | The drop-down transactions were accounted for as transfers of net assets between entities under common control. Specifically, we have retrospectively adjusted our consolidated financial statements to reflect the recognition by KMP of the acquired assets and assumed liabilities at our carrying value, including our EP purchase accounting adjustments as of May 25, 2012. In this report, we refer to these acquisitions of assets by KMP from us as the drop-down transactions; the combined group of assets acquired by KMP from us as the drop-down asset groups; the El Paso Natural Gas pipeline system or El Paso Natural Gas Company, L.L.C. as EPNG; and the EP Midstream assets or Kinder Morgan Altamont LLC (formerly, El Paso Midstream Investment Company, L.L.C.) as the midstream assets. | ||||||||
Organization | Organization | ||||||||
Kinder Morgan, Inc. is the largest midstream and the third largest energy company in North America with a combined enterprise value of approximately $110 billion. We own an interest in or operate approximately 82,000 miles of pipelines and 180 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, CO2 and other products, and our terminals store petroleum products and chemicals, and handle such products as ethanol, coal, petroleum coke and steel. We are also the leading producer and transporter of CO2 for enhanced oil recovery projects in North America. | |||||||||
Effective on May 25, 2012, we completed the acquisition of all of the outstanding shares of EP. As a result, we own a 41% limited partner interest and the 2% general partner interest in EPB, as well as certain natural gas pipeline assets. | |||||||||
We also own the general partner and approximately 10% of the limited partner interests of KMP, one of the largest publicly-traded pipeline limited partnerships in America. | |||||||||
Our common stock trades on the NYSE under the symbol “KMI.” | |||||||||
KMR is a Delaware limited liability company. KMGP, the general partner of KMP and a wholly-owned subsidiary of ours, owns all of KMR’s voting shares. KMR, pursuant to a delegation of control agreement, has been delegated, to the fullest extent permitted under Delaware law, all of KMGP’s power and authority to manage and control the business and affairs of KMP, subject to KMGP’s right to approve certain transactions. | |||||||||
Earnings Per Share | Earnings per Share | ||||||||
For the three and nine months ended September 30, 2013, earnings per share was calculated using the two-class method. Earnings were allocated to Class P shares of common stock and to participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in earnings or excess distributions over earnings. Our unvested restricted stock awards do not participate in excess distributions over earnings. For the three and nine months ended September 30, 2013, the following potential Class P common shares are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share; (i) 6 million and 3 million, respectively, related to unvested restricted stock awards; (ii) 400 million and 419 million, respectively, related to outstanding warrants to purchase our Class P shares; and (iii) 10 million for each period, related to convertible trust preferred securities. | |||||||||
The following table sets forth the allocation of net income for Class P shares and for participating securities for the three and nine months ended September 30, 2013 (in millions): | |||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||
Net Income Available to Shareholders | |||||||||
Class P | $ | 283 | $ | 851 | |||||
Participating securities(a) | 3 | 4 | |||||||
Net Income Attributable to Kinder Morgan, Inc. | $ | 286 | $ | 855 | |||||
_______ | |||||||||
(a) | Participating securities are unvested restricted stock awards issued to management employees that contain non-forfeitable rights to dividend equivalent payments. | ||||||||
On December 26, 2012, the remaining series of our Class A, Class B and Class C shares were fully converted and as a result, only our Class P common stock was outstanding as of December 31, 2012. | |||||||||
For the three and nine months ended September 30, 2012, earnings per share was calculated using the two-class method. Earnings were allocated to each class of common stock based on the amount of dividends paid in the current period for each class of stock plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in earnings or excess distributions over earnings. For the investor retained stock, the allocation of undistributed earnings or excess distributions over earnings was in direct proportion to the maximum number of Class P shares into which it could convert. | |||||||||
For the Class P diluted earnings per share computations, total net income attributable to Kinder Morgan, Inc. was divided by the adjusted weighted-average shares outstanding during the period, including all dilutive potential shares. This included the Class P shares into which the investor retained stock (collectively, our Class A, Class B and Class C common stocks) was convertible. The number of Class P shares on a fully-converted basis was the same before and after any conversion of our investor retained stock. Each time one Class P share was issued upon conversion of investor retained stock, the number of Class P shares went up by one, and the number of Class P shares into which the investor retained stock was convertible went down by one. Accordingly, there was no difference between Class P basic and diluted earnings per share because the conversion of Class A, Class B, and Class C shares into Class P shares did not impact the number of Class P shares on a fully-converted basis. Commencing with the acquisition of EP, dilutive potential shares also included the Class P shares issuable in connection with the warrants and the trust preferred securities (see Note 4). As no securities were convertible into Class A shares, the basic and diluted earnings per share computations for Class A shares were the same. | |||||||||
Income Tax Impact of the Drop-Down of EP Assets to KMP [Policy Text Block] | Income Tax Impact of the Drop-Down of EP Assets to KMP | ||||||||
As discussed above, we accounted for the acquisition of EP as a business combination and for the subsequent March 2013 and August 2012 drop-down transactions as transfers of net assets between entities under common control. For income tax purposes, the March 2013 drop-down transaction was treated as a contribution and the August 2012 drop-down transaction was treated as a partial sale, and a partial contribution. | |||||||||
Our accounting policy is to apply the look-through method of recording deferred taxes on the outside book tax basis differences in our investments without regard to non tax deductible goodwill. As a result of the drop-down transactions, a deferred tax liability arose related to the portion of the outside basis difference associated with the underlying goodwill that was contributed to KMP by us. However, since the drop-downs were transactions between entities under common control, we recognized an offsetting deferred charge of $448 million for the August 2012 and $53 million for the March 2013 drop-down transactions. These balances will be amortized to income tax expense over the remaining useful lives of the transferred assets of approximately 25 years Similar to the impact described above, KMP’s acquisition of a 50% ownership interest in the EP Midstream joint venture, also generated the recognition of a deferred charge and corresponding deferred tax liability and is included in the amount above. | |||||||||
The amortization of the deferred charge will result in incremental income tax expense of approximately $20 million per year. For the three and nine months ended September 30, 2013, total income tax expense related to the amortization of the deferred charges was approximately $5 million and $15 million, respectively. | |||||||||
El Paso Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combinations Policy [Policy Text Block] | We accounted for the EP acquisition using the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized on the balance sheet at their acquisition date fair values. | ||||||||
Kinder Morgan Energy Partners, L.P. [Member] | KMP Acquisiton of Copano Energy LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combinations Policy [Policy Text Block] | KMP accounted for its acquisition of Copano under the acquisition method of accounting, and accordingly, measured the consideration paid to Copano unitholders, the acquired identifiable tangible and intangible assets, and the assumed liabilities at their acquisition-date fair values. Also, due to the fact that KMP’s acquisition included the remaining 50% interest in Eagle Ford that it did not already own, KMP remeasured its existing 50% equity investment in Eagle Ford to its fair value as of the acquisition date, resulting in the recognition of a $558 million pre-tax non-cash gain reported separately within “Other Income (Expense) | ||||||||
KMPbs FTC Natural Gas Pipelines [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | ||||||||
General | |||||||||
We have prepared our accompanying unaudited consolidated financial statements under the rules and regulations of the SEC. These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification. Under such rules and regulations, we have condensed or omitted certain information and notes normally included in financial statements prepared in conformity with the Codification. We believe, however, that our disclosures are adequate to make the information presented not misleading. | |||||||||
Our accompanying unaudited consolidated financial statements reflect normal adjustments, and also recurring adjustments that are, in the opinion of our management, necessary for a fair statement of our financial results for the interim periods. In addition, certain amounts from prior periods have been reclassified to conform to the current presentation (including reclassifications between “Services” and “Product sales and other” within the “Revenues” section of our accompanying consolidated statements of income). Interim results are not necessarily indicative of results for a full year; accordingly, you should read these consolidated financial statements in conjunction with our consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012 (2012 Form 10-K). | |||||||||
Our accounting records are maintained in United States dollars, and all references to dollars are United States dollars, except where stated otherwise. Canadian dollars are designated as C$. Our consolidated financial statements include our accounts and those of our majority-owned subsidiaries as well as the accounts of KMP, EPB and KMR. Investments in jointly-owned operations in which we hold a 50% or less interest (other than KMP, EPB and KMR, because we have the ability to exercise significant control over their operating and financial policies) are accounted for under the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||
Notwithstanding the consolidation of KMP and EPB, and their respective subsidiaries, into our financial statements, we are not liable for, and our assets are not available to satisfy, the obligations of KMP and EPB, and/or their respective subsidiaries, and vice versa, except as discussed in Note 11, “—Other Contingencies.” Responsibility for payments of obligations reflected in our, KMP or EPB’s financial statements is a legal determination based on the entity that incurs the liability. | |||||||||
KMP’s FTC Natural Gas Pipelines Disposal Group - Discontinued Operations | |||||||||
Effective November 1, 2012, we sold KMP’s (i) Kinder Morgan Interstate Gas Transmission natural gas pipeline system; (ii) Trailblazer natural gas pipeline system; (iii) Casper and Douglas natural gas processing operations; and (iv) 50% equity investment in the Rockies Express natural gas pipeline system to Tallgrass Energy Partners, LP (now known as Tallgrass Development, LP) (Tallgrass) for approximately $1.8 billion in cash (before selling costs), or $3.3 billion including KMP’s share of joint venture debt. In this report, we refer to this combined group of assets as KMP’s FTC Natural Gas Pipelines disposal group. For more information about the presentation of KMP’s FTC Natural Gas Pipelines disposal group as discontinued operations, see Note 2 “Summary of Significant Accounting Policies—Basis of Presentation” to our consolidated financial statements included in our 2012 Form 10-K. | |||||||||
KMP Sale of Express Pipeline System [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combinations Policy [Policy Text Block] | Prior to KMP’s sale, we (i) accounted for KMP’s equity investment under the equity method of accounting; (ii) accounted for KMP’s debt investment under the historical amortized cost method of accounting; and (iii) included the financial results of the Express pipeline system within the Kinder Morgan Canada—KMP business segment. |
General_Tables
General (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||
Schedule of Net Income for Shareholders and Participating Securities [Table Text Block] | The following table sets forth the allocation of net income for Class P shares and for participating securities for the three and nine months ended September 30, 2013 (in millions): | |||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||
Net Income Available to Shareholders | ||||||||||||||||
Class P | $ | 283 | $ | 851 | ||||||||||||
Participating securities(a) | 3 | 4 | ||||||||||||||
Net Income Attributable to Kinder Morgan, Inc. | $ | 286 | $ | 855 | ||||||||||||
_______ | ||||||||||||||||
(a) | Participating securities are unvested restricted stock awards issued to management employees that contain non-forfeitable rights to dividend equivalent payments. | |||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income taxes from continuing operations included in our accompanying consolidated statements of income were as follows (in millions, except percentages): | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income tax expense | $ | 171 | $ | 60 | $ | 675 | $ | 165 | ||||||||
Effective tax rate | 24 | % | 13 | % | 25 | % | 18 | % | ||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following tables set forth the computation of basic and diluted earnings per share from continuing operations for the three and nine months ended September 30, 2012 (in millions, except per share amounts): | |||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Income from Continuing Operations Available to Shareholders | ||||||||||||||||
Class P | Class A | Participating | Total | |||||||||||||
Securities (a) | ||||||||||||||||
Income from continuing operations | $ | 386 | ||||||||||||||
Less: income from continuing operations attributable to noncontrolling interests | (171 | ) | ||||||||||||||
Income from continuing operations attributable to KMI | 215 | |||||||||||||||
Dividends paid in the period | $ | 212 | $ | 142 | $ | 10 | (364 | ) | ||||||||
Excess distributions over earnings | (87 | ) | (62 | ) | — | $ | (149 | ) | ||||||||
Income from continuing operations attributable to shareholders | $ | 125 | $ | 80 | $ | 10 | $ | 215 | ||||||||
Basic earnings per share from continuing operations | ||||||||||||||||
Basic weighted-average number of shares outstanding | 605 | 432 | N/A | |||||||||||||
Basic earnings per common share from continuing operations(b) | $ | 0.21 | $ | 0.19 | N/A | |||||||||||
Diluted earnings per share from continuing operations | ||||||||||||||||
Income from continuing operations attributable to shareholders and assumed conversions(c) | $ | 215 | $ | 80 | N/A | |||||||||||
Diluted weighted-average number of shares | 1,039 | 432 | N/A | |||||||||||||
Diluted earnings per common share from continuing operations(b) | $ | 0.21 | $ | 0.19 | N/A | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Income from Continuing Operations Available to Shareholders | ||||||||||||||||
Class P | Class A | Participating | Total | |||||||||||||
Securities (a) | ||||||||||||||||
Income from continuing operations | $ | 728 | ||||||||||||||
Less: income from continuing operations attributable to noncontrolling interests | (441 | ) | ||||||||||||||
Income from continuing operations attributable to KMI | 287 | |||||||||||||||
Dividends paid in the period | $ | 343 | $ | 432 | $ | 35 | (810 | ) | ||||||||
Excess distributions over earnings | (221 | ) | (301 | ) | (1 | ) | $ | (523 | ) | |||||||
Income from continuing operations attributable to shareholders | $ | 122 | $ | 131 | $ | 34 | $ | 287 | ||||||||
Basic earnings per share from continuing operations | ||||||||||||||||
Basic weighted-average number of shares outstanding | 366 | 496 | N/A | |||||||||||||
Basic earnings per common share from continuing operations(b) | $ | 0.33 | $ | 0.26 | N/A | |||||||||||
Diluted earnings per share from continuing operations | ||||||||||||||||
Income from continuing operations attributable to shareholders and assumed conversions(c) | $ | 287 | $ | 131 | N/A | |||||||||||
Diluted weighted-average number of shares | 864 | 496 | N/A | |||||||||||||
Diluted earnings per common share from continuing operations(b) | $ | 0.33 | $ | 0.26 | N/A | |||||||||||
The following tables set forth the computation of total basic and diluted earnings per share for the three and nine months ended September 30, 2012 (in millions, except per share amounts): | ||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Net Income Available to Shareholders | ||||||||||||||||
Class P | Class A | Participating | Total | |||||||||||||
Securities (a) | ||||||||||||||||
Net income attributable to KMI | $ | 200 | ||||||||||||||
Dividends paid in the period | $ | 212 | $ | 142 | $ | 10 | (364 | ) | ||||||||
Excess distributions over earnings | (96 | ) | (68 | ) | — | $ | (164 | ) | ||||||||
Net income attributable to shareholders | $ | 116 | $ | 74 | $ | 10 | $ | 200 | ||||||||
Basic earnings per share | ||||||||||||||||
Basic weighted-average number of shares outstanding | 605 | 432 | N/A | |||||||||||||
Basic earnings per common share(b) | $ | 0.19 | $ | 0.17 | N/A | |||||||||||
Diluted earnings per share | ||||||||||||||||
Net income attributable to shareholders and assumed conversions(c) | $ | 200 | $ | 74 | N/A | |||||||||||
Diluted weighted-average number of shares | 1,039 | 432 | N/A | |||||||||||||
Diluted earnings per common share(b) | $ | 0.19 | $ | 0.17 | N/A | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Net Income Available to Shareholders | ||||||||||||||||
Class P | Class A | Participating | Total | |||||||||||||
Securities (a) | ||||||||||||||||
Net income attributable to KMI | $ | 95 | ||||||||||||||
Dividends paid in the period | $ | 343 | $ | 432 | $ | 35 | (810 | ) | ||||||||
Excess distributions over earnings | (303 | ) | (410 | ) | (2 | ) | $ | (715 | ) | |||||||
Net income attributable to shareholders | $ | 40 | $ | 22 | $ | 33 | $ | 95 | ||||||||
Basic earnings per share | ||||||||||||||||
Basic weighted-average number of shares outstanding | 366 | 496 | N/A | |||||||||||||
Basic earnings per common share(b) | $ | 0.11 | $ | 0.04 | N/A | |||||||||||
Diluted earnings per share | ||||||||||||||||
Net income attributable to shareholders and assumed conversions(c) | $ | 95 | $ | 22 | N/A | |||||||||||
Diluted weighted-average number of shares | 864 | 496 | N/A | |||||||||||||
Diluted earnings per common share(b) | $ | 0.11 | $ | 0.04 | N/A | |||||||||||
_______ | ||||||||||||||||
(a) | Participating securities included Class B shares, Class C shares, and unvested restricted stock awards issued to non-senior management employees that contained rights to dividend equivalents in the case of the restricted shares. Our Class B and Class C shares were entitled to participate in our earnings, only to the extent of cash distributions made to them. As a result, no earnings in excess of dividends received were allocated to the Class B and Class C shares in our determination of basic and diluted earnings per share. | |||||||||||||||
(b) | The Class A shares earnings per share as compared to the Class P shares earnings per share were reduced due to the sharing of economic benefits (including dividends) amongst the Class A, B, and C shares. Class A, B and C shares owned by Richard Kinder, the sponsor investors, the original shareholders, and other management were referred to as “investor retained stock,” and were convertible into a fixed number of Class P shares. In the aggregate, our investor retained stock was entitled to receive a dividend per share on a fully-converted basis equal to the dividend per share on our common stock. The conversion of shares of investor retained stock into Class P shares did not increase our total fully-converted shares outstanding, impact the aggregate dividends we paid or the dividends we paid per share on our Class P common stock. | |||||||||||||||
(c) | For the diluted earnings per share calculation, total net income attributable to each class of common stock was divided by the adjusted weighted-average shares outstanding during the period, including all dilutive potential shares |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following summarized unaudited pro forma consolidated income statement information for the three and nine months ended September 30, 2013 and 2012, assumes that the EP, Copano and the Goldsmith Landreth Unit acquisitions had occurred as of January 1, 2012. We prepared the following summarized unaudited pro forma financial results for comparative purposes only. The summarized unaudited pro forma financial results may not be indicative of the results that would have occurred if these acquisitions had been completed as of January 1, 2012 or the results that will be attained in the future. Amounts presented below are in millions, except for the per share amounts: | |||||||||||||||
Pro Forma | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 3,756 | $ | 3,341 | $ | 10,903 | $ | 9,384 | ||||||||
Income from Continuing Operations | $ | 551 | $ | 379 | $ | 1,952 | $ | 410 | ||||||||
(Loss) Income from Discontinued Operations, Net of Tax | $ | — | $ | (131 | ) | $ | (2 | ) | $ | 1,279 | ||||||
Net Income | $ | 551 | $ | 248 | $ | 1,950 | $ | 1,689 | ||||||||
Net (Income) Loss Attributable to Noncontrolling Interests | $ | (265 | ) | $ | 127 | $ | (1,120 | ) | $ | 291 | ||||||
Net Income Attributable to Kinder Morgan, Inc. | $ | 286 | $ | 375 | $ | 830 | $ | 1,980 | ||||||||
Diluted Earnings per Common Share | ||||||||||||||||
Class P Shares | $ | 0.27 | $ | 0.36 | $ | 0.8 | $ | 1.91 | ||||||||
Class A Shares | $ | 0.34 | $ | 1.84 | ||||||||||||
Copano Energy LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | As of September 30, 2013, KMP’s preliminary purchase price allocation related to the Copano acquisition, as adjusted to date, is as follows (in millions). KMP’s evaluation of the assigned fair values is ongoing and subject to adjustment: | |||||||||||||||
Preliminary Purchase Price Allocation: | ||||||||||||||||
Current assets (including cash acquired of $30) | $ | 218 | ||||||||||||||
Property, plant and equipment | 2,805 | |||||||||||||||
Investments | 387 | |||||||||||||||
Goodwill | 1,119 | |||||||||||||||
Other intangibles, net | 1,375 | |||||||||||||||
Other assets | 13 | |||||||||||||||
Total assets | 5,917 | |||||||||||||||
Less: Fair value of previously held 50% interest in Eagle Ford | (704 | ) | ||||||||||||||
Total assets acquired | 5,213 | |||||||||||||||
Current liabilities | (207 | ) | ||||||||||||||
Other liabilities | (4 | ) | ||||||||||||||
Long-term debt | (1,252 | ) | ||||||||||||||
Noncontrolling interests | (17 | ) | ||||||||||||||
KMP’s common unit consideration | $ | 3,733 | ||||||||||||||
KMPbs FTC Natural Gas Pipelines [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Summarized financial information for KMP’s FTC Natural Gas Pipelines disposal group is as follows (in millions): | |||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||
Operating revenues | $ | 71 | $ | 204 | ||||||||||||
Operating expenses | (45 | ) | (116 | ) | ||||||||||||
Depreciation and amortization | — | (7 | ) | |||||||||||||
Other expense | (1 | ) | (1 | ) | ||||||||||||
Earnings from equity investments | 22 | 64 | ||||||||||||||
Interest income and Other, net | — | 1 | ||||||||||||||
Income from operations of KMP’s FTC Natural Gas Pipelines disposal group, net of tax | $ | 47 | $ | 145 | ||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Schedule of Debt [Table Text Block] | The following table provides detail on the principal amount of our outstanding debt balances, as of September 30, 2013 and December 31, 2012. The table amounts exclude all debt fair value adjustments, including debt discounts and premiums (in millions). | ||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
KMI | |||||||||||||||||
Senior term loan facility, variable rate, due 2015 | $ | 1,528 | $ | 2,714 | |||||||||||||
Senior notes and debentures, 5.15% through 7.45%, due 2015 through 2098 | 315 | 315 | |||||||||||||||
Credit facility due December 31, 2014(a) | 1,514 | 1,035 | |||||||||||||||
Subsidiary borrowings (as obligor) | |||||||||||||||||
K N Capital Trust I, deferrable interest debentures issued by subsidiary trusts, 7.63% and 8.56%, due 2027 and 2028 | 27 | 27 | |||||||||||||||
Kinder Morgan Finance Company, LLC, senior notes, 5.70% through 6.40%, due 2016 through 2036 | 1,636 | 1,636 | |||||||||||||||
El Paso, senior notes, 6.50% through 12.00%, due 2013 through 2037 | 3,860 | 3,860 | |||||||||||||||
EPC Building, LLC promissory note, 3.967%, due 2013 through 2035(b) | 464 | 217 | |||||||||||||||
Colorado Interstate Gas Services Company, 7.76% Totem note payable, due 2018 | 1 | 1 | |||||||||||||||
Other credit facilities due December 20, 2013, March 20 and June 20, 2014 | 293 | 210 | |||||||||||||||
EP preferred securities, 4.75%, due March 31, 2028 | 281 | 286 | |||||||||||||||
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock | 100 | 100 | |||||||||||||||
Total debt — KMI | 10,019 | 10,401 | |||||||||||||||
Less: Current portion of debt — KMI | (2,195 | ) | (1,153 | ) | |||||||||||||
Total long-term debt — KMI(c) | $ | 7,824 | $ | 9,248 | |||||||||||||
KMP and EPB | |||||||||||||||||
KMP | |||||||||||||||||
Senior notes, 2.65% through 9.00% due 2013 through 2043(d) | $ | 16,100 | $ | 13,350 | |||||||||||||
Commercial paper borrowings(e) | 174 | 621 | |||||||||||||||
Credit facility due May 1, 2018 | — | — | |||||||||||||||
KMP subsidiary borrowings (as obligor) | |||||||||||||||||
TGP senior notes, 7.00% through 8.375%, due 2016 through 2037(f) | 1,790 | 1,790 | |||||||||||||||
EPNG senior notes 5.95% through 8.625%, due 2017 through 2032(g) | 1,115 | 1,115 | |||||||||||||||
Copano senior notes, 7.125%, due April 1, 2021(h) | 332 | — | |||||||||||||||
Other miscellaneous subsidiary debt | 101 | 186 | |||||||||||||||
Total debt — KMP | 19,612 | 17,062 | |||||||||||||||
Less: Current portion of debt — KMP(i) | (702 | ) | (1,155 | ) | |||||||||||||
Total long-term debt — KMP(c) | 18,910 | 15,907 | |||||||||||||||
EPB | |||||||||||||||||
EPPOC | |||||||||||||||||
Senior notes, 4.10% through 8.00% due 2013 through 2042(j) | 2,260 | 2,348 | |||||||||||||||
Credit facility due May 27, 2016(k) | — | — | |||||||||||||||
EPB subsidiary borrowings (as obligor) | |||||||||||||||||
Colorado Interstate Gas Company, L.L.C. senior notes, 5.95% through 6.85%, due 2015 through 2037 | 475 | 475 | |||||||||||||||
SLNG senior notes, 9.50% through 9.75%, due 2014 through 2016 | 135 | 135 | |||||||||||||||
SNG notes, 4.40% through 8.00%, due 2017 through 2032 | 1,211 | 1,211 | |||||||||||||||
Other financing obligations | 175 | 178 | |||||||||||||||
Total debt — EPB | 4,256 | 4,347 | |||||||||||||||
Less: Current portion of debt — EPB | (76 | ) | (93 | ) | |||||||||||||
Total long-term debt — EPB(c) | 4,180 | 4,254 | |||||||||||||||
Total long-term debt — KMP and EPB | $ | 23,090 | $ | 20,161 | |||||||||||||
_______ | |||||||||||||||||
(a) | As of September 30, 2013 and December 31, 2012, the weighted average interest rates on KMI’s credit facility borrowings were 2.68% and 2.72%, respectively. | ||||||||||||||||
(b) | In December 2012, our subsidiary, EPC Building, LLC had issued $468 million of 3.967% amortizing promissory notes with payments due 2013 through 2035, of which $217 million was issued to third parties and the remaining $251 million was held by KMI until they were sold to third parties in April of 2013. EPC Building, LLC, as the landlord, leases the property to KMI as a tenant. Proceeds from the issuance of the notes were used to reduce KMI’s credit facility borrowings. | ||||||||||||||||
(c) | Excludes debt fair value adjustments. As of September 30, 2013 and December 31, 2012, our “Debt fair value adjustments” increased our debt balances by $2,124 million and $2,591 million, respectively. In addition to all unamortized debt discount/premium amounts and purchase accounting on our debt balances, our debt fair value adjustments also include (i) amounts associated with the offsetting entry for hedged debt; and (ii) any unamortized portion of proceeds received from the early termination of interest rate swap agreements. For further information about our debt fair value adjustments, see Note 5 “Risk Management—Fair Value of Derivative Contracts.” | ||||||||||||||||
(d) | On February 28, 2013, KMP completed a public offering of $1 billion in principal amount of senior notes in two separate series, consisting of $600 million of 3.50% notes due September 1, 2023 and $400 million of 5.00% notes due March 1, 2043. KMP received net proceeds of $991 million, and used the proceeds to pay a portion of the purchase price for the March 2013 drop-down transaction and to reduce the borrowings under its commercial paper program. On August 5, 2013, KMP completed a public offering of $1.75 billion in principal amount of senior notes in three separate series, consisting of $800 million of 2.65% notes due February 1, 2019, $650 million of 4.15% notes due February 1, 2024 and $300 million of 5.00% notes due March 1, 2043 (the 5.00% notes issued in August 2013 constitute a further issuance of the $400 million aggregate principal amount of the 5.00% notes that KMP issued in February 2013 and form a single series with these notes). KMP received net proceeds of $1,724 million, and used the proceeds to reduce the borrowings of its commercial paper program and to fund its partial redemption and retirement of Copano’s 7.125% senior notes in September 2013 (see “—KMP’s Copano Debt” below). | ||||||||||||||||
(e) | In May 2013, in association with the increase of capacity negotiated for KMP’s senior unsecured revolving bank credit facility (see “—Credit Facilities - KMP” below), KMP increased its commercial paper program by $500 million to provide for the issuance of up to $2.7 billion. As of September 30, 2013 and December 31, 2012, the average interest rates on KMP’s outstanding commercial paper borrowings were 0.27% and 0.45%, respectively. The borrowings under KMP’s commercial paper program were used principally to finance the acquisitions and capital expansions made during the first nine months of 2013 and during 2012, and in the near term, KMP expects that its short-term liquidity and financing needs will be met primarily through borrowings made under its commercial paper program. | ||||||||||||||||
(f) | Consists of six separate series of fixed-rate unsecured senior notes that KMP assumed as part of the August 2012 drop-down transaction. | ||||||||||||||||
(g) | Consists of four separate series of fixed-rate unsecured senior notes that KMP assumed as part of the August 2012 and March 2013 drop-down transactions. | ||||||||||||||||
(h) | Consists of a single series of fixed-rate unsecured senior notes that KMP guaranteed as part of its May 1, 2013 Copano acquisition. The notes mature in full on April 1, 2021, and interest on the notes is payable semiannually on April 1 and October 1 of each year. For further information about these notes, see “—KMP’s Copano Debt” below. | ||||||||||||||||
(i) | As of September 30, 2013 and December 31, 2012, includes commercial paper borrowings of $174 million and $621 million. | ||||||||||||||||
(j) | In September 2013, EPPOC repaid $88 million of 8% senior notes. | ||||||||||||||||
(k) | LIBOR plus 1.75%. | ||||||||||||||||
The estimated fair value of our outstanding debt balance (both short-term and long-term and including debt fair value adjustments), is disclosed below (in millions): | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Total debt | $ | 36,011 | $ | 35,939 | $ | 34,401 | $ | 36,720 | |||||||||
Schedule of preferred share distributions [Table Text Block] | Kinder Morgan G.P., Inc. Preferred Shares | ||||||||||||||||
The following table provides information about KMGP’s distributions on 100,000 shares of its Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Per share cash distribution declared for the period(a) | $ | 10.517 | $ | 10.948 | $ | 31.531 | $ | 52.598 | |||||||||
Per share cash distribution paid in the period | $ | 10.545 | $ | 20.825 | $ | 31.652 | $ | 62.475 | |||||||||
_________ | |||||||||||||||||
(a) | Distribution declared for the three months ended September 30, 2013, was declared on October 16, 2013 and is payable on November 18, 2013 to shareholders of record as of October 31, 2013. |
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward | The following tables set forth the changes in our outstanding series of shares during the nine months ended September 30, 2013 and 2012. | |||||||||||||||
Class P | ||||||||||||||||
Balance at December 31, 2012 | 1,035,668,596 | |||||||||||||||
Shares issued with conversions of EP Trust I Preferred securities | 74,421 | |||||||||||||||
Shares issued for exercised warrants | 16,886 | |||||||||||||||
Restricted shares vested | 86,922 | |||||||||||||||
Balance at September 30, 2013 | 1,035,846,825 | |||||||||||||||
Class P | Class A | Class B | Class C | |||||||||||||
Balance at December 31, 2011 | 170,921,140 | 535,972,387 | 94,132,596 | 2,318,258 | ||||||||||||
Shares issued for EP acquisition (Note 2) | 330,154,610 | — | — | — | ||||||||||||
Shares issued with conversions of EP Trust I Preferred securities | 454,028 | — | — | — | ||||||||||||
Shares converted | 147,255,126 | (147,255,126 | ) | (4,827,797 | ) | (2,761 | ) | |||||||||
Shares canceled | (446,206 | ) | — | — | — | |||||||||||
Restricted shares vested | 77,925 | — | — | — | ||||||||||||
Balance at September 30, 2012 | 648,416,623 | 388,717,261 | 89,304,799 | 2,315,497 | ||||||||||||
Schedule of Dividends Payable [Table Text Block] | Holders of our common stock share equally in any dividend declared by our board of directors, subject to the rights of the holders of any outstanding preferred stock. The following table provides information about our per share dividends. | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Per common share cash dividend declared for the period | $ | 0.41 | $ | 0.36 | $ | 1.19 | $ | 1.03 | ||||||||
Per common share cash dividend paid in the period | $ | 0.4 | $ | 0.35 | $ | 1.15 | $ | 0.98 | ||||||||
Schedule of Warrants Outstanding Roll Forward [Table Text Block] | The table below sets forth the changes in our outstanding warrants during the nine months ended September 30, 2013 and 2012. | |||||||||||||||
Warrants | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning balance | 439,809,442 | — | ||||||||||||||
Warrants issued in EP acquisition(a) | — | 504,598,883 | ||||||||||||||
Warrants issued with conversions of EP Trust I Preferred securities(b) | 113,757 | 693,971 | ||||||||||||||
Warrants exercised | (21,208 | ) | — | |||||||||||||
Warrants repurchased(c) | (91,460,387 | ) | (59,787,050 | ) | ||||||||||||
Ending balance | 348,441,604 | 445,505,804 | ||||||||||||||
_______ | ||||||||||||||||
(a) | See Note 2, “Acquisitions and Divestitures—KMI Acquisition of EP.” | |||||||||||||||
(b) | See Note 8, “Debt” to our consolidated financial statements included in our 2012 Form 10-K. | |||||||||||||||
(c) | On May 23, 2012, we announced that our board of directors had approved a warrant repurchase program, authorizing us to repurchase in the aggregate up to $250 million of warrants, which repurchase was completed as of May 2013. In the second quarter of 2013, we repurchased an additional $38 million in warrants, which was approved by our board of directors separate and apart from the publicly announced repurchase program. On July 17, 2013, we announced that our board of directors had authorized an additional $350 million share and warrant repurchase program. As of September 30, 2013, $331 million of the $350 million repurchase program had been utilized. On October 16, 2013, we announced that our board of directors had approved an additional share and warrant repurchase program authorizing us to repurchase in the aggregate up to $250 million of additional shares or warrants. During the nine months ended September 30, 2013 and 2012, we paid a total of $463 million and $136 million, respectively, for the repurchase of warrants. | |||||||||||||||
Schedule of Noncontrolling Interest | caption “Noncontrolling interests” in our accompanying consolidated balance sheets consists of interests that we do not own in the following subsidiaries (in millions): | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
KMP | $ | 7,612 | $ | 3,270 | ||||||||||||
EPB | 4,141 | 4,111 | ||||||||||||||
KMR | 3,020 | 2,716 | ||||||||||||||
Other | 264 | 137 | ||||||||||||||
$ | 15,037 | $ | 10,234 | |||||||||||||
Schedule of noncontrolling interest contributions text block [Table Text Block] | table below shows significant issuances of common units or shares, the net proceeds from the issuances and the use of the proceeds during the nine months ended September 30, 2013 for KMP, EPB and KMR (dollars in millions and units and shares in thousands). | |||||||||||||||
Issuances | Common units/shares | Net proceeds | Use of proceeds | |||||||||||||
(in thousands) | (in millions) | |||||||||||||||
KMP | ||||||||||||||||
Issued under equity distribution agreement(a) | ||||||||||||||||
2013 | 8,248 | $ | 695 | Reduced borrowings under KMP's commercial paper program | ||||||||||||
Other issuances | ||||||||||||||||
Feb-13 | 4,600 | $ | 385 | Issued to pay a portion of the purchase price for the March 2013 drop-down transaction | ||||||||||||
May-13 | 43,371 | $ | — | (b) | Issued to Copano unitholders as KMP's purchase price for Copano | |||||||||||
EPB(c) | ||||||||||||||||
2013 | 2,038 | $ | 85 | (d) | General partnership purposes | |||||||||||
KMR(e) | ||||||||||||||||
2013 | 1,757 | $ | 145 | Purchased additional KMP i-units; KMP then used proceeds to reduce borrowings under its commercial paper program | ||||||||||||
_______ | ||||||||||||||||
(a) | On June 3, 2013, KMP entered into a fourth amended and restated equity distribution agreement with UBS Securities LLC (UBS) which increased the aggregate offering price of KMP’s common units to up to $2.175 billion (up from $1.9 billion), and on August 7, 2013, KMP entered into a second and separate equity distribution agreement with UBS. The terms of this second equity distribution agreement are substantially similar to those in KMP’s previous agreement, and allows it to offer and sell from time to time additional KMP common units having an aggregate offering price of up to $1.9 billion through UBS, as sales agent. | |||||||||||||||
(b) | KMP valued these units at $3,733 million based on the $86.08 closing market price of a KMP common unit on the NYSE on May 1, 2013. | |||||||||||||||
(c) | On March 7, 2013, EPB entered into an equity distribution agreement with Citigroup. Pursuant to the provisions of EPB’s equity distribution agreement, EPB may sell from time to time through Citigroup, as its sales agent, EPB’s common units representing limited partner interests having an aggregate offering price of up to $500 million. | |||||||||||||||
(d) | Represents proceeds received from noncontrolling interests and excludes our $2 million contribution as the owner of EPB’s general partner. | |||||||||||||||
(e) | On May 4, 2012, KMR entered into an equity distribution agreement with Credit Suisse Securities (USA) LLC (Credit Suisse). Pursuant to the provisions of KMR’s equity distribution agreement, it may sell from time to time through Credit Suisse, as its sales agent, KMR shares having an aggregate offering price of up to $500 million. | |||||||||||||||
Schedule of Distributions by Noncontrolling Interests [Table Text Block] | following table provides information about distributions from our noncontrolling interests (in millions except per unit distribution amounts): | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
KMP | ||||||||||||||||
Per unit cash distribution declared for the period | $ | 1.35 | $ | 1.26 | $ | 3.97 | $ | 3.69 | ||||||||
Per unit cash distribution paid in the period | $ | 1.32 | $ | 1.23 | $ | 3.91 | $ | 3.59 | ||||||||
Cash distributions paid in the period to the public | $ | 377 | $ | 275 | $ | 983 | $ | 788 | ||||||||
EPB(a) | ||||||||||||||||
Per unit cash distribution declared for the period | $ | 0.65 | $ | 0.58 | $ | 1.9 | $ | 1.13 | ||||||||
Per unit cash distribution paid in the period | $ | 0.63 | $ | 0.55 | $ | 1.86 | $ | 0.55 | ||||||||
Cash distributions paid in the period to the public | $ | 80 | $ | 64 | $ | 235 | $ | 64 | ||||||||
KMR(b) | ||||||||||||||||
Share distributions paid in the period | 1,880,172 | 1,578,616 | 5,411,720 | 4,646,736 | ||||||||||||
_______ | ||||||||||||||||
(a) | Represents distribution information since the May 2012 EP acquisition. | |||||||||||||||
(b) | KMR’s distributions are paid in the form of additional shares or fractions thereof calculated by dividing the KMP cash distribution per common unit by the average of the market closing prices of a KMR share determined for a ten-trading day period ending on the trading day immediately prior to the ex-dividend date for the shares. On October 16, 2013, KMR declared a share distribution of 0.017610 shares per outstanding share (2,153,480 total shares) payable on November 14, 2013 to shareholders of record as of October 31, 2013, based on the $1.35 per common unit distribution declared by KMP. | |||||||||||||||
S |
Risk_Management_Tables
Risk Management (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of Derivative Contracts Subject to Netting Agreements [Table Text Block] | The following tables present our derivative contracts subject to such netting agreements as of the dates indicated (in millions): | ||||||||||||||||||||||||||||
Offsetting of financial assets and derivative assets | |||||||||||||||||||||||||||||
Gross amounts not offset in the balance sheet | |||||||||||||||||||||||||||||
Gross amounts of recognized assets | Gross amounts offset in the balance sheet | Amounts of assets presented in the balance sheet | Financial instruments | Cash collateral held(a) | Net amount | ||||||||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | $ | 97 | $ | — | $ | 97 | $ | (60 | ) | $ | — | $ | 37 | ||||||||||||||||
Power derivative contracts | $ | 22 | $ | — | $ | 22 | $ | (22 | ) | $ | — | $ | — | ||||||||||||||||
Interest rate swap agreements | $ | 314 | $ | — | $ | 314 | $ | (19 | ) | $ | — | $ | 295 | ||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | $ | 86 | $ | — | $ | 86 | $ | (17 | ) | $ | — | $ | 69 | ||||||||||||||||
Power derivative contracts | $ | 21 | $ | — | $ | 21 | $ | (21 | ) | $ | — | $ | — | ||||||||||||||||
Interest rate swap agreements | $ | 665 | $ | — | $ | 665 | $ | — | $ | — | $ | 665 | |||||||||||||||||
Offsetting of financial liabilities and derivative liabilities | |||||||||||||||||||||||||||||
Gross amounts not offset in the balance sheet | |||||||||||||||||||||||||||||
Gross amounts of recognized liabilities | Gross amounts offset in the balance sheet | Amounts of liabilities presented in the balance sheet | Financial instruments | Cash collateral posted(b) | Net amount | ||||||||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | $ | (95 | ) | $ | — | $ | (95 | ) | $ | 60 | $ | — | $ | (35 | ) | ||||||||||||||
Power derivative contracts | $ | (140 | ) | $ | — | $ | (140 | ) | $ | 22 | $ | 5 | $ | (113 | ) | ||||||||||||||
Interest rate swap agreements | $ | (79 | ) | $ | — | $ | (79 | ) | $ | 19 | $ | — | $ | (60 | ) | ||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | $ | (33 | ) | $ | — | $ | (33 | ) | $ | 17 | $ | 5 | $ | (11 | ) | ||||||||||||||
Power derivative contracts | $ | (179 | ) | $ | — | $ | (179 | ) | $ | 21 | $ | — | $ | (158 | ) | ||||||||||||||
Interest rate swap agreements | $ | (1 | ) | $ | — | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||||||||||
_______ | |||||||||||||||||||||||||||||
(a) | Cash margin deposits held by KMP associated with its energy commodity contract positions and OTC swap agreements and reported within “Accrued other current liabilities” in our accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||
(b) | $5 million of cash margin deposits posted by KMI at September 30, 2013 and KMP at December 31, 2012, associated with energy commodity contract positions and OTC swap agreements and reported within “Other current assets” in our accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income [Table Text Block] | Changes in the components of our “Accumulated other comprehensive income (loss)” for the nine months ended September 30, 2013 are summarized as follows (in millions): | ||||||||||||||||||||||||||||
Net unrealized | Foreign | Pension and | Total | ||||||||||||||||||||||||||
gains/(losses) | currency | other | Accumulated other | ||||||||||||||||||||||||||
on cash flow | translation | postretirement | comprehensive | ||||||||||||||||||||||||||
hedge derivatives | adjustments | liability adjustments | income/(loss) | ||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | 51 | $ | (176 | ) | $ | (118 | ) | |||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (22 | ) | (28 | ) | 66 | 16 | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 5 | — | — | 5 | |||||||||||||||||||||||||
Net current-period other comprehensive (loss) income | (17 | ) | (28 | ) | 66 | 21 | |||||||||||||||||||||||
Balance as of September 30, 2013 | $ | (10 | ) | $ | 23 | $ | (110 | ) | $ | (97 | ) | ||||||||||||||||||
Schedule of Derivative Instruments | As of September 30, 2013, KMI and KMP had the following outstanding commodity forward contracts to hedge their forecasted energy commodity purchases and sales: | ||||||||||||||||||||||||||||
Net open position long/(short) | |||||||||||||||||||||||||||||
Derivatives designated as hedging contracts | |||||||||||||||||||||||||||||
Crude oil fixed price | (23.1 | ) | million barrels | ||||||||||||||||||||||||||
Natural gas fixed price | (35.2 | ) | billion cubic feet | ||||||||||||||||||||||||||
Natural gas basis | (30.7 | ) | billion cubic feet | ||||||||||||||||||||||||||
Derivatives not designated as hedging contracts | |||||||||||||||||||||||||||||
Crude oil fixed price | 0.5 | million barrels | |||||||||||||||||||||||||||
Crude oil basis | (1.2 | ) | million barrels | ||||||||||||||||||||||||||
Natural gas fixed price | 0.3 | billion cubic feet | |||||||||||||||||||||||||||
Natural gas basis | 7.9 | billion cubic feet | |||||||||||||||||||||||||||
NGLs fixed price | 0.4 | million barrels | |||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair values of our derivative contracts included in our accompanying consolidated balance sheets as of September 30, 2013 and December 31, 2012 (in millions): | ||||||||||||||||||||||||||||
Fair Value of Derivative Contracts | |||||||||||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Balance sheet location | Fair value | Fair value | Fair value | Fair value | |||||||||||||||||||||||||
Derivatives designated as hedging contracts | |||||||||||||||||||||||||||||
Natural gas and crude derivative contracts | Other current assets/(Accrued other current liabilities) | $ | 19 | $ | 42 | $ | (49 | ) | $ | (18 | ) | ||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits) | 65 | 40 | (43 | ) | (11 | ) | |||||||||||||||||||||||
Subtotal | 84 | 82 | (92 | ) | (29 | ) | |||||||||||||||||||||||
Interest rate swap agreements | Other current assets/(Accrued other current liabilities) | 114 | 9 | — | — | ||||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits) | 200 | 656 | (79 | ) | (1 | ) | |||||||||||||||||||||||
Subtotal | 314 | 665 | (79 | ) | (1 | ) | |||||||||||||||||||||||
Total | 398 | 747 | (171 | ) | (30 | ) | |||||||||||||||||||||||
Derivatives not designated as hedging contracts | |||||||||||||||||||||||||||||
Natural gas, crude and NGL derivative contracts | Other current assets/(Accrued other current liabilities) | 11 | 4 | (2 | ) | (3 | ) | ||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits) | 2 | — | (1 | ) | (1 | ) | |||||||||||||||||||||||
Subtotal | 13 | 4 | (3 | ) | (4 | ) | |||||||||||||||||||||||
Power derivative contracts | Other current assets/(Accrued other current liabilities) | 9 | 8 | (55 | ) | (59 | ) | ||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits) | 13 | 13 | (85 | ) | (120 | ) | |||||||||||||||||||||||
Subtotal | 22 | 21 | (140 | ) | (179 | ) | |||||||||||||||||||||||
Total | 35 | 25 | (143 | ) | (183 | ) | |||||||||||||||||||||||
Total derivatives | $ | 433 | $ | 772 | $ | (314 | ) | $ | (213 | ) | |||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following two tables summarize the impact of our derivative contracts on our accompanying consolidated statements of income for each of the three and nine months ended September 30, 2013 and 2012 (in millions): | ||||||||||||||||||||||||||||
Derivatives in fair value hedging relationships | Location of gain/(loss) recognized in income on derivatives | Amount of gain/(loss) recognized in income | |||||||||||||||||||||||||||
on derivatives and related hedged item(a) | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest rate swap agreements | Interest expense | $ | (26 | ) | $ | 29 | $ | (333 | ) | $ | 110 | ||||||||||||||||||
Total | $ | (26 | ) | $ | 29 | $ | (333 | ) | $ | 110 | |||||||||||||||||||
Fixed rate debt | Interest expense | $ | 26 | $ | (29 | ) | $ | 333 | $ | (110 | ) | ||||||||||||||||||
Total | $ | 26 | $ | (29 | ) | $ | 333 | $ | (110 | ) | |||||||||||||||||||
_______ | |||||||||||||||||||||||||||||
(a) | Amounts reflect the change in the fair value of interest rate swap agreements and the change in the fair value of the associated fixed rate debt which exactly offset each other as a result of no hedge ineffectiveness. | ||||||||||||||||||||||||||||
Derivatives | Amount of gain/(loss) | Location of | Amount of gain/(loss) reclassified from | Location of | Amount of gain/(loss) | ||||||||||||||||||||||||
in cash flow | recognized in OCI | gain/(loss) | Accumulated OCI | gain/(loss) | recognized in income | ||||||||||||||||||||||||
hedging | on derivative(effective portion)(a) | reclassified from | into income | recognized in | on derivative | ||||||||||||||||||||||||
relationships | Accumulated OCI | (effective portion)(b) | income on | (ineffective portion | |||||||||||||||||||||||||
into income | derivative | and amount | |||||||||||||||||||||||||||
(effective | (ineffective | excluded from | |||||||||||||||||||||||||||
portion) | portion | effectiveness testing) | |||||||||||||||||||||||||||
and amount | |||||||||||||||||||||||||||||
excluded from | |||||||||||||||||||||||||||||
effectiveness | |||||||||||||||||||||||||||||
testing) | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Energy commodity derivative contracts | $ | (78 | ) | $ | (69 | ) | Natural gas sales | $ | — | $ | 1 | Natural gas sales | $ | — | $ | — | |||||||||||||
Product sales and other | (22 | ) | — | Product sales and other | (8 | ) | (5 | ) | |||||||||||||||||||||
Costs of sales | 3 | 7 | Costs of sales | — | — | ||||||||||||||||||||||||
Interest rate swap agreements | (2 | ) | (2 | ) | Interest expense | — | 2 | Interest expense | — | — | |||||||||||||||||||
Total | $ | (80 | ) | $ | (71 | ) | Total | $ | (19 | ) | $ | 10 | Total | $ | (8 | ) | $ | (5 | ) | ||||||||||
Derivatives | Amount of gain/(loss) | Location of | Amount of gain/(loss) | Location of | Amount of gain/(loss) | ||||||||||||||||||||||||
in cash flow | recognized in OCI | gain/(loss) | reclassified from | gain/(loss) | recognized in income | ||||||||||||||||||||||||
hedging | on derivative(effective portion)(a) | reclassified from | Accumulated OCI | recognized in | on derivative | ||||||||||||||||||||||||
relationships | Accumulated OCI | into income | income on | (ineffective portion | |||||||||||||||||||||||||
into income | (effective portion)(b) | derivative | and amount | ||||||||||||||||||||||||||
(effective | (ineffective | excluded from | |||||||||||||||||||||||||||
portion) | portion | effectiveness testing) | |||||||||||||||||||||||||||
and amount | |||||||||||||||||||||||||||||
excluded from | |||||||||||||||||||||||||||||
effectiveness | |||||||||||||||||||||||||||||
testing) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Energy commodity derivative contracts | $ | (55 | ) | $ | 76 | Natural gas sales | $ | — | $ | 3 | Natural gas sales | $ | — | $ | — | ||||||||||||||
Product sales and other | (9 | ) | (23 | ) | Product sales and other | (2 | ) | (8 | ) | ||||||||||||||||||||
Costs of sales | (2 | ) | 13 | Costs of sales | — | — | |||||||||||||||||||||||
Interest rate swap agreements | 6 | (5 | ) | Interest expense | 1 | 2 | Interest expense | — | — | ||||||||||||||||||||
Total | $ | (49 | ) | $ | 71 | Total | $ | (10 | ) | $ | (5 | ) | Total | $ | (2 | ) | $ | (8 | ) | ||||||||||
_______ | |||||||||||||||||||||||||||||
(a) | We expect to reclassify an approximate $17 million loss associated with energy commodity price risk management activities and included in our accumulated other comprehensive loss and noncontrolling interest balances as of September 30, 2013 into earnings during the next twelve months (when the associated forecasted sales and purchases are also expected to occur), however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices. | ||||||||||||||||||||||||||||
(b) | Amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred). | ||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2013, we recognized losses of $7 million and $10 million, respectively, in income and included these amounts within “Product sales and other” from derivative contracts not designated as accounting hedges. For the three and nine months ended September 30, 2012, such amounts were not significant. |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Debt [Table Text Block] | The following table provides detail on the principal amount of our outstanding debt balances, as of September 30, 2013 and December 31, 2012. The table amounts exclude all debt fair value adjustments, including debt discounts and premiums (in millions). | |||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
KMI | ||||||||||||||||
Senior term loan facility, variable rate, due 2015 | $ | 1,528 | $ | 2,714 | ||||||||||||
Senior notes and debentures, 5.15% through 7.45%, due 2015 through 2098 | 315 | 315 | ||||||||||||||
Credit facility due December 31, 2014(a) | 1,514 | 1,035 | ||||||||||||||
Subsidiary borrowings (as obligor) | ||||||||||||||||
K N Capital Trust I, deferrable interest debentures issued by subsidiary trusts, 7.63% and 8.56%, due 2027 and 2028 | 27 | 27 | ||||||||||||||
Kinder Morgan Finance Company, LLC, senior notes, 5.70% through 6.40%, due 2016 through 2036 | 1,636 | 1,636 | ||||||||||||||
El Paso, senior notes, 6.50% through 12.00%, due 2013 through 2037 | 3,860 | 3,860 | ||||||||||||||
EPC Building, LLC promissory note, 3.967%, due 2013 through 2035(b) | 464 | 217 | ||||||||||||||
Colorado Interstate Gas Services Company, 7.76% Totem note payable, due 2018 | 1 | 1 | ||||||||||||||
Other credit facilities due December 20, 2013, March 20 and June 20, 2014 | 293 | 210 | ||||||||||||||
EP preferred securities, 4.75%, due March 31, 2028 | 281 | 286 | ||||||||||||||
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock | 100 | 100 | ||||||||||||||
Total debt — KMI | 10,019 | 10,401 | ||||||||||||||
Less: Current portion of debt — KMI | (2,195 | ) | (1,153 | ) | ||||||||||||
Total long-term debt — KMI(c) | $ | 7,824 | $ | 9,248 | ||||||||||||
KMP and EPB | ||||||||||||||||
KMP | ||||||||||||||||
Senior notes, 2.65% through 9.00% due 2013 through 2043(d) | $ | 16,100 | $ | 13,350 | ||||||||||||
Commercial paper borrowings(e) | 174 | 621 | ||||||||||||||
Credit facility due May 1, 2018 | — | — | ||||||||||||||
KMP subsidiary borrowings (as obligor) | ||||||||||||||||
TGP senior notes, 7.00% through 8.375%, due 2016 through 2037(f) | 1,790 | 1,790 | ||||||||||||||
EPNG senior notes 5.95% through 8.625%, due 2017 through 2032(g) | 1,115 | 1,115 | ||||||||||||||
Copano senior notes, 7.125%, due April 1, 2021(h) | 332 | — | ||||||||||||||
Other miscellaneous subsidiary debt | 101 | 186 | ||||||||||||||
Total debt — KMP | 19,612 | 17,062 | ||||||||||||||
Less: Current portion of debt — KMP(i) | (702 | ) | (1,155 | ) | ||||||||||||
Total long-term debt — KMP(c) | 18,910 | 15,907 | ||||||||||||||
EPB | ||||||||||||||||
EPPOC | ||||||||||||||||
Senior notes, 4.10% through 8.00% due 2013 through 2042(j) | 2,260 | 2,348 | ||||||||||||||
Credit facility due May 27, 2016(k) | — | — | ||||||||||||||
EPB subsidiary borrowings (as obligor) | ||||||||||||||||
Colorado Interstate Gas Company, L.L.C. senior notes, 5.95% through 6.85%, due 2015 through 2037 | 475 | 475 | ||||||||||||||
SLNG senior notes, 9.50% through 9.75%, due 2014 through 2016 | 135 | 135 | ||||||||||||||
SNG notes, 4.40% through 8.00%, due 2017 through 2032 | 1,211 | 1,211 | ||||||||||||||
Other financing obligations | 175 | 178 | ||||||||||||||
Total debt — EPB | 4,256 | 4,347 | ||||||||||||||
Less: Current portion of debt — EPB | (76 | ) | (93 | ) | ||||||||||||
Total long-term debt — EPB(c) | 4,180 | 4,254 | ||||||||||||||
Total long-term debt — KMP and EPB | $ | 23,090 | $ | 20,161 | ||||||||||||
_______ | ||||||||||||||||
(a) | As of September 30, 2013 and December 31, 2012, the weighted average interest rates on KMI’s credit facility borrowings were 2.68% and 2.72%, respectively. | |||||||||||||||
(b) | In December 2012, our subsidiary, EPC Building, LLC had issued $468 million of 3.967% amortizing promissory notes with payments due 2013 through 2035, of which $217 million was issued to third parties and the remaining $251 million was held by KMI until they were sold to third parties in April of 2013. EPC Building, LLC, as the landlord, leases the property to KMI as a tenant. Proceeds from the issuance of the notes were used to reduce KMI’s credit facility borrowings. | |||||||||||||||
(c) | Excludes debt fair value adjustments. As of September 30, 2013 and December 31, 2012, our “Debt fair value adjustments” increased our debt balances by $2,124 million and $2,591 million, respectively. In addition to all unamortized debt discount/premium amounts and purchase accounting on our debt balances, our debt fair value adjustments also include (i) amounts associated with the offsetting entry for hedged debt; and (ii) any unamortized portion of proceeds received from the early termination of interest rate swap agreements. For further information about our debt fair value adjustments, see Note 5 “Risk Management—Fair Value of Derivative Contracts.” | |||||||||||||||
(d) | On February 28, 2013, KMP completed a public offering of $1 billion in principal amount of senior notes in two separate series, consisting of $600 million of 3.50% notes due September 1, 2023 and $400 million of 5.00% notes due March 1, 2043. KMP received net proceeds of $991 million, and used the proceeds to pay a portion of the purchase price for the March 2013 drop-down transaction and to reduce the borrowings under its commercial paper program. On August 5, 2013, KMP completed a public offering of $1.75 billion in principal amount of senior notes in three separate series, consisting of $800 million of 2.65% notes due February 1, 2019, $650 million of 4.15% notes due February 1, 2024 and $300 million of 5.00% notes due March 1, 2043 (the 5.00% notes issued in August 2013 constitute a further issuance of the $400 million aggregate principal amount of the 5.00% notes that KMP issued in February 2013 and form a single series with these notes). KMP received net proceeds of $1,724 million, and used the proceeds to reduce the borrowings of its commercial paper program and to fund its partial redemption and retirement of Copano’s 7.125% senior notes in September 2013 (see “—KMP’s Copano Debt” below). | |||||||||||||||
(e) | In May 2013, in association with the increase of capacity negotiated for KMP’s senior unsecured revolving bank credit facility (see “—Credit Facilities - KMP” below), KMP increased its commercial paper program by $500 million to provide for the issuance of up to $2.7 billion. As of September 30, 2013 and December 31, 2012, the average interest rates on KMP’s outstanding commercial paper borrowings were 0.27% and 0.45%, respectively. The borrowings under KMP’s commercial paper program were used principally to finance the acquisitions and capital expansions made during the first nine months of 2013 and during 2012, and in the near term, KMP expects that its short-term liquidity and financing needs will be met primarily through borrowings made under its commercial paper program. | |||||||||||||||
(f) | Consists of six separate series of fixed-rate unsecured senior notes that KMP assumed as part of the August 2012 drop-down transaction. | |||||||||||||||
(g) | Consists of four separate series of fixed-rate unsecured senior notes that KMP assumed as part of the August 2012 and March 2013 drop-down transactions. | |||||||||||||||
(h) | Consists of a single series of fixed-rate unsecured senior notes that KMP guaranteed as part of its May 1, 2013 Copano acquisition. The notes mature in full on April 1, 2021, and interest on the notes is payable semiannually on April 1 and October 1 of each year. For further information about these notes, see “—KMP’s Copano Debt” below. | |||||||||||||||
(i) | As of September 30, 2013 and December 31, 2012, includes commercial paper borrowings of $174 million and $621 million. | |||||||||||||||
(j) | In September 2013, EPPOC repaid $88 million of 8% senior notes. | |||||||||||||||
(k) | LIBOR plus 1.75%. | |||||||||||||||
The estimated fair value of our outstanding debt balance (both short-term and long-term and including debt fair value adjustments), is disclosed below (in millions): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Total debt | $ | 36,011 | $ | 35,939 | $ | 34,401 | $ | 36,720 | ||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following two tables summarize the fair value measurements of our (i) energy commodity derivative contracts; and (ii) interest rate swap agreements as of September 30, 2013 and December 31, 2012, based on the three levels established by the Codification. The fair value measurements in the tables below do not include cash margin deposits made by us or our counterparties, which are reported within “Other current assets” and “Accrued other current liabilities,” respectively, in our accompanying consolidated balance sheets (in millions). | |||||||||||||||
Asset fair value measurements using | ||||||||||||||||
Total | Quoted prices in active markets for identical | Significant other observable inputs (Level 2) | Significant | |||||||||||||
assets (Level 1) | unobservable | |||||||||||||||
inputs (Level 3) | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Energy commodity derivative contracts(a) | $ | 119 | $ | 13 | $ | 43 | $ | 63 | ||||||||
Interest rate swap agreements | $ | 314 | $ | — | $ | 314 | $ | — | ||||||||
As of December 31, 2012 | ||||||||||||||||
Energy commodity derivative contracts(a) | $ | 107 | $ | 3 | $ | 76 | $ | 28 | ||||||||
Interest rate swap agreements | $ | 665 | $ | — | $ | 665 | $ | — | ||||||||
Liability fair value measurements using | ||||||||||||||||
Total | Quoted prices in | Significant other observable | Significant | |||||||||||||
active markets | inputs (Level 2) | unobservable | ||||||||||||||
for identical | inputs (Level 3) | |||||||||||||||
liabilities | ||||||||||||||||
(Level 1) | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Energy commodity derivative contracts(a) | $ | (235 | ) | $ | (5 | ) | $ | (47 | ) | $ | (183 | ) | ||||
Interest rate swap agreements | $ | (79 | ) | $ | — | $ | (79 | ) | $ | — | ||||||
As of December 31, 2012 | ||||||||||||||||
Energy commodity derivative contracts(a) | $ | (212 | ) | $ | (3 | ) | $ | (26 | ) | $ | (183 | ) | ||||
Interest rate swap agreements | $ | (1 | ) | $ | — | $ | (1 | ) | $ | — | ||||||
_______ | ||||||||||||||||
(a) | Level 1 consists primarily of NYMEX natural gas futures. Level 2 consists primarily of OTC WTI swaps and OTC natural gas swaps that are settled on NYMEX. Level 3 consists primarily of WTI options, WTI basis swaps, NGL options and power derivative contracts. | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below provides a summary of changes in the fair value of our Level 3 energy commodity derivative contracts for each of the three and nine months ended September 30, 2013 and 2012 (in millions): | |||||||||||||||
Significant unobservable inputs (Level 3) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives-net asset (liability) | ||||||||||||||||
Beginning of Period | $ | (114 | ) | $ | (220 | ) | $ | (155 | ) | $ | 7 | |||||
Total gains or (losses) | ||||||||||||||||
Included in earnings | (17 | ) | (7 | ) | (18 | ) | (8 | ) | ||||||||
Included in other comprehensive loss | (2 | ) | (6 | ) | (2 | ) | — | |||||||||
Purchases(a) | — | — | 18 | (243 | ) | |||||||||||
Settlements | 13 | 14 | 37 | 25 | ||||||||||||
End of Period | $ | (120 | ) | $ | (219 | ) | $ | (120 | ) | $ | (219 | ) | ||||
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or (losses) relating to assets held at the reporting date | $ | (14 | ) | $ | (10 | ) | $ | (13 | ) | $ | (6 | ) |
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Financial information by segment follows (in millions): | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Natural Gas Pipelines | ||||||||||||||||
Revenues from external customers(a) | $ | 2,388 | $ | 1,646 | $ | 6,197 | $ | 3,440 | ||||||||
Intersegment revenues | 2 | — | 3 | — | ||||||||||||
CO2–KMP | 456 | 420 | 1,345 | 1,250 | ||||||||||||
Products Pipelines–KMP | 474 | 386 | 1,371 | 940 | ||||||||||||
Terminals–KMP | ||||||||||||||||
Revenues from external customers | 354 | 334 | 1,034 | 1,017 | ||||||||||||
Intersegment revenues | — | — | 1 | 1 | ||||||||||||
Kinder Morgan Canada–KMP | 74 | 80 | 221 | 226 | ||||||||||||
Other | 1 | (4 | ) | 3 | (5 | ) | ||||||||||
Total segment revenues | 3,749 | 2,862 | 10,175 | 6,869 | ||||||||||||
Other revenues | 9 | 8 | 27 | 26 | ||||||||||||
Less: Total intersegment revenues | (2 | ) | — | (4 | ) | (1 | ) | |||||||||
Total consolidated revenues | $ | 3,756 | $ | 2,870 | $ | 10,198 | $ | 6,894 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Segment earnings (loss) before depreciation, depletion, amortization and amortization of excess cost of equity investments(b) | ||||||||||||||||
Natural Gas Pipelines(a)(c) | $ | 958 | $ | 822 | $ | 3,281 | $ | 1,477 | ||||||||
CO2–KMP | 340 | 327 | 1,040 | 988 | ||||||||||||
Products Pipelines–KMP(d) | 202 | 150 | 399 | 490 | ||||||||||||
Terminals–KMP | 217 | 183 | 609 | 564 | ||||||||||||
Kinder Morgan Canada–KMP(e) | 43 | 56 | 286 | 158 | ||||||||||||
Other | -3 | 21 | (4 | ) | 18 | |||||||||||
Total segment EBDA | 1,757 | 1,559 | 5,611 | 3,695 | ||||||||||||
Total segment depreciation, depletion and amortization | -467 | -403 | (1,327 | ) | (1,010 | ) | ||||||||||
Total segment amortization of excess cost of investments | -11 | -5 | (29 | ) | (9 | ) | ||||||||||
Other revenues | 9 | 8 | 27 | 26 | ||||||||||||
General and administrative expenses(f) | -158 | -186 | (481 | ) | (816 | ) | ||||||||||
Unallocable interest and other, net of unallocable interest income(g) | -420 | -533 | (1,257 | ) | (1,013 | ) | ||||||||||
Unallocable income tax expense | -159 | -54 | (554 | ) | (145 | ) | ||||||||||
Loss from discontinued operations, net of tax(h) | — | -131 | (2 | ) | (789 | ) | ||||||||||
Total consolidated net income (loss) | $ | 551 | $ | 255 | $ | 1,988 | $ | (61 | ) | |||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets | ||||||||||||||||
Natural Gas Pipelines | $ | 52,146 | $ | 46,600 | ||||||||||||
CO2–KMP | 4,611 | 4,148 | ||||||||||||||
Products Pipelines–KMP | 6,466 | 6,089 | ||||||||||||||
Terminals–KMP | 6,673 | 5,931 | ||||||||||||||
Kinder Morgan Canada–KMP | 1,662 | 1,724 | ||||||||||||||
Other | 567 | 601 | ||||||||||||||
Total segment assets | 72,125 | 65,093 | ||||||||||||||
Corporate assets(i) | 2,450 | 2,854 | ||||||||||||||
Assets held for sale(j) | — | 298 | ||||||||||||||
Total consolidated assets | $ | 74,575 | $ | 68,245 | ||||||||||||
_______ | ||||||||||||||||
(a) | Increases in the three and nine month 2013 amounts versus the three and nine month 2012 amounts reflect our May 25, 2012 acquisition of EP and KMP’s May 1, 2013 acquisition of Copano. | |||||||||||||||
(b) | Includes revenues, earnings from equity investments, allocable interest income, and other, net, less operating expenses, allocable income taxes, and other expense (income). | |||||||||||||||
(c) | Nine month 2013 amount includes a $558 million non-cash gain from the remeasurement of net assets to fair value. See Note 2 for further discussion. | |||||||||||||||
(d) | Nine month 2013 amount includes a $177 million increase in expense associated with adjustments to certain legal liabilities related to both transportation rate cases and environmental matters. | |||||||||||||||
(e) | Three and nine month 2013 amounts include a $1 million decrease and a $140 million increase, respectively, from after-tax loss and gain amounts on the sale of KMP’s investments in the Express pipeline system. | |||||||||||||||
(f) | Nine month 2012 amount includes increases in expense of (i) $157 million in employee severance, retention and bonus costs; (ii) $87 million of accelerated EP stock based compensation allocated to the post-combination period under applicable GAAP rules; (iii) $37 million in advisory fees; and (iv) $96 million for legal fees and litigation reserves. These increases in expense were partially offset by a $17 million benefit associated with pension income. | |||||||||||||||
(g) | Three and nine month 2012 amounts include increases in expense of $95 million and $104 million, respectively, of capitalized financing fees, almost all of which was associated with the EP acquisition financing, that was written-off (primarily due to debt repayment) or amortized. | |||||||||||||||
(h) | Represents amounts primarily attributable to KMP’s FTC Natural Gas Pipelines disposal group and other, net of tax. Nine month 2013 amount represents an incremental loss related to the sale of KMP’s disposal group effective November 1, 2012. Three month 2012 amount includes a $179 million non-cash loss from remeasurement of net assets to fair value, and nine month 2012 amount includes a combined $934 million loss from both costs to sell and the remeasurement of net assets to fair value, net of tax, and $7 million of depreciation and amortization expense. | |||||||||||||||
(i) | Includes cash and cash equivalents, margin and restricted deposits, unallocable interest receivable, prepaid assets and deferred charges, risk management assets related to debt fair value adjustments and miscellaneous corporate assets (such as information technology and telecommunications equipment) not allocated to individual segments. | |||||||||||||||
(j) | 2012 amount primarily represents amounts attributable to KMP’s Express pipelines system and our ownership interest in the Bolivia to Brazil Pipeline as of December 31, 2012. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Tables [Abstract] | ||||||||
Related party balances [Table Text Block] | The following table summarizes our balance sheet affiliate balances (in millions): | |||||||
30-Sep-13 | 31-Dec-12 | |||||||
Balance sheet location | ||||||||
Accounts receivable, net | $ | 20 | $ | 25 | ||||
Assets held for sale(a) | — | 114 | ||||||
Other current assets | 3 | 14 | ||||||
Deferred charges and other assets | 48 | 48 | ||||||
$ | 71 | $ | 201 | |||||
Current portion of debt – KMP and EPB(b) | $ | 5 | $ | 5 | ||||
Accounts payable | 9 | 11 | ||||||
Long-term debt - Outstanding - KMP and EPB(b) | 170 | 173 | ||||||
$ | 184 | $ | 189 | |||||
_______ | ||||||||
(a)2012 amount related to KMP’s equity investment in the Express pipeline system (see Note 2). | ||||||||
(b)EPB has financing obligations payable to WYCO |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The components of net benefit (credit) cost for our pension and other postretirement benefit (OPEB) plans, not including KMP and EPB’s plans, are as follows (in millions): | |||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Service cost | $ | 7 | $ | 6 | $ | — | $ | (1 | ) | $ | 19 | $ | 13 | $ | — | $ | — | |||||||||||||||
Interest cost | 22 | 26 | 4 | 5 | 68 | 42 | 14 | 9 | ||||||||||||||||||||||||
Expected return on assets | (43 | ) | (43 | ) | (1 | ) | (2 | ) | (131 | ) | (69 | ) | (5 | ) | (5 | ) | ||||||||||||||||
Amortization of prior service credits | (1 | ) | (1 | ) | — | — | — | (1 | ) | — | — | |||||||||||||||||||||
Amortization of net actuarial loss | — | 2 | — | 2 | — | 7 | 3 | 4 | ||||||||||||||||||||||||
Settlement gain(a) | — | — | — | — | (3 | ) | — | — | — | |||||||||||||||||||||||
Net benefit (credit) cost | $ | (15 | ) | $ | (10 | ) | $ | 3 | $ | 4 | $ | (47 | ) | $ | (8 | ) | $ | 12 | $ | 8 | ||||||||||||
_______ | ||||||||||||||||||||||||||||||||
(a) | Reflects the gain recognized upon the February 2013 settlement of our obligations under the El Paso Supplemental Executive Retirement Plan. | |||||||||||||||||||||||||||||||
During the period, we made amendments to our OPEB plans which will terminate coverage for post-age 65 Medicare eligible participants effective January 1, 2014. These participants, if receiving subsidized coverage, will purchase their future coverage through a retiree Medicare exchange. For those participants who are eligible, the plan will provide a subsidy to purchase their new coverage. Based on the materiality of the change in our OPEB obligation resulting from the amendments, we remeasured the assets and liabilities of the OPEB plans as of July 31, 2013. The remeasurement had the associated effects of (i) decreasing our net liability funded balance by $84 million; (ii) decreasing our accumulated other comprehensive loss balance by $53 million; and (iii) increasing accumulated deferred income taxes by $31 million. |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income taxes from continuing operations included in our accompanying consolidated statements of income were as follows (in millions, except percentages): | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income tax expense | $ | 171 | $ | 60 | $ | 675 | $ | 165 | ||||||||
Effective tax rate | 24 | % | 13 | % | 25 | % | 18 | % |
Accounting_for_Regulatory_Acti1
Accounting for Regulatory Activities Accounting for Regulatory Activities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Regulatory Assets [Line Items] | ||||||||
Schedule of Regulatory Assets [Table Text Block] | The following table summarizes our regulatory asset and liability balances as of September 30, 2013 and December 31, 2012 (in millions): | |||||||
September 30, 2013 | December 31, 2012 | |||||||
Current regulatory assets | $ | 77 | $ | 62 | ||||
Non-current regulatory assets | 463 | 402 | ||||||
Total regulatory assets(a) | $ | 540 | $ | 464 | ||||
Current regulatory liabilities | $ | 123 | $ | 7 | ||||
Non-current regulatory liabilities | 393 | 113 | ||||||
Total regulatory liabilities(b) | $ | 516 | $ | 120 | ||||
_______ | ||||||||
(a) | Includes an $87 million increase since December 31, 2012 (net of related amortization of $5 million) associated with TGP’s sale of certain natural gas facilities located offshore in the Gulf of Mexico and onshore in the state of Louisiana. | |||||||
(b) | During the second quarter of 2013, we began applying regulatory accounting to another one of KMP’s pipeline systems due to a newly negotiated long-term tolling agreement approved by the system’s regulator that went into effect in April 2013. The primary impact of applying regulatory accounting was the reclassification of approximately $362 million of current and long-term deferred credits to regulatory liabilities. KMP expects this regulatory liability to be refunded to rate-payers over approximately the next four years. As of September 30, 2013, $117 million remains classified as current regulatory liability. |
Reconciliation_of_Significant_1
Reconciliation of Significant Asset Balances (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Reconciliation of Significant Asset Balances [Abstract] | ||||||||
Reconciliation of Significant Assets Balances | The following is a reconciliation between KMP’s and EPB’s significant asset and liability balances as reported in KMP’s and EPB’s Quarterly Reports on Form 10-Q for the quarter ended September 30, 2013 and our consolidated asset and liability balances as shown on our accompanying consolidated balance sheets (in millions): | |||||||
September 30, | December 31, | |||||||
2013 | 2012 (a) | |||||||
Cash and cash equivalents - KMI(b) | $ | 137 | $ | 71 | ||||
Cash and cash equivalents - KMP | 534 | 529 | ||||||
Cash and cash equivalents - EPB | 145 | 114 | ||||||
Cash and cash equivalents | $ | 816 | $ | 714 | ||||
Property, plant and equipment, net–KMI(b) | $ | 2,630 | $ | 2,735 | ||||
Property, plant and equipment, net–KMP | 26,742 | 22,330 | ||||||
Property, plant and equipment, net–EPB | 5,903 | 5,931 | ||||||
Property, plant and equipment, net | $ | 35,275 | $ | 30,996 | ||||
Goodwill–KMI(b) | $ | 17,940 | $ | 18,193 | ||||
Goodwill–KMP | 6,532 | 5,417 | ||||||
Goodwill–EPB | 22 | 22 | ||||||
Goodwill | $ | 24,494 | $ | 23,632 | ||||
Current portion of debt–KMI(b) | $ | 2,195 | $ | 1,153 | ||||
Current portion of debt–KMP | 702 | 1,155 | ||||||
Current portion of debt–EPB | 76 | 93 | ||||||
Current portion of debt | $ | 2,973 | $ | 2,401 | ||||
Long-term debt outstanding–KMI(b) | $ | 7,724 | $ | 9,148 | ||||
Long-term debt outstanding–KMP | 18,910 | 15,907 | ||||||
Long-term debt outstanding–EPB(c) | 4,180 | 4,254 | ||||||
Long-term debt outstanding | $ | 30,814 | $ | 29,309 | ||||
_______ | ||||||||
(a) | Retrospectively adjusted as discussed in Note 2. | |||||||
(b) | Includes assets and liabilities of KMI’s consolidated subsidiaries, excluding KMP and EPB. | |||||||
(c) | Excludes debt fair value adjustments. Decrease to long-term debt for debt fair value adjustments totaled $8 million as of both September 30, 2013 and December 31, 2012. |
Guarantee_of_Securities_of_Sub1
Guarantee of Securities of Subsidiaries (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheets as of September 30, 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 106 | $ | — | $ | — | $ | 710 | $ | — | $ | 816 | ||||||||||||
All other current assets | 672 | 11 | 4 | 2,430 | (342 | ) | 2,775 | |||||||||||||||||
Property, plant and equipment, net | 9 | — | — | 35,266 | — | 35,275 | ||||||||||||||||||
Investments | — | — | — | 6,044 | — | 6,044 | ||||||||||||||||||
Investments in affiliates | 20,375 | 10,602 | 6,469 | — | (37,446 | ) | — | |||||||||||||||||
Goodwill | — | — | 8,062 | 16,432 | — | 24,494 | ||||||||||||||||||
Notes receivable from affiliates | 2 | — | — | 1,993 | (1,995 | ) | — | |||||||||||||||||
Deferred charges and all other assets | 209 | — | 903 | 4,935 | (876 | ) | 5,171 | |||||||||||||||||
Total assets | $ | 21,373 | $ | 10,613 | $ | 15,438 | $ | 67,810 | $ | (40,659 | ) | $ | 74,575 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Current portion of debt | $ | 1,514 | $ | — | $ | 530 | $ | 929 | $ | — | $ | 2,973 | ||||||||||||
All other current liabilities | 194 | 5 | 160 | 3,425 | (342 | ) | 3,442 | |||||||||||||||||
Long-term debt | 1,872 | — | 4,011 | 27,155 | — | 33,038 | ||||||||||||||||||
Notes payable to affiliates | 1,993 | — | — | 2 | (1,995 | ) | — | |||||||||||||||||
Deferred income taxes | 2,021 | — | — | 3,169 | (876 | ) | 4,314 | |||||||||||||||||
All other long-term liabilities | 514 | — | 164 | 1,828 | — | 2,506 | ||||||||||||||||||
Total liabilities | 8,108 | 5 | 4,865 | 36,508 | (3,213 | ) | 46,273 | |||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||||||
Total KMI equity | 13,265 | 10,608 | 10,573 | 15,875 | (37,056 | ) | 13,265 | |||||||||||||||||
Noncontrolling interests | — | — | — | 15,427 | (390 | ) | 15,037 | |||||||||||||||||
Total stockholders’ equity | 13,265 | 10,608 | 10,573 | 31,302 | (37,446 | ) | 28,302 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 21,373 | $ | 10,613 | $ | 15,438 | $ | 67,810 | $ | (40,659 | ) | $ | 74,575 | |||||||||||
Condensed Consolidating Balance Sheets as of December 31, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 3 | $ | — | $ | 45 | $ | 666 | $ | — | $ | 714 | ||||||||||||
All other current assets | 813 | 27 | 123 | 9,322 | (7,325 | ) | 2,960 | |||||||||||||||||
Property, plant and equipment, net | 8 | — | — | 30,988 | — | 30,996 | ||||||||||||||||||
Investments | — | — | 19 | 5,785 | — | 5,804 | ||||||||||||||||||
Investments in affiliates | 20,053 | 11,190 | 13,232 | — | (44,475 | ) | — | |||||||||||||||||
Goodwill | — | — | 8,059 | 15,573 | — | 23,632 | ||||||||||||||||||
Notes receivable from affiliates | 1,555 | — | — | 2,095 | (3,650 | ) | — | |||||||||||||||||
Deferred charges and all other assets | 202 | — | 1,158 | 3,912 | (1,133 | ) | 4,139 | |||||||||||||||||
Total assets | $ | 22,634 | $ | 11,217 | $ | 22,636 | $ | 68,341 | $ | (56,583 | ) | $ | 68,245 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Current portion of debt | $ | 1,035 | $ | — | $ | 115 | $ | 1,251 | $ | — | $ | 2,401 | ||||||||||||
All other current liabilities | 196 | 383 | 6,741 | 2,832 | (7,325 | ) | 2,827 | |||||||||||||||||
Long-term debt | 3,068 | — | 4,378 | 24,554 | — | 32,000 | ||||||||||||||||||
Notes payable to affiliates | 1,764 | 296 | 35 | 1,555 | (3,650 | ) | — | |||||||||||||||||
Deferred income taxes | 2,095 | — | — | 3,109 | (1,133 | ) | 4,071 | |||||||||||||||||
All other long term liabilities | 610 | — | 169 | 2,067 | — | 2,846 | ||||||||||||||||||
Total liabilities | 8,768 | 679 | 11,438 | 35,368 | (12,108 | ) | 44,145 | |||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||||||
Total KMI equity | 13,866 | 10,538 | 11,198 | 22,580 | (44,316 | ) | 13,866 | |||||||||||||||||
Noncontrolling interests | — | — | — | 10,393 | (159 | ) | 10,234 | |||||||||||||||||
Total stockholders’ equity | 13,866 | 10,538 | 11,198 | 32,973 | (44,475 | ) | 24,100 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 22,634 | $ | 11,217 | $ | 22,636 | $ | 68,341 | $ | (56,583 | ) | $ | 68,245 | |||||||||||
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net cash provided by operating activities | $ | 1,129 | $ | — | $ | 113 | $ | 3,174 | $ | (1,639 | ) | $ | 2,777 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (3 | ) | — | — | (2,267 | ) | — | (2,270 | ) | |||||||||||||||
Proceeds from sale of investments in Express pipeline system | — | — | — | 402 | — | 402 | ||||||||||||||||||
Proceeds from sale of investments in BBPP Holdings Ltda | — | — | — | 88 | — | 88 | ||||||||||||||||||
Acquisitions of assets and investments | — | — | — | (292 | ) | — | (292 | ) | ||||||||||||||||
Repayment from related party | — | — | — | 10 | — | 10 | ||||||||||||||||||
Funding to affiliates | (170 | ) | — | (581 | ) | (525 | ) | 1,276 | — | |||||||||||||||
Drop down assets to KMP | 994 | — | — | (994 | ) | — | — | |||||||||||||||||
Contributions to investments | (6 | ) | — | — | (171 | ) | 6 | (171 | ) | |||||||||||||||
Investments in KMP and EPB | (59 | ) | — | (3 | ) | — | 62 | — | ||||||||||||||||
Distributions from equity investments in excess of cumulative earnings | 2 | — | 70 | 68 | (23 | ) | 117 | |||||||||||||||||
Other, net | — | — | — | 78 | — | 78 | ||||||||||||||||||
Net cash provided by (used in) investing activities | 758 | — | (514 | ) | (3,603 | ) | 1,321 | (2,038 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Issuance of debt | 1,220 | — | 133 | 8,154 | — | 9,507 | ||||||||||||||||||
Payment of debt | (1,930 | ) | — | (50 | ) | (6,671 | ) | — | (8,651 | ) | ||||||||||||||
Funding from affiliates | 584 | — | 273 | 419 | (1,276 | ) | — | |||||||||||||||||
Debt issuance costs | — | — | — | (23 | ) | — | (23 | ) | ||||||||||||||||
Cash dividends | (1,196 | ) | — | — | — | — | (1,196 | ) | ||||||||||||||||
Repurchase of warrants | (463 | ) | — | — | — | — | (463 | ) | ||||||||||||||||
Distributions to parent | — | — | — | (1,654 | ) | 1,654 | — | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | 1,474 | (54 | ) | 1,420 | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | (1,220 | ) | — | (1,220 | ) | ||||||||||||||||
Other, net | 1 | — | — | 6 | (6 | ) | 1 | |||||||||||||||||
Net cash (used in) provided by financing activities | (1,784 | ) | — | 356 | 485 | 318 | (625 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (12 | ) | — | (12 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 103 | — | (45 | ) | 44 | — | 102 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 3 | — | 45 | 666 | — | 714 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 106 | $ | — | $ | — | $ | 710 | $ | — | $ | 816 | ||||||||||||
Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net cash provided by (used in)operating activities | $ | 725 | $ | — | $ | (429 | ) | $ | 2,761 | $ | (1,130 | ) | $ | 1,927 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (6 | ) | — | — | (1,393 | ) | — | (1,399 | ) | |||||||||||||||
Acquisitions of assets and investments | — | — | — | (72 | ) | — | (72 | ) | ||||||||||||||||
Repayment from related party | — | — | — | 48 | — | 48 | ||||||||||||||||||
Funding to affiliates | (398 | ) | — | (313 | ) | (632 | ) | 1,343 | — | |||||||||||||||
Contributions to investments | (15 | ) | — | — | (143 | ) | — | (158 | ) | |||||||||||||||
Distributions from equity investments in excess of cumulative earnings | 11 | — | 29 | 119 | — | 159 | ||||||||||||||||||
Investments in KMP and EPB | (69 | ) | — | (7 | ) | — | 76 | — | ||||||||||||||||
Acquisition of EP | (5,212 | ) | — | — | 242 | — | (4,970 | ) | ||||||||||||||||
Drop down assets to KMP | 3,485 | — | — | (3,485 | ) | — | — | |||||||||||||||||
Other, net | — | — | — | 27 | — | 27 | ||||||||||||||||||
Net cash used in investing activities | (2,204 | ) | — | (291 | ) | (5,289 | ) | 1,419 | (6,365 | ) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Issuance of debt | 7,182 | — | 62 | 8,483 | — | 15,727 | ||||||||||||||||||
Payment of debt | (4,683 | ) | — | (176 | ) | (5,562 | ) | — | (10,421 | ) | ||||||||||||||
Funding from affiliates | 82 | — | 905 | 356 | (1,343 | ) | — | |||||||||||||||||
Debt issuance costs | (88 | ) | — | — | (16 | ) | — | (104 | ) | |||||||||||||||
Cash dividends | (810 | ) | — | — | — | — | (810 | ) | ||||||||||||||||
Repurchase of warrants | (136 | ) | — | — | — | — | (136 | ) | ||||||||||||||||
Distributions to parent | — | — | — | (1,080 | ) | 1,080 | — | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | 1,423 | (19 | ) | 1,404 | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | (853 | ) | — | (853 | ) | ||||||||||||||||
Other, net | (15 | ) | — | — | 4 | (7 | ) | (18 | ) | |||||||||||||||
Net cash provided by financing activities | 1,532 | — | 791 | 2,755 | (289 | ) | 4,789 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 13 | — | 13 | ||||||||||||||||||
Net increase in cash and cash equivalents | 53 | — | 71 | 240 | — | 364 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | 2 | — | — | 409 | — | 411 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 55 | $ | — | $ | 71 | $ | 649 | $ | — | $ | 775 | ||||||||||||
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Revenues | $ | 9 | $ | — | $ | — | $ | 3,756 | $ | (9 | ) | $ | 3,756 | |||||||||||
Costs, expenses and other | ||||||||||||||||||||||||
Costs of sales | — | — | — | 1,543 | — | 1,543 | ||||||||||||||||||
Depreciation, depletion and amortization | — | — | — | 467 | — | 467 | ||||||||||||||||||
Other operating expenses | 12 | — | — | 702 | (9 | ) | 705 | |||||||||||||||||
Total costs, expenses and other | 12 | — | — | 2,712 | (9 | ) | 2,715 | |||||||||||||||||
Operating (loss) income | (3 | ) | — | — | 1,044 | — | 1,041 | |||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Earnings from equity investments | 334 | 50 | 123 | 100 | (507 | ) | 100 | |||||||||||||||||
Interest, net | (58 | ) | — | (65 | ) | (295 | ) | — | (418 | ) | ||||||||||||||
Amortization of excess cost of equity investments and other, net | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Income from continuing operations before income taxes | 273 | 50 | 58 | 848 | (507 | ) | 722 | |||||||||||||||||
Income tax benefit (expense) | 13 | — | (8 | ) | (176 | ) | — | (171 | ) | |||||||||||||||
Net income | 286 | 50 | 50 | 672 | (507 | ) | 551 | |||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (280 | ) | 15 | (265 | ) | ||||||||||||||||
Net income attributable to controlling interests | $ | 286 | $ | 50 | $ | 50 | $ | 392 | $ | (492 | ) | $ | 286 | |||||||||||
Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Revenues | $ | 9 | $ | — | $ | — | $ | 2,861 | $ | — | $ | 2,870 | ||||||||||||
Costs, expenses and other | ||||||||||||||||||||||||
Costs of sales | — | — | — | 854 | — | 854 | ||||||||||||||||||
Depreciation, depletion and amortization | — | — | — | 403 | — | 403 | ||||||||||||||||||
Other operating expenses | 26 | — | (1 | ) | 736 | — | 761 | |||||||||||||||||
Total costs, expenses and other | 26 | — | (1 | ) | 1,993 | — | 2,018 | |||||||||||||||||
Operating (loss) income | (17 | ) | — | 1 | 868 | — | 852 | |||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Earnings from equity investments | 350 | 59 | 138 | 101 | (547 | ) | 101 | |||||||||||||||||
Interest, net | (188 | ) | (3 | ) | (129 | ) | (203 | ) | — | (523 | ) | |||||||||||||
Amortization of excess cost of equity investments and other, net | 1 | (1 | ) | (1 | ) | 17 | — | 16 | ||||||||||||||||
Income from continuing operations before income taxes | 146 | 55 | 9 | 783 | (547 | ) | 446 | |||||||||||||||||
Income tax benefit (expense) | 54 | 1 | 51 | (166 | ) | — | (60 | ) | ||||||||||||||||
Income from continuing operations | 200 | 56 | 60 | 617 | (547 | ) | 386 | |||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (131 | ) | — | (131 | ) | ||||||||||||||||
Net income | 200 | 56 | 60 | 486 | (547 | ) | 255 | |||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (53 | ) | (2 | ) | (55 | ) | |||||||||||||||
Net income attributable to controlling interests | $ | 200 | $ | 56 | $ | 60 | $ | 433 | $ | (549 | ) | $ | 200 | |||||||||||
Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Revenues | $ | 27 | $ | — | $ | — | $ | 10,195 | $ | (24 | ) | $ | 10,198 | |||||||||||
Costs, expenses and other | ||||||||||||||||||||||||
Costs of sales | — | — | — | 3,767 | — | 3,767 | ||||||||||||||||||
Depreciation, depletion and amortization | 1 | — | — | 1,326 | — | 1,327 | ||||||||||||||||||
Other operating expenses | 21 | — | (3 | ) | 2,280 | (24 | ) | 2,274 | ||||||||||||||||
Total costs, expenses and other | 22 | — | (3 | ) | 7,373 | (24 | ) | 7,368 | ||||||||||||||||
Operating income | 5 | — | 3 | 2,822 | — | 2,830 | ||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Earnings from equity investments | 1,007 | 127 | 378 | 294 | (1,512 | ) | 294 | |||||||||||||||||
Interest, net | (194 | ) | — | (239 | ) | (814 | ) | — | (1,247 | ) | ||||||||||||||
Amortization of excess cost of equity investments and other, net | (1 | ) | — | — | 789 | — | 788 | |||||||||||||||||
Income from continuing operations before income taxes | 817 | 127 | 142 | 3,091 | (1,512 | ) | 2,665 | |||||||||||||||||
Income tax benefit (expense) | 38 | — | (15 | ) | (698 | ) | — | (675 | ) | |||||||||||||||
Income from continuing operations | 855 | 127 | 127 | 2,393 | (1,512 | ) | 1,990 | |||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Net income | 855 | 127 | 127 | 2,391 | (1,512 | ) | 1,988 | |||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (1,208 | ) | 75 | (1,133 | ) | ||||||||||||||||
Net income attributable to controlling interests | $ | 855 | $ | 127 | $ | 127 | $ | 1,183 | $ | (1,437 | ) | $ | 855 | |||||||||||
Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Revenues | $ | 26 | $ | — | $ | — | $ | 6,868 | $ | — | $ | 6,894 | ||||||||||||
Costs, expenses and other | ||||||||||||||||||||||||
Costs of sales | — | — | — | 2,071 | — | 2,071 | ||||||||||||||||||
Depreciation, depletion and amortization | — | — | — | 1,010 | — | 1,010 | ||||||||||||||||||
Other operating expenses | 216 | — | 63 | 1,906 | — | 2,185 | ||||||||||||||||||
Total costs, expenses and other | 216 | — | 63 | 4,987 | — | 5,266 | ||||||||||||||||||
Operating (loss) income | (190 | ) | — | (63 | ) | 1,881 | — | 1,628 | ||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Earnings from equity investments | 465 | (17 | ) | 106 | 238 | (554 | ) | 238 | ||||||||||||||||
Interest, net | (320 | ) | (3 | ) | (143 | ) | (527 | ) | — | (993 | ) | |||||||||||||
Amortization of excess cost of equity investments and other, net | (1 | ) | (1 | ) | (2 | ) | 24 | — | 20 | |||||||||||||||
(Loss) income from continuing operations before income taxes | (46 | ) | (21 | ) | (102 | ) | 1,616 | (554 | ) | 893 | ||||||||||||||
Income tax benefit (expense) | 142 | 1 | 86 | (394 | ) | — | (165 | ) | ||||||||||||||||
Income (loss) from continuing operations | 96 | (20 | ) | (16 | ) | 1,222 | (554 | ) | 728 | |||||||||||||||
Loss from discontinued operations, net of tax | (1 | ) | — | — | (788 | ) | — | (789 | ) | |||||||||||||||
Net income (loss) | 95 | (20 | ) | (16 | ) | 434 | (554 | ) | (61 | ) | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 175 | (19 | ) | 156 | |||||||||||||||||
Net income (loss) attributable to controlling interests | $ | 95 | $ | (20 | ) | $ | (16 | ) | $ | 609 | $ | (573 | ) | $ | 95 | |||||||||
C | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net income | $ | 286 | $ | 50 | $ | 50 | $ | 672 | $ | (507 | ) | $ | 551 | |||||||||||
Other comprehensive income, net of tax | ||||||||||||||||||||||||
Change in fair value of derivatives utilized for hedging purposes | (42 | ) | (2 | ) | (2 | ) | (78 | ) | 44 | (80 | ) | |||||||||||||
Reclassification of change in fair value of derivatives to net income | 10 | — | — | 19 | (10 | ) | 19 | |||||||||||||||||
Foreign currency translation adjustments | 17 | — | — | 32 | (16 | ) | 33 | |||||||||||||||||
Adjustments to pension and other postretirement benefit plan liabilities | 66 | 52 | 52 | 78 | (169 | ) | 79 | |||||||||||||||||
Total other comprehensive income | 51 | 50 | 50 | 51 | (151 | ) | 51 | |||||||||||||||||
Comprehensive income | 337 | 100 | 100 | 723 | (658 | ) | 602 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (265 | ) | — | (265 | ) | ||||||||||||||||
Comprehensive income attributable to controlling interests | $ | 337 | $ | 100 | $ | 100 | $ | 458 | $ | (658 | ) | $ | 337 | |||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net income | $ | 200 | $ | 56 | $ | 60 | $ | 486 | $ | (547 | ) | $ | 255 | |||||||||||
Other comprehensive loss, net of tax | ||||||||||||||||||||||||
Change in fair value of derivatives utilized for hedging purposes | (30 | ) | (2 | ) | (2 | ) | (70 | ) | 33 | (71 | ) | |||||||||||||
Reclassification of change in fair value of derivatives to net income | (5 | ) | (2 | ) | (2 | ) | (10 | ) | 9 | (10 | ) | |||||||||||||
Foreign currency translation adjustments | 22 | — | — | 52 | (20 | ) | 54 | |||||||||||||||||
Adjustments to pension and other postretirement benefit plan liabilities | (1 | ) | (1 | ) | (1 | ) | (18 | ) | 18 | (3 | ) | |||||||||||||
Total other comprehensive loss | (14 | ) | (5 | ) | (5 | ) | (46 | ) | 40 | (30 | ) | |||||||||||||
Comprehensive income | 186 | 51 | 55 | 440 | (507 | ) | 225 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (39 | ) | — | (39 | ) | ||||||||||||||||
Comprehensive income attributable to controlling interests | $ | 186 | $ | 51 | $ | 55 | $ | 401 | $ | (507 | ) | $ | 186 | |||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net income | $ | 855 | $ | 127 | $ | 127 | $ | 2,391 | $ | (1,512 | ) | $ | 1,988 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||
Change in fair value of derivatives utilized for hedging purposes | (22 | ) | 6 | 6 | (48 | ) | 9 | (49 | ) | |||||||||||||||
Reclassification of change in fair value of derivatives to net income | 5 | (1 | ) | (1 | ) | 10 | (3 | ) | 10 | |||||||||||||||
Foreign currency translation adjustments | (28 | ) | — | — | (53 | ) | 27 | (54 | ) | |||||||||||||||
Adjustments to pension and other postretirement benefit plan liabilities | 66 | 49 | 49 | 76 | (161 | ) | 79 | |||||||||||||||||
Total other comprehensive income (loss) | 21 | 54 | 54 | (15 | ) | (128 | ) | (14 | ) | |||||||||||||||
Comprehensive income | 876 | 181 | 181 | 2,376 | (1,640 | ) | 1,974 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (1,098 | ) | — | (1,098 | ) | ||||||||||||||||
Comprehensive income attributable to controlling interests | $ | 876 | $ | 181 | $ | 181 | $ | 1,278 | $ | (1,640 | ) | $ | 876 | |||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Parent Guarantor | Guarantor Subsidiary | Subsidiary Issuers | Non-guarantor Subsidiaries | Eliminations | Consolidated KMI | |||||||||||||||||||
Net income (loss) | $ | 95 | $ | (20 | ) | $ | (16 | ) | $ | 434 | $ | (554 | ) | $ | (61 | ) | ||||||||
Other comprehensive income, net of tax | ||||||||||||||||||||||||
Change in fair value of derivatives utilized for hedging purposes | 25 | (5 | ) | (5 | ) | 68 | (12 | ) | 71 | |||||||||||||||
Reclassification of change in fair value of derivatives to net income (loss) | 1 | (2 | ) | (2 | ) | 5 | 3 | 5 | ||||||||||||||||
Foreign currency translation adjustments | 21 | — | — | 50 | (19 | ) | 52 | |||||||||||||||||
Adjustments to pension and other postretirement benefit plan liabilities, net of tax | 12 | 12 | 12 | (5 | ) | (21 | ) | 10 | ||||||||||||||||
Total other comprehensive income | 59 | 5 | 5 | 118 | (49 | ) | 138 | |||||||||||||||||
Comprehensive income (loss) | 154 | (15 | ) | (11 | ) | 552 | (603 | ) | 77 | |||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | — | 77 | — | 77 | ||||||||||||||||||
Comprehensive income (loss) attributable to controlling interests | $ | 154 | $ | (15 | ) | $ | (11 | ) | $ | 629 | $ | (603 | ) | $ | 154 | |||||||||
General_Organization_Details
General Organization (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Nov. 01, 2012 |
mi | Kinder Morgan G.P., Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Energy Transfers Partners LP [Member] | |
Terminals | KMPbs FTC Natural Gas Pipelines [Member] | |||||||
Entity Information [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $3,300,000,000 | |||||||
Equity Method Investment, Voting Rights Percentage | 100.00% | |||||||
Enterprise Market Value | $110,000,000,000 | |||||||
Miles Of Pipeline | 82,000 | |||||||
Number Of Pipeline Terminals Owned Interest In And Or Operated | 180 | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 41.00% | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 2.00% | |||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 10 | 11 | 11 | |||||
Equity Method Investment, Ownership Percentage | 10.00% |
General_Basis_of_Presentation_
General Basis of Presentation (Details) (USD $) | Sep. 30, 2013 | Jan. 31, 2013 | Nov. 01, 2012 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 |
Rockies Express Pipeline LLC [Member] | Energy Transfers Partners LP [Member] | Goodwill [Member] | Reporting Units [Member] | Natural Gas Pipelines Non-Regulated & Natural Gas Pipelines Regulated [Member] | ||
KMPbs FTC Natural Gas Pipelines [Member] | KMPbs FTC Natural Gas Pipelines [Member] | segment | May 31, 2013 [Member] | |||
Segment Reporting Information [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Goodwill, Impairment Loss | $0 | |||||
Number of Reporting Units | 7 | |||||
Number of reportable segments for impairment testing | 2 | |||||
Equity Investment, Classify as Equity Method, Percentage | 50.00% | |||||
Proceeds from sale of disposal group | 1,800,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $3,300,000,000 |
General_Earnings_Per_Share_Det
General Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Income from Continuing Operations | $551,000,000 | $386,000,000 | $1,990,000,000 | $728,000,000 |
Net income (loss) attributable to KMI | 286,000,000 | 200,000,000 | 855,000,000 | 95,000,000 |
Net income attributable to noncontrolling interests | 265,000,000 | 55,000,000 | 1,133,000,000 | -156,000,000 |
Less: income from continuing operations attributable to noncontrolling interests | -171,000,000 | -441,000,000 | ||
Income from continuing operations attributable to KMI | 215,000,000 | 287,000,000 | ||
Income from continuing operations attributable to shareholders | 215,000,000 | 287,000,000 | ||
Dividends declared during the period | -364,000,000 | -810,000,000 | ||
Remaining Undistributed Earnings, Continuing Operations | -149,000,000 | -523,000,000 | ||
Excess distributions over earnings | -164,000,000 | -715,000,000 | ||
Net (loss) income attributable to shareholders | 286,000,000 | 200,000,000 | 855,000,000 | 95,000,000 |
Class C [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Excess distributions over earnings | 0 | |||
Class P [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Income from continuing operations attributable to shareholders | 125,000,000 | 122,000,000 | ||
Dividends declared during the period | -212,000,000 | -343,000,000 | ||
Remaining Undistributed Earnings, Continuing Operations | -87,000,000 | -221,000,000 | ||
Excess distributions over earnings | -96,000,000 | -303,000,000 | ||
Net (loss) income attributable to shareholders | 283,000,000 | 116,000,000 | 851,000,000 | 40,000,000 |
Basic Weighted-Average Number of Shares Outstanding | 1,036 | 605 | 1,036 | 366 |
Basic earnings per common share from continuing operations (in dollars per share) | $0.27 | $0.21 | $0.82 | $0.33 |
Income from continuing operations attributable to shareholders and assumed conversions | 215,000,000 | 287,000,000 | ||
Basic earnings per common share (usd per share) | $0.27 | $0.19 | $0.82 | $0.11 |
Net income attributable to shareholders and assumed conversions(c) | 200,000,000 | 95,000,000 | ||
Diluted Weighted-Average Number of Shares Outstanding | 1,036 | 1,039 | 1,036 | 864 |
Diluted loss per common share (usd per share) | $0.19 | $0.11 | ||
Diluted earnings per common share from continuing operations (in dollars per share) | $0.21 | $0.33 | ||
Common Class A [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Income from continuing operations attributable to shareholders | 80,000,000 | 131,000,000 | ||
Dividends declared during the period | -142,000,000 | -432,000,000 | ||
Remaining Undistributed Earnings, Continuing Operations | -62,000,000 | -301,000,000 | ||
Excess distributions over earnings | -68,000,000 | -410,000,000 | ||
Net (loss) income attributable to shareholders | 74,000,000 | 22,000,000 | ||
Basic Weighted-Average Number of Shares Outstanding | 432 | 496 | ||
Basic earnings per common share from continuing operations (in dollars per share) | $0.19 | $0.26 | ||
Income from continuing operations attributable to shareholders and assumed conversions | 80,000,000 | 131,000,000 | ||
Basic earnings per common share (usd per share) | $0.17 | $0.04 | ||
Net income attributable to shareholders and assumed conversions(c) | 74,000,000 | 22,000,000 | ||
Diluted Weighted-Average Number of Shares Outstanding | 432 | 496 | ||
Diluted loss per common share (usd per share) | $0.17 | $0.04 | ||
Diluted earnings per common share from continuing operations (in dollars per share) | $0.19 | $0.26 | ||
Participating Securities [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Income from continuing operations attributable to shareholders | 10,000,000 | 34,000,000 | ||
Dividends declared during the period | -10,000,000 | -35,000,000 | ||
Remaining Undistributed Earnings, Continuing Operations | 0 | -1,000,000 | ||
Excess distributions over earnings | 0 | -2,000,000 | ||
Net (loss) income attributable to shareholders | 3,000,000 | 10,000,000 | 4,000,000 | 33,000,000 |
Class B [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Excess distributions over earnings | $0 | |||
Restricted Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 6 | 3 | ||
Warrant [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 400 | 450 | 419 | 457 |
Convertible Preferred Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 10 | 11 | 11 |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures Copano Energy, L.L.C. Acquisition (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 1-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | 3-May-13 | Sep. 30, 2013 | 1-May-13 | 3-May-13 | 1-May-13 | 3-May-13 | 1-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | ||
mi | mi | KMP Acquisiton of Copano Energy LLC [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Common Units [Member] | Common Units [Member] | Eagle Ford Gathering LLC [Member] | Eagle Ford Gathering LLC [Member] | Natural Gas [Member] | Natural Gas Processing Plant [Member] | |||||
KMP Acquisiton of Copano Energy LLC [Member] | KMP Acquisiton of Copano Energy LLC [Member] | KMP Acquisiton of Copano Energy LLC [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Natural Gas Pipelines [Member] | ||||||||||
mi | KMP Acquisiton of Copano Energy LLC [Member] | KMP Acquisiton of Copano Energy LLC [Member] | KMP Acquisiton of Copano Energy LLC [Member] | KMP Acquisiton of Copano Energy LLC [Member] | KMP Acquisiton of Copano Energy LLC [Member] | Kinder Morgan Energy Partners, L.P. [Member] | ||||||||||||
MMcf | KMP Acquisiton of Copano Energy LLC [Member] | |||||||||||||||||
MMcf | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $5,200,000,000 | |||||||||||||||||
Business Acquisition, Cost of Acquired Entity, percent unit for unit | 100.00% | |||||||||||||||||
Business acquisition, share-for-share exchange rate | 0.4563 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 43,371,210 | |||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Equity Interests Issued and Issuable | 3,733,000,000 | |||||||||||||||||
Business Acquisition, Share Price | $86.08 | |||||||||||||||||
Business Acquisition, Percent Ownership Acquired | 50.00% | |||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 50.00% | |||||||||||||||||
Gain on remeasurement of previously held equity interest in Eagle Ford to fair value (Note 2) | 0 | 0 | 558,000,000 | 0 | 558,000,000 | |||||||||||||
Business Acquisition, Purchase Price Allocation, Current Assets | 218,000,000 | |||||||||||||||||
Business Combination, Purchase Price Allocation, Property, Plant, and Equipment | 2,805,000,000 | |||||||||||||||||
Business Combination, Purchase Price Allocation, Investments | 387,000,000 | |||||||||||||||||
Business Acquisition, Purchase Price Allocation, Goodwill | 24,494,000,000 | 24,494,000,000 | 23,632,000,000 | [1] | 6,532,000,000 | 5,417,000,000 | 1,119,000,000 | |||||||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 1,375,000,000 | |||||||||||||||||
Business Acquisition, Purchase Price Allocation, Other Noncurrent Assets | 13,000,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Excluding Certain Fair Value Adjustments | 5,917,000,000 | |||||||||||||||||
Less: Fair value of previously held 50% interest in Eagle Ford Gathering, LLC | -704,000,000 | |||||||||||||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 5,213,000,000 | |||||||||||||||||
Business Acquisition, Purchase Price Allocation, Current Liabilities | -207,000,000 | |||||||||||||||||
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | -4,000,000 | |||||||||||||||||
Business Acquisition, Purchase Price Allocation, Notes Payable and Long-term Debt | -1,252,000,000 | |||||||||||||||||
Consideration Attributable to Noncontrolling interest | -17,000,000 | |||||||||||||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | $3,733,000,000 | |||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||||||||||||||||
Miles Of Pipeline | 82,000 | 82,000 | 6,900 | |||||||||||||||
MMcf/d Treating Capacity of Copano's Nine Processing Plants | 2,700 | 315 | ||||||||||||||||
Number of Processing Plants | 9 | |||||||||||||||||
Bcf/d Processing Capacity of Copano's Nine Processing Plants (more than) | 1,000 | |||||||||||||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Acquisitions_and_Divestitures_3
Acquisitions and Divestitures Impact of KMPbs Acquisition of Copano on KMIbs Income Taxes (Details) (Copano Energy LLC [Member], Kinder Morgan, Inc. [Member], USD $) | 1-May-13 |
In Millions, unless otherwise specified | |
Copano Energy LLC [Member] | Kinder Morgan, Inc. [Member] | |
Business Acquisition [Line Items] | |
Goodwill, Allocation Adjustment | $255 |
Acquisitions_and_Divestitures_4
Acquisitions and Divestitures KMI Acquisition of EP Corporation (Details) (El Paso Corporation [Member], USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | 25-May-12 | 25-May-12 | 25-May-12 | Sep. 30, 2013 | 25-May-12 | |
Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Warrant [Member] | Warrant [Member] | ||
Class P [Member] | Class P [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | |||
Class P [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $23,000,000,000 | |||||
Business Acquisition, Cost of Acquired Entity, Equity Interests Issued and Issuable | 10,600,000,000 | |||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 11,600,000,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 330,000,000 | 505,000,000 | ||||
Class of Warrant or Right, Term | 5 years | |||||
Retrospective Adjustments, Revisions of Estimates Related to Environmental Obligations, Sales and Use Tax Liabilities, and Deferred Income Taxes | 60,000,000 | |||||
Warrants and Rights Outstanding | $863,000,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 40 |
Acquisitions_and_Divestitures_5
Acquisitions and Divestitures Goldsmith Landreth Unit (Details) (Kinder Morgan Energy Partners, L.P. [Member], Legado Resources [Member], USD $) | 31-May-13 |
In Millions, unless otherwise specified | bbl |
MMcf | |
Business Acquisition [Line Items] | |
Approximate Production Rate (Barrels of Oil per day) | 1,250 |
Oil and Gas Delivery Commitments and Contracts, Maximum Contractual Volume Rate (MMcf/d) | 150 |
CO2 [Member] | Permian Basin [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transfered Before Certain Adjustments | 285 |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 18 |
Gas and Oil Area, Developed, Gross (more than) | 6,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 285 |
Acquisitions_and_Divestitures_6
Acquisitions and Divestitures Pro Forma Information (Details) (EP, Copano and the Goldsmith Landreth Unit acquisitions as if occurred as of January 1, 2012 [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $3,756 | $3,341 | $10,903 | $9,384 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 551 | 379 | 1,952 | 410 |
Business Acquisition, Pro Forma Income (Loss) from Discontinued Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 0 | -131 | -2 | 1,279 |
Business Acquisition, Pro Forma Net Income (Loss) | 551 | 248 | 1,950 | 1,689 |
Pro Forma Income Attributable to Noncontrolling Interests | -265 | 127 | -1,120 | 291 |
Net Income (Loss) Attributable to Kinder Morgan, Inc. | $286 | $375 | $830 | $1,980 |
Class P [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.27 | $0.36 | $0.80 | $1.91 |
Class A [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.34 | $1.84 |
Acquisitions_and_Divestitures_7
Acquisitions and Divestitures KMPbs FTC Natural Gas Pipelines Disposal Group b Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | |
Express Pipeline System [Member] | KMPbs FTC Natural Gas Pipelines [Member] | KMPbs FTC Natural Gas Pipelines [Member] | KMPbs FTC Natural Gas Pipelines [Member] | KMPbs FTC Natural Gas Pipelines [Member] | |||||||
Kinder Morgan Energy Partners, L.P. [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | $934 | ||||||||||
Loss on sale and the remeasurement of KMPbs FTC Natural Gas Pipelines disposal group to fair value, net of tax | 2 | ||||||||||
Operating revenues | 71 | 204 | |||||||||
Operating expenses | -45 | -116 | |||||||||
Depreciation and amortization | 0 | -7 | |||||||||
Disposal group, Including Discontinued Operation, Other Expenses | -1 | -1 | |||||||||
Earnings from equity investments | 22 | 64 | |||||||||
Interest income and Other, net | 0 | 1 | |||||||||
Income from operations of KMPbs FTC Natural Gas Pipelines disposal group and other, net of tax | 0 | 48 | 0 | 145 | 47 | 145 | |||||
Assets held for sale | 0 | 0 | 298 | [1] | 179 | ||||||
Tax Expense On Sale of Investment | $171 | $60 | $675 | $165 | |||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Acquisitions_and_Divestitures_8
Acquisitions and Divestitures Express Pipeline System (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | |
Express Pipeline System [Member] | Express Pipeline System [Member] | Express Pipeline System [Member] | Express Pipeline System [Member] | Express Pipeline System [Member] | Express Pipeline System [Member] | Express Pipeline System [Member] | |||||||
Kinder Morgan Energy Partners, L.P. [Member] | KMP Sale of Express Pipeline System [Member] | KMP Sale of Express Pipeline System [Member] | Spectra Energy Corp. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | |||||||||
Kinder Morgan Energy Partners, L.P. [Member] | KMP Sale of Express Pipeline System [Member] | ||||||||||||
Equity method investment & Suboordinated debt investment [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 33.33% | ||||||||||||
Proceeds from Sale of Investments | $402 | $0 | $402 | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 224 | ||||||||||||
Income Tax Expense (Benefit) | 171 | 60 | 675 | 165 | 84 | ||||||||
Equity Method Investment, Amount Sold | 67 | ||||||||||||
Notes Receivable, Related Parties | 114 | 110 | |||||||||||
Equity Method Investments | 65 | ||||||||||||
Assets held for sale | $0 | $0 | $298 | [1] | $179 | ||||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Acquisitions_and_Divestitures_9
Acquisitions and Divestitures TGP's Sale of Production Area Facilities (Details) (USD $) | 9 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 03, 2013 |
TGP [Member] | |||
Sale of production area facilities [Domain] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | $74 | $40 | $32 |
Net Assets Sold | 88 | ||
Increase (Decrease) in Other Regulatory Assets | 92 | ||
Gain (Loss) on Disposition of Property Plant Equipment | $36 |
Recovered_Sheet1
Acquisitions and Divestitures BBPP Holdings Ltda (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | BBPP Holdings Ltda [Member] | BBPP Holdings Ltda [Member] | Bolivia to Brazil Pipeline [Member] | Bolivia to Brazil Pipeline [Member] | Express Pipeline System [Member] | BBPP Holdings Ltda [Member] | Transportadora Brasileira Gasoduto Bolivia-Brasil S.A. [Member] | Gas Transboliviano S.A. [Member] | |||
Kinder Morgan Energy Partners, L.P. [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | ||||||||
BBPP Holdings Ltda [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 33.33% | 33.33% | 29.00% | 2.00% | |||||||
Proceeds from Sale of Investments | $88 | $0 | $88 | ||||||||
Assets held for sale | $0 | $298 | [1] | $88 | |||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Recovered_Sheet2
Acquisitions and Divestitures Drop-down of EP Assets to KMP (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Mar. 03, 2013 | Jun. 30, 2013 | Aug. 02, 2012 | Aug. 01, 2012 | Aug. 02, 2012 | Aug. 01, 2012 | Mar. 03, 2013 | Mar. 04, 2013 | Mar. 03, 2013 | Mar. 04, 2013 | Mar. 04, 2013 | Mar. 04, 2013 | |
EPNG Part 2 and EP Midstream Assets Part 2 Drop Downs [Member] | EPNG Part 2 and EP Midstream Assets Part 2 Drop Downs [Member] | EPNG Part 2 and EP Midstream Assets Part 2 Drop Downs [Member] | Drop-Down of EPNG and TGP Part 1 to KMP [Member] | Drop-Down of EPNG and TGP Part 1 to KMP [Member] | Drop-Down of EPNG and TGP Part 1 to KMP [Member] | EPNG Part 2 and EP Midstream Assets Part 2 Drop Downs [Member] | EPNG Part 2 and EP Midstream Assets Part 2 Drop Downs [Member] | EPNG Part 2 and EP Midstream Assets Part 2 Drop Downs [Member] | Reported Value Measurement [Member] | Drop-Down of EPNG to KMP Part 2 [Member] | Drop-Down of EP Midsteam Asets to KMP Part 2 [Member] | |
Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | TGP [Member] | EPNG [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | NYSE [Member] | EPNG [Member] | EP Midstream Assets [Member] | |
EPNG and EP Midstreem Assets [Member] | EPNG and EP Midstreem Assets [Member] | EPNG and EP Midstreem Assets [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | TGP and EPNG [Member] | EPNG and EP Midstreem Assets [Member] | EPNG and EP Midstreem Assets [Member] | EPNG and EP Midstreem Assets [Member] | Common Units [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | |
Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Senior secured term loan credit facility, due May 24, 2015 [Member] | EPNG Part 2 and EP Midstream Assets Part 2 Drop Downs [Member] | |||||
Kinder Morgan, Inc. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | |||||||||||
Business Acquisition [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 100.00% | 50.00% | 50.00% | 50.00% | |||||||
Consideration Transfered Between Entities Under Common Control, Total | $6,200,000,000 | $1,700,000,000 | ||||||||||
Entities Under Common Control Transaction, Proportional Share of Debt Borrowings | 50.00% | |||||||||||
Consideration Transfered Between Entities Under Common Control, Cash | 994,000,000 | |||||||||||
Consideration Transfered Between Entities Under Common Control, Working Capital Adjustment | 6,000,000 | |||||||||||
Shares, Issued | 1,249,452 | |||||||||||
Consideration Transfered Between Entities Under Common Control, Equity, Value | 108,000,000 | |||||||||||
Sale of Stock, Price Per Share | $86.72 | |||||||||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 557,000,000 | |||||||||||
Repayments of Long-term Debt | $947,000,000 |
Recovered_Sheet3
Acquisitions and Divestitures Income Tax Impact on the Drop-Down of EP Assets to KMP and KMP Investment in EP Midstream (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 01, 2012 |
Drop-Down of EPNG and TGP Part 1 to KMP [Member] | TGP and EPNG [Member] | EPNG Part 2 and EP Midstream Assets Part 2 Drop Downs [Member] | Kinder Morgan Energy Partners, L.P. [Member] | |||
Midstream Investment Company, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Deferred Tax Assets, Deferred Income | $448 | $53 | ||||
Public Utilities, Property, Plant and Equipment, Equipment, Approximate Useful Life | 25 years | |||||
Business Acquisition, Percent Ownership Acquired | 50.00% | |||||
Estimated annual tax expense arising from drop-down transactions | 20 | 20 | ||||
Income tax expense from deferred charges that arose from drop-down transactions | $5 | $15 |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 05, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Aug. 05, 2013 | Aug. 05, 2013 | Aug. 05, 2013 | Aug. 05, 2013 | Sep. 30, 2013 | 1-May-13 | Dec. 31, 2012 | 31-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 1-May-13 | Dec. 31, 2012 | 31-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||
Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan Finance Company, LLC [Member] | Kinder Morgan Finance Company, LLC [Member] | El Paso LLC [Member] | El Paso LLC [Member] | El Paso LLC [Member] | El Paso LLC [Member] | EPC Building LLC [Member] | EPC Building LLC [Member] | Colorado Interstate Gas Services Company [Member] | Colorado Interstate Gas Services Company [Member] | Capital Trust I [Member] | Capital Trust I [Member] | Kinder Morgan G.P., Inc. [Member] | Kinder Morgan G.P., Inc. [Member] | TGP [Member] | TGP [Member] | EPNG [Member] | EPNG [Member] | Copano Energy LLC [Member] | Copano Energy LLC [Member] | Copano Energy LLC [Member] | Copano Energy LLC [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | Colorado Interstate Gas Company, L.L.C. [Member] | Colorado Interstate Gas Company, L.L.C. [Member] | Southern LNG Company, L.L.C.(SLNG) [Member] | Southern LNG Company, L.L.C.(SLNG) [Member] | SNG [Member] | SNG [Member] | El Paso Pipeline Partners, L.P. [Member] | El Paso Pipeline Partners, L.P. [Member] | El Paso Pipeline Partners, L.P. [Member] | El Paso Pipeline Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. and El Paso Pipeline Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. and El Paso Pipeline Partners, L.P. [Member] | Low [Member] | Low [Member] | Low [Member] | Low [Member] | Low [Member] | Low [Member] | Low [Member] | Low [Member] | Low [Member] | Low [Member] | Low [Member] | High [Member] | High [Member] | High [Member] | High [Member] | High [Member] | High [Member] | High [Member] | High [Member] | High [Member] | High [Member] | High [Member] | LIBOR [Member] | LIBOR [Member] | Third parties [Member] | Third parties [Member] | Mezzanine Equity, Cumulative Preferred Stock With Liquidation Approval Rights [Member] | Mezzanine Equity, Cumulative Preferred Stock With Liquidation Approval Rights [Member] | |||||
KMP Senior notes, 2.65% through 9.00%, due 2013 through 2043 [Member] | KMP Senior notes, 2.65% through 9.00%, due 2013 through 2043 [Member] | KMP Other Miscellaneous Subsidiary Debt [Member] | KMP Other Miscellaneous Subsidiary Debt [Member] | KMP Senior Notes issued on February 28, 2013 [Member] | KMP 3.50% Senior Notes due September 1, 2023 [Member] | KMP 5% Senior Notes due March 1, 2043 [Member] | KMP Senior Notes issued on August 5, 2013 [Member] | 2.65% Senior Notes due February 1, 2019 [Member] | 4.15% Senior Notes due February 1, 2024 [Member] [Member] | 5.00% KMP Senior notes due March 1, 2043 [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior secured term loan facility, variable, due May 24, 2015 [Member] | Senior secured term loan facility, variable, due May 24, 2015 [Member] | Senior notes and debentures, 5.15% through 7.45% [Member] | Senior notes and debentures, 5.15% through 7.45% [Member] | Deferrable interest debentures issued to subsidiary trusts, 7.63% and 8.56%, due 2027 and 2028 [Member] | Deferrable interest debentures issued to subsidiary trusts, 7.63% and 8.56%, due 2027 and 2028 [Member] | KMI 5.70% through 6.40% series, due 2016 through 2036 [Member] | KMI 5.70% through 6.40% series, due 2016 through 2036 [Member] | KMI Senior notes and debentures, 6.50% through 12.00%, due 2013 through 2037 [Member] | KMI Senior notes and debentures, 6.50% through 12.00%, due 2013 through 2037 [Member] | KMI Credit Facility [Member] | KMI Credit Facility [Member] | KMI Promissory note 3.967%, due 2013 through 2035 [Member] | KMI Promissory note 3.967%, due 2013 through 2035 [Member] | KMI 7.76% Totem note payable due 2018 [Member] | KMI 7.76% Totem note payable due 2018 [Member] | KMI EP Capital Trust I, due 2028 [Member] | KMI EP Capital Trust I, due 2028 [Member] | KMI $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock [Member] | KMI $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock [Member] | KMP Senior notes, 7.00% through 8.375%, due 2016 through 2037 [Member] | KMP Senior notes, 7.00% through 8.375%, due 2016 through 2037 [Member] | KMP 5.95% through 8.625%, due 2017 through 2032 [Member] | KMP 5.95% through 8.625%, due 2017 through 2032 [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | 7.75% Unsecured Senior Notes Due June 1, 2018 [Member] | EPB Notes, 4.10% through 8.00%, due 2013 through 2042 [Member] | EPB Notes, 4.10% through 8.00%, due 2013 through 2042 [Member] | Revolving Credit Facility [Member] | EPB Notes, 5.95% through 6.85%, due 2015 through 2037 [Member] | EPB Notes, 5.95% through 6.85%, due 2015 through 2037 [Member] | EPB Senior notes, 9.50% and 9.75%, due 2014 and 2016 [Member] | EPB Senior notes, 9.50% and 9.75%, due 2014 and 2016 [Member] | EPB Notes, 4.40% through 8.00%, due 2017 through 2032 [Member] | EPB Notes, 4.40% through 8.00%, due 2017 through 2032 [Member] | EPB Other Financial Obligations [Member] [Member] | EPB Other Financial Obligations [Member] [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan Finance Company, LLC [Member] | El Paso LLC [Member] | TGP [Member] | EPNG [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | Colorado Interstate Gas Company, L.L.C. [Member] | Southern LNG Company, L.L.C.(SLNG) [Member] | SNG [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan Finance Company, LLC [Member] | El Paso LLC [Member] | TGP [Member] | EPNG [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | Colorado Interstate Gas Company, L.L.C. [Member] | Southern LNG Company, L.L.C.(SLNG) [Member] | SNG [Member] | Kinder Morgan Energy Partners, L.P. [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | EPC Building LLC [Member] | EPC Building LLC [Member] | KMI $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock [Member] | KMI $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock [Member] | |||||||||||||||||
KMP Senior notes, 2.65% through 9.00%, due 2013 through 2043 [Member] | Senior notes and debentures, 5.15% through 7.45% [Member] | Deferrable interest debentures issued to subsidiary trusts, 7.63% and 8.56%, due 2027 and 2028 [Member] | KMI 5.70% through 6.40% series, due 2016 through 2036 [Member] | KMI Senior notes and debentures, 6.50% through 12.00%, due 2013 through 2037 [Member] | KMP Senior notes, 7.00% through 8.375%, due 2016 through 2037 [Member] | KMP 5.95% through 8.625%, due 2017 through 2032 [Member] | EPB Notes, 4.10% through 8.00%, due 2013 through 2042 [Member] | EPB Notes, 5.95% through 6.85%, due 2015 through 2037 [Member] | EPB Senior notes, 9.50% and 9.75%, due 2014 and 2016 [Member] | EPB Notes, 4.40% through 8.00%, due 2017 through 2032 [Member] | KMP Senior notes, 2.65% through 9.00%, due 2013 through 2043 [Member] | Senior notes and debentures, 5.15% through 7.45% [Member] | Deferrable interest debentures issued to subsidiary trusts, 7.63% and 8.56%, due 2027 and 2028 [Member] | KMI 5.70% through 6.40% series, due 2016 through 2036 [Member] | KMI Senior notes and debentures, 6.50% through 12.00%, due 2013 through 2037 [Member] | KMP Senior notes, 7.00% through 8.375%, due 2016 through 2037 [Member] | KMP 5.95% through 8.625%, due 2017 through 2032 [Member] | EPB Notes, 4.10% through 8.00%, due 2013 through 2042 [Member] | EPB Notes, 5.95% through 6.85%, due 2015 through 2037 [Member] | EPB Senior notes, 9.50% and 9.75%, due 2014 and 2016 [Member] | EPB Notes, 4.40% through 8.00%, due 2017 through 2032 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | KMI Promissory note 3.967%, due 2013 through 2035 [Member] | KMI Promissory note 3.967%, due 2013 through 2035 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes | $16,100,000,000 | $13,350,000,000 | $400,000,000 | $1,528,000,000 | $2,714,000,000 | $315,000,000 | $315,000,000 | $27,000,000 | $27,000,000 | $1,636,000,000 | $1,636,000,000 | $3,860,000,000 | $3,860,000,000 | $281,000,000 | $286,000,000 | $1,790,000,000 | $1,790,000,000 | $1,115,000,000 | $1,115,000,000 | $332,000,000 | $0 | $2,260,000,000 | $2,348,000,000 | $475,000,000 | $475,000,000 | $135,000,000 | $135,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Value, Issued | 100,000,000 | 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility, Amount outstanding | 0 | 0 | 174,000,000 | 1,514,000,000 | 1,035,000,000 | 293,000,000 | 210,000,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable | 464,000,000 | 217,000,000 | 1,000,000 | 1,000,000 | 1,211,000,000 | 1,211,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | 19,612,000,000 | 17,062,000,000 | 10,019,000,000 | 10,401,000,000 | 4,256,000,000 | 4,347,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term Debt | 101,000,000 | 186,000,000 | 175,000,000 | 178,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Current Maturities | -2,973,000,000 | -2,401,000,000 | -702,000,000 | -1,155,000,000 | -2,195,000,000 | -1,153,000,000 | [1] | -76,000,000 | -93,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term-debt, Excluding Current Maturites, Includeing Preferred Interest | 7,824,000,000 | 9,248,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | 33,038,000,000 | 32,000,000,000 | [1] | 18,910,000,000 | 15,907,000,000 | 7,724,000,000 | 9,148,000,000 | 4,180,000,000 | 4,254,000,000 | 23,090,000,000 | 20,161,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Weighted Average Interest Rate | 0.27% | 0.45% | 2.68% | 2.72% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,000,000,000 | 600,000,000 | 1,750,000,000 | 800,000,000 | 650,000,000 | 300,000,000 | 468,000,000 | 251,000,000 | 217,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 5.00% | 2.65% | 4.15% | 5.00% | 3.97% | 3.97% | 7.76% | 4.75% | 7.13% | 7.13% | 7.75% | 2.65% | 5.15% | 7.63% | 5.70% | 6.50% | 7.00% | 5.95% | 4.10% | 5.95% | 9.50% | 4.40% | 9.00% | 7.45% | 8.56% | 6.40% | 12.00% | 8.38% | 8.63% | 8.00% | 6.85% | 9.75% | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liquidation value of note | $1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Fair Value Adjustments | 2,124,000,000 | 2,591,000,000 | [1] | 8,000,000 | 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 1,724,000,000 | 991,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity Increase | 500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,700,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt | 174,000,000 | 621,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Decrease, Repayments | 88,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $2,322,000,000 | $156,000,000 | $1,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
KMPs_Copano_Debt_Details
KMP's Copano Debt (Details) (KMP's Copano Energy LLC [Member], USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||
In Millions, unless otherwise specified | Jun. 06, 2013 | Jun. 02, 2013 | 31-May-13 | Sep. 05, 2013 | Sep. 30, 2013 | Sep. 04, 2013 | 1-May-13 | Dec. 31, 2012 | 1-May-13 | 1-May-13 | 3-May-13 | 1-May-13 |
7.75% Unsecured Senior Notes Due June 1, 2018 [Member] | 7.75% Unsecured Senior Notes Due June 1, 2018 [Member] | 7.75% Unsecured Senior Notes Due June 1, 2018 [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | KMP Acquisiton of Copano Energy LLC [Member] | KMP Acquisiton of Copano Energy LLC [Member] | KMP Acquisiton of Copano Energy LLC [Member] | KMP Acquisiton of Copano Energy LLC [Member] | |
7.75% Unsecured Senior Notes Due June 1, 2018 [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $249 | $510 | $404 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.13% | 7.13% | 7.75% | 7.13% | |||||||
Interest Paid | 6 | |||||||||||
Debt Instrument, Announced Expected Redemption Amount | 178 | 259 | 191 | |||||||||
Debt Instrument, Percentage of Principal Amount To Be Redeemed | 35.00% | |||||||||||
Senior Notes | 332 | 0 | 510 | |||||||||
Debt Instrument, Decrease, Repayments | 404 | |||||||||||
Debt Instrument, Repurchase Amount | $259 | $191 | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 103.88% |
Credit_Facilities_Details
Credit Facilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 1-May-13 | Apr. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 3-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | Federal Funds Rate [Member] | LIBOR [Member] | LIBOR [Member] | |
KMI Credit Facility [Member] | Letter of Credit [Member] | Commercial Paper [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Revolving Credit Facility [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | El Paso Pipeline Partners Operating Company, L.L.C. [Member] | |||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $1,750,000,000 | $2,700,000,000 | $2,200,000,000 | |||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||||
Letters of Credit Outstanding, Amount | 80,000,000 | 204,000,000 | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | 1.00% | 1.75% | |||||||||||||||
LIBOR Basis, Period For Eurodollar Loan | 1 month | |||||||||||||||||
Commercial Paper | 174,000,000 | 621,000,000 | ||||||||||||||||
Line of Credit Facility, Amount Outstanding | 1,514,000,000 | 1,035,000,000 | 1,514,000,000 | 0 | 0 | 174,000,000 | 0 | 0 | ||||||||||
Remaining borrowing capacity | $156,000,000 | $2,322,000,000 | $1,000,000,000 |
Kinder_Morgan_GP_Inc_Preferred
Kinder Morgan G.P., Inc. Preferred Shares (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Kinder Morgan G.P., Inc. [Member] | Kinder Morgan G.P., Inc. [Member] | Kinder Morgan G.P., Inc. [Member] | Kinder Morgan G.P., Inc. [Member] | |||
Debt Instrument [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 100,000 | 100,000 | ||
Preferred Stock, Dividends Per Share, Declared | $10.52 | $10.95 | $31.53 | $52.60 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | $10.54 | $20.82 | $31.65 | $62.48 |
Stockholders_Equity_Common_Equ
Stockholders Equity Common Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Oct. 17, 2013 | Jul. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | |
Not part of stock repurchase program [Member] | July 17, 2013 $350M Share and Warrant Repurchase program [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Class P [Member] | Class P [Member] | Class P [Member] | Class P [Member] | Class P [Member] | Class P [Member] | Class A [Member] | Class A [Member] | Common Class B [Member] | Common Class B [Member] | Common Class C [Member] | Common Class C [Member] | KMI EP Capital Trust I, due 2028 [Member] | EP Trust I Preferred [Member] | Conversion of EP Trust I Preferred Securities [Member] | Conversion of EP Trust I Preferred Securities [Member] | Warrant [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | KMI's Acquisition of EP [Member] | KMI's Acquisition of EP [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | Warrant [Member] | ||||||||||
Class P [Member] | Class P [Member] | Class P [Member] | Subsequent Event [Member] | Class P [Member] | Class A [Member] | Common Class B [Member] | Common Class C [Member] | El Paso Corporation [Member] | ||||||||||||||||||||||||||||||||||
Kinder Morgan, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $1.35 | $1.26 | $3.97 | $3.69 | $1.35 | |||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 330,154,610 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Common stock, shares outstanding (in shares) | 1,035,846,825 | 648,416,623 | 1,035,846,825 | 648,416,623 | 1,035,668,596 | 170,921,140 | 388,717,261 | 535,972,387 | 89,304,799 | 94,132,596 | 2,315,497 | 2,318,258 | ||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 348,441,604 | 445,505,804 | 348,441,604 | 445,505,804 | 439,809,442 | 0 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $28,302 | $23,898 | $28,302 | $23,898 | $24,100 | [1] | $8,568 | |||||||||||||||||||||||||||||||||||
Dividends Per Common Share Declared for the Period | $0.41 | $0.36 | $1.19 | $1.03 | $0.41 | $0.36 | $1.19 | $1.03 | ||||||||||||||||||||||||||||||||||
Warrants repurchased | 463 | 136 | 331 | 463 | 136 | |||||||||||||||||||||||||||||||||||||
Stock and or Warrant Repurchase Program, Authorized Amount | $250 | $350 | $250 | $38 | ||||||||||||||||||||||||||||||||||||||
Shares converted (in shares) | 147,255,126 | -147,255,126 | -4,827,797 | -2,761 | 74,421 | 454,028 | 16,886 | |||||||||||||||||||||||||||||||||||
Stock Canceled During Period, Shares | -446,206 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Restriced shares vested (in shares) | 86,922 | 77,925 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.40 | $0.35 | $1.15 | $0.98 | ||||||||||||||||||||||||||||||||||||||
Stock and Warrants Issued During Period Number of Warrants | 113,757 | 693,971 | 0 | 504,598,883 | ||||||||||||||||||||||||||||||||||||||
Warrants Exercised, Number of Warrants | -21,208 | 0 | ||||||||||||||||||||||||||||||||||||||||
Number of Warrants Repurchased | -91,460,387 | -59,787,050 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 1 | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 40 | |||||||||||||||||||||||||||||||||||||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Stockholders_Equity_Noncontrol
Stockholders Equity Noncontrolling Interests (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | Jun. 03, 2013 | Jun. 02, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||
Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | EPB [Member] | EPB [Member] | EPB [Member] | EPB [Member] | Kinder Morgan Management, LLC [Member] | Kinder Morgan Management, LLC [Member] | Kinder Morgan Management, LLC [Member] | Kinder Morgan Management, LLC [Member] | Kinder Morgan Management, LLC [Member] | Other [Member] | Other [Member] | El Paso Pipeline Partners, L.P. [Member] | El Paso Pipeline Partners, L.P. [Member] | General Partner [Member] | KMP Acquisiton of Copano Energy LLC [Member] | Subsequent Event [Member] | Dividend Declared [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Equity distribution agreement [Member] | Equity distribution agreement [Member] | Equity distribution agreement [Member] | ||||||
El Paso Pipeline Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | El Paso Pipeline Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Management, LLC [Member] | El Paso Pipeline Partners, L.P. [Member] | ||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||||||||||
Value Of Units Available For Sale Under Fourth Amendment Of Equity Distribution Agreement With UBS | $2,175,000,000 | |||||||||||||||||||||||||||||||||
Value Of Units Available For Sale Under Third Amendment Of Equity Distribution Agreement With UBS | 1,900,000,000 | |||||||||||||||||||||||||||||||||
Value of units available for sale under equity distribution agreement | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Limited Partners Units | 2,000,000 | |||||||||||||||||||||||||||||||||
Noncontrolling interests | 15,037,000,000 | 10,234,000,000 | [1] | 7,612,000,000 | 7,612,000,000 | 3,270,000,000 | 3,020,000,000 | 3,020,000,000 | 2,716,000,000 | 264,000,000 | 137,000,000 | 4,141,000,000 | 4,111,000,000 | 15,037,000,000 | 10,234,000,000 | 9,752,000,000 | 5,247,000,000 | |||||||||||||||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $1.32 | $1.23 | $3.91 | $3.59 | $0.63 | $0.55 | $1.86 | $0.55 | ||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 377,000,000 | 275,000,000 | 983,000,000 | 788,000,000 | 80,000,000 | 64,000,000 | 235,000,000 | 64,000,000 | ||||||||||||||||||||||||||
Noncontrolling intreests, proceeds from equity issuance | 4,799,000,000 | 385,000,000 | 0 | 695,000,000 | 145,000,000 | 85,000,000 | ||||||||||||||||||||||||||||
Noncontrolling Interest, Shares or Equity Units Issued | 4,600,000 | 43,371,000 | 8,248,000 | 1,757,000 | 2,038,000 | |||||||||||||||||||||||||||||
Increase accumulated deferred income taxes | 90,000,000 | |||||||||||||||||||||||||||||||||
Increase in additional paid in capital | $154,000,000 | |||||||||||||||||||||||||||||||||
Share distribution per share outstanding | 0.01761 | |||||||||||||||||||||||||||||||||
Declared dividend (usd per share) | $1.35 | $1.26 | $3.97 | $3.69 | $0.65 | $0.58 | $1.90 | $1.13 | $1.35 | $0.65 | ||||||||||||||||||||||||
Noncontrolling Interest, Share Distribution Declared to Noncontrolling Interest Holders | 2,153,480 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest, Shares Distributed to Noncontrolling Interest Holders | 1,880,172 | 1,578,616 | 5,411,720 | 4,646,736 | ||||||||||||||||||||||||||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Risk_Management_Energy_Commodi
Risk Management Energy Commodity Price Risk Managment (Details) (Forward Contracts [Member]) | Sep. 30, 2013 |
Crude Oil Fixed Basis [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | -1,200,000 |
Natural Gas Basis [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | -30,700,000,000 |
Natural Gas Basis [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | 7,900,000,000 |
Natural Gas Fixed Price [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | -35,200,000,000 |
Natural Gas Fixed Price [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | 300,000,000 |
Crude Oil Fixed Price [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | -23,100,000 |
Crude Oil Fixed Price [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | 500,000 |
Natural Gas Liquids Fixed Price [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | 400,000 |
Risk_Management_Interest_Rate_
Risk Management Interest Rate Risk Managment (Details) (USD $) | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Aug. 05, 2013 | Aug. 05, 2013 |
In Millions, unless otherwise specified | Kinder Morgan, Inc. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | fixed-to-variable interest rate swap agreement [Member] | fixed-to-variable interest rate swap agreement [Member] | fixed-to-variable interest rate swap agreement [Member] | fixed-to-variable interest rate swap agreement [Member] | fixed-to-variable interest rate swap agreement [Member] | 4.15% Senior Notes due February 1, 2024 [Member] [Member] | 2.65% Senior Notes due February 1, 2019 [Member] |
Kinder Morgan, Inc. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Termination of Swap Agreement [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | |||
Kinder Morgan Energy Partners, L.P. [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Notional Amount | $725 | $725 | $5,050 | $500 | $5,525 | $975 | |||
Number of Fixed-to-Variable Interest Rate Swap Agreements Terminated | 3 | ||||||||
Interest rate, stated percentage | 4.15% | 2.65% | |||||||
Proceeds from Settlement of Derivative Agreement | $96 |
Risk_Management_Fair_Value_of_
Risk Management Fair Value of Derivative Contracts (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ||
Amount the adjustment to fair value of debt was increased by related to the fair value of interest rate swaps | $235 | $664 |
Amount the fair value of debt adjustment was decreased by related to unamortized debt discounts | 63 | 33 |
Unamortized premium | 533 | 490 |
Amortization period of unamortized premium | 16 years | |
Derivative Liability, Fair Value, Net | -314 | -213 |
Derivative Asset, Fair Value, Net | 433 | 772 |
Designated as Hedging Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -171 | -30 |
Derivative Asset, Fair Value, Net | 398 | 747 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -143 | -183 |
Derivative Asset, Fair Value, Net | 35 | 25 |
Commodity Contract [Member] | Designated as Hedging Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -92 | -29 |
Derivative Asset, Fair Value, Net | 84 | 82 |
Commodity Contract [Member] | Designated as Hedging Contracts [Member] | Current-Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 19 | 42 |
Commodity Contract [Member] | Designated as Hedging Contracts [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -49 | -18 |
Commodity Contract [Member] | Designated as Hedging Contracts [Member] | Non-current-Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 65 | 40 |
Commodity Contract [Member] | Designated as Hedging Contracts [Member] | Non Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -43 | -11 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -3 | -4 |
Derivative Asset, Fair Value, Net | 13 | 4 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Current-Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 11 | 4 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -2 | -3 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Non-current-Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 2 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Non Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -1 | -1 |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -140 | -179 |
Derivative Asset, Fair Value, Net | 22 | 21 |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | Current-Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 9 | 8 |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -55 | -59 |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | Non-current-Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 13 | 13 |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | Non Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -85 | -120 |
Interest Rate Swap [Member] | Designated as Hedging Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -79 | -1 |
Derivative Asset, Fair Value, Net | 314 | 665 |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Contracts [Member] | Current-Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 114 | 9 |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Contracts [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | 0 | 0 |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Contracts [Member] | Non-current-Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 200 | 656 |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Contracts [Member] | Non Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | -79 | -1 |
Kinder Morgan, Inc. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash Margin Deposits | 5 | |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | -79 | -1 |
Balance Sheet, Derivative Liability Reduction, Gross | 0 | 0 |
Derivative Liabilities Presented in Balance Sheet | -79 | -1 |
Interest Rate Swap [Member] | Not Offset on Balance Sheet [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 19 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Net | -60 | -1 |
Natural gas, crude and NGL derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | -95 | -33 |
Balance Sheet, Derivative Liability Reduction, Gross | 0 | 0 |
Derivative Liabilities Presented in Balance Sheet | -95 | -33 |
Natural gas, crude and NGL derivative contracts [Member] | Not Offset on Balance Sheet [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 60 | 17 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 5 |
Derivative Liability, Fair Value, Net | -35 | -11 |
Power Derivative Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | -140 | -179 |
Balance Sheet, Derivative Liability Reduction, Gross | 0 | 0 |
Derivative Liabilities Presented in Balance Sheet | -140 | -179 |
Power Derivative Contract [Member] | Not Offset on Balance Sheet [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 22 | 21 |
Derivative, Collateral, Right to Reclaim Cash | 5 | 0 |
Derivative Liability, Fair Value, Net | -113 | -158 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 314 | 665 |
Balance Sheet, Derivative Asset Reduction, Gross | 0 | 0 |
Derivative Assets | 314 | 665 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Net | 295 | 665 |
Interest Rate Swap [Member] | Not Offset on Balance Sheet [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial Instruments, Asset | -19 | 0 |
Natural gas, crude and NGL derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 97 | 86 |
Balance Sheet, Derivative Asset Reduction, Gross | 0 | 0 |
Derivative Assets | 97 | 86 |
Derivative Asset, Fair Value, Net | 37 | 69 |
Natural gas, crude and NGL derivative contracts [Member] | Not Offset on Balance Sheet [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial Instruments, Asset | -60 | -17 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Power Derivative Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 22 | 21 |
Balance Sheet, Derivative Asset Reduction, Gross | 0 | 0 |
Derivative Assets | 22 | 21 |
Derivative Asset, Fair Value, Net | 0 | 0 |
Power Derivative Contract [Member] | Not Offset on Balance Sheet [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial Instruments, Asset | -22 | -21 |
Derivative, Collateral, Obligation to Return Cash | $0 | $0 |
Risk_Management_Debt_Fair_Valu
Risk Management Debt Fair Value Adjustment (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ||
Amortization Period of Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 16 years | |
Amount the fair value of debt adjustment was decreased by related to unamortized debt discounts | $63 | $33 |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 533 | 490 |
Amount the adjustment to fair value of debt was increased by related to the fair value of interest rate swaps | 235 | 664 |
Increase (decrease) in debt fair value adjustment related to purchase accounting | $1,419 | $1,470 |
Risk_Management_Effect_of_Deri
Risk Management Effect of Derivative Contracts on the Income Statement (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)recognized in OCI on derivative(effective portion) | ($80) | ($71) | ($49) | $71 |
Revenues-Product sales and other [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 7 | 10 | ||
Interest Rate Swap [Member] | Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)recognized in OCI on derivative(effective portion) | -2 | -2 | 6 | -5 |
Interest Rate Swap [Member] | Interest expense [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss) recognized in income on derivative | -26 | 29 | -333 | 110 |
Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss to be reclassified within twelve months | 17 | |||
Commodity Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)reclassified fromAccumulated OCIinto income(effective portion) | -19 | 10 | -10 | -5 |
Amount of gain/(loss)recognized in incomeon derivative(ineffective portionand amountexcluded fromeffectiveness testing) | -8 | -5 | -2 | -8 |
Commodity Contract [Member] | Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)recognized in OCI on derivative(effective portion) | -78 | -69 | -55 | 76 |
Commodity Contract [Member] | Revenues Natural Gas Sales [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)reclassified fromAccumulated OCIinto income(effective portion) | 0 | 1 | 0 | 3 |
Amount of gain/(loss)recognized in incomeon derivative(ineffective portionand amountexcluded fromeffectiveness testing) | 0 | 0 | 0 | 0 |
Commodity Contract [Member] | Interest expense [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)reclassified fromAccumulated OCIinto income(effective portion) | 0 | 2 | 1 | 2 |
Amount of gain/(loss)recognized in incomeon derivative(ineffective portionand amountexcluded fromeffectiveness testing) | 0 | 0 | 0 | 0 |
Commodity Contract [Member] | Interest expense [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss) recognized in income on derivative | 26 | -29 | 333 | -110 |
Commodity Contract [Member] | Revenues-Product sales and other [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)reclassified fromAccumulated OCIinto income(effective portion) | -22 | 0 | -9 | -23 |
Amount of gain/(loss)recognized in incomeon derivative(ineffective portionand amountexcluded fromeffectiveness testing) | -8 | -5 | -2 | -8 |
Commodity Contract [Member] | Gas purchases and other costs of sales [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)reclassified fromAccumulated OCIinto income(effective portion) | 3 | 7 | -2 | 13 |
Amount of gain/(loss)recognized in incomeon derivative(ineffective portionand amountexcluded fromeffectiveness testing) | $0 | $0 | $0 | $0 |
Risk_Management_Credit_Risks_D
Risk Management Credit Risks (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | |
External Credit Rating, Non Investment Grade [Member] | Commodity [Member] | Commodity [Member] | notches | One notch credit downgrade [Member] | Two notch credit downgrade [Member] | Commodity [Member] | |
Credit Derivatives [Line Items] | |||||||
Letters of Credit Outstanding, Amount | $170,000,000 | $300,000,000 | $0 | ||||
Additional Collateral, Aggregate Fair Value | $0 | $0 | $18,000,000 | ||||
Number of Credit Rating Notches | 2 |
Risk_Management_Reporting_of_A
Risk Management Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ($10) | ($10) | $7 | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 23 | 23 | 51 | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -110 | -110 | -176 | |||
Accumulated other comprehensive loss | -97 | -97 | -118 | [1] | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -17 | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 25 | 24 | 13 | -20 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 17 | 22 | -28 | 21 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 66 | -1 | 66 | 12 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 51 | -14 | 21 | 59 | ||
OCI before Reclassifications [Member] | ||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -28 | -28 | ||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 66 | 66 | ||||
Accumulated other comprehensive loss | 16 | 16 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | -22 | |||||
Amounts reclassified from AOCI [Member] | ||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 0 | 0 | ||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 0 | 0 | ||||
Accumulated other comprehensive loss | 5 | 5 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $5 | |||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Fair_Value_Fair_Value_of_Deriv
Fair Value Fair Value of Derivative Contracts (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 1-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
Estimate of Fair Value [Member] | Estimate of Fair Value [Member] | Estimate of Fair Value [Member] | Estimate of Fair Value [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Significant other observable inputs (Level 2) [Member] | Significant other observable inputs (Level 2) [Member] | Significant other observable inputs (Level 2) [Member] | Significant other observable inputs (Level 2) [Member] | Significantunobservable inputs (Level 3) [Member] | Significantunobservable inputs (Level 3) [Member] | Significantunobservable inputs (Level 3) [Member] | Significantunobservable inputs (Level 3) [Member] | Minimum [Member] | Maximum [Member] | El Paso Corporation [Member] | ||||||
Commodity Contract [Member] | Commodity Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | MWh | MWh | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||
Derivative Assets | $119 | $107 | $314 | $665 | $13 | $3 | $0 | $0 | $43 | $76 | $314 | $665 | $63 | $28 | $0 | $0 | ||||||||
Fair Value, Assets Liabilites Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning of Period | -114 | -220 | -155 | 7 | 18 | |||||||||||||||||||
Total gains (losses), Included in earnings | -17 | -7 | -18 | -8 | ||||||||||||||||||||
Total gains (losses), Included in other comprehensive income | -2 | -6 | -2 | 0 | ||||||||||||||||||||
Purchases | 0 | 0 | 18 | -243 | 246 | |||||||||||||||||||
Settlements | 13 | 14 | 37 | 25 | ||||||||||||||||||||
End of Period | -120 | -219 | -120 | -219 | 18 | |||||||||||||||||||
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or (losses) relating to assets held at the reporting date | -14 | -10 | -13 | -6 | ||||||||||||||||||||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | ($235) | ($212) | ($79) | ($1) | ($5) | ($3) | $0 | $0 | ($47) | ($26) | ($79) | ($1) | ($183) | ($183) | $0 | $0 | ||||||||
Price of Mega Watts Per Hour | 28.5 | 60.93 |
Fair_Value_Fair_Value_of_Finan
Fair Value Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Fair Value Adjustments | $2,124 | $2,591 | [1] |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total debt | 36,011 | 34,401 | |
Estimate of Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total debt | $35,939 | $36,720 | |
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |
Natural Gas Pipelines [Member] | Natural Gas Pipelines [Member] | Natural Gas Pipelines [Member] | Natural Gas Pipelines [Member] | Natural Gas Pipelines [Member] | CO2 [Member] | CO2 [Member] | CO2 [Member] | CO2 [Member] | CO2 [Member] | Products Pipelines [Member] | Products Pipelines [Member] | Products Pipelines [Member] | Products Pipelines [Member] | Products Pipelines [Member] | Terminals [Member] | Terminals [Member] | Terminals [Member] | Terminals [Member] | Terminals [Member] | Kinder Morgan Canada [Member] | Kinder Morgan Canada [Member] | Kinder Morgan Canada [Member] | Kinder Morgan Canada [Member] | Kinder Morgan Canada [Member] | All Other Segments [Member] | All Other Segments [Member] | All Other Segments [Member] | All Other Segments [Member] | All Other Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Corporate [Member] | Corporate [Member] | Intersegment Revenues [Member] | Intersegment Revenues [Member] | Intersegment Revenues [Member] | Intersegment Revenues [Member] | Intersegment Revenues [Member] | Intersegment Revenues [Member] | Intersegment Revenues [Member] | Intersegment Revenues [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Rate Case and Environmental Matters [Member] | Newly Negotiated KMP Pipeline System Tolling Aggeement , Effective as of April 2013 [Member] | Maximum [Member] | KMPbs FTC Natural Gas Pipelines [Member] | KMPbs FTC Natural Gas Pipelines [Member] | KMPbs FTC Natural Gas Pipelines [Member] | KMPbs FTC Natural Gas Pipelines [Member] | |||||||
Natural Gas Pipelines [Member] | Natural Gas Pipelines [Member] | Natural Gas Pipelines [Member] | Natural Gas Pipelines [Member] | Terminals [Member] | Terminals [Member] | Terminals [Member] | Terminals [Member] | KMP Pipeline System [Member] | Loss on sale and the remeasurement of FTC Natural Gas Pipelines disposal group to fair value [Member] | Loss on sale and the remeasurement of FTC Natural Gas Pipelines disposal group to fair value [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kinder Morgan Energy Partners, L.P. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation | $87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Advisory Fees | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss from the remeasurement of of net assets to fair value | 558 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities, Recovery Period | 4 years | 42 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal Fees and Reserves | 96 | 177 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Contributions In Excess Of Expense | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in earnings from after tax sale of investments | 1 | 140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of Financing Costs | 95 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 934 | 179 | 934 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on remeasurement of previously held equity interest of Kinderhawk to fair value | 0 | 0 | -558 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 3,756 | 2,870 | 10,198 | 6,894 | 2,388 | 1,646 | 6,197 | 3,440 | 456 | 420 | 1,345 | 1,250 | 474 | 386 | 1,371 | 940 | 354 | 334 | 1,034 | 1,017 | 74 | 80 | 221 | 226 | 1 | -4 | 3 | -5 | 3,749 | 2,862 | 10,175 | 6,869 | 2 | 0 | 3 | 0 | 0 | 0 | 1 | 1 | -2 | 0 | -4 | -1 | ||||||||||||||||||
Other revenues (a) | 9 | 8 | 27 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment earnings before DD&A | 958 | 822 | 3,281 | 1,477 | 340 | 327 | 1,040 | 988 | 202 | 150 | 399 | 490 | 217 | 183 | 609 | 564 | 43 | 56 | 286 | 158 | -3 | 21 | -4 | 18 | 1,757 | 1,559 | 5,611 | 3,695 | ||||||||||||||||||||||||||||||||||
Total segment depreciation, depletion and amortization | -467 | -403 | -1,327 | -1,010 | -7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total segment amortization of excess cost of investments | -11 | -5 | -29 | -9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses(c) | -158 | -186 | -481 | -816 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocable income tax expense | -159 | -54 | -554 | -145 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from KMPbs FTC Natural Gas Pipelines disposal group (e) | 0 | -131 | -2 | -789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 551 | 255 | 1,988 | -61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 74,575 | 74,575 | 68,245 | [1] | 52,146 | 52,146 | 46,600 | 4,611 | 4,611 | 4,148 | 6,466 | 6,466 | 6,089 | 6,673 | 6,673 | 5,931 | 1,662 | 1,662 | 1,724 | 567 | 567 | 601 | 72,125 | 72,125 | 65,093 | 2,450 | 2,854 | |||||||||||||||||||||||||||||||||||
Assets held for sale | 0 | 0 | 298 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on sale and the remeasurement of KMPbs FTC Natural Gas Pipelines disposal group to fair value, net of tax | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocable Interest Expense Net Of Interest Income | -420 | -533 | -1,257 | -1,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Costs | $157 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Related_Party_Transactions_Aff
Related Party Transactions Affiliated Balances (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Related party balances [Line Items] | |||
Assets held for sale | $0 | $298 | [1] |
Other current assets | 492 | 416 | [1] |
Deferred charges and other assets | 2,697 | 2,968 | [1] |
Assets | 74,575 | 68,245 | [1] |
Total Liabilities | 46,273 | 44,145 | [1] |
Current Portion of Debt (Note 14) | 2,973 | 2,401 | |
Related Party [Member] | |||
Related party balances [Line Items] | |||
Accounts Receivable, Related Parties | 20 | 25 | |
Assets held for sale | 0 | 114 | |
Other current assets | 3 | 14 | |
Deferred charges and other assets | 48 | 48 | |
Assets | 71 | 201 | |
Total Liabilities | 184 | 189 | |
Accounts Payable, Related Parties, Current | 9 | 11 | |
KMP and EPB [Member] | |||
Related party balances [Line Items] | |||
Notes Payable, Related Parties, Current | 5 | 5 | |
Notes Payable, Related Parties, Noncurrent | $170 | $173 | |
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Related_Party_Transactions_Not1
Related Party Transactions Notes Receivable (Details) (USD $) | 9 Months Ended | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 25-May-12 | Sep. 30, 2013 |
Plantation Pipe Line Company [Member] | Gulf LNG Holdings Group LLC [Member] | Gulf LNG Holdings Group LLC [Member] | Gulf LNG Holdings Group LLC [Member] | Gulf LNG Holdings Group LLC [Member] | Gulf LNG Holdings Group LLC [Member] | |||
Related Party Transaction [Line Items] | ||||||||
Ownership interest | 51.17% | 50.00% | ||||||
Notes Receivable, Related Parties | $49 | $10 | $85 | |||||
Proceeds from Related Party Debt | 10 | 48 | 10 | 75 | ||||
Notes receivable, balloon payment, related parties | 45 | |||||||
Notes receivable, related parties, current | $1 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 12.00% |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax | $51 | ($30) | ($14) | $138 |
Kinder Morgan, Inc. [Member] | Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 7 | 6 | 19 | 13 |
Defined Benefit Plan, Interest Cost | 22 | 26 | 68 | 42 |
Defined Benefit Plan, Expected Return on Plan Assets | -43 | -43 | -131 | -69 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | -1 | -1 | 0 | -1 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 0 | 2 | 0 | 7 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | -3 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | -15 | -10 | -47 | -8 |
Kinder Morgan, Inc. [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0 | -1 | 0 | 0 |
Defined Benefit Plan, Interest Cost | 4 | 5 | 14 | 9 |
Defined Benefit Plan, Expected Return on Plan Assets | -1 | -2 | -5 | -5 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 0 | 2 | 3 | 4 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 3 | 4 | 12 | 8 |
Changes Measurement [Member] | Other Pension Plan, Postretirement or Supplemental Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (Decrease) in Other Accrued Liabilities | 84 | |||
Other Comprehensive Income (Loss), Net of Tax | 53 | |||
Increase (Decrease) in Deferred Income Taxes | $31 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Expense (Benefit) | $171 | $60 | $675 | $165 |
Effective tax rate | 24.00% | 13.00% | 25.00% | 18.00% |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Florida Gas Pipeline [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Ownership interest | 50.00% | 50.00% | ||
NGPL [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Ownership interest | 20.00% | 20.00% |
Litigation_Environmental_and_O1
Litigation, Environmental and Other Contingencies Federal Energy Regulatory Commission Proceedings (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Loss Contingencies [Line Items] | |
Loss Contingentcy, Period of Time Litigation Concerns | 10 years |
SFPP [Member] | Repreations, Refunds, and Rate Reductions [Member] | Various Shippers [Member] | Federal Energy Regulatory Commission [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingentcy, Period of Time Litigation Concerns | 2 years |
EPNG [Member] | 2008 rate case and the 2010 rate case [Member] | Various Shippers [Member] | Federal Energy Regulatory Commission [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
Unfavorable Regulatory Action [Member] | SFPP [Member] | Annual Revenue Reductions [Member] | Various Shippers [Member] | Federal Energy Regulatory Commission [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $20 |
Unfavorable Regulatory Action [Member] | SFPP [Member] | Revenue Subject to Refund [Member] | Various Shippers [Member] | Federal Energy Regulatory Commission [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 100 |
EPNG 2010 Rate Case [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Incremental Loss Contingency Above Existing Reserve Amount | 0 |
EPNG 2010 Rate Case [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Incremental Loss Contingency Above Existing Reserve Amount | $50 |
Litigation_Environmental_and_O2
Litigation, Environmental and Other Contingencies California Public Utilities Commission Proceedings (Details) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 |
California Public Utilities Commission [Member] | SFPP [Member] | SFPP [Member] | Reparations [Member] | Annual Revenue Reductions [Member] | Annual Revenue Reductions [Member] | Cash Distribution [Member] | |
Various Shippers [Member] | Various Shippers [Member] | SFPP [Member] | SFPP [Member] | SFPP [Member] | Kinder Morgan Energy Partners, L.P. [Member] | ||
California Public Utilities Commission [Member] | 2008 rate case and the 2010 rate case [Member] | Various Shippers [Member] | Various Shippers [Member] | Various Shippers [Member] | |||
Pending Litigation [Member] | California Public Utilities Commission [Member] | California Public Utilities Commission [Member] | California Public Utilities Commission [Member] | Federal Energy Regulatory Commission [Member] | |||
Pending Litigation [Member] | Unfavorable Regulatory Action [Member] | Unfavorable Regulatory Action [Member] | Unfavorable Regulatory Action [Member] | ||||
Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Number of Judges | 2 | ||||||
Reduction in rates sought by shippers in percent | 7.00% | ||||||
Rate increase sought, percent | 36.00% | ||||||
Loss Contingency, Damages Sought, Value | $375 | $30 | $20 | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 5.33 |
Litigation_Environmental_and_O3
Litigation, Environmental and Other Contingencies Copano Shareholders' Litigation (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Punative Class Action Lawsuits [Member] | Copano Energy LLC [Member] | Pending Litigation [Member] | Schultes v. Copano Ennergy, L.L.C., Bruen v. Copano Energy L.L.C., and In re Copano Energy, L.L.C. Shareholder Lititgation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 3 |
The Texas State Action, Texas Federal Action, and Delaware Action [Member] | Punative Class Action Lawsuits [Member] | Copano Energy LLC [Member] | Consolidated Legal Proceedings [Member] | In re Copano Energy, L.L.C. Shareholder Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 3 |
Copano Shareholder Litigation [Member] | |
Loss Contingencies [Line Items] | |
Litigation Settlement, Amount | $450,000 |
Litigation_Environmental_and_O4
Litigation, Environmental and Other Contingencies Other Commercial Matters (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Loss Contingencies [Line Items] | |
Loss Contingentcy, Period of Time Litigation Concerns | 10 years |
Price Reporting Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $140 |
Union Pacific Railroad Company Easements [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, initial award amount | 15 |
Loss Contingency, Damages Sought, Value | 75 |
Loss Contingency, Interest Associated with Settlement | 20 |
Severstal Sparrows Point Crane Collapse [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $30 |
Plains Gas Solutions, LLC v. Tennessee Gas Pipeline Company, L.L.C. et al [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought (minimum) | 100 |
SNG [Member] | Allen vs El Paso GP [Member] | |
Loss Contingencies [Line Items] | |
Investment Owned, Percent of Net Assets | 25.00% |
SFPP [Member] | Federal Energy Regulatory Commission [Member] | Rent Payable and Associate Interest [Member] | Union Pacific Railroad Company [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingentcy, Period of Time Litigation Concerns | 10 years |
Litigation_Environmental_and_O5
Litigation, Environmental and Other Contingencies General (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated Litigation Liability | $619 | $425 |
Litigation_Environmental_and_O6
Litigation, Environmental and Other Contingencies Enviormental Matters (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | New Jersey Department of Environmental Protection [Member] | Portland Harbor Superfund Site [Member] | Portland Harbor Superfund Site [Member] | Roosevelt Irrigation District [Member] | Los Angeles Marine Terminal in the Port of Los Angeles [Member] | Exxon Mobil Corporation [Member] | Mission Valley Terminal Lawsuit [Member] | Southeast Louisiana Flood Protection Litigation [Member] | Colorado Oil and Gas Conservation Commission Inspections [Member] | PHMSA Inspection of Carteret Terminal [Member] | |||
Parties | Terminals | Defendants | Defendants | |||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Payments for Environmental Liabilities | $220,000 | |||||||||||||
Payment for Environmental Liabilities, Paid Toward Public Project | 80,000 | |||||||||||||
Loss Contingency, Damages Sought, Value | 175,000,000 | 15,000,000 | 365,000,000 | |||||||||||
Penalty From Notice Of Probable Violation | 63,100 | |||||||||||||
Loss contingency, number of defendants (defendants) | 300 | 70 | 100 | |||||||||||
Loss contingency, duration of damages sought | 40 years | |||||||||||||
Number of liquid terminals (terminals) | 2 | |||||||||||||
Number of parties involoved in site cleanup (parties) | 90 | |||||||||||||
Litigation Settlement, Amount | 1,000,000 | |||||||||||||
Site contingency, percentage of costs applicable | 60.00% | 50.00% | ||||||||||||
Cost of Services, Environmental Remediation | 750,000 | |||||||||||||
Loss contingency, original damages sought, value | 170,000,000 | |||||||||||||
Accrual for environmental loss contingencies | 390,000,000 | 421,000,000 | 219,000,000 | 253,000,000 | ||||||||||
Environmental recoveries receivable | $14,000,000 | $22,000,000 | ||||||||||||
Loss Contingentcy, Period of Time Litigation Concerns | 10 years |
Litigation_Environmental_and_O7
Litigation, Environmental and Other Contingencies Other Contingencies (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Kinder Morgan Energy Partners, L.P. [Member] | |
Loss Contingencies [Line Items] | |
subsidiary debt indemnified by parent | $5,900 |
EPB [Member] | |
Loss Contingencies [Line Items] | |
subsidiary debt indemnified by parent | 470 |
TGP and EPNG and El Paso Midstream drop down transactions [Member] | Kinder Morgan Energy Partners, L.P. [Member] | |
Loss Contingencies [Line Items] | |
subsidiary debt indemnified by parent | 5,200 |
Elba Liquification Company LLC [Member] | |
Loss Contingencies [Line Items] | |
Equity Method Investment, Ownership Percentage | 51.00% |
Estimated required contribution to equity investment | $800 |
Accounting_for_Regulatory_Acti2
Accounting for Regulatory Activities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 03, 2013 | Sep. 30, 2013 | |
In Millions, unless otherwise specified | Kinder Morgan Energy Partners, L.P. [Member] | Kinder Morgan Energy Partners, L.P. [Member] | Maximum [Member] | Minimum [Member] | TGP's Sale of Production Area Facilities [Member] | TGP's Sale of Production Area Facilities [Member] | |||
Regulatory Assets [Line Items] | |||||||||
Increase (Decrease) in Prepaid Expense and Other Assets | $87 | ||||||||
Amortization of Regulatory Asset | 5 | ||||||||
Regulatory Liabilities Reclassified from Long-term Deferred Credits due to Application of Regulatory Accounting | 362 | ||||||||
Regulatory Liabilities Reclassified from Long-term Deferred Credits due to Application of Regulatory Accounting, Current | 117 | ||||||||
Regulatory Assets, Current | 77 | 62 | |||||||
Assets held for sale | 0 | 298 | [1] | ||||||
Regulatory Assets, Noncurrent | 463 | 402 | |||||||
Regulatory Assets | 540 | 464 | |||||||
Regulatory Liability, Current | 123 | 7 | |||||||
Regulatory Liability, Noncurrent | 393 | 113 | |||||||
Regulatory Liabilities | 516 | 120 | |||||||
Regulatory Assets and Liabilities, Recovery Period | 42 years | 1 year | |||||||
Increase (Decrease) in Other Regulatory Assets | 92 | ||||||||
Gain (Loss) on Disposition of Oil and Gas and Timber Property | $36 | ||||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Reconciliation_of_Significant_2
Reconciliation of Significant Asset Balances (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Debt Fair Value Adjustments | $2,124 | $2,591 | [1] |
Cash and Cash Equivalents, at Carrying Value | 816 | 714 | |
Property, plant and equipment, net (Note 14) | 35,275 | 30,996 | [1] |
Investments | 6,044 | 5,804 | [1] |
Goodwill (Note 14) | 24,494 | 23,632 | [1] |
Current Portion of Debt (Note 14) | 2,973 | 2,401 | |
Long-term Debt, Excluding Current Maturities | 33,038 | 32,000 | [1] |
Long-term debt outstanding | 30,814 | 29,309 | |
Kinder Morgan, Inc. [Member] | |||
Cash and Cash Equivalents, at Carrying Value | 137 | 71 | [1] |
Property, plant and equipment, net (Note 14) | 2,630 | 2,735 | |
Goodwill (Note 14) | 17,940 | 18,193 | |
Current Portion of Debt (Note 14) | 2,195 | 1,153 | [1] |
Long-term Debt, Excluding Current Maturities | 7,724 | 9,148 | |
Long-term Debt | 10,019 | 10,401 | |
Kinder Morgan Energy Partners, L.P. [Member] | |||
Cash and Cash Equivalents, at Carrying Value | 534 | 529 | |
Property, plant and equipment, net (Note 14) | 26,742 | 22,330 | |
Goodwill (Note 14) | 6,532 | 5,417 | |
Current Portion of Debt (Note 14) | 702 | 1,155 | |
Long-term Debt, Excluding Current Maturities | 18,910 | 15,907 | |
Long-term Debt | 19,612 | 17,062 | |
El Paso Pipeline Partners, L.P. [Member] | |||
Debt Fair Value Adjustments | 8 | 8 | |
Cash and Cash Equivalents, at Carrying Value | 145 | 114 | |
Property, plant and equipment, net (Note 14) | 5,903 | 5,931 | |
Goodwill (Note 14) | 22 | 22 | |
Current Portion of Debt (Note 14) | 76 | 93 | |
Long-term Debt, Excluding Current Maturities | 4,180 | 4,254 | |
Long-term Debt | $4,256 | $4,347 | |
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Guarantee_of_Securities_of_Sub2
Guarantee of Securities of Subsidiaries (Details) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended |
In Billions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
El Paso Corporation [Member] | El Paso Corporation [Member] | Guarantor Subsidiary: El Paso Holdco, and Subsidiary Issuers: El Passos LLC, Finance Corp [Member] | |
Kinder Morgan, Inc. [Member] | |||
Guarantor Obligations [Line Items] | |||
Indemnified by parent subsidiary debt | $3.90 | $3.90 | |
Ownership Percentage of Subsidiary | 100.00% |
Guarantee_of_Securities_of_Sub3
Guarantee of Securities of Subsidiaries Balance Sheet (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Parent Company [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Subsidiary Issuer [Member] | Subsidiary Issuer [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | El Paso Corporation [Member] | El Paso Corporation [Member] | Kinder Morgan, Inc. [Member] | Kinder Morgan, Inc. [Member] | |||||||
Guarantor Obligations [Line Items] | ||||||||||||||||||||||
Indemnified by parent subsidiary debt | $3,900,000,000 | $3,900,000,000 | ||||||||||||||||||||
Cash and cash equivalents | 816,000,000 | 714,000,000 | 816,000,000 | 714,000,000 | 106,000,000 | 3,000,000 | 0 | 0 | 0 | 45,000,000 | 710,000,000 | 666,000,000 | 0 | 0 | 137,000,000 | 71,000,000 | [1] | |||||
All other current assets | 492,000,000 | 416,000,000 | [1] | 2,775,000,000 | 2,960,000,000 | 672,000,000 | 813,000,000 | 11,000,000 | 27,000,000 | 4,000,000 | 123,000,000 | 2,430,000,000 | 9,322,000,000 | -342,000,000 | -7,325,000,000 | |||||||
Property, plant and equipment, net (Note 14) | 35,275,000,000 | 30,996,000,000 | [1] | 35,275,000,000 | 30,996,000,000 | 9,000,000 | 8,000,000 | 0 | 0 | 0 | 0 | 35,266,000,000 | 30,988,000,000 | 0 | 0 | 2,630,000,000 | 2,735,000,000 | |||||
Goodwill (Note 14) | 24,494,000,000 | 23,632,000,000 | [1] | 24,494,000,000 | 23,632,000,000 | 0 | 0 | 0 | 0 | 8,062,000,000 | 8,059,000,000 | 16,432,000,000 | 15,573,000,000 | 0 | 0 | 17,940,000,000 | 18,193,000,000 | |||||
Due from Affiliate, Noncurrent | 0 | 0 | 2,000,000 | 1,555,000,000 | 0 | 0 | 0 | 0 | 1,993,000,000 | 2,095,000,000 | -1,995,000,000 | -3,650,000,000 | ||||||||||
Deferred charges and other other assets | 2,697,000,000 | 2,968,000,000 | [1] | 5,171,000,000 | 4,139,000,000 | 209,000,000 | 202,000,000 | 0 | 0 | 903,000,000 | 1,158,000,000 | 4,935,000,000 | 3,912,000,000 | -876,000,000 | -1,133,000,000 | |||||||
Total Assets | 74,575,000,000 | 68,245,000,000 | [1] | 74,575,000,000 | 68,245,000,000 | 21,373,000,000 | 22,634,000,000 | 10,613,000,000 | 11,217,000,000 | 15,438,000,000 | 22,636,000,000 | 67,810,000,000 | 68,341,000,000 | -40,659,000,000 | -56,583,000,000 | |||||||
Current Portion of Debt | 2,973,000,000 | 2,401,000,000 | 2,973,000,000 | 2,401,000,000 | 1,514,000,000 | 1,035,000,000 | 0 | 0 | 530,000,000 | 115,000,000 | 929,000,000 | 1,251,000,000 | 0 | 0 | 2,195,000,000 | 1,153,000,000 | [1] | |||||
Other Liabilities, Current | 3,442,000,000 | 2,827,000,000 | 194,000,000 | 196,000,000 | 5,000,000 | 383,000,000 | 160,000,000 | 6,741,000,000 | 3,425,000,000 | 2,832,000,000 | -342,000,000 | -7,325,000,000 | ||||||||||
Long-term debt | 33,038,000,000 | 32,000,000,000 | [1] | 33,038,000,000 | 32,000,000,000 | 1,872,000,000 | 3,068,000,000 | 0 | 0 | 4,011,000,000 | 4,378,000,000 | 27,155,000,000 | 24,554,000,000 | 0 | 0 | 7,724,000,000 | 9,148,000,000 | |||||
Due to Affiliate, Noncurrent | 0 | 0 | 1,993,000,000 | 1,764,000,000 | 0 | 296,000,000 | 0 | 35,000,000 | 2,000,000 | 1,555,000,000 | -1,995,000,000 | -3,650,000,000 | ||||||||||
Deferred income taxes | 4,314,000,000 | 4,071,000,000 | [1] | 4,314,000,000 | 4,071,000,000 | 2,021,000,000 | 2,095,000,000 | 0 | 0 | 0 | 0 | 3,169,000,000 | 3,109,000,000 | -876,000,000 | -1,133,000,000 | |||||||
All other long-term liabilities | 2,506,000,000 | 2,846,000,000 | [1] | 2,506,000,000 | 2,846,000,000 | 514,000,000 | 610,000,000 | 0 | 0 | 164,000,000 | 169,000,000 | 1,828,000,000 | 2,067,000,000 | 0 | 0 | |||||||
Total Liabilities | 46,273,000,000 | 44,145,000,000 | [1] | 46,273,000,000 | 44,145,000,000 | 8,108,000,000 | 8,768,000,000 | 5,000,000 | 679,000,000 | 4,865,000,000 | 11,438,000,000 | 36,508,000,000 | 35,368,000,000 | -3,213,000,000 | -12,108,000,000 | |||||||
Accumulated other comprehensive loss | -97,000,000 | -118,000,000 | [1] | |||||||||||||||||||
Total KMI equity | 13,265,000,000 | 13,866,000,000 | [1] | 13,265,000,000 | 13,866,000,000 | 13,265,000,000 | 13,866,000,000 | 10,608,000,000 | 10,538,000,000 | 10,573,000,000 | 11,198,000,000 | 15,875,000,000 | 22,580,000,000 | -37,056,000,000 | -44,316,000,000 | |||||||
Noncontrolling interests | 15,037,000,000 | 10,234,000,000 | [1] | 15,037,000,000 | 10,234,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 15,427,000,000 | 10,393,000,000 | -390,000,000 | -159,000,000 | |||||||
Total Stockholdersb Equity | 28,302,000,000 | 24,100,000,000 | [1] | 23,898,000,000 | 8,568,000,000 | 28,302,000,000 | 24,100,000,000 | 13,265,000,000 | 13,866,000,000 | 10,608,000,000 | 10,538,000,000 | 10,573,000,000 | 11,198,000,000 | 31,302,000,000 | 32,973,000,000 | -37,446,000,000 | -44,475,000,000 | |||||
Total Liabilities and Stockholdersb Equity | 74,575,000,000 | 68,245,000,000 | [1] | 74,575,000,000 | 68,245,000,000 | 21,373,000,000 | 22,634,000,000 | 10,613,000,000 | 11,217,000,000 | 15,438,000,000 | 22,636,000,000 | 67,810,000,000 | 68,341,000,000 | -40,659,000,000 | -56,583,000,000 | |||||||
Other Long-term Investments | 6,044,000,000 | 5,804,000,000 | 0 | 0 | 0 | 0 | 0 | 19,000,000 | 6,044,000,000 | 5,785,000,000 | 0 | 0 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $0 | $0 | $20,375,000,000 | $20,053,000,000 | $10,602,000,000 | $11,190,000,000 | $6,469,000,000 | $13,232,000,000 | $0 | $0 | ($37,446,000,000) | ($44,475,000,000) | ||||||||||
[1] | (a)Retrospectively adjusted as discussed in Note 2. |
Guarantee_of_Securities_of_Sub4
Guarantee of Securities of Subsidiaries Income Statement (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Guarantor Obligations [Line Items] | ||||
Revenues | $3,756 | $2,870 | $10,198 | $6,894 |
Costs of sales | 1,543 | 854 | 3,767 | 2,071 |
Depreciation, depletion and amortization | 467 | 403 | 1,327 | 1,010 |
Taxes, Miscellaneous | 95 | 88 | 295 | 207 |
Total Operating Costs, Expenses and Other | 2,715 | 2,018 | 7,368 | 5,266 |
Operating Income | 1,041 | 852 | 2,830 | 1,628 |
Earnings from equity investments | 100 | 101 | 294 | 238 |
Other Nonoperating Income (Expense) | 11 | 21 | 35 | 29 |
Income from Continuing Operations Before Income Taxes | 722 | 446 | 2,665 | 893 |
Income Tax Expense (Benefit) | -171 | -60 | -675 | -165 |
Income from Continuing Operations | 551 | 386 | 1,990 | 728 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | -131 | -2 | -789 |
Net income (loss) | 551 | 255 | 1,988 | -61 |
Net Income (Loss) Attributable to Noncontrolling Interest | -265 | -55 | -1,133 | 156 |
Net Income Attributable to Kinder Morgan, Inc. | 286 | 200 | 855 | 95 |
Parent Company [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Revenues | 9 | 9 | 27 | 26 |
Costs of sales | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 1 | 0 |
Operations, maintenance, general and administrative, and other expenses | 12 | 26 | 21 | 216 |
Total Operating Costs, Expenses and Other | 12 | 26 | 22 | 216 |
Operating Income | -3 | -17 | 5 | -190 |
Earnings from equity investments | 334 | 350 | 1,007 | 465 |
Income from Continuing Operations Before Income Taxes | 273 | 146 | 817 | -46 |
Income Tax Expense (Benefit) | 13 | 54 | 38 | 142 |
Income from Continuing Operations | 200 | 855 | 96 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | -1 | |
Net income (loss) | 286 | 200 | 855 | 95 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Net Income Attributable to Kinder Morgan, Inc. | 286 | 200 | 855 | 95 |
Interest Income (Expense), Net | -58 | -188 | -194 | -320 |
Amortization of excess costs of equity investments and other non operating income, net | 0 | 1 | -1 | -1 |
Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs of sales | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Operations, maintenance, general and administrative, and other expenses | 0 | 0 | 0 | 0 |
Total Operating Costs, Expenses and Other | 0 | 0 | 0 | 0 |
Operating Income | 0 | 0 | 0 | 0 |
Earnings from equity investments | 50 | 59 | 127 | -17 |
Income from Continuing Operations Before Income Taxes | 50 | 55 | 127 | -21 |
Income Tax Expense (Benefit) | 0 | 1 | 0 | 1 |
Income from Continuing Operations | 56 | 127 | -20 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |
Net income (loss) | 50 | 56 | 127 | -20 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Net Income Attributable to Kinder Morgan, Inc. | 50 | 56 | 127 | -20 |
Interest Income (Expense), Net | 0 | -3 | 0 | -3 |
Amortization of excess costs of equity investments and other non operating income, net | 0 | -1 | 0 | -1 |
Subsidiary Issuer [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs of sales | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Operations, maintenance, general and administrative, and other expenses | 0 | -1 | -3 | 63 |
Total Operating Costs, Expenses and Other | 0 | -1 | -3 | 63 |
Operating Income | 0 | 1 | 3 | -63 |
Earnings from equity investments | 123 | 138 | 378 | 106 |
Income from Continuing Operations Before Income Taxes | 58 | 9 | 142 | -102 |
Income Tax Expense (Benefit) | -8 | 51 | -15 | 86 |
Income from Continuing Operations | 60 | 127 | -16 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |
Net income (loss) | 50 | 60 | 127 | -16 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Net Income Attributable to Kinder Morgan, Inc. | 50 | 60 | 127 | -16 |
Interest Income (Expense), Net | -65 | -129 | -239 | -143 |
Amortization of excess costs of equity investments and other non operating income, net | 0 | -1 | 0 | -2 |
Non-Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Revenues | 3,756 | 2,861 | 10,195 | 6,868 |
Costs of sales | 1,543 | 854 | 3,767 | 2,071 |
Depreciation, depletion and amortization | 467 | 403 | 1,326 | 1,010 |
Operations, maintenance, general and administrative, and other expenses | 702 | 736 | 2,280 | 1,906 |
Total Operating Costs, Expenses and Other | 2,712 | 1,993 | 7,373 | 4,987 |
Operating Income | 1,044 | 868 | 2,822 | 1,881 |
Earnings from equity investments | 100 | 101 | 294 | 238 |
Income from Continuing Operations Before Income Taxes | 848 | 783 | 3,091 | 1,616 |
Income Tax Expense (Benefit) | -176 | -166 | -698 | -394 |
Income from Continuing Operations | 617 | 2,393 | 1,222 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -131 | -2 | -788 | |
Net income (loss) | 672 | 486 | 2,391 | 434 |
Net Income (Loss) Attributable to Noncontrolling Interest | -280 | -53 | -1,208 | 175 |
Net Income Attributable to Kinder Morgan, Inc. | 392 | 433 | 1,183 | 609 |
Interest Income (Expense), Net | -295 | -203 | -814 | -527 |
Amortization of excess costs of equity investments and other non operating income, net | -1 | 17 | 789 | 24 |
Consolidation, Eliminations [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Revenues | -9 | 0 | -24 | 0 |
Costs of sales | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Operations, maintenance, general and administrative, and other expenses | -9 | 0 | -24 | 0 |
Total Operating Costs, Expenses and Other | -9 | 0 | -24 | 0 |
Operating Income | 0 | 0 | 0 | 0 |
Earnings from equity investments | -507 | -547 | -1,512 | -554 |
Income from Continuing Operations Before Income Taxes | -507 | -547 | -1,512 | -554 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Income from Continuing Operations | -547 | -1,512 | -554 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |
Net income (loss) | -507 | -547 | -1,512 | -554 |
Net Income (Loss) Attributable to Noncontrolling Interest | 15 | -2 | 75 | -19 |
Net Income Attributable to Kinder Morgan, Inc. | -492 | -549 | -1,437 | -573 |
Interest Income (Expense), Net | 0 | 0 | 0 | 0 |
Amortization of excess costs of equity investments and other non operating income, net | 0 | 0 | 0 | 0 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Revenues | 3,756 | 2,870 | 10,198 | 6,894 |
Costs of sales | 1,543 | 854 | 3,767 | 2,071 |
Depreciation, depletion and amortization | 467 | 403 | 1,327 | 1,010 |
Operations, maintenance, general and administrative, and other expenses | 705 | 761 | 2,274 | 2,185 |
Total Operating Costs, Expenses and Other | 2,715 | 2,018 | 7,368 | 5,266 |
Operating Income | 1,041 | 852 | 2,830 | 1,628 |
Earnings from equity investments | 100 | 101 | 294 | 238 |
Income from Continuing Operations Before Income Taxes | 722 | 446 | 2,665 | 893 |
Income Tax Expense (Benefit) | -171 | -60 | -675 | -165 |
Income from Continuing Operations | 386 | 1,990 | 728 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -131 | -2 | -789 | |
Net income (loss) | 551 | 255 | 1,988 | -61 |
Net Income (Loss) Attributable to Noncontrolling Interest | -265 | -55 | -1,133 | 156 |
Net Income Attributable to Kinder Morgan, Inc. | 286 | 200 | 855 | 95 |
Interest Income (Expense), Net | -418 | -523 | -1,247 | -993 |
Amortization of excess costs of equity investments and other non operating income, net | ($1) | $16 | $788 | $20 |
Guarantee_of_Securities_of_Sub5
Guarantee of Securities of Subsidiaries Comprehensive income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Guarantor Obligations [Line Items] | ||||
Net Income (Loss) | $551 | $255 | $1,988 | ($61) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -80 | -71 | -49 | 71 |
Reclassification of change in fair value of derivatives to net income | 19 | -10 | 10 | 5 |
Foreign currency translation adjustments | 33 | 54 | -54 | 52 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 79 | -3 | 79 | 10 |
Total other comprehensive income (loss) | 51 | -30 | -14 | 138 |
Total comprehensive income | 602 | 225 | 1,974 | 77 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | -265 | -39 | -1,098 | 77 |
Total comprehensive income | 337 | 186 | 876 | 154 |
Parent Company [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Income (Loss) | 286 | 200 | 855 | 95 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -42 | -30 | -22 | 25 |
Reclassification of change in fair value of derivatives to net income | 10 | -5 | 5 | 1 |
Foreign currency translation adjustments | 17 | 22 | -28 | 21 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 66 | -1 | 66 | 12 |
Total other comprehensive income (loss) | 51 | -14 | 21 | 59 |
Total comprehensive income | 337 | 186 | 876 | 154 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Total comprehensive income | 337 | 186 | 876 | 154 |
Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Income (Loss) | 50 | 56 | 127 | -20 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -2 | -2 | 6 | -5 |
Reclassification of change in fair value of derivatives to net income | 0 | -2 | -1 | -2 |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 52 | -1 | 49 | 12 |
Total other comprehensive income (loss) | 50 | -5 | 54 | 5 |
Total comprehensive income | 100 | 51 | 181 | -15 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Total comprehensive income | 100 | 51 | 181 | -15 |
Subsidiary Issuer [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Income (Loss) | 50 | 60 | 127 | -16 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -2 | -2 | 6 | -5 |
Reclassification of change in fair value of derivatives to net income | 0 | -2 | -1 | -2 |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 52 | -1 | 49 | 12 |
Total other comprehensive income (loss) | 50 | -5 | 54 | 5 |
Total comprehensive income | 100 | 55 | 181 | -11 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Total comprehensive income | 100 | 55 | 181 | -11 |
Non-Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Income (Loss) | 672 | 486 | 2,391 | 434 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -78 | -70 | -48 | 68 |
Reclassification of change in fair value of derivatives to net income | 19 | -10 | 10 | 5 |
Foreign currency translation adjustments | 32 | 52 | -53 | 50 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 78 | -18 | 76 | -5 |
Total other comprehensive income (loss) | 51 | -46 | -15 | 118 |
Total comprehensive income | 723 | 440 | 2,376 | 552 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | -265 | -39 | -1,098 | 77 |
Total comprehensive income | 458 | 401 | 1,278 | 629 |
Consolidation, Eliminations [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Income (Loss) | -507 | -547 | -1,512 | -554 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 44 | 33 | 9 | -12 |
Reclassification of change in fair value of derivatives to net income | -10 | 9 | -3 | 3 |
Foreign currency translation adjustments | -16 | -20 | 27 | -19 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -169 | 18 | -161 | -21 |
Total other comprehensive income (loss) | -151 | 40 | -128 | -49 |
Total comprehensive income | -658 | -507 | -1,640 | -603 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Total comprehensive income | -658 | -507 | -1,640 | -603 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Income (Loss) | 551 | 255 | 1,988 | -61 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -80 | -71 | -49 | 71 |
Reclassification of change in fair value of derivatives to net income | 19 | -10 | 10 | 5 |
Foreign currency translation adjustments | 33 | 54 | -54 | 52 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 79 | -3 | 79 | 10 |
Total other comprehensive income (loss) | 51 | -30 | -14 | 138 |
Total comprehensive income | 602 | 225 | 1,974 | 77 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | -265 | -39 | -1,098 | 77 |
Total comprehensive income | $337 | $186 | $876 | $154 |
Guarantee_of_Securities_of_Sub6
Guarantee of Securities of Subsidiaries Cash Flows (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Guarantor Obligations [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $2,777 | $1,927 | ||
Cash Flows From Investing Activities | ||||
Payments to Acquire Property, Plant, and Equipment | -2,270 | -1,399 | ||
Acquisition Of Investments | -292 | -72 | ||
Repayments from related party | 10 | 48 | ||
Payments to Acquire Other Investments | -171 | -158 | ||
Capital Distributions From Equity Investments | 117 | 159 | ||
Payments for (Proceeds from) Other Investing Activities | 4 | -13 | ||
Net Cash Provided by (Used in) Investing Activities | -2,038 | -6,365 | ||
Cash Flows From Operating Activities | ||||
Proceeds from Contributions from Affiliates | 0 | |||
Payments of Debt Issuance Costs | -23 | -104 | ||
Payments Of Dividends To Owners | -1,196 | -810 | ||
Warrants repurchased | -463 | -136 | ||
Contributions from noncontrolling interests | 1,420 | 1,404 | ||
Payments of Ordinary Dividends, Noncontrolling Interest | -1,220 | -853 | ||
Proceeds from (Payments for) Other Financing Activities | 1 | -18 | ||
Net Cash Provided by (Used in) Financing Activities | -625 | 4,789 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | -12 | 13 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 102 | 364 | ||
Total Cash and Cash Equivalents | 816 | 775 | 714 | 411 |
KMP and EPB [Member] | ||||
Cash Flows From Operating Activities | ||||
Issuance of debt | 7,915 | 8,483 | ||
Payment of debt | -6,666 | -5,557 | ||
Express Pipeline System [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 402 | 0 | ||
BBPP Holdings Ltda [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 88 | 0 | ||
Parent Company [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 1,129 | 725 | ||
Cash Flows From Investing Activities | ||||
Payments to Acquire Property, Plant, and Equipment | -3 | -6 | ||
Acquisition Of Investments | 0 | 0 | ||
Repayments from related party | 0 | 0 | ||
Payments for Advance to Affiliate | -170 | -398 | ||
Payments to Acquire Other Investments | -6 | -15 | ||
Capital Distributions From Equity Investments | 2 | 11 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 758 | -2,204 | ||
Cash Flows From Operating Activities | ||||
Issuance of debt | 1,220 | 7,182 | ||
Payment of debt | -1,930 | -4,683 | ||
Proceeds from Contributions from Affiliates | 584 | 82 | ||
Payments of Debt Issuance Costs | 0 | -88 | ||
Payments Of Dividends To Owners | -1,196 | -810 | ||
Warrants repurchased | -463 | -136 | ||
Cash Dividends Paid to Parent Company | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | ||
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 1 | -15 | ||
Net Cash Provided by (Used in) Financing Activities | -1,784 | 1,532 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 103 | 53 | ||
Total Cash and Cash Equivalents | 106 | 55 | 3 | 2 |
Parent Company [Member] | KMP and EPB [Member] | ||||
Cash Flows From Investing Activities | ||||
Payments for (Proceeds from) Businesses and Interest in Affiliates | -59 | -69 | ||
Parent Company [Member] | Express Pipeline System [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 0 | |||
Parent Company [Member] | BBPP Holdings Ltda [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 0 | |||
Parent Company [Member] | Kinder Morgan Energy Partners, L.P. [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | 994 | 3,485 | ||
Parent Company [Member] | El Paso Corporation [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | -5,212 | |||
Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | ||
Cash Flows From Investing Activities | ||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Acquisition Of Investments | 0 | 0 | ||
Repayments from related party | 0 | 0 | ||
Payments for Advance to Affiliate | 0 | 0 | ||
Payments to Acquire Other Investments | 0 | 0 | ||
Capital Distributions From Equity Investments | 0 | 0 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Cash Flows From Operating Activities | ||||
Issuance of debt | 0 | 0 | ||
Payment of debt | 0 | 0 | ||
Proceeds from Contributions from Affiliates | 0 | |||
Payments of Debt Issuance Costs | 0 | 0 | ||
Payments Of Dividends To Owners | 0 | 0 | ||
Warrants repurchased | 0 | 0 | ||
Cash Dividends Paid to Parent Company | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | ||
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Total Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | KMP and EPB [Member] | ||||
Cash Flows From Investing Activities | ||||
Payments for (Proceeds from) Businesses and Interest in Affiliates | 0 | 0 | ||
Guarantor Subsidiaries [Member] | Express Pipeline System [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 0 | |||
Guarantor Subsidiaries [Member] | BBPP Holdings Ltda [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 0 | |||
Guarantor Subsidiaries [Member] | Kinder Morgan Energy Partners, L.P. [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | 0 | 0 | ||
Guarantor Subsidiaries [Member] | El Paso Corporation [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | 0 | |||
Subsidiary Issuer [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 113 | -429 | ||
Cash Flows From Investing Activities | ||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Acquisition Of Investments | 0 | 0 | ||
Repayments from related party | 0 | 0 | ||
Payments for Advance to Affiliate | -581 | -313 | ||
Payments to Acquire Other Investments | 0 | 0 | ||
Capital Distributions From Equity Investments | 70 | 29 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | -514 | -291 | ||
Cash Flows From Operating Activities | ||||
Issuance of debt | 133 | 62 | ||
Payment of debt | -50 | -176 | ||
Proceeds from Contributions from Affiliates | 273 | 905 | ||
Payments of Debt Issuance Costs | 0 | 0 | ||
Payments Of Dividends To Owners | 0 | 0 | ||
Warrants repurchased | 0 | 0 | ||
Cash Dividends Paid to Parent Company | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | ||
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 356 | 791 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | -45 | 71 | ||
Total Cash and Cash Equivalents | 0 | 71 | 45 | 0 |
Subsidiary Issuer [Member] | KMP and EPB [Member] | ||||
Cash Flows From Investing Activities | ||||
Payments for (Proceeds from) Businesses and Interest in Affiliates | -3 | -7 | ||
Subsidiary Issuer [Member] | Express Pipeline System [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 0 | |||
Subsidiary Issuer [Member] | BBPP Holdings Ltda [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 0 | |||
Subsidiary Issuer [Member] | Kinder Morgan Energy Partners, L.P. [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | 0 | 0 | ||
Subsidiary Issuer [Member] | El Paso Corporation [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | 0 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 3,174 | 2,761 | ||
Cash Flows From Investing Activities | ||||
Payments to Acquire Property, Plant, and Equipment | -2,267 | -1,393 | ||
Acquisition Of Investments | -292 | -72 | ||
Repayments from related party | 10 | 48 | ||
Payments for Advance to Affiliate | -525 | -632 | ||
Payments to Acquire Other Investments | -171 | -143 | ||
Capital Distributions From Equity Investments | 68 | 119 | ||
Payments for (Proceeds from) Other Investing Activities | 78 | 27 | ||
Net Cash Provided by (Used in) Investing Activities | -3,603 | -5,289 | ||
Cash Flows From Operating Activities | ||||
Issuance of debt | 8,154 | 8,483 | ||
Payment of debt | -6,671 | -5,562 | ||
Proceeds from Contributions from Affiliates | 419 | 356 | ||
Payments of Debt Issuance Costs | -23 | -16 | ||
Payments Of Dividends To Owners | 0 | 0 | ||
Warrants repurchased | 0 | 0 | ||
Cash Dividends Paid to Parent Company | -1,654 | -1,080 | ||
Contributions from noncontrolling interests | 1,474 | 1,423 | ||
Payments of Ordinary Dividends, Noncontrolling Interest | -1,220 | -853 | ||
Proceeds from (Payments for) Other Financing Activities | 6 | 4 | ||
Net Cash Provided by (Used in) Financing Activities | 485 | 2,755 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | -12 | 13 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 44 | 240 | ||
Total Cash and Cash Equivalents | 710 | 649 | 666 | 409 |
Non-Guarantor Subsidiaries [Member] | KMP and EPB [Member] | ||||
Cash Flows From Investing Activities | ||||
Payments for (Proceeds from) Businesses and Interest in Affiliates | 0 | 0 | ||
Non-Guarantor Subsidiaries [Member] | Express Pipeline System [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 402 | |||
Non-Guarantor Subsidiaries [Member] | BBPP Holdings Ltda [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 88 | |||
Non-Guarantor Subsidiaries [Member] | Kinder Morgan Energy Partners, L.P. [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | -994 | -3,485 | ||
Non-Guarantor Subsidiaries [Member] | El Paso Corporation [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | 242 | |||
Consolidation, Eliminations [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | -1,639 | -1,130 | ||
Cash Flows From Investing Activities | ||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Acquisition Of Investments | 0 | 0 | ||
Repayments from related party | 0 | 0 | ||
Payments for Advance to Affiliate | 1,276 | 1,343 | ||
Payments to Acquire Other Investments | 6 | 0 | ||
Capital Distributions From Equity Investments | -23 | 0 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 1,321 | 1,419 | ||
Cash Flows From Operating Activities | ||||
Issuance of debt | 0 | 0 | ||
Payment of debt | 0 | 0 | ||
Proceeds from Contributions from Affiliates | -1,276 | -1,343 | ||
Payments of Debt Issuance Costs | 0 | 0 | ||
Payments Of Dividends To Owners | 0 | 0 | ||
Warrants repurchased | 0 | 0 | ||
Cash Dividends Paid to Parent Company | 1,654 | 1,080 | ||
Contributions from noncontrolling interests | -54 | -19 | ||
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | -6 | -7 | ||
Net Cash Provided by (Used in) Financing Activities | 318 | -289 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Total Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | KMP and EPB [Member] | ||||
Cash Flows From Investing Activities | ||||
Payments for (Proceeds from) Businesses and Interest in Affiliates | 62 | 76 | ||
Consolidation, Eliminations [Member] | Express Pipeline System [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 0 | |||
Consolidation, Eliminations [Member] | BBPP Holdings Ltda [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 0 | |||
Consolidation, Eliminations [Member] | Kinder Morgan Energy Partners, L.P. [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | 0 | 0 | ||
Consolidation, Eliminations [Member] | El Paso Corporation [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | 0 | |||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 2,777 | 1,927 | ||
Cash Flows From Investing Activities | ||||
Payments to Acquire Property, Plant, and Equipment | -2,270 | -1,399 | ||
Acquisition Of Investments | -292 | -72 | ||
Repayments from related party | 10 | 48 | ||
Payments for Advance to Affiliate | 0 | 0 | ||
Payments to Acquire Other Investments | -171 | -158 | ||
Capital Distributions From Equity Investments | 117 | 159 | ||
Payments for (Proceeds from) Other Investing Activities | 78 | 27 | ||
Net Cash Provided by (Used in) Investing Activities | -2,038 | -6,365 | ||
Cash Flows From Operating Activities | ||||
Issuance of debt | 9,507 | 15,727 | ||
Payment of debt | -8,651 | -10,421 | ||
Proceeds from Contributions from Affiliates | 0 | 0 | ||
Payments of Debt Issuance Costs | -23 | -104 | ||
Payments Of Dividends To Owners | -1,196 | -810 | ||
Warrants repurchased | -463 | -136 | ||
Cash Dividends Paid to Parent Company | 0 | 0 | ||
Contributions from noncontrolling interests | 1,420 | 1,404 | ||
Payments of Ordinary Dividends, Noncontrolling Interest | -1,220 | -853 | ||
Proceeds from (Payments for) Other Financing Activities | 1 | -18 | ||
Net Cash Provided by (Used in) Financing Activities | -625 | 4,789 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | -12 | 13 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 102 | 364 | ||
Total Cash and Cash Equivalents | 816 | 775 | 714 | 411 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | KMP and EPB [Member] | ||||
Cash Flows From Investing Activities | ||||
Payments for (Proceeds from) Businesses and Interest in Affiliates | 0 | 0 | ||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Express Pipeline System [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 402 | |||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | BBPP Holdings Ltda [Member] | ||||
Cash Flows From Investing Activities | ||||
Proceeds from Sale of Investments | 88 | |||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Kinder Morgan Energy Partners, L.P. [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | 0 | 0 | ||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | El Paso Corporation [Member] | ||||
Cash Flows From Investing Activities | ||||
Acquisition Of Investments | ($4,970) |