Document And Entity Information
Document And Entity Information - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jul. 23, 2015 | Jun. 30, 2014 | |
Entity [Abstract] | |||
Entity Registrant Name | KINDER MORGAN, INC. | ||
Entity Central Index Key | 1,506,307 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 24,279,037,627 | ||
Entity Common Stock, Shares Outstanding | 2,191,937,071 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q2 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues [Abstract] | ||||
Natural gas sales | $ 677 | $ 1,014 | $ 1,462 | $ 2,111 |
Services | 1,963 | 1,801 | 3,933 | 3,605 |
Product sales and other | 823 | 1,122 | 1,665 | 2,268 |
Total Revenues | 3,463 | 3,937 | 7,060 | 7,984 |
Operating Costs, Expenses and Other | ||||
Costs of sales | 1,085 | 1,610 | 2,175 | 3,253 |
Operations and maintenance | 590 | 540 | 1,095 | 1,023 |
Depreciation, depletion and amortization | 570 | 502 | 1,108 | 998 |
General and administrative | 164 | 154 | 380 | 326 |
Taxes, other than income taxes | 116 | 111 | 231 | 221 |
Loss on impairments and disposals of long-lived assets, net | 50 | 7 | 104 | 3 |
Other income, net | (4) | 0 | (3) | 0 |
Total Operating Costs, Expenses and Other | 2,571 | 2,924 | 5,090 | 5,824 |
Operating Income | 892 | 1,013 | 1,970 | 2,160 |
Other Income (Expense) | ||||
Earnings from equity investments | 114 | 100 | 216 | 199 |
Loss on impairments of equity investments | 0 | 0 | (26) | 0 |
Amortization of excess cost of equity investments | (14) | (11) | (26) | (21) |
Interest, net | (472) | (440) | (984) | (888) |
Other, net | 11 | 13 | 24 | 26 |
Total Other Expense | (361) | (338) | (796) | (684) |
Income Before Income Taxes | 531 | 675 | 1,174 | 1,476 |
Income Tax Expense | (189) | (178) | (413) | (378) |
Net Income | 342 | 497 | 761 | 1,098 |
Net (Income) Loss Attributable to Noncontrolling Interests | (9) | (213) | 1 | (527) |
Net Income Attributable to Kinder Morgan, Inc. | $ 333 | $ 284 | $ 762 | $ 571 |
Class P Shares | ||||
Diluted Earnings Per Common Share | $ 0.15 | $ 0.27 | $ 0.35 | $ 0.55 |
Diluted Weighted-Average Number of Shares Outstanding | 2,187 | 1,028 | 2,169 | 1,028 |
Class P [Member] | ||||
Class P Shares | ||||
Basic Earnings Per Common Share | $ 0.15 | $ 0.27 | $ 0.35 | $ 0.55 |
Basic Weighted-Average Number of Shares Outstanding | 2,175 | 1,028 | 2,158 | 1,028 |
Dividends Per Common Share Declared for the Period | $ 0.49 | $ 0.43 | $ 0.97 | $ 0.85 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total | ||||
Net income | $ 342 | $ 497 | $ 761 | $ 1,098 |
Other comprehensive income (loss), net of tax | ||||
Change in fair value of derivatives utilized for hedging purposes (net of tax benefit of $34, $27, $35 and $41, respectively) | (58) | (96) | (60) | (141) |
Reclassification of change in fair value of derivatives to net income (net of tax benefit (expense) of $33, $(5), $74 and $(9), respectively) | (57) | 16 | (129) | 30 |
Foreign currency translation adjustments (net of tax (expense) benefit of $(9), $(17), $53 and $1, respectively) | 17 | 56 | (91) | (6) |
Benefit plan adjustments (net of tax benefit (expense) of $-, $1, $(4) and $1, respectively) | 0 | 2 | 6 | 1 |
Total other comprehensive loss | (98) | (22) | (274) | (116) |
Comprehensive income | 244 | 475 | 487 | 982 |
Comprehensive (income) loss attributable to noncontrolling interests | (9) | (197) | 1 | (455) |
Comprehensive income attributable to KMI | $ 235 | $ 278 | $ 488 | $ 527 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total - Other comprehensive income (loss), tax | ||||
Change in fair value of derivatives utilized for hedging purposes | $ 1 | $ 27 | $ 0 | $ 41 |
Reclassification of change in fair value of derivatives to net income | 41 | (5) | 0 | (9) |
Foreign currency translation adjustments | (9) | (17) | 53 | 1 |
Benefit plan adjustments | $ 0 | $ 1 | $ (4) | $ 1 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - Equity Component [Domain] - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 163 | $ 315 |
Accounts receivable, net | 1,349 | 1,641 |
Inventories | 474 | 459 |
Fair value of derivative contracts | 401 | 535 |
Deferred income taxes | 56 | 56 |
Other current assets | 493 | 746 |
Total current assets | 2,936 | 3,752 |
Property, plant and equipment, net | 40,586 | 38,564 |
Investments | 6,028 | 6,036 |
Goodwill | 24,965 | 24,654 |
Other intangibles, net | 3,677 | 2,302 |
Deferred income taxes | 5,409 | 5,651 |
Deferred charges and other assets | 2,009 | 2,090 |
Total Assets | 85,610 | 83,049 |
Current Liabilities | ||
Current portion of debt | 3,154 | 2,717 |
Accounts payable | 1,293 | 1,588 |
Accrued interest | 669 | 637 |
Accrued contingencies | 351 | 383 |
Other current liabilities | 1,032 | 1,037 |
Total current liabilities | 6,499 | 6,362 |
Long-term debt | ||
Outstanding | 39,676 | 38,212 |
Preferred interest in general partner of KMP | 100 | 100 |
Debt fair value adjustments | 1,623 | 1,785 |
Total long-term debt | 41,399 | 40,097 |
Other long-term liabilities and deferred credits | 2,207 | 2,164 |
Total long-term liabilities and deferred credits | 43,606 | 42,261 |
Total Liabilities | $ 50,105 | $ 48,623 |
Commitments and contingencies (Notes 3 and 9) | ||
Stockholders’ Equity | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none outstanding | $ 0 | $ 0 |
Additional paid-in capital | 38,791 | 36,178 |
Accumulated other comprehensive loss | (291) | (17) |
Total Kinder Morgan, Inc.’s stockholders’ equity | 35,172 | 34,076 |
Noncontrolling interests | 333 | 350 |
Total Stockholders’ Equity | 35,505 | 34,426 |
Total Liabilities and Stockholders’ Equity | 85,610 | 83,049 |
Class P [Member] | ||
Stockholders’ Equity | ||
Class P shares, $0.01 par value, 4,000,000,000 shares authorized, 2,188,197,629 and 2,125,147,116 shares, respectively, issued and outstanding | 22 | 21 |
Retained deficit | (3,350) | (2,106) |
Kinder Morgan G.P., Inc. [Member] | KMI $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock [Member] | ||
Long-term debt | ||
Preferred interest in general partner of KMP | $ 100 | $ 100 |
CONSOLIDATED BALANCE SHEETS (U6
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Stockholders' Equity | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Class P [Member] | ||
Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 4,000,000,000 | 4,000,000,000 |
Common Stock, Shares, Issued | 2,188,197,629 | 2,125,147,116 |
Common Stock, Shares, Outstanding | 2,188,197,629 | 2,125,147,116 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - Business Acquisition, Acquiree [Domain] - Entity [Domain] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows From Operating Activities | ||
Net income | $ 761 | $ 1,098 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation, depletion and amortization | 1,108 | 998 |
Deferred income taxes | 413 | 208 |
Amortization of excess cost of equity investments | 26 | 21 |
Loss on impairments and disposals of long-lived assets, net and equity investments | 130 | 3 |
Earnings from equity investments | (216) | (199) |
Distributions from equity investment earnings | 187 | 184 |
Pension contributions and noncash pension benefit credits | (23) | (68) |
Changes in components of working capital, net of the effects of acquisitions | ||
Accounts receivable, net | 366 | 94 |
Income tax receivable | 195 | 0 |
Inventories | (34) | (24) |
Other current assets | 50 | (36) |
Accounts payable | (222) | (117) |
Accrued interest | 9 | 34 |
Accrued contingencies and other current liabilities | (7) | 101 |
Rate reparations, refunds and other litigation reserve adjustments | 27 | 36 |
Other, net | (232) | (130) |
Net Cash Provided by Operating Activities | 2,538 | 2,203 |
Cash flows from investing activities | ||
Business acquisitions, net of cash acquired (Note 2) | (1,864) | (961) |
Acquisitions of other assets and investments | 55 | 32 |
Capital expenditures | (1,909) | (1,717) |
Contributions to investments | (45) | (103) |
Distributions from equity investments in excess of cumulative earnings | 114 | 90 |
Other, net | 15 | 16 |
Net Cash Used in Investing Activities | (3,744) | (2,707) |
Cash flows from financing activities | ||
Issuance of debt | 9,485 | 9,448 |
Payment of debt | (8,941) | (8,512) |
Debt issue costs | (20) | (29) |
Issuances of shares | 2,562 | 0 |
Cash dividends | (2,006) | (860) |
Repurchases of shares and warrants | (5) | (192) |
Contributions from noncontrolling interests | 0 | 1,395 |
Distributions to noncontrolling interests | (16) | (976) |
Other, net | (1) | (1) |
Net Cash Provided by Financing Activities | 1,058 | 273 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (4) | (4) |
Net decrease in Cash and Cash Equivalents | (152) | (235) |
Cash and Cash Equivalents, beginning of period | 315 | 598 |
Cash and Cash Equivalents, end of period | 163 | 363 |
Non-cash Investing and Financing Activities | ||
Assets acquired by the assumption or incurrence of liabilities | 1,671 | 73 |
Net assets contributed to equity investment | 34 | 0 |
Supplemental Disclosures of Cash Flow Information | ||
Cash paid during the period for interest (net of capitalized interest) | 1,002 | 855 |
Cash (refunded) paid during the period for income taxes, net | $ (185) | $ 163 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) Statement - USD ($) shares in Millions, $ in Millions | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | KMI [Member] | Noncontrolling Interest [Member] | KMP, EPB and KMR [Member]Additional Paid-in Capital [Member] | KMP, EPB and KMR [Member]KMI [Member] | KMP, EPB and KMR [Member]Noncontrolling Interest [Member] | EP Trust I Preferred [Member]Additional Paid-in Capital [Member] | EP Trust I Preferred [Member]KMI [Member] | Class P [Member] | Class P [Member]Common Stock [Member] | Class P [Member]Additional Paid-in Capital [Member] | Class P [Member]KMI [Member] | Class P [Member]EP Trust I Preferred [Member] |
Shares, Outstanding at Dec. 31, 2013 | 1,031 | |||||||||||||||
Stockholders' Equity Attributable to KMI at Dec. 31, 2013 | $ 14,479 | $ (1,372) | $ (24) | $ 13,093 | $ 10 | |||||||||||
Noncontrolling interests at Dec. 31, 2013 | $ 15,192 | |||||||||||||||
Total Stockholders' Equity at Dec. 31, 2013 | $ 28,285 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
StockRepurchasedAndRetiredDuringPeriodShares | 3 | |||||||||||||||
Shares repurchased | (94) | (94) | (94) | |||||||||||||
Warrants repurchased | (98) | (98) | (98) | |||||||||||||
Amortization of restricted shares | 27 | 27 | 27 | |||||||||||||
Impact from equity transactions of KMP, EPB and KMR | (11) | $ 20 | $ 20 | $ (31) | ||||||||||||
Net income | 571 | 571 | 571 | |||||||||||||
Net income | (527) | 527 | ||||||||||||||
Net income | 1,098 | |||||||||||||||
Distributions | (976) | 0 | (976) | |||||||||||||
Contributions | 1,395 | 0 | 1,395 | |||||||||||||
Cash dividends | (860) | (860) | (860) | |||||||||||||
Other | 5 | 5 | 5 | |||||||||||||
Other comprehensive loss | (44) | (44) | ||||||||||||||
Other comprehensive loss | (72) | |||||||||||||||
Other comprehensive loss | (116) | |||||||||||||||
Shares, Outstanding at Jun. 30, 2014 | 1,028 | |||||||||||||||
Stockholders' Equity Attributable to KMI at Jun. 30, 2014 | 14,339 | (1,661) | (68) | 12,620 | 10 | |||||||||||
Noncontrolling interests at Jun. 30, 2014 | 16,035 | |||||||||||||||
Total Stockholders' Equity at Jun. 30, 2014 | 28,655 | |||||||||||||||
Shares, Outstanding at Dec. 31, 2014 | 2,125 | |||||||||||||||
Stockholders' Equity Attributable to KMI at Dec. 31, 2014 | 34,076 | 36,178 | (2,106) | (17) | 34,076 | 21 | ||||||||||
Noncontrolling interests at Dec. 31, 2014 | 350 | 350 | ||||||||||||||
Total Stockholders' Equity at Dec. 31, 2014 | 34,426 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of shares | 62 | |||||||||||||||
Issuance of shares | 2,562 | 1 | $ 2,561 | $ 2,562 | ||||||||||||
Warrants repurchased | (5) | (5) | (5) | |||||||||||||
EP Trust I Preferred security conversations | 1 | |||||||||||||||
EP Trust I Preferred security conversions | 23 | $ 23 | $ 23 | |||||||||||||
Warrants exercised | 2 | 2 | 2 | |||||||||||||
Amortization of restricted shares | 34 | 34 | 34 | |||||||||||||
Net income | 762 | 762 | 762 | |||||||||||||
Net income | 1 | (1) | ||||||||||||||
Net income | 761 | |||||||||||||||
Distributions | (16) | 0 | $ (16) | |||||||||||||
Cash dividends | (2,006) | (2,006) | (2,006) | |||||||||||||
Other | (2) | (2) | (2) | |||||||||||||
Other comprehensive loss | (274) | (274) | ||||||||||||||
Other comprehensive loss | ||||||||||||||||
Other comprehensive loss | (274) | |||||||||||||||
Shares, Outstanding at Jun. 30, 2015 | 2,188 | |||||||||||||||
Stockholders' Equity Attributable to KMI at Jun. 30, 2015 | 35,172 | $ 38,791 | $ (3,350) | $ (291) | $ 35,172 | $ 22 | ||||||||||
Noncontrolling interests at Jun. 30, 2015 | 333 | $ 333 | ||||||||||||||
Total Stockholders' Equity at Jun. 30, 2015 | $ 35,505 |
General (Notes)
General (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General Organization We are the largest energy infrastructure and the third largest energy company in North America with an enterprise value of approximately $120 billion . We own an interest in or operate approximately 84,000 miles of pipelines and 165 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO 2 and other products, and our terminals transload and store petroleum products, ethanol and chemicals, and handle such products as coal, petroleum coke and steel. We are also the leading producer and transporter of CO 2 , which is utilized for enhanced oil recovery projects in North America. On November 26, 2014, we completed our acquisition, pursuant to three separate merger agreements, of all of the outstanding common units of KMP and EPB and all of the outstanding shares of KMR that we did not already own. The transactions, valued at approximately $77 billion , are referred to collectively as the “Merger Transactions.” On January 1, 2015, EPB and its subsidiary, EPPOC merged with and into KMP. References to EPB refer to EPB for periods prior to its merger into KMP. Prior to November 26, 2014, we owned an approximate 10% limited partner interest (including our interest in KMR) and the 2% general partner interest including incentive distribution rights in KMP, and an approximate 39% limited partner interest and the 2% general partner interest and incentive distribution rights in EPB. Effective with the Merger Transactions, the incentive distribution rights held by the general partner of KMP were eliminated. The earnings recorded by KMP, EPB and KMR that are attributed to their units and shares, respectively, held by the public prior to November 26, 2014 are reported as “Net (income) loss attributable to noncontrolling interests” in our accompanying consolidated statements of income. Basis of Presentation General Our reporting currency is U.S. dollars, and all references to dollars are U.S. dollars, except where stated otherwise. Our accompanying unaudited consolidated financial statements have been prepared under the rules and regulations of the United States Securities and Exchange Commission (SEC). These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification, the single source of GAAP. Under such rules and regulations, all significant intercompany items have been eliminated in consolidation. Additionally, certain amounts from prior years have been reclassified to conform to the current presentation. In the second quarter of 2015, we adopted Accounting Standards Update (ASU) 2015-03, “Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs.” This ASU is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as an offset to the carrying amount of that debt liability, consistent with debt discounts. The application of this new accounting guidance resulted in the reclassification of $159 million and $149 million of debt issuance costs from “Deferred charges and other assets” to “Debt fair value adjustments” in our accompanying consolidated balance sheets as of June 30, 2015 and December 31, 2014 , respectively. 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 2014 Form 10-K. Impairments During the three and six months ended June 30, 2015, we recorded non-cash pre-tax impairment charges of $59 million and $136 million , respectively. These amounts include $48 million and $99 million of impairments for the three and six months ended June 30, 2015, respectively, due to our decision to sell certain gas gathering and processing assets within our Oklahoma midstream operations and the continued deterioration of the commodity price environment, and $26 million for the six months ended June 30, 2015 related to our investments in Fort Union Gas Gathering L.L.C. and Bighorn Gas Gathering L.L.C., which are all included in our Natural Gas Pipelines business segment. As conditions warrant, management routinely evaluates its assets for potential triggering events that could impact the fair value of certain assets or our ability to recover the carrying value of long-lived assets. Such assets include accounts receivable, property plant and equipment, including oil and gas properties and in-process construction, equity investments, goodwill and other intangibles. Depending on the nature of the asset, these evaluations require the use of significant judgments including but not limited to customer credit worthiness, future cash flow estimates, future volume expectations, current and future commodity prices, management’s decisions to dispose of certain assets, as well as general economic conditions and the related demand for products handled or transported by our assets. In the current commodity price environment and to the extent conditions further deteriorate, we may identify additional triggering events that may necessitate further impairments to the carrying value of our assets. Such non-cash impairments could have a significant effect on our results of operations. Earnings per Share We calculate earnings per share using the two -class method. Earnings were allocated to Class P shares of common stock and 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. The following tables set forth the allocation of net income available to shareholders for Class P shares and for participating securities and the reconciliation of Basic Weighted-Average Number of Shares Outstanding to Diluted Weighted-Average Number of Shares Outstanding (in millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Class P $ 330 $ 281 $ 756 $ 565 Participating securities(a) 3 3 6 6 Net Income Attributable to Kinder Morgan, Inc. $ 333 $ 284 $ 762 $ 571 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic Weighted-Average Number of Shares Outstanding 2,175 1,028 2,158 1,028 Effect of dilutive securities: Warrants(b) 12 — 11 — Diluted Weighted-Average Number of Shares Outstanding 2,187 1,028 2,169 1,028 ________ (a) Participating securities are unvested restricted stock awards, which may be stock or stock units issued to management employees and include non-forfeitable dividend equivalent payments. As of June 30, 2015, there were approximately 7 million such restricted stock awards. (b) Each warrant 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. The following potential common stock equivalents are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share (in millions on a weighted-average basis): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Unvested restricted stock awards 7 7 7 7 Warrants to purchase our Class P shares 287 309 288 325 Convertible trust preferred securities 8 10 9 10 |
Acquisitions (Notes)
Acquisitions (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions and Divestitures [Abstract] | |
Acquisitions | Acquisitions Hiland Partners, LP On February 13, 2015, we acquired Hiland Partners, LP, a privately held Delaware limited partnership (Hiland) for aggregate consideration of approximately $3,120 million , including assumed debt. Approximately $368 million of the debt assumed was immediately paid down after closing. Hiland’s assets consist primarily of crude oil gathering and transportation pipelines and gas gathering and processing systems, primarily handling production from the Bakken Formation in North Dakota and Montana. The acquired gathering and processing assets are included in our Natural Gas Pipelines business segment while the acquired crude transport pipeline (Double H pipeline) is included in our Products Pipelines business segment. Vopak Terminal Assets On February 27, 2015, we acquired three U.S. terminals and one undeveloped site from Royal Vopak (Vopak) for approximately $158 million in cash. The acquisition included (i) a 36 -acre, 1,069,500 -barrel storage facility at Galena Park, Texas that handles base oils, biodiesel and crude oil and is immediately adjacent to our Galena Park terminal facility; (ii) two terminals in North Carolina: one in North Wilmington that handles chemicals and black oil and the other in South Wilmington that is not currently operating; and (iii) an undeveloped waterfront access site in Perth Amboy, New Jersey. We include the acquired assets as part of the Terminals business segment. Our preliminary allocation of the purchase price for each of our significant acquisitions during the six months ended June 30, 2015 (in millions) is detailed below. The evaluation of the assigned fair values is ongoing and subject to adjustment. Acquisitions Hiland Vopak Terminal Assets Purchase Price Allocation: Current assets $ 82 $ 2 Property, plant and equipment 1,495 155 Goodwill 316 7 Other intangibles(a) 1,481 — Total assets acquired 3,374 164 Current liabilities (250 ) (2 ) Debt (1,411 ) — Other liabilities (4 ) (4 ) Cash consideration $ 1,709 $ 158 _______ (a) Relates to customer contracts and relationships with a weighted average amortization period of 16.4 years . After measuring all of the identifiable tangible and intangible assets acquired and liabilities assumed at fair value on the acquisition date, goodwill is an intangible asset representing the future economic benefits expected to be derived from an acquisition that are not assigned to other identifiable, separately recognizable assets. We believe the primary items that generated our goodwill are both the value of the synergies created between the acquired assets and our pre-existing assets, and our expected ability to grow the business we acquired by leveraging our pre-existing business experience. We expect our recorded goodwill associated with the above acquisitions to be deductible for tax purposes. Subsequent Event - Acquisition of Remaining Interests in Elba Liquefaction Company (ELC) On July 15, 2015, we purchased from Shell US Gas & Power LLC (Shell) for $200 million its 49% interest in a joint venture, ELC, that was formed to develop liquefaction facilities at Elba Island, Georgia. The purchase gives us full ownership and control of ELC. Shell continues to subscribe to 100% of the liquefaction capacity. |
Debt Debt (Notes)
Debt Debt (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt [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 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. The table amounts exclude all debt fair value adjustments, including debt discounts and premiums (in millions): June 30, 2015 December 31, 2014 KMI Senior notes, 1.50% through 8.25%, due 2015 through 2098(a) $ 13,381 $ 11,438 Credit facility due November 26, 2019(b) — 850 Commercial paper borrowings(b) 619 386 KMP Senior notes, 2.65% through 9.00%, due 2015 through 2044(c) 20,360 20,660 TGP senior notes, 7.00% through 8.375%, due 2016 through 2037 1,790 1,790 EPNG senior notes, 5.95% through 8.625%, due 2017 through 2032 1,115 1,115 Copano senior notes, 7.125%, due April 1, 2021 332 332 CIG senior notes, 5.95% through 6.85%, due 2015 through 2037 440 475 SNG notes, 4.40% through 8.00%, due 2017 through 2032 1,211 1,211 Other Subsidiary Borrowings (as obligor) Kinder Morgan Finance Company, LLC, senior notes, 5.70% through 6.40%, due 2016 through 2036 1,636 1,636 Hiland Partners Holdings LLC, senior notes, 5.50% and 7.25%, due 2020 and 2022(d) 975 — EPC Building, LLC, promissory note, 3.967%, due 2015 through 2035 448 453 Preferred securities, 4.75%, due March 31, 2028 222 280 KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock 100 100 Other miscellaneous debt 301 303 Total debt – KMI and Subsidiaries 42,930 41,029 Less: Current portion of debt(e) 3,154 2,717 Total long-term debt – KMI and Subsidiaries(f) $ 39,776 $ 38,312 _______ (a) June 30, 2015 amount includes senior notes that are denominated in Euros and have been converted and are reported at the June 30, 2015 exchange rate of 1.1147 U.S. dollars per Euro. From the issuance date of these senior notes in March 2015 through June 30, 2015, our debt increased by $36 million as a result of the change in the exchange rate of U.S dollars per Euro. We entered into cross-currency swap agreements associated with these senior notes (see Note 5 “Risk Management— Foreign Currency Risk Management ”). (b) As of June 30, 2015 and December 31, 2014 , the weighted average interest rates on our credit facility borrowings, including commercial paper borrowings, were 1.05% and 1.54% , respectively. (c) On January 1, 2015, EPB and EPPOC merged with and into KMP. On that date, KMP succeeded EPPOC as the issuer of approximately $2.9 billion of EPPOC’s senior notes, which were guaranteed by EPB, and EPB and EPPOC ceased to be obligors for those senior notes. (d) Represents the principal amount of senior notes assumed in the Hiland acquisition. (e) Amounts include outstanding credit facility and commercial paper borrowings. (f) Excludes our “Debt fair value adjustments” which, as of June 30, 2015 and December 31, 2014 , increased our combined debt balances by $1,623 million and $1,785 million , respectively. In addition to all unamortized debt discount/premium amounts, debt issuance costs (resulting from the implementation of ASU No. 2015-03) 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. Credit Facilities As of June 30, 2015 , we had no amounts outstanding under our five -year $4.0 billion revolving credit facility, $619 million outstanding under our $4.0 billion commercial paper program and $123 million in letters of credit. Our availability under this facility as of June 30, 2015 was $3,258 million . Borrowings under our revolving credit facility can be used for working capital and other general corporate purposes and as a backup to our commercial paper program. Borrowings under our commercial paper program reduce the borrowings allowed under our credit facility. On February 13, 2015, in connection with the Hiland acquisition, we entered into and made borrowings of $1,641 million under a new six -month bridge credit facility with UBS AG, Stamford Branch. Interest under this bridge credit facility was charged at the same rate as our $4.0 billion revolving credit facility. Prior to March 31, 2015, we repaid outstanding borrowings and the facility was terminated on April 6, 2015. Hiland Debt Acquired As of the February 13, 2015 Hiland acquisition date, we assumed (i) $975 million in principal amount of senior notes (which were valued at $1,043 million as of the acquisition date) and (ii) $368 million of other borrowings that were immediately repaid after closing, primarily consisting of borrowings outstanding under a revolving credit facility. The senior notes are subject to our cross guarantee agreement discussed in Note 11. Long-term Debt Issuances and Repayments Apart from the assumption of the Hiland debt discussed above, following are significant long-term debt issuances and repayments made during the six months ended June 30, 2015 : Issuances $800 million 5.05% notes due 2046 $815 million 1.50% notes due 2022(a) $543 million 2.25% notes due 2027(a) Repayments $300 million 5.625% notes due 2015 $250 million 5.15% notes due 2015 _______ (a) Senior notes are denominated in Euros and are presented above in U.S. dollars at the exchange rate on the issuance date of 1.086 U.S. dollars per Euro. We entered into cross-currency swap agreements associated with these senior notes (see Note 5 “Risk Management— Foreign Currency Risk Management ”). |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders’ Equity Common Equity As of June 30, 2015 , our common equity consisted of our Class P common stock. For additional information regarding our Class P common stock, see Note 10 to our consolidated financial statements included in our 2014 Form 10-K. On June 12, 2015, we announced that our board of directors approved a warrant repurchase program authorizing us to repurchase in the aggregate up to $100 million of warrants. As of June 30, 2015, we had $98 million of availability remaining under the above announced program. As of December 31, 2014, we had $2 million available for repurchases under our 2014 repurchase program, which was exhausted in June 2015. On December 19, 2014, we entered into an equity distribution agreement authorizing us to issue and sell through or to the managers party thereto, as sales agents and/or principals, shares of our Class P common stock having an aggregate offering of up to $5,000 million from time to time during the term of this agreement. During the six months ended June 30, 2015 , we issued and sold 62,079,878 shares of our Class P common stock pursuant to the equity distribution agreement, and issued an additional 968,900 shares after June 30, 2015 to settle sales made on or before June 30, 2015 , resulting in net proceeds of $2,599 million . 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Per common share cash dividend declared for the period $ 0.49 $ 0.43 $ 0.97 $ 0.85 Per common share cash dividend paid in the period $ 0.48 $ 0.42 $ 0.93 $ 0.83 On July 15, 2015, our board of directors declared a cash dividend of $0.49 per share for the quarterly period ended June 30, 2015 , which is payable on August 14, 2015 to shareholders of record as of July 31, 2015 . |
Risk Management (Notes)
Risk Management (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
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, NGL and crude oil. We also have exposure to interest rate and foreign currency 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. In addition, we have legacy power forward and swap contracts for which we entered into offsetting positions that eliminate the price risks associated with these power contracts. As of December 31, 2014 , we had discontinued hedge accounting on certain of our crude derivative contracts as we did not expect them to be highly effective, for accounting purposes, in offsetting the variability in cash flows. This was caused primarily by volatility in basis differentials. As the forecasted transactions are still probable, accumulated gains and losses remain in other comprehensive income until earnings are impacted by the forecasted transactions. Changes in the derivative contracts’ fair value subsequent to the discontinuance of hedge accounting are reported in earnings. We may re-designate certain of these hedging relationships if their expected effectiveness improves. Energy Commodity Price Risk Management As of June 30, 2015 , we had entered into the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales: Net open position long/(short) Derivatives designated as hedging contracts Crude oil fixed price (12.0 ) MMBbl Crude oil basis (11.4 ) MMBbl Natural gas fixed price (55.6 ) Bcf Natural gas basis (30.4 ) Bcf Derivatives not designated as hedging contracts Crude oil fixed price (14.8 ) MMBbl Crude oil basis (1.5 ) MMBbl Natural gas fixed price (26.3 ) Bcf Natural gas basis (34.7 ) Bcf NGL fixed price (83.6 ) MMBbl As of June 30, 2015 , the maximum length of time over which we have hedged, for accounting purposes, our exposure to the variability in future cash flows associated with energy commodity price risk is through December 2017. We have additional economic hedge contracts not designated as accounting hedges through December 2019. Interest Rate Risk Management As of June 30, 2015 and December 31, 2014, we had a combined notional principal amount of $9,700 million and $9,200 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 London Interbank Offered Rate ( LIBOR) plus a spread. All of our swap agreements have termination dates that correspond to the maturity dates of the related series of senior notes and, as of June 30, 2015 , 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. Foreign Currency Risk Management In connection with the issuance of our Euro denominated senior notes in March 2015 (see Note 3), we entered into cross-currency swap agreements to manage the related foreign currency risk by effectively converting all of the fixed-rate Euro denominated debt, including annual interest payments and the payment of principal at maturity, to U.S. dollar denominated debt at fixed rates equivalent to approximately 3.79% and 4.67% for the 7 -year and 12 -year senior notes, respectively. These cross-currency swaps are accounted for as cash flow hedges. The terms of the cross-currency swap agreements correspond to the related hedged senior notes, and such agreements have the same maturities as the hedged senior notes. Fair Value of Derivative Contracts The following table summarizes the fair values of our derivative contracts included in our accompanying consolidated balance sheets (in millions): Fair Value of Derivative Contracts Asset derivatives Liability derivatives June 30, December 31, June 30, December 31, Balance sheet location Fair value Fair value Derivatives designated as hedging contracts Natural gas and crude derivative contracts Fair value of derivative contracts/(Other current liabilities) $ 198 $ 309 $ (42 ) $ (34 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 46 6 (5 ) — Subtotal 244 315 (47 ) (34 ) Interest rate swap agreements Fair value of derivative contracts/(Other current liabilities) 147 143 — — Deferred charges and other assets/(Other long-term liabilities and deferred credits) 201 260 (86 ) (53 ) Subtotal 348 403 (86 ) (53 ) Cross-currency swap agreements Fair value of derivative contracts/(Other current liabilities) — — (22 ) — Deferred charges and other assets/(Other long-term liabilities and deferred credits) 13 — (9 ) — Subtotal 13 — (31 ) — Total 605 718 (164 ) (87 ) Derivatives not designated as hedging contracts Natural gas, crude and NGL derivative contracts Fair value of derivative contracts/(Other current liabilities) 47 73 (6 ) (2 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 111 196 (7 ) — Subtotal 158 269 (13 ) (2 ) Power derivative contracts Fair value of derivative contracts/(Other current liabilities) 9 10 (46 ) (57 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) — — — (16 ) Subtotal 9 10 (46 ) (73 ) Total 167 279 (59 ) (75 ) Total derivatives $ 772 $ 997 $ (223 ) $ (162 ) Effect of Derivative Contracts on the Income Statement The following tables summarize the impact of our derivative contracts on our accompanying consolidated statements of income (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 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ (233 ) $ 57 $ (88 ) $ 112 Hedged fixed rate debt Interest expense $ 256 $ (57 ) $ 117 $ (112 ) Derivatives in cash flow hedging relationships Amount of gain/(loss) recognized in OCI on derivative (effective portion)(a) Location of gain/(loss) reclassified from Accumulated OCI into income (effective portion) Amount of gain/(loss) reclassified from Accumulated OCI into income (effective portion)(b) Location of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Amount of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 2015 2014 Energy commodity derivative contracts $ (82 ) $ (88 ) Revenues—Natural gas sales $ 1 $ — Revenues—Natural gas sales $ — $ — Revenues—Product sales and other 37 (19 ) Revenues—Product sales and other 3 (27 ) Costs of sales (14 ) 5 Costs of sales — — Interest rate swap agreements 1 (8 ) Interest expense — (2 ) Interest expense — — Cross-currency swap 23 — Other, net 33 — Total $ (58 ) $ (96 ) Total $ 57 $ (16 ) Total $ 3 $ (27 ) Derivatives in cash flow hedging relationships Amount of gain/(loss) recognized in OCI on derivative (effective portion)(a) Location of gain/(loss) reclassified from Accumulated OCI into income (effective portion) Amount of gain/(loss) reclassified from Accumulated OCI into income (effective portion)(b) Location of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Amount of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 2015 2014 Energy commodity derivative contracts $ (47 ) $ (131 ) Revenues—Natural gas sales $ 25 $ (9 ) Revenues—Natural gas sales $ — $ — Revenues—Product sales and other 101 (25 ) Revenues—Product sales and other 10 (32 ) Costs of sales (19 ) 6 Costs of sales — — Interest rate swap agreements (2 ) (10 ) Interest expense (1 ) (2 ) Interest expense — — Cross-currency swap (11 ) — Other, net 23 — Total $ (60 ) $ (141 ) Total $ 129 $ (30 ) Total $ 10 $ (32 ) _________ (a) We expect to reclassify an approximate $182 million gain associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balances as of June 30, 2015 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). Derivatives not designated as accounting hedges Location of gain/(loss) recognized in income on derivatives Amount of gain/(loss) recognized in income on derivatives Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Energy commodity derivative contracts Revenues—Natural gas sales $ (2 ) $ (9 ) $ 3 $ (16 ) Revenues—Product sales and other (40 ) 2 4 1 Costs of sales 3 (3 ) — 7 Other expense (income) — — — (2 ) Total(a) $ (39 ) $ (10 ) $ 7 $ (10 ) _______ (a) For the three and six months ended June 30, 2015, includes approximate gains of $7 million and $2 million , respectively, associated with natural gas, crude and NGL derivative contract settlements. Credit Risks 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 June 30, 2015 and December 31, 2014 , we had $20 million of outstanding letters of credit supporting our commodity price risk management program. As of June 30, 2015 and December 31, 2014, we had cash margins of $24 million and $47 million posted as collateral and $12 million and $13 million , respectively, held as collateral. We also have agreements with certain counterparties to our derivative contracts that contain provisions requiring the posting of additional collateral upon a decrease in our credit rating. As of June 30, 2015 , based on our current mark to market positions and posted collateral, we estimate that if our credit rating were downgraded one or two notches, we would not be required to post additional collateral. Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Loss Cumulative revenues, expenses, gains and losses that under GAAP are included within our comprehensive income but excluded from our earnings are reported as “Accumulated other comprehensive loss” within “Stockholders’ Equity” in our consolidated balance sheets. Changes in the components of our “Accumulated other comprehensive loss” not including non-controlling interests are summarized as follows (in millions): Net unrealized gains/(losses) on cash flow hedge derivatives Foreign currency translation adjustments Pension and other postretirement liability adjustments Total accumulated other comprehensive income/(loss) Balance as of December 31, 2014 $ 327 $ (108 ) $ (236 ) $ (17 ) Other comprehensive loss before reclassifications (60 ) (91 ) 6 (145 ) Amounts reclassified from accumulated other comprehensive loss (129 ) — — (129 ) Net current-period other comprehensive loss (189 ) (91 ) 6 (274 ) Balance as of June 30, 2015 $ 138 $ (199 ) $ (230 ) $ (291 ) Net unrealized gains/(losses) on cash flow hedge derivatives Foreign currency translation adjustments Pension and other postretirement liability adjustments Total accumulated other comprehensive loss Balance as of December 31, 2013 $ (3 ) $ 2 $ (23 ) $ (24 ) Other comprehensive loss before reclassifications (56 ) (2 ) 2 (56 ) Amounts reclassified from accumulated other comprehensive loss 12 — — 12 Net current-period other comprehensive loss (44 ) (2 ) 2 (44 ) Balance as of June 30, 2014 $ (47 ) $ — $ (21 ) $ (68 ) |
Fair Value (Notes)
Fair Value (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
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; (ii) interest rate swap agreements; and (iii) cross-currency swap agreements, based on the three levels established by the Codification (in millions). The tables also identify the impact of derivative contracts which we have elected to present on our accompanying consolidated balance sheets on a gross basis that are eligible for netting under master netting agreements. Balance sheet asset fair value measurements by level Net amount Level 1 Level 2 Level 3 Gross amount Contracts available for netting Cash collateral held(b) As of June 30, 2015 Energy commodity derivative contracts(a) $ 32 $ 370 $ 9 $ 411 $ (52 ) $ (12 ) $ 347 Interest rate swap agreements $ — $ 348 $ — $ 348 $ (62 ) $ — $ 286 Cross-currency swap agreements $ — $ 13 $ — $ 13 $ (13 ) $ — $ — As of December 31, 2014 Energy commodity derivative contracts(a) $ 49 $ 533 $ 12 $ 594 $ (46 ) $ (13 ) $ 535 Interest rate swap agreements $ — $ 403 $ — $ 403 $ (44 ) $ — $ 359 Balance sheet liability fair value measurements by level Net amount Level 1 Level 2 Level 3 Gross amount Contracts available for netting Collateral posted(c) As of June 30, 2015 Energy commodity derivative contracts(a) $ (6 ) $ (54 ) $ (46 ) $ (106 ) $ 52 $ 24 $ (30 ) Interest rate swap agreements $ — $ (86 ) $ — $ (86 ) $ 62 $ — $ (24 ) Cross-currency swap agreements $ — $ (31 ) $ — $ (31 ) $ 13 $ — $ (18 ) As of December 31, 2014 Energy commodity derivative contracts(a) $ (25 ) $ (11 ) $ (73 ) $ (109 ) $ 46 $ 47 $ (16 ) Interest rate swap agreements $ — $ (53 ) $ — $ (53 ) $ 44 $ — $ (9 ) _______ (a) Level 1 consists primarily of NYMEX natural gas futures. Level 2 consists primarily of OTC West Texas Intermediate swaps and options. Level 3 consists primarily of power derivative contracts. (b) Cash margin deposits held by us associated with our energy commodity contract positions and OTC swap agreements and reported within “Other current liabilities” on our accompanying consolidated balance sheets. (c) Cash margin deposits posted by us associated with our energy commodity contract positions and OTC swap agreements and reported within “Other current assets” on our accompanying consolidated balance sheets. The table below provides a summary of changes in the fair value of our Level 3 energy commodity derivative contracts (in millions): Significant unobservable inputs (Level 3) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Derivatives-net asset (liability) Beginning of Period $ (49 ) $ (100 ) $ (61 ) $ (110 ) Total gains or (losses) Included in earnings — (21 ) — (14 ) Included in other comprehensive loss — (9 ) — (10 ) Settlements 12 14 24 18 End of Period $ (37 ) $ (116 ) $ (37 ) $ (116 ) 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 $ 1 $ (13 ) $ 3 $ (16 ) As of June 30, 2015 , our Level 3 derivative assets and liabilities consisted primarily of 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. Fair Value of Financial Instruments The estimated fair value of our outstanding debt balances (the carrying amounts below include both short-term and long-term and debt fair value adjustments), is disclosed below (in millions): June 30, 2015 December 31, 2014 Carrying value Estimated fair value Carrying value Estimated fair value Total debt $ 44,553 $ 43,790 $ 42,814 $ 43,582 We used Level 2 input values to measure the estimated fair value of our outstanding debt balances as of both June 30, 2015 and December 31, 2014 . |
Reportable Segments (Notes)
Reportable Segments (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Reportable Segments | Reportable Segments Financial information by segment follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues Natural Gas Pipelines Revenues from external customers $ 2,091 $ 2,464 4,268 5,021 Intersegment revenues 5 1 8 5 CO 2 353 454 799 937 Terminals Revenues from external customers 469 420 926 811 Intersegment revenues 1 1 1 1 Products Pipelines Revenues from external customers 477 524 921 1,058 Intersegment revenues 1 — 1 — Kinder Morgan Canada 65 68 125 137 Other (1 ) (2 ) 3 2 Total segment revenues 3,461 3,930 7,052 7,972 Other revenues 9 9 18 18 Less: Total intersegment revenues (7 ) (2 ) (10 ) (6 ) Total consolidated revenues $ 3,463 $ 3,937 $ 7,060 $ 7,984 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Segment Earnings Before DD&A(a) Natural Gas Pipelines $ 928 $ 955 $ 1,943 $ 2,025 CO 2 240 332 576 695 Terminals 279 233 549 443 Products Pipelines 277 202 523 410 Kinder Morgan Canada 37 40 78 88 Other (40 ) — (46 ) 7 Total segment earnings before DD&A 1,721 1,762 3,623 3,668 DD&A expense (570 ) (502 ) (1,108 ) (998 ) Amortization of excess cost of equity investments (14 ) (11 ) (26 ) (21 ) Other revenues 9 9 18 18 General and administrative expense (164 ) (154 ) (380 ) (326 ) Interest expense, net of unallocable interest income (472 ) (444 ) (986 ) (894 ) Unallocable income tax expense (168 ) (163 ) (380 ) (349 ) Total consolidated net income $ 342 $ 497 $ 761 $ 1,098 June 30, December 31, Assets Natural Gas Pipelines $ 54,450 $ 52,532 CO 2 5,124 5,227 Terminals 9,212 8,850 Products Pipelines 8,402 7,179 Kinder Morgan Canada 1,525 1,593 Other 436 455 Total segment assets 79,149 75,836 Corporate assets(b) 6,402 7,157 Assets held for sale 59 56 Total consolidated assets $ 85,610 $ 83,049 _______ (a) We evaluate performance based on each segment’s earnings before DD&A. Amounts include revenues, earnings from equity investments, allocable interest income, and other, net, less operating expenses, allocable income taxes, and other expense (income), net, and losses on impairments and disposals of long-lived assets, net and equity investments. Operating expenses include natural gas purchases and other costs of sales, operations and maintenance expenses, and taxes, other than income taxes. (b) 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. |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense included in our accompanying consolidated statements of income were as follows (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income tax expense $ 189 $ 178 $ 413 $ 378 Effective tax rate 35.6 % 26.4 % 35.2 % 25.6 % Income tax expense for the three months ended June 30, 2015 is approximately $189 million resulting in an effective tax rate of 35.6% , as compared with $178 million income tax expense and an effective tax rate of 26.4% , for the same period of 2014 . The effective tax rate for the three months ended June 30, 2015 is slightly higher than the statutory federal rate of 35% primarily due to state and foreign income taxes, partially offset by dividend-received deductions from our investment in Citrus Corporation (Citrus). Income tax expense for the six months ended June 30, 2015 is approximately $413 million resulting in an effective tax rate of 35.2% , as compared with $378 million income tax expense and an effective tax rate of 25.6% , for the same period of 2014 . The effective tax rate for the six months ended June 30, 2015 is marginally higher than the statutory federal rate of 35% primarily due to state and foreign income taxes, offset by (i) dividend-received deductions from our investment in Citrus and (ii) the change in the effective state tax rate as a result of the Hiland acquisition. The effective tax rate for the three months ended June 30, 2014 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 investment in Citrus, and (iii) adjustments to our income tax reserve for uncertain tax positions. These decreases are partially offset by (i) state income taxes and (ii) the amortization of the deferred charge recorded as a result of the drop-downs of TGP, EPNG, and the midstream assets. The effective tax rate for the six months ended June 30, 2014 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, and (ii) dividend-received deductions from our investment in Citrus. These decreases are partially offset by (i) state income taxes and (ii) the amortization of the deferred charge recorded as a result of the drop-downs of TGP, EPNG, and the midstream assets. As of June 30, 2015, the total amount of unrecognized tax benefits relating to uncertain tax positions is $160 million , a decrease of $29 million from the December 31, 2014 balance of $189 million . This $29 million decrease in unrecognized tax benefits resulted primarily from the settlement of a claim for refund and certain statute of limitations expiration related to state income taxes. |
Litigation, Environmental and O
Litigation, Environmental and Other Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
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 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). In late June of 2014, certain shippers filed additional complaints with the FERC (docketed at OR14-35 and OR14-36) challenging SFPP’s adjustments to its rates in 2012 and 2013 for inflation under the FERC’s indexing regulations. If the shippers are successful in proving these claims or other of 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 $110 million in refunds. However, applying the principles of several recent FERC decisions in SFPP cases, as applicable, to 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 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-A) in July 2015. FERC generally upheld its prior determinations, ordered refunds to be paid within 60 days, and stated that it will apply its findings in Opinion 517-A to the same issues in the 2010 rate case. EPNG is evaluating Opinion 517-A and considering its appellate options. With respect to the 2010 rate case, the FERC issued its decision (Opinion 528) on October 17, 2013. EPNG sought rehearing on certain issues in Opinion 528. As required by Opinion 528, EPNG filed revised pro forma recalculated rates consistent with the terms of Opinion 528. The FERC also required an Administrative Law Judge (ALJ) to conduct an additional hearing concerning one of the issues in Opinion 528. On September 17, 2014, the ALJ issued an initial decision finding certain shippers qualify for lower rates under a prior settlement. EPNG has sought FERC review of the ALJ decision. EPNG believes it has an appropriate reserve related to the findings in Opinions 517-A and 528 for both rate cases. We do not expect refunds in these cases to have an impact on our dividends to our shareholders. Other Commercial Matters Union Pacific Railroad Company Easements & Related Litigation 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 trial judge determined that the annual rent payable as of January 1, 2004 was $14 million , subject to annual consumer price index increases. Judgment was entered by the Superior Court on May 29, 2012 and SFPP appealed the judgment. By notice dated October 25, 2013, UPRR demanded the payment of $22.3 million in rent for the first year of the next ten -year period beginning January 1, 2014, which SFPP rejected. On November 5, 2014, the Court of Appeals issued an opinion which reversed the judgment, including the award of prejudgment interest, and remanded the matter to the trial court for a determination of UPRR’s property interest in its right-of-way, including whether UPRR has sufficient interest to grant SFPP’s easements. UPRR filed a petition for rehearing with the Court of Appeals, and a subsequent petition for review to the California Supreme Court, both of which were denied. On April 23, 2015, after the above-referenced decision by the California Court of Appeals which held that UPRR does not own the subsurface rights to grant certain easements and may not be able to collect rent from those easements, a purported class action lawsuit was filed in the U.S. District Court for the Northern District of California (Case No. 01842) by private landowners in California who claim to be the lawful owners of subsurface real property allegedly used or occupied by UPRR or SFPP. Fourteen substantially similar and follow-on lawsuits have been filed in federal courts by landowners in Oregon, Nevada, Arizona, New Mexico and Texas. These suits, which are brought purportedly as class actions on behalf of all landowners who own land in fee adjacent to and underlying the railroad easement under which the SFPP pipeline is located in those respective states, assert claims against UPRR, SFPP, KMGP, and Kinder Morgan Operating L.P. “D” for declaratory judgment, trespass, ejectment, quiet title, unjust enrichment, accounting, and alleged unlawful business acts and practices arising from defendants’ alleged improper use or occupation of subsurface real property. SFPP views these cases as primarily a dispute between UPRR and the plaintiffs. UPRR purported to grant SFPP a network of subsurface pipeline easements along UPRR’s railroad right-of-way. SFPP relied on the validity of those easements and paid rent to UPRR for the value of those easements. We believe we have recorded a right-of-way liability sufficient to cover our potential liability, if any, for back rent. 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. On June 13, 2014, the trial court issued a statement of decision addressing all of the causes of action and defenses and resolved those matters against SFPP, consistent with the jury’s verdict. On June 29, 2015, the parties entered into a confidential settlement of all of the claims relating to the project in Beaumont Hills and the case was dismissed. 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 cost (i.e., for railroad purposes, with the standards in the federal Pipeline Safety Act applying) could have an adverse effect on our financial position, results of operations, cash flows, and our dividends to our shareholders. These effects could be even greater in the event SFPP is unsuccessful in one or more of these lawsuits. 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 151 st Judicial District Court for Harris County, Texas (Case No. 62528) against TGP, Kinetica Partners, LLC and two other Kinetica entities. The case was removed to the United States District Court for the Southern District of Texas. 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 . Under the Amended and Restated Purchase and Sale Agreement with Kinetica, Kinetica is obligated to defend and indemnify TGP in connection with the gas commitment and reporting claims. After agreeing initially to defend and indemnify TGP against such claims, Kinetica withdrew its defense and disputed its indemnity obligation. We intend to vigorously defend the suit and pursue Kinetica, if necessary, for indemnity and costs of defense. Brinckerhoff v. El Paso Pipeline GP Company, LLC., et al. In December 2011 ( Brinckerhoff I ), March 2012, ( Brinckerhoff II ), May 2013 ( Brinckerhoff III ) and June 2014 ( Brinckerhoff IV), derivative lawsuits were filed in Delaware Chancery Court against El Paso Corporation, El Paso Pipeline GP Company, L.L.C., the general partner of EPB, and the directors of the general partner at the time of the relevant transactions. EPB was named in these lawsuits as a “Nominal Defendant.” The lawsuits arise from the March 2010, November 2010, May 2012 and June 2011 drop-down transactions involving EPB’s purchase of SLNG, Elba Express, CPG and interests in SNG and CIG. The lawsuits allege various conflicts of interest and that the consideration paid by EPB was excessive. Brinckerhoff I and II were consolidated into one proceeding. Motions to dismiss were filed in Brinckerhoff III and Brinckerhoff IV, and such motions remain pending. On June 12, 2014, defendants’ motion for summary judgment was granted in Brinckerhoff I, dismissing the case in its entirety. Defendants’ motion for summary judgment in Brinckerhoff II was granted in part, dismissing certain claims and allowing the matter to go to trial in late 2014 on the remaining claims. On April 20, 2015, the Court issued a post-trial memorandum opinion (Memorandum Opinion) in Brinckerhoff II entering judgment in favor of all of the defendants other than the general partner of EPB, but finding the general partner liable for breach of contract in connection with EPB’s purchase of 49% interests in Elba and SLNG and a 15% interest in SNG in a $1.13 billion drop-down transaction that closed on November 19, 2010 (Fall Dropdown), prior to our acquisition of El Paso Corporation in 2012. In its Memorandum Opinion, the Court determined that EPB suffered damages of $171 million from the Fall Dropdown, which the Court determined to be the amount that EPB overpaid for Elba. We believe the claim is derivative in nature and was extinguished by our acquisition on November 26, 2014, pursuant to a merger agreement, of all of the outstanding common units of EPB that we did not already own. On December 2, 2014, we filed a motion to dismiss the remaining claims in Brinckerhoff II based upon our acquisition of all of the outstanding common units of EPB. Pursuant to the Court’s scheduling order, we filed a brief in support of our motion to dismiss on May 29, 2015. Oral argument on the motion is set for July 30, 2015. In the event our motion to dismiss is denied, we will consider an appeal to the Delaware Supreme Court once a final decision is issued. At the present time, we do not believe that an ultimate award, if any, will have a material financial impact on our Company. We continue to believe the transactions at issue were appropriate and in the best interests of EPB and we intend to continue to defend the lawsuits vigorously. Price Reporting Litigation Beginning in 2003, several lawsuits were filed by purchasers of natural gas against El Paso Corporation, El Paso Marketing L.P. and numerous other energy companies based on a claim under state antitrust law that such defendants 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 were pending in Nevada federal court, were dismissed, but the dismissal was reversed by the 9 th Circuit Court of Appeals. The U.S. Supreme Court affirmed the 9 th Circuit Court of Appeals in a decision dated April 21, 2015, and the cases were then remanded to the Nevada federal court for further consideration and trial, if necessary, of numerous remaining issues. 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. Kinder Morgan, Inc. Corporate Reorganization Litigation Certain unitholders of KMP and EPB filed five putative class action lawsuits in the Court of Chancery of the State of Delaware in connection with the Merger Transactions, which the Court consolidated under the caption In re Kinder Morgan, Inc. Corporate Reorganization Litigation (Consolidated Case No. 10093-VCL). The plaintiffs originally sought to enjoin one or more of the proposed Merger Transactions, which relief the Court denied on November 5, 2014. On December 12, 2014, the plaintiffs filed a Verified Second Consolidated Amended Class Action Complaint, which purports to assert claims on behalf of both the former EPB unitholders and the former KMP unitholders. The EPB plaintiff alleged that (i) El Paso Pipeline GP Company, L.L.C. ( EPGP ), the general partner of EPB, and the directors of EPGP breached duties under the EPB partnership agreement, including the implied covenant of good faith and fair dealing, by entering into the EPB Transaction; (ii) EPB, E Merger Sub LLC, KMI and individual defendants aided and abetted such breaches; and (iii) EPB, E Merger Sub LLC, KMI, and individual defendants tortiously interfered with the EPB partnership agreement by causing EPGP to breach its duties under the EPB partnership agreement. The KMP plaintiffs allege that (i) KMR, KMGP, and individual defendants breached duties under the KMP partnership agreement, including the implied duty of good faith and fair dealing, by entering into the KMP Transaction and by failing to adequately disclose material facts related to the transaction; (ii) KMI aided and abetted such breach; and (iii) KMI, KMP, KMR, P Merger Sub LLC, and individual defendants tortiously interfered with the rights of the plaintiffs and the putative class under the KMP partnership agreement by causing KMGP to breach its duties under the KMP partnership agreement. The complaint seeks declaratory relief that the transactions were unlawful and unenforceable, reformation, rescission, rescissory or compensatory damages, interest, and attorneys’ and experts’ fees and costs. On December 30, 2014, the defendants moved to dismiss the complaint. Oral argument on defendants’ motion to dismiss occurred on June 12, 2015 and the motion remains under consideration by the Court. On April 2, 2015, the EPB plaintiff and the defendants submitted a stipulation and proposed order of dismissal, agreeing to dismiss all claims brought by the EPB plaintiff with prejudice as to the EPB lead plaintiff and without prejudice to all other members of the putative EPB class. The Court entered such order on April 2, 2015. The defendants believe the allegations against them lack merit, and they intend to vigorously defend these lawsuits. Kinder Morgan Energy Partners, L.P. Capex Litigation Putative class action and derivative complaints were filed in the Court of Chancery in the State of Delaware against defendants KMI, KMGP and nominal defendant KMEP on February 5, 2014 and March 27, 2014 captioned Slotoroff v. Kinder Morgan, Inc., Kinder Morgan G.P., Inc. et al (Case No. 9318) and Burns et al v. Kinder Morgan, Inc., Kinder Morgan G.P., Inc. et al (Case No. 9479) respectively. The cases were consolidated on April 8, 2014 (Consolidated Case No. 9318). The consolidated suit seeks to assert claims both individually and on behalf of a putative class consisting of all public holders of KMEP units during the period of February 5, 2011 through the date of the filing of the complaints. The suit alleges direct and derivative causes of action for breach of the partnership agreement, breach of the duty of good faith and fair dealing, aiding and abetting, and tortious interference. Among other things, the suit alleges that defendants made a bad faith allocation of capital expenditures to expansion capital expenditures rather than maintenance capital expenditures for the alleged purpose of “artificially” inflating KMEP’s distributions and growth rate. The suit seeks disgorgement of any distributions to KMGP, KMI and any related entities, beyond amounts that would have been distributed in accordance with a “good faith” allocation of maintenance capital expenses, together with other unspecified monetary damages including punitive damages and attorney fees. Defendants believe this suit is without merit and intend to defend it vigorously. Walker v. Kinder Morgan, Inc., Kinder Morgan G.P., Inc. et al. On March 6, 2014, a putative class action and derivative complaint was filed in the District Court of Harris County, Texas (Case No. 2014-11872 in the 215th Judicial District) against KMI, KMGP, KMR, Richard D. Kinder, Steven J. Kean, Ted A. Gardner, Gary L. Hultquist, Perry M. Waughtal and nominal defendant KMEP. The suit was filed by Kenneth Walker, a purported unit holder of KMEP, and alleges derivative causes of action for alleged violation of duties owed under the partnership agreement, breach of the implied covenant of good faith and fair dealing, “abuse of control” and “gross mismanagement” in connection with the calculation of distributions and allocation of capital expenditures to expansion capital expenditures and maintenance capital expenditures. The suit seeks unspecified money damages, interest, punitive damages, attorney and expert fees, costs and expenses, unspecified equitable relief, and demands a trial by jury. Defendants believe this suit is without merit and intend to defend it vigorously. By agreement of the parties, the case is stayed pending further resolution of the Kinder Morgan Energy Partners, L.P. Capex Litigation described above. 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 June 30, 2015 and December 31, 2014, our total reserve for legal matters was $470 million and $400 million , respectively. The reserve primarily relates to various claims from regulatory rate and right-of-way proceedings arising in our products pipeline segment and natural gas pipeline segment’s regulatory rate proceedings as well as certain corporate matters. The overall increase in the reserve from December 31, 2014 related to certain legal developments during the quarter on corporate matters. Environmental Matters We and our subsidiaries are subject to environmental cleanup and enforcement actions from time to time. In particular, 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 CO 2 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. 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, NGL, natural gas and CO 2 . Portland Harbor Superfund Site, Willamette River, Portland, Oregon In December 2000, the EPA issued 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 (RI/FS) 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 (ROD). Currently, KMLT and 90 other parties are involved in a non-judicial allocation process to determine each party’s respective share of the cleanup costs. We are participating in the allocation process on behalf of KMLT and KMBT in connection with their current or former ownership or operation of four facilities located in Portland Harbor. We expect the RI/FS process to conclude in 2016, after which the EPA is expected to develop a proposed plan leading to a ROD targeted for 2017. The allocation process will follow the issuance of the ROD with an expected completion date of 2017. We anticipate that the cleanup activities will begin within one year of the issuance of the ROD. Roosevelt Irrigation District v. Kinder Morgan G.P., Inc., Kinder Morgan Energy Partners, L.P. , U.S. District Court, Arizona The Roosevelt Irrigation District sued KMGP, KMEP and others under CERCLA for alleged contamination of the water purveyor’s wells. The First Amended Complaint sought $175 million in damages against approximately 70 defendants. On August 6, 2013 plaintiffs filed their Second Amended Complaint seeking monetary damages in unspecified amounts and reducing the number of defendants to 26 including KMEP and SFPP. The claims now presented against KMEP and SFPP are related to alleged releases from a specific parcel within the SFPP Phoenix Terminal and the alleged impact of such releases on water wells owned by the plaintiffs and located in the vicinity of the Terminal. We have filed an answer, general denial, and affirmative defenses in response to the Second Amended Complaint. 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 us 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 No. 37-2007-00073033). On September 26, 2007, we removed the case to the U.S. District Court, Southern District of California (Case No. 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 its 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 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 to the U.S. Court of Appeals for the Ninth Circuit. On May 21, 2015, the Court of Appeals issued a memorandum decision which affirmed the District Court’s summary judgment in our favor with respect to the City’s claim under California Safe Drinking Water and Toxic Enforcement Act, but reversed the District Court’s summary judgment decision in our favor on the City’s remaining claims, and also reversed the District Court’s decision to exclude the City’s expert testimony. On July 14, 2015, the Court of Appeals denied our petition for rehearing and will issue a mandate sending the case back to the U.S. District Court. We expect to pursue additional potentially dispositive motions before the U.S. District Court and intend to continue to vigorously defend the case. This site remains under the regulatory oversight and order of the California Regional Water Quality Control Board (RWQCB). SFPP has completed the soil and groundwater remediation at the City of San Diego’s stadium property site and conducted quarterly sampling and monitoring through 2014 as part of the compliance evaluation required by the RWQCB. SFPP expects the RWQCB to issue a notice of no further action with respect to the stadium property site. SFPP’s remediation effort is now focused on its adjacent Mission Valley Terminal site. Uranium Mines in Vicinity of Cameron, Arizona In the 1950s and 1960s, Rare Metals Inc., a historical subsidiary of EPNG, mined 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 U.S. 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. On September 3, 2014, EPNG filed a complaint in the U.S. District Court for the District of Arizona (Case No. 3:14-08165-DGC) seeking cost recovery and contribution from the applicable federal government agencies toward the cost of environmental activities associated with the mines, given the pervasive control of such federal agencies over all aspects of the nuclear weapons program. Defendants filed an answer and counterclaims seeking contribution and recovery of response costs allegedly incurred by the federal agencies in investigating uranium impacts on the Navajo Reservation. Lower Passaic River Study Area of the Diamond Alkali Superfund Site, Essex, Hudson, Bergen and Passaic Counties, New Jersey EPEC Polymers, Inc. (EPEC Polymers) and EPEC Oil Company Liquidating Trust (EPEC Oil Trust), former El Paso Corporation 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 lower 17-mile stretch of the Passaic River. It has been alleged that EPEC Polymers and EPEC Oil Trust may be 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 EPEC Oil Trust entered into two Administrative Orders on Consent (AOCs) which obligate them to investigate and characterize contamination at the Site. They are also part of a joint defense group (JDG) of approximately 70 cooperating parties which have entered into AOCs and are directing and funding the work required by the EPA. Under the first AOC, a remedial investigation and feasibility study (RI/FS) of the Site is presently estimated to be completed by 2015. Under the second AOC, the JDG 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 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU No. 2014-09 On May 28, 2014, the FASB issued ASU No. 2014-09, “ Revenue from Contracts with Customers (Topic 606).” This ASU is designed to create greater comparability for financial statement users across industries and jurisdictions. The provisions of ASU No. 2014-09 include a five-step process by which entities will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which an entity expects to be entitled in exchange for those goods or services. The standard also will require enhanced disclosures, provide more comprehensive guidance for transactions such as service revenue and contract modifications, and enhance guidance for multiple-element arrangements. ASU No. 2014-09 will be effective for U.S. public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods (January 1, 2018 for us). Early adoption is permitted for the interim periods within the adoption year. We are currently reviewing the effect of ASU No. 2014-09 on our revenue recognition. ASU No. 2015-02 On February 18, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidated Analysis.” This ASU focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. ASU No. 2015-02 will be effective for U.S. public companies for annual reporting periods beginning after December 15, 2015. Early adoption is allowed, including in any interim period. We are currently reviewing the effect of ASU No. 2015-02 on our consolidation conclusion and disclosure. |
Guarantee of Securities of Subs
Guarantee of Securities of Subsidiaries (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Guarantee of Securities of Subsidiaries [Abstract] | |
Guarantees [Text Block] | Guarantee of Securities of Subsidiaries KMI, along with its direct and indirect subsidiaries KMP and Copano, are issuers of certain public debt securities. After the completion of the Merger Transactions, KMI, KMP, Copano and substantially all of KMI’s wholly owned domestic subsidiaries, entered into a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement. Accordingly, with the exception of certain subsidiaries identified as Subsidiary Non-Guarantors, the parent issuer, subsidiary issuers and other subsidiaries are all guarantors of each series of public debt. As a result of the cross guarantee agreement, a holder of any of the guaranteed public debt securities issued by KMI, KMP or Copano are in the same position with respect to the net assets, income and cash flows of KMI and the Subsidiary Issuers and Guarantors. The only amounts that are not available to the holders of each of the guaranteed public debt securities to satisfy the repayment of such securities are the net assets, income and cash flows of the Subsidiary Non-Guarantors. In lieu of providing separate financial statements for each subsidiary issuer and guarantor, we have included the accompanying condensed consolidating financial statements based on Rule 3-10 of the SEC’s Regulation S-X. We have presented each of the parent and subsidiary issuers in separate columns in this single set of condensed consolidating financial statements. Excluding fair value adjustments, as of June 30, 2015 , Parent Issuer and Guarantor, Subsidiary Issuer and Guarantor-KMP, Subsidiary Issuer and Guarantor-Copano, and Subsidiary Guarantors had $14,000 million , $20,360 million , $332 million , and $7,224 million of Guaranteed Notes outstanding, respectively. Included in the Subsidiary Guarantors debt balance as presented in the accompanying June 30, 2015 condensed consolidating balance sheets are approximately $178 million of capitalized lease debt that is not subject to the cross guarantee agreement. The accounts within the Parent Issuer and Guarantor, Subsidiary Issuer and Guarantor-KMP, Subsidiary Issuer and Guarantor-Copano, Subsidiary Guarantors and Subsidiary Non-Guarantors are presented using the equity method of accounting for investments in subsidiaries, including subsidiaries that are guarantors and non-guarantors, for purposes of these condensed consolidating financial statements only. These intercompany investments and related activity eliminate in consolidation and are presented separately in the accompanying balance sheets and statements of income and cash flows. A significant amount of each Issuers’ income and cash flow is generated by its respective subsidiaries. As a result, the funds necessary to meet its debt service and/or guarantee obligations are provided in large part by distributions or advances it receives from its respective subsidiaries. We utilize a centralized cash pooling program among our majority-owned and consolidated subsidiaries, including the Subsidiary Issuers and Guarantors and Subsidiary Non-Guarantors. The following Condensed Consolidating Statements of Cash Flows present the intercompany loan and distribution activity, as well as cash collection and payments made on behalf of our subsidiaries, as cash activities. On January 1, 2015, EPB and its subsidiary, EPPOC merged with and into KMP with KMP surviving the merger. As a result of such merger, all of the wholly owned subsidiaries of EPB became wholly owned subsidiaries of KMP and effective January 1, 2015, EPB is no longer a Subsidiary Issuer and Guarantor. The condensed consolidating financial information reflects this transaction for all periods presented below. Effective November 26, 2014, the Merger Transactions close date, KMR merged into KMI. Therefore, for all periods presented KMR’s financial statement balances and activities are reflected within the Parent Issuer and Guarantor column. Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2015 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Total Revenues $ 10 $ — $ — $ 3,050 $ 414 $ (11 ) $ 3,463 Operating costs, expenses and other Costs of sales — — — 989 95 1 1,085 Depreciation, depletion and amortization 5 — — 473 92 — 570 Other operating expenses 38 — — 767 123 (12 ) 916 Total operating costs, expenses and other 43 — — 2,229 310 (11 ) 2,571 Operating (loss) income (33 ) — — 821 104 — 892 Other income (expense) Earnings (losses) from consolidated subsidiaries 483 666 (5 ) 586 15 (1,745 ) — Earnings from equity investments — — — 114 — — 114 Interest, net (97 ) 34 (12 ) (397 ) — — (472 ) Amortization of excess cost of equity investments and other, net — — — (5 ) 2 — (3 ) Income (loss) before income taxes 353 700 (17 ) 1,119 121 (1,745 ) 531 Income tax expense (20 ) (2 ) — (159 ) (8 ) — (189 ) Net income (loss) 333 698 (17 ) 960 113 (1,745 ) 342 Net income attributable to noncontrolling interests — — — — — (9 ) (9 ) Net income (loss) attributable to controlling interests $ 333 $ 698 $ (17 ) $ 960 $ 113 $ (1,754 ) $ 333 Net Income (loss) $ 333 $ 698 $ (17 ) $ 960 $ 113 $ (1,745 ) $ 342 Total other comprehensive (loss) income (98 ) (139 ) — (206 ) 23 322 (98 ) Comprehensive income (loss) 235 559 (17 ) 754 136 (1,423 ) 244 Comprehensive income attributable to noncontrolling interests — — — — — (9 ) (9 ) Comprehensive income (loss) attributable to controlling interests $ 235 $ 559 $ (17 ) $ 754 $ 136 $ (1,432 ) $ 235 Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2014 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Total Revenues $ 9 $ — $ — $ 3,505 $ 422 $ 1 $ 3,937 Operating costs, expenses and other Costs of sales — — — 1,460 137 13 1,610 Depreciation, depletion and amortization 5 — — 410 87 — 502 Other operating expenses 12 2 8 674 128 (12 ) 812 Total operating costs, expenses and other 17 2 8 2,544 352 1 2,924 Operating (loss) income (8 ) (2 ) (8 ) 961 70 — 1,013 Other income (expense) Earnings from consolidated subsidiaries 467 824 56 433 471 (2,251 ) — Earnings from equity investments — — — 100 — — 100 Interest, net (130 ) (28 ) (11 ) (255 ) (16 ) — (440 ) Amortization of excess cost of equity investments and other, net — — — — 2 — 2 Income before income taxes 329 794 37 1,239 527 (2,251 ) 675 Income tax expense (7 ) (2 ) — (18 ) (151 ) — (178 ) Net income 322 792 37 1,221 376 (2,251 ) 497 Net income attributable to noncontrolling interests (38 ) (43 ) — — — (132 ) (213 ) Net income attributable to controlling interests $ 284 $ 749 $ 37 $ 1,221 $ 376 $ (2,383 ) $ 284 Net Income $ 322 $ 792 $ 37 $ 1,221 $ 376 $ (2,251 ) $ 497 Total other comprehensive (loss) income (8 ) (33 ) — (45 ) 65 (1 ) (22 ) Comprehensive income 314 759 37 1,176 441 (2,252 ) 475 Comprehensive income attributable to noncontrolling interests (36 ) (39 ) — — — (122 ) (197 ) Comprehensive income attributable to controlling interests $ 278 $ 720 $ 37 $ 1,176 $ 441 $ (2,374 ) $ 278 Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2015 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Total Revenues $ 19 $ — $ — $ 6,276 $ 789 $ (24 ) $ 7,060 Operating costs, expenses and other Costs of sales — — — 1,990 184 1 2,175 Depreciation, depletion and amortization 10 — — 915 183 — 1,108 Other operating expenses 50 38 1 1,452 291 (25 ) 1,807 Total operating costs, expenses and other 60 38 1 4,357 658 (24 ) 5,090 Operating (loss) income (41 ) (38 ) (1 ) 1,919 131 — 1,970 Other income (expense) Earnings (losses) from consolidated subsidiaries 1,088 1,549 (28 ) 1,134 31 (3,774 ) — Earnings from equity investments — — — 190 — — 190 Interest, net (201 ) 7 (24 ) (752 ) (14 ) — (984 ) Amortization of excess cost of equity investments and other, net — — — (8 ) 6 — (2 ) Income (loss) before income taxes 846 1,518 (53 ) 2,483 154 (3,774 ) 1,174 Income tax expense (84 ) (4 ) — (316 ) (9 ) — (413 ) Net income (loss) 762 1,514 (53 ) 2,167 145 (3,774 ) 761 Net loss attributable to noncontrolling interests — — — — — 1 1 Net income (loss) attributable to controlling interests $ 762 $ 1,514 $ (53 ) $ 2,167 $ 145 $ (3,773 ) $ 762 Net Income (loss) $ 762 $ 1,514 $ (53 ) $ 2,167 $ 145 $ (3,774 ) $ 761 Total other comprehensive loss (274 ) (377 ) — (501 ) (141 ) 1,019 (274 ) Comprehensive income (loss) 488 1,137 (53 ) 1,666 4 (2,755 ) 487 Comprehensive loss attributable to noncontrolling interests — — — — — 1 1 Comprehensive income (loss) attributable to controlling interests $ 488 $ 1,137 $ (53 ) $ 1,666 $ 4 $ (2,754 ) $ 488 Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2014 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Total Revenues $ 18 $ — $ — $ 7,135 $ 828 $ 3 $ 7,984 Operating costs, expenses and other Costs of sales — — — 2,957 269 27 3,253 Depreciation, depletion and amortization 10 — — 809 179 — 998 Other operating expenses 20 3 15 1,313 246 (24 ) 1,573 Total operating costs, expenses and other 30 3 15 5,079 694 3 5,824 Operating (loss) income (12 ) (3 ) (15 ) 2,056 134 — 2,160 Other income (expense) Earnings from consolidated subsidiaries 973 1,771 100 792 927 (4,563 ) — Earnings from equity investments — — — 199 — — 199 Interest, net (262 ) (52 ) (22 ) (505 ) (47 ) — (888 ) Amortization of excess cost of equity investments and other, net — — — (7 ) 12 — 5 Income before income taxes 699 1,716 63 2,535 1,026 (4,563 ) 1,476 Income tax expense (41 ) (5 ) — (29 ) (303 ) — (378 ) Net income 658 1,711 63 2,506 723 (4,563 ) 1,098 Net income attributable to noncontrolling interests (87 ) (112 ) — — — (328 ) (527 ) Net income attributable to controlling interests $ 571 $ 1,599 $ 63 $ 2,506 $ 723 $ (4,891 ) $ 571 Net Income $ 658 $ 1,711 $ 63 $ 2,506 $ 723 $ (4,563 ) $ 1,098 Total other comprehensive loss (57 ) (151 ) — (191 ) (45 ) 328 (116 ) Comprehensive income 601 1,560 63 2,315 678 (4,235 ) 982 Comprehensive income attributable to noncontrolling interests (74 ) (107 ) — — — (274 ) (455 ) Comprehensive income attributable to controlling interests $ 527 $ 1,453 $ 63 $ 2,315 $ 678 $ (4,509 ) $ 527 Condensed Consolidating Balance Sheets as of December 31, 2014 (In Millions) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI ASSETS Cash and cash equivalents $ 4 $ 15 $ — $ 17 $ 279 $ — $ 315 Other current assets - affiliates 1,868 1,335 11 11,573 403 (15,190 ) — All other current assets 397 152 3 2,547 358 (20 ) 3,437 Property, plant and equipment, net 263 — 5 29,490 8,806 — 38,564 Investments 16 1 — 5,910 109 — 6,036 Investments in subsidiaries 31,372 33,414 1,911 17,868 3,337 (87,902 ) — Goodwill 15,087 22 920 5,419 3,206 — 24,654 Notes receivable from affiliates 4,459 19,832 — 2,415 496 (27,202 ) — Deferred tax assets — — — 9,256 — (3,605 ) 5,651 Other non-current assets 258 249 — 3,772 113 — 4,392 Total assets $ 53,724 $ 55,020 $ 2,850 $ 88,267 $ 17,107 $ (133,919 ) $ 83,049 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Current portion of debt $ 1,486 $ 699 $ — $ 381 $ 151 $ — $ 2,717 Other current liabilities - affiliates 709 11,949 115 1,551 866 (15,190 ) — All other current liabilities 319 498 12 1,812 1,024 (20 ) 3,645 Long-term debt 11,833 20,564 386 6,599 715 — 40,097 Notes payable to affiliates 2,619 153 753 22,437 1,240 (27,202 ) — Deferred income taxes 2,099 — 2 — 1,504 (3,605 ) — Other long-term liabilities and deferred credits 583 78 2 987 514 — 2,164 Total liabilities 19,648 33,941 1,270 33,767 6,014 (46,017 ) 48,623 Stockholders’ equity Total KMI equity 34,076 21,079 1,580 54,500 11,093 (88,252 ) 34,076 Noncontrolling interests — — — — — 350 350 Total stockholders’ equity 34,076 21,079 1,580 54,500 11,093 (87,902 ) 34,426 Total liabilities and stockholders’ equity $ 53,724 $ 55,020 $ 2,850 $ 88,267 $ 17,107 $ (133,919 ) $ 83,049 Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2015 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Net cash (used in) provided by operating activities $ (1,029 ) $ 5,190 $ 72 $ 3,637 $ (26 ) $ (5,306 ) $ 2,538 Cash flows from investing activities Funding to affiliates (304 ) (6,486 ) (2 ) (4,081 ) (355 ) 11,228 — Capital expenditures (23 ) — (3 ) (1,705 ) (183 ) 5 (1,909 ) Contributions to investments — — — (45 ) — — (45 ) Investment in KMP (159 ) — — — — 159 — Acquisitions of assets and investments (1,709 ) — — (210 ) — — (1,919 ) Distributions from equity investments in excess of cumulative earnings 292 — — 80 — (258 ) 114 Other, net — (2 ) 5 8 9 (5 ) 15 Net cash used in investing activities (1,903 ) (6,488 ) — (5,953 ) (529 ) 11,129 (3,744 ) Cash flows from financing activities Issuance of debt 9,485 — — — — — 9,485 Payment of debt (8,598 ) (300 ) — (38 ) (5 ) — (8,941 ) Funding from (to) affiliates 1,539 3,906 (72 ) 5,358 497 (11,228 ) — Debt issue costs (20 ) — — — — — (20 ) Issuances of shares 2,562 — — — — — 2,562 Cash dividends (2,006 ) — — — — — (2,006 ) Repurchases of warrants (5 ) — — — — — (5 ) Contributions from parents — 156 — 3 — (159 ) — Distributions to parents — (2,478 ) — (3,010 ) (92 ) 5,580 — Distributions to noncontrolling interests — — — — — (16 ) (16 ) Other, net — (1 ) — — — — (1 ) Net cash provided by (used in) financing activities 2,957 1,283 (72 ) 2,313 400 (5,823 ) 1,058 Effect of exchange rate changes on cash and cash equivalents — — — — (4 ) — (4 ) Net increase (decrease) in cash and cash equivalents 25 (15 ) — (3 ) (159 ) — (152 ) Cash and cash equivalents, beginning of period 4 15 — 17 279 — 315 Cash and cash equivalents, end of period $ 29 $ — $ — $ 14 $ 120 $ — $ 163 Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2014 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Net cash provided by (used in) operating activities $ 800 $ 1,297 $ (87 ) $ 3,058 $ 796 $ (3,661 ) $ 2,203 Cash flows from investing activities Funding to affiliates (207 ) (4,075 ) — (3,248 ) (1,013 ) 8,543 — Capital expenditures (21 ) — (47 ) (1,461 ) (380 ) 192 (1,717 ) Contributions to investments — (82 ) — (103 ) — 82 (103 ) Investment in KMP (24 ) — — — — 24 — Drop down assets to KMP 875 (875 ) — — — — — Acquisitions of assets and investments — — — (993 ) — — (993 ) Distributions from equity investments in excess of cumulative earnings 37 278 — 92 — (317 ) 90 Other, net — (1 ) 192 21 (4 ) (192 ) 16 Net cash provided by (used in) investing activities 660 (4,755 ) 145 (5,692 ) (1,397 ) 8,332 (2,707 ) Cash flows from financing activities Issuance of debt 2,565 6,883 — — — — 9,448 Payment of debt (3,173 ) (5,259 ) — (76 ) (4 ) — (8,512 ) Funding from (to) affiliates 151 2,664 (59 ) 5,264 523 (8,543 ) — Debt issue costs (15 ) (14 ) — — — — (29 ) Cash dividends (860 ) — — — — — (860 ) Repurchases of shares and warrants (192 ) — — — — — (192 ) Contributions from parents — 1,360 — 96 43 (1,499 ) — Contributions from noncontrolling interests — — — — — 1,395 1,395 Distributions to parents — (2,184 ) — (2,664 ) (103 ) 4,951 — Distributions to noncontrolling interests — — — — — (976 ) (976 ) Other, net — (1 ) — (1 ) — 1 (1 ) Net cash (used in) provided by financing activities (1,524 ) 3,449 (59 ) 2,619 459 (4,671 ) 273 Effect of exchange rate changes on cash and cash equivalents — — — — (4 ) — (4 ) Net decrease in cash and cash equivalents (64 ) (9 ) (1 ) (15 ) (146 ) — (235 ) Cash and cash equivalents, beginning of period 83 88 1 17 409 — 598 Cash and cash equivalents, end of period $ 19 $ 79 $ — $ 2 $ 263 $ — $ 363 |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation General Our reporting currency is U.S. dollars, and all references to dollars are U.S. dollars, except where stated otherwise. Our accompanying unaudited consolidated financial statements have been prepared under the rules and regulations of the United States Securities and Exchange Commission (SEC). These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification, the single source of GAAP. Under such rules and regulations, all significant intercompany items have been eliminated in consolidation. Additionally, certain amounts from prior years have been reclassified to conform to the current presentation. In the second quarter of 2015, we adopted Accounting Standards Update (ASU) 2015-03, “Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs.” This ASU is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as an offset to the carrying amount of that debt liability, consistent with debt discounts. The application of this new accounting guidance resulted in the reclassification of $159 million and $149 million of debt issuance costs from “Deferred charges and other assets” to “Debt fair value adjustments” in our accompanying consolidated balance sheets as of June 30, 2015 and December 31, 2014 , respectively. 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 2014 Form 10-K. |
Earnings Per Share [Policy Text Block] | Earnings per Share We calculate earnings per share using the two -class method. Earnings were allocated to Class P shares of common stock and 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. |
General (Tables)
General (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Net Income for Shareholders and Participating Securities [Table Text Block] | The following tables set forth the allocation of net income available to shareholders for Class P shares and for participating securities and the reconciliation of Basic Weighted-Average Number of Shares Outstanding to Diluted Weighted-Average Number of Shares Outstanding (in millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Class P $ 330 $ 281 $ 756 $ 565 Participating securities(a) 3 3 6 6 Net Income Attributable to Kinder Morgan, Inc. $ 333 $ 284 $ 762 $ 571 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic Weighted-Average Number of Shares Outstanding 2,175 1,028 2,158 1,028 Effect of dilutive securities: Warrants(b) 12 — 11 — Diluted Weighted-Average Number of Shares Outstanding 2,187 1,028 2,169 1,028 ________ (a) Participating securities are unvested restricted stock awards, which may be stock or stock units issued to management employees and include non-forfeitable dividend equivalent payments. As of June 30, 2015, there were approximately 7 million such restricted stock awards. (b) Each warrant 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. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following potential common stock equivalents are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share (in millions on a weighted-average basis): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Unvested restricted stock awards 7 7 7 7 Warrants to purchase our Class P shares 287 309 288 325 Convertible trust preferred securities 8 10 9 10 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price Allocation [Table Text Block] | Our preliminary allocation of the purchase price for each of our significant acquisitions during the six months ended June 30, 2015 (in millions) is detailed below. The evaluation of the assigned fair values is ongoing and subject to adjustment. Acquisitions Hiland Vopak Terminal Assets Purchase Price Allocation: Current assets $ 82 $ 2 Property, plant and equipment 1,495 155 Goodwill 316 7 Other intangibles(a) 1,481 — Total assets acquired 3,374 164 Current liabilities (250 ) (2 ) Debt (1,411 ) — Other liabilities (4 ) (4 ) Cash consideration $ 1,709 $ 158 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | The following table provides detail on the principal amount of our outstanding debt balances. The table amounts exclude all debt fair value adjustments, including debt discounts and premiums (in millions): June 30, 2015 December 31, 2014 KMI Senior notes, 1.50% through 8.25%, due 2015 through 2098(a) $ 13,381 $ 11,438 Credit facility due November 26, 2019(b) — 850 Commercial paper borrowings(b) 619 386 KMP Senior notes, 2.65% through 9.00%, due 2015 through 2044(c) 20,360 20,660 TGP senior notes, 7.00% through 8.375%, due 2016 through 2037 1,790 1,790 EPNG senior notes, 5.95% through 8.625%, due 2017 through 2032 1,115 1,115 Copano senior notes, 7.125%, due April 1, 2021 332 332 CIG senior notes, 5.95% through 6.85%, due 2015 through 2037 440 475 SNG notes, 4.40% through 8.00%, due 2017 through 2032 1,211 1,211 Other Subsidiary Borrowings (as obligor) Kinder Morgan Finance Company, LLC, senior notes, 5.70% through 6.40%, due 2016 through 2036 1,636 1,636 Hiland Partners Holdings LLC, senior notes, 5.50% and 7.25%, due 2020 and 2022(d) 975 — EPC Building, LLC, promissory note, 3.967%, due 2015 through 2035 448 453 Preferred securities, 4.75%, due March 31, 2028 222 280 KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock 100 100 Other miscellaneous debt 301 303 Total debt – KMI and Subsidiaries 42,930 41,029 Less: Current portion of debt(e) 3,154 2,717 Total long-term debt – KMI and Subsidiaries(f) $ 39,776 $ 38,312 _______ (a) June 30, 2015 amount includes senior notes that are denominated in Euros and have been converted and are reported at the June 30, 2015 exchange rate of 1.1147 U.S. dollars per Euro. From the issuance date of these senior notes in March 2015 through June 30, 2015, our debt increased by $36 million as a result of the change in the exchange rate of U.S dollars per Euro. We entered into cross-currency swap agreements associated with these senior notes (see Note 5 “Risk Management— Foreign Currency Risk Management ”). (b) As of June 30, 2015 and December 31, 2014 , the weighted average interest rates on our credit facility borrowings, including commercial paper borrowings, were 1.05% and 1.54% , respectively. (c) On January 1, 2015, EPB and EPPOC merged with and into KMP. On that date, KMP succeeded EPPOC as the issuer of approximately $2.9 billion of EPPOC’s senior notes, which were guaranteed by EPB, and EPB and EPPOC ceased to be obligors for those senior notes. (d) Represents the principal amount of senior notes assumed in the Hiland acquisition. (e) Amounts include outstanding credit facility and commercial paper borrowings. (f) Excludes our “Debt fair value adjustments” which, as of June 30, 2015 and December 31, 2014 , increased our combined debt balances by $1,623 million and $1,785 million , respectively. In addition to all unamortized debt discount/premium amounts, debt issuance costs (resulting from the implementation of ASU No. 2015-03) 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. |
Schedule of Significant Long-Term Debt Issuances and Payments [Table Text Block] | following are significant long-term debt issuances and repayments made during the six months ended June 30, 2015 : Issuances $800 million 5.05% notes due 2046 $815 million 1.50% notes due 2022(a) $543 million 2.25% notes due 2027(a) Repayments $300 million 5.625% notes due 2015 $250 million 5.15% notes due 2015 _______ (a) Senior notes are denominated in Euros and are presented above in U.S. dollars at the exchange rate on the issuance date of 1.086 U.S. dollars per Euro. We entered into cross-currency swap agreements associated with these senior notes (see Note 5 “Risk Management— Foreign Currency Risk Management ”). |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Dividends Payable [Table Text Block] | The following table provides information about our per share dividends: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Per common share cash dividend declared for the period $ 0.49 $ 0.43 $ 0.97 $ 0.85 Per common share cash dividend paid in the period $ 0.48 $ 0.42 $ 0.93 $ 0.83 |
Risk Management (Tables)
Risk Management (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Changes in the components of our “Accumulated other comprehensive loss” not including non-controlling interests are summarized as follows (in millions): Net unrealized gains/(losses) on cash flow hedge derivatives Foreign currency translation adjustments Pension and other postretirement liability adjustments Total accumulated other comprehensive income/(loss) Balance as of December 31, 2014 $ 327 $ (108 ) $ (236 ) $ (17 ) Other comprehensive loss before reclassifications (60 ) (91 ) 6 (145 ) Amounts reclassified from accumulated other comprehensive loss (129 ) — — (129 ) Net current-period other comprehensive loss (189 ) (91 ) 6 (274 ) Balance as of June 30, 2015 $ 138 $ (199 ) $ (230 ) $ (291 ) Net unrealized gains/(losses) on cash flow hedge derivatives Foreign currency translation adjustments Pension and other postretirement liability adjustments Total accumulated other comprehensive loss Balance as of December 31, 2013 $ (3 ) $ 2 $ (23 ) $ (24 ) Other comprehensive loss before reclassifications (56 ) (2 ) 2 (56 ) Amounts reclassified from accumulated other comprehensive loss 12 — — 12 Net current-period other comprehensive loss (44 ) (2 ) 2 (44 ) Balance as of June 30, 2014 $ (47 ) $ — $ (21 ) $ (68 ) |
Schedule of Derivative Instruments | As of June 30, 2015 , we had entered into the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales: Net open position long/(short) Derivatives designated as hedging contracts Crude oil fixed price (12.0 ) MMBbl Crude oil basis (11.4 ) MMBbl Natural gas fixed price (55.6 ) Bcf Natural gas basis (30.4 ) Bcf Derivatives not designated as hedging contracts Crude oil fixed price (14.8 ) MMBbl Crude oil basis (1.5 ) MMBbl Natural gas fixed price (26.3 ) Bcf Natural gas basis (34.7 ) Bcf NGL fixed price (83.6 ) MMBbl |
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 (in millions): Fair Value of Derivative Contracts Asset derivatives Liability derivatives June 30, December 31, June 30, December 31, Balance sheet location Fair value Fair value Derivatives designated as hedging contracts Natural gas and crude derivative contracts Fair value of derivative contracts/(Other current liabilities) $ 198 $ 309 $ (42 ) $ (34 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 46 6 (5 ) — Subtotal 244 315 (47 ) (34 ) Interest rate swap agreements Fair value of derivative contracts/(Other current liabilities) 147 143 — — Deferred charges and other assets/(Other long-term liabilities and deferred credits) 201 260 (86 ) (53 ) Subtotal 348 403 (86 ) (53 ) Cross-currency swap agreements Fair value of derivative contracts/(Other current liabilities) — — (22 ) — Deferred charges and other assets/(Other long-term liabilities and deferred credits) 13 — (9 ) — Subtotal 13 — (31 ) — Total 605 718 (164 ) (87 ) Derivatives not designated as hedging contracts Natural gas, crude and NGL derivative contracts Fair value of derivative contracts/(Other current liabilities) 47 73 (6 ) (2 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 111 196 (7 ) — Subtotal 158 269 (13 ) (2 ) Power derivative contracts Fair value of derivative contracts/(Other current liabilities) 9 10 (46 ) (57 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) — — — (16 ) Subtotal 9 10 (46 ) (73 ) Total 167 279 (59 ) (75 ) Total derivatives $ 772 $ 997 $ (223 ) $ (162 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables summarize the impact of our derivative contracts on our accompanying consolidated statements of income (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 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ (233 ) $ 57 $ (88 ) $ 112 Hedged fixed rate debt Interest expense $ 256 $ (57 ) $ 117 $ (112 ) Derivatives in cash flow hedging relationships Amount of gain/(loss) recognized in OCI on derivative (effective portion)(a) Location of gain/(loss) reclassified from Accumulated OCI into income (effective portion) Amount of gain/(loss) reclassified from Accumulated OCI into income (effective portion)(b) Location of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Amount of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 2015 2014 Energy commodity derivative contracts $ (82 ) $ (88 ) Revenues—Natural gas sales $ 1 $ — Revenues—Natural gas sales $ — $ — Revenues—Product sales and other 37 (19 ) Revenues—Product sales and other 3 (27 ) Costs of sales (14 ) 5 Costs of sales — — Interest rate swap agreements 1 (8 ) Interest expense — (2 ) Interest expense — — Cross-currency swap 23 — Other, net 33 — Total $ (58 ) $ (96 ) Total $ 57 $ (16 ) Total $ 3 $ (27 ) Derivatives in cash flow hedging relationships Amount of gain/(loss) recognized in OCI on derivative (effective portion)(a) Location of gain/(loss) reclassified from Accumulated OCI into income (effective portion) Amount of gain/(loss) reclassified from Accumulated OCI into income (effective portion)(b) Location of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Amount of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 2015 2014 Energy commodity derivative contracts $ (47 ) $ (131 ) Revenues—Natural gas sales $ 25 $ (9 ) Revenues—Natural gas sales $ — $ — Revenues—Product sales and other 101 (25 ) Revenues—Product sales and other 10 (32 ) Costs of sales (19 ) 6 Costs of sales — — Interest rate swap agreements (2 ) (10 ) Interest expense (1 ) (2 ) Interest expense — — Cross-currency swap (11 ) — Other, net 23 — Total $ (60 ) $ (141 ) Total $ 129 $ (30 ) Total $ 10 $ (32 ) _________ (a) We expect to reclassify an approximate $182 million gain associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balances as of June 30, 2015 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). Derivatives not designated as accounting hedges Location of gain/(loss) recognized in income on derivatives Amount of gain/(loss) recognized in income on derivatives Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Energy commodity derivative contracts Revenues—Natural gas sales $ (2 ) $ (9 ) $ 3 $ (16 ) Revenues—Product sales and other (40 ) 2 4 1 Costs of sales 3 (3 ) — 7 Other expense (income) — — — (2 ) Total(a) $ (39 ) $ (10 ) $ 7 $ (10 ) _______ (a) For the three and six months ended June 30, 2015, includes approximate gains of $7 million and $2 million , respectively, associated with natural gas, crude and NGL derivative contract settlements. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
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; (ii) interest rate swap agreements; and (iii) cross-currency swap agreements, based on the three levels established by the Codification (in millions). The tables also identify the impact of derivative contracts which we have elected to present on our accompanying consolidated balance sheets on a gross basis that are eligible for netting under master netting agreements. Balance sheet asset fair value measurements by level Net amount Level 1 Level 2 Level 3 Gross amount Contracts available for netting Cash collateral held(b) As of June 30, 2015 Energy commodity derivative contracts(a) $ 32 $ 370 $ 9 $ 411 $ (52 ) $ (12 ) $ 347 Interest rate swap agreements $ — $ 348 $ — $ 348 $ (62 ) $ — $ 286 Cross-currency swap agreements $ — $ 13 $ — $ 13 $ (13 ) $ — $ — As of December 31, 2014 Energy commodity derivative contracts(a) $ 49 $ 533 $ 12 $ 594 $ (46 ) $ (13 ) $ 535 Interest rate swap agreements $ — $ 403 $ — $ 403 $ (44 ) $ — $ 359 Balance sheet liability fair value measurements by level Net amount Level 1 Level 2 Level 3 Gross amount Contracts available for netting Collateral posted(c) As of June 30, 2015 Energy commodity derivative contracts(a) $ (6 ) $ (54 ) $ (46 ) $ (106 ) $ 52 $ 24 $ (30 ) Interest rate swap agreements $ — $ (86 ) $ — $ (86 ) $ 62 $ — $ (24 ) Cross-currency swap agreements $ — $ (31 ) $ — $ (31 ) $ 13 $ — $ (18 ) As of December 31, 2014 Energy commodity derivative contracts(a) $ (25 ) $ (11 ) $ (73 ) $ (109 ) $ 46 $ 47 $ (16 ) Interest rate swap agreements $ — $ (53 ) $ — $ (53 ) $ 44 $ — $ (9 ) _______ (a) Level 1 consists primarily of NYMEX natural gas futures. Level 2 consists primarily of OTC West Texas Intermediate swaps and options. Level 3 consists primarily of power derivative contracts. (b) Cash margin deposits held by us associated with our energy commodity contract positions and OTC swap agreements and reported within “Other current liabilities” on our accompanying consolidated balance sheets. (c) Cash margin deposits posted by us associated with our energy commodity contract positions and OTC swap agreements and reported within “Other current assets” on our accompanying consolidated balance sheets. |
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 (in millions): Significant unobservable inputs (Level 3) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Derivatives-net asset (liability) Beginning of Period $ (49 ) $ (100 ) $ (61 ) $ (110 ) Total gains or (losses) Included in earnings — (21 ) — (14 ) Included in other comprehensive loss — (9 ) — (10 ) Settlements 12 14 24 18 End of Period $ (37 ) $ (116 ) $ (37 ) $ (116 ) 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 $ 1 $ (13 ) $ 3 $ (16 ) |
Schedule of Debt [Table Text Block] | The estimated fair value of our outstanding debt balances (the carrying amounts below include both short-term and long-term and debt fair value adjustments), is disclosed below (in millions): June 30, 2015 December 31, 2014 Carrying value Estimated fair value Carrying value Estimated fair value Total debt $ 44,553 $ 43,790 $ 42,814 $ 43,582 We used Level 2 input values to measure the estimated fair value of our outstanding debt balances as of both June 30, 2015 and December 31, 2014 . |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by segment follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues Natural Gas Pipelines Revenues from external customers $ 2,091 $ 2,464 4,268 5,021 Intersegment revenues 5 1 8 5 CO 2 353 454 799 937 Terminals Revenues from external customers 469 420 926 811 Intersegment revenues 1 1 1 1 Products Pipelines Revenues from external customers 477 524 921 1,058 Intersegment revenues 1 — 1 — Kinder Morgan Canada 65 68 125 137 Other (1 ) (2 ) 3 2 Total segment revenues 3,461 3,930 7,052 7,972 Other revenues 9 9 18 18 Less: Total intersegment revenues (7 ) (2 ) (10 ) (6 ) Total consolidated revenues $ 3,463 $ 3,937 $ 7,060 $ 7,984 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Segment Earnings Before DD&A(a) Natural Gas Pipelines $ 928 $ 955 $ 1,943 $ 2,025 CO 2 240 332 576 695 Terminals 279 233 549 443 Products Pipelines 277 202 523 410 Kinder Morgan Canada 37 40 78 88 Other (40 ) — (46 ) 7 Total segment earnings before DD&A 1,721 1,762 3,623 3,668 DD&A expense (570 ) (502 ) (1,108 ) (998 ) Amortization of excess cost of equity investments (14 ) (11 ) (26 ) (21 ) Other revenues 9 9 18 18 General and administrative expense (164 ) (154 ) (380 ) (326 ) Interest expense, net of unallocable interest income (472 ) (444 ) (986 ) (894 ) Unallocable income tax expense (168 ) (163 ) (380 ) (349 ) Total consolidated net income $ 342 $ 497 $ 761 $ 1,098 June 30, December 31, Assets Natural Gas Pipelines $ 54,450 $ 52,532 CO 2 5,124 5,227 Terminals 9,212 8,850 Products Pipelines 8,402 7,179 Kinder Morgan Canada 1,525 1,593 Other 436 455 Total segment assets 79,149 75,836 Corporate assets(b) 6,402 7,157 Assets held for sale 59 56 Total consolidated assets $ 85,610 $ 83,049 _______ (a) We evaluate performance based on each segment’s earnings before DD&A. Amounts include revenues, earnings from equity investments, allocable interest income, and other, net, less operating expenses, allocable income taxes, and other expense (income), net, and losses on impairments and disposals of long-lived assets, net and equity investments. Operating expenses include natural gas purchases and other costs of sales, operations and maintenance expenses, and taxes, other than income taxes. (b) 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. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income tax expense included in our accompanying consolidated statements of income were as follows (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income tax expense $ 189 $ 178 $ 413 $ 378 Effective tax rate 35.6 % 26.4 % 35.2 % 25.6 % |
Guarantee of Securities of Su29
Guarantee of Securities of Subsidiaries (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Guarantee of Securities of Subsidiaries [Abstract] | ||
Condensed Consolidating Statements of Income and Comprehensive Income [Table Text Block] | Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2015 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Total Revenues $ 19 $ — $ — $ 6,276 $ 789 $ (24 ) $ 7,060 Operating costs, expenses and other Costs of sales — — — 1,990 184 1 2,175 Depreciation, depletion and amortization 10 — — 915 183 — 1,108 Other operating expenses 50 38 1 1,452 291 (25 ) 1,807 Total operating costs, expenses and other 60 38 1 4,357 658 (24 ) 5,090 Operating (loss) income (41 ) (38 ) (1 ) 1,919 131 — 1,970 Other income (expense) Earnings (losses) from consolidated subsidiaries 1,088 1,549 (28 ) 1,134 31 (3,774 ) — Earnings from equity investments — — — 190 — — 190 Interest, net (201 ) 7 (24 ) (752 ) (14 ) — (984 ) Amortization of excess cost of equity investments and other, net — — — (8 ) 6 — (2 ) Income (loss) before income taxes 846 1,518 (53 ) 2,483 154 (3,774 ) 1,174 Income tax expense (84 ) (4 ) — (316 ) (9 ) — (413 ) Net income (loss) 762 1,514 (53 ) 2,167 145 (3,774 ) 761 Net loss attributable to noncontrolling interests — — — — — 1 1 Net income (loss) attributable to controlling interests $ 762 $ 1,514 $ (53 ) $ 2,167 $ 145 $ (3,773 ) $ 762 Net Income (loss) $ 762 $ 1,514 $ (53 ) $ 2,167 $ 145 $ (3,774 ) $ 761 Total other comprehensive loss (274 ) (377 ) — (501 ) (141 ) 1,019 (274 ) Comprehensive income (loss) 488 1,137 (53 ) 1,666 4 (2,755 ) 487 Comprehensive loss attributable to noncontrolling interests — — — — — 1 1 Comprehensive income (loss) attributable to controlling interests $ 488 $ 1,137 $ (53 ) $ 1,666 $ 4 $ (2,754 ) $ 488 Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2015 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Total Revenues $ 10 $ — $ — $ 3,050 $ 414 $ (11 ) $ 3,463 Operating costs, expenses and other Costs of sales — — — 989 95 1 1,085 Depreciation, depletion and amortization 5 — — 473 92 — 570 Other operating expenses 38 — — 767 123 (12 ) 916 Total operating costs, expenses and other 43 — — 2,229 310 (11 ) 2,571 Operating (loss) income (33 ) — — 821 104 — 892 Other income (expense) Earnings (losses) from consolidated subsidiaries 483 666 (5 ) 586 15 (1,745 ) — Earnings from equity investments — — — 114 — — 114 Interest, net (97 ) 34 (12 ) (397 ) — — (472 ) Amortization of excess cost of equity investments and other, net — — — (5 ) 2 — (3 ) Income (loss) before income taxes 353 700 (17 ) 1,119 121 (1,745 ) 531 Income tax expense (20 ) (2 ) — (159 ) (8 ) — (189 ) Net income (loss) 333 698 (17 ) 960 113 (1,745 ) 342 Net income attributable to noncontrolling interests — — — — — (9 ) (9 ) Net income (loss) attributable to controlling interests $ 333 $ 698 $ (17 ) $ 960 $ 113 $ (1,754 ) $ 333 Net Income (loss) $ 333 $ 698 $ (17 ) $ 960 $ 113 $ (1,745 ) $ 342 Total other comprehensive (loss) income (98 ) (139 ) — (206 ) 23 322 (98 ) Comprehensive income (loss) 235 559 (17 ) 754 136 (1,423 ) 244 Comprehensive income attributable to noncontrolling interests — — — — — (9 ) (9 ) Comprehensive income (loss) attributable to controlling interests $ 235 $ 559 $ (17 ) $ 754 $ 136 $ (1,432 ) $ 235 | Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2014 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Total Revenues $ 9 $ — $ — $ 3,505 $ 422 $ 1 $ 3,937 Operating costs, expenses and other Costs of sales — — — 1,460 137 13 1,610 Depreciation, depletion and amortization 5 — — 410 87 — 502 Other operating expenses 12 2 8 674 128 (12 ) 812 Total operating costs, expenses and other 17 2 8 2,544 352 1 2,924 Operating (loss) income (8 ) (2 ) (8 ) 961 70 — 1,013 Other income (expense) Earnings from consolidated subsidiaries 467 824 56 433 471 (2,251 ) — Earnings from equity investments — — — 100 — — 100 Interest, net (130 ) (28 ) (11 ) (255 ) (16 ) — (440 ) Amortization of excess cost of equity investments and other, net — — — — 2 — 2 Income before income taxes 329 794 37 1,239 527 (2,251 ) 675 Income tax expense (7 ) (2 ) — (18 ) (151 ) — (178 ) Net income 322 792 37 1,221 376 (2,251 ) 497 Net income attributable to noncontrolling interests (38 ) (43 ) — — — (132 ) (213 ) Net income attributable to controlling interests $ 284 $ 749 $ 37 $ 1,221 $ 376 $ (2,383 ) $ 284 Net Income $ 322 $ 792 $ 37 $ 1,221 $ 376 $ (2,251 ) $ 497 Total other comprehensive (loss) income (8 ) (33 ) — (45 ) 65 (1 ) (22 ) Comprehensive income 314 759 37 1,176 441 (2,252 ) 475 Comprehensive income attributable to noncontrolling interests (36 ) (39 ) — — — (122 ) (197 ) Comprehensive income attributable to controlling interests $ 278 $ 720 $ 37 $ 1,176 $ 441 $ (2,374 ) $ 278 Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2014 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Total Revenues $ 18 $ — $ — $ 7,135 $ 828 $ 3 $ 7,984 Operating costs, expenses and other Costs of sales — — — 2,957 269 27 3,253 Depreciation, depletion and amortization 10 — — 809 179 — 998 Other operating expenses 20 3 15 1,313 246 (24 ) 1,573 Total operating costs, expenses and other 30 3 15 5,079 694 3 5,824 Operating (loss) income (12 ) (3 ) (15 ) 2,056 134 — 2,160 Other income (expense) Earnings from consolidated subsidiaries 973 1,771 100 792 927 (4,563 ) — Earnings from equity investments — — — 199 — — 199 Interest, net (262 ) (52 ) (22 ) (505 ) (47 ) — (888 ) Amortization of excess cost of equity investments and other, net — — — (7 ) 12 — 5 Income before income taxes 699 1,716 63 2,535 1,026 (4,563 ) 1,476 Income tax expense (41 ) (5 ) — (29 ) (303 ) — (378 ) Net income 658 1,711 63 2,506 723 (4,563 ) 1,098 Net income attributable to noncontrolling interests (87 ) (112 ) — — — (328 ) (527 ) Net income attributable to controlling interests $ 571 $ 1,599 $ 63 $ 2,506 $ 723 $ (4,891 ) $ 571 Net Income $ 658 $ 1,711 $ 63 $ 2,506 $ 723 $ (4,563 ) $ 1,098 Total other comprehensive loss (57 ) (151 ) — (191 ) (45 ) 328 (116 ) Comprehensive income 601 1,560 63 2,315 678 (4,235 ) 982 Comprehensive income attributable to noncontrolling interests (74 ) (107 ) — — — (274 ) (455 ) Comprehensive income attributable to controlling interests $ 527 $ 1,453 $ 63 $ 2,315 $ 678 $ (4,509 ) $ 527 |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheets as of June 30, 2015 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI ASSETS Cash and cash equivalents $ 29 $ — $ — $ 14 $ 120 $ — $ 163 Other current assets - affiliates 4,031 1,432 19 12,390 504 (18,376 ) — All other current assets 193 137 1 2,127 322 (7 ) 2,773 Property, plant and equipment, net 277 — — 31,752 8,557 — 40,586 Investments 16 2 — 5,903 107 — 6,028 Investments in subsidiaries 32,013 30,062 1,883 17,358 3,303 (84,619 ) — Goodwill 15,089 22 920 5,744 3,190 — 24,965 Notes receivable from affiliates 4,563 22,323 — 2,219 330 (29,435 ) — Deferred tax assets — — — 9,033 — (3,624 ) 5,409 Other non-current assets 238 246 — 5,075 127 — 5,686 Total assets $ 56,449 $ 54,224 $ 2,823 $ 91,615 $ 16,560 $ (136,061 ) $ 85,610 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Current portion of debt $ 686 $ 875 $ — $ 1,471 $ 122 $ — $ 3,154 Other current liabilities - affiliates 1,272 12,371 241 3,956 536 (18,376 ) — All other current liabilities 294 432 9 1,971 646 (7 ) 3,345 Long-term debt 13,835 20,012 382 6,481 689 — 41,399 Notes payable to affiliates 2,493 448 661 24,472 1,361 (29,435 ) — Deferred income taxes 2,131 — 2 — 1,491 (3,624 ) — All other long-term liabilities and deferred credits 566 191 1 985 464 — 2,207 Total liabilities 21,277 34,329 1,296 39,336 5,309 (51,442 ) 50,105 Stockholders’ equity Total KMI equity 35,172 19,895 1,527 52,279 11,251 (84,952 ) 35,172 Noncontrolling interests — — — — — 333 333 Total stockholders’ equity 35,172 19,895 1,527 52,279 11,251 (84,619 ) 35,505 Total liabilities and stockholders’ equity $ 56,449 $ 54,224 $ 2,823 $ 91,615 $ 16,560 $ (136,061 ) $ 85,610 | Condensed Consolidating Balance Sheets as of June 30, 2015 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI ASSETS Cash and cash equivalents $ 29 $ — $ — $ 14 $ 120 $ — $ 163 Other current assets - affiliates 4,031 1,432 19 12,390 504 (18,376 ) — All other current assets 193 137 1 2,127 322 (7 ) 2,773 Property, plant and equipment, net 277 — — 31,752 8,557 — 40,586 Investments 16 2 — 5,903 107 — 6,028 Investments in subsidiaries 32,013 30,062 1,883 17,358 3,303 (84,619 ) — Goodwill 15,089 22 920 5,744 3,190 — 24,965 Notes receivable from affiliates 4,563 22,323 — 2,219 330 (29,435 ) — Deferred tax assets — — — 9,033 — (3,624 ) 5,409 Other non-current assets 238 246 — 5,075 127 — 5,686 Total assets $ 56,449 $ 54,224 $ 2,823 $ 91,615 $ 16,560 $ (136,061 ) $ 85,610 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Current portion of debt $ 686 $ 875 $ — $ 1,471 $ 122 $ — $ 3,154 Other current liabilities - affiliates 1,272 12,371 241 3,956 536 (18,376 ) — All other current liabilities 294 432 9 1,971 646 (7 ) 3,345 Long-term debt 13,835 20,012 382 6,481 689 — 41,399 Notes payable to affiliates 2,493 448 661 24,472 1,361 (29,435 ) — Deferred income taxes 2,131 — 2 — 1,491 (3,624 ) — All other long-term liabilities and deferred credits 566 191 1 985 464 — 2,207 Total liabilities 21,277 34,329 1,296 39,336 5,309 (51,442 ) 50,105 Stockholders’ equity Total KMI equity 35,172 19,895 1,527 52,279 11,251 (84,952 ) 35,172 Noncontrolling interests — — — — — 333 333 Total stockholders’ equity 35,172 19,895 1,527 52,279 11,251 (84,619 ) 35,505 Total liabilities and stockholders’ equity $ 56,449 $ 54,224 $ 2,823 $ 91,615 $ 16,560 $ (136,061 ) $ 85,610 Condensed Consolidating Balance Sheets as of December 31, 2014 (In Millions) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI ASSETS Cash and cash equivalents $ 4 $ 15 $ — $ 17 $ 279 $ — $ 315 Other current assets - affiliates 1,868 1,335 11 11,573 403 (15,190 ) — All other current assets 397 152 3 2,547 358 (20 ) 3,437 Property, plant and equipment, net 263 — 5 29,490 8,806 — 38,564 Investments 16 1 — 5,910 109 — 6,036 Investments in subsidiaries 31,372 33,414 1,911 17,868 3,337 (87,902 ) — Goodwill 15,087 22 920 5,419 3,206 — 24,654 Notes receivable from affiliates 4,459 19,832 — 2,415 496 (27,202 ) — Deferred tax assets — — — 9,256 — (3,605 ) 5,651 Other non-current assets 258 249 — 3,772 113 — 4,392 Total assets $ 53,724 $ 55,020 $ 2,850 $ 88,267 $ 17,107 $ (133,919 ) $ 83,049 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Current portion of debt $ 1,486 $ 699 $ — $ 381 $ 151 $ — $ 2,717 Other current liabilities - affiliates 709 11,949 115 1,551 866 (15,190 ) — All other current liabilities 319 498 12 1,812 1,024 (20 ) 3,645 Long-term debt 11,833 20,564 386 6,599 715 — 40,097 Notes payable to affiliates 2,619 153 753 22,437 1,240 (27,202 ) — Deferred income taxes 2,099 — 2 — 1,504 (3,605 ) — Other long-term liabilities and deferred credits 583 78 2 987 514 — 2,164 Total liabilities 19,648 33,941 1,270 33,767 6,014 (46,017 ) 48,623 Stockholders’ equity Total KMI equity 34,076 21,079 1,580 54,500 11,093 (88,252 ) 34,076 Noncontrolling interests — — — — — 350 350 Total stockholders’ equity 34,076 21,079 1,580 54,500 11,093 (87,902 ) 34,426 Total liabilities and stockholders’ equity $ 53,724 $ 55,020 $ 2,850 $ 88,267 $ 17,107 $ (133,919 ) $ 83,049 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2015 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Net cash (used in) provided by operating activities $ (1,029 ) $ 5,190 $ 72 $ 3,637 $ (26 ) $ (5,306 ) $ 2,538 Cash flows from investing activities Funding to affiliates (304 ) (6,486 ) (2 ) (4,081 ) (355 ) 11,228 — Capital expenditures (23 ) — (3 ) (1,705 ) (183 ) 5 (1,909 ) Contributions to investments — — — (45 ) — — (45 ) Investment in KMP (159 ) — — — — 159 — Acquisitions of assets and investments (1,709 ) — — (210 ) — — (1,919 ) Distributions from equity investments in excess of cumulative earnings 292 — — 80 — (258 ) 114 Other, net — (2 ) 5 8 9 (5 ) 15 Net cash used in investing activities (1,903 ) (6,488 ) — (5,953 ) (529 ) 11,129 (3,744 ) Cash flows from financing activities Issuance of debt 9,485 — — — — — 9,485 Payment of debt (8,598 ) (300 ) — (38 ) (5 ) — (8,941 ) Funding from (to) affiliates 1,539 3,906 (72 ) 5,358 497 (11,228 ) — Debt issue costs (20 ) — — — — — (20 ) Issuances of shares 2,562 — — — — — 2,562 Cash dividends (2,006 ) — — — — — (2,006 ) Repurchases of warrants (5 ) — — — — — (5 ) Contributions from parents — 156 — 3 — (159 ) — Distributions to parents — (2,478 ) — (3,010 ) (92 ) 5,580 — Distributions to noncontrolling interests — — — — — (16 ) (16 ) Other, net — (1 ) — — — — (1 ) Net cash provided by (used in) financing activities 2,957 1,283 (72 ) 2,313 400 (5,823 ) 1,058 Effect of exchange rate changes on cash and cash equivalents — — — — (4 ) — (4 ) Net increase (decrease) in cash and cash equivalents 25 (15 ) — (3 ) (159 ) — (152 ) Cash and cash equivalents, beginning of period 4 15 — 17 279 — 315 Cash and cash equivalents, end of period $ 29 $ — $ — $ 14 $ 120 $ — $ 163 | Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2014 (In Millions) (Unaudited) Parent Subsidiary Subsidiary Subsidiary Subsidiary Consolidating Adjustments Consolidated KMI Net cash provided by (used in) operating activities $ 800 $ 1,297 $ (87 ) $ 3,058 $ 796 $ (3,661 ) $ 2,203 Cash flows from investing activities Funding to affiliates (207 ) (4,075 ) — (3,248 ) (1,013 ) 8,543 — Capital expenditures (21 ) — (47 ) (1,461 ) (380 ) 192 (1,717 ) Contributions to investments — (82 ) — (103 ) — 82 (103 ) Investment in KMP (24 ) — — — — 24 — Drop down assets to KMP 875 (875 ) — — — — — Acquisitions of assets and investments — — — (993 ) — — (993 ) Distributions from equity investments in excess of cumulative earnings 37 278 — 92 — (317 ) 90 Other, net — (1 ) 192 21 (4 ) (192 ) 16 Net cash provided by (used in) investing activities 660 (4,755 ) 145 (5,692 ) (1,397 ) 8,332 (2,707 ) Cash flows from financing activities Issuance of debt 2,565 6,883 — — — — 9,448 Payment of debt (3,173 ) (5,259 ) — (76 ) (4 ) — (8,512 ) Funding from (to) affiliates 151 2,664 (59 ) 5,264 523 (8,543 ) — Debt issue costs (15 ) (14 ) — — — — (29 ) Cash dividends (860 ) — — — — — (860 ) Repurchases of shares and warrants (192 ) — — — — — (192 ) Contributions from parents — 1,360 — 96 43 (1,499 ) — Contributions from noncontrolling interests — — — — — 1,395 1,395 Distributions to parents — (2,184 ) — (2,664 ) (103 ) 4,951 — Distributions to noncontrolling interests — — — — — (976 ) (976 ) Other, net — (1 ) — (1 ) — 1 (1 ) Net cash (used in) provided by financing activities (1,524 ) 3,449 (59 ) 2,619 459 (4,671 ) 273 Effect of exchange rate changes on cash and cash equivalents — — — — (4 ) — (4 ) Net decrease in cash and cash equivalents (64 ) (9 ) (1 ) (15 ) (146 ) — (235 ) Cash and cash equivalents, beginning of period 83 88 1 17 409 — 598 Cash and cash equivalents, end of period $ 19 $ 79 $ — $ 2 $ 263 $ — $ 363 |
General Organization (Details)
General Organization (Details) $ in Billions | Nov. 25, 2014USD ($) | Jun. 30, 2015USD ($) | Nov. 25, 2014 |
General [Line Items] | |||
Approximate Enterprise Market Value | $ 120 | ||
Miles Of Pipeline | 84,000 | ||
Number Of Pipeline Terminals Owned Interest In And Or Operated | 165 | ||
Other Significant Noncash Transaction, Value of Consideration Given | $ 77 | ||
KMP [Member] | |||
General [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 10.00% | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 2.00% | ||
EPB [Member] | |||
General [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 39.00% | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 2.00% |
General Basis of Presentation (
General Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Reclassification of Debt Issuance Costs from Deferred Charges and Other Assets to Debt Fair Value Adjustments | $ 159 | $ 159 | $ 149 | ||
Loss on impairments and disposals of long-lived assets and equity investments, net | 59 | 136 | |||
Equity Method Investment, Other than Temporary Impairment | 0 | $ 0 | 26 | $ 0 | |
Natural Gas Pipelines [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Loss on impairments and disposals of long-lived assets and equity investments, net | $ 48 | 99 | |||
Natural Gas Pipelines [Member] | Fort Union Gas Gathering L.L.C. and Bighorn Gas Gathering L.L.C. [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Equity Method Investment, Other than Temporary Impairment | $ 26 |
General Earnings Per Share (Det
General Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income Attributable to Kinder Morgan, Inc. | $ 333 | $ 284 | $ 762 | $ 571 |
Incremental Common Shares Attributable to Dilutive Effect of Warrants | 12 | 0 | 11 | 0 |
Diluted Weighted-Average Number of Shares Outstanding | 2,187 | 1,028 | 2,169 | 1,028 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 40 | $ 40 | ||
Class P [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net (loss) income attributable to Kinder Morgan, Inc. | $ 330 | $ 281 | $ 756 | $ 565 |
Basic Weighted-Average Number of Shares Outstanding | 2,175 | 1,028 | 2,158 | 1,028 |
Participating Securities [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net (loss) income attributable to Kinder Morgan, Inc. | $ 3 | $ 3 | $ 6 | $ 6 |
Unvested Restricted Stock Awards, Issued and Non Issued | 7 | 7 | ||
Restricted Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7 | 7 | 7 | 7 |
Warrant [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 287 | 309 | 288 | 325 |
Convertible Preferred Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8 | 10 | 9 | 10 |
Acquisitions Acquisitions Hilan
Acquisitions Acquisitions Hiland (Details) - USD ($) $ in Millions | Feb. 13, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | |||
Repayments of Debt | $ 8,941 | $ 8,512 | |
Hiland Partners, LP [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 3,120 | ||
Repayments of Debt | $ 368 |
Acquisitions Acquisitions Vopak
Acquisitions Acquisitions Vopak (Details) - Royal Vopak assets [Member] $ in Millions | Feb. 27, 2015USD ($)abbl | Jun. 30, 2015USD ($) |
Business Acquisition [Line Items] | ||
Number of terminals | 3 | |
Number of Real Estate Properties | 1 | |
Payments to Acquire Businesses, Gross | $ | $ 158 | $ 158 |
Galena Park, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Area of Land (acres) | 36 | |
Storage Capacity (barrels) | bbl | 1,069,500 | |
NORTH CAROLINA | ||
Business Acquisition [Line Items] | ||
Number of terminals | 2 | |
North Wilmington, North Carolina [Member] | ||
Business Acquisition [Line Items] | ||
Number of terminals | 1 | |
South Wilmington, North Carolina [Member] | ||
Business Acquisition [Line Items] | ||
Number of terminals | 1 |
Acquisitions Purchase Price All
Acquisitions Purchase Price Allocation (Details) - USD ($) $ in Millions | Feb. 27, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 24,965 | $ 24,654 | |
Hiland Partners, LP [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 82 | ||
Property, plant, and equipment | 1,495 | ||
Goodwill | 316 | ||
Other intangibles | 1,481 | ||
Total assets acquired | 3,374 | ||
Current liabilities | (250) | ||
Debt | (1,411) | ||
Other liabilities | (4) | ||
Cash consideration | $ 1,709 | ||
Finite-Lived Intangible Asset, Useful Life | 16 years 5 months | ||
Royal Vopak assets [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 2 | ||
Property, plant, and equipment | 155 | ||
Goodwill | 7 | ||
Other intangibles | 0 | ||
Total assets acquired | 164 | ||
Current liabilities | (2) | ||
Debt | 0 | ||
Other liabilities | (4) | ||
Cash consideration | $ 158 | $ 158 |
Acquisitions Subsequent Acquisi
Acquisitions Subsequent Acquisition of Remaining Interests in Elba Liquefaction (Details) - Subsequent Event [Member] - Elba Liquefaction [Member] - USD ($) $ in Millions | Jul. 16, 2015 | Jul. 15, 2015 |
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 200 | |
Business Acquisition, Percentage of Voting Interests Acquired | 49.00% | |
Capacity Subscribed, Percent | 100.00% |
Debt (Details)
Debt (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Jun. 30, 2015USD ($)$ / shares | Feb. 13, 2015USD ($) | Jan. 01, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Termi Cumulative Preferred Stock | $ 100 | $ 100 | ||
Less: Current portion of debt(e) | 3,154 | 2,717 | ||
Total long-term debt - KMI and Subsidiaries(f) | 41,399 | 40,097 | ||
Debt fair value adjustments | 1,623 | 1,785 | ||
Kinder Morgan, Inc. [Member] | KMI Senior Notes,1.50% through 8.25%, due 2015 through 2098 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 13,381 | 11,438 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.50% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.25% | |||
Kinder Morgan, Inc. [Member] | Senior unsecured revolving credit facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility due November 26, 2019(b) | $ 0 | 850 | ||
Kinder Morgan, Inc. [Member] | Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Commercial paper borrowings(b) | $ 619 | $ 386 | ||
Kinder Morgan, Inc. [Member] | Revolving Credit Facility [Member] | KMI Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 1.05% | 1.54% | ||
Kinder Morgan Energy Partners, L.P. [Member] | KMP Senior notes, 2.65% through 9.00%, due 2015 through 2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 20,360 | $ 20,660 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.65% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 9.00% | |||
TGP [Member] | KMP Senior notes, 7.00% through 8.375%, due 2016 through 2037 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 1,790 | 1,790 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 7.00% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.375% | |||
EPNG [Member] | KMP 5.95% through 8.625%, due 2017 through 2032 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 1,115 | 1,115 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.95% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.625% | |||
Copano Energy, L.L.C. [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt - KMI and Subsidiaries | $ 332 | |||
Total long-term debt - KMI and Subsidiaries(f) | 382 | 386 | ||
Copano Energy, L.L.C. [Member] | KMP 7.125% Senior Notes due April 1, 2021 (Copano) [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 332 | 332 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | |||
Colorado Interstate Gas Company, L.L.C. [Member] | KMP Notes, 5.95% through 6.85%, due 2015 through 2037 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 440 | 475 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.95% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.85% | |||
SNG [Member] | KMP Notes, 4.40% through 8.00%, due 2017 through 2032 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 1,211 | 1,211 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.40% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.00% | |||
Kinder Morgan Finance Company, LLC [Member] | KMI 5.70% through 6.40% series, due 2016 through 2036 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 1,636 | 1,636 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.70% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.40% | |||
Hiland Partners Holdings LLC [Member] | KMI Senior Notes, 5.50% and 7.25%, due 2020 and 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 975 | $ 975 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.50% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.25% | |||
EPC Building LLC [Member] | KMI Promissory note 3.967%, due 2015 through 2035 [Member] [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 448 | 453 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.967% | |||
Capital Trust I [Member] | KMI EP Capital Trust I 4.75%, due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 222 | 280 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||
Kinder Morgan G.P., Inc. [Member] | KMI $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Termi Cumulative Preferred Stock | $ 100 | 100 | ||
Liquidation value of note | $ / shares | $ 1,000 | |||
KMI AND KMP [Member] | Other Miscellaneous Subsidiary Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 301 | 303 | ||
Kinder Morgan, Inc and Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt - KMI and Subsidiaries | 42,930 | 41,029 | ||
Total long-term debt - KMI and Subsidiaries(f) | $ 39,776 | $ 38,312 | ||
Financial Guarantee [Member] | Kinder Morgan Energy Partners, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Indemnified by parent of subsidiary debt | $ 2,900 | |||
Euro Member Countries, Euro | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 1.1147 | 1.086 | ||
Translation Adjustment Functional to Reporting Currency, Increase (Decrease), Gross of Tax | $ 36 |
Debt Credit Facilities (Details
Debt Credit Facilities (Details) - Kinder Morgan, Inc. [Member] - USD ($) $ in Millions | Feb. 13, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | |||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Current Borrowing Capacity | $ 4,000 | ||
Letters of Credit Outstanding, Amount | 123 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 3,258 | ||
Senior unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term Line of Credit | 0 | $ 850 | |
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Commercial Paper | 619 | $ 386 | |
Commercial Paper, Current Borrowing Capacity | $ 4,000 | ||
Bridge Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Term | 6 months | ||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 1,641 |
Debt Hiland Debt Acquired (Deta
Debt Hiland Debt Acquired (Details) - USD ($) $ in Millions | Feb. 13, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 8,941 | $ 8,512 | ||
Hiland Partners Holdings LLC [Member] | KMI Senior Notes, 5.50% and 7.25%, due 2020 and 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 975 | $ 975 | $ 0 | |
KMI Acquisition of Hiland Partners Holding LLC [Member] | Hiland Partners Holdings LLC [Member] | KMI Senior Notes, 5.50% and 7.25%, due 2020 and 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 1,043 | |||
Hiland Partners, LP [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 368 |
Debt Issuances and Repaymenrts
Debt Issuances and Repaymenrts (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Feb. 13, 2015 | |
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 8,941 | $ 8,512 | |
Kinder Morgan, Inc. [Member] | KMI 5.05% Senior Notes Due 2046 [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | $ 800 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.05% | ||
Kinder Morgan, Inc. [Member] | KMI 1.50% Senior Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | $ 815 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||
Kinder Morgan, Inc. [Member] | KMI 2.25% Senior Notes Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | $ 543 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ||
Kinder Morgan, Inc. [Member] | KMI 5.15% Senior Notes due March 1, 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 250 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | ||
Kinder Morgan Energy Partners, L.P. [Member] | KMP 5.625% Senior Notes due February 15, 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 300 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||
Euro Member Countries, Euro | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Foreign Currency Exchange Rate, Translation | 1.1147 | 1.086 |
Stockholders' Equity Common Equ
Stockholders' Equity Common Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 16, 2015 | Jul. 02, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 12, 2015 | Dec. 31, 2014 | Dec. 19, 2014 |
Class of Stock [Line Items] | |||||||||
Warrant Repurchase Program, Authorized Amount | $ 100 | ||||||||
Warrant Repurchase Program, Remaining Authorized Repurchase Amount | $ 98 | $ 98 | |||||||
Share and Warrant Repurchase Program, Remaining Authorized Repurchase Amount | $ 2 | ||||||||
Stock Issued During Period, Value, New Issues | $ 2,562 | ||||||||
Class P [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 62,000,000 | ||||||||
Dividends Per Common Share Declared for the Period | $ 0.49 | $ 0.43 | $ 0.97 | $ 0.85 | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.48 | $ 0.42 | $ 0.93 | $ 0.83 | |||||
Dividend Declared [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends Per Common Share Declared for the Period | $ 0.49 | ||||||||
Equity distribution agreement [Member] | Class P [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Value of Stock Available for Sale Under Equity Distribution Agreement | $ 5,000 | ||||||||
Stock Issued During Period, Shares, New Issues | 62,079,878 | ||||||||
During the six months ended June 30, 2015, we sold Shares of Class P Stock | 62,079,878 | ||||||||
Stock Issued During Period, Value, New Issues | $ 2,599 | ||||||||
Equity distribution agreement [Member] | Subsequent Event [Member] | Class P [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 968,900 |
Risk Management Energy Commodit
Risk Management Energy Commodity Price Risk Management (Details) - Jun. 30, 2015 - Energy Related Derivative [Member] - Forward Contracts [Member] | BcfMMBbls |
Crude Oil Fixed Price [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | (12) |
Crude Oil Fixed Price [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | (14.8) |
Crude Oil Basis [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | (11.4) |
Crude Oil Basis [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | (1.5) |
Natural Gas Fixed Price [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | Bcf | (55.6) |
Natural Gas Fixed Price [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | Bcf | (26.3) |
Natural Gas Basis [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | Bcf | (30.4) |
Natural Gas Basis [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | Bcf | (34.7) |
Natural Gas Liquids Fixed Price [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Net open position long/(short) | (83.6) |
Risk Management Interest Rate R
Risk Management Interest Rate Risk Management (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 9,700 | $ 9,200 |
Risk Management Risk Management
Risk Management Risk Management Foreign Currency Risk Management (Details) - Jun. 30, 2015 | Total |
KMI 1.50% Senior Notes Due 2022 [Member] | Currency Swap [Member] | |
Derivative [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.79% |
KMI 2.25% Senior Notes Due 2027 [Member] | Currency Swap [Member] | |
Derivative [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.67% |
Kinder Morgan, Inc. [Member] | |
Derivative [Line Items] | |
Debt Instrument, Term | 5 years |
Kinder Morgan, Inc. [Member] | KMI 1.50% Senior Notes Due 2022 [Member] | |
Derivative [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.50% |
Debt Instrument, Term | 7 years |
Kinder Morgan, Inc. [Member] | KMI 2.25% Senior Notes Due 2027 [Member] | |
Derivative [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% |
Debt Instrument, Term | 12 years |
Risk Management Fair Value of D
Risk Management Fair Value of Derivative Contracts (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Designated as Hedging Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | $ 605 | $ 718 |
Derivative Liability, Fair Value, Net | (164) | (87) |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 772 | 997 |
Derivative Liability, Fair Value, Net | (223) | (162) |
Energy Related Derivative [Member] | Designated as Hedging Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 244 | 315 |
Derivative Liability, Fair Value, Net | (47) | (34) |
Energy Related Derivative [Member] | Designated as Hedging Contracts [Member] | Fair Value of Derivatives Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 198 | 309 |
Energy Related Derivative [Member] | Designated as Hedging Contracts [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | (42) | (34) |
Energy Related Derivative [Member] | Designated as Hedging Contracts [Member] | Deferred Charges and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 46 | 6 |
Energy Related Derivative [Member] | Designated as Hedging Contracts [Member] | Other Long-Term Liabilities and Deferred Credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | (5) | 0 |
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 158 | 269 |
Derivative Liability, Fair Value, Net | (13) | (2) |
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | Fair Value of Derivatives Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 47 | 73 |
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | (6) | (2) |
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | Deferred Charges and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 111 | 196 |
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | Other Long-Term Liabilities and Deferred Credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | (7) | 0 |
Interest Rate Swap [Member] | Designated as Hedging Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 348 | 403 |
Derivative Liability, Fair Value, Net | (86) | (53) |
Currency Swap [Member] | Designated as Hedging Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 13 | 0 |
Derivative Liability, Fair Value, Net | (31) | 0 |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 9 | 10 |
Derivative Liability, Fair Value, Net | (46) | (73) |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value of Derivatives Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 9 | 10 |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | (46) | (57) |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | Deferred Charges and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 0 | 0 |
Power Derivative Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Long-Term Liabilities and Deferred Credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | 0 | (16) |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 167 | 279 |
Derivative Liability, Fair Value, Net | (59) | (75) |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Contracts [Member] | Fair Value of Derivatives Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 147 | 143 |
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] | Deferred Charges and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 201 | 260 |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Contracts [Member] | Other Long-Term Liabilities and Deferred Credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | (86) | (53) |
Fair Value Hedging [Member] | Currency Swap [Member] | Designated as Hedging Contracts [Member] | Fair Value of Derivatives Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 0 | 0 |
Fair Value Hedging [Member] | Currency Swap [Member] | Designated as Hedging Contracts [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | (22) | 0 |
Fair Value Hedging [Member] | Currency Swap [Member] | Designated as Hedging Contracts [Member] | Deferred Charges and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 13 | 0 |
Fair Value Hedging [Member] | Currency Swap [Member] | Designated as Hedging Contracts [Member] | Other Long-Term Liabilities and Deferred Credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | $ (9) | $ 0 |
Risk Management Effect of Deriv
Risk Management Effect of Derivative Contracts on the Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Energy Related Derivative [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (39) | $ (10) | $ 7 | $ (10) |
Derivative, Loss on Derivative | 7 | 2 | ||
Energy Related Derivative [Member] | Natural Gas Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (2) | (9) | 3 | (16) |
Energy Related Derivative [Member] | Revenues - Product sales and other [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (40) | 2 | 4 | 1 |
Energy Related Derivative [Member] | Gas purchases and other costs of sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 3 | (3) | 0 | 7 |
Energy Related Derivative [Member] | Other Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | 0 | (2) |
Designated as Hedging Instrument [Member] | Operating Income (Loss) [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)reclassified fromAccumulated OCIinto income(effective portion) | 57 | (16) | 129 | (30) |
Amount of gain/(loss)recognized in incomeon derivative(ineffective portionand amountexcluded fromeffectiveness testing) | 3 | (27) | 10 | (32) |
Designated as Hedging Instrument [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) | (58) | (96) | (60) | (141) |
Designated as Hedging Instrument [Member] | 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 | (233) | 57 | (88) | 112 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [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 |
Designated as Hedging Instrument [Member] | 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) | 1 | (8) | (2) | (10) |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Interest expense [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss) recognized in income on derivative | 256 | (57) | 117 | (112) |
Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss to be reclassified within twelve months | 182 | |||
Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Natural Gas Revenue [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)reclassified fromAccumulated OCIinto income(effective portion) | 1 | 0 | 25 | (9) |
Amount of gain/(loss)recognized in incomeon derivative(ineffective portionand amountexcluded fromeffectiveness testing) | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument [Member] | Energy Related Derivative [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) | 37 | (19) | 101 | (25) |
Amount of gain/(loss)recognized in incomeon derivative(ineffective portionand amountexcluded fromeffectiveness testing) | 3 | (27) | 10 | (32) |
Designated as Hedging Instrument [Member] | Energy Related Derivative [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) | (14) | 5 | (19) | 6 |
Amount of gain/(loss)recognized in incomeon derivative(ineffective portionand amountexcluded fromeffectiveness testing) | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument [Member] | Energy Related Derivative [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) | (82) | (88) | (47) | (131) |
Designated as Hedging Instrument [Member] | Currency 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) | 23 | 0 | (11) | 0 |
Designated as Hedging Instrument [Member] | Other Credit Derivatives [Member] | Other Expense [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss)reclassified fromAccumulated OCIinto income(effective portion) | $ 33 | $ 0 | $ 23 | $ 0 |
Risk Management Credit Risks (D
Risk Management Credit Risks (Details) - Energy Related Derivative [Member] - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Credit Derivatives [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 20 | $ 20 |
Contract and Over the Counter [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 24 | 47 |
Derivative, Collateral, Obligation to Return Cash | 12 | $ 13 |
One notch credit downgrade [Member] | ||
Credit Derivatives [Line Items] | ||
Additional Collateral, Aggregate Fair Value | 0 | |
Two notch credit downgrade [Member] | ||
Credit Derivatives [Line Items] | ||
Additional Collateral, Aggregate Fair Value | $ 0 |
Risk Management Reporting of Am
Risk Management Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ 327 | $ (3) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (108) | 2 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (236) | (23) |
Accumulated other comprehensive loss | (17) | (24) |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax Portion Attributable To Parent | (60) | (56) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (129) | 12 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (189) | (44) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (91) | (2) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment and Impact of Merger Transactions, Net of Tax, Portion Attributable to Parent | (91) | (2) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 6 | 2 |
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretiremen tBenefit Plans Net Of Tax Portion Attributable To Parent | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 6 | 2 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (274) | (44) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 138 | (47) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (199) | 0 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (230) | (21) |
Accumulated other comprehensive loss | (291) | (68) |
OCI before Reclassifications [Member] | ||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income [Roll Forward] | ||
Other comprehensive income (loss) before reclassifications, net of tax, portion attributable to parent | (145) | (56) |
Amounts reclassified from AOCI [Member] | ||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income [Roll Forward] | ||
Other comprehensive income reclassified from accumulated other comprehensive income, net of tax, portion attributable to parent | $ (129) | $ 12 |
Fair Value Fair Value of Deriva
Fair Value Fair Value of Derivative Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Energy Related Derivative [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | $ 411 | $ 411 | $ 594 | ||
Derivative Liability | (106) | (106) | (109) | ||
Fair Value, Assets Liabilites Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (49) | $ (100) | (61) | $ (110) | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings | 0 | (21) | 0 | (14) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (9) | 0 | (10) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 12 | 14 | 24 | 18 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (37) | (116) | (37) | (116) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 1 | $ (13) | 3 | $ (16) | |
Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 348 | 348 | 403 | ||
Derivative Liability | (86) | (86) | (53) | ||
Currency Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 13 | 13 | |||
Derivative Liability | (31) | (31) | |||
Quoted prices in active markets for identical assets (Level 1) [Member] | Energy Related Derivative [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 32 | 32 | 49 | ||
Derivative Liability | (6) | (6) | (25) | ||
Quoted prices in active markets for identical assets (Level 1) [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 0 | 0 | 0 | ||
Derivative Liability | 0 | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) [Member] | Currency Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 0 | 0 | |||
Derivative Liability | 0 | 0 | |||
Significant other observable inputs (Level 2) [Member] | Energy Related Derivative [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 370 | 370 | 533 | ||
Derivative Liability | (54) | (54) | (11) | ||
Significant other observable inputs (Level 2) [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 348 | 348 | 403 | ||
Derivative Liability | (86) | (86) | (53) | ||
Significant other observable inputs (Level 2) [Member] | Currency Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 13 | 13 | |||
Derivative Liability | (31) | (31) | |||
Significantunobservable inputs (Level 3) [Member] | Energy Related Derivative [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 9 | 9 | 12 | ||
Derivative Liability | (46) | (46) | (73) | ||
Significantunobservable inputs (Level 3) [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 0 | 0 | 0 | ||
Derivative Liability | 0 | 0 | 0 | ||
Significantunobservable inputs (Level 3) [Member] | Currency Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 0 | 0 | |||
Derivative Liability | 0 | 0 | |||
Energy Related Derivative [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 347 | 347 | 535 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (30) | (30) | (16) | ||
Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 286 | 286 | 359 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (24) | (24) | (9) | ||
Currency Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (18) | (18) | |||
Not Offset on Balance Sheet [Member] | Energy Related Derivative [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net Asset Adjustment for Financial Instruments subject to Master Netting Agreement but Presented Gross | (52) | (52) | (46) | ||
Net Liability Adjustment for Financial Instruments Subject to Master Netting Agreement but Presented Gross | 52 | 52 | 46 | ||
Not Offset on Balance Sheet [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net Asset Adjustment for Financial Instruments subject to Master Netting Agreement but Presented Gross | (62) | (62) | (44) | ||
Net Liability Adjustment for Financial Instruments Subject to Master Netting Agreement but Presented Gross | 62 | 62 | 44 | ||
Not Offset on Balance Sheet [Member] | Currency Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net Asset Adjustment for Financial Instruments subject to Master Netting Agreement but Presented Gross | (13) | (13) | |||
Net Liability Adjustment for Financial Instruments Subject to Master Netting Agreement but Presented Gross | 13 | 13 | |||
Contract and Over the Counter [Member] | Energy Related Derivative [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Collateral, Obligation to Return Cash | (12) | (12) | (13) | ||
Derivative, Collateral, Right to Reclaim Cash | 24 | 24 | 47 | ||
Contract and Over the Counter [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | 0 | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | $ 0 | ||
Contract and Over the Counter [Member] | Currency Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |||
Derivative, Collateral, Right to Reclaim Cash | $ 0 | $ 0 |
Fair Value Fair Value of Financ
Fair Value Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 44,553 | $ 42,814 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 43,790 | $ 43,582 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 3,463 | $ 3,937 | $ 7,060 | $ 7,984 | |
Segment earnings before DD&A | 1,721 | 1,762 | 3,623 | 3,668 | |
DD&A expense | (570) | (502) | (1,108) | (998) | |
Amortization of excess cost of equity investments | (14) | (11) | (26) | (21) | |
Other revenues | 823 | 1,122 | 1,665 | 2,268 | |
General and administrative expense | (164) | (154) | (380) | (326) | |
Interest expense, net of unallocable interest income | (472) | (440) | (984) | (888) | |
Income Tax Expense (Benefit) | (189) | (178) | (413) | (378) | |
Total consolidated net income | 342 | 497 | 761 | 1,098 | |
Assets | 85,610 | 85,610 | $ 83,049 | ||
Assets held for sale | 59 | 59 | 56 | ||
Natural Gas Pipelines [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment earnings before DD&A | 928 | 955 | 1,943 | 2,025 | |
Assets | 54,450 | 54,450 | 52,532 | ||
CO2 [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 353 | 454 | 799 | 937 | |
Segment earnings before DD&A | 240 | 332 | 576 | 695 | |
Assets | 5,124 | 5,124 | 5,227 | ||
Terminals [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment earnings before DD&A | 279 | 233 | 549 | 443 | |
Assets | 9,212 | 9,212 | 8,850 | ||
Products Pipelines [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment earnings before DD&A | 277 | 202 | 523 | 410 | |
Assets | 8,402 | 8,402 | 7,179 | ||
Kinder Morgan Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 65 | 68 | 125 | 137 | |
Segment earnings before DD&A | 37 | 40 | 78 | 88 | |
Assets | 1,525 | 1,525 | 1,593 | ||
All Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (1) | (2) | 3 | 2 | |
Segment earnings before DD&A | (40) | 0 | (46) | 7 | |
Assets | 436 | 436 | 455 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3,461 | 3,930 | 7,052 | 7,972 | |
Assets | 79,149 | 79,149 | 75,836 | ||
Unallocated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other revenues | 9 | 9 | 18 | 18 | |
Interest expense, net of unallocable interest income | (472) | (444) | (986) | (894) | |
Income Tax Expense (Benefit) | (168) | (163) | (380) | (349) | |
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 6,402 | 6,402 | $ 7,157 | ||
External Customer [Member] | Natural Gas Pipelines [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2,091 | 2,464 | 4,268 | 5,021 | |
External Customer [Member] | Terminals [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 469 | 420 | 926 | 811 | |
External Customer [Member] | Products Pipelines [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 477 | 524 | 921 | 1,058 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (7) | (2) | (10) | (6) | |
Intersegment Revenues [Member] | Natural Gas Pipelines [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 5 | 1 | 8 | 5 | |
Intersegment Revenues [Member] | Terminals [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1 | 1 | 1 | 1 | |
Intersegment Revenues [Member] | Products Pipelines [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1 | $ 0 | $ 1 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||||
Income tax expense | $ 189 | $ 178 | $ 413 | $ 378 | |
Effective tax rate | 35.60% | 26.40% | 35.20% | 25.60% | |
Federal statutory income tax rate | 35.00% | ||||
Tax Year 2014 [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Unrecognized Tax Benefits | $ 160 | $ 160 | |||
Tax Year 2014 [Member] | State of Louisiana [Member] | State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 29 | ||||
Tax Year 2013 [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Unrecognized Tax Benefits | $ 189 |
Federal Energy Regulatory Commi
Federal Energy Regulatory Commission Proceedings (Details) - Jun. 30, 2015 - Regulated Operation [Member] - Federal Energy Regulatory Commission [Member] - Various Shippers [Member] - Unfavorable Regulatory Action [Member] $ in Millions | USD ($) |
2008 rate case and the 2010 rate case [Member] | EPNG [Member] | Opinion 517 issued and implemented (rehearing pending); and Opinion 528 issued and is awaiting filing of court document) [Member] | |
EPNG [Abstract] | |
Loss Contingency, Pending Claims, Number | 2 |
Repreations, Refunds, and Rate Reductions [Member] | SFPP [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency Period of Time Litigation Concerns | 2 years |
Annual Rate Reductions [Member] | SFPP [Member] | Pending Litigation [Member] | |
SFPP [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 20 |
Revenue Subject to Refund [Member] | SFPP [Member] | Pending Litigation [Member] | |
SFPP [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 110 |
Other Commercial Matters (Detai
Other Commercial Matters (Details) - Business Acquisition, Acquiree [Domain] - Contingent Consideration Type [Domain] $ in Millions | Apr. 21, 2015USD ($) | Oct. 25, 2013USD ($) | Jan. 01, 2004 | Jun. 30, 2015USD ($) | Sep. 30, 2013USD ($) | Apr. 23, 2015 | Sep. 01, 2011USD ($) |
Plains Gas Solutions, LLC v. Tennessee Gas Pipeline Company, L.L.C. et al [Member] | Pending Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | $ 100 | ||||||
Brinckerhoff v. El Paso Pipeline GP Company, LLC., et al. [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 1,130 | ||||||
Brinckerhoff v. El Paso Pipeline GP Company, LLC., et al. [Member] | Pending Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | $ 171 | ||||||
Elba Liquefaction [Member] | Brinckerhoff v. El Paso Pipeline GP Company, LLC., et al. [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Business Acquisition, Additional Percentage of Interest Acquired | 49.00% | ||||||
SNG [Member] | Brinckerhoff v. El Paso Pipeline GP Company, LLC., et al. [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Business Acquisition, Additional Percentage of Interest Acquired | 15.00% | ||||||
Merger Transactions [Member] | Kinder Morgan Energy Partners, L.P. and El Paso Pipeline Partners, L.P. [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 5 | ||||||
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. [Member] | SFPP L.P. [Member] | Pending Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years | 10 years | |||||
Loss Contingency, Damages Sought, Value | $ 22.3 | ||||||
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. [Member] | SFPP L.P. [Member] | Pending Litigation [Member] | landowners [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 14 | ||||||
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. [Member] | SFPP L.P. [Member] | Loss on Long-term Purchase Commitment [Member] | Pending Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Initial Award Amount, Annual Rent Payable | $ 14 | ||||||
Price Reporting Litigation [Member] | Kinder Morgan Bulk Terminals, Inc. [Member] | Price Reporting Litigation [Member] | Pending Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | $ 140 | ||||||
2008 rate case and the 2010 rate case [Member] | EPNG [Member] | Unfavorable Regulatory Action [Member] | Opinion 517 issued and implemented (rehearing pending); and Opinion 528 issued and is awaiting filing of court document) [Member] | Regulated Operation [Member] | Various Shippers [Member] | Federal Energy Regulatory Commission [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 2 |
Litigation, Environmental and55
Litigation, Environmental and Other Contingencies Litigation General (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Estimated Litigation Liability | $ 470 | $ 400 |
Environmental Matters (Details)
Environmental Matters (Details) $ in Millions | Nov. 08, 2013 | Aug. 06, 2013Defendants | Jul. 24, 2013 | Aug. 31, 2007USD ($) | Dec. 31, 2000Terminals | Jun. 30, 2015USD ($)TerminalsPartiesDefendants | Dec. 31, 2010USD ($) | Dec. 31, 1969 | Dec. 31, 2014USD ($) |
Loss Contingencies [Line Items] | |||||||||
Accrual for environmental loss contingencies | $ 321 | $ 340 | |||||||
Environmental recoveries receivable | 14 | $ 14 | |||||||
Rare Metals Inc. [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of Uranium Mines | 20 | ||||||||
Roosevelt Irrigation District v. Kinder Morgan G.P., Inc., Kinder Morgan Energy Partners, L.P. , U.S. District Court, Arizona [Member] | Pending Litigation [Member] | SFPP Phoenix Terminal [Member] | Unfavorable Regulatory Action [Member] | KMEP and SFPP [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | $ 175 | ||||||||
Loss Contingency, Number of Defendants | Defendants | 26 | 70 | |||||||
United States District Court, Southern District of California, case number 07CV1883WCAB [Member] | Pending Litigation [Member] | Mission Valley Terminal Facility [Member] | Kinder Morgan Energy Partners, L.P. [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | $ 170 | $ 365 | |||||||
Lower Passaic River Study Area [Member] | Pending Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of Parties at a Joint Defense Group | 70 | ||||||||
Number of Facilities | 100 | ||||||||
Portland Harbor Superfund Site, Willamette River, Portland, Oregon [Member] | Environmental Protection Agency [Member] | Regulated Operation [Member] | Portland Harbor Superfund Site, Willamette River, Portland, Oregon [Member] | GATX Terminals Corporation (n/k/a KMLT) [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of Liquid Terminals | Terminals | 2 | 4 | |||||||
Number of Parties Involved In Site Cleanup Allocation Negotiations | Parties | 90 | ||||||||
Southeast Louisiana Flood Protection Litigation [Member] | Board of Commissioners of the Southeast Louisiana Flood Protection Authority - East [Member] | TGP and SNG [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Number of Defendants | 100 | ||||||||
Plaquemines Parish, Louisiana (Docket No. 60-999) [Member] | Parish of Plaquemines, Louisiana [Member] | Bastian Bay, Buras, Empire and Fort Jackson oil and gas fields of Plaquemines Parish [Member] | Tennessee Gas Pipeline Company LLC [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Number of Defendants | 17 | ||||||||
Minimum [Member] | Lower Passaic River Study Area [Member] | Pending Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental Remediation Expense | $ 365 | ||||||||
Maximum [Member] | Lower Passaic River Study Area [Member] | Pending Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental Remediation Expense | 3,200 | ||||||||
Preferred alternative [Member] | Lower Passaic River Study Area [Member] | Pending Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental Remediation Expense | $ 1,700 |
Guarantee of Securities of Su57
Guarantee of Securities of Subsidiaries (Details) $ in Millions | Jun. 30, 2015USD ($) |
Parent Issuer and Guarantor [Member] | |
Long-term Debt | $ 14,000 |
Subsidiary Issuer and Guarantor-KMP [Member] | |
Long-term Debt | 20,360 |
Subsidiary Issuer and Guarantor-Copano [Member] | |
Long-term Debt | 332 |
Subsidiary Guarantors [Member] | |
Long-term Debt | 7,224 |
Capitalized Lease Debt Not Subject to Cross Guarantee Agreement | $ 178 |
Guarantee of Securities of Su58
Guarantee of Securities of Subsidiaries Condensed Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | $ 3,463 | $ 3,937 | $ 7,060 | $ 7,984 |
Cost of sales | 1,085 | 1,610 | 2,175 | 3,253 |
Depreciation, depletion and amortization | 570 | 502 | 1,108 | 998 |
Other operating expenses | (4) | 0 | (3) | 0 |
Total operating costs, expenses and other | 2,571 | 2,924 | 5,090 | 5,824 |
Operating (loss) income | 892 | 1,013 | 1,970 | 2,160 |
Earnings from equity investments | 114 | 100 | 216 | 199 |
Interest, net | (472) | (440) | (984) | (888) |
Amortization of excess cost of equity investments and other, net | 11 | 13 | 24 | 26 |
Income (loss) before income taxes | 531 | 675 | 1,174 | 1,476 |
Income Tax Expense (Benefit) | (189) | (178) | (413) | (378) |
Net income | 342 | 497 | 761 | 1,098 |
Net (Income) Loss Attributable to Noncontrolling Interests | (9) | (213) | 1 | (527) |
Net income (loss) attributable to controlling interests | 333 | 284 | 762 | 571 |
Total other comprehensive (loss) income | (98) | (22) | (274) | (116) |
Comprehensive income (loss) | 244 | 475 | 487 | 982 |
Comprehensive loss attributable to noncontrolling interests | (9) | (197) | 1 | (455) |
Comprehensive income (loss) attributable to controlling interests | 235 | 278 | 488 | 527 |
Consolidating Adjustments [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | (11) | 1 | (24) | 3 |
Cost of sales | 1 | 13 | 1 | 27 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Other operating expenses | (12) | (12) | (25) | (24) |
Total operating costs, expenses and other | (11) | 1 | (24) | 3 |
Operating (loss) income | 0 | 0 | 0 | 0 |
Earnings (losses) from consolidated subsidiaries | (1,745) | (2,251) | (3,774) | (4,563) |
Earnings from equity investments | 0 | 0 | 0 | 0 |
Interest, net | 0 | 0 | 0 | 0 |
Amortization of excess cost of equity investments and other, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (1,745) | (2,251) | (3,774) | (4,563) |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net income | (1,745) | (2,251) | (3,774) | (4,563) |
Net (Income) Loss Attributable to Noncontrolling Interests | (9) | (132) | 1 | (328) |
Net income (loss) attributable to controlling interests | (1,754) | (2,383) | (3,773) | (4,891) |
Total other comprehensive (loss) income | 322 | (1) | 1,019 | 328 |
Comprehensive income (loss) | (1,423) | (2,252) | (2,755) | (4,235) |
Comprehensive loss attributable to noncontrolling interests | (9) | (122) | 1 | (274) |
Comprehensive income (loss) attributable to controlling interests | (1,432) | (2,374) | (2,754) | (4,509) |
Parent Issuer and Guarantor [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 10 | 9 | 19 | 18 |
Cost of sales | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 5 | 5 | 10 | 10 |
Other operating expenses | 38 | 12 | 50 | 20 |
Total operating costs, expenses and other | 43 | 17 | 60 | 30 |
Operating (loss) income | (33) | (8) | (41) | (12) |
Earnings (losses) from consolidated subsidiaries | 483 | 467 | 1,088 | 973 |
Earnings from equity investments | 0 | 0 | 0 | 0 |
Interest, net | (97) | (130) | (201) | (262) |
Amortization of excess cost of equity investments and other, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 353 | 329 | 846 | 699 |
Income Tax Expense (Benefit) | (20) | (7) | (84) | (41) |
Net income | 333 | 322 | 762 | 658 |
Net (Income) Loss Attributable to Noncontrolling Interests | 0 | (38) | 0 | (87) |
Net income (loss) attributable to controlling interests | 333 | 284 | 762 | 571 |
Total other comprehensive (loss) income | (98) | (8) | (274) | (57) |
Comprehensive income (loss) | 235 | 314 | 488 | 601 |
Comprehensive loss attributable to noncontrolling interests | 0 | (36) | 0 | (74) |
Comprehensive income (loss) attributable to controlling interests | 235 | 278 | 488 | 527 |
Subsidiary Issuer and Guarantor-KMP [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Other operating expenses | 0 | 2 | 38 | 3 |
Total operating costs, expenses and other | 0 | 2 | 38 | 3 |
Operating (loss) income | 0 | (2) | (38) | (3) |
Earnings (losses) from consolidated subsidiaries | 666 | 824 | 1,549 | 1,771 |
Earnings from equity investments | 0 | 0 | 0 | 0 |
Interest, net | 34 | (28) | 7 | (52) |
Amortization of excess cost of equity investments and other, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 700 | 794 | 1,518 | 1,716 |
Income Tax Expense (Benefit) | (2) | (2) | (4) | (5) |
Net income | 698 | 792 | 1,514 | 1,711 |
Net (Income) Loss Attributable to Noncontrolling Interests | 0 | (43) | 0 | (112) |
Net income (loss) attributable to controlling interests | 698 | 749 | 1,514 | 1,599 |
Total other comprehensive (loss) income | (139) | (33) | (377) | (151) |
Comprehensive income (loss) | 559 | 759 | 1,137 | 1,560 |
Comprehensive loss attributable to noncontrolling interests | 0 | (39) | 0 | (107) |
Comprehensive income (loss) attributable to controlling interests | 559 | 720 | 1,137 | 1,453 |
Subsidiary Issuer and Guarantor-Copano [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Other operating expenses | 0 | 8 | 1 | 15 |
Total operating costs, expenses and other | 0 | 8 | 1 | 15 |
Operating (loss) income | 0 | (8) | (1) | (15) |
Earnings (losses) from consolidated subsidiaries | (5) | 56 | (28) | 100 |
Earnings from equity investments | 0 | 0 | 0 | 0 |
Interest, net | (12) | (11) | (24) | (22) |
Amortization of excess cost of equity investments and other, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (17) | 37 | (53) | 63 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net income | (17) | 37 | (53) | 63 |
Net (Income) Loss Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to controlling interests | (17) | 37 | (53) | 63 |
Total other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (17) | 37 | (53) | 63 |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to controlling interests | (17) | 37 | (53) | 63 |
Subsidiaries Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 3,050 | 3,505 | 6,276 | 7,135 |
Cost of sales | 989 | 1,460 | 1,990 | 2,957 |
Depreciation, depletion and amortization | 473 | 410 | 915 | 809 |
Other operating expenses | 767 | 674 | 1,452 | 1,313 |
Total operating costs, expenses and other | 2,229 | 2,544 | 4,357 | 5,079 |
Operating (loss) income | 821 | 961 | 1,919 | 2,056 |
Earnings (losses) from consolidated subsidiaries | 586 | 433 | 1,134 | 792 |
Earnings from equity investments | 114 | 100 | 190 | 199 |
Interest, net | (397) | (255) | (752) | (505) |
Amortization of excess cost of equity investments and other, net | (5) | 0 | (8) | (7) |
Income (loss) before income taxes | 1,119 | 1,239 | 2,483 | 2,535 |
Income Tax Expense (Benefit) | (159) | (18) | (316) | (29) |
Net income | 960 | 1,221 | 2,167 | 2,506 |
Net (Income) Loss Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to controlling interests | 960 | 1,221 | 2,167 | 2,506 |
Total other comprehensive (loss) income | (206) | (45) | (501) | (191) |
Comprehensive income (loss) | 754 | 1,176 | 1,666 | 2,315 |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to controlling interests | 754 | 1,176 | 1,666 | 2,315 |
Subsidiary Non-Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 414 | 422 | 789 | 828 |
Cost of sales | 95 | 137 | 184 | 269 |
Depreciation, depletion and amortization | 92 | 87 | 183 | 179 |
Other operating expenses | 123 | 128 | 291 | 246 |
Total operating costs, expenses and other | 310 | 352 | 658 | 694 |
Operating (loss) income | 104 | 70 | 131 | 134 |
Earnings (losses) from consolidated subsidiaries | 15 | 471 | 31 | 927 |
Earnings from equity investments | 0 | 0 | 0 | 0 |
Interest, net | 0 | (16) | (14) | (47) |
Amortization of excess cost of equity investments and other, net | 2 | 2 | 6 | 12 |
Income (loss) before income taxes | 121 | 527 | 154 | 1,026 |
Income Tax Expense (Benefit) | (8) | (151) | (9) | (303) |
Net income | 113 | 376 | 145 | 723 |
Net (Income) Loss Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to controlling interests | 113 | 376 | 145 | 723 |
Total other comprehensive (loss) income | 23 | 65 | (141) | (45) |
Comprehensive income (loss) | 136 | 441 | 4 | 678 |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to controlling interests | 136 | 441 | 4 | 678 |
Consolidated KMI [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 3,463 | 3,937 | 7,060 | 7,984 |
Cost of sales | 1,085 | 1,610 | 2,175 | 3,253 |
Depreciation, depletion and amortization | 570 | 502 | 1,108 | 998 |
Other operating expenses | 916 | 812 | 1,807 | 1,573 |
Total operating costs, expenses and other | 2,571 | 2,924 | 5,090 | 5,824 |
Operating (loss) income | 892 | 1,013 | 1,970 | 2,160 |
Earnings (losses) from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Earnings from equity investments | 114 | 100 | 190 | 199 |
Interest, net | (472) | (440) | (984) | (888) |
Amortization of excess cost of equity investments and other, net | (3) | 2 | (2) | 5 |
Income (loss) before income taxes | 531 | 675 | 1,174 | 1,476 |
Income Tax Expense (Benefit) | (189) | (178) | (413) | (378) |
Net income | 342 | 497 | 761 | 1,098 |
Net (Income) Loss Attributable to Noncontrolling Interests | (9) | (213) | 1 | (527) |
Net income (loss) attributable to controlling interests | 333 | 284 | 762 | 571 |
Total other comprehensive (loss) income | (98) | (22) | (274) | (116) |
Comprehensive income (loss) | 244 | 475 | 487 | 982 |
Comprehensive loss attributable to noncontrolling interests | (9) | (197) | 1 | (455) |
Comprehensive income (loss) attributable to controlling interests | $ 235 | $ 278 | $ 488 | $ 527 |
Guarantee of Securities of Su59
Guarantee of Securities of Subsidiaries Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 163 | $ 315 | $ 363 | $ 598 |
Other current assets | 493 | 746 | ||
Property, plant and equipment, net | 40,586 | 38,564 | ||
Investments | 6,028 | 6,036 | ||
Goodwill | 24,965 | 24,654 | ||
Other non-current assets | 2,009 | 2,090 | ||
Deferred tax assets | 5,409 | 5,651 | ||
Total Assets | 85,610 | 83,049 | ||
Long-term debt | 41,399 | 40,097 | ||
Total Liabilities | 50,105 | 48,623 | ||
Total KMI equity | 35,172 | 34,076 | ||
Noncontrolling interests | 333 | 350 | ||
Total stockholders' equity | 35,505 | 34,426 | 28,655 | 28,285 |
Total liabilities and stockholders' equity | 85,610 | 83,049 | ||
Consolidating Adjustments [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Other current assets | (7) | (20) | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Deferred tax assets | (3,624) | (3,605) | ||
Total Assets | (136,061) | (133,919) | ||
Current portion of debt | 0 | 0 | ||
Other current liabilities | (7) | (20) | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | (29,435) | (27,202) | ||
Deferred income taxes | (3,624) | (3,605) | ||
All other long-term liabilities and deferred credits | 0 | 0 | ||
Total Liabilities | (51,442) | (46,017) | ||
Total KMI equity | (84,952) | (88,252) | ||
Noncontrolling interests | 333 | 350 | ||
Total stockholders' equity | (84,619) | (87,902) | ||
Total liabilities and stockholders' equity | (136,061) | (133,919) | ||
Parent Issuer and Guarantor [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 29 | 4 | 19 | 83 |
Other current assets | 193 | 397 | ||
Property, plant and equipment, net | 277 | 263 | ||
Investments | 16 | 16 | ||
Goodwill | 15,089 | 15,087 | ||
Other non-current assets | 238 | 258 | ||
Deferred tax assets | 0 | 0 | ||
Total Assets | 56,449 | 53,724 | ||
Current portion of debt | 686 | 1,486 | ||
Other current liabilities | 294 | 319 | ||
Long-term debt | 13,835 | 11,833 | ||
Notes payable to affiliates | 2,493 | 2,619 | ||
Deferred income taxes | 2,131 | 2,099 | ||
All other long-term liabilities and deferred credits | 566 | 583 | ||
Total Liabilities | 21,277 | 19,648 | ||
Total KMI equity | 35,172 | 34,076 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 35,172 | 34,076 | ||
Total liabilities and stockholders' equity | 56,449 | 53,724 | ||
Subsidiary Issuer and Guarantor-KMP [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 15 | 79 | 88 |
Other current assets | 137 | 152 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments | 2 | 1 | ||
Goodwill | 22 | 22 | ||
Other non-current assets | 246 | 249 | ||
Deferred tax assets | 0 | 0 | ||
Total Assets | 54,224 | 55,020 | ||
Current portion of debt | 875 | 699 | ||
Other current liabilities | 432 | 498 | ||
Long-term debt | 20,012 | 20,564 | ||
Notes payable to affiliates | 448 | 153 | ||
Deferred income taxes | 0 | 0 | ||
All other long-term liabilities and deferred credits | 191 | 78 | ||
Total Liabilities | 34,329 | 33,941 | ||
Total KMI equity | 19,895 | 21,079 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 19,895 | 21,079 | ||
Total liabilities and stockholders' equity | 54,224 | 55,020 | ||
Subsidiary Issuer and Guarantor-Copano [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 1 |
Other current assets | 1 | 3 | ||
Property, plant and equipment, net | 0 | 5 | ||
Investments | 0 | 0 | ||
Goodwill | 920 | 920 | ||
Other non-current assets | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Total Assets | 2,823 | 2,850 | ||
Current portion of debt | 0 | 0 | ||
Other current liabilities | 9 | 12 | ||
Long-term debt | 382 | 386 | ||
Notes payable to affiliates | 661 | 753 | ||
Deferred income taxes | 2 | 2 | ||
All other long-term liabilities and deferred credits | 1 | 2 | ||
Total Liabilities | 1,296 | 1,270 | ||
Total KMI equity | 1,527 | 1,580 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 1,527 | 1,580 | ||
Total liabilities and stockholders' equity | 2,823 | 2,850 | ||
Subsidiaries Guarantors [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 14 | 17 | 2 | 17 |
Other current assets | 2,127 | 2,547 | ||
Property, plant and equipment, net | 31,752 | 29,490 | ||
Investments | 5,903 | 5,910 | ||
Goodwill | 5,744 | 5,419 | ||
Other non-current assets | 5,075 | 3,772 | ||
Deferred tax assets | 9,033 | 9,256 | ||
Total Assets | 91,615 | 88,267 | ||
Current portion of debt | 1,471 | 381 | ||
Other current liabilities | 1,971 | 1,812 | ||
Long-term debt | 6,481 | 6,599 | ||
Notes payable to affiliates | 24,472 | 22,437 | ||
Deferred income taxes | 0 | 0 | ||
All other long-term liabilities and deferred credits | 985 | 987 | ||
Total Liabilities | 39,336 | 33,767 | ||
Total KMI equity | 52,279 | 54,500 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 52,279 | 54,500 | ||
Total liabilities and stockholders' equity | 91,615 | 88,267 | ||
Subsidiary Non-Guarantors [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 120 | 279 | 263 | 409 |
Other current assets | 322 | 358 | ||
Property, plant and equipment, net | 8,557 | 8,806 | ||
Investments | 107 | 109 | ||
Goodwill | 3,190 | 3,206 | ||
Other non-current assets | 127 | 113 | ||
Deferred tax assets | 0 | 0 | ||
Total Assets | 16,560 | 17,107 | ||
Current portion of debt | 122 | 151 | ||
Other current liabilities | 646 | 1,024 | ||
Long-term debt | 689 | 715 | ||
Notes payable to affiliates | 1,361 | 1,240 | ||
Deferred income taxes | 1,491 | 1,504 | ||
All other long-term liabilities and deferred credits | 464 | 514 | ||
Total Liabilities | 5,309 | 6,014 | ||
Total KMI equity | 11,251 | 11,093 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 11,251 | 11,093 | ||
Total liabilities and stockholders' equity | 16,560 | 17,107 | ||
Consolidated KMI [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 163 | 315 | $ 363 | $ 598 |
Other current assets | 2,773 | 3,437 | ||
Property, plant and equipment, net | 40,586 | 38,564 | ||
Investments | 6,028 | 6,036 | ||
Goodwill | 24,965 | 24,654 | ||
Other non-current assets | 5,686 | 4,392 | ||
Deferred tax assets | 5,409 | 5,651 | ||
Total Assets | 85,610 | 83,049 | ||
Current portion of debt | 3,154 | 2,717 | ||
Other current liabilities | 3,345 | 3,645 | ||
Long-term debt | 41,399 | 40,097 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
All other long-term liabilities and deferred credits | 2,207 | 2,164 | ||
Total Liabilities | 50,105 | 48,623 | ||
Total KMI equity | 35,172 | 34,076 | ||
Noncontrolling interests | 333 | 350 | ||
Total stockholders' equity | 35,505 | 34,426 | ||
Total liabilities and stockholders' equity | 85,610 | 83,049 | ||
Affiliated Entity [Member] | Consolidating Adjustments [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other current assets | (18,376) | (15,190) | ||
Investments | (84,619) | (87,902) | ||
Other non-current assets | (29,435) | (27,202) | ||
Other current liabilities | (18,376) | (15,190) | ||
Affiliated Entity [Member] | Parent Issuer and Guarantor [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other current assets | 4,031 | 1,868 | ||
Investments | 32,013 | 31,372 | ||
Other non-current assets | 4,563 | 4,459 | ||
Other current liabilities | 1,272 | 709 | ||
Affiliated Entity [Member] | Subsidiary Issuer and Guarantor-KMP [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other current assets | 1,432 | 1,335 | ||
Investments | 30,062 | 33,414 | ||
Other non-current assets | 22,323 | 19,832 | ||
Other current liabilities | 12,371 | 11,949 | ||
Affiliated Entity [Member] | Subsidiary Issuer and Guarantor-Copano [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other current assets | 19 | 11 | ||
Investments | 1,883 | 1,911 | ||
Other non-current assets | 0 | 0 | ||
Other current liabilities | 241 | 115 | ||
Affiliated Entity [Member] | Subsidiaries Guarantors [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other current assets | 12,390 | 11,573 | ||
Investments | 17,358 | 17,868 | ||
Other non-current assets | 2,219 | 2,415 | ||
Other current liabilities | 3,956 | 1,551 | ||
Affiliated Entity [Member] | Subsidiary Non-Guarantors [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other current assets | 504 | 403 | ||
Investments | 3,303 | 3,337 | ||
Other non-current assets | 330 | 496 | ||
Other current liabilities | 536 | 866 | ||
Affiliated Entity [Member] | Consolidated KMI [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other current assets | 0 | 0 | ||
Investments | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Other current liabilities | $ 0 | $ 0 |
Guarantee of Securities of Su60
Guarantee of Securities of Subsidiaries Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | $ 2,538 | $ 2,203 |
Capital expenditures | (1,909) | (1,717) |
Contributions to investments | (45) | (103) |
Acquisitions of assets and investments | (1,864) | (961) |
Distributions from equity investments in excess of cumulative earnings | 114 | 90 |
Other, net | 15 | 16 |
Net cash used in investing activities | (3,744) | (2,707) |
Issuance of debt | 9,485 | 9,448 |
Payment of debt | (8,941) | (8,512) |
Debt issue costs | (20) | (29) |
Issuances of shares | 2,562 | 0 |
Cash dividends | (2,006) | (860) |
Payments for repurchases of shares and warrants | 5 | 192 |
Contributions from noncontrolling interests | 0 | 1,395 |
Distributions to noncontrolling interests | (16) | (976) |
Other, net | (1) | (1) |
Net cash provided by (used in) financing activities | 1,058 | 273 |
Effect of exchange rate changes on cash and cash equivalents | (4) | (4) |
Net increase (decrease) in cash and cash equivalents | (152) | (235) |
Cash and Cash Equivalents, beginning of period | 315 | 598 |
Cash and Cash Equivalents, end of period | 163 | 363 |
Consolidating Adjustments [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (5,306) | (3,661) |
Funding to affiliates | 11,228 | 8,543 |
Capital expenditures | 5 | 192 |
Contributions to investments | 0 | 82 |
Investment in KMP | 159 | 24 |
Drop down assets to KMP | 0 | |
Acquisitions of assets and investments | 0 | 0 |
Distributions from equity investments in excess of cumulative earnings | (258) | (317) |
Other, net | (5) | (192) |
Net cash used in investing activities | 11,129 | 8,332 |
Issuance of debt | 0 | 0 |
Payment of debt | 0 | 0 |
Funding from (to) affiliates | (11,228) | (8,543) |
Debt issue costs | 0 | 0 |
Issuances of shares | 0 | |
Cash dividends | 0 | 0 |
Payments for repurchases of shares and warrants | 0 | |
Repurchases of warrants | 0 | |
Contributions from parents | (159) | (1,499) |
Contributions from noncontrolling interests | 1,395 | |
Distributions to parents | 5,580 | 4,951 |
Distributions to noncontrolling interests | (16) | (976) |
Other, net | 0 | 1 |
Net cash provided by (used in) financing activities | (5,823) | (4,671) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents, beginning of period | 0 | 0 |
Cash and Cash Equivalents, end of period | 0 | 0 |
Parent Issuer and Guarantor [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (1,029) | 800 |
Funding to affiliates | (304) | (207) |
Capital expenditures | (23) | (21) |
Contributions to investments | 0 | 0 |
Investment in KMP | (159) | (24) |
Drop down assets to KMP | 875 | |
Acquisitions of assets and investments | (1,709) | 0 |
Distributions from equity investments in excess of cumulative earnings | 292 | 37 |
Other, net | 0 | 0 |
Net cash used in investing activities | (1,903) | 660 |
Issuance of debt | 9,485 | 2,565 |
Payment of debt | (8,598) | (3,173) |
Funding from (to) affiliates | 1,539 | 151 |
Debt issue costs | (20) | (15) |
Issuances of shares | 2,562 | |
Cash dividends | (2,006) | (860) |
Payments for repurchases of shares and warrants | 192 | |
Repurchases of warrants | (5) | |
Contributions from parents | 0 | 0 |
Contributions from noncontrolling interests | 0 | |
Distributions to parents | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 2,957 | (1,524) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 25 | (64) |
Cash and Cash Equivalents, beginning of period | 4 | 83 |
Cash and Cash Equivalents, end of period | 29 | 19 |
Subsidiary Issuer and Guarantor-KMP [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 5,190 | 1,297 |
Funding to affiliates | (6,486) | (4,075) |
Capital expenditures | 0 | 0 |
Contributions to investments | 0 | (82) |
Investment in KMP | 0 | 0 |
Drop down assets to KMP | (875) | |
Acquisitions of assets and investments | 0 | 0 |
Distributions from equity investments in excess of cumulative earnings | 0 | 278 |
Other, net | (2) | (1) |
Net cash used in investing activities | (6,488) | (4,755) |
Issuance of debt | 0 | 6,883 |
Payment of debt | (300) | (5,259) |
Funding from (to) affiliates | 3,906 | 2,664 |
Debt issue costs | 0 | (14) |
Issuances of shares | 0 | |
Cash dividends | 0 | 0 |
Payments for repurchases of shares and warrants | 0 | |
Repurchases of warrants | 0 | |
Contributions from parents | 156 | 1,360 |
Contributions from noncontrolling interests | 0 | |
Distributions to parents | (2,478) | (2,184) |
Distributions to noncontrolling interests | 0 | 0 |
Other, net | (1) | (1) |
Net cash provided by (used in) financing activities | 1,283 | 3,449 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (15) | (9) |
Cash and Cash Equivalents, beginning of period | 15 | 88 |
Cash and Cash Equivalents, end of period | 0 | 79 |
Subsidiary Issuer and Guarantor-Copano [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 72 | (87) |
Funding to affiliates | (2) | 0 |
Capital expenditures | (3) | (47) |
Contributions to investments | 0 | 0 |
Investment in KMP | 0 | 0 |
Drop down assets to KMP | 0 | |
Acquisitions of assets and investments | 0 | 0 |
Distributions from equity investments in excess of cumulative earnings | 0 | 0 |
Other, net | 5 | 192 |
Net cash used in investing activities | 0 | 145 |
Issuance of debt | 0 | 0 |
Payment of debt | 0 | 0 |
Funding from (to) affiliates | (72) | (59) |
Debt issue costs | 0 | 0 |
Issuances of shares | 0 | |
Cash dividends | 0 | 0 |
Payments for repurchases of shares and warrants | 0 | |
Repurchases of warrants | 0 | |
Contributions from parents | 0 | 0 |
Contributions from noncontrolling interests | 0 | |
Distributions to parents | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | (72) | (59) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | (1) |
Cash and Cash Equivalents, beginning of period | 0 | 1 |
Cash and Cash Equivalents, end of period | 0 | 0 |
Subsidiaries Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 3,637 | 3,058 |
Funding to affiliates | (4,081) | (3,248) |
Capital expenditures | (1,705) | (1,461) |
Contributions to investments | (45) | (103) |
Investment in KMP | 0 | 0 |
Drop down assets to KMP | 0 | |
Acquisitions of assets and investments | (210) | (993) |
Distributions from equity investments in excess of cumulative earnings | 80 | 92 |
Other, net | 8 | 21 |
Net cash used in investing activities | (5,953) | (5,692) |
Issuance of debt | 0 | 0 |
Payment of debt | (38) | (76) |
Funding from (to) affiliates | 5,358 | 5,264 |
Debt issue costs | 0 | 0 |
Issuances of shares | 0 | |
Cash dividends | 0 | 0 |
Payments for repurchases of shares and warrants | 0 | |
Repurchases of warrants | 0 | |
Contributions from parents | 3 | 96 |
Contributions from noncontrolling interests | 0 | |
Distributions to parents | (3,010) | (2,664) |
Distributions to noncontrolling interests | 0 | 0 |
Other, net | 0 | (1) |
Net cash provided by (used in) financing activities | 2,313 | 2,619 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (3) | (15) |
Cash and Cash Equivalents, beginning of period | 17 | 17 |
Cash and Cash Equivalents, end of period | 14 | 2 |
Subsidiary Non-Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (26) | 796 |
Funding to affiliates | (355) | (1,013) |
Capital expenditures | (183) | (380) |
Contributions to investments | 0 | 0 |
Investment in KMP | 0 | 0 |
Drop down assets to KMP | 0 | |
Acquisitions of assets and investments | 0 | 0 |
Distributions from equity investments in excess of cumulative earnings | 0 | 0 |
Other, net | 9 | (4) |
Net cash used in investing activities | (529) | (1,397) |
Issuance of debt | 0 | 0 |
Payment of debt | (5) | (4) |
Funding from (to) affiliates | 497 | 523 |
Debt issue costs | 0 | 0 |
Issuances of shares | 0 | |
Cash dividends | 0 | 0 |
Payments for repurchases of shares and warrants | 0 | |
Repurchases of warrants | 0 | |
Contributions from parents | 0 | 43 |
Contributions from noncontrolling interests | 0 | |
Distributions to parents | (92) | (103) |
Distributions to noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 400 | 459 |
Effect of exchange rate changes on cash and cash equivalents | (4) | (4) |
Net increase (decrease) in cash and cash equivalents | (159) | (146) |
Cash and Cash Equivalents, beginning of period | 279 | 409 |
Cash and Cash Equivalents, end of period | 120 | 263 |
Consolidated KMI [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 2,538 | 2,203 |
Funding to affiliates | 0 | 0 |
Capital expenditures | (1,909) | (1,717) |
Contributions to investments | (45) | (103) |
Investment in KMP | 0 | 0 |
Drop down assets to KMP | 0 | |
Acquisitions of assets and investments | (1,919) | (993) |
Distributions from equity investments in excess of cumulative earnings | 114 | 90 |
Other, net | 15 | 16 |
Net cash used in investing activities | (3,744) | (2,707) |
Issuance of debt | 9,485 | 9,448 |
Payment of debt | (8,941) | (8,512) |
Funding from (to) affiliates | 0 | 0 |
Debt issue costs | (20) | (29) |
Issuances of shares | 2,562 | |
Cash dividends | (2,006) | (860) |
Payments for repurchases of shares and warrants | 192 | |
Repurchases of warrants | (5) | |
Contributions from parents | 0 | 0 |
Contributions from noncontrolling interests | 1,395 | |
Distributions to parents | 0 | 0 |
Distributions to noncontrolling interests | (16) | (976) |
Other, net | (1) | (1) |
Net cash provided by (used in) financing activities | 1,058 | 273 |
Effect of exchange rate changes on cash and cash equivalents | (4) | (4) |
Net increase (decrease) in cash and cash equivalents | (152) | (235) |
Cash and Cash Equivalents, beginning of period | 315 | 598 |
Cash and Cash Equivalents, end of period | $ 163 | $ 363 |