Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 12, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-35081 | |
Entity Registrant Name | KINDER MORGAN, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0682103 | |
Entity Address, Address Line One | 1001 Louisiana Street | |
Entity Address, Address Line Two | Suite 1000 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 369-9000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,263,805,146 | |
Entity Central Index Key | 0001506307 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class P Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class P Common Stock | |
Trading Symbol | KMI | |
Security Exchange Name | NYSE | |
1.500% Senior Notes due 2022 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.500% Senior Notes due 2022 | |
Trading Symbol | KMI 22 | |
Security Exchange Name | NYSE | |
2.250% Senior Notes due 2027 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 2.250% Senior Notes due 2027 | |
Trading Symbol | KMI 27 A | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | ||||
Revenues | $ 3,214 | $ 3,428 | $ 6,643 | $ 6,846 |
Operating Costs, Expenses and Other | ||||
Costs of sales | 777 | 1,068 | 1,725 | 2,087 |
Operations and maintenance | 646 | 617 | 1,244 | 1,236 |
Depreciation, depletion and amortization | 579 | 571 | 1,172 | 1,141 |
General and administrative | 148 | 164 | 302 | 337 |
Taxes, other than income taxes | 103 | 85 | 221 | 173 |
(Gain) loss on impairments and divestitures, net | (10) | 653 | (10) | 653 |
Other income, net | (2) | (2) | (2) | (2) |
Total Operating Costs, Expenses and Other | 2,241 | 3,156 | 4,652 | 5,625 |
Operating Income | 973 | 272 | 1,991 | 1,221 |
Other Income (Expense) | ||||
Earnings from equity investments | 161 | 58 | 353 | 278 |
Amortization of excess cost of equity investments | (19) | (24) | (40) | (56) |
Interest, net | (452) | (516) | (912) | (983) |
Other, net | 13 | 34 | 23 | 70 |
Total Other Expense | (297) | (448) | (576) | (691) |
Income (Loss) Before Income Taxes | 676 | (176) | 1,415 | 530 |
Income Tax (Expense) Benefit | (148) | 46 | (320) | (118) |
Net Income (Loss) | 528 | (130) | 1,095 | 412 |
Net Income Attributable to Noncontrolling Interests | (10) | (11) | (21) | (29) |
Net Income (Loss) Attributable to Kinder Morgan, Inc. | 518 | (141) | 1,074 | 383 |
Preferred Stock Dividends | 0 | (39) | 0 | (78) |
Net Income (Loss) Available to Common Stockholders | $ 518 | $ (180) | $ 1,074 | $ 305 |
Class P Shares | ||||
Basic and Diluted Earnings (Loss) Per Common Share | $ 0.23 | $ (0.08) | $ 0.47 | $ 0.14 |
Basic and Diluted Weighted Average Common Shares Outstanding | 2,262 | 2,204 | 2,262 | 2,206 |
Dividends Per Common Share Declared for the Period | $ 0.25 | $ 0.20 | $ 0.50 | $ 0.40 |
Services | ||||
Revenues | ||||
Revenues | $ 2,011 | $ 1,984 | $ 4,047 | $ 3,951 |
Natural gas sales | ||||
Revenues | ||||
Revenues | 609 | 727 | 1,383 | 1,554 |
Product sales and other | ||||
Revenues | ||||
Revenues | $ 594 | $ 717 | $ 1,213 | $ 1,341 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 528 | $ (130) | $ 1,095 | $ 412 |
Other comprehensive income (loss), net of tax | ||||
Change in fair value of hedge derivatives (net of tax (expense) benefit of $(19), 24, $45 and $13, respectively) | 63 | (80) | (152) | (46) |
Reclassification of change in fair value of derivatives to net income (net of tax benefit (expense) of $6, $(24), $2 and $(19), respectively) | (18) | 83 | (5) | 67 |
Foreign currency translation adjustments (net of tax (expense) benefit of $(2), $9, $(7) and $21, respectively) | 13 | (48) | 23 | (113) |
Benefit plan adjustments (net of tax expense of $3, $2, $5 and $4, respectively) | 7 | 6 | 15 | 12 |
Total other comprehensive income (loss) | 65 | (39) | (119) | (80) |
Comprehensive income (loss) | 593 | (169) | 976 | 332 |
Comprehensive (income) loss attributable to noncontrolling interests | (15) | 5 | (20) | 11 |
Comprehensive income (loss) attributable to Kinder Morgan, Inc. | $ 578 | $ (164) | $ 956 | $ 343 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other comprehensive income (loss), net of tax | ||||
Change in fair value of hedge derivatives, tax (expense) benefit | $ (19) | $ 24 | $ 45 | $ 13 |
Reclassification of change in fair value of derivatives to net income, tax benefit (expense) | 6 | (24) | 2 | (19) |
Foreign currency translation adjustments, tax (expense) benefit | (2) | 9 | (7) | 21 |
Benefit plan adjustments, tax expense | $ (3) | $ (2) | $ (5) | $ (4) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 213 | $ 3,280 |
Restricted deposits | 36 | 51 |
Accounts receivable, net | 1,227 | 1,498 |
Fair value of derivative contracts | 110 | 260 |
Inventories | 450 | 385 |
Other current assets | 264 | 248 |
Total current assets | 2,300 | 5,722 |
Property, plant and equipment, net | 37,840 | 37,897 |
Investments | 8,124 | 7,481 |
Goodwill | 21,964 | 21,965 |
Other intangibles, net | 2,782 | 2,880 |
Deferred income taxes | 1,487 | 1,566 |
Deferred charges and other assets | 2,198 | 1,355 |
Total Assets | 76,695 | 78,866 |
Current Liabilities | ||
Current portion of debt | 3,054 | 3,388 |
Accounts payable | 900 | 1,337 |
Distributions payable to KML noncontrolling interests | 0 | 876 |
Accrued interest | 531 | 579 |
Accrued taxes | 298 | 483 |
Other current liabilities | 876 | 894 |
Total current liabilities | 5,659 | 7,557 |
Long-term debt | ||
Outstanding | 31,848 | 33,105 |
Preferred interest in general partner of KMP | 100 | 100 |
Debt fair value adjustments | 1,057 | 731 |
Total long-term debt | 33,005 | 33,936 |
Other long-term liabilities and deferred credits | 2,772 | 2,176 |
Total long-term liabilities and deferred credits | 35,777 | 36,112 |
Total Liabilities | 41,436 | 43,669 |
Commitments and contingencies (Notes 3, 10 and 11) | ||
Redeemable Noncontrolling Interest | 775 | 666 |
Stockholders’ Equity | ||
Class P shares, $0.01 par value, 4,000,000,000 shares authorized, 2,262,497,678 and 2,262,165,783 shares, respectively, issued and outstanding | 23 | 23 |
Additional paid-in capital | 41,734 | 41,701 |
Retained deficit | (7,671) | (7,716) |
Accumulated other comprehensive loss | (448) | (330) |
Total Kinder Morgan, Inc.’s stockholders’ equity | 33,638 | 33,678 |
Noncontrolling interests | 846 | 853 |
Total Stockholders’ Equity | 34,484 | 34,531 |
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | $ 76,695 | $ 78,866 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Stockholders’ Equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (in shares) | 2,262,497,678 | 2,262,165,783 |
Common stock, shares outstanding (in shares) | 2,262,497,678 | 2,262,165,783 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions, $ in Billions | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Cash Flows From Operating Activities | ||
Net income | $ 1,095 | $ 412 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation, depletion and amortization | 1,172 | 1,141 |
Deferred income taxes | 111 | 102 |
Amortization of excess cost of equity investments | 40 | 56 |
Change in fair market value of derivative contracts | (7) | 139 |
(Gain) loss on impairments and divestitures, net | (10) | 653 |
Earnings from equity investments | (353) | (278) |
Distributions from equity investment earnings | 257 | 237 |
Changes in components of working capital | ||
Accounts receivable, net | 279 | 116 |
Inventories | (73) | 6 |
Other current assets | 108 | (21) |
Accounts payable | (255) | (77) |
Accrued interest, net of interest rate swaps | (49) | (26) |
Accrued taxes | (195) | (30) |
Other current liabilities | (74) | (82) |
Other, net | 52 | 120 |
Net Cash Provided by Operating Activities | 2,098 | 2,468 |
Cash Flows From Investing Activities | ||
Acquisitions of assets and investments | (3) | (20) |
Capital expenditures | (1,178) | (1,473) |
Sales of assets and equity investments, net of working capital settlements | 80 | |
Proceeds from sales of equity investments | 33 | |
Sales of property, plant and equipment, net of removal costs | 3 | 6 |
Contributions to investments | (812) | (111) |
Distributions from equity investments in excess of cumulative earnings | 131 | 149 |
Loans to related party | (16) | (16) |
Net Cash Used in Investing Activities | (1,795) | (1,432) |
Cash Flows From Financing Activities | ||
Issuances of debt | 3,042 | 8,565 |
Payments of debt | (4,622) | (8,575) |
Debt issue costs | (6) | (31) |
Cash dividends - common shares | (1,024) | (719) |
Cash dividends - preferred shares | 0 | (78) |
Repurchases of common shares | (2) | (250) |
Contributions from investment partner | 109 | 97 |
Contributions from noncontrolling interests | 1 | 17 |
Distribution to noncontrolling interests - KML distribution of the TMPL sale proceeds | (879) | 0 |
Distributions to noncontrolling interests - other | (28) | (35) |
Other, net | (4) | (1) |
Net Cash Used in Financing Activities | (3,413) | (1,010) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Deposits | 28 | (5) |
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits | (3,082) | 21 |
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | 3,331 | 326 |
Cash and Cash Equivalents, beginning of period | 3,280 | 264 |
Restricted Deposits, beginning of period | 51 | 62 |
Cash and Cash Equivalents, end of period | 213 | 271 |
Restricted Deposits, end of period | 36 | 76 |
Cash, Cash Equivalents, and Restricted Deposits, end of period | 249 | 347 |
Non-cash Investing and Financing Activities | ||
ROU assets and operating lease obligations recognized (Note 10) | 743 | |
Increase in property, plant and equipment from both accruals and contractor retainage | 33 | |
Supplemental Disclosures of Cash Flow Information | ||
Cash paid during the period for interest (net of capitalized interest) | 952 | 954 |
Cash paid during the period for income taxes, net | $ 370 | $ 18 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained deficit | Accumulated other comprehensive loss | Stockholders’ equity attributable to KMI | Non-controlling interests |
Balance at Dec. 31, 2017 | $ 35,124 | $ 0 | $ 22 | $ 41,909 | $ (7,754) | $ (541) | $ 33,636 | $ 1,488 |
Impact of adoption of ASUs at Dec. 31, 2017 | 66 | 175 | (109) | 66 | ||||
Adjusted balance at Dec. 31, 2017 | 35,190 | $ 0 | $ 22 | 41,909 | (7,579) | (650) | 33,702 | 1,488 |
Balance (shares) at Dec. 31, 2017 | 2 | 2,217 | ||||||
Repurchase of shares | (250) | (250) | (250) | |||||
Repurchase of shares (shares) | (13) | |||||||
Restricted shares | 37 | 37 | 37 | |||||
Net income (loss) | 412 | 383 | 383 | 29 | ||||
Distributions | (44) | 0 | (44) | |||||
Contributions | 26 | 0 | 26 | |||||
Preferred stock dividends | (78) | (78) | (78) | |||||
Common stock dividends | (719) | (719) | (719) | |||||
Other comprehensive income (loss) | (80) | (40) | (40) | (40) | ||||
Balance at Jun. 30, 2018 | 34,494 | $ 0 | $ 22 | 41,696 | (7,993) | (690) | 33,035 | 1,459 |
Balance (shares) at Jun. 30, 2018 | 2 | 2,204 | ||||||
Balance at Mar. 31, 2018 | 35,129 | $ 0 | $ 22 | 41,677 | (7,371) | (667) | 33,661 | 1,468 |
Balance (shares) at Mar. 31, 2018 | 2 | 2,204 | ||||||
Restricted shares | 19 | 19 | 19 | |||||
Net income (loss) | (130) | (141) | (141) | 11 | ||||
Distributions | (23) | 0 | (23) | |||||
Contributions | 19 | 0 | 19 | |||||
Preferred stock dividends | (39) | (39) | (39) | |||||
Common stock dividends | (442) | (442) | (442) | |||||
Other comprehensive income (loss) | (39) | (23) | (23) | (16) | ||||
Balance at Jun. 30, 2018 | 34,494 | $ 0 | $ 22 | 41,696 | (7,993) | (690) | 33,035 | 1,459 |
Balance (shares) at Jun. 30, 2018 | 2 | 2,204 | ||||||
Balance at Dec. 31, 2018 | 34,531 | $ 23 | 41,701 | (7,716) | (330) | 33,678 | 853 | |
Impact of adoption of ASUs at Dec. 31, 2018 | (5) | (5) | (5) | |||||
Adjusted balance at Dec. 31, 2018 | 34,526 | $ 23 | 41,701 | (7,721) | (330) | 33,673 | 853 | |
Balance (shares) at Dec. 31, 2018 | 2,262 | |||||||
Repurchase of shares | (2) | (2) | (2) | |||||
Repurchase of shares (shares) | (0.1) | |||||||
Restricted shares | 35 | 35 | 35 | |||||
Net income (loss) | 1,095 | 1,074 | 1,074 | 21 | ||||
Distributions | (28) | 0 | (28) | |||||
Contributions | 1 | 0 | 1 | |||||
Common stock dividends | (1,024) | (1,024) | (1,024) | |||||
Other comprehensive income (loss) | (119) | (118) | (118) | (1) | ||||
Balance at Jun. 30, 2019 | 34,484 | $ 23 | 41,734 | (7,671) | (448) | 33,638 | 846 | |
Balance (shares) at Jun. 30, 2019 | 2,262 | |||||||
Balance at Mar. 31, 2019 | 34,455 | $ 23 | 41,716 | (7,620) | (508) | 33,611 | 844 | |
Balance (shares) at Mar. 31, 2019 | 2,262 | |||||||
Restricted shares | 18 | 18 | 18 | |||||
Net income (loss) | 528 | 518 | 518 | 10 | ||||
Distributions | (14) | 0 | (14) | |||||
Contributions | 1 | 0 | 1 | |||||
Common stock dividends | (569) | (569) | (569) | |||||
Other comprehensive income (loss) | 65 | 60 | 60 | 5 | ||||
Balance at Jun. 30, 2019 | $ 34,484 | $ 23 | $ 41,734 | $ (7,671) | $ (448) | $ 33,638 | $ 846 | |
Balance (shares) at Jun. 30, 2019 | 2,262 |
General (Notes)
General (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | 1. General Organization We are one of the largest energy infrastructure companies in North America. We own an interest in or operate approximately 84,000 miles of pipelines and 157 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO 2 and other products, and our terminals transload and store liquid commodities, including petroleum products, ethanol and chemicals, and bulk products, including petroleum coke, metals and ores. Basis of Presentation General Our reporting currency is U.S. dollars, and all references to “dollars” are U.S. dollars, unless stated otherwise. Our accompanying unaudited consolidated financial statements have been prepared under the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification (ASC), the single source of GAAP. In compliance with such rules and regulations, all significant intercompany items have been eliminated in consolidation. In our opinion, all adjustments, which are of a normal and recurring nature, considered necessary for a fair statement of our financial position and operating results for the interim periods have been included in the accompanying consolidated financial statements, and certain amounts from prior periods have been reclassified to conform to the current presentation. 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 2018 Form 10-K. The accompanying unaudited consolidated financial statements include our accounts and the accounts of our subsidiaries over which we have control or are the primary beneficiary. We evaluate our financial interests in business enterprises to determine if they represent variable interest entities where we are the primary beneficiary. If such criteria are met, we consolidate the financial statements of such businesses with those of our own. For a discussion of Accounting Standards Updates (ASU) we adopted on January 1, 2019, see Notes 5 and 10. Impairments and Losses on Divestitures, net During the three and six months ended June 30, 2018 , we recognized (i) a $600 million non-cash impairment loss associated with certain gathering and processing assets in Oklahoma within our Natural Gas Pipelines business segment; (ii) a $60 million non-cash impairment related to certain Terminal business segment assets; (iii) a non-cash impairment of $270 million of our equity investment in Gulf LNG Holdings Group, LLC (Gulf LNG) which is included in “Earnings from equity investments” in the accompanying consolidated statements of income for both the three and six months ended June 30, 2018 ; and (iv) a gain of $7 million related to miscellaneous asset dispositions. For additional information regarding our 2018 impairments and divestitures, see Note 4 to our consolidated financial statements included in our 2018 Form 10-K. We may identify additional triggering events requiring future evaluations of the recoverability of the carrying value of our long-lived assets, investments and goodwill. Because the carrying value of certain assets and investments were previously written down to fair value, any deterioration in fair value relative to our carrying value increases the likelihood of further impairments. Such non-cash impairments could have a significant effect on our results of operations, which would be recognized in the period in which the carrying value is determined to be not fully recoverable. Goodwill In addition to periodically evaluating long-lived assets for impairment based on changes in market conditions as discussed above, we evaluate goodwill for impairment on May 31 of each year. For this purpose, we have six reporting units as follows: (i) Products Pipelines (excluding associated terminals); (ii) Products Pipelines Terminals (evaluated separately from Products Pipelines for goodwill purposes); (iii) Natural Gas Pipelines Regulated; (iv) Natural Gas Pipelines Non-Regulated; (v) CO 2 ; and (vi) Terminals. The evaluation of goodwill for impairment involves a two-step test. The results of our May 31, 2019 annual step 1 impairment test indicated that for each of our reporting units, the reporting unit fair value exceeded the carrying value. A future period of volatile commodity prices could result in a deterioration of market multiples, comparable sales transactions prices, weighted average costs of capital and our cash flow estimates. Changes to any one or combination of these factors would result in a change to the reporting unit fair values discussed above, which could lead to future impairment charges. Such potential impairment could have a material effect on our results of operations. The fair value estimates used in step 1 of the goodwill test are based on Level 3 inputs of the fair value hierarchy. The level 3 inputs include valuation estimates using industry standard market and income approach valuation methodologies, which include assumptions primarily involving management’s significant judgments and estimates with respect to market multiples, comparable sales transactions prices, weighted average costs of capital, general economic conditions and the related demand for products handled or transported by our assets as well as assumptions regarding commodity prices, future cash flows based on rate and volume assumptions, terminal values and discount rates. We use primarily a market approach and, in some instances where deemed necessary, also use discounted cash flow analyses to determine the fair value of our assets. We use discount rates representing our estimate of the risk-adjusted discount rates that would be used by market participants specific to the particular reporting unit. Earnings per Share We calculate earnings per share using the two-class method. Earnings were allocated to Class P shares 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, which may be restricted stock or restricted stock units issued to employees and non-employee directors and include dividend equivalent payments, do not participate in excess distributions over earnings. The following table sets forth the allocation of net income available to shareholders of Class P shares and participating securities (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net Income (Loss) Available to Common Stockholders $ 518 $ (180 ) $ 1,074 $ 305 Participating securities: Less: Net Income allocated to restricted stock awards(a) (3 ) (2 ) (6 ) (3 ) Net Income (Loss) Allocated to Class P Stockholders $ 515 $ (182 ) $ 1,068 $ 302 Basic Weighted Average Common Shares Outstanding 2,262 2,204 2,262 2,206 Basic Earnings (Loss) Per Common Share $ 0.23 $ (0.08 ) $ 0.47 $ 0.14 ________ (a) As of June 30, 2019 , there were approximately 13 million restricted stock awards outstanding. The following maximum number of 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, 2019 2018 2019 2018 Unvested restricted stock awards 13 10 13 10 Convertible trust preferred securities 3 3 3 3 Mandatory convertible preferred stock(a) — 58 — 58 _______ (a) The holder of each convertible preferred share participated in our earnings by receiving preferred stock dividends through the mandatory conversion date of October 26, 2018, at which time our convertible preferred shares were converted to common shares. |
Divestiture (Notes)
Divestiture (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Acquisitions and Divestitures [Abstract] | |
Divestiture | 2. Divestiture Sale of Trans Mountain Pipeline System and Its Expansion Project On August 31, 2018, KML completed the sale of the TMPL, the TMEP, Puget Sound pipeline system and Kinder Morgan Canada Inc., the Canadian employer of our staff that operate the business, which were indirectly acquired by the Government of Canada through Trans Mountain Corporation (a subsidiary of the Canada Development Investment Corporation) for net cash consideration of C $4.43 billion (U.S. $3.4 billion ), net of working capital adjustments (TMPL Sale). Additionally, during the first quarter of 2019, KML settled the remaining C $37 million (U.S. $28 million ) of working capital adjustments, which amount is included in the accompanying consolidated statement of cash flows within “Sales of assets and equity investments, net of working capital settlements” for the six months ended June 30, 2019 and which we had substantially accrued for as of December 31, 2018. On January 3, 2019, KML distributed the net proceeds from the TMPL Sale to its shareholders as a return of capital. Public owners of KML’s restricted voting shares, reflected as noncontrolling interests by us, received approximately $0.9 billion (C $1.2 billion ), and most of our approximate 70% portion of the net proceeds of $1.9 billion (C $2.5 billion ) (after Canadian tax) were used to repay our outstanding commercial paper borrowings of $0.4 billion , and in February 2019, to pay down approximately $1.3 billion of maturing long-term debt. |
Debt (Notes)
Debt (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table provides additional information on the principal amount of our outstanding debt balances. The table amounts exclude all debt fair value adjustments, including debt discounts, premiums and issuance costs (in millions): June 30, 2019 December 31, 2018 Current portion of debt $500 million, 364-day credit facility due November 15, 2019 $ — $ — $4 billion credit facility due November 16, 2023 — — Commercial paper notes(a) 136 433 KML C$500 million credit facility, due August 31, 2022(b)(c) 27 — Current portion of senior notes 9.00%, due February 2019 — 500 2.65%, due February 2019 — 800 3.05%, due December 2019 1,500 1,500 6.85%, due February 2020 700 — 6.50%, due April 2020 535 — Trust I preferred securities, 4.75%, due March 2028 111 111 Current portion - Other debt 45 44 Total current portion of debt 3,054 3,388 Long-term debt (excluding current portion) Senior notes 31,133 32,380 EPC Building, LLC, promissory note, 3.967%, due 2018 through 2035 388 395 Kinder Morgan G.P. Inc., $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock, due August 2057 100 100 Trust I preferred securities, 4.75%, due March 2028 110 110 Other 217 220 Total long-term debt 31,948 33,205 Total debt(d) $ 35,002 $ 36,593 _______ (a) Weighted average interest rates on borrowings outstanding as of June 30, 2019 and December 31, 2018 were 2.62% and 3.10% , respectively. (b) Weighted average interest rate on borrowings outstanding as of June 30, 2019 was 3.41% . (c) Borrowings under the KML $500 million credit facility are denominated in C$ and are presented above in U.S. dollars. At June 30, 2019 , the exchange rate was 0.7641 U.S. dollars per C$. See “—Credit Facilities—KML ” below. (d) Excludes our “Debt fair value adjustments” which, as of June 30, 2019 and December 31, 2018 , increased our total debt balances by $1,057 million and $731 million , respectively. In addition to all unamortized debt discount/premium amounts, debt issuance costs and purchase accounting on our debt balances, our debt fair value adjustments also include amounts associated with the offsetting entry for hedged debt and any unamortized portion of proceeds received from the early termination of interest rate swap agreements. We and substantially all of our wholly owned domestic subsidiaries are parties to 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. For more information, see Note 13. Credit Facilities KMI As of June 30, 2019 , we had no borrowings outstanding under our credit facilities, $136 million outstanding under our $4 billion commercial paper program and $84 million in letters of credit. Our availability under these facilities as of June 30, 2019 was $4,280 million . As of June 30, 2019 , we were in compliance with all required covenants. KML As of June 30, 2019 , KML had C $35 million (U.S. $27 million ) of borrowings outstanding under its 4 -year, C$500 million unsecured revolving credit facility, due August 31, 2022, with C $459 million (U.S. $350 million ) available after further reducing the C $500 million (U.S. $382 million) capacity for the C $6 million (U.S. $5 million ) in letters of credit. Of the total C $6 million of letters of credit issued, approximately C$3 million are related to Trans Mountain for which it has issued a backstop letter of credit to KML. As of June 30, 2019 |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 4. Stockholders’ Equity Common Equity As of June 30, 2019 , our common equity consisted of our Class P common stock. For additional information regarding our Class P common stock, see Note 11 to our consolidated financial statements included in our 2018 Form 10-K. On July 19, 2017, our board of directors approved a $2 billion common share buy-back program that began in December 2017. During the six months ended June 30, 2019 , we settled repurchases of approximately 0.1 million of our Class P shares for approximately $2 million . Since December 2017, in total, we have repurchased approximately 29 million of our Class P shares under the program at an average price of approximately $18.18 per share for approximately $525 million . KMI Common Stock Dividends Holders of our common stock participate in common stock dividends 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, 2019 2018 2019 2018 Per common share cash dividend declared for the period $ 0.25 $ 0.20 $ 0.50 $ 0.40 Per common share cash dividend paid in the period $ 0.25 $ 0.20 $ 0.45 $ 0.325 On July 17, 2019, our board of directors declared a cash dividend of $0.25 per common share for the quarterly period ended June 30, 2019 , which is payable on August 15, 2019 to common shareholders of record as of the close of business on July 31, 2019. Noncontrolling Interests KML Distributions KML has a dividend policy pursuant to which it may pay a quarterly dividend on its restricted voting shares in an amount based on a portion of its DCF. For additional information regarding our KML distributions, see Note 11 to our consolidated financial statements included in our 2018 Form 10-K. On January 3, 2019, KML distributed approximately $0.9 billion of the net proceeds from the TMPL Sale to its restricted voting shareholders as a return of capital. On January 16, 2019, KML’s board of directors suspended KML’s dividend reinvestment plan, which was effective with the payment of the fourth quarter 2018 dividend on February 15, 2019, in light of KML’s reduced need for capital. During the three and six months ended June 30, 2019 , KML paid dividends to the public on its restricted voting shares of $5 million and $9 million , respectively, and on its Series 1 and Series 3 Preferred Shares of $6 million and $11 million , respectively. Adoption of Accounting Pronouncements On January 1, 2018, we adopted ASU No. 2017-05, “ Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets .” This ASU clarifies the scope and application of ASC 610-20 on contracts for the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales. This ASU also clarifies that the derecognition of all businesses is in the scope of ASC 810 and defines an “in substance nonfinancial asset.” We utilized the modified retrospective method to adopt the provisions of this ASU, which required us to apply the new standard to (i) all new contracts entered into after January 1, 2018, and (ii) to contracts that were not completed contracts as of January 1, 2018 through a cumulative adjustment to our “Retained deficit” balance. The cumulative effect of our adoption of this ASU was a $66 million , net of income taxes, adjustment to our beginning “Retained deficit” balance as presented in our consolidated statement of stockholders’ equity for the six months ended June 30, 2018 . This ASU also required us to classify EIG’s cumulative contribution to ELC as mezzanine equity, which we have included as “Redeemable noncontrolling interest” on our consolidated balance sheets as of June 30, 2019 and December 31, 2018 , as EIG has the right to redeem their interests for cash under certain conditions. On January 1, 2018, we adopted ASU No. 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income .” Our accounting policy for the release of stranded tax effects in accumulated other comprehensive income is on an aggregate portfolio basis. This ASU permits companies to reclassify the income tax effects of the 2017 Tax Reform on items within accumulated other comprehensive income to retained earnings. The FASB refers to these amounts as “stranded tax effects.” Only the stranded tax effects resulting from the 2017 Tax Reform are eligible for reclassification. Our adoption of this ASU resulted in a $109 million reclassification adjustment of stranded income tax effects from “Accumulated other comprehensive loss” to “Retained deficit” on our consolidated statement of stockholders’ equity for the six months ended June 30, 2018 . |
Risk Management (Notes)
Risk Management (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management | 5. 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 and net investments in foreign operations. Pursuant to our management’s approved risk management policy, we use derivative contracts to hedge or reduce our exposure to some of these risks. On January 1, 2019, we adopted ASU No. 2017-12, “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities .” The ASU better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. We applied ASU No. 2017-12 using a modified retrospective approach for cash flow and fair value hedges existing at the date of adoption and prospectively for the presentation and disclosure guidance. Our adoption of ASU No. 2017-12 did not have a material impact on our consolidated financial statements. Energy Commodity Price Risk Management As of June 30, 2019 , we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales: Net open position long/(short) Derivatives designated as hedging instruments Crude oil fixed price (18.7 ) MMBbl Crude oil basis (10.3 ) MMBbl Natural gas fixed price (56.4 ) Bcf Natural gas basis (35.2 ) Bcf NGL fixed price (0.7 ) MMBbl Derivatives not designated as hedging instruments Crude oil fixed price (0.7 ) MMBbl Crude oil basis (5.5 ) MMBbl Natural gas fixed price (1.7 ) Bcf Natural gas basis (31.5 ) Bcf NGL fixed price (2.1 ) MMBbl As of June 30, 2019 , 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 2023. Interest Rate Risk Management As of June 30, 2019 and December 31, 2018 , we had a combined notional principal amount of $10,225 million and $10,575 million , respectively, of fixed-to-variable interest rate swap agreements, all of which were designated as fair value hedges. All of our swap agreements effectively convert the interest expense associated with certain series of senior notes from fixed rates to variable rates based on an interest rate of the London Interbank Offered Rate (LIBOR) plus a spread and have termination dates that correspond to the maturity dates of the related series of senior notes. As of June 30, 2019 , the principal amount of hedged senior notes consisted of $2,200 million included in “Current portion of debt” and $8,025 million included in “Long-term debt” on our accompanying consolidated balance sheets. As of June 30, 2019 , the maximum length of time over which we have hedged a portion of our exposure to the variability in the value of debt due to interest rate risk is through March 15, 2035. During the three months ended June 30, 2019, we entered into a floating-to-fixed interest rate swap agreement with a notional principal amount of $250 million , which was designated as a cash flow hedge. This agreement effectively converts the interest expense associated with certain variable rate debt issuances from floating rates to fixed rates. As of June 30, 2019, the maximum length of time over which we have hedged a portion of our exposure to the variability in future interest payments is through January 15, 2023. Foreign Currency Risk Management As of both June 30, 2019 and December 31, 2018, we had a combined notional principal amount of $1,358 million of cross-currency swap agreements to manage the foreign currency risk related to our Euro-denominated senior notes 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 critical terms of the cross-currency swap agreements correspond to the related hedged senior notes. During the year ended December 31, 2018, we entered into foreign currency swap agreements with a combined notional principal amount of C$2,450 million (U.S. $1,888 million ). These swaps resulted in our selling fixed C$ and receiving fixed U.S.$, effectively hedging the foreign currency risk associated with a substantial portion of our share of the TMPL Sale proceeds which were held in Canadian dollar denominated accounts until KML’s board and shareholder-approved distribution of the proceeds was made on January 3, 2019. At such time, our share of the TMPL Sale proceeds were then transferred into a U.S. dollar denominated account, our exposure to foreign currency risk was eliminated, and our foreign currency swaps were settled. These foreign currency swaps were accounted for as net investment hedges as the foreign currency risk was related to our investment in Canadian dollar denominated foreign operations, and the critical risks of the forward contracts coincided with those of the net investment. As a result, the change in fair value of the foreign currency swaps while outstanding were reflected in the “Foreign currency translation adjustments” section of “Other comprehensive income (loss), net of tax” on our consolidated statements of comprehensive income. 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 Derivative Assets Derivative Liabilities June 30, December 31, June 30, December 31, Location Fair value Fair value Derivatives designated as hedging instruments Energy commodity derivative contracts Fair value of derivative contracts/(Other current liabilities) $ 59 $ 135 $ (81 ) $ (45 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 22 64 (11 ) — Subtotal 81 199 (92 ) (45 ) Interest rate contracts Fair value of derivative contracts/(Other current liabilities) 34 12 (7 ) (37 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 328 121 (1 ) (78 ) Subtotal 362 133 (8 ) (115 ) Foreign currency contracts Fair value of derivative contracts/(Other current liabilities) — 91 (21 ) (6 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 95 106 — — Subtotal 95 197 (21 ) (6 ) Total 538 529 (121 ) (166 ) Derivatives not designated as hedging instruments Energy commodity derivative contracts Fair value of derivative contracts/(Other current liabilities) 17 22 (5 ) (5 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) — — (2 ) — Total 17 22 (7 ) (5 ) Total derivatives $ 555 $ 551 $ (128 ) $ (171 ) Effect of Derivative Contracts on the Income Statement The following tables summarize the pre-tax impact of our derivative contracts in our accompanying consolidated statements of income and comprehensive income (in millions): Derivatives in fair value hedging relationships Location Gain/(loss) recognized in income Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest rate contracts Interest, net $ 208 $ (81 ) $ 336 $ (254 ) Hedged fixed rate debt(a) Interest, net $ (211 ) $ 77 $ (349 ) $ 245 _______ (a) As of June 30, 2019, the cumulative amount of fair value hedging adjustments to our hedged fixed rate debt was an increase of $355 million included in “Debt fair value adjustments” on our accompanying consolidated balance sheets. Derivatives in cash flow hedging relationships Gain/(loss) recognized in OCI on derivative(a) Location Gain/(loss) reclassified from Accumulated OCI into income(b) Three Months Ended June 30, Three Months Ended June 30, 2019 2018 2019 2018 Energy commodity derivative contracts $ 75 $ (23 ) Revenues—Natural gas sales $ 2 $ (5 ) Revenues—Product sales and other (9 ) (13 ) Costs of sales 10 — Interest rate contracts (1 ) 1 Earnings from equity investments(c) 2 (3 ) Foreign currency contracts 8 (58 ) Other, net 19 (62 ) Total $ 82 $ (80 ) Total $ 24 $ (83 ) Derivatives in cash flow hedging relationships Gain/(loss) recognized in OCI on derivative(a) Location Gain/(loss) reclassified from Accumulated OCI into income(b) Six Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Energy commodity derivative contracts $ (170 ) $ (40 ) Revenues—Natural gas sales $ 5 $ (5 ) Revenues—Product sales and other 1 (27 ) Costs of sales 11 — Interest rate contracts (1 ) 2 Earnings from equity investments(c) 2 (4 ) Foreign currency contracts (26 ) (8 ) Other, net (12 ) (31 ) Total $ (197 ) $ (46 ) Total $ 7 $ (67 ) _______ (a) We expect to reclassify an approximate $9 million gain associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of June 30, 2019 into earnings during the next twelve months (when the associated forecasted transactions are also expected to impact earnings); however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices. (b) During the three months ended June 30, 2019, we recognized a $12 million gain associated with a write-down of hedged inventory. All other amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred). (c) Amounts represent our share of an equity investee’s accumulated other comprehensive income (loss). Derivatives not designated as hedging instruments Location Gain/(loss) recognized in income on derivative Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Energy commodity derivative contracts Revenues—Natural gas sales $ 5 $ (1 ) $ 25 $ 2 Revenues—Product sales and other 9 (45 ) (1 ) (46 ) Costs of sales (1 ) 1 (3 ) 1 Earnings from equity investments(b) 2 — 2 — Total(a) $ 15 $ (45 ) $ 23 $ (43 ) _______ (a) The three and six months ended June 30, 2019 include an approximate loss of $6 million and gain of $2 million , respectively, and the three and six months ended June 30, 2018 include an approximate loss of $5 million and gain of $ 3 million , respectively. These gains and losses were associated with natural gas, crude and NGL derivative contract settlements. (b) Amounts represent our share of an equity investee’s income (loss). Credit Risks In conjunction with certain derivative contracts, we are required to provide collateral to our counterparties, which may include posting letters of credit or placing cash in margin accounts. As of June 30, 2019 and December 31, 2018 , we had no outstanding letters of credit supporting our commodity price risk management program. As of June 30, 2019 and December 31, 2018 , we had cash margins of $33 million and $16 million , respectively, posted by our counterparties with us as collateral and reported within “Other Current Liabilities” on our accompanying consolidated balance sheets. The balance at June 30, 2019 consisted of initial margin requirements of $10 million offset by variation margin requirements of $43 million . We also use industry standard commercial agreements that allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we generally utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty. 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, 2019 , based on our current mark-to-market positions and posted collateral, we estimate that if our credit rating were downgraded one notch we would not be required to post additional collateral. If we were downgraded two notches, we estimate that we would be required to post $29 million of 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 loss Balance as of December 31, 2018 $ 164 $ (91 ) $ (403 ) $ (330 ) Other comprehensive (loss) gain before reclassifications (152 ) 24 15 (113 ) Gains reclassified from accumulated other comprehensive loss (5 ) — — (5 ) Net current-period change in accumulated other comprehensive (loss) income (157 ) 24 15 (118 ) Balance as of June 30, 2019 $ 7 $ (67 ) $ (388 ) $ (448 ) 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, 2017 $ (27 ) $ (189 ) $ (325 ) $ (541 ) Other comprehensive (loss) gain before reclassifications (46 ) (73 ) 12 (107 ) Losses reclassified from accumulated other comprehensive loss 67 — — 67 Impact of adoption of ASU 2018-02 (Note 4) (4 ) (36 ) (69 ) (109 ) Net current-period change in accumulated other comprehensive income (loss) 17 (109 ) (57 ) (149 ) Balance as of June 30, 2018 $ (10 ) $ (298 ) $ (382 ) $ (690 ) |
Fair Value (Notes)
Fair Value (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
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 ASC (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, 2019 Energy commodity derivative contracts(a) $ 31 $ 67 $ — $ 98 $ (24 ) $ (43 ) $ 31 Interest rate contracts — 362 — 362 (5 ) — 357 Foreign currency contracts — 95 — 95 (21 ) — 74 As of December 31, 2018 Energy commodity derivative contracts(a) $ 28 $ 193 $ — $ 221 $ (39 ) $ (25 ) $ 157 Interest rate contracts — 133 — 133 (7 ) — 126 Foreign currency contracts — 197 — 197 (6 ) — 191 Balance sheet liability fair value measurements by level Net amount Level 1 Level 2 Level 3 Gross amount Contracts available for netting Collateral posted(b) As of June 30, 2019 Energy commodity derivative contracts(a) $ (5 ) $ (94 ) $ — $ (99 ) $ 24 $ — $ (75 ) Interest rate contracts — (8 ) — (8 ) 5 — (3 ) Foreign currency contracts — (21 ) — (21 ) 21 — — As of December 31, 2018 Energy commodity derivative contracts(a) $ (11 ) $ (39 ) $ — $ (50 ) $ 39 $ — $ (11 ) Interest rate contracts — (115 ) — (115 ) 7 — (108 ) Foreign currency contracts — (6 ) — (6 ) 6 — — _______ (a) Level 1 consists primarily of NYMEX natural gas futures. Level 2 consists primarily of OTC WTI swaps, NGL swaps and natural gas basis swaps. (b) Any cash collateral paid or received is reflected in this table, but only to the extent that such cash collateral represents variation margins. Any amount associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts, or those that are determined solely on their volumetric notional amounts, are excluded from this table. Fair Value of Financial Instruments The carrying value and estimated fair value of our outstanding debt balances are disclosed below (in millions): June 30, 2019 December 31, 2018 Carrying value Estimated fair value Carrying value Estimated fair value Total debt $ 36,059 $ 39,216 $ 37,324 $ 37,469 We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both June 30, 2019 and December 31, 2018 . |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenues The following tables present our revenues disaggregated by revenue source and type of revenue for each revenue source (in millions): Three Months Ended June 30, 2019 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total Revenues from contracts with customers(a) Services Firm services(b) $ 889 $ 84 $ 279 $ — $ (1 ) $ 1,251 Fee-based services 187 252 118 15 1 573 Total services revenues 1,076 336 397 15 — 1,824 Sales Natural gas sales 607 — — — (4 ) 603 Product sales 197 61 5 291 (10 ) 544 Total sales revenues 804 61 5 291 (14 ) 1,147 Total revenues from contracts with customers 1,880 397 402 306 (14 ) 2,971 Other revenues(c) 88 45 105 4 1 243 Total revenues $ 1,968 $ 442 $ 507 $ 310 $ (13 ) $ 3,214 Three Months Ended June 30, 2018 Natural Gas Pipelines Products Pipelines Terminals CO 2 Kinder Morgan Canada(d) Corporate and Eliminations Total Revenues from contracts with customers(a) Services Firm services(b) $ 826 $ 99 $ 263 $ — $ — $ (1 ) $ 1,187 Fee-based services 162 239 153 16 62 (1 ) 631 Total services revenues 988 338 416 16 62 (2 ) 1,818 Sales Natural gas sales 736 — — 1 — (1 ) 736 Product sales 327 124 4 318 — (10 ) 763 Total sales revenues 1,063 124 4 319 — (11 ) 1,499 Total revenues from contracts with customers 2,051 462 420 335 62 (13 ) 3,317 Other revenues(c) 56 41 95 (85 ) 3 1 111 Total revenues $ 2,107 $ 503 $ 515 $ 250 $ 65 $ (12 ) $ 3,428 Six Months Ended June 30, 2019 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total Revenues from contracts with customers(a) Services Firm services(b) $ 1,819 $ 164 $ 529 $ — $ (2 ) $ 2,510 Fee-based services 379 487 266 31 — 1,163 Total services revenues 2,198 651 795 31 (2 ) 3,673 Sales Natural gas sales 1,361 — — 1 (6 ) 1,356 Product sales 437 127 7 559 (16 ) 1,114 Total sales revenues 1,798 127 7 560 (22 ) 2,470 Total revenues from contracts with customers 3,996 778 802 591 (24 ) 6,143 Other revenues(c) 173 88 214 24 1 500 Total revenues $ 4,169 $ 866 $ 1,016 $ 615 $ (23 ) $ 6,643 Six Months Ended June 30, 2018 Natural Gas Pipelines Products Pipelines Terminals CO 2 Kinder Morgan Canada(d) Corporate and Eliminations Total Revenues from contracts with customers(a) Services Firm services(b) $ 1,671 $ 191 $ 519 $ 1 $ — $ (2 ) $ 2,380 Fee-based services 326 460 297 33 126 — 1,242 Total services revenues 1,997 651 816 34 126 (2 ) 3,622 Sales Natural gas sales 1,564 — — 1 — (3 ) 1,562 Product sales 546 216 7 635 — (17 ) 1,387 Total sales revenues 2,110 216 7 636 — (20 ) 2,949 Total revenues from contracts with customers 4,107 867 823 670 126 (22 ) 6,571 Other revenues(c) 126 78 187 (116 ) — — 275 Total revenues $ 4,233 $ 945 $ 1,010 $ 554 $ 126 $ (22 ) $ 6,846 _______ (a) Differences between the revenue classifications presented on the consolidated statements of income and the categories for the disaggregated revenues by type of revenue above are primarily attributable to revenues reflected in the “Other revenues” category above (see note (c) below). (b) Includes non-cancellable firm service customer contracts with take-or-pay or minimum volume commitment elements, including those contracts where both the price and quantity are fixed. Excludes service contracts with index-based pricing, which along with revenues from other customer service contracts are reported as Fee-based services. (c) Amounts recognized as revenue under guidance prescribed in Topics of the ASC other than in Topic 606 and primarily include leases and derivatives. See Notes 5 and 10 for additional information related to our derivative contracts and lessor contracts, respectively. (d) On August 31, 2018, the assets comprising the Kinder Morgan Canada business segment were sold; therefore, this segment does not have results of operations on a prospective basis (see Note 2). Contract Balances Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. The following table presents the activity in our contract assets and liabilities (in millions): Six Months Ended June 30, 2019 Contract Assets Balance at December 31, 2018(a) $ 24 Additions 52 Transfer to Accounts receivable (20 ) Other (1 ) Balance at June 30, 2019(b) $ 55 Contract Liabilities Balance at December 31, 2018(c) $ 292 Additions 203 Transfer to Revenues (193 ) Other(d) 1 Balance at June 30, 2019(e) $ 303 _______ (a) Includes current and non-current balances of $14 million and $10 million , respectively. (b) Includes current and non-current balances of $45 million and $10 million , respectively. (c) Includes current and non-current balances of $80 million and $212 million , respectively. (d) Includes foreign currency translation adjustments. (e) Includes current and non-current balances of $84 million and $219 million , respectively. Revenue Allocated to Remaining Performance Obligations The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of June 30, 2019 that we will invoice or transfer from contract liabilities and recognize in future periods (in millions): Year Estimated Revenue Six months ended December 31, 2019 $ 2,555 2020 4,602 2021 3,884 2022 3,250 2023 2,717 Thereafter 15,299 Total $ 32,307 Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to service or commodity sale customer contracts which have fixed pricing and fixed volume terms and conditions, generally including contracts with take-or-pay or minimum volume commitment payment obligations. Our contractually committed revenue amounts generally exclude remaining performance obligations for (i) contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct service that forms part of a series of distinct services; (ii) contracts with an original expected duration of one year or less; and (iii) contracts for which we recognize revenue at the amount for which we have the right to invoice for services performed. |
Reportable Segments (Notes)
Reportable Segments (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segments | Reportable Segments For segment reporting purposes, effective January 1, 2019, certain assets were transferred among our business segments. As a result, individual segment results for the three and six months ended June 30, 2018 and balances as of December 31, 2018 have been reclassified to conform to the current presentation in the following tables. Financial information by segment follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues Natural Gas Pipelines Revenues from external customers $ 1,956 $ 2,095 $ 4,148 $ 4,211 Intersegment revenues 12 12 21 22 Products Pipelines 442 503 866 945 Terminals Revenues from external customers 506 514 1,014 1,009 Intersegment revenues 1 1 2 1 CO 2 310 250 615 554 Kinder Morgan Canada(a) — 65 — 126 Corporate and intersegment eliminations (13 ) (12 ) (23 ) (22 ) Total consolidated revenues(b) $ 3,214 $ 3,428 $ 6,643 $ 6,846 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Segment EBDA(c) Natural Gas Pipelines $ 1,088 $ 310 $ 2,291 $ 1,438 Products Pipelines 307 321 583 587 Terminals 290 275 589 571 CO 2 196 157 394 356 Kinder Morgan Canada(a) — 46 (2 ) 92 Total Segment EBDA(d) 1,881 1,109 3,855 3,044 DD&A (579 ) (571 ) (1,172 ) (1,141 ) Amortization of excess cost of equity investments (19 ) (24 ) (40 ) (56 ) General and administrative and corporate charges (155 ) (174 ) (316 ) (334 ) Interest, net (452 ) (516 ) (912 ) (983 ) Income tax (expense) benefit (148 ) 46 (320 ) (118 ) Total consolidated net income (loss) $ 528 $ (130 ) $ 1,095 $ 412 June 30, 2019 December 31, 2018 Assets Natural Gas Pipelines $ 50,750 $ 50,261 Products Pipelines 9,543 9,598 Terminals 9,963 9,415 CO 2 3,729 3,928 Corporate assets(e) 2,710 5,664 Total consolidated assets(f) $ 76,695 $ 78,866 _______ (a) On August 31, 2018, the assets comprising the Kinder Morgan Canada business segment were sold; therefore, this segment does not have results of operations on a prospective basis (see Note 2). (b) Revenues previously reported (before reclassifications) for the three months ended June 30, 2018 were $2,166 million , $442 million , $513 million and $(8) million and for the six months ended June 30, 2018 were $4,332 million , $841 million , $1,006 million and $(13) million for the Natural Gas Pipelines, Products Pipelines and Terminals business segments, and the Corporate and intersegment eliminations, respectively. (c) Includes revenues, earnings from equity investments, other, net, less operating expenses, (gain) loss on impairments and divestitures, net, and other income, net. (d) Segment EBDA previously reported (before reclassifications) for the three months ended June 30, 2018 were $313 million , $319 million and $274 million and for the six months ended June 30, 2018 were $1,449 million , $578 million and $569 million for the Natural Gas Pipelines, Product Pipelines and Terminals business segments, respectively. (e) Includes cash and cash equivalents, margin and restricted deposits, certain prepaid assets and deferred charges, including income tax related assets, risk management assets related to debt fair value adjustments, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as information technology, telecommunications equipment and legacy activity) not allocated to our reportable segments. (f) Assets previously reported as of December 31, 2018 were $51,562 million , $8,429 million and $9,283 million for the Natural Gas Pipelines, Products Pipelines and Terminals business segments, respectively. The reclassification included a transfer of $450 million of goodwill from the Natural Gas Pipelines Non-Regulated reporting unit to the Product Pipelines reporting unit. |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes Income tax expense (benefit) 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, 2019 2018 2019 2018 Income tax expense (benefit) $ 148 $ (46 ) $ 320 $ 118 Effective tax rate 21.9 % 26.1 % 22.6 % 22.3 % The effective tax rate for the three and six months ended June 30, 2019 is higher than the statutory federal rate of 21% primarily due to state and foreign income taxes, partially offset by dividend-received deductions from our investments in Citrus Corporation (Citrus), NGPL Holdings LLC and Plantation Pipe Line Company (Plantation). The effective tax rate for the three months ended June 30, 2018 is higher than the statutory federal rate of 21% primarily due to the reduction in our reserves for uncertain tax positions as a result of the settlement of our 2011 – 2014 federal tax audit reducing our income tax expense. The effective tax rate for the six months ended June 30, 2018 is higher than the statutory federal rate of 21% primarily due to state and foreign income taxes, partially offset by dividend-received deductions from our investments in Citrus and Plantation and the reduction in our reserves for uncertain tax positions as a result of the settlement of our 2011 – 2014 federal tax audit reducing our income tax expense. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases: Lessee | 10. Leases Effective January 1, 2019, we adopted ASU No. 2016-02, “ Leases (Topic 842) ” and the series of related Accounting Standards Updates that followed (collectively referred to as “Topic 842”). The most significant changes under the new guidance include clarification of the definition of a lease, and the requirements for lessees to recognize a ROU asset and a lease liability for all qualifying leases with terms longer than twelve months in the consolidated balance sheet. In addition, under Topic 842, additional disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. We elected the practical expedient available to us under ASU 2018-11 “ Leases: Targeted Improvements ” which allows us to apply the transition provision for Topic 842 at our adoption date instead of at the earliest comparative period presented in our financial statements. Therefore, we recognized and measured leases existing at January 1, 2019 but without retrospective application. In addition, we elected the optional practical expedient permitted under the transition guidance related to land easements which allows us to carry forward our historical accounting treatment for land easements on existing agreements upon adoption. We also elected all other available practical expedients except the hindsight practical expedient. The impact of Topic 842 on our consolidated balance sheet beginning January 1, 2019 was through the recognition of ROU assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. Our finance leases were immaterial prior to the adoption of Topic 842, and no change was made to the classification for these leases. Amounts recognized at January 1, 2019 for operating leases were as follows (in millions): January 1, 2019 ROU assets $ 696 Short-term lease liability 52 Long-term lease liability 644 No impact was recorded to the income statement or beginning retained earnings for Topic 842. Lessee We lease property including corporate and field offices and facilities, vehicles, heavy work equipment including rail cars and large trucks, tanks, office equipment and land. Our leases have remaining lease terms of one to 34 years, some of which have options to extend or terminate the lease. We determine if an arrangement is a lease at inception. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Beginning January 1, 2019, operating ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Operating leases in effect prior to January 1, 2019 were recognized at the present value of the remaining payments on the remaining lease term as of January 1, 2019. Leases with variable rate adjustments, such as Consumer Price Index (CPI) adjustments, were reflected based on contractual lease payments as outlined within the lease agreement and not adjusted for any CPI increases or decreases. Because most of our leases do not provide an explicit rate of return, we use our incremental secured borrowing rate based on lease term information available at the commencement date of the lease in determining the present value of lease payments. We have real estate lease agreements with lease and non-lease components, which are accounted for separately, while for the remainder of our agreements we have elected the practical expedient to account for lease and non-lease components as a single lease component. For certain equipment leases, such as copiers and vehicles, we account for the leases under a portfolio method. Leases that were grandfathered under various portions of Topic 842, such as land easements, are reassessed when agreements are modified. Following are components of our lease cost (in millions): Six Months Ended June 30, 2019 Operating leases $ 71 Short-term and variable leases 41 Total lease cost(a) $ 112 _______ (a) Includes $20 million of capitalized lease costs. Other information related to our operating leases are as follows (in millions, except lease term and discount rate): Six Months Ended June 30, 2019 Operating cash flows from operating leases $ (92 ) Investing cash flows from operating leases (20 ) ROU assets obtained in exchange for operating lease obligations, net of retirements adjusted for currency conversion 54 Amortization of ROU assets 37 Weighted average remaining lease term 16.74 years Weighted average discount rate 5.92 % Amounts recognized in the accompanying consolidated balance sheet are as follows (in millions): Lease Activity Balance sheet location June 30, 2019 ROU assets Deferred charges and other assets $ 713 Short-term lease liability Other current liabilities 51 Long-term lease liability Other long-term liabilities and deferred credits 662 Finance lease assets Property, plant and equipment, net 2 Finance lease liabilities Long-term debt—Outstanding 2 Operating lease liabilities under non-cancellable leases (excluding short-term leases) as of June 30, 2019 are as follows (in millions): Six months ended December 31, 2019 $ 49 2020 84 2021 76 2022 71 2023 65 Thereafter 825 Total lease payments(a) 1,170 Less: Interest (457 ) Present value of lease liabilities $ 713 _______ (a) Amount excludes future minimum rights-of-way obligations (ROW) as they do not constitute a lease obligation. The amounts in our future minimum ROW obligations as presented in the table below have not materially changed since December 31, 2018. Undiscounted future gross minimum operating lease payments and ROW obligations as of December 31, 2018 are as follows (in millions): Leases ROW Total(a) 2019 $ 90 $ 25 $ 115 2020 75 25 100 2021 70 25 95 2022 65 26 91 2023 59 25 84 Thereafter 771 88 859 Total payments $ 1,130 $ 214 $ 1,344 _______ (a) This table has been revised from the previously reported December 31, 2018 future gross minimum rental commitments under our operating leases and ROW obligations table in our 2018 Form 10-K to (i) separately present lease and ROW obligations and (ii) to correct amounts previously reported to include an additional $482 million of undiscounted future lease payments, primarily in the “Thereafter” amount associated with the 2018 extension of the Edmonton South tank lease through December 2038. Short-term lease costs are not material to us and are anticipated to be similar to the current year short-term lease expense outlined in this disclosure. |
Leases: Lessor | Lessor Our assets that we lease to others under operating leases consists primarily of specific facilities where one customer obtains substantially all of the economic benefit from the asset and has the right to direct the use of that asset. These leases primarily consist of specific tanks, treating and gas equipment and pipelines with separate control locations. Our leases have remaining lease terms of one to 32 years, some of which have options to extend the lease for up to an additional 25 years, and some of which may include options to terminate the lease within one year . We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset. Lease income for the three and six months ended June 30, 2019 totaled $216 million and $434 million , respectively, including a significant amount of variable lease payments that is excluded from the following disclosure as the amounts cannot be reasonably estimated for future periods. Future minimum operating lease payments to be received based on contractual agreements are as follows (in millions): June 30, 2019 2019 (six months ended December 31, 2019) $ 197 2020 365 2021 348 2022 334 2023 304 Thereafter 3,668 Total $ 5,216 Options for a lessee to renew the agreement are not included as part of future minimum operating lease revenues. We elected the practical expedient available to us to not separate lease and non-lease components under these agreements. Any modification of a lease will result in a reevaluation of the lease classification. |
Litigation, Environmental and O
Litigation, Environmental and Other Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
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 or certain predecessor operations 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 and insurance, 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. FERC Proceedings FERC Rulemaking on Tax Cuts and Jobs Act for Jurisdictional Natural Gas Pipelines In July 2018, the FERC issued an order requiring an informational filing by interstate natural gas pipelines on a new Form 501-G, evaluating the impact of the 2017 Tax Reform and the Revised Tax Policy on tax allowances for the pipelines. KMI and certain of its pipeline affiliates successfully worked with their shippers to achieve settlements without the need for litigation or any additional intervention by the FERC. The FERC has approved settlements filed by EPNG, SNG, TGP and Young Gas Storage, and a settlement filed on Bear Creek Storage Company, L.L.C. is pending approval. The FERC has terminated all but two of the remaining 501-G proceedings without taking further action. The two remaining 501-G proceedings relate to systems under rate moratoriums. Accordingly, the vast majority of KMI’s 501-G exposure has been resolved. FERC Inquiry Regarding the Commission’s Policy for Determining Return on Equity On March 21, 2019, the FERC issued a notice of inquiry (NOI) seeking comments regarding whether the FERC should revise its policies for determining the base return on equity (ROE) used in setting cost of service rates charged by jurisdictional public utilities and interstate natural gas and liquids pipelines. The NOI seeks comment on whether any aspects of the existing methodologies used by the FERC to set an ROE for a regulated entity should be changed, whether the ROE methodology should be the same across all three industries, and whether alternative methodologies should be considered. Initial comments were filed on June 26, 2019 by industry groups, pipeline companies, and shippers. There will be a round of reply comments before further action is taken by FERC. SFPP The tariffs and rates charged by SFPP are subject to a number of ongoing shipper-initiated proceedings at the FERC. These include IS08-390, filed in June 2008, in which various shippers are challenging SFPP’s West Line rates (currently on appeal to the D.C. Circuit Court); IS09-437, filed in July 2009, in which various shippers are challenging SFPP’s East Line rates (currently before the FERC on rehearing); OR11-13/16/18, filed in June 2011, in which various shippers are seeking to challenge SFPP’s North Line, Oregon Line, and West Line rates (not yet been set for hearing by the FERC); OR14-35/36, filed in June 2014, in which various shippers are challenging SFPP’s index increases in 2012 and 2013 (dismissed by the FERC, but remanded back to the FERC from the D.C. Circuit for further consideration); OR16-6, filed in December 2015, in which various shippers are challenging SFPP’s East line rates (pending before the FERC for an order on the initial decision); and OR19-21, filed in April 2019, in which various shippers are challenging SFPP’s index increases in 2018 (currently pending before the FERC for an order on the complaints). 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 some of these proceedings shippers have challenged the overall rate being charged by SFPP, and in others the shippers have challenged SFPP’s index-based rate increases. 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 SFPP may include in its rates. If the shippers prevail on their arguments or claims, they are entitled to seek reparations (which may reach back up to two years prior to the filing date 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. Per order of the FERC, in May 2019 SFPP paid refunds to shippers in the IS08-390 proceeding based on the denial of an income tax allowance. With respect to the various SFPP related complaints and protest proceedings at the FERC, we estimate that the shippers are seeking approximately $30 million in annual rate reductions and approximately $330 million in refunds. Management believes SFPP has meritorious arguments supporting SFPP’s rates and intends to vigorously defend SFPP against these complaints and protests. However, to the extent the shippers are successful in one or more of the complaints or protest proceedings, SFPP estimates that applying the principles of FERC precedent, as applicable, as well as the compliance filing methodology recently approved by the FERC to pending SFPP cases would result in rate reductions and refunds substantially lower than those sought by the shippers. 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. The 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. All refund obligations related to the 2008 rate case were satisfied in 2015. EPNG sought federal appellate review of Opinion 517-A. On February 21, 2017, the reviewing court delayed the case until the FERC ruled on the rehearing requests pending in the 2010 Rate Case. With respect to the 2010 rate case, the FERC issued its decision (Opinion 528-A) on February 18, 2016. The FERC generally upheld its prior determinations, affirmed prior findings of an Administrative Law Judge that certain shippers qualify for lower rates, and required EPNG to file revised pro forma recalculated rates consistent with the terms of Opinions 517-A and 528-A. On May 3, 2018, the FERC issued Opinion 528-B upholding its decisions in Opinion 528-A and requiring EPNG to implement the rates required by its rulings and provide refunds within 60 days. On July 2, 2018, EPNG reported to the FERC the refund calculations, and that the refunds had been provided as ordered. Also on July 2, 2018, EPNG initiated appellate review of Opinions 528, 528-A and 528-B. On August 23, 2018, the reviewing court established a briefing schedule and consolidated EPNG’s delayed appeal from the 2008 rate case, EPNG’s appeal from the 2010 rate case, and the intervenors’ delayed appeal in the 2010 case. In accordance with that schedule, all briefing was completed by April 29, 2019. Other Commercial Matters Gulf LNG Facility Arbitration On March 1, 2016, Gulf LNG Energy, LLC and Gulf LNG Pipeline, LLC (GLNG) received a Notice of Arbitration from Eni USA Gas Marketing LLC (Eni USA), one of two companies that entered into a terminal use agreement for capacity of the Gulf LNG Facility in Mississippi for an initial term that was not scheduled to expire until the year 2031. Eni USA is an indirect subsidiary of Eni S.p.A., a multi-national integrated energy company headquartered in Milan, Italy. Pursuant to its Notice of Arbitration, Eni USA sought declaratory and monetary relief based upon its assertion that (i) the terminal use agreement should be terminated because changes in the U.S. natural gas market since the execution of the agreement in December 2007 have “frustrated the essential purpose” of the agreement and (ii) activities allegedly undertaken by affiliates of Gulf LNG Holdings Group LLC “in connection with a plan to convert the LNG Facility into a liquefaction/export facility have given rise to a contractual right on the part of Eni USA to terminate” the agreement. On June 29, 2018, the arbitration panel delivered its Award, and the panel's ruling called for the termination of the agreement and Eni USA's payment of compensation to GLNG. The Award resulted in our recording a net loss in the second quarter of 2018 of our equity investment in GLNG due to a non-cash impairment of our investment in GLNG partially offset by our share of earnings recognized by GLNG. On September 25, 2018, GLNG filed a lawsuit against Eni USA in the Delaware Court of Chancery to enforce the Award. On February 1, 2019, the Court of Chancery issued a Final Order and Judgment confirming the Award, which was paid by Eni USA on February 20, 2019. On September 28, 2018, GLNG filed a lawsuit against Eni S.p.A. in the Supreme Court of the State of New York in New York County to enforce a Guarantee Agreement entered into by Eni S.p.A. in connection with the terminal use agreement. On December 12, 2018, Eni S.p.A. filed a counterclaim seeking unspecified damages from GLNG. On June 3, 2019, Eni USA filed a second Notice of Arbitration against GLNG asserting the same breach of contract claim that had been asserted in the first arbitration and alleging that GLNG negligently misrepresented certain facts or contentions in the first arbitration. By its second Notice of Arbitration, Eni USA seeks to recover as damages some or all of the payments made by Eni USA to satisfy the Final Order and Judgment of the Delaware Court of Chancery. In response to the second Notice of Arbitration, GLNG filed a complaint with the Delaware Court of Chancery together with a motion seeking to permanently enjoin the arbitration. Oral argument on GLNG’s complaint and related motion will occur in August 2019, and all deadlines in the Second Arbitration have been stayed until September 2019. GLNG intends to continue to vigorously prosecute and defend all of the foregoing proceedings. 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. All of the cases have been settled or dismissed, including a Wisconsin class action lawsuit pending in a U.S. District Court in Nevada, in which approximately $300 million in damages plus interest was alleged against all defendants and in which a settlement in principal has been reached that will require class notice and final court approval in 2019. The amount to be paid in settlement of this matter is not material to our results of operations, cash flows or dividends to shareholders. 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, 2019 and December 31, 2018, our total reserve for legal matters was $215 million and $207 million , respectively. 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 laws 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, including alleged violations of the Risk Management Program and leak detection and repair requirements of the Clean Air Act. As we receive notices of non-compliance, we attempt to negotiate and settle such matters where appropriate. These alleged violations may result in fines and penalties, but we do not believe any such fines and penalties, individually or in the aggregate, will be material. 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 remediation. In addition, we are involved with and have been identified as a potentially responsible party (PRP) 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 On January 6, 2017, the EPA issued a Record of Decision (ROD) that established a final remedy and cleanup plan for an industrialized area on the lower reach of the Willamette River commonly referred to as the Portland Harbor Superfund Site. The cost for the final remedy is estimated by the EPA to be approximately $1.1 billion and active cleanup is expected to take as long as 13 years to complete. KMLT, KMBT, and 90 other PRPs identified by the EPA are involved in a non-judicial allocation process to determine each party’s respective share of the cleanup costs related to the final remedy set forth by the ROD. We are participating in the allocation process on behalf of KMLT (in connection with its ownership or operation of two facilities acquired from GATX Terminals Corporation) and KMBT (in connection with its ownership or operation of two facilities). Our share of responsibility for Portland Harbor Superfund Site costs will not be determined until the ongoing non-judicial allocation process is concluded in several years or a lawsuit is filed that results in a judicial decision allocating responsibility. Until the allocation process is completed, we are unable to reasonably estimate the extent of our liability for the costs related to the design of the proposed remedy and cleanup of the site. In addition to CERCLA cleanup costs, we are reviewing and will attempt to settle, if possible, natural resource damage (NRD) claims asserted by state and federal trustees following their natural resource assessment of the site. At this time, we are unable to reasonably estimate the extent of our potential NRD liability. Uranium Mines in Vicinity of Cameron, Arizona In the 1950s and 1960s, Rare Metals Inc., a historical subsidiary of EPNG, mined approximately 20 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 PRP 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 is conducting a radiological assessment of the surface of the mines and the immediate vicinity. On September 3, 2014, EPNG filed a complaint in the U.S. District Court for the District of Arizona seeking cost recovery and contribution from the applicable federal government agencies toward the cost of environmental activities associated with the mines, given the U.S. is the owner of the Navajo Reservation, the U.S.’s exploration and reclamation activities at the mines, and the pervasive control of such federal agencies over all aspects of the nuclear weapons program. After a trial which concluded in March 2019, the U.S. District Court issued an order on April 16, 2019 that allocated 35% of past and future response costs to the government. The decision was not appealed by any party. The decision does not provide or establish the scope of a remedial plan with respect to the sites, nor does it establish the total cost for addressing the sites, all of which remain to be determined in subsequent proceedings and adversarial actions, if necessary, with the EPA. Until such issues are determined, we are unable to reasonably estimate the extent of our potential liability. Because costs associated with any remedial plan approved by the EPA are expected to be spread over at least several years, we do not anticipate that this decision will have a material adverse impact to our results of operations, cash flows, or dividends to KMI shareholders. Lower Passaic River Study Area of the Diamond Alkali Superfund Site, 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 (Site) concerning the lower 17 -mile stretch of the Passaic River. It has been alleged that EPEC Polymers and EPEC Oil Trust may be PRPs 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) with the EPA which obligate them to investigate and characterize contamination at the Site. They are also part of a joint defense group of approximately 44 cooperating parties, referred to as the Cooperating Parties Group (CPG), which is directing and funding the AOC work required by the EPA. Under the first AOC, the CPG submitted draft remedial investigation and feasibility studies (RI/FS) of the Site to the EPA in 2015, and EPA approval remains pending. Under the second AOC, the CPG conducted a CERCLA removal action at the Passaic River Mile 10.9, and is obligated to conduct EPA-directed post-remedy monitoring in the removal area. We have established a reserve for the anticipated cost of compliance with these two AOCs. On March 4, 2016, the EPA issued its Record of Decision (ROD) for the lower eight miles of the Site. The final cleanup plan in the ROD is estimated by the EPA to cost $1.7 billion . On October 5, 2016, the EPA entered into an AOC with Occidental Chemical Company (OCC), a member of the PRP group requiring OCC to spend an estimated $165 million to perform engineering and design work necessary to begin the cleanup of the lower eight miles of the Site. The design work is expected to take four years to complete and the cleanup is expected to take six years to complete. On June 30, 2018 and July 13, 2018, respectively, OCC filed two separate lawsuits in the U.S. District Court for the District of New Jersey seeking cost recovery and contribution under CERCLA from more than 120 defendants, including EPEC Polymers. OCC alleges that each defendant is responsible to reimburse OCC for a proportionate share of the $165 million OCC is required to spend pursuant to its AOC. EPEC Polymers was dismissed without prejudice from the lawsuit on August 8, 2018. In addition, the EPA and numerous PRPs, including EPEC Polymers, are engaged in an allocation process for the implementation of the remedy for the lower eight miles of the Site. There remains significant uncertainty as to the implementation and associated costs of the remedy set forth in the ROD. There is also uncertainty as to the impact of the recent EPA FS directive for the upper nine miles of the Site not subject to the lower eight mile ROD. In a letter dated October 10, 2018, the EPA directed the CPG to prepare a streamlined FS for the Site that evaluates interim remedy alternatives for sediments in the upper nine miles of the Site. Until this FS is completed and the RI/FS is finalized and allocations are determined, the scope of potential EPA claims for the Site and liability therefor are not reasonably estimable. Louisiana Governmental Coastal Zone Erosion Litigation Beginning in 2013, several parishes in Louisiana and the City of New Orleans filed separate lawsuits in state district courts in Louisiana against a number of oil and gas companies, including TGP and SNG. In these cases, the parishes and New Orleans, as Plaintiffs, allege that certain of the defendants’ oil and gas exploration, production and transportation operations were conducted in violation of the State and Local Coastal Resources Management Act of 1978, as amended (SLCRMA). The Plaintiffs allege the defendants’ operations caused substantial damage to the coastal waters of Louisiana and nearby lands, including marsh (Coastal Zone). The alleged damages include erosion of property within the Coastal Zone, and discharge of pollutants that are alleged to have adversely impacted the Coastal Zone, including plants and wildlife. The Plaintiffs seek, among other relief, unspecified money damages, attorneys’ fees, interest, and payment of costs necessary to restore the affected Coastal Zone to its original condition. The Louisiana Department of Natural Resources (LDNR) and the Louisiana Attorney General (LAG) routinely intervene in these cases, and we expect the LDNR and LAG to intervene in any additional cases that may be filed. There are more than 40 of these cases pending in Louisiana against oil and gas companies, one of which is against TGP and one of which is against SNG, both described further below. On November 8, 2013, the Parish of Plaquemines, Louisiana filed a petition for damages in the state district court for Plaquemines Parish, Louisiana against TGP and 17 other energy companies, alleging that defendants’ operations in Plaquemines Parish violated SLCRMA and Louisiana law, and that those operations caused substantial damage to the Coastal Zone. Plaquemines Parish seeks, among other relief, unspecified money damages, attorney fees, interest, and payment of costs necessary to restore the allegedly affected Coastal Zone to its original condition, including costs to remediate, restore, vegetate and detoxify the affected Coastal Zone property. In 2016, the LAG and LDNR intervened in the lawsuit. In May 2018, the case was removed to the U.S. District Court for the Eastern District of Louisiana on several grounds including federal officer liability. Plaquemines Parish, along with the intervenors, moved to remand the case to the state district court. On May 28, 2019, the case was remanded to the state district court for Plaquemines Parish. At the same time, the U.S. District Court certified the federal officer liability jurisdiction issue for review by the U.S. Fifth Circuit Court of Appeals and on June 11, 2019, the U.S. District Court stayed the remand order pending the outcome of that review. The case is effectively stayed pending resolution of the federal officer liability issue by the Court of Appeals. We will continue to vigorously defend this case. On March 29, 2019, the City of New Orleans and Orleans Parish (Orleans) filed a petition for damages in the state district court for Orleans Parish, Louisiana against SNG and 10 other energy companies alleging that the defendants’ operations in Orleans Parish violated the SLCRMA and Louisiana law, and caused substantial damage to the Coastal Zone. Orleans seeks, among other relief, unspecified money damages, attorney fees, interest, and payment of costs necessary to restore the allegedly affected Coastal Zone to its original condition, including costs to remediate, restore, vegetate and detoxify the affected Coastal Zone property. On April 5, 2019, the case was removed to the U.S. District Court for the Eastern District of Louisiana. On May 28, 2019, Orleans moved to remand the case to the state district court. We will continue to vigorously defend this case. Louisiana Landowner Coastal Erosion Litigation Beginning in January 2015, several private landowners in Louisiana, as Plaintiffs, filed separate lawsuits in state district courts in Louisiana against a number of oil and gas pipeline companies, including two cases against TGP, two cases against SNG, and two cases against both TGP and SNG. In these cases, the Plaintiffs allege that defendants failed to properly maintain pipeline canals and canal banks on their property, which caused the canals to erode and widen and resulted in substantial land loss, including significant damage to the ecology and hydrology of the affected property, and damage to timber and wildlife. Plaintiffs allege that defendants’ conduct constitutes a breach of the subject right of way agreements, is inconsistent with prudent operating practices, violates Louisiana law, and that defendants’ failure to maintain canals and canal banks constitutes negligence and trespass. Plaintiffs seek, among other relief, unspecified money damages, attorneys’ fees, interest, and payment of costs necessary to return the canals and canal banks to their as-built conditions and restore and remediate the affected property. Plaintiffs allege that defendants are obligated to restore and remediate the affected property without regard to the value of the property. Plaintiffs also seek a declaration that the defendants are obligated to take steps to maintain canals and canal banks going forward. In one case filed by Vintage Assets, Inc. and several landowners against SNG and TGP that was tried in 2017 to the U.S. District Court for the Eastern District of Louisiana, $80 million was sought in money damages, including recovery of litigation costs, damages for trespass, and money damages associated with an alleged loss of natural resources and projected reconstruction cost of replacing or restoring wetlands. On May 4, 2018, the District Court entered a judgment dismissing the tort and negligence claims against all of the defendants, and dismissing certain of the contract claims against TGP. In ruling in favor of plaintiffs on the remaining contract claims, the District Court ordered the defendants to pay $1,104 in money damages, and issued a permanent injunction ordering the defendants to restore a total of 9.6 acres of land and maintain certain canals at widths designated by the right of way agreements in effect. The Court stayed the judgment and the injunction pending appeal. The parties each filed a separate appeal to the U.S. Court of Appeals for the Fifth Circuit. On September 13, 2018, a third-party defendant filed a motion to vacate the judgment and dismiss all of the appeals for lack of subject matter jurisdiction. On October 2, 2018 the Court of Appeals dismissed the appeals and on April 17, 2019 the case was remanded to the state district court for Plaquemines Parish, Louisiana for further proceedings. The case is set for trial February 3, 2020. We will continue to vigorously defend these cases. General Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters set forth in this note, and other matters to which we and our subsidiaries are a party, will not have a material adverse effect on our business, financial position, results of operations or cash flows. As of June 30, 2019 and December 31, 2018, we have accrued a total reserve for environmental liabilities in the amount of $264 million and $271 million , respectively. In addition, as of both June 30, 2019 and December 31, 2018, we have recorded a receivable of $13 million for expected cost recoveries that have been deemed probable. Other Contingencies We have agreed to fund our proportionate share of $450 million of 2019 maturing debt obligations at a certain equity investee and we would be obligated for our $225 million share of these obligations if the equity investee was unable to satisfy its obligations. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 12. Recent Accounting Pronouncements ASU No. 2016-13 On June 16, 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” This ASU modifies the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to utilize a new forward-looking “expected loss” methodology that generally will result in the earlier recognition of allowance for losses. ASU No. 2016-13 will be effective for us as of January 1, 2020, and earlier adoption is permitted. We are currently reviewing the effect of this ASU to our financial statements. ASU No. 2017-04 On January 26, 2017, the FASB issued ASU No. 2017-04, “ Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ” This ASU simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU No. 2017-04 will be effective for us as of January 1, 2020, and earlier adoption is permitted. We are currently reviewing the effect of this ASU to our financial statements. ASU No. 2018-13 On August 28, 2018, the FASB issued ASU No. 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU amends existing fair value measurement disclosure requirements by adding, changing, or removing certain disclosures. ASU No. 2018-13 will be effective for us as of January 1, 2020, and earlier adoption is permitted. We are currently reviewing the effect of this ASU to our financial statements. ASU No. 2018-14 On August 28, 2018, the FASB issued ASU No. 2018-14, “ Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans .” This ASU amends existing annual disclosure requirements applicable to all employers that sponsor defined benefit pension and other postretirement plans by adding, removing, and clarifying certain disclosures. ASU No. 2018-14 will be effective for us for the fiscal year ending December 31, 2020, and earlier adoption is permitted. We are currently reviewing the effect of this ASU to our financial statements. |
Guarantee of Securities of Subs
Guarantee of Securities of Subsidiaries (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Guarantee of Securities of Subsidiaries [Abstract] | |
Guarantees [Text Block] | Guarantee of Securities of Subsidiaries KMI, along with its direct subsidiary KMP, are issuers of certain public debt securities. KMI, KMP and substantially all of KMI’s wholly owned domestic subsidiaries are parties to 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 Issuer and other subsidiaries are all guarantors of each series of public debt. Excluding fair value adjustments, as of June 30, 2019 , Parent Issuer and Guarantor, Subsidiary Issuer and Guarantor-KMP, and Subsidiary Guarantors had $14,883 million , $16,610 million , and $2,535 million , respectively, of Guaranteed Notes outstanding. Included in the Subsidiary Guarantors debt balance as presented in the accompanying June 30, 2019 condensed consolidating balance sheet is approximately $157 million of other financing obligations that are not subject to the cross guarantee agreement. |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation General Our reporting currency is U.S. dollars, and all references to “dollars” are U.S. dollars, unless stated otherwise. Our accompanying unaudited consolidated financial statements have been prepared under the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification (ASC), the single source of GAAP. In compliance with such rules and regulations, all significant intercompany items have been eliminated in consolidation. In our opinion, all adjustments, which are of a normal and recurring nature, considered necessary for a fair statement of our financial position and operating results for the interim periods have been included in the accompanying consolidated financial statements, and certain amounts from prior periods have been reclassified to conform to the current presentation. 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 2018 Form 10-K. The accompanying unaudited consolidated financial statements include our accounts and the accounts of our subsidiaries over which we have control or are the primary beneficiary. We evaluate our financial interests in business enterprises to determine if they represent variable interest entities where we are the primary beneficiary. If such criteria are met, we consolidate the financial statements of such businesses with those of our own. For a discussion of Accounting Standards Updates (ASU) we adopted on January 1, 2019, see Notes 5 and 10. |
Earnings per Share | Earnings per Share We calculate earnings per share using the two-class method. Earnings were allocated to Class P shares 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, which may be restricted stock or restricted stock units issued to employees and non-employee directors and include dividend equivalent payments, do not participate in excess distributions over earnings. |
Leases (Policies)
Leases (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessee, Leases Policy | We lease property including corporate and field offices and facilities, vehicles, heavy work equipment including rail cars and large trucks, tanks, office equipment and land. Our leases have remaining lease terms of one to 34 years, some of which have options to extend or terminate the lease. We determine if an arrangement is a lease at inception. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Beginning January 1, 2019, operating ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Operating leases in effect prior to January 1, 2019 were recognized at the present value of the remaining payments on the remaining lease term as of January 1, 2019. Leases with variable rate adjustments, such as Consumer Price Index (CPI) adjustments, were reflected based on contractual lease payments as outlined within the lease agreement and not adjusted for any CPI increases or decreases. Because most of our leases do not provide an explicit rate of return, we use our incremental secured borrowing rate based on lease term information available at the commencement date of the lease in determining the present value of lease payments. We have real estate lease agreements with lease and non-lease components, which are accounted for separately, while for the remainder of our agreements we have elected the practical expedient to account for lease and non-lease components as a single lease component. For certain equipment leases, such as copiers and vehicles, we account for the leases under a portfolio method. Leases that were grandfathered under various portions of Topic 842, such as land easements, are reassessed when agreements are modified. |
Lessor, Leases Policy | Options for a lessee to renew the agreement are not included as part of future minimum operating lease revenues. We elected the practical expedient available to us to not separate lease and non-lease components under these agreements. Any modification of a lease will result in a reevaluation of the lease classification. Our assets that we lease to others under operating leases consists primarily of specific facilities where one customer obtains substantially all of the economic benefit from the asset and has the right to direct the use of that asset. These leases primarily consist of specific tanks, treating and gas equipment and pipelines with separate control locations. Our leases have remaining lease terms of one to 32 years, some of which have options to extend the lease for up to an additional 25 years, and some of which may include options to terminate the lease within one year . We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset. |
General (Tables)
General (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Net Income for Shareholders and Participating Securities | The following table sets forth the allocation of net income available to shareholders of Class P shares and participating securities (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net Income (Loss) Available to Common Stockholders $ 518 $ (180 ) $ 1,074 $ 305 Participating securities: Less: Net Income allocated to restricted stock awards(a) (3 ) (2 ) (6 ) (3 ) Net Income (Loss) Allocated to Class P Stockholders $ 515 $ (182 ) $ 1,068 $ 302 Basic Weighted Average Common Shares Outstanding 2,262 2,204 2,262 2,206 Basic Earnings (Loss) Per Common Share $ 0.23 $ (0.08 ) $ 0.47 $ 0.14 ________ (a) As of June 30, 2019 , there were approximately 13 million restricted stock awards outstanding. |
Schedule of Antidilutive Securities | The following maximum number of 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, 2019 2018 2019 2018 Unvested restricted stock awards 13 10 13 10 Convertible trust preferred securities 3 3 3 3 Mandatory convertible preferred stock(a) — 58 — 58 _______ (a) The holder of each convertible preferred share participated in our earnings by receiving preferred stock dividends through the mandatory conversion date of October 26, 2018, at which time our convertible preferred shares were converted to common shares. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table provides additional information on the principal amount of our outstanding debt balances. The table amounts exclude all debt fair value adjustments, including debt discounts, premiums and issuance costs (in millions): June 30, 2019 December 31, 2018 Current portion of debt $500 million, 364-day credit facility due November 15, 2019 $ — $ — $4 billion credit facility due November 16, 2023 — — Commercial paper notes(a) 136 433 KML C$500 million credit facility, due August 31, 2022(b)(c) 27 — Current portion of senior notes 9.00%, due February 2019 — 500 2.65%, due February 2019 — 800 3.05%, due December 2019 1,500 1,500 6.85%, due February 2020 700 — 6.50%, due April 2020 535 — Trust I preferred securities, 4.75%, due March 2028 111 111 Current portion - Other debt 45 44 Total current portion of debt 3,054 3,388 Long-term debt (excluding current portion) Senior notes 31,133 32,380 EPC Building, LLC, promissory note, 3.967%, due 2018 through 2035 388 395 Kinder Morgan G.P. Inc., $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock, due August 2057 100 100 Trust I preferred securities, 4.75%, due March 2028 110 110 Other 217 220 Total long-term debt 31,948 33,205 Total debt(d) $ 35,002 $ 36,593 _______ (a) Weighted average interest rates on borrowings outstanding as of June 30, 2019 and December 31, 2018 were 2.62% and 3.10% , respectively. (b) Weighted average interest rate on borrowings outstanding as of June 30, 2019 was 3.41% . (c) Borrowings under the KML $500 million credit facility are denominated in C$ and are presented above in U.S. dollars. At June 30, 2019 , the exchange rate was 0.7641 U.S. dollars per C$. See “—Credit Facilities—KML ” below. (d) Excludes our “Debt fair value adjustments” which, as of June 30, 2019 and December 31, 2018 , increased our total debt balances by $1,057 million and $731 million , respectively. In addition to all unamortized debt discount/premium amounts, debt issuance costs and purchase accounting on our debt balances, our debt fair value adjustments also include amounts associated with the offsetting entry for hedged debt and any unamortized portion of proceeds received from the early termination of interest rate swap agreements. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Dividends | The following table provides information about our per share dividends: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Per common share cash dividend declared for the period $ 0.25 $ 0.20 $ 0.50 $ 0.40 Per common share cash dividend paid in the period $ 0.25 $ 0.20 $ 0.45 $ 0.325 |
Risk Management (Tables)
Risk Management (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of June 30, 2019 , we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales: Net open position long/(short) Derivatives designated as hedging instruments Crude oil fixed price (18.7 ) MMBbl Crude oil basis (10.3 ) MMBbl Natural gas fixed price (56.4 ) Bcf Natural gas basis (35.2 ) Bcf NGL fixed price (0.7 ) MMBbl Derivatives not designated as hedging instruments Crude oil fixed price (0.7 ) MMBbl Crude oil basis (5.5 ) MMBbl Natural gas fixed price (1.7 ) Bcf Natural gas basis (31.5 ) Bcf NGL fixed price (2.1 ) 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 Derivative Assets Derivative Liabilities June 30, December 31, June 30, December 31, Location Fair value Fair value Derivatives designated as hedging instruments Energy commodity derivative contracts Fair value of derivative contracts/(Other current liabilities) $ 59 $ 135 $ (81 ) $ (45 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 22 64 (11 ) — Subtotal 81 199 (92 ) (45 ) Interest rate contracts Fair value of derivative contracts/(Other current liabilities) 34 12 (7 ) (37 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 328 121 (1 ) (78 ) Subtotal 362 133 (8 ) (115 ) Foreign currency contracts Fair value of derivative contracts/(Other current liabilities) — 91 (21 ) (6 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 95 106 — — Subtotal 95 197 (21 ) (6 ) Total 538 529 (121 ) (166 ) Derivatives not designated as hedging instruments Energy commodity derivative contracts Fair value of derivative contracts/(Other current liabilities) 17 22 (5 ) (5 ) Deferred charges and other assets/(Other long-term liabilities and deferred credits) — — (2 ) — Total 17 22 (7 ) (5 ) Total derivatives $ 555 $ 551 $ (128 ) $ (171 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables summarize the pre-tax impact of our derivative contracts in our accompanying consolidated statements of income and comprehensive income (in millions): Derivatives in fair value hedging relationships Location Gain/(loss) recognized in income Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest rate contracts Interest, net $ 208 $ (81 ) $ 336 $ (254 ) Hedged fixed rate debt(a) Interest, net $ (211 ) $ 77 $ (349 ) $ 245 _______ (a) As of June 30, 2019, the cumulative amount of fair value hedging adjustments to our hedged fixed rate debt was an increase of $355 million included in “Debt fair value adjustments” on our accompanying consolidated balance sheets. Derivatives in cash flow hedging relationships Gain/(loss) recognized in OCI on derivative(a) Location Gain/(loss) reclassified from Accumulated OCI into income(b) Three Months Ended June 30, Three Months Ended June 30, 2019 2018 2019 2018 Energy commodity derivative contracts $ 75 $ (23 ) Revenues—Natural gas sales $ 2 $ (5 ) Revenues—Product sales and other (9 ) (13 ) Costs of sales 10 — Interest rate contracts (1 ) 1 Earnings from equity investments(c) 2 (3 ) Foreign currency contracts 8 (58 ) Other, net 19 (62 ) Total $ 82 $ (80 ) Total $ 24 $ (83 ) Derivatives in cash flow hedging relationships Gain/(loss) recognized in OCI on derivative(a) Location Gain/(loss) reclassified from Accumulated OCI into income(b) Six Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Energy commodity derivative contracts $ (170 ) $ (40 ) Revenues—Natural gas sales $ 5 $ (5 ) Revenues—Product sales and other 1 (27 ) Costs of sales 11 — Interest rate contracts (1 ) 2 Earnings from equity investments(c) 2 (4 ) Foreign currency contracts (26 ) (8 ) Other, net (12 ) (31 ) Total $ (197 ) $ (46 ) Total $ 7 $ (67 ) _______ (a) We expect to reclassify an approximate $9 million gain associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of June 30, 2019 into earnings during the next twelve months (when the associated forecasted transactions are also expected to impact earnings); however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices. (b) During the three months ended June 30, 2019, we recognized a $12 million gain associated with a write-down of hedged inventory. All other amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred). (c) Amounts represent our share of an equity investee’s accumulated other comprehensive income (loss). Derivatives not designated as hedging instruments Location Gain/(loss) recognized in income on derivative Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Energy commodity derivative contracts Revenues—Natural gas sales $ 5 $ (1 ) $ 25 $ 2 Revenues—Product sales and other 9 (45 ) (1 ) (46 ) Costs of sales (1 ) 1 (3 ) 1 Earnings from equity investments(b) 2 — 2 — Total(a) $ 15 $ (45 ) $ 23 $ (43 ) _______ (a) The three and six months ended June 30, 2019 include an approximate loss of $6 million and gain of $2 million , respectively, and the three and six months ended June 30, 2018 include an approximate loss of $5 million and gain of $ 3 million , respectively. These gains and losses were associated with natural gas, crude and NGL derivative contract settlements. (b) Amounts represent our share of an equity investee’s income (loss). |
Schedule of Accumulated Other Comprehensive Income | 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 loss Balance as of December 31, 2018 $ 164 $ (91 ) $ (403 ) $ (330 ) Other comprehensive (loss) gain before reclassifications (152 ) 24 15 (113 ) Gains reclassified from accumulated other comprehensive loss (5 ) — — (5 ) Net current-period change in accumulated other comprehensive (loss) income (157 ) 24 15 (118 ) Balance as of June 30, 2019 $ 7 $ (67 ) $ (388 ) $ (448 ) 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, 2017 $ (27 ) $ (189 ) $ (325 ) $ (541 ) Other comprehensive (loss) gain before reclassifications (46 ) (73 ) 12 (107 ) Losses reclassified from accumulated other comprehensive loss 67 — — 67 Impact of adoption of ASU 2018-02 (Note 4) (4 ) (36 ) (69 ) (109 ) Net current-period change in accumulated other comprehensive income (loss) 17 (109 ) (57 ) (149 ) Balance as of June 30, 2018 $ (10 ) $ (298 ) $ (382 ) $ (690 ) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 ASC (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, 2019 Energy commodity derivative contracts(a) $ 31 $ 67 $ — $ 98 $ (24 ) $ (43 ) $ 31 Interest rate contracts — 362 — 362 (5 ) — 357 Foreign currency contracts — 95 — 95 (21 ) — 74 As of December 31, 2018 Energy commodity derivative contracts(a) $ 28 $ 193 $ — $ 221 $ (39 ) $ (25 ) $ 157 Interest rate contracts — 133 — 133 (7 ) — 126 Foreign currency contracts — 197 — 197 (6 ) — 191 Balance sheet liability fair value measurements by level Net amount Level 1 Level 2 Level 3 Gross amount Contracts available for netting Collateral posted(b) As of June 30, 2019 Energy commodity derivative contracts(a) $ (5 ) $ (94 ) $ — $ (99 ) $ 24 $ — $ (75 ) Interest rate contracts — (8 ) — (8 ) 5 — (3 ) Foreign currency contracts — (21 ) — (21 ) 21 — — As of December 31, 2018 Energy commodity derivative contracts(a) $ (11 ) $ (39 ) $ — $ (50 ) $ 39 $ — $ (11 ) Interest rate contracts — (115 ) — (115 ) 7 — (108 ) Foreign currency contracts — (6 ) — (6 ) 6 — — _______ (a) Level 1 consists primarily of NYMEX natural gas futures. Level 2 consists primarily of OTC WTI swaps, NGL swaps and natural gas basis swaps. (b) Any cash collateral paid or received is reflected in this table, but only to the extent that such cash collateral represents variation margins. Any amount associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts, or those that are determined solely on their volumetric notional amounts, are excluded from this table. |
Schedule of Fair Value of Financial Instruments | The carrying value and estimated fair value of our outstanding debt balances are disclosed below (in millions): June 30, 2019 December 31, 2018 Carrying value Estimated fair value Carrying value Estimated fair value Total debt $ 36,059 $ 39,216 $ 37,324 $ 37,469 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present our revenues disaggregated by revenue source and type of revenue for each revenue source (in millions): Three Months Ended June 30, 2019 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total Revenues from contracts with customers(a) Services Firm services(b) $ 889 $ 84 $ 279 $ — $ (1 ) $ 1,251 Fee-based services 187 252 118 15 1 573 Total services revenues 1,076 336 397 15 — 1,824 Sales Natural gas sales 607 — — — (4 ) 603 Product sales 197 61 5 291 (10 ) 544 Total sales revenues 804 61 5 291 (14 ) 1,147 Total revenues from contracts with customers 1,880 397 402 306 (14 ) 2,971 Other revenues(c) 88 45 105 4 1 243 Total revenues $ 1,968 $ 442 $ 507 $ 310 $ (13 ) $ 3,214 Three Months Ended June 30, 2018 Natural Gas Pipelines Products Pipelines Terminals CO 2 Kinder Morgan Canada(d) Corporate and Eliminations Total Revenues from contracts with customers(a) Services Firm services(b) $ 826 $ 99 $ 263 $ — $ — $ (1 ) $ 1,187 Fee-based services 162 239 153 16 62 (1 ) 631 Total services revenues 988 338 416 16 62 (2 ) 1,818 Sales Natural gas sales 736 — — 1 — (1 ) 736 Product sales 327 124 4 318 — (10 ) 763 Total sales revenues 1,063 124 4 319 — (11 ) 1,499 Total revenues from contracts with customers 2,051 462 420 335 62 (13 ) 3,317 Other revenues(c) 56 41 95 (85 ) 3 1 111 Total revenues $ 2,107 $ 503 $ 515 $ 250 $ 65 $ (12 ) $ 3,428 Six Months Ended June 30, 2019 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total Revenues from contracts with customers(a) Services Firm services(b) $ 1,819 $ 164 $ 529 $ — $ (2 ) $ 2,510 Fee-based services 379 487 266 31 — 1,163 Total services revenues 2,198 651 795 31 (2 ) 3,673 Sales Natural gas sales 1,361 — — 1 (6 ) 1,356 Product sales 437 127 7 559 (16 ) 1,114 Total sales revenues 1,798 127 7 560 (22 ) 2,470 Total revenues from contracts with customers 3,996 778 802 591 (24 ) 6,143 Other revenues(c) 173 88 214 24 1 500 Total revenues $ 4,169 $ 866 $ 1,016 $ 615 $ (23 ) $ 6,643 Six Months Ended June 30, 2018 Natural Gas Pipelines Products Pipelines Terminals CO 2 Kinder Morgan Canada(d) Corporate and Eliminations Total Revenues from contracts with customers(a) Services Firm services(b) $ 1,671 $ 191 $ 519 $ 1 $ — $ (2 ) $ 2,380 Fee-based services 326 460 297 33 126 — 1,242 Total services revenues 1,997 651 816 34 126 (2 ) 3,622 Sales Natural gas sales 1,564 — — 1 — (3 ) 1,562 Product sales 546 216 7 635 — (17 ) 1,387 Total sales revenues 2,110 216 7 636 — (20 ) 2,949 Total revenues from contracts with customers 4,107 867 823 670 126 (22 ) 6,571 Other revenues(c) 126 78 187 (116 ) — — 275 Total revenues $ 4,233 $ 945 $ 1,010 $ 554 $ 126 $ (22 ) $ 6,846 _______ (a) Differences between the revenue classifications presented on the consolidated statements of income and the categories for the disaggregated revenues by type of revenue above are primarily attributable to revenues reflected in the “Other revenues” category above (see note (c) below). (b) Includes non-cancellable firm service customer contracts with take-or-pay or minimum volume commitment elements, including those contracts where both the price and quantity are fixed. Excludes service contracts with index-based pricing, which along with revenues from other customer service contracts are reported as Fee-based services. (c) Amounts recognized as revenue under guidance prescribed in Topics of the ASC other than in Topic 606 and primarily include leases and derivatives. See Notes 5 and 10 for additional information related to our derivative contracts and lessor contracts, respectively. (d) On August 31, 2018, the assets comprising the Kinder Morgan Canada business segment were sold; therefore, this segment does not have results of operations on a prospective basis (see Note 2). |
Contract with Customer, Asset and Liability | The following table presents the activity in our contract assets and liabilities (in millions): Six Months Ended June 30, 2019 Contract Assets Balance at December 31, 2018(a) $ 24 Additions 52 Transfer to Accounts receivable (20 ) Other (1 ) Balance at June 30, 2019(b) $ 55 Contract Liabilities Balance at December 31, 2018(c) $ 292 Additions 203 Transfer to Revenues (193 ) Other(d) 1 Balance at June 30, 2019(e) $ 303 _______ (a) Includes current and non-current balances of $14 million and $10 million , respectively. (b) Includes current and non-current balances of $45 million and $10 million , respectively. (c) Includes current and non-current balances of $80 million and $212 million , respectively. (d) Includes foreign currency translation adjustments. (e) Includes current and non-current balances of $84 million and $219 million , respectively. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of June 30, 2019 that we will invoice or transfer from contract liabilities and recognize in future periods (in millions): Year Estimated Revenue Six months ended December 31, 2019 $ 2,555 2020 4,602 2021 3,884 2022 3,250 2023 2,717 Thereafter 15,299 Total $ 32,307 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Financial information by segment follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues Natural Gas Pipelines Revenues from external customers $ 1,956 $ 2,095 $ 4,148 $ 4,211 Intersegment revenues 12 12 21 22 Products Pipelines 442 503 866 945 Terminals Revenues from external customers 506 514 1,014 1,009 Intersegment revenues 1 1 2 1 CO 2 310 250 615 554 Kinder Morgan Canada(a) — 65 — 126 Corporate and intersegment eliminations (13 ) (12 ) (23 ) (22 ) Total consolidated revenues(b) $ 3,214 $ 3,428 $ 6,643 $ 6,846 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Segment EBDA(c) Natural Gas Pipelines $ 1,088 $ 310 $ 2,291 $ 1,438 Products Pipelines 307 321 583 587 Terminals 290 275 589 571 CO 2 196 157 394 356 Kinder Morgan Canada(a) — 46 (2 ) 92 Total Segment EBDA(d) 1,881 1,109 3,855 3,044 DD&A (579 ) (571 ) (1,172 ) (1,141 ) Amortization of excess cost of equity investments (19 ) (24 ) (40 ) (56 ) General and administrative and corporate charges (155 ) (174 ) (316 ) (334 ) Interest, net (452 ) (516 ) (912 ) (983 ) Income tax (expense) benefit (148 ) 46 (320 ) (118 ) Total consolidated net income (loss) $ 528 $ (130 ) $ 1,095 $ 412 June 30, 2019 December 31, 2018 Assets Natural Gas Pipelines $ 50,750 $ 50,261 Products Pipelines 9,543 9,598 Terminals 9,963 9,415 CO 2 3,729 3,928 Corporate assets(e) 2,710 5,664 Total consolidated assets(f) $ 76,695 $ 78,866 _______ (a) On August 31, 2018, the assets comprising the Kinder Morgan Canada business segment were sold; therefore, this segment does not have results of operations on a prospective basis (see Note 2). (b) Revenues previously reported (before reclassifications) for the three months ended June 30, 2018 were $2,166 million , $442 million , $513 million and $(8) million and for the six months ended June 30, 2018 were $4,332 million , $841 million , $1,006 million and $(13) million for the Natural Gas Pipelines, Products Pipelines and Terminals business segments, and the Corporate and intersegment eliminations, respectively. (c) Includes revenues, earnings from equity investments, other, net, less operating expenses, (gain) loss on impairments and divestitures, net, and other income, net. (d) Segment EBDA previously reported (before reclassifications) for the three months ended June 30, 2018 were $313 million , $319 million and $274 million and for the six months ended June 30, 2018 were $1,449 million , $578 million and $569 million for the Natural Gas Pipelines, Product Pipelines and Terminals business segments, respectively. (e) Includes cash and cash equivalents, margin and restricted deposits, certain prepaid assets and deferred charges, including income tax related assets, risk management assets related to debt fair value adjustments, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as information technology, telecommunications equipment and legacy activity) not allocated to our reportable segments. (f) Assets previously reported as of December 31, 2018 were $51,562 million , $8,429 million and $9,283 million for the Natural Gas Pipelines, Products Pipelines and Terminals business segments, respectively. The reclassification included a transfer of $450 million of goodwill from the Natural Gas Pipelines Non-Regulated reporting unit to the Product Pipelines reporting unit. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Taxes | Income tax expense (benefit) 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, 2019 2018 2019 2018 Income tax expense (benefit) $ 148 $ (46 ) $ 320 $ 118 Effective tax rate 21.9 % 26.1 % 22.6 % 22.3 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Amounts Recognized for Operating Leases | Amounts recognized at January 1, 2019 for operating leases were as follows (in millions): January 1, 2019 ROU assets $ 696 Short-term lease liability 52 Long-term lease liability 644 |
Schedule of Lease Expense and Other Information Related to Operating Leases | Following are components of our lease cost (in millions): Six Months Ended June 30, 2019 Operating leases $ 71 Short-term and variable leases 41 Total lease cost(a) $ 112 _______ (a) Includes $20 million of capitalized lease costs. Other information related to our operating leases are as follows (in millions, except lease term and discount rate): Six Months Ended June 30, 2019 Operating cash flows from operating leases $ (92 ) Investing cash flows from operating leases (20 ) ROU assets obtained in exchange for operating lease obligations, net of retirements adjusted for currency conversion 54 Amortization of ROU assets 37 Weighted average remaining lease term 16.74 years Weighted average discount rate 5.92 % Amounts recognized in the accompanying consolidated balance sheet are as follows (in millions): Lease Activity Balance sheet location June 30, 2019 ROU assets Deferred charges and other assets $ 713 Short-term lease liability Other current liabilities 51 Long-term lease liability Other long-term liabilities and deferred credits 662 Finance lease assets Property, plant and equipment, net 2 Finance lease liabilities Long-term debt—Outstanding 2 |
Schedule of Maturities of Operating Lease Liabilities under Non-cancellable Leases | Operating lease liabilities under non-cancellable leases (excluding short-term leases) as of June 30, 2019 are as follows (in millions): Six months ended December 31, 2019 $ 49 2020 84 2021 76 2022 71 2023 65 Thereafter 825 Total lease payments(a) 1,170 Less: Interest (457 ) Present value of lease liabilities $ 713 _______ (a) Amount excludes future minimum rights-of-way obligations (ROW) as they do not constitute a lease obligation. The amounts in our future minimum ROW obligations as presented in the table below have not materially changed since December 31, 2018. Undiscounted future gross minimum operating lease payments and ROW obligations as of December 31, 2018 are as follows (in millions): Leases ROW Total(a) 2019 $ 90 $ 25 $ 115 2020 75 25 100 2021 70 25 95 2022 65 26 91 2023 59 25 84 Thereafter 771 88 859 Total payments $ 1,130 $ 214 $ 1,344 _______ (a) This table has been revised from the previously reported December 31, 2018 future gross minimum rental commitments under our operating leases and ROW obligations table in our 2018 Form 10-K to (i) separately present lease and ROW obligations and (ii) to correct amounts previously reported to include an additional $482 million of undiscounted future lease payments, primarily in the “Thereafter” amount associated with the 2018 extension of the Edmonton South tank lease through December 2038. |
Schedule of Future Minimum Lease Receivables | June 30, 2019 2019 (six months ended December 31, 2019) $ 197 2020 365 2021 348 2022 334 2023 304 Thereafter 3,668 Total $ 5,216 |
General - Organization and Basi
General - Organization and Basis of Presentation (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)miTerminals | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)misegmentTerminals | Jun. 30, 2018USD ($) | |
General [Line Items] | ||||
Miles of pipeline | mi | 84,000 | 84,000 | ||
Number of pipeline terminals owned interest in and/or operated | Terminals | 157 | 157 | ||
Loss (gain) on impairments and divestitures, net | $ (10) | $ 653 | $ (10) | $ 653 |
Number of reporting units | segment | 6 | |||
Natural Gas Pipelines | ||||
General [Line Items] | ||||
Loss (gain) on impairments and divestitures, net | 600 | 600 | ||
Terminals | ||||
General [Line Items] | ||||
Loss (gain) on impairments and divestitures, net | 60 | 60 | ||
Gulf LNG Holdings Group LLC [Member] | ||||
General [Line Items] | ||||
Loss on impairment of equity investment | 270 | 270 | ||
Other Assets [Member] | ||||
General [Line Items] | ||||
Loss (gain) on impairments and divestitures, net | $ (7) | $ (7) |
General - Schedule of Net Incom
General - Schedule of Net Income Available to Shareholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income Available to Common Stockholders | $ 518 | $ (180) | $ 1,074 | $ 305 |
Less: Net Income allocated to restricted stock awards(a) | $ (3) | $ (2) | $ (6) | $ (3) |
Basic Weighted Average Common Shares Outstanding | 2,262 | 2,204 | 2,262 | 2,206 |
Basic Earnings Per Common Share | $ 0.23 | $ (0.08) | $ 0.47 | $ 0.14 |
Class P Common Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income Available to Common Stockholders | $ 515 | $ (182) | $ 1,068 | $ 302 |
Restricted Stock [Member] | Class P Common Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Restricted stock awards outstanding | 13 | 13 |
General - Schedule of Antidilut
General - Schedule of Antidilutive Securities (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Unvested restricted stock awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 13 | 10 | 13 | 10 |
Convertible trust preferred securities | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 3 | 3 | 3 | 3 |
Mandatory convertible preferred stock(a) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 0 | 58 | 0 | 58 |
Divestiture - Sale of Trans Mou
Divestiture - Sale of Trans Mountain and its Expansion Project (Details) $ in Millions, $ in Millions | Jan. 03, 2019USD ($) | Jan. 03, 2019CAD ($) | Feb. 28, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Aug. 31, 2018USD ($) | Aug. 31, 2018CAD ($) |
Sales of assets and equity investments, net of working capital settlements | $ 80 | ||||||||
Payments to Noncontrolling Interests | $ 900 | $ 1,200 | 879 | $ 0 | |||||
Repayments of Debt | $ 4,622 | $ 8,575 | |||||||
Trans Mountain and Trans Mountain Expansion Project [Member] | |||||||||
Net cash consideration | $ 3,400 | $ 4,430 | |||||||
Sales of assets and equity investments, net of working capital settlements | $ 28 | $ 37 | |||||||
Kinder Morgan, Inc. [Member] | |||||||||
Proceeds from the TMPL Sale, net of cash disposed | 1,900 | $ 2,500 | |||||||
Repayments of Commercial Paper | $ 400 | ||||||||
Repayments of Debt | $ 1,300 | ||||||||
Kinder Morgan Canada Limited [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 70.00% | 70.00% |
Debt Debt Outstanding (Details)
Debt Debt Outstanding (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)$ / $ | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Current portion of debt | $ 3,054,000,000 | $ 3,388,000,000 |
Total long-term debt | 31,948,000,000 | 33,205,000,000 |
Total debt(d) | 35,002,000,000 | 36,593,000,000 |
Debt fair value adjustments | 1,057,000,000 | 731,000,000 |
Commercial paper notes(a) | ||
Debt Instrument [Line Items] | ||
Current portion of debt | 136,000,000 | $ 433,000,000 |
Maximum borrowing capacity | $ 4,000,000,000 | |
Debt, Weighted Average Interest Rate | 2.62% | 3.10% |
KML $500 million credit facility, due August 31, 2022 | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $ 27,000,000 | $ 0 |
Debt, Weighted Average Interest Rate | 3.41% | |
Foreign Currency Exchange Rate, Translation US$ per C$ | $ / $ | 0.7641 | |
Current portion - Other debt | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $ 45,000,000 | 44,000,000 |
$500 million, 364-day credit facility due November 15, 2019 | ||
Debt Instrument [Line Items] | ||
Current portion of debt | 0 | 0 |
Maximum borrowing capacity | $ 500,000,000 | |
Debt Instrument, Term | 364 days | |
$4 billion credit facility due November 16, 2023 | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $ 0 | 0 |
9.00%, due February 2019 | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $ 0 | $ 500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% |
2.65%, due February 2019 | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $ 0 | $ 800,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 2.65% | 2.65% |
3.05%, due December 2019 | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $ 1,500,000,000 | $ 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | 3.05% |
6.85%, due February 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $ 700,000,000 | $ 0 |
Debt Instrument, Interest Rate, Stated Percentage | 6.85% | 6.85% |
6.50%, due April 2020 | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $ 535,000,000 | $ 0 |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% |
Trust I preferred securities, 4.75%, due March 2028 | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $ 111,000,000 | $ 111,000,000 |
Total long-term debt | $ 110,000,000 | $ 110,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% |
EPC Building, LLC, promissory note, 3.967%, due 2018 through 2035 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 388,000,000 | $ 395,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.97% | 3.97% |
Kinder Morgan G.P. Inc., $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock, due August 2057 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 100,000,000 | $ 100,000,000 |
Preferred Stock, Liquidation Preference, Value | 1,000 | 1,000 |
Other | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 217,000,000 | 220,000,000 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 31,133,000,000 | $ 32,380,000,000 |
Debt Credit Facilities (Details
Debt Credit Facilities (Details) $ in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019CAD ($) | Dec. 31, 2018USD ($) | |
Line of Credit Facility [Line Items] | |||
Line of credit facility | $ 3,054 | $ 3,388 | |
364-day Due 2019 And 5-year Due 2023 Senior Unsecured Revolving Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | 0 | ||
Letters of Credit Outstanding, Amount | 84 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 4,280 | ||
KML $500 million credit facility, due August 31, 2022 | Kinder Morgan Canada(a) | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | 27 | $ 35 | |
Maximum borrowing capacity | 382 | 500 | |
Letters of Credit Outstanding, Amount | 5 | 6 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 350 | 459 | |
Debt Instrument, Term | 4 years | ||
KML $500 million credit facility, due August 31, 2022 | Backstop letter of credit [Member] | Kinder Morgan Canada(a) | |||
Line of Credit Facility [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 3 | ||
Commercial paper notes(a) | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | $ 136 | $ 433 | |
Maximum borrowing capacity | $ 4,000 |
Stockholders' Equity - Common E
Stockholders' Equity - Common Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jul. 17, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jul. 19, 2017 |
Class of Stock [Line Items] | |||||||
Common share buy-back program, amount | $ 2,000 | ||||||
Common share buy-back program, average price per share | $ 18.18 | ||||||
Value of shares repurchased | $ 2 | $ 250 | $ 525 | ||||
Per common share cash dividend declared for the period | $ 0.25 | $ 0.20 | $ 0.50 | $ 0.40 | |||
Per common share cash dividend paid in the period | $ 0.25 | $ 0.20 | $ 0.45 | $ 0.325 | |||
Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Per common share cash dividend declared for the period | $ 0.25 | ||||||
Common stock | |||||||
Class of Stock [Line Items] | |||||||
Shares repurchased | 0.1 | 13 | 29 |
Stockholders' Equity - Noncontr
Stockholders' Equity - Noncontrolling Interests (Details) $ in Millions, $ in Billions | Jan. 03, 2019USD ($) | Jan. 03, 2019CAD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Class of Stock [Line Items] | |||||
Distribution to noncontrolling interests - KML distribution of the TMPL sale proceeds | $ 900 | $ 1.2 | $ 879 | $ 0 | |
Cash distributions paid in the period to the public holders of Series 1 and 3 Preferred Shares | 0 | $ 78 | |||
Kinder Morgan Canada Limited [Member] | |||||
Class of Stock [Line Items] | |||||
Cash distributions paid in the period to the public holders of Series 1 and 3 Preferred Shares | $ 6 | 11 | |||
Kinder Morgan Canada Limited [Member] | Restricted Voting Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Total value of distributions paid in the period to the public | $ 5 | $ 9 |
Stockholders' Equity - Adoption
Stockholders' Equity - Adoption of Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of adoption of ASU | $ (5) | $ 66 |
Retained Earnings [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of adoption of ASU | $ (5) | 175 |
Retained Earnings [Member] | Accounting Standards Update 2017-05 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of adoption of ASU | 66 | |
Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of adoption of ASU | 109 | |
Accumulated other comprehensive loss | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of adoption of ASU | (109) | |
Accumulated other comprehensive loss | Accounting Standards Update 2018-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of adoption of ASU | $ (109) |
Risk Management - Energy Commod
Risk Management - Energy Commodity Price Risk Management (Details) - Short [Member] - Energy commodity derivative contracts | 6 Months Ended |
Jun. 30, 2019MMBblsBcf | |
Derivatives designated as hedging instruments | Crude oil fixed price | |
Derivative [Line Items] | |
Net open position long/(short) | (18.7) |
Derivatives designated as hedging instruments | Crude oil basis | |
Derivative [Line Items] | |
Net open position long/(short) | (10.3) |
Derivatives designated as hedging instruments | Natural gas fixed price | |
Derivative [Line Items] | |
Net open position long/(short) | Bcf | (56.4) |
Derivatives designated as hedging instruments | Natural gas basis | |
Derivative [Line Items] | |
Net open position long/(short) | Bcf | (35.2) |
Derivatives designated as hedging instruments | NGL fixed price | |
Derivative [Line Items] | |
Net open position long/(short) | (0.7) |
Derivatives not designated as hedging instruments | Crude oil fixed price | |
Derivative [Line Items] | |
Net open position long/(short) | (0.7) |
Derivatives not designated as hedging instruments | Crude oil basis | |
Derivative [Line Items] | |
Net open position long/(short) | (5.5) |
Derivatives not designated as hedging instruments | Natural gas fixed price | |
Derivative [Line Items] | |
Net open position long/(short) | Bcf | (1.7) |
Derivatives not designated as hedging instruments | Natural gas basis | |
Derivative [Line Items] | |
Net open position long/(short) | Bcf | (31.5) |
Derivatives not designated as hedging instruments | NGL fixed price | |
Derivative [Line Items] | |
Net open position long/(short) | (2.1) |
Risk Management - Interest Rate
Risk Management - Interest Rate Risk Management (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Current portion of debt | $ 3,054 | $ 3,388 |
Fixed-to-Variable Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 10,225 | $ 10,575 |
Long-term debt | 8,025 | |
Current portion of debt | 2,200 | |
Floating-to-Fixed Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 250 |
Risk Management - Foreign Curre
Risk Management - Foreign Currency Risk Management (Details) $ in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019CAD ($) | Dec. 31, 2018USD ($) | |
Derivatives in cash flow hedging relationships | Cross-currency swaps | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 1,358 | $ 1,358 | |
Derivatives in cash flow hedging relationships | 7-yr senior notes | |||
Derivative [Line Items] | |||
Debt Instrument, Term | 7 years | ||
Derivatives in cash flow hedging relationships | 7-yr senior notes | Cross-currency swaps | |||
Derivative [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.79% | 3.79% | |
Derivatives in cash flow hedging relationships | 12-yr senior notes | |||
Derivative [Line Items] | |||
Debt Instrument, Term | 12 years | ||
Derivatives in cash flow hedging relationships | 12-yr senior notes | Cross-currency swaps | |||
Derivative [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.67% | 4.67% | |
Derivatives in net investment hedging relationships | Foreign currency swaps | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 1,888 | $ 2,450 |
Risk Management - Fair Value of
Risk Management - Fair Value of Derivative Contracts (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 538 | $ 529 |
Derivative Liabilities | (121) | (166) |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 555 | 551 |
Derivative Liabilities | (128) | (171) |
Energy commodity derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 31 | 157 |
Derivative Liabilities | (75) | (11) |
Energy commodity derivative contracts | Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 81 | 199 |
Derivative Liabilities | (92) | (45) |
Energy commodity derivative contracts | Derivatives designated as hedging instruments | Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 59 | 135 |
Energy commodity derivative contracts | Derivatives designated as hedging instruments | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (81) | (45) |
Energy commodity derivative contracts | Derivatives designated as hedging instruments | Deferred charges and other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 22 | 64 |
Energy commodity derivative contracts | Derivatives designated as hedging instruments | Other long-term liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (11) | 0 |
Energy commodity derivative contracts | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 17 | 22 |
Derivative Liabilities | (7) | (5) |
Energy commodity derivative contracts | Derivatives not designated as hedging instruments | Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 17 | 22 |
Energy commodity derivative contracts | Derivatives not designated as hedging instruments | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (5) | (5) |
Energy commodity derivative contracts | Derivatives not designated as hedging instruments | Deferred charges and other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Energy commodity derivative contracts | Derivatives not designated as hedging instruments | Other long-term liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (2) | 0 |
Interest rate contracts | Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 362 | 133 |
Derivative Liabilities | (8) | (115) |
Interest rate contracts | Derivatives designated as hedging instruments | Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 34 | 12 |
Interest rate contracts | Derivatives designated as hedging instruments | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (7) | (37) |
Interest rate contracts | Derivatives designated as hedging instruments | Deferred charges and other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 328 | 121 |
Interest rate contracts | Derivatives designated as hedging instruments | Other long-term liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (1) | (78) |
Foreign currency contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 74 | 191 |
Derivative Liabilities | 0 | 0 |
Foreign currency contracts | Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 95 | 197 |
Derivative Liabilities | (21) | (6) |
Foreign currency contracts | Derivatives designated as hedging instruments | Fair value of derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 91 |
Foreign currency contracts | Derivatives designated as hedging instruments | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (21) | (6) |
Foreign currency contracts | Derivatives designated as hedging instruments | Deferred charges and other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 95 | 106 |
Foreign currency contracts | Derivatives designated as hedging instruments | Other long-term liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 0 | $ 0 |
Risk Management - Effect of Der
Risk Management - Effect of Derivative Contracts on the Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Debt fair value adjustments | $ 1,057 | $ 1,057 | $ 731 | ||
Derivatives designated as hedging instruments | Derivatives in fair value hedging relationships | Interest rate contracts | Interest, net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain/(loss) recognized in income on derivative and related hedged item | 208 | $ (81) | 336 | $ (254) | |
Derivatives designated as hedging instruments | Derivatives in fair value hedging relationships | Hedged fixed rate debt | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Debt fair value adjustments | 355 | 355 | |||
Derivatives designated as hedging instruments | Derivatives in fair value hedging relationships | Hedged fixed rate debt | Interest, net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain/(loss) recognized in income on derivative and related hedged item | $ (211) | $ 77 | $ (349) | $ 245 |
Risk Management - Effect on Inc
Risk Management - Effect on Income Statement Locations (Details) - Derivatives in cash flow hedging relationships - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Cash flow hedge loss to be reclassified within twelve months | $ 9 | |||
Derivatives designated as hedging instruments | ||||
Derivative [Line Items] | ||||
Gain/(loss) recognized in OCI on derivative | $ 82 | $ (80) | (197) | $ (46) |
Gain/(loss) reclassified from Accumulated OCI into income | 24 | (83) | 7 | (67) |
Derivatives designated as hedging instruments | Energy commodity derivative contracts | ||||
Derivative [Line Items] | ||||
Gain/(loss) recognized in OCI on derivative | 75 | (23) | (170) | (40) |
Derivatives designated as hedging instruments | Interest rate contracts | ||||
Derivative [Line Items] | ||||
Gain/(loss) recognized in OCI on derivative | (1) | 1 | (1) | 2 |
Derivatives designated as hedging instruments | Foreign currency contracts | ||||
Derivative [Line Items] | ||||
Gain/(loss) recognized in OCI on derivative | 8 | (58) | (26) | (8) |
Revenues—Natural gas sales | Derivatives designated as hedging instruments | Energy commodity derivative contracts | ||||
Derivative [Line Items] | ||||
Gain/(loss) reclassified from Accumulated OCI into income | 2 | (5) | 5 | (5) |
Revenues—Product sales and other | Derivatives designated as hedging instruments | Energy commodity derivative contracts | ||||
Derivative [Line Items] | ||||
Gain/(loss) reclassified from Accumulated OCI into income | (9) | (13) | 1 | (27) |
Cost of sales | Derivatives designated as hedging instruments | Energy commodity derivative contracts | ||||
Derivative [Line Items] | ||||
Gain/(loss) reclassified from Accumulated OCI into income | 10 | 0 | 11 | 0 |
Write-Down of Hedged Inventory | Derivatives designated as hedging instruments | Energy commodity derivative contracts | ||||
Derivative [Line Items] | ||||
Gain/(loss) reclassified from Accumulated OCI into income | 12 | |||
Earnings from equity investments | Derivatives designated as hedging instruments | Interest rate contracts | ||||
Derivative [Line Items] | ||||
Gain/(loss) reclassified from Accumulated OCI into income | 2 | (3) | 2 | (4) |
Other, net | Derivatives designated as hedging instruments | Foreign currency contracts | ||||
Derivative [Line Items] | ||||
Gain/(loss) reclassified from Accumulated OCI into income | $ 19 | $ (62) | $ (12) | $ (31) |
Risk Management - Effect on I_2
Risk Management - Effect on Income Statement Not Designated (Details) - Energy commodity derivative contracts - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Gain/(loss) recognized in income on derivatives | $ 15 | $ (45) | $ 23 | $ (43) |
Revenues—Natural gas sales | ||||
Derivative [Line Items] | ||||
Gain/(loss) recognized in income on derivatives | 5 | (1) | 25 | 2 |
Revenues—Product sales and other | ||||
Derivative [Line Items] | ||||
Gain/(loss) recognized in income on derivatives | 9 | (45) | (1) | (46) |
Cost of sales | ||||
Derivative [Line Items] | ||||
Gain/(loss) recognized in income on derivatives | (1) | 1 | (3) | 1 |
Earnings from equity investments | ||||
Derivative [Line Items] | ||||
Gain/(loss) recognized in income on derivatives | 2 | 0 | 2 | 0 |
Derivatives not designated as hedging instruments | ||||
Derivative [Line Items] | ||||
Gain/(loss) on settlement of derivative contracts | $ (6) | $ (5) | $ 2 | $ 3 |
Risk Management - Credit Risks
Risk Management - Credit Risks (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Credit Derivatives [Line Items] | ||
Additional Collateral, Aggregate Fair Value | $ 29 | |
Energy commodity derivative contracts | ||
Credit Derivatives [Line Items] | ||
Letters of Credit Outstanding, Amount | 0 | $ 0 |
Initial Margin Requirements | 10 | |
Variation Margin Requirements | 43 | |
Restricted Deposit [Member] | Cash collateral held | Energy commodity derivative contracts | ||
Credit Derivatives [Line Items] | ||
Collateral posted(b) | $ 33 | $ 16 |
Risk Management - Reporting of
Risk Management - Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 34,531 | $ 35,124 |
Balance | 34,484 | 34,494 |
Net unrealized gains/(losses) on cash flow hedge derivatives | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 164 | (27) |
Other comprehensive (loss) gain before reclassifications | (152) | (46) |
(Gains) losses reclassified from accumulated other comprehensive loss | (5) | 67 |
Impact of adoption of ASU 2018-02 (Note 4) | (4) | |
Net current-period change in accumulated other comprehensive (loss) income | (157) | 17 |
Balance | 7 | (10) |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (91) | (189) |
Other comprehensive (loss) gain before reclassifications | 24 | (73) |
(Gains) losses reclassified from accumulated other comprehensive loss | 0 | 0 |
Impact of adoption of ASU 2018-02 (Note 4) | (36) | |
Net current-period change in accumulated other comprehensive (loss) income | 24 | (109) |
Balance | (67) | (298) |
Pension and other postretirement liability adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (403) | (325) |
Other comprehensive (loss) gain before reclassifications | 15 | 12 |
(Gains) losses reclassified from accumulated other comprehensive loss | 0 | 0 |
Impact of adoption of ASU 2018-02 (Note 4) | (69) | |
Net current-period change in accumulated other comprehensive (loss) income | 15 | (57) |
Balance | (388) | (382) |
Accumulated other comprehensive loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (330) | (541) |
Other comprehensive (loss) gain before reclassifications | (113) | (107) |
(Gains) losses reclassified from accumulated other comprehensive loss | (5) | 67 |
Impact of adoption of ASU 2018-02 (Note 4) | (109) | |
Net current-period change in accumulated other comprehensive (loss) income | (118) | (149) |
Balance | $ (448) | $ (690) |
Fair Value Fair Value of Deriva
Fair Value Fair Value of Derivative Contracts (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Energy commodity derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | $ 98 | $ 221 |
Contracts available for netting | (24) | (39) |
Cash collateral held(b) | (43) | (25) |
Net amount | 31 | 157 |
Balance sheet liability fair value measurements by level | (99) | (50) |
Contracts available for netting | 24 | 39 |
Collateral posted(b) | 0 | 0 |
Net amount | (75) | (11) |
Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 362 | 133 |
Contracts available for netting | (5) | (7) |
Cash collateral held(b) | 0 | 0 |
Net amount | 357 | 126 |
Balance sheet liability fair value measurements by level | (8) | (115) |
Contracts available for netting | 5 | 7 |
Collateral posted(b) | 0 | 0 |
Net amount | (3) | (108) |
Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 95 | 197 |
Contracts available for netting | (21) | (6) |
Cash collateral held(b) | 0 | 0 |
Net amount | 74 | 191 |
Balance sheet liability fair value measurements by level | (21) | (6) |
Contracts available for netting | 21 | 6 |
Collateral posted(b) | 0 | 0 |
Net amount | 0 | 0 |
Level 1 | Energy commodity derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 31 | 28 |
Balance sheet liability fair value measurements by level | (5) | (11) |
Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 0 | 0 |
Balance sheet liability fair value measurements by level | 0 | 0 |
Level 1 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 0 | 0 |
Balance sheet liability fair value measurements by level | 0 | 0 |
Level 2 | Energy commodity derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 67 | 193 |
Balance sheet liability fair value measurements by level | (94) | (39) |
Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 362 | 133 |
Balance sheet liability fair value measurements by level | (8) | (115) |
Level 2 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 95 | 197 |
Balance sheet liability fair value measurements by level | (21) | (6) |
Level 3 | Energy commodity derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 0 | 0 |
Balance sheet liability fair value measurements by level | 0 | 0 |
Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 0 | 0 |
Balance sheet liability fair value measurements by level | 0 | 0 |
Level 3 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross amount | 0 | 0 |
Balance sheet liability fair value measurements by level | $ 0 | $ 0 |
Fair Value Fair Value of Financ
Fair Value Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying value [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 36,059 | $ 37,324 |
Estimated fair value [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 39,216 | $ 37,469 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | $ 2,971 | $ 3,317 | $ 6,143 | $ 6,571 |
Other revenues | 243 | 111 | 500 | 275 |
Total revenues | 3,214 | 3,428 | 6,643 | 6,846 |
Natural Gas Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,956 | 2,095 | 4,148 | 4,211 |
Products Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 442 | 503 | 866 | 945 |
Terminals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 506 | 514 | 1,014 | 1,009 |
CO2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 310 | 250 | 615 | 554 |
Kinder Morgan Canada(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 65 | 0 | 126 |
Operating Segments | Natural Gas Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 1,880 | 2,051 | 3,996 | 4,107 |
Other revenues | 88 | 56 | 173 | 126 |
Total revenues | 1,968 | 2,107 | 4,169 | 4,233 |
Operating Segments | Products Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 397 | 462 | 778 | 867 |
Other revenues | 45 | 41 | 88 | 78 |
Total revenues | 442 | 503 | 866 | 945 |
Operating Segments | Terminals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 402 | 420 | 802 | 823 |
Other revenues | 105 | 95 | 214 | 187 |
Total revenues | 507 | 515 | 1,016 | 1,010 |
Operating Segments | CO2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 306 | 335 | 591 | 670 |
Other revenues | 4 | (85) | 24 | (116) |
Total revenues | 310 | 250 | 615 | 554 |
Operating Segments | Kinder Morgan Canada(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 62 | 126 | ||
Other revenues | 3 | 0 | ||
Total revenues | 65 | 126 | ||
Corporate and eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | (14) | (13) | (24) | (22) |
Other revenues | 1 | 1 | 1 | 0 |
Total revenues | (13) | (12) | (23) | (22) |
Firm services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 1,251 | 1,187 | 2,510 | 2,380 |
Firm services | Operating Segments | Natural Gas Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 889 | 826 | 1,819 | 1,671 |
Firm services | Operating Segments | Products Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 84 | 99 | 164 | 191 |
Firm services | Operating Segments | Terminals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 279 | 263 | 529 | 519 |
Firm services | Operating Segments | CO2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 0 | 0 | 0 | 1 |
Firm services | Operating Segments | Kinder Morgan Canada(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 0 | 0 | ||
Firm services | Corporate and eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | (1) | (1) | (2) | (2) |
Fee-based services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 573 | 631 | 1,163 | 1,242 |
Fee-based services | Operating Segments | Natural Gas Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 187 | 162 | 379 | 326 |
Fee-based services | Operating Segments | Products Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 252 | 239 | 487 | 460 |
Fee-based services | Operating Segments | Terminals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 118 | 153 | 266 | 297 |
Fee-based services | Operating Segments | CO2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 15 | 16 | 31 | 33 |
Fee-based services | Operating Segments | Kinder Morgan Canada(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 62 | 126 | ||
Fee-based services | Corporate and eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 1 | (1) | 0 | 0 |
Total services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 1,824 | 1,818 | 3,673 | 3,622 |
Total services revenues | Operating Segments | Natural Gas Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 1,076 | 988 | 2,198 | 1,997 |
Total services revenues | Operating Segments | Products Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 336 | 338 | 651 | 651 |
Total services revenues | Operating Segments | Terminals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 397 | 416 | 795 | 816 |
Total services revenues | Operating Segments | CO2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 15 | 16 | 31 | 34 |
Total services revenues | Operating Segments | Kinder Morgan Canada(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 62 | 126 | ||
Total services revenues | Corporate and eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 0 | (2) | (2) | (2) |
Natural gas sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 603 | 736 | 1,356 | 1,562 |
Total revenues | 609 | 727 | 1,383 | 1,554 |
Natural gas sales | Operating Segments | Natural Gas Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 607 | 736 | 1,361 | 1,564 |
Natural gas sales | Operating Segments | Products Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 0 | 0 | 0 | 0 |
Natural gas sales | Operating Segments | Terminals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 0 | 0 | 0 | 0 |
Natural gas sales | Operating Segments | CO2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 0 | 1 | 1 | 1 |
Natural gas sales | Operating Segments | Kinder Morgan Canada(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 0 | 0 | ||
Natural gas sales | Corporate and eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | (4) | (1) | (6) | (3) |
Product sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 544 | 763 | 1,114 | 1,387 |
Product sales | Operating Segments | Natural Gas Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 197 | 327 | 437 | 546 |
Product sales | Operating Segments | Products Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 61 | 124 | 127 | 216 |
Product sales | Operating Segments | Terminals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 5 | 4 | 7 | 7 |
Product sales | Operating Segments | CO2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 291 | 318 | 559 | 635 |
Product sales | Operating Segments | Kinder Morgan Canada(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 0 | 0 | ||
Product sales | Corporate and eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | (10) | (10) | (16) | (17) |
Total sales revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 1,147 | 1,499 | 2,470 | 2,949 |
Total sales revenue | Operating Segments | Natural Gas Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 804 | 1,063 | 1,798 | 2,110 |
Total sales revenue | Operating Segments | Products Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 61 | 124 | 127 | 216 |
Total sales revenue | Operating Segments | Terminals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 5 | 4 | 7 | 7 |
Total sales revenue | Operating Segments | CO2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 291 | 319 | 560 | 636 |
Total sales revenue | Operating Segments | Kinder Morgan Canada(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 0 | 0 | ||
Total sales revenue | Corporate and eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | $ (14) | $ (11) | $ (22) | $ (20) |
Revenue Recognition Contract Ba
Revenue Recognition Contract Balances (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Contract Assets | ||
Balance at beginning of period | $ 24 | |
Additions | 52 | |
Transfer to Accounts receivable | (20) | |
Contract With Customer, Asset, Other | (1) | |
Balance at end of period | 55 | |
Contract Liabilities | ||
Balance at beginning of period | 292 | |
Additions | 203 | |
Transfer to Revenues | (193) | |
Other | 1 | |
Balance at end of period | 303 | |
Contract with Customer, Asset, Gross, Current | 45 | $ 14 |
Contract with Customer, Asset, Gross, Noncurrent | 10 | 10 |
Contract with Customer, Liability, Current | 84 | 80 |
Contract with Customer, Liability, Noncurrent | $ 219 | $ 212 |
Revenue Recognition Revenue All
Revenue Recognition Revenue Allocated to Remaining Performance Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue allocated to remaining performance obligations for contracted revenue | $ 32,307 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Performance obligation, period of recognition | 6 months | |
Revenue allocated to remaining performance obligations for contracted revenue | $ 2,555 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Performance obligation, period of recognition | 1 year | |
Revenue allocated to remaining performance obligations for contracted revenue | $ 4,602 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Performance obligation, period of recognition | 1 year | |
Revenue allocated to remaining performance obligations for contracted revenue | $ 3,884 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Performance obligation, period of recognition | 1 year | |
Revenue allocated to remaining performance obligations for contracted revenue | $ 3,250 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Performance obligation, period of recognition | 1 year | |
Revenue allocated to remaining performance obligations for contracted revenue | $ 2,717 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Performance obligation, period of recognition | ||
Revenue allocated to remaining performance obligations for contracted revenue | $ 15,299 |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition - Total (Details) $ in Millions | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue allocated to remaining performance obligations for contracted revenue | $ 32,307 |
Reportable Segments Reportable
Reportable Segments Reportable Segments Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 3,214 | $ 3,428 | $ 6,643 | $ 6,846 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (13) | (12) | (23) | (22) |
Natural Gas Pipelines | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,956 | 2,095 | 4,148 | 4,211 |
Natural Gas Pipelines | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (12) | (12) | (21) | (22) |
Products Pipelines | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 442 | 503 | 866 | 945 |
Terminals | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 506 | 514 | 1,014 | 1,009 |
Terminals | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (1) | (1) | (2) | (1) |
CO2 | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 310 | 250 | 615 | 554 |
Kinder Morgan Canada(a) | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | 65 | $ 0 | 126 |
Previously Reported [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (8) | (13) | ||
Previously Reported [Member] | Natural Gas Pipelines | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,166 | 4,332 | ||
Previously Reported [Member] | Products Pipelines | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 442 | 841 | ||
Previously Reported [Member] | Terminals | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 513 | $ 1,006 |
Reportable Segments Reportabl_2
Reportable Segments Reportable Segments EBDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
DD&A | $ (579) | $ (571) | $ (1,172) | $ (1,141) |
Amortization of excess cost of equity investments | (19) | (24) | (40) | (56) |
General and administrative and corporate charges | (148) | (164) | (302) | (337) |
Interest, net | (452) | (516) | (912) | (983) |
Income Tax (Expense) Benefit | (148) | 46 | (320) | (118) |
Net Income (Loss) | 528 | (130) | 1,095 | 412 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBDA(d) | 1,881 | 1,109 | 3,855 | 3,044 |
Corporate and intersegment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
DD&A | (579) | (571) | (1,172) | (1,141) |
Amortization of excess cost of equity investments | (19) | (24) | (40) | (56) |
General and administrative and corporate charges | (155) | (174) | (316) | (334) |
Interest, net | (452) | (516) | (912) | (983) |
Income Tax (Expense) Benefit | (148) | 46 | (320) | (118) |
Natural Gas Pipelines | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBDA(d) | 1,088 | 310 | 2,291 | 1,438 |
Products Pipelines | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBDA(d) | 307 | 321 | 583 | 587 |
Terminals | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBDA(d) | 290 | 275 | 589 | 571 |
CO2 | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBDA(d) | 196 | 157 | 394 | 356 |
Kinder Morgan Canada(a) | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBDA(d) | $ 0 | 46 | $ (2) | 92 |
Previously Reported [Member] | Natural Gas Pipelines | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBDA(d) | 313 | 1,449 | ||
Previously Reported [Member] | Products Pipelines | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBDA(d) | 319 | 578 | ||
Previously Reported [Member] | Terminals | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBDA(d) | $ 274 | $ 569 |
Reportable Segments Reportabl_3
Reportable Segments Reportable Segments Assets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Assets | $ 76,695 | $ 78,866 |
Goodwill | 21,964 | 21,965 |
Corporate and intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,710 | 5,664 |
Natural Gas Pipelines | ||
Segment Reporting Information [Line Items] | ||
Assets | 50,750 | 50,261 |
Products Pipelines | ||
Segment Reporting Information [Line Items] | ||
Assets | 9,543 | 9,598 |
Terminals | ||
Segment Reporting Information [Line Items] | ||
Assets | 9,963 | 9,415 |
CO2 | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 3,729 | 3,928 |
Previously Reported [Member] | Natural Gas Pipelines | ||
Segment Reporting Information [Line Items] | ||
Assets | 51,562 | |
Previously Reported [Member] | Products Pipelines | ||
Segment Reporting Information [Line Items] | ||
Assets | 8,429 | |
Previously Reported [Member] | Terminals | ||
Segment Reporting Information [Line Items] | ||
Assets | 9,283 | |
Restatement Adjustment [Member] | Natural Gas Pipelines | ||
Segment Reporting Information [Line Items] | ||
Goodwill | (450) | |
Restatement Adjustment [Member] | Products Pipelines | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 450 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Examination [Line Items] | ||||
Income tax expense (benefit) | $ 148 | $ (46) | $ 320 | $ 118 |
Effective tax rate | 21.90% | 26.10% | 22.60% | 22.30% |
Statutory federal rate | 21.00% | 21.00% | 21.00% | 21.00% |
Leases - Lessee (Details)
Leases - Lessee (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Components of lease expense: | ||||
Operating leases | $ 71 | |||
Short-term and variable leases | 41 | |||
Total lease cost | 112 | |||
Capitalized lease costs | 20 | |||
Supplemental cash flow information: | ||||
Operating cash flows from operating leases | (92) | |||
Investing cash flows from operating leases | (20) | |||
ROU assets obtained in exchange for operating lease obligations | 743 | |||
Amortization of ROU assets | $ 37 | |||
Weighted average remaining lease term | 16 years 8 months 26 days | |||
Weighted average discount rate | 5.92% | |||
Amounts recognized: | ||||
ROU assets | $ 713 | |||
Short-term lease liability | 51 | |||
Long-term lease liability | 662 | |||
Finance lease assets | 2 | |||
Finance lease liabilities | 2 | |||
Maturities of operating lease liabilities under non-cancellable leases: | ||||
Six months ended December 31, 2019 | 49 | |||
2019 | $ 115 | |||
2020 | 84 | 100 | ||
2021 | 76 | 95 | ||
2022 | 71 | 91 | ||
2023 | 65 | 84 | ||
Thereafter | 825 | 859 | ||
Total lease payments | 1,170 | 1,344 | ||
Less: Interest | (457) | |||
Present value of lease liabilities | $ 713 | |||
Edmonton South Property [Member] | ||||
Maturities of operating lease liabilities under non-cancellable leases: | ||||
Total lease payments | 482 | |||
Leased Assets [Member] | ||||
Maturities of operating lease liabilities under non-cancellable leases: | ||||
2019 | 90 | |||
2020 | 75 | |||
2021 | 70 | |||
2022 | 65 | |||
2023 | 59 | |||
Thereafter | 771 | |||
Total lease payments | 1,130 | |||
ROW [Member] | ||||
Maturities of operating lease liabilities under non-cancellable leases: | ||||
2019 | 25 | |||
2020 | 25 | |||
2021 | 25 | |||
2022 | 26 | |||
2023 | 25 | |||
Thereafter | 88 | |||
Total lease payments | $ 214 | |||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 1 year | |||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 34 years | |||
Accounting Standards Update 2016-02 [Member] | ||||
Amounts recognized: | ||||
ROU assets | $ 696 | |||
Short-term lease liability | 52 | |||
Long-term lease liability | $ 644 | |||
Amount Excluding Cumulative Adjustment [Member] | ||||
Supplemental cash flow information: | ||||
ROU assets obtained in exchange for operating lease obligations | $ 54 |
Leases - Lessor (Details)
Leases - Lessor (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | ||
Lease termination term | 1 year | |
Lease income | $ 216 | $ 434 |
Future minimum lease receivables: | ||
2019 (six months ended December 31, 2019) | 197 | 197 |
2020 | 365 | 365 |
2021 | 348 | 348 |
2022 | 334 | 334 |
2023 | 304 | 304 |
Thereafter | 3,668 | 3,668 |
Total | $ 5,216 | $ 5,216 |
Minimum [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Remaining lease term | 1 year | |
Maximum [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Remaining lease term | 32 years | |
Term of lease extension | 25 years | 25 years |
Litigation, Environmental and_2
Litigation, Environmental and Other Contingencies Federal Energy Regulatory Commission Proceedings (Details) - Federal Energy Regulatory Commission [Member] - Unfavorable Regulatory Action [Member] - Pending Litigation [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
EPNG | |
EPNG [Abstract] | |
Loss Contingency, Pending Claims, Number | 2 |
Reparations, Refunds, and Rate Reductions [Member] | SFPP [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency Period of Time Litigation Concerns | 2 years |
Annual Rate Reductions [Member] | SFPP [Member] | |
SFPP [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 30 |
Revenue Subject to Refund [Member] | SFPP [Member] | |
SFPP [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 330 |
Litigation, Environmental and_3
Litigation, Environmental and Other Contingencies Other Commercial Matters (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
WISCONSIN | Price Reporting Litigation [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 300 |
Litigation, Environmental and_4
Litigation, Environmental and Other Contingencies General (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated Litigation Liability | $ 215 | $ 207 |
Litigation, Environmental and_5
Litigation, Environmental and Other Contingencies Portland Harbor (Details) - Environmental Protection Agency [Member] - GATX Terminals Corporation (n/k/a KMLT) [Member] - Portland Harbor Superfund Site, Willamette River, Portland, Oregon [Member] $ in Billions | Jun. 08, 2016 | Jun. 30, 2019TerminalsParties | Jan. 06, 2017USD ($) |
Site Contingency [Line Items] | |||
Accrual for Environmental Loss Contingencies, Gross | $ | $ 1.1 | ||
Estimated Remedy Implementation Period | 13 years | ||
Number of Parties Involved In Site Cleanup Allocation Negotiations | Parties | 90 | ||
Number of Liquid Terminals | Terminals | 2 |
Litigation, Environmental and_6
Litigation, Environmental and Other Contingencies Lower Passaic River (Details) - Pending Litigation [Member] $ in Millions | Oct. 05, 2016USD ($) | Jun. 30, 2019USD ($)miDefendants |
Lower Passaic River Study Area [Member] | ||
Site Contingency [Line Items] | ||
Miles of river | mi | 17 | |
Number of Parties at a Joint Defense Group | 44 | |
Lower Passaic River Study Area [Member] | EPA preferred alternative estimate [Member] | ||
Site Contingency [Line Items] | ||
Environmental Remediation Expense | $ | $ 1,700 | |
Lower Passaic River Study Area [Member] | AOC required engineering and design work [Member] | ||
Site Contingency [Line Items] | ||
Environmental Remediation Expense | $ | $ 165 | |
Loss Contingency, Pending Claims, Number | 2 | |
Loss Contingency, Number of Defendants | Defendants | 120 | |
Lower Passaic River Study Area [Member] | Design [Member] | ||
Site Contingency [Line Items] | ||
Estimated Remedy Implementation Period | 4 years | |
Lower Passaic River Study Area [Member] | Clean Up Implementation [Member] | ||
Site Contingency [Line Items] | ||
Estimated Remedy Implementation Period | 6 years | |
Lower Passaic River Study Area, Lower Portion [Member] | ||
Site Contingency [Line Items] | ||
Miles of river | mi | 8 |
Litigation, Environmental and_7
Litigation, Environmental and Other Contingencies Environmental Matters (Details) | Apr. 16, 2019 | Mar. 29, 2019 | May 04, 2018USD ($)a | Dec. 18, 2015USD ($) | Nov. 08, 2013 | Jun. 30, 2019Defendants | Dec. 31, 1969 | Jan. 31, 2015 |
Loss Contingencies [Line Items] | ||||||||
Percentage of Response Costs | 35.00% | |||||||
Rare Metals Inc. [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of Uranium Mines | 20 | |||||||
Parish of Plaquemines, Louisiana [Member] | Bastian Bay, Buras, Empire and Fort Jackson oil and gas fields of Plaquemines Parish [Member] | TGP [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Number of Defendants | 17 | |||||||
Parish Orleans, Louisiana [Member] [Member] | Coastal Zone [Member] | SNG [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Number of Defendants | 10 | |||||||
Judicial District of Louisiana [Member] | Coastal Zone [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Pending Claims, Number | 40 | |||||||
Judicial District of Louisiana [Member] | Coastal Zone [Member] | TGP [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Pending Claims, Number | 1 | |||||||
Judicial District of Louisiana [Member] | Coastal Zone [Member] | SNG [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Pending Claims, Number | 1 | |||||||
Vintage Assets Inc. [Member] | Parish of Plaquemines, Louisiana [Member] | TGP and SNG [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Sought, Value | $ 80,000,000 | |||||||
Restore acreage | a | 9.6 | |||||||
Loss Contingency, Damages Awarded, Value | $ 1,104 | |||||||
Louisiana Landowner Coastal Erosion Litigation [Member] | Judicial District of Louisiana [Member] | TGP and SNG [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Pending Claims, Number | 2 | |||||||
Louisiana Landowner Coastal Erosion Litigation [Member] | Judicial District of Louisiana [Member] | TGP [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Pending Claims, Number | 2 | |||||||
Louisiana Landowner Coastal Erosion Litigation [Member] | Judicial District of Louisiana [Member] | SNG [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Pending Claims, Number | 2 | |||||||
AOC required engineering and design work [Member] | Lower Passaic River Study Area [Member] | Pending Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Pending Claims, Number | 2 | |||||||
Loss Contingency, Number of Defendants | Defendants | 120 |
Litigation, Environmental and_8
Litigation, Environmental and Other Contingencies Other Contingencies (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Other contingencies | ||
Accrual for Environmental Loss Contingencies | $ 264 | $ 271 |
Recorded Third-Party Environmental Recoveries Receivable | 13 | $ 13 |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | ||
Other contingencies | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 450 | |
Indirect Guarantee of Indebtedness [Member] | Guarantee of Indebtedness of Others [Member] | ||
Other contingencies | ||
Maximum payment under agreement | $ 225 |
Guarantee of Securities of Su_2
Guarantee of Securities of Subsidiaries (Details) $ in Millions | Jun. 30, 2019USD ($) |
Parent Issuer and Guarantor | |
Carrying value | $ 14,883 |
Subsidiary Issuer and Guarantor - KMP | |
Carrying value | 16,610 |
Subsidiary Guarantors [Member] | |
Carrying value | 2,535 |
Other Financing Obligations Not Subject to Cross Guarantee Agreement | $ 157 |
Guarantee of Securities of Su_3
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | $ 3,214 | $ 3,428 | $ 6,643 | $ 6,846 |
Costs of sales | 777 | 1,068 | 1,725 | 2,087 |
Depreciation, depletion and amortization | 579 | 571 | 1,172 | 1,141 |
Other operating expense (income) | (2) | (2) | (2) | (2) |
Total Operating Costs, Expenses and Other | 2,241 | 3,156 | 4,652 | 5,625 |
Operating Income | 973 | 272 | 1,991 | 1,221 |
Earnings from equity investments | 161 | 58 | 353 | 278 |
Interest, net | (452) | (516) | (912) | (983) |
Amortization of excess cost of equity investments and other, net | 13 | 34 | 23 | 70 |
Income (Loss) Before Income Taxes | 676 | (176) | 1,415 | 530 |
Income tax (expense) benefit | (148) | 46 | (320) | (118) |
Net Income (Loss) | 528 | (130) | 1,095 | 412 |
Net Income Attributable to Noncontrolling Interests | (10) | (11) | (21) | (29) |
Net Income (Loss) Attributable to Kinder Morgan, Inc. | 518 | (141) | 1,074 | 383 |
Preferred Stock Dividends | 0 | (39) | 0 | (78) |
Net Income (Loss) Available to Common Stockholders | 518 | (180) | 1,074 | 305 |
Total other comprehensive income (loss) | 65 | (39) | (119) | (80) |
Comprehensive income (loss) | 593 | (169) | 976 | 332 |
Comprehensive (income) loss attributable to noncontrolling interests | (15) | 5 | (20) | 11 |
Comprehensive income (loss) attributable to Kinder Morgan, Inc. | 578 | (164) | 956 | 343 |
Parent Issuer and Guarantor | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | 0 |
Costs of sales | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 5 | 4 | 10 | 9 |
Other operating expense (income) | 4 | 6 | 3 | (19) |
Total Operating Costs, Expenses and Other | 9 | 10 | 13 | (10) |
Operating Income | (9) | (10) | (13) | 10 |
Earnings from consolidated subsidiaries | 846 | (2) | 1,739 | 804 |
Earnings from equity investments | 0 | 0 | 0 | 0 |
Interest, net | (194) | (193) | (384) | (377) |
Amortization of excess cost of equity investments and other, net | (3) | 7 | (7) | 13 |
Income (Loss) Before Income Taxes | 640 | (198) | 1,335 | 450 |
Income tax (expense) benefit | (122) | 57 | (261) | (67) |
Net Income (Loss) | 518 | (141) | 1,074 | 383 |
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Kinder Morgan, Inc. | 518 | (141) | 1,074 | 383 |
Preferred Stock Dividends | (39) | (78) | ||
Net Income (Loss) Available to Common Stockholders | (180) | 305 | ||
Total other comprehensive income (loss) | 60 | (23) | (118) | (40) |
Comprehensive income (loss) | 578 | (164) | 956 | 343 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Kinder Morgan, Inc. | 578 | (164) | 956 | 343 |
Subsidiary Issuer and Guarantor - KMP | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | 0 |
Costs of sales | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Other operating expense (income) | 0 | 0 | 0 | 1 |
Total Operating Costs, Expenses and Other | 0 | 0 | 0 | 1 |
Operating Income | 0 | 0 | 0 | (1) |
Earnings from consolidated subsidiaries | 811 | (55) | 1,658 | 690 |
Earnings from equity investments | 0 | 0 | 0 | 0 |
Interest, net | (2) | (2) | (5) | (6) |
Amortization of excess cost of equity investments and other, net | 0 | 0 | 0 | 0 |
Income (Loss) Before Income Taxes | 809 | (57) | 1,653 | 683 |
Income tax (expense) benefit | (1) | (2) | (2) | (4) |
Net Income (Loss) | 808 | (59) | 1,651 | 679 |
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Kinder Morgan, Inc. | 808 | (59) | 1,651 | 679 |
Preferred Stock Dividends | 0 | 0 | ||
Net Income (Loss) Available to Common Stockholders | (59) | 679 | ||
Total other comprehensive income (loss) | 78 | (42) | (149) | (98) |
Comprehensive income (loss) | 886 | (101) | 1,502 | 581 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Kinder Morgan, Inc. | 886 | (101) | 1,502 | 581 |
Subsidiary Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 2,934 | 3,047 | 6,084 | 6,127 |
Costs of sales | 761 | 1,022 | 1,679 | 2,001 |
Depreciation, depletion and amortization | 506 | 486 | 1,026 | 970 |
Other operating expense (income) | 768 | 1,377 | 1,508 | 2,120 |
Total Operating Costs, Expenses and Other | 2,035 | 2,885 | 4,213 | 5,091 |
Operating Income | 899 | 162 | 1,871 | 1,036 |
Earnings from consolidated subsidiaries | 85 | 96 | 134 | 147 |
Earnings from equity investments | 161 | 58 | 353 | 278 |
Interest, net | (250) | (273) | (508) | (546) |
Amortization of excess cost of equity investments and other, net | (1) | (5) | (8) | (15) |
Income (Loss) Before Income Taxes | 894 | 38 | 1,842 | 900 |
Income tax (expense) benefit | (21) | (19) | (42) | (45) |
Net Income (Loss) | 873 | 19 | 1,800 | 855 |
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Kinder Morgan, Inc. | 873 | 19 | 1,800 | 855 |
Preferred Stock Dividends | 0 | 0 | ||
Net Income (Loss) Available to Common Stockholders | 19 | 855 | ||
Total other comprehensive income (loss) | 76 | (44) | (156) | (101) |
Comprehensive income (loss) | 949 | (25) | 1,644 | 754 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Kinder Morgan, Inc. | 949 | (25) | 1,644 | 754 |
Subsidiary Non-Guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 299 | 399 | 624 | 785 |
Costs of sales | 23 | 52 | 88 | 129 |
Depreciation, depletion and amortization | 68 | 81 | 136 | 162 |
Other operating expense (income) | 125 | 146 | 267 | 318 |
Total Operating Costs, Expenses and Other | 216 | 279 | 491 | 609 |
Operating Income | 83 | 120 | 133 | 176 |
Earnings from consolidated subsidiaries | 18 | 4 | 36 | 20 |
Earnings from equity investments | 0 | 0 | 0 | 0 |
Interest, net | (6) | (48) | (15) | (54) |
Amortization of excess cost of equity investments and other, net | (2) | 8 | (2) | 16 |
Income (Loss) Before Income Taxes | 93 | 84 | 152 | 158 |
Income tax (expense) benefit | (4) | 10 | (15) | (2) |
Net Income (Loss) | 89 | 94 | 137 | 156 |
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Kinder Morgan, Inc. | 89 | 94 | 137 | 156 |
Preferred Stock Dividends | 0 | 0 | ||
Net Income (Loss) Available to Common Stockholders | 94 | 156 | ||
Total other comprehensive income (loss) | 16 | (58) | 35 | (136) |
Comprehensive income (loss) | 105 | 36 | 172 | 20 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Kinder Morgan, Inc. | 105 | 36 | 172 | 20 |
Consolidated KMI | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | 3,214 | 3,428 | 6,643 | 6,846 |
Costs of sales | 777 | 1,068 | 1,725 | 2,087 |
Depreciation, depletion and amortization | 579 | 571 | 1,172 | 1,141 |
Other operating expense (income) | 885 | 1,517 | 1,755 | 2,397 |
Total Operating Costs, Expenses and Other | 2,241 | 3,156 | 4,652 | 5,625 |
Operating Income | 973 | 272 | 1,991 | 1,221 |
Earnings from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Earnings from equity investments | 161 | 58 | 353 | 278 |
Interest, net | (452) | (516) | (912) | (983) |
Amortization of excess cost of equity investments and other, net | (6) | 10 | (17) | 14 |
Income (Loss) Before Income Taxes | 676 | (176) | 1,415 | 530 |
Income tax (expense) benefit | (148) | 46 | (320) | (118) |
Net Income (Loss) | 528 | (130) | 1,095 | 412 |
Net Income Attributable to Noncontrolling Interests | (10) | (11) | (21) | (29) |
Net Income (Loss) Attributable to Kinder Morgan, Inc. | 518 | (141) | 1,074 | 383 |
Preferred Stock Dividends | (39) | (78) | ||
Net Income (Loss) Available to Common Stockholders | (180) | 305 | ||
Total other comprehensive income (loss) | 65 | (39) | (119) | (80) |
Comprehensive income (loss) | 593 | (169) | 976 | 332 |
Comprehensive (income) loss attributable to noncontrolling interests | (15) | 5 | (20) | 11 |
Comprehensive income (loss) attributable to Kinder Morgan, Inc. | 578 | (164) | 956 | 343 |
Consolidating Adjustments | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Revenues | (19) | (18) | (65) | (66) |
Costs of sales | (7) | (6) | (42) | (43) |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Other operating expense (income) | (12) | (12) | (23) | (23) |
Total Operating Costs, Expenses and Other | (19) | (18) | (65) | (66) |
Operating Income | 0 | 0 | 0 | 0 |
Earnings from consolidated subsidiaries | (1,760) | (43) | (3,567) | (1,661) |
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 | (1,760) | (43) | (3,567) | (1,661) |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net Income (Loss) | (1,760) | (43) | (3,567) | (1,661) |
Net Income Attributable to Noncontrolling Interests | (10) | (11) | (21) | (29) |
Net Income (Loss) Attributable to Kinder Morgan, Inc. | (1,770) | (54) | (3,588) | (1,690) |
Preferred Stock Dividends | 0 | 0 | ||
Net Income (Loss) Available to Common Stockholders | (54) | (1,690) | ||
Total other comprehensive income (loss) | (165) | 128 | 269 | 295 |
Comprehensive income (loss) | (1,925) | 85 | (3,298) | (1,366) |
Comprehensive (income) loss attributable to noncontrolling interests | (15) | 5 | (20) | 11 |
Comprehensive income (loss) attributable to Kinder Morgan, Inc. | $ (1,940) | $ 90 | $ (3,318) | $ (1,355) |
Guarantee of Securities of Su_4
Guarantee of Securities of Subsidiaries Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | $ 213 | $ 3,280 | $ 271 | $ 264 | ||
All other current assets | 264 | 248 | ||||
Property, plant and equipment, net | 37,840 | 37,897 | ||||
Investments | 8,124 | 7,481 | ||||
Goodwill | 21,964 | 21,965 | ||||
Deferred income taxes | 1,487 | 1,566 | ||||
Other non-current assets | 2,198 | 1,355 | ||||
Total Assets | 76,695 | 78,866 | ||||
Long-term debt | 33,005 | 33,936 | ||||
Total Liabilities | 41,436 | 43,669 | ||||
Redeemable noncontrolling interest | 775 | 666 | ||||
Total KMI equity | 33,638 | 33,678 | ||||
Noncontrolling interests | 846 | 853 | ||||
Total Stockholders’ Equity | 34,484 | $ 34,455 | 34,531 | $ 34,494 | $ 35,129 | $ 35,124 |
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | 76,695 | 78,866 | ||||
Parent Issuer and Guarantor | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 2 | 8 | ||||
Other current assets - affiliates | 5,179 | 4,465 | ||||
All other current assets | 101 | 171 | ||||
Property, plant and equipment, net | 245 | 231 | ||||
Investments | 664 | 664 | ||||
Investments in subsidiaries | 44,939 | 42,096 | ||||
Goodwill | 13,789 | 13,789 | ||||
Notes receivable from affiliates | 928 | 945 | ||||
Deferred income taxes | 2,909 | 3,137 | ||||
Other non-current assets | 726 | 233 | ||||
Total Assets | 69,482 | 65,739 | ||||
Current portion of debt | 1,636 | 1,933 | ||||
Other current liabilities - affiliates | 17,793 | 14,189 | ||||
All other current liabilities | 388 | 486 | ||||
Long-term debt | 13,615 | 13,474 | ||||
Notes payable to affiliates | 1,302 | 1,234 | ||||
Deferred income taxes | 0 | 0 | ||||
All other long-term liabilities and deferred credits | 1,110 | 745 | ||||
Total Liabilities | 35,844 | 32,061 | ||||
Redeemable noncontrolling interest | 0 | 0 | ||||
Total KMI equity | 33,638 | 33,678 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total Stockholders’ Equity | 33,638 | 33,678 | ||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | 69,482 | 65,739 | ||||
Subsidiary Issuer and Guarantor - KMP | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Other current assets - affiliates | 4,748 | 4,788 | ||||
All other current assets | 30 | 17 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investments | 0 | 0 | ||||
Investments in subsidiaries | 41,753 | 40,049 | ||||
Goodwill | 22 | 22 | ||||
Notes receivable from affiliates | 20,338 | 20,345 | ||||
Deferred income taxes | 0 | 0 | ||||
Other non-current assets | 224 | 105 | ||||
Total Assets | 67,115 | 65,326 | ||||
Current portion of debt | 1,235 | 1,300 | ||||
Other current liabilities - affiliates | 14,144 | 14,087 | ||||
All other current liabilities | 343 | 354 | ||||
Long-term debt | 15,738 | 16,799 | ||||
Notes payable to affiliates | 448 | 448 | ||||
Deferred income taxes | 0 | 0 | ||||
All other long-term liabilities and deferred credits | 21 | 59 | ||||
Total Liabilities | 31,929 | 33,047 | ||||
Redeemable noncontrolling interest | 0 | 0 | ||||
Total KMI equity | 35,186 | 32,279 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total Stockholders’ Equity | 35,186 | 32,279 | ||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | 67,115 | 65,326 | ||||
Subsidiary Guarantors [Member] | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Other current assets - affiliates | 27,566 | 23,851 | ||||
All other current assets | 1,795 | 2,056 | ||||
Property, plant and equipment, net | 30,636 | 30,750 | ||||
Investments | 7,361 | 6,718 | ||||
Investments in subsidiaries | 4,489 | 6,077 | ||||
Goodwill | 5,165 | 5,166 | ||||
Notes receivable from affiliates | 200 | 247 | ||||
Deferred income taxes | 0 | 0 | ||||
Other non-current assets | 3,925 | 3,823 | ||||
Total Assets | 81,137 | 78,688 | ||||
Current portion of debt | 31 | 30 | ||||
Other current liabilities - affiliates | 5,667 | 4,898 | ||||
All other current liabilities | 1,545 | 1,838 | ||||
Long-term debt | 3,003 | 3,020 | ||||
Notes payable to affiliates | 20,532 | 20,543 | ||||
Deferred income taxes | 539 | 503 | ||||
All other long-term liabilities and deferred credits | 1,207 | 944 | ||||
Total Liabilities | 32,524 | 31,776 | ||||
Redeemable noncontrolling interest | 775 | 666 | ||||
Total KMI equity | 47,838 | 46,246 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total Stockholders’ Equity | 47,838 | 46,246 | ||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | 81,137 | 78,688 | ||||
Subsidiary Non-Guarantors | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 212 | 3,277 | ||||
Other current assets - affiliates | 1,089 | 1,031 | ||||
All other current assets | 184 | 212 | ||||
Property, plant and equipment, net | 6,959 | 6,916 | ||||
Investments | 99 | 99 | ||||
Investments in subsidiaries | 4,380 | 4,324 | ||||
Goodwill | 2,988 | 2,988 | ||||
Notes receivable from affiliates | 1,171 | 1,043 | ||||
Deferred income taxes | 0 | 0 | ||||
Other non-current assets | 468 | 74 | ||||
Total Assets | 17,550 | 19,964 | ||||
Current portion of debt | 152 | 125 | ||||
Other current liabilities - affiliates | 978 | 961 | ||||
All other current liabilities | 349 | 1,510 | ||||
Long-term debt | 649 | 643 | ||||
Notes payable to affiliates | 355 | 355 | ||||
Deferred income taxes | 883 | 1,068 | ||||
All other long-term liabilities and deferred credits | 801 | 428 | ||||
Total Liabilities | 4,167 | 5,090 | ||||
Redeemable noncontrolling interest | 0 | 0 | ||||
Total KMI equity | 13,383 | 14,874 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total Stockholders’ Equity | 13,383 | 14,874 | ||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | 17,550 | 19,964 | ||||
Consolidated KMI | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 213 | 3,280 | ||||
Other current assets - affiliates | 0 | 0 | ||||
All other current assets | 2,087 | 2,442 | ||||
Property, plant and equipment, net | 37,840 | 37,897 | ||||
Investments | 8,124 | 7,481 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Goodwill | 21,964 | 21,965 | ||||
Notes receivable from affiliates | 0 | 0 | ||||
Deferred income taxes | 1,487 | 1,566 | ||||
Other non-current assets | 4,980 | 4,235 | ||||
Total Assets | 76,695 | 78,866 | ||||
Current portion of debt | 3,054 | 3,388 | ||||
Other current liabilities - affiliates | 0 | 0 | ||||
All other current liabilities | 2,605 | 4,169 | ||||
Long-term debt | 33,005 | 33,936 | ||||
Notes payable to affiliates | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
All other long-term liabilities and deferred credits | 2,772 | 2,176 | ||||
Total Liabilities | 41,436 | 43,669 | ||||
Redeemable noncontrolling interest | 775 | 666 | ||||
Total KMI equity | 33,638 | 33,678 | ||||
Noncontrolling interests | 846 | 853 | ||||
Total Stockholders’ Equity | 34,484 | 34,531 | ||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | 76,695 | 78,866 | ||||
Consolidating Adjustments | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | (1) | (5) | ||||
Other current assets - affiliates | (38,582) | (34,135) | ||||
All other current assets | (23) | (14) | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investments | 0 | 0 | ||||
Investments in subsidiaries | (95,561) | (92,546) | ||||
Goodwill | 0 | 0 | ||||
Notes receivable from affiliates | (22,637) | (22,580) | ||||
Deferred income taxes | (1,422) | (1,571) | ||||
Other non-current assets | (363) | 0 | ||||
Total Assets | (158,589) | (150,851) | ||||
Current portion of debt | 0 | 0 | ||||
Other current liabilities - affiliates | (38,582) | (34,135) | ||||
All other current liabilities | (20) | (19) | ||||
Long-term debt | 0 | 0 | ||||
Notes payable to affiliates | (22,637) | (22,580) | ||||
Deferred income taxes | (1,422) | (1,571) | ||||
All other long-term liabilities and deferred credits | (367) | 0 | ||||
Total Liabilities | (63,028) | (58,305) | ||||
Redeemable noncontrolling interest | 0 | 0 | ||||
Total KMI equity | (96,407) | (93,399) | ||||
Noncontrolling interests | 846 | 853 | ||||
Total Stockholders’ Equity | (95,561) | (92,546) | ||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | $ (158,589) | $ (150,851) |
Guarantee of Securities of Su_5
Guarantee of Securities of Subsidiaries Condensed Consolidating Statements of Cash Flows (Details) $ in Millions, $ in Billions | Jan. 03, 2019USD ($) | Jan. 03, 2019CAD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | $ 2,098 | $ 2,468 | ||
Cash Flows From Investing Activities | ||||
Acquisitions of assets and investments | (3) | (20) | ||
Capital expenditures | (1,178) | (1,473) | ||
Proceeds from sales of equity investments | 33 | |||
Sales of assets and equity investments, net of working capital settlements | 80 | |||
Sales of property, plant and equipment, net of removal costs | 3 | 6 | ||
Contributions to investments | (812) | (111) | ||
Distributions from equity investments in excess of cumulative earnings | 131 | 149 | ||
Funding (to) from affiliates | 0 | 0 | ||
Loans to related party | (16) | (16) | ||
Net Cash Used in Investing Activities | (1,795) | (1,432) | ||
Cash Flows From Financing Activities | ||||
Issuances of debt | 3,042 | 8,565 | ||
Payments of debt | (4,622) | (8,575) | ||
Debt issue costs | (6) | (31) | ||
Cash dividends - common shares | (1,024) | (719) | ||
Cash dividends - preferred shares | 0 | (78) | ||
Repurchases of common shares | (2) | (250) | ||
Funding from affiliates | 0 | 0 | ||
Contributions from investment partner | 109 | 97 | ||
Contributions from parents | 0 | 0 | ||
Contributions from noncontrolling interests | 1 | 17 | ||
Distributions to parents | 0 | 0 | ||
Distribution to noncontrolling interests - KML distribution of the TMPL sale proceeds | $ (900) | $ (1.2) | (879) | 0 |
Distributions to noncontrolling interests - other | (28) | (35) | ||
Other, net | (4) | (1) | ||
Net Cash Used in Financing Activities | (3,413) | (1,010) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted deposits | 28 | (5) | ||
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits | (3,082) | 21 | ||
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | 3,331 | 3,331 | 326 | |
Cash, Cash Equivalents, and Restricted Deposits, end of period | 249 | 347 | ||
Consolidating Adjustments | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | (6,445) | (3,601) | ||
Cash Flows From Investing Activities | ||||
Acquisitions of assets and investments | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Proceeds from sales of equity investments | 0 | |||
Sales of assets and equity investments, net of working capital settlements | 0 | |||
Sales of property, plant and equipment, net of removal costs | 0 | 0 | ||
Contributions to investments | 0 | 0 | ||
Distributions from equity investments in excess of cumulative earnings | (865) | (1,910) | ||
Funding (to) from affiliates | 9,631 | 8,237 | ||
Loans to related party | 0 | 0 | ||
Net Cash Used in Investing Activities | 8,766 | 6,327 | ||
Cash Flows From Financing Activities | ||||
Issuances of debt | 0 | 0 | ||
Payments of debt | 0 | 0 | ||
Debt issue costs | 0 | 0 | ||
Cash dividends - common shares | 0 | 0 | ||
Cash dividends - preferred shares | 0 | |||
Repurchases of common shares | 0 | 0 | ||
Funding from affiliates | (9,631) | (8,237) | ||
Contributions from investment partner | 0 | 0 | ||
Contributions from parents | (1) | (17) | ||
Contributions from noncontrolling interests | 1 | 17 | ||
Distributions to parents | 8,221 | 5,543 | ||
Distribution to noncontrolling interests - KML distribution of the TMPL sale proceeds | (879) | |||
Distributions to noncontrolling interests - other | (28) | (35) | ||
Other, net | 0 | 0 | ||
Net Cash Used in Financing Activities | (2,317) | (2,729) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted deposits | 0 | 0 | ||
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits | 4 | (3) | ||
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | (5) | (5) | (1) | |
Cash, Cash Equivalents, and Restricted Deposits, end of period | (1) | (4) | ||
Parent Issuer and Guarantor | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | (1,554) | (2,142) | ||
Cash Flows From Investing Activities | ||||
Acquisitions of assets and investments | 0 | 0 | ||
Capital expenditures | (27) | (16) | ||
Proceeds from sales of equity investments | 0 | |||
Sales of assets and equity investments, net of working capital settlements | 0 | |||
Sales of property, plant and equipment, net of removal costs | 4 | 3 | ||
Contributions to investments | (128) | 0 | ||
Distributions from equity investments in excess of cumulative earnings | 865 | 1,910 | ||
Funding (to) from affiliates | (3,509) | (4,016) | ||
Loans to related party | 0 | 0 | ||
Net Cash Used in Investing Activities | (2,795) | (2,119) | ||
Cash Flows From Financing Activities | ||||
Issuances of debt | 2,966 | 8,297 | ||
Payments of debt | (3,263) | (6,737) | ||
Debt issue costs | (6) | (24) | ||
Cash dividends - common shares | (1,024) | (719) | ||
Cash dividends - preferred shares | (78) | |||
Repurchases of common shares | (2) | (250) | ||
Funding from affiliates | 5,676 | 3,779 | ||
Contributions from investment partner | 0 | 0 | ||
Contributions from parents | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | ||
Distributions to parents | 0 | 0 | ||
Distribution to noncontrolling interests - KML distribution of the TMPL sale proceeds | 0 | |||
Distributions to noncontrolling interests - other | 0 | 0 | ||
Other, net | (4) | (1) | ||
Net Cash Used in Financing Activities | 4,343 | 4,267 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted deposits | 0 | 0 | ||
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits | (6) | 6 | ||
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | 8 | 8 | 3 | |
Cash, Cash Equivalents, and Restricted Deposits, end of period | 2 | 9 | ||
Subsidiary Issuer and Guarantor - KMP | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 2,081 | 2,048 | ||
Cash Flows From Investing Activities | ||||
Acquisitions of assets and investments | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Proceeds from sales of equity investments | 0 | |||
Sales of assets and equity investments, net of working capital settlements | 0 | |||
Sales of property, plant and equipment, net of removal costs | 0 | 0 | ||
Contributions to investments | 0 | 0 | ||
Distributions from equity investments in excess of cumulative earnings | 0 | 0 | ||
Funding (to) from affiliates | (9) | 5 | ||
Loans to related party | 0 | 0 | ||
Net Cash Used in Investing Activities | (9) | 5 | ||
Cash Flows From Financing Activities | ||||
Issuances of debt | 0 | 0 | ||
Payments of debt | (1,300) | (975) | ||
Debt issue costs | 0 | 0 | ||
Cash dividends - common shares | 0 | 0 | ||
Cash dividends - preferred shares | 0 | |||
Repurchases of common shares | 0 | 0 | ||
Funding from affiliates | 1,731 | 1,517 | ||
Contributions from investment partner | 0 | 0 | ||
Contributions from parents | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | ||
Distributions to parents | (2,503) | (2,573) | ||
Distribution to noncontrolling interests - KML distribution of the TMPL sale proceeds | 0 | |||
Distributions to noncontrolling interests - other | 0 | 0 | ||
Other, net | 0 | 0 | ||
Net Cash Used in Financing Activities | (2,072) | (2,031) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted deposits | 0 | 0 | ||
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits | 0 | 22 | ||
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | 0 | 0 | 1 | |
Cash, Cash Equivalents, and Restricted Deposits, end of period | 0 | 23 | ||
Subsidiary Guarantors [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 7,965 | 5,644 | ||
Cash Flows From Investing Activities | ||||
Acquisitions of assets and investments | (3) | (20) | ||
Capital expenditures | (874) | (940) | ||
Proceeds from sales of equity investments | 33 | |||
Sales of assets and equity investments, net of working capital settlements | 108 | |||
Sales of property, plant and equipment, net of removal costs | 4 | (6) | ||
Contributions to investments | (683) | (106) | ||
Distributions from equity investments in excess of cumulative earnings | 131 | 149 | ||
Funding (to) from affiliates | (5,668) | (3,737) | ||
Loans to related party | (16) | (16) | ||
Net Cash Used in Investing Activities | (7,001) | (4,643) | ||
Cash Flows From Financing Activities | ||||
Issuances of debt | 0 | 0 | ||
Payments of debt | (4) | (779) | ||
Debt issue costs | 0 | 0 | ||
Cash dividends - common shares | 0 | 0 | ||
Cash dividends - preferred shares | 0 | |||
Repurchases of common shares | 0 | 0 | ||
Funding from affiliates | 1,781 | 2,499 | ||
Contributions from investment partner | 109 | 97 | ||
Contributions from parents | 1 | 17 | ||
Contributions from noncontrolling interests | 0 | 0 | ||
Distributions to parents | (2,851) | (2,835) | ||
Distribution to noncontrolling interests - KML distribution of the TMPL sale proceeds | 0 | |||
Distributions to noncontrolling interests - other | 0 | 0 | ||
Other, net | 0 | 0 | ||
Net Cash Used in Financing Activities | (964) | (1,001) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted deposits | 0 | 0 | ||
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits | 0 | 0 | ||
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | 0 | 0 | 0 | |
Cash, Cash Equivalents, and Restricted Deposits, end of period | 0 | 0 | ||
Subsidiary Non-Guarantors | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 51 | 519 | ||
Cash Flows From Investing Activities | ||||
Acquisitions of assets and investments | 0 | 0 | ||
Capital expenditures | (277) | (517) | ||
Proceeds from sales of equity investments | 0 | |||
Sales of assets and equity investments, net of working capital settlements | (28) | |||
Sales of property, plant and equipment, net of removal costs | (5) | 9 | ||
Contributions to investments | (1) | (5) | ||
Distributions from equity investments in excess of cumulative earnings | 0 | 0 | ||
Funding (to) from affiliates | (445) | (489) | ||
Loans to related party | 0 | 0 | ||
Net Cash Used in Investing Activities | (756) | (1,002) | ||
Cash Flows From Financing Activities | ||||
Issuances of debt | 76 | 268 | ||
Payments of debt | (55) | (84) | ||
Debt issue costs | 0 | (7) | ||
Cash dividends - common shares | 0 | 0 | ||
Cash dividends - preferred shares | 0 | |||
Repurchases of common shares | 0 | 0 | ||
Funding from affiliates | 443 | 442 | ||
Contributions from investment partner | 0 | 0 | ||
Contributions from parents | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | ||
Distributions to parents | (2,867) | (135) | ||
Distribution to noncontrolling interests - KML distribution of the TMPL sale proceeds | 0 | |||
Distributions to noncontrolling interests - other | 0 | 0 | ||
Other, net | 0 | 0 | ||
Net Cash Used in Financing Activities | (2,403) | 484 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted deposits | 28 | (5) | ||
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits | (3,080) | (4) | ||
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | $ 3,328 | 3,328 | 323 | |
Cash, Cash Equivalents, and Restricted Deposits, end of period | $ 248 | $ 319 |