v2.4.0.6

Risk Management (Tables) | 3 Months Ended
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Mar. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income [Table Text Block] | Changes in the components of our “Accumulated other comprehensive income” for the three months ended March 31, 2013 are summarized as follows (in millions):
| Net unrealized gains/(losses) on cash flow hedge derivatives |  | Foreign currency translation adjustments |  | Pension and other postretirement liability adjs. |  | Total Accumulated other comprehensive income/(loss)
Balance as of December 31, 2012 | $ | 7 |  |  | $ | 51 |  |  | $ | (177 | ) |  | $ | (119 | )
Other comprehensive income before reclassifications | (16 | ) |  | (17 | ) |  | (1 | ) |  | (34 | )
Amounts reclassified from accumulated other comprehensive income | (4 | ) |  | — |  |  | — |  |  | (4 | )
Net current-period other comprehensive income | (20 | ) |  | (17 | ) |  | (1 | ) |  | (38 | )
Balance as of March 31, 2013 | $ | (13 | ) |  | $ | 34 |  |  | $ | (178 | ) |  | $ | (157 | )
Schedule of Derivative Instruments | As of March 31, 2013, KMI and KMP had entered into the following outstanding commodity forward contracts to hedge their forecast energy commodity purchases and sales:
| Net open position long/(short)
Derivatives designated as hedging contracts |  |  |
Crude oil fixed price | (21.4 | ) |  | million barrels
Natural gas fixed price | (33.9 | ) |  | billion cubic feet
Natural gas basis | (34.4 | ) |  | billion cubic feet
Derivatives not designated as hedging contracts |  |  |  |
Crude oil fixed price | (0.1 | ) |  | million barrels
Crude oil basis | (3.6 | ) |  | million barrels
Natural gas fixed price | (2.0 | ) |  | billion cubic feet
Natural gas basis | 13.1 |  |  | billion cubic feet
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair values of our derivative contracts included on our accompanying consolidated balance sheets as of March 31, 2013 and December 31, 2012 (in millions):
Fair Value of Derivative Contracts
|  |  |  | Asset derivatives |  | Liability derivatives
|  |  |  | March 31, |  | December 31, |  | March 31, |  | December 31,
|  |  |  | 2013 |  | 2012 |  | 2013 |  | 2012
|  | Balance sheet location |  | Fair value |  | Fair Value |  | Fair value |  | Fair Value
Derivatives designated as hedging contracts |  |  |  |  |  |  |  |  |  |
Natural gas and crude derivative contracts |  | Current-Fair value of derivative contracts |  | $ | 19 |  |  | $ | 42 |  |  | $ | (45 | ) |  | $ | (18 | )
|  | Non-current-Fair value of derivative contracts |  | 37 |  |  | 40 |  |  | (8 | ) |  | (11 | )
Subtotal |  |  |  | 56 |  |  | 82 |  |  | (53 | ) |  | (29 | )
Interest rate swap agreements - Fair value hedges |  | Current-Fair value of derivative contracts |  | 7 |  |  | 9 |  |  | — |  |  | — |
|  | Non-current-Fair value of derivative contracts |  | 572 |  |  | 656 |  |  | (3 | ) |  | (1 | )
Subtotal |  |  |  | 579 |  |  | 665 |  |  | (3 | ) |  | (1 | )
Total |  |  |  | 635 |  |  | 747 |  |  | (56 | ) |  | (30 | )
Derivatives not designated as hedging contracts |  |  |  |  |  |  |  |  |  |  |  |
Natural gas and crude derivative contracts |  | Current-Fair value of derivative contracts |  | 7 |  |  | 4 |  |  | (4 | ) |  | (3 | )
|  | Non-current-Fair value of derivative contracts |  | — |  |  | — |  |  | — |  |  | (1 | )
Subtotal |  |  |  | 7 |  |  | 4 |  |  | (4 | ) |  | (4 | )
Power derivative contracts |  | Current-Fair value of derivative contracts |  | 6 |  |  | 8 |  |  | (55 | ) |  | (59 | )
|  | Non-current-Fair value of derivative contracts |  | 9 |  |  | 13 |  |  | (105 | ) |  | (120 | )
Subtotal |  |  |  | 15 |  |  | 21 |  |  | (160 | ) |  | (179 | )
Total |  |  |  | 22 |  |  | 25 |  |  | (164 | ) |  | (183 | )
Total derivatives(a) |  |  |  | $ | 657 |  |  | $ | 772 |  |  | $ | (220 | ) |  | $ | (213 | )
_______
(a) | As of March 31, 2013 and December 31, 2012, we presented the fair value of our derivative contracts on a gross basis on our accompanying consolidated balance sheets. If we had elected to net derivative contracts subject to master netting agreements as of March 31, 2013 and December 31, 2012, the impact would have reduced our derivative assets and liabilities by $33 million and $38 million, respectively. As of March 31, 2013 and December 31, 2012, KMP had cash margin deposits associated with its derivative contracts posted with counterparties of $21 million and $5 million, respectively, that would have additionally reduced our derivative liabilities.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following three tables summarize the impact of our derivative contracts on our accompanying consolidated statements of income for each of the three months ended March 31, 2013 and 2012 (in millions):
Derivatives in fair value hedging relationships |  | Location of gain/(loss) recognized in income on derivatives |  | Amount of gain/(loss) recognized in income on derivatives and related hedged item(a)
|  |  |  | Three Months Ended March 31,
|  |  |  | 2013 |  | 2012
Interest rate swap agreements |  | Interest expense |  | $ | (88 | ) |  | $ | (115 | )
Total |  |  |  | $ | (88 | ) |  | $ | (115 | )
Fixed rate debt |  | Interest expense |  | $ | 88 |  |  | $ | 115 |
Total |  |  |  | $ | 88 |  |  | $ | 115 |
_______
(a) | Amounts reflect the change in the fair value of interest rate swap agreements and the change in the fair value of the associated fixed rate debt which exactly offset each other as a result of no hedge ineffectiveness.
Derivatives in cash flow hedging relationships |  | Amount of gain/(loss) recognized in OCI on derivative(effective portion)(a) |  | Location of gain/(loss) reclassified from Accumulated OCI into income (effective portion) |  | Amount of gain/(loss) reclassified from Accumulated OCI into income (effective portion)(b) |  | Location of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) |  | Amount of gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
|  | Three Months Ended March 31, |  |  |  | Three Months Ended March 31, |  |  |  | Three Months Ended March 31,
|  | 2013 |  | 2012 |  |  |  | 2013 |  | 2012 |  |  |  | 2013 |  | 2012
Energy commodity derivative contracts |  | $ | (32 | ) |  | $ | (86 | ) |  | Revenues-Natural gas sales |  | $ | — |  |  | $ | — |  |  | Revenues-Natural gas sales |  | $ | — |  |  | $ | — |
|  |  |  |  |  | Revenues-Product sales and other |  | 5 |  |  | (21 | ) |  | Revenues-Product sales and other |  | (3 | ) |  | (3 | )
|  |  |  |  |  | Gas purchases and other costs of sales |  | — |  |  | (2 | ) |  | Gas purchases and other costs of sales |  | — |  |  | — |
Interest rate swap agreements |  | 1 |  |  | — |  |  | Interest expense |  | 1 |  |  | — |  |  | Interest Expense |  | — |  |  | — |
Total |  | $ | (31 | ) |  | $ | (86 | ) |  | Total |  | $ | 6 |  |  | $ | (23 | ) |  | Total |  | $ | (3 | ) |  | $ | (3 | )
_______
(a) | We expect to reclassify an approximate $12 million loss associated with derivatives and included in our accumulated other comprehensive loss and noncontrolling interest balances as of March 31, 2013 into earnings during the next twelve months (when the associated forecasted transactions are also expected to occur), however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices.
(b) | No material amounts were reclassified into earnings as a result of the discontinuance of cash flow hedges because it was probable that the original forecast transactions would no longer occur by the end of the originally specified time period or within an additional two-month period of time thereafter, but rather, the amounts reclassified were the result of the hedged forecast transactions actually affecting earnings (i.e., when the forecast sales and purchases actually occurred).
Derivatives not designated as hedging contracts |  | Location of gain/(loss) recognized in income on derivatives |  | Amount of gain/(loss) recognized in income on derivatives
|  |  |  | Three Months Ended March 31,
|  |  |  | 2013 |  | 2012
Natural gas derivative contracts |  | Revenues-Natural gas sales |  | $ | 1 |  |  | $ | — |
Crude oil derivative contracts |  | Revenues-Product sales and other |  | 4 |  |  | — |
Power derivative contracts |  | Revenues-Product sales and other |  | (2 | ) |  | — |
Total |  |  |  | $ | 3 |  |  | $ | — |
Derivative Credit Risk | The maximum potential exposure to credit losses on derivative contracts as of March 31, 2013 was as follows (in millions):
| Asset position
Interest rate swap agreements | $ | 579 |
Energy commodity derivative contracts | 78 |
Gross exposure | 657 |
Netting agreement impact | (33 | )
Cash collateral held | — |
Net exposure | $ | 624 |

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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