v2.4.0.8

Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2014
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present our derivative contracts subject to such netting agreements as of March 31, 2014 and December 31, 2013 (in millions):
| Balance Sheet asset fair value measurements using |  | Amounts not offset in the Balance Sheet |  | Net Amount
| Level 1 |  | Level 2 |  | Level 3 |  | Gross Amount |  | Financial Instruments |  | Cash Collateral Held(b)
As of March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts(a) | $ | 6 |  |  | $ | 29 |  |  | $ | 16 |  |  | $ | 51 |  |  | $ | (40 | ) |  | $ | — |  |  | $ | 11 |
Interest rate swap agreements | $ | — |  |  | $ | 292 |  |  | $ | — |  |  | $ | 292 |  |  | $ | (44 | ) |  | $ | — |  |  | $ | 248 |
As of December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts(a) | $ | 4 |  |  | $ | 46 |  |  | $ | 48 |  |  | $ | 98 |  |  | $ | (62 | ) |  | $ | — |  |  | $ | 36 |
Interest rate swap agreements | $ | — |  |  | $ | 259 |  |  | $ | — |  |  | $ | 259 |  |  | $ | (28 | ) |  | $ | — |  |  | $ | 231 |
| Balance Sheet liability fair value measurements using |  | Amounts not offset in the Balance Sheet |  | Net Amount
| Level 1 |  | Level 2 |  | Level 3 |  | Gross Amount |  | Financial Instruments |  | Cash Collateral Held(c)
As of March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts(a) | $ | (14 | ) |  | $ | (50 | ) |  | $ | (116 | ) |  | $ | (180 | ) |  | $ | 40 |  |  | $ | 22 |  |  | $ | (118 | )
Interest rate swap agreements | $ | — |  |  | $ | (94 | ) |  | $ | — |  |  | $ | (94 | ) |  | $ | 44 |  |  | $ | — |  |  | $ | (50 | )
As of December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts(a) | $ | (6 | ) |  | $ | (31 | ) |  | $ | (158 | ) |  | $ | (195 | ) |  | $ | 62 |  |  | $ | 17 |  |  | $ | (116 | )
Interest rate swap agreements | $ | — |  |  | $ | (116 | ) |  | $ | — |  |  | $ | (116 | ) |  | $ | 28 |  |  | $ | — |  |  | $ | (88 | )
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(a) | Level 1 consists primarily of New York Mercantile Exchange natural gas futures. Level 2 consists primarily of OTC WTI swaps. Level 3 consists primarily of WTI options, WTI basis swaps, NGL options, NGL swaps and power derivative contracts.
(b) | Cash margin deposits held by KMP associated with its energy commodity contract positions and OTC swap agreements and reported within “Other current liabilities” in our accompanying consolidated balance sheets.
(c) | Cash margin deposits posted by KMP associated with energy commodity contract positions and OTC swap agreements and reported within “Other current assets” in our accompanying consolidated balance sheets.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below provides a summary of changes in the fair value of our Level 3 energy commodity derivative contracts for each of the three months ended March 31, 2014 and 2013 (in millions):
Significant unobservable inputs (Level 3)
| Three Months Ended March 31,
| 2014 |  | 2013
Derivatives-net asset (liability) |  |  |
Beginning of Period | $ | (110 | ) |  | $ | (155 | )
Total gains or (losses) |  |  |
Included in earnings | 7 |  |  | 5 |
Included in other comprehensive loss | (1 | ) |  | (1 | )
Settlements | 4 |  |  | 9 |
End of Period | $ | (100 | ) |  | $ | (142 | )
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or (losses) relating to assets held at the reporting date | $ | 3 |  |  | $ | (1 | )
Schedule of Debt [Table Text Block] | The following table provides detail on the principal amount of our outstanding debt balances as of March 31, 2014 and December 31, 2013. The table amounts exclude all debt fair value adjustments, including debt discounts and premiums (in millions).
|  | March 31, 2014 |  | December 31, 2013
KMI |  |  |  |
Senior term loan facility, variable rate, due May 24, 2015 |  | $ | 1,528 |  |  | $ | 1,528 |
Senior notes and debentures, 5.00% through 7.45%, due 2015 through 2098 |  | 1,815 |  |  | 1,815 |
Credit facility due December 31, 2014(a) |  | 410 |  |  | 175 |
Subsidiary borrowings (as obligor) |  |  |  |
Kinder Morgan Finance Company, LLC, senior notes, 5.70% through 6.40%, due 2016 through 2036 |  | 1,636 |  |  | 1,636 |
El Paso, senior notes, 6.50% through 8.25%, due 2014 through 2037 |  | 3,830 |  |  | 3,830 |
EPC Building, LLC, promissory note, 3.967%, due 2014 through 2035 |  | 459 |  |  | 461 |
EP preferred securities, 4.75%, due March 31, 2028 |  | 280 |  |  | 280 |
Other miscellaneous subsidiary debt |  | 138 |  |  | 221 |
Total debt — KMI |  | 10,096 |  |  | 9,946 |
Less: Current portion of debt — KMI |  | (1,128 | ) |  | (725 | )
Total long-term debt outstanding — KMI |  | 8,968 |  |  | 9,221 |
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock |  | 100 |  |  | 100 |
Total long-term debt — KMI(b) |  | $ | 9,068 |  |  | $ | 9,321 |
KMP and EPB |  |  |  |
KMP |  |  |  |
Senior notes, 2.65% through 9.00%, due 2014 through 2044 |  | $ | 17,100 |  |  | $ | 15,600 |
Commercial paper borrowings(c) |  | 419 |  |  | 979 |
Credit facility due May 1, 2018 |  | — |  |  | — |
KMP subsidiary borrowings (as obligor) |  |  |  |
TGP senior notes, 7.00% through 8.375%, due 2016 through 2037 |  | 1,790 |  |  | 1,790 |
EPNG senior notes, 5.95% through 8.625%, due 2017 through 2032 |  | 1,115 |  |  | 1,115 |
Copano senior notes, 7.125%, due April 1, 2021 |  | 332 |  |  | 332 |
Other miscellaneous subsidiary debt |  | 97 |  |  | 98 |
Total debt — KMP |  | 20,853 |  |  | 19,914 |
Less: Current portion of debt — KMP(d) |  | (1,243 | ) |  | (1,504 | )
Total long-term debt — KMP(b) |  | 19,610 |  |  | 18,410 |
EPB |  |  |  |
EPPOC |  |  |  |
Senior notes, 4.10% through 7.50%, due 2015 through 2042 |  | 2,260 |  |  | 2,260 |
Credit facility due May 27, 2016(e) |  | — |  |  | — |
EPB subsidiary borrowings (as obligor) |  |  |  |
Colorado Interstate Gas Company, L.L.C. (CIG), senior notes, 5.95% through 6.85%, due 2015 through 2037 |  | 475 |  |  | 475 |
SLNG senior notes, 9.50% through 9.75%, due 2014 through 2016 |  | 64 |  |  | 135 |
SNG notes, 4.40% through 8.00%, due 2017 through 2032 |  | 1,211 |  |  | 1,211 |
Other financing obligations |  | 183 |  |  | 175 |
Total debt — EPB |  | 4,193 |  |  | 4,256 |
Less: Current portion of debt — EPB |  | (41 | ) |  | (77 | )
Total long-term debt — EPB(b) |  | 4,152 |  |  | 4,179 |
Total long-term debt outstanding — KMP and EPB |  | $ | 23,762 |  |  | $ | 22,589 |
_______
(a) | As of March 31, 2014 and December 31, 2013, the weighted average interest rates on KMI’s credit facility borrowings were 2.66% and 2.67%, respectively.
(b) | Excludes debt fair value adjustments. As of March 31, 2014 and December 31, 2013, our “Debt fair value adjustments” increased our combined debt balances by $1,969 million and $1,977 million, respectively. In addition to all unamortized debt discount/premium amounts and purchase accounting on our debt balances, our debt fair value adjustments also include (i) amounts associated with the offsetting entry for hedged debt; and (ii) any unamortized portion of proceeds received from the early termination of interest rate swap agreements. For further information about our debt fair value adjustments, see Note 5 “Risk Management—Debt Fair Value Adjustments.”
(c) | As of March 31, 2014 and December 31, 2013, the average interest rates on KMP’s outstanding commercial paper borrowings were 0.26% and 0.28%, respectively. The borrowings under KMP’s commercial paper program were used principally to finance the acquisitions and capital expansions made during the first three months of 2014, and in the near term, KMP expects that its short-term liquidity and financing needs will be met primarily through borrowings made under its commercial paper program.
(d) | Amounts include outstanding commercial paper borrowings discussed above in footnote (c).
(e) | LIBOR plus 1.75%.
The estimated fair value of our outstanding debt balances (both short-term and long-term and including debt fair value adjustments), is disclosed below (in millions):
| March 31, 2014 |  | December 31, 2013
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Total debt | $ | 37,211 |  |  | $ | 37,917 |  |  | $ | 36,193 |  |  | $ | 36,248 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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