Debt (Tables)

6 Months Ended

Jun. 30, 2016

The following table provides detail on the principal amount of our outstanding debt balances. The table amounts exclude all debt fair value adjustments, including debt discounts, premiums and issuance costs (in millions):



	June 30, 2016		December 31, 2015
KMI
Unsecured term loan facility, variable rate, due January 26, 2019(a)	$	1,000	$	—
Senior notes, 1.50% through 8.25%, due 2016 through 2098(b)	13,309		13,346
Credit facility due November 26, 2019(c)	700		—
Commercial paper borrowings(c)	24		—
KMP
Senior notes, 2.65% through 9.00%, due 2016 through 2044	19,485		19,985
TGP senior notes, 7.00% through 8.375%, due 2016 through 2037(a)	1,540		1,790
EPNG senior notes, 5.95% through 8.625%, due 2017 through 2032	1,115		1,115
Copano senior notes, 7.125%, due April 1, 2021	332		332
CIG senior notes, 6.85%, due June 15, 2037	100		100
SNG notes, 4.40% through 8.00%, due 2017 through 2032	1,211		1,211
Other Subsidiary Borrowings (as obligor)
Kinder Morgan Finance Company, LLC, senior notes, 5.70% through 6.40%, due 2016 through 2036(a)	786		1,636
Hiland Partners Holdings LLC, senior notes, 5.50% and 7.25%, due 2020 and 2022	974		974
EPC Building, LLC, promissory note, 3.967%, due 2016 through 2035	438		443
Trust I preferred securities, 4.75%, due March 31, 2028	221		221
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock	100		100
Other miscellaneous debt	297		300
Total debt – KMI and Subsidiaries	41,632		41,553
Less: Current portion of debt(a)(d)	3,419		821
Total long-term debt – KMI and Subsidiaries(e)	$	38,213	$	40,732

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(a)

On January 26, 2016, we entered into a $1.0 billion three-year unsecured term loan facility with a variable interest rate, which is determined in the same manner as interest on our revolving credit facility borrowings. In January 2016, we repaid $850 million of maturing 5.70% senior notes, and in February 2016, we repaid $250 million of maturing 8.00% senior notes primarily using proceeds from the three-year term loan. Since we refinanced a portion of the maturing debt with proceeds from long-term debt, we classified $1 billion of the maturing debt within “Long-term debt” on our consolidated balance sheet as of December 31, 2015.

(b)

Amount includes senior notes that are denominated in Euros and have been converted and are respectively reported above at the June 30, 2016 exchange rate of 1.1106 U.S. dollars per Euro and the December 31, 2015 exchange rate of 1.0862 U.S. dollars per Euro. For the six months ended June 30, 2016, our debt increased by $31 million as a result of the change in the exchange rate of U.S. dollars per Euro. At the time of issuance, we entered into cross-currency swap agreements associated with these senior notes, effectively converting these Euro-denominated senior notes to U.S. dollars (see Note 5 “Risk Management—Foreign Currency Risk Management”).


(c)	As of June 30, 2016, the weighted average interest rate on our credit facility borrowings, including commercial paper borrowings, was 1.91%.


(d)	Amounts include outstanding credit facility borrowings, commercial paper borrowings and other debt maturing within 12 months (see “—Current Portion of Debt” below).

(e)

Excludes our “Debt fair value adjustments” which, as of June 30, 2016 and December 31, 2015, increased our combined debt balances by $1,988 million and $1,674 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.

Schedule of Significant Long-Term Debt Issuances and Payments [Table Text Block]

following are significant long-term debt issuances and repayments made during the six months ended June 30, 2016:



Issuances		$1.0 billion unsecured term loan facility due 2019

Repayments		$850 million 5.70% notes due 2016
		$500 million 3.50% notes due 2016
		$250 million 8.00% notes due 2016
		$67 million 8.25% notes due 2016

Schedule of Short-term Debt [Table Text Block]

In addition to outstanding credit facility borrowings, commercial paper borrowings, and other debt maturing within 12 months, our current portion of debt includes the current portion of the following significant series of long-term notes:



As of June 30, 2016		$600 million 6.00% notes due February 2017
		$300 million 7.50% notes due April 2017
		$355 million 5.95% notes due April 2017
		$500 million 5.90% notes due April 2017
		$786 million 7.00% notes due June 2017

As of December 31, 2015		$500 million 3.50% notes due March 2016