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Debt (Tables) | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt We classify our debt based on the contractual maturity dates of the underlying debt instruments. We defer costs associated with debt issuance over the applicable term. These costs are then amortized as interest expense in our accompanying consolidated statements of income. The following table provides detail on the principal amount of our outstanding debt balances. The table amounts exclude all debt fair value adjustments, including debt discounts, premiums and issuance costs (in millions):
| December 31,
| 2017 |  | 2016
Unsecured term loan facility, variable rate, due January 26, 2019(a) | $ | — |  |  | $ | 1,000 |
Senior note, floating rate, due January 15, 2023(a) | 250 |  |  | — |
Senior notes, 1.50% through 8.05%, due 2017 through 2098(a)(b)(c) | 13,136 |  |  | 13,236 |
Credit facility due November 26, 2019 | 125 |  |  | — |
Commercial paper borrowings | 240 |  |  | — |
KML Credit Facility(d) | — |  |  | — |
KMP senior notes, 2.65% through 9.00%, due 2017 through 2044(c)(e) | 18,885 |  |  | 19,485 |
TGP senior notes, 7.00% through 8.375%, due 2017 through 2037(c)(f) | 1,240 |  |  | 1,540 |
EPNG senior notes, 5.95% through 8.625%, due 2017 through 2032(c)(g) | 760 |  |  | 1,115 |
CIG senior notes, 4.15% and 6.85%, due 2026 and 2037(c) | 475 |  |  | 475 |
Kinder Morgan Finance Company, LLC, senior notes, 6.00% and 6.40%, due 2018 and 2036(c) | 786 |  |  | 786 |
Hiland Partners Holdings LLC, senior notes, 5.50%, due 2022(a)(h) | — |  |  | 225 |
EPC Building, LLC, promissory note, 3.967%, due 2017 through 2035 | 421 |  |  | 433 |
Trust I preferred securities, 4.75%, due March 31, 2028(i) | 221 |  |  | 221 |
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock(j) | 100 |  |  | 100 |
Other miscellaneous debt(k) | 277 |  |  | 285 |
Total debt – KMI and Subsidiaries | 36,916 |  |  | 38,901 |
Less: Current portion of debt(l) | 2,828 |  |  | 2,696 |
Total long-term debt – KMI and Subsidiaries(m) | $ | 34,088 |  |  | $ | 36,205 |
_______
(a) | On August 10, 2017, we issued $1 billion of unsecured senior notes with a fixed rate of 3.15% and $250 million of unsecured senior notes with a floating rate, both due January 2023. The net proceeds from the notes were primarily used to repay the principal amount of Hiland’s 5.50% senior notes due 2022, plus accrued interest, and to repay the $1 billion term loan facility due 2019. Interest on the 3.15% senior notes due 2023 is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2018, and the notes will mature on January 15, 2023. Interest on the floating rate senior notes due 2023 is payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on October 15, 2017, and such notes will mature on January 15, 2023. We may redeem all or a part of the 3.15% fixed rate notes at any time at the redemption prices. The floating rate notes are not redeemable prior to maturity. See (b) and (h) below.
(b) | Amounts include senior notes that are denominated in Euros and have been converted to U.S. dollars and are respectively reported above at the December 31, 2017 exchange rate of 1.2005 U.S. dollars per Euro and the December 31, 2016 exchange rate of 1.0517 U.S. dollars per Euro. For the year ended December 31, 2017, our debt balance increased by $186 million as a result of the change in the exchange rate of U.S dollars per Euro. The increase in debt due to the changes in exchange rates is offset by a corresponding change in the value of cross-currency swaps reflected in “Deferred charges and other assets” and “ Other long-term liabilities and deferred credits” on our consolidated balance sheets. 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 14 “Risk Management—Foreign Currency Risk Management”). In June 2017, we repaid $786 million of maturing 7.00% senior notes and in December 2017, we repaid $500 million of maturing 2.00% senior notes. The December 31, 2017 balance includes the $1 billion of unsecured term notes with a fixed rate of 3.15% due January 15, 2023 discussed in (a) above.
(c) | Notes provide for the redemption at any time at a price equal to 100% of the principal amount of the notes plus accrued interest to the redemption date plus a make whole premium and are subject to a number of restrictions and covenants. The most restrictive of these include limitations on the incurrence of liens and limitations on sale-leaseback transactions.
(d) | The KML Credit Facility is denominated in C$ and has been converted to U.S. dollars and reported above at the December 31, 2017 exchange rate of 0.7971 U.S. dollars per C$. See “—Credit Facilities and Restrictive Covenants” below.
(e) | In February 2017, we repaid $600 million of maturing 6.00% senior notes.
(f) | In April 2017, we repaid $300 million of maturing 7.50% senior notes.
(g) | In April 2017, we repaid $355 million of maturing 5.95% senior notes.
(h) | In August 2017, we repaid $225 million of the outstanding principal amount of 5.50% senior notes with a maturity date of May 15, 2022 using net proceeds from the sale of the January 2023 notes (see (a) above). We recognized a $3.8 million loss from the early extinguishment of debt, included within “Interest, net” on the accompanying consolidated statements of income for the year ended December 31, 2017 consisting of a $9.3 million premium on the debt repaid and a $5.5 million gain from the write-off of unamortized purchase accounting associated with the early extinguished debt.
(i) | Capital Trust I (Trust I), is a 100%-owned business trust that as of December 31, 2017, had 4.4 million of 4.75% trust convertible preferred securities outstanding (referred to as the Trust I Preferred Securities). Trust I exists for the sole purpose of issuing preferred securities and investing the proceeds in 4.75% convertible subordinated debentures, which are due 2028. Trust I’s sole source of income is interest earned on these debentures. This interest income is used to pay distributions on the preferred securities. We provide a full and unconditional guarantee of the Trust I Preferred Securities. There are no significant restrictions from these securities on our ability to obtain funds from our subsidiaries by distribution, dividend or loan. The Trust I Preferred Securities are non-voting (except in limited circumstances), pay quarterly distributions at an annual rate of 4.75%, carry a liquidation value of $50 per security plus accrued and unpaid distributions and are convertible at any time prior to the close of business on March 31, 2028, at the option of the holder, into the following mixed consideration: (i) 0.7197 of a share of our Class P common stock; (ii) $25.18 in cash without interest; and (iii) 1.100 warrants to purchase a share of our Class P common stock. Our warrants expired on May 25, 2017, along with the portion of the mixed consideration that provided for the conversion into 1.100 warrants to purchase a share of our Class P common stock. We have the right to redeem these Trust I Preferred Securities at any time. Because of the substantive conversion rights of the securities into the mixed consideration, we bifurcated the fair value of the Trust I Preferred Securities into debt and equity components and as of December 31, 2017, the outstanding balance of $221 million (of which $111 million was classified as current) was bifurcated between debt ($200 million) and equity ($21 million).
(j) | As of December 31, 2017 and 2016, KMGP had outstanding, 100,000 shares of its $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock due 2057. Since August 18, 2012, dividends on the preferred stock accumulate at a floating rate of the 3-month LIBOR plus 3.8975% and are payable quarterly in arrears, when and if declared by KMGP’s board of directors, on February 18, May 18, August 18 and November 18 of each year, beginning November 18, 2012. The preferred stock has approval rights over a commencement of or filing of voluntary bankruptcy by KMP or its SFPP or Calnev subsidiaries.
(k) | In conjunction with the construction of the Totem Gas Storage facility (Totem) and the High Plains pipeline (High Plains), CIG’s joint venture partner in WYCO funded 50% of the construction costs. Upon project completion, the advances were converted into a financing obligation to WYCO. As of December 31, 2017, the principal amounts of the Totem and High Plains financing obligations were $69 million and $88 million, respectively, which will be paid in monthly installments through 2039 based on the initial lease term. The interest rate on these obligations is 15.5%, payable on a monthly basis.
(l) | Amounts include KMI and KML outstanding credit facility borrowings, commercial paper borrowings and other debt maturing within 12 months. See “—Current Portion of Debt” below.
(m) | Excludes our “Debt fair value adjustments” which, as of December 31, 2017 and 2016, increased our combined debt balances by $927 million and $1,149 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. For further information about our debt fair value adjustments, see —“Debt Fair Value Adjustments” below.
We and substantially all of our wholly owned domestic subsidiaries are a party 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. Also, see Note 19 “Guarantee of Securities of Subsidiaries.” Credit Facilities and Restrictive Covenants KMI On January 26, 2016, we increased the capacity of our revolving credit agreement, initially entered into during 2014, from $4.0 billion to $5.0 billion. The other terms of our revolving credit agreement remain the same. We also maintain a $4.0 billion commercial paper program through the private placement of short-term notes. The notes mature up to 270 days from the date of issue and are not redeemable or subject to voluntary prepayment by us prior to maturity. The notes are sold at par value less a discount representing an interest factor or if interest bearing, at par. Borrowings under our revolving credit facility can be used for working capital and other general corporate purposes and as a backup to our commercial paper program. Borrowings under our commercial paper program reduce the borrowings allowed under our credit facility. Our credit facility borrowings bear interest at either (i) LIBOR plus an applicable margin ranging from 1.125% to 2.000% per annum based on our credit ratings or (ii) the greatest of (1) the Federal Funds Rate plus 0.5%; (2) the Prime Rate; and (3) LIBOR Rate for a one month eurodollar loan, plus 1%, plus, in each case, an applicable margin ranging from 0.125% to 1.00% per annum based on our credit rating. Our credit facility included the following restrictive covenants as of December 31, 2017:
• | total debt divided by earnings before interest, income taxes, depreciation and amortization may not exceed:
• | 6.50: 1.00, for the period ended on or prior to December 31, 2017; or
• | 6.25: 1.00, for the period ended after December 31, 2017 and on or prior to December 31, 2018; or
• | 6.00: 1.00, for the period ended after December 31, 2018;
• | certain limitations on indebtedness, including payments and amendments;
• | certain limitations on entering into mergers, consolidations, sales of assets and investments;
• | limitations on granting liens; and
• | prohibitions on making any dividend to shareholders if an event of default exists or would exist upon making such dividend.
As of December 31, 2017, we had $125 million outstanding under our credit facility, $240 million outstanding under our commercial paper program and $107 million in letters of credit. Our availability under this facility as of December 31, 2017 was $4,528 million. As of December 31, 2017, we were in compliance with all required covenants. KML On June 16, 2017, KML’s indirect subsidiaries, Kinder Morgan Cochin ULC and Trans Mountain Pipeline ULC, entered into a definitive credit agreement establishing (i) a C$4.0 billion revolving construction facility for the purposes of funding the development, construction and completion of the TMEP, (ii) a C$1.0 billion revolving contingent credit facility for the purpose of funding, if necessary, additional TMEP costs (and, subject to the need to fund such additional costs, meeting the Canadian NEB-mandated liquidity requirements) and (iii) a C$500 million revolving working capital facility to be used for working capital and other general corporate purposes (collectively, the “KML Credit Facility”). On January 23, 2018, KML entered into an agreement amending certain terms of its Credit Facility to, among other things, provide additional funding certainty with respect to each tranche of its Credit Facility. The KML Credit Facility has a five-year term and is with a syndicate of financial institutions with Royal Bank of Canada as the administrative agent. Any undrawn commitments under the KML Credit Facility will incur a standby fee of 0.30% to 0.625%, with the range dependent on the credit ratings of Kinder Morgan Cochin ULC or KML. The KML Credit Facility is guaranteed by KML and all of the non-borrower subsidiaries of KML and are secured by a first lien security interest on all of the assets of KML and the equity and assets of the other guarantors. Draw downs of funds on the KML Credit Facility bear interest dependent on the type of loans requested and are as follows:
• | bankers’ acceptances or LIBOR loans are at an annual rate of approximately Canadian Dealer Offered Rate (CDOR);
• | or the LIBOR, as the case may be, plus a fixed spread ranging from 1.50% to 2.50%;
• | loans in Canadian dollars or U.S. dollars are at an annual rate of approximately the Canadian prime rate or the U.S. dollar base rate, as the case may be, plus a fixed spread ranging from 0.50% to 1.50%, in each case, with the range dependent on the credit ratings of KML; and
• | letters of credit (under the working capital facility only) will have issuance fees based on an annual rate of approximately CDOR plus a fixed spread ranging from 1.50% to 2.50%, with the range dependent on the credit ratings of the Company.
The foregoing rates and fees will increase by 0.25% upon the fourth anniversary of the KML Credit Facility. The KML Credit Facility includes various financial and other covenants including:
• | a maximum ratio of consolidated total funded debt to consolidated capitalization of 70%;
• | restrictions on ability to incur debt;
• | restrictions on ability to make dispositions, restricted payments and investments;
• | restrictions on granting liens and on sale-leaseback transactions;
• | restrictions on ability to engage in transactions with affiliates; and
• | restrictions on ability to amend organizational documents and engage in corporate reorganization transactions.
As of December 31, 2017, KML had C$447 million available under its five year C$500 million working capital facility (after reducing the capacity for the C$53.0 million (U.S.$42 million) in letters of credit) and no amounts outstanding under its C$4.0 billion construction facility or its C$1.0 billion revolving contingent credit facility. As of December 31, 2017, KML was in compliance with all required covenants. Current Portion of Debt The primary components of our current portion of debt include the following significant series of long-term notes (in millions):
As of December 31, 2017 |  | $750 |  | Kinder Morgan Finance Company, LLC, 6.00% senior notes due January 2018
|  | $82 |  | 7.00% senior notes due February 2018
|  | $975 |  | KMP 5.95% senior notes due February 2018
|  | $477 |  | 7.25% senior notes due June 2018
As of December 31, 2016 |  | $600 |  | KMP 6.00% senior notes due February 2017
|  | $300 |  | TGP 7.50% senior notes due April 2017
|  | $355 |  | EPNG 5.95% senior notes due April 2017
|  | $786 |  | 7.00% senior notes due June 2017
|  | $500 |  | 2.00% senior notes due December 2017
Subsequent Event—Debt Repayments In January 2018, we repaid $750 million of maturing 6.00% Kinder Morgan Finance Company, LLC senior notes and in February 2018, we repaid $82 million of maturing 7.00% senior notes both listed above in current portion of debt as of December 31, 2017. Maturities of Debt The scheduled maturities of the outstanding debt balances, excluding debt fair value adjustments as of December 31, 2017, are summarized as follows (in millions):
Year |  | Total
2018 |  | $ | 2,828 |
2019 |  | 2,820 |
2020 |  | 2,204 |
2021 |  | 2,422 |
2022 |  | 2,558 |
Thereafter |  | 24,084 |
Total |  | $ | 36,916 |
Debt Fair Value Adjustments The carrying value adjustment to debt securities whose fair value is being hedged is included within “Debt fair value adjustments” on our accompanying consolidated balance sheets. “Debt fair value adjustments” also include unamortized debt discount/premiums, purchase accounting debt fair value adjustments, unamortized portion of proceeds received from the early termination of interest rate swap agreements, and debt issuance costs. As of December 31, 2017, the weighted-average amortization period of the unamortized premium from the termination of interest rate swaps was approximately 16 years. The following table summarizes the “Debt fair value adjustments” included on our accompanying consolidated balance sheets (in millions):
|  | December 31,
Debt Fair Value Adjustments |  | 2017 |  | 2016
Purchase accounting debt fair value adjustments |  | $ | 719 |  |  | $ | 806 |
Carrying value adjustment to hedged debt |  | 115 |  |  | 220 |
Unamortized portion of proceeds received from the early termination of interest rate swap agreements |  | 297 |  |  | 342 |
Unamortized debt discounts, net |  | (74 | ) |  | (80 | )
Unamortized debt issuance costs |  | (130 | ) |  | (139 | )
Total debt fair value adjustments |  | $ | 927 |  |  | $ | 1,149 |
Interest Rates, Interest Rate Swaps and Contingent Debt The weighted average interest rate on all of our borrowings was 5.02% during 2017 and 4.95% during 2016. Information on our interest rate swaps is contained in Note 14 “Risk Management.” For information about our contingent debt agreements, see Note 13 “Commitments and Contingent Liabilities—Contingent Debt”).
Schedule of Long-term Debt Instruments [Table Text Block] | The following table provides detail on the principal amount of our outstanding debt balances. The table amounts exclude all debt fair value adjustments, including debt discounts, premiums and issuance costs (in millions):
| December 31,
| 2017 |  | 2016
Unsecured term loan facility, variable rate, due January 26, 2019(a) | $ | — |  |  | $ | 1,000 |
Senior note, floating rate, due January 15, 2023(a) | 250 |  |  | — |
Senior notes, 1.50% through 8.05%, due 2017 through 2098(a)(b)(c) | 13,136 |  |  | 13,236 |
Credit facility due November 26, 2019 | 125 |  |  | — |
Commercial paper borrowings | 240 |  |  | — |
KML Credit Facility(d) | — |  |  | — |
KMP senior notes, 2.65% through 9.00%, due 2017 through 2044(c)(e) | 18,885 |  |  | 19,485 |
TGP senior notes, 7.00% through 8.375%, due 2017 through 2037(c)(f) | 1,240 |  |  | 1,540 |
EPNG senior notes, 5.95% through 8.625%, due 2017 through 2032(c)(g) | 760 |  |  | 1,115 |
CIG senior notes, 4.15% and 6.85%, due 2026 and 2037(c) | 475 |  |  | 475 |
Kinder Morgan Finance Company, LLC, senior notes, 6.00% and 6.40%, due 2018 and 2036(c) | 786 |  |  | 786 |
Hiland Partners Holdings LLC, senior notes, 5.50%, due 2022(a)(h) | — |  |  | 225 |
EPC Building, LLC, promissory note, 3.967%, due 2017 through 2035 | 421 |  |  | 433 |
Trust I preferred securities, 4.75%, due March 31, 2028(i) | 221 |  |  | 221 |
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock(j) | 100 |  |  | 100 |
Other miscellaneous debt(k) | 277 |  |  | 285 |
Total debt – KMI and Subsidiaries | 36,916 |  |  | 38,901 |
Less: Current portion of debt(l) | 2,828 |  |  | 2,696 |
Total long-term debt – KMI and Subsidiaries(m) | $ | 34,088 |  |  | $ | 36,205 |
_______
(a) | On August 10, 2017, we issued $1 billion of unsecured senior notes with a fixed rate of 3.15% and $250 million of unsecured senior notes with a floating rate, both due January 2023. The net proceeds from the notes were primarily used to repay the principal amount of Hiland’s 5.50% senior notes due 2022, plus accrued interest, and to repay the $1 billion term loan facility due 2019. Interest on the 3.15% senior notes due 2023 is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2018, and the notes will mature on January 15, 2023. Interest on the floating rate senior notes due 2023 is payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on October 15, 2017, and such notes will mature on January 15, 2023. We may redeem all or a part of the 3.15% fixed rate notes at any time at the redemption prices. The floating rate notes are not redeemable prior to maturity. See (b) and (h) below.
(b) | Amounts include senior notes that are denominated in Euros and have been converted to U.S. dollars and are respectively reported above at the December 31, 2017 exchange rate of 1.2005 U.S. dollars per Euro and the December 31, 2016 exchange rate of 1.0517 U.S. dollars per Euro. For the year ended December 31, 2017, our debt balance increased by $186 million as a result of the change in the exchange rate of U.S dollars per Euro. The increase in debt due to the changes in exchange rates is offset by a corresponding change in the value of cross-currency swaps reflected in “Deferred charges and other assets” and “ Other long-term liabilities and deferred credits” on our consolidated balance sheets. 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 14 “Risk Management—Foreign Currency Risk Management”). In June 2017, we repaid $786 million of maturing 7.00% senior notes and in December 2017, we repaid $500 million of maturing 2.00% senior notes. The December 31, 2017 balance includes the $1 billion of unsecured term notes with a fixed rate of 3.15% due January 15, 2023 discussed in (a) above.
(c) | Notes provide for the redemption at any time at a price equal to 100% of the principal amount of the notes plus accrued interest to the redemption date plus a make whole premium and are subject to a number of restrictions and covenants. The most restrictive of these include limitations on the incurrence of liens and limitations on sale-leaseback transactions.
(d) | The KML Credit Facility is denominated in C$ and has been converted to U.S. dollars and reported above at the December 31, 2017 exchange rate of 0.7971 U.S. dollars per C$. See “—Credit Facilities and Restrictive Covenants” below.
(e) | In February 2017, we repaid $600 million of maturing 6.00% senior notes.
(f) | In April 2017, we repaid $300 million of maturing 7.50% senior notes.
(g) | In April 2017, we repaid $355 million of maturing 5.95% senior notes.
(h) | In August 2017, we repaid $225 million of the outstanding principal amount of 5.50% senior notes with a maturity date of May 15, 2022 using net proceeds from the sale of the January 2023 notes (see (a) above). We recognized a $3.8 million loss from the early extinguishment of debt, included within “Interest, net” on the accompanying consolidated statements of income for the year ended December 31, 2017 consisting of a $9.3 million premium on the debt repaid and a $5.5 million gain from the write-off of unamortized purchase accounting associated with the early extinguished debt.
(i) | Capital Trust I (Trust I), is a 100%-owned business trust that as of December 31, 2017, had 4.4 million of 4.75% trust convertible preferred securities outstanding (referred to as the Trust I Preferred Securities). Trust I exists for the sole purpose of issuing preferred securities and investing the proceeds in 4.75% convertible subordinated debentures, which are due 2028. Trust I’s sole source of income is interest earned on these debentures. This interest income is used to pay distributions on the preferred securities. We provide a full and unconditional guarantee of the Trust I Preferred Securities. There are no significant restrictions from these securities on our ability to obtain funds from our subsidiaries by distribution, dividend or loan. The Trust I Preferred Securities are non-voting (except in limited circumstances), pay quarterly distributions at an annual rate of 4.75%, carry a liquidation value of $50 per security plus accrued and unpaid distributions and are convertible at any time prior to the close of business on March 31, 2028, at the option of the holder, into the following mixed consideration: (i) 0.7197 of a share of our Class P common stock; (ii) $25.18 in cash without interest; and (iii) 1.100 warrants to purchase a share of our Class P common stock. Our warrants expired on May 25, 2017, along with the portion of the mixed consideration that provided for the conversion into 1.100 warrants to purchase a share of our Class P common stock. We have the right to redeem these Trust I Preferred Securities at any time. Because of the substantive conversion rights of the securities into the mixed consideration, we bifurcated the fair value of the Trust I Preferred Securities into debt and equity components and as of December 31, 2017, the outstanding balance of $221 million (of which $111 million was classified as current) was bifurcated between debt ($200 million) and equity ($21 million).
(j) | As of December 31, 2017 and 2016, KMGP had outstanding, 100,000 shares of its $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock due 2057. Since August 18, 2012, dividends on the preferred stock accumulate at a floating rate of the 3-month LIBOR plus 3.8975% and are payable quarterly in arrears, when and if declared by KMGP’s board of directors, on February 18, May 18, August 18 and November 18 of each year, beginning November 18, 2012. The preferred stock has approval rights over a commencement of or filing of voluntary bankruptcy by KMP or its SFPP or Calnev subsidiaries.
(k) | In conjunction with the construction of the Totem Gas Storage facility (Totem) and the High Plains pipeline (High Plains), CIG’s joint venture partner in WYCO funded 50% of the construction costs. Upon project completion, the advances were converted into a financing obligation to WYCO. As of December 31, 2017, the principal amounts of the Totem and High Plains financing obligations were $69 million and $88 million, respectively, which will be paid in monthly installments through 2039 based on the initial lease term. The interest rate on these obligations is 15.5%, payable on a monthly basis.
(l) | Amounts include KMI and KML outstanding credit facility borrowings, commercial paper borrowings and other debt maturing within 12 months. See “—Current Portion of Debt” below.
(m) | Excludes our “Debt fair value adjustments” which, as of December 31, 2017 and 2016, increased our combined debt balances by $927 million and $1,149 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. For further information about our debt fair value adjustments, see —“Debt Fair Value Adjustments” below.
Schedule of Short-term Debt [Table Text Block] | The primary components of our current portion of debt include the following significant series of long-term notes (in millions):
As of December 31, 2017 |  | $750 |  | Kinder Morgan Finance Company, LLC, 6.00% senior notes due January 2018
|  | $82 |  | 7.00% senior notes due February 2018
|  | $975 |  | KMP 5.95% senior notes due February 2018
|  | $477 |  | 7.25% senior notes due June 2018
As of December 31, 2016 |  | $600 |  | KMP 6.00% senior notes due February 2017
|  | $300 |  | TGP 7.50% senior notes due April 2017
|  | $355 |  | EPNG 5.95% senior notes due April 2017
|  | $786 |  | 7.00% senior notes due June 2017
|  | $500 |  | 2.00% senior notes due December 2017
Schedule of Maturities of Long-term Debt [Table Text Block] | The scheduled maturities of the outstanding debt balances, excluding debt fair value adjustments as of December 31, 2017, are summarized as follows (in millions):
Year |  | Total
2018 |  | $ | 2,828 |
2019 |  | 2,820 |
2020 |  | 2,204 |
2021 |  | 2,422 |
2022 |  | 2,558 |
Thereafter |  | 24,084 |
Total |  | $ | 36,916 |
Debt Fair Value Adjustments [Table Text Block] | The following table summarizes the “Debt fair value adjustments” included on our accompanying consolidated balance sheets (in millions):
|  | December 31,
Debt Fair Value Adjustments |  | 2017 |  | 2016
Purchase accounting debt fair value adjustments |  | $ | 719 |  |  | $ | 806 |
Carrying value adjustment to hedged debt |  | 115 |  |  | 220 |
Unamortized portion of proceeds received from the early termination of interest rate swap agreements |  | 297 |  |  | 342 |
Unamortized debt discounts, net |  | (74 | ) |  | (80 | )
Unamortized debt issuance costs |  | (130 | ) |  | (139 | )
Total debt fair value adjustments |  | $ | 927 |  |  | $ | 1,149 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 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.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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