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Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following table provides detail on the principal amount of our outstanding debt balances:

			December 31,
			2020						2019
			(In millions, unless otherwise stated)
Credit facility and commercial paper borrowings(a)			$	—					$	37
Corporate senior notes(b)
6.85%, due February 2020			—						700
6.50%, due April 2020			—						535
5.30%, due September 2020			—						600
6.50%, due September 2020			—						349
5.00%, due February 2021			750						750
3.50%, due March 2021(c)			750						750
5.80%, due March 2021			400						400
5.00%, due October 2021			500						500
4.15%, due March 2022			375						375
1.50%, due March 2022(d)			917						841
3.95%, due September 2022			1,000						1,000
3.15%, due January 2023			1,000						1,000
Floating rate, due January 2023(e)			250						250
3.45%, due February 2023			625						625
3.50%, due September 2023			600						600
5.625%, due November 2023			750						750
4.15%, due February 2024			650						650
4.30%, due May 2024			600						600
4.25%, due September 2024			650						650
4.30%, due June 2025			1,500						1,500
6.70%, due February 2027			7						7
2.25%, due March 2027(d)			611						561
6.67%, due November 2027			7						7
4.30%, due March 2028			1,250						1,250
7.25%, due March 2028			32						32
6.95%, due June 2028			31						31
8.05%, due October 2030			234						234
2.00%, due February 2031(f)			750						—
7.40%, due March 2031			300						300
7.80%, due August 2031			537						537
7.75%, due January 2032			1,005						1,005
7.75%, due March 2032			300						300
7.30%, due August 2033			500						500
5.30%, due December 2034			750						750
5.80%, due March 2035			500						500
7.75%, due October 2035			1						1
6.40%, due January 2036			36						36
6.50%, due February 2037			400						400
7.42%, due February 2037			47						47
6.95%, due January 2038			1,175						1,175
6.50%, due September 2039			600						600
6.55%, due September 2040			400						400
7.50%, due November 2040			375						375
6.375%, due March 2041			600						600
5.625%, due September 2041			375						375
5.00%, due August 2042			625						625
4.70%, due November 2042			475						475
5.00%, due March 2043			700						700
5.50%, due March 2044			750						750
5.40%, due September 2044			550						550
5.55%, due June 2045			1,750						1,750
5.05%, due February 2046			800						800

(continued)			December 31,
			2020						2019
5.20%, due March 2048			750						750
3.25%, due August 2050(f)			500						—
7.45%, due March 2098			26						26
TGP senior notes(b)
7.00%, due March 2027			300						300
7.00%, due October 2028			400						400
2.90%, due March 2030(g)			1,000						—
8.375%, due June 2032			240						240
7.625%, due April 2037			300						300
EPNG senior notes(b)
8.625%, due January 2022			260						260
7.50%, due November 2026			200						200
8.375%, due June 2032			300						300
CIG senior notes(b)
4.15%, due August 2026			375						375
6.85%, due June 2037			100						100
EPC Building, LLC, promissory note, 3.967%, due January 2020 through December 2035			380						395
Trust I Preferred Securities, 4.75%, due March 2028(h)			221						221
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock, due August 2057(i)			—						100
Other miscellaneous debt(j)			254						258
Total debt – KMI and Subsidiaries			33,396						33,360
Less: Current portion of debt(k)			2,558						2,477
Total long-term debt – KMI and Subsidiaries(l)			$	30,838					$	30,883

(a)See “—Current portion of debt” below for further details regarding the outstanding credit facility and commercial paper borrowings.

(b)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.

(c)On January 4, 2021, we repaid our $750 million senior corporate notes.

(d)Consists of senior notes denominated in Euros that have been converted to U.S. dollars and are respectively reported above at the December 31, 2020 exchange rate of 1.2216 U.S. dollars per Euro and at the December 31, 2019 exchange rate of 1.1213 U.S. dollars per Euro. As of December 31, 2020 and 2019, the cumulative changes in the exchange rate of U.S. dollars per Euro since issuance had resulted in increases to our debt balance of $102 million and $26 million, respectively, related to the 1.50% series and increases of $68 million and $18 million, respectively, related to the 2.25% series. The cumulative 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 accompanying consolidated balance sheets. At the time of issuance, we entered into foreign currency contracts 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”).

(e)During the year ended December 31, 2019, we entered into a floating-to-fixed interest rate swap agreement which was designated as a cash flow hedge.

(f)On August 5, 2020, we issued in a registered offering two series of senior notes consisting of $750 million aggregate principal amount of 2.00% senior notes due 2031 and $500 million aggregate principal amount of 3.25% senior notes due 2050 and received combined net proceeds of $1,226 million.

(g)On February 24, 2020, TGP issued in a private placement $1,000 million aggregate principal amount of its 2.90% senior notes due 2030 and received net proceeds of $991 million.

(h)Capital Trust I (Trust I), is a 100%-owned business trust that as of December 31, 2020, 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% and carry a liquidation value of $50 per security plus accrued and unpaid distributions. The Trust I Preferred Securities outstanding as of December 31, 2020 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; and (ii) $25.18 in cash without interest. We have the right to redeem these Trust I Preferred Securities at any time.

(i)As of December 31, 2019, KMGP had outstanding 100,000 shares of its $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock due 2057, which was redeemed including accrued dividends on January 15, 2020.

(j)Includes finance lease obligations with monthly installments. The lease terms expire between 2024 and 2061.

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

(l)Excludes our “Debt fair value adjustments” which, as of December 31, 2020 and 2019, increased our combined debt balances by $1,293 million and $1,032 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

The following table details the components of our “Current portion of debt” reported on our consolidated balance sheets:

						December 31,
						2020						2019
						(In millions, unless otherwise stated)
$4 billion credit facility due November 16, 2023						$	—					$	—
Commercial paper notes(a)						—						37
Current portion of senior notes
6.85%, due February 2020						—						700
6.50%, due April 2020						—						535
5.30%, due September 2020						—						600
6.50%, due September 2020						—						349
5.00%, due February 2021						750						—
3.50%, due March 2021(b)						750						—
5.80%, due March 2021						400						—
5.00%, due October 2021						500						—
Trust I Preferred Securities, 4.75% due March 2028(c)						111						111
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock, due August 2057(d)						—						100
Current portion of other debt						47						45
Total current portion of debt						$	2,558					$	2,477

(a)Weighted average interest rates on borrowings outstanding as of December 31, 2019 was 1.90%.

(b)On January 4, 2021, we repaid our $750 million senior corporate notes.

(c)Reflects the portion of cash consideration payable if all the outstanding securities as of the end of the reporting period were converted by the holders.

(d)In December 2019, we notified the holder of our intent to redeem these securities. As our notification was irrevocable, the outstanding balance was classified as current in our accompanying balance sheet as of December 31, 2019. We redeemed these securities including accrued dividends on January 15, 2020.

Schedule of Maturities of Long-term Debt

The scheduled maturities of the outstanding debt balances, excluding debt fair value adjustments as of December 31, 2020, are summarized as follows:

Year						Total
						(In millions)
2021						$	2,558
2022						2,575
2023						3,250
2024						1,925
2025						1,566
Thereafter						21,522
Total						$	33,396

Schedule of Debt Fair Value Adjustments

The following table summarizes the “Debt fair value adjustments” included on our accompanying consolidated balance sheets:

						December 31,
						2020						2019
						(In millions)
Purchase accounting debt fair value adjustments						$	546					$	599
Carrying value adjustment to hedged debt						702						359
Unamortized portion of proceeds received from the early termination of interest rate swap agreements(a)						240						257
Unamortized debt discounts, net						(76)						(67)
Unamortized debt issuance costs						(119)						(116)
Total debt fair value adjustments						$	1,293					$	1,032

(a) As of December 31, 2020, the weighted-average amortization period of the unamortized premium from the termination of interest rate swaps was approximately 14 years.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying value and estimated fair value of our outstanding debt balances is disclosed below: 

			December 31, 2020												December 31, 2019
			Carrying value						Estimated fair value						Carrying value						Estimated fair value
			(In millions)
Total debt			$	34,689					$	39,622					$	34,392					$	38,016

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