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Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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

			December 31,
			2023						2022
			(In millions)
Credit facility and commercial paper borrowings(a)			$	1,989					$	—
Corporate senior notes(b)
3.15%, due January 2023			—						1,000
Floating rate, due January 2023(c)			—						250
3.45%, due February 2023			—						625
3.50%, due September 2023			—						600
5.625%, due November 2023			—						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
1.75%, due November 2026			500						500
6.70%, due February 2027			7						7
2.25%, due March 2027(d)			552						535
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			750						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
4.80%, due February 2033			750						750
5.20%, due June 2033			1,500						—
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
5.20%, due March 2048			750						750
3.25%, due August 2050			500						500
3.60%, due February 2051			1,050						1,050
5.45%, due January 2052			750						750
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			1,000						1,000

			December 31,
			2023						2022
8.375%, due June 2032			240						240
7.625%, due April 2037			300						300
EPNG senior notes(b)
7.50%, due November 2026			200						200
3.50%, due February 2032			300						300
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 2022 through December 2035			330						348
Trust I Preferred Securities, 4.75%, due March 2028(e)			221						220
Other miscellaneous debt(f)			234						242
Total debt – KMI and Subsidiaries			31,929						31,673
Less: Current portion of debt			4,049						3,385
Total long-term debt – KMI and Subsidiaries(g)			$	27,880					$	28,288

(a)Weighted average interest rate on borrowings at December 31, 2023 was 5.68%.

(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)As of December 31, 2022, we had outstanding an associated floating-to-fixed interest rate swap agreement which was designated as a cash flow hedge.

(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, 2023 exchange rate of 1.1039 U.S. dollars per Euro and at the December 31, 2022 exchange rate of 1.0705 U.S. dollars per Euro. As of December 31, 2023 and 2022, the cumulative changes in the exchange rate of U.S. dollars per Euro since issuance had resulted in an increase of $9 million and a decrease of $8 million, respectively. As of December 31, 2023, we had outstanding associated cross-currency swap agreements which are designated as cash flow hedges.

(e)Capital Trust I (Trust I), is a 100%-owned business trust that as of December 31, 2023, 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, 2023 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.

(f)Includes finance lease obligations with monthly installments. The lease terms expire between 2026 and 2070.

(g)Excludes our “Debt fair value adjustments” which, as of December 31, 2023 and 2022, increased our combined debt balances by $187 million and $115 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,
						2023						2022
						(In millions)
$3.5 billion credit facility due August 20, 2027						—						—
$500 million credit facility due November 16, 2023						—						—
Commercial paper notes						1,989						—
Current portion of senior notes
3.15%, due January 2023(a)						—						1,000
Floating rate, due January 2023(b)						—						250
3.45%, due February 2023						—						625
3.50%, due September 2023						—						600
5.625%, due November 2023						—						750
4.15%, due February 2024(c)						650						—
4.30%, due May 2024						600						—
4.25%, due September 2024						650						—
Trust I Preferred Securities, 4.75% due March 2028(d)						111						111
Current portion of other debt						49						49
Total current portion of debt						$	4,049					$	3,385

(a)On January 17, 2023, we repaid these senior notes using cash on hand and short-term borrowings.

(b)These senior notes had an associated floating-to-fixed interest rate swap agreement which was designated as a cash flow hedge.

(c)On February 1, 2024, we repaid these senior notes using cash on hand and short-term borrowings.

(d)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.

Schedule of Maturities of Long-term Debt

The scheduled maturities of the outstanding debt balances, excluding debt fair value adjustments as of December 31, 2023, are summarized as follows:

Year						Total
						(In millions)
2024						$	4,049
2025						1,566
2026						1,102
2027						906
2028						1,867
Thereafter						22,439
Total						$	31,929

Schedule of Debt Fair Value Adjustments

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

						December 31,
						2023						2022
						(In millions)
Purchase accounting debt fair value adjustments						$	430					$	472
Carrying value adjustment to hedged debt						(236)						(367)
Unamortized portion of proceeds received from the early termination of interest rate swap agreements(a)						185						204
Unamortized debt discounts, net						(67)						(68)
Unamortized debt issuance costs						(125)						(126)
Total debt fair value adjustments						$	187					$	115

(a)As of December 31, 2023, the weighted-average amortization period of the unamortized premium from the termination of interest rate swaps was approximately 11 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, 2023												December 31, 2022
			Carrying value						Estimated fair value(a)						Carrying value						Estimated fair value(a)
			(In millions)
Total debt			$	32,116					$	31,370					$	31,788					$	30,070

(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $207 million and $195 million as of December 31, 2023 and 2022, respectively.

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