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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table provides detail on the principal amount of our outstanding debt balances:
| December 31,
| 2024 |  | 2023
| (In millions)
Credit facility and commercial paper borrowings(a) | $ | 331 |  |  | $ | 1,989 |
Corporate senior notes(b) |  |  |
4.15%, due February 2024 | — |  |  | 650 |
4.30%, due May 2024 | — |  |  | 600 |
4.25%, due September 2024 | — |  |  | 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(c) | 518 |  |  | 552 |
6.67%, due November 2027 | 7 |  |  | 7 |
| December 31,
| 2024 |  | 2023
4.30%, due March 2028 | 1,250 |  |  | 1,250 |
7.25%, due March 2028 | 32 |  |  | 32 |
6.95%, due June 2028 | 31 |  |  | 31 |
5.00%, due February 2029 | 1,250 |  |  | — |
5.10% due August 2029 | 500 |  |  | — |
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 |  |  | 1,500 |
7.30%, due August 2033 | 500 |  |  | 500 |
5.40%, due February 2034 | 1,000 |  |  | — |
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 August 2052 | 750 |  |  | 750 |
5.95% due August 2054 | 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 |
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 2023 through December 2035 | 310 |  |  | 330 |
Trust I Preferred Securities, 4.75%, due March 2028(d) | 221 |  |  | 221 |
Other miscellaneous debt(e) | 205 |  |  | 234 |
Total debt – KMI and Subsidiaries | 31,788 |  |  | 31,929 |
Less: Current portion of debt | 2,009 |  |  | 4,049 |
Total long-term debt – KMI and Subsidiaries(f) | $ | 29,779 |  |  | $ | 27,880 |
(a)Weighted average interest rates on borrowings at December 31, 2024 and 2023 were 4.60% and 5.68%, respectively. (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)Consists of senior notes denominated in Euros that have been converted to U.S. dollars and are respectively reported above at the December 31, 2024 exchange rate of 1.0354 U.S. dollars per Euro and at the December 31, 2023 exchange rate of 1.1039 U.S. dollars per Euro. As of December 31, 2024 and 2023, the cumulative changes in the exchange rate of U.S. dollars per Euro since issuance had resulted in a decrease of $25 million and an increase of $9 million, respectively. As of December 31, 2024, we had outstanding associated cross-currency swap agreements which are designated as cash flow hedges. (d)Capital Trust I (Trust I), is a 100%-owned business trust that as of December 31, 2024, 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, 2024 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. (e)Includes finance lease obligations with monthly installments. The lease terms expire between 2026 and 2070. (f)Excludes our “Debt fair value adjustments” which, as of December 31, 2024 and 2023, increased our combined debt balances by $102 million and $187 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,
|  | 2024 |  | 2023
|  | (In millions)
$3.5 billion credit facility due August 20, 2027 |  | $ | — |  |  | $ | — |
Commercial paper notes |  | 331 |  |  | 1,989 |
Current portion of senior notes |  |  |  |
4.15%, due February 2024 |  | — |  |  | 650 |
4.30%, due May 2024 |  | — |  |  | 600 |
4.25%, due September 2024 |  | — |  |  | 650 |
4.30%, due June 2025 |  | 1,500 |  |  | — |
Trust I Preferred Securities, 4.75% due March 2028(a) |  | 111 |  |  | 111 |
Current portion of other debt |  | 67 |  |  | 49 |
Total current portion of debt |  | $ | 2,009 |  |  | $ | 4,049 |
(a)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, 2024, are summarized as follows:
Year |  | Total
|  | (In millions)
2025 |  | $ | 2,009 |
2026 |  | 1,102 |
2027 |  | 872 |
2028 |  | 1,867 |
2029 |  | 1,781 |
Thereafter |  | 24,157 |
Total |  | $ | 31,788 |
Schedule of Debt Fair Value Adjustments | The following table summarizes the “Debt fair value adjustments” included on our accompanying consolidated balance sheets:
|  | December 31,
|  | 2024 |  | 2023
|  | (In millions)
Purchase accounting debt fair value adjustments |  | $ | 385 |  |  | $ | 430 |
Carrying value adjustment to hedged debt |  | (241) |  |  | (236) |
Unamortized portion of proceeds received from the early termination of interest rate swap agreements(a) |  | 167 |  |  | 185 |
Unamortized debt discounts, net |  | (70) |  |  | (67) |
Unamortized debt issuance costs |  | (139) |  |  | (125) |
Total debt fair value adjustments |  | $ | 102 |  |  | $ | 187 |
(a)As of December 31, 2024, the weighted-average amortization period of the unamortized premium from the termination of interest rate swaps was approximately 10 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, 2024 |  | December 31, 2023
| Carrying value |  | Estimated fair value(a) |  | Carrying value |  | Estimated fair value(a)
| (In millions)
Total debt | $ | 31,890 |  |  | $ | 30,794 |  |  | $ | 32,116 |  |  | $ | 31,370 |
(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $201 million and $207 million as of December 31, 2024 and 2023, respectively.

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