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Debt (Tables)

12 Months Ended

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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