Analysis of Debt
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Kinder Morgan Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2010
- Total Asset Turnover since 2010
- Price to Book Value (P/BV) since 2010
- Price to Sales (P/S) since 2010
- Aggregate Accruals
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Total Debt (Carrying Amount)
Kinder Morgan Inc., balance sheet: debt
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Current portion of debt | ||||||
| Long-term debt, excluding current portion | ||||||
| Total debt (carrying amount) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Current Portion of Debt
- The current portion of debt showed a significant increase from 2015 to 2018, rising from $821 million to a peak of $3,388 million. This upward trend indicates a growing amount of debt due within one year over this period. However, in 2019, the current portion declined to $2,477 million, suggesting a reduction in short-term debt obligations compared to the previous year, though still substantially higher than the 2015 level.
- Long-Term Debt, Excluding Current Portion
- Long-term debt demonstrated a consistent decrease throughout the five-year period. Starting at $42,406 million in 2015, the carrying amount of long-term debt declined each year, reaching $31,915 million by the end of 2019. This downward trend indicates a systematic reduction in long-term debt liabilities, potentially reflecting repayments, refinancing strategies, or deleveraging efforts over time.
- Total Debt (Carrying Amount)
- Total debt declined steadily from $43,227 million in 2015 to $34,392 million in 2019. Despite fluctuations in the composition between current and long-term portions, the overall debt burden was reduced by approximately 20.4% over the five-year span. This pattern suggests efforts to manage or reduce total indebtedness, which could positively impact the company’s financial leverage and risk profile.
- Overall Debt Structure Trends
- There is a noticeable shift in the company's debt structure, with the current portion increasing significantly until 2018 before declining in 2019, while the long-term portion steadily decreases throughout the years. The rise in short-term debt obligations followed by a recent reduction may indicate refinancing actions or changes in debt maturity profiles. The consistent decline in long-term debt contributes to the overall reduction in total debt, indicating deliberate management of the debt portfolio to decrease long-term liabilities.
Total Debt (Fair Value)
| Dec 31, 2019 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Debt | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2019-12-31).
Weighted-average Interest Rate on Debt
Weighted average interest rate on borrowings:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2019-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =