Kinder Morgan Inc., balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Pipelines (Natural gas, liquids, crude oil and CO2)	19,856)	19,727)	20,157)	19,341)	19,855)
Equipment (Natural gas, liquids, crude oil, CO2, and terminals)	25,791)	24,392)	24,152)	23,298)	22,979)
Other	5,360)	5,447)	5,570)	4,780)	4,719)
Land and land rights-of-way	1,356)	1,378)	1,456)	1,431)	1,450)
Construction work in process	1,006)	2,312)	2,995)	2,161)	2,395)
Property, plant and equipment, gross	53,369)	53,256)	54,330)	51,011)	51,398)
Accumulated depreciation, depletion and amortization	(16,950)	(15,359)	(14,175)	(12,306)	(10,851)
Property, plant and equipment, net	36,419)	37,897)	40,155)	38,705)	40,547)

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).

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Item	Description	The company
Property, plant and equipment, gross	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Kinder Morgan Inc. property, plant and equipment, gross decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.
Property, plant and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Kinder Morgan Inc. property, plant and equipment, net decreased from 2017 to 2018 and from 2018 to 2019.

Kinder Morgan Inc., asset age ratios

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Average age ratio	32.59%	29.61%	26.81%	24.82%	21.72%
Estimated total useful life (years)	24	25	26	25	24
Estimated age, time elapsed since purchase (years)	8	7	7	6	5
Estimated remaining life (years)	16	18	19	19	19

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).

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Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Kinder Morgan Inc. average age ratio of depreciable property, plant and equipment deteriorated from 2017 to 2018 and from 2018 to 2019.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Kinder Morgan Inc. estimated total useful life of depreciable property, plant and equipment decreased from 2017 to 2018 and from 2018 to 2019.
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Kinder Morgan Inc. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2017 to 2018 and from 2018 to 2019.
Estimated remaining life		Kinder Morgan Inc. estimated remaining life of depreciable property, plant and equipment decreased from 2017 to 2018 and from 2018 to 2019.

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Accumulated depreciation, depletion and amortization	16,950)	15,359)	14,175)	12,306)	10,851)
Property, plant and equipment, gross	53,369)	53,256)	54,330)	51,011)	51,398)
Land and land rights-of-way	1,356)	1,378)	1,456)	1,431)	1,450)
Asset Age Ratio
Average age¹	32.59%	29.61%	26.81%	24.82%	21.72%

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).

2019 Calculations

¹ Average age = 100 × Accumulated depreciation, depletion and amortization ÷ (Property, plant and equipment, gross – Land and land rights-of-way)
= 100 × 16,950 ÷ (53,369 – 1,356) = 32.59%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Kinder Morgan Inc. average age ratio of depreciable property, plant and equipment deteriorated from 2017 to 2018 and from 2018 to 2019.

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Property, plant and equipment, gross	53,369)	53,256)	54,330)	51,011)	51,398)
Land and land rights-of-way	1,356)	1,378)	1,456)	1,431)	1,450)
Depreciation, depletion, and amortization expense charged against property, plant and equipment	2,176)	2,057)	2,022)	1,970)	2,059)
Asset Age Ratio (Years)
Estimated total useful life¹	24	25	26	25	24

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).

2019 Calculations

¹ Estimated total useful life = (Property, plant and equipment, gross – Land and land rights-of-way) ÷ Depreciation, depletion, and amortization expense charged against property, plant and equipment
= (53,369 – 1,356) ÷ 2,176 = 24

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Asset age ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Kinder Morgan Inc. estimated total useful life of depreciable property, plant and equipment decreased from 2017 to 2018 and from 2018 to 2019.

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Accumulated depreciation, depletion and amortization	16,950)	15,359)	14,175)	12,306)	10,851)
Depreciation, depletion, and amortization expense charged against property, plant and equipment	2,176)	2,057)	2,022)	1,970)	2,059)
Asset Age Ratio (Years)
Time elapsed since purchase¹	8	7	7	6	5

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).

2019 Calculations

¹ Time elapsed since purchase = Accumulated depreciation, depletion and amortization ÷ Depreciation, depletion, and amortization expense charged against property, plant and equipment
= 16,950 ÷ 2,176 = 8

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Asset age ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Kinder Morgan Inc. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2017 to 2018 and from 2018 to 2019.

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Property, plant and equipment, net	36,419)	37,897)	40,155)	38,705)	40,547)
Land and land rights-of-way	1,356)	1,378)	1,456)	1,431)	1,450)
Depreciation, depletion, and amortization expense charged against property, plant and equipment	2,176)	2,057)	2,022)	1,970)	2,059)
Asset Age Ratio (Years)
Estimated remaining life¹	16	18	19	19	19

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).

2019 Calculations

¹ Estimated remaining life = (Property, plant and equipment, net – Land and land rights-of-way) ÷ Depreciation, depletion, and amortization expense charged against property, plant and equipment
= (36,419 – 1,356) ÷ 2,176 = 16

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Asset age ratio	Description	The company
Estimated remaining life		Kinder Morgan Inc. estimated remaining life of depreciable property, plant and equipment decreased from 2017 to 2018 and from 2018 to 2019.

Kinder Morgan Inc. (NYSE:KMI)

Analysis of Property, Plant and Equipment

Property, Plant and Equipment Disclosure

Asset Age Ratios (Summary)

Average Age

Estimated Total Useful Life

Estimated Age, Time Elapsed since Purchase

Estimated Remaining Life