Stock Analysis on Net
Stock Analysis on Net

Kinder Morgan Inc. (NYSE:KMI)

This company has been moved to the archive! The financial data has not been updated since April 29, 2020.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Kinder Morgan Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Current portion of debt 3.34 4.30 3.58 3.36 0.98
Accounts payable 1.23 1.70 1.70 1.57 1.57
Distributions payable to KML noncontrolling interests 0.00 1.11 0.00 0.00 0.00
Accrued interest 0.74 0.73 0.79 0.78 0.83
Accrued taxes 0.49 0.61 0.32 0.00 0.00
Other current liabilities 1.07 1.13 1.44 1.68 1.46
Current liabilities 6.88% 9.58% 7.82% 7.38% 4.83%
Outstanding 41.65 42.10 43.12 45.08 48.43
Debt fair value adjustments 1.39 0.93 1.17 1.43 1.99
Long-term debt, excluding current portion 43.04% 43.03% 44.29% 46.52% 50.42%
Other long-term liabilities and deferred credits 3.04 2.76 3.46 2.77 2.65
Long-term liabilities and deferred credits 46.08% 45.79% 47.75% 49.29% 53.07%
Total liabilities 52.95% 55.37% 55.57% 56.66% 57.91%
Redeemable noncontrolling interest 1.08 0.84 0.00 0.00 0.00
Preferred stock, $0.01 par value, 9.75% Series A Mandatory Convertible, $1,000 per share liquidation preference 0.00 0.00 0.00 0.00 0.00
Class P shares, $0.01 par value 0.03 0.03 0.03 0.03 0.03
Additional paid-in capital 56.29 52.88 53.01 51.98 49.54
Retained deficit -10.37 -9.78 -9.81 -8.30 -7.26
Accumulated other comprehensive loss -0.45 -0.42 -0.68 -0.82 -0.55
Total Kinder Morgan, Inc.’s stockholders’ equity 45.50% 42.70% 42.55% 42.88% 41.76%
Noncontrolling interests 0.46 1.08 1.88 0.46 0.34
Total stockholders’ equity 45.96% 43.78% 44.43% 43.34% 42.09%
Total liabilities, redeemable noncontrolling interest and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Between 2015 and 2019, a consistent trend of deleveraging is observed, as total liabilities decreased from 57.91% to 52.95% of the total capital structure. This shift is mirrored by a corresponding increase in total stockholders' equity, which rose from 42.09% to 45.96% over the same period, indicating a gradual strengthening of the company's solvency position.

Liability Composition and Debt Trends
Long-term debt, excluding the current portion, exhibited a steady decline from 50.42% in 2015 to 43.04% in 2019. Conversely, the current portion of debt showed an upward trend for the first four years, peaking at 4.30% in 2018 before retreating to 3.34% in 2019. This suggests a strategic shift or the approach of maturity dates for certain debt instruments during the mid-period. Current liabilities as a whole followed this pattern, increasing from 4.83% in 2015 to a high of 9.58% in 2018, before decreasing to 6.88% in 2019.
Equity Structure and Capital Contribution
The growth in total stockholders' equity was primarily driven by an increase in additional paid-in capital, which rose from 49.54% in 2015 to 56.29% in 2019. This indicates that the expansion of the equity base was funded through external capital contributions rather than retained earnings. This is further evidenced by the widening retained deficit, which moved from -7.26% in 2015 to -10.37% in 2019, reflecting cumulative losses or significant distributions exceeding net income over the analyzed period.
Noncontrolling and Other Interests
Redeemable noncontrolling interests emerged as a factor in the latter part of the period, appearing in 2018 at 0.84% and increasing to 1.08% in 2019. Noncontrolling interests showed volatility, peaking at 1.88% in 2017 before declining to 0.46% by 2019. Other long-term liabilities and deferred credits remained relatively stable, fluctuating within a narrow range between 2.65% and 3.46%.
Overall Financial Position
The common-size analysis reveals a transition toward a more equity-weighted balance sheet. The reduction in total liabilities, specifically the decrease in long-term debt, coupled with the increase in paid-in capital, demonstrates a move toward reducing long-term financial leverage, despite the persistent and growing retained deficit.

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