Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Income Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2010
- Price to Operating Profit (P/OP) since 2010
- Price to Sales (P/S) since 2010
- Aggregate Accruals
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Kinder Morgan Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Current Liabilities
- The current liabilities as a percentage of total liabilities, redeemable noncontrolling interest, and stockholders’ equity fluctuated significantly throughout the observed periods. Starting at 7.87% in March 2015, the figure decreased notably to 4.83% by December 2015, then rose again to peak at 9.58% in December 2018 before retreating to 6.88% by March 2020. Specific components such as the current portion of debt showed variability, reaching lows near 0.98% in December 2015 and highs above 5.7% in September 2019. Accounts payable remained relatively stable, ranging between approximately 1.0% and 1.7%, but with a slight decreasing trend by early 2020. Other current liabilities exhibited a general decline over time, from about 1.65% down to below 1.0% near the end of the series.
- Debt Structure
- The dominant component of liabilities continued to be long-term debt, excluding the current portion, which remained the largest single item, comprising between 42% and 50% of total capital structure during the period. This proportion displayed a gradual downward trajectory from the high 48-50% range in 2015 to just above 42% by early 2020. Debt fair value adjustments decreased from a high near 2.4% in early 2015 to below 1.0% in late 2018, then mildly rebounded to close to 2.0% by March 2020.
- Overall Liabilities
- Total liabilities slightly decreased as a percentage of the total capital structure, moving from close to 59% in early 2015 to approximately 53% by early 2020. This indicates a marginal reduction in leverage over the period, albeit still representing a majority stake in the overall financing mix.
- Equity Composition
- Total stockholders’ equity saw a consistent, modest increase from roughly 41% in March 2015 to about 45.5% by March 2020. This improvement was supported primarily by growth in additional paid-in capital, which climbed from near 44% to nearly 57% by the end of the period. Retained deficit expanded negatively over the timeframe, growing from around -3% to nearly -12%, indicating accumulated losses or distributions exceeding earnings. The accumulated other comprehensive loss largely stabilized in a minor negative range between -0.8% to -0.1%, with some fluctuations.
- Noncontrolling Interests and Redeemable Interests
- Noncontrolling interests showed variability, particularly rising from below 0.5% in early periods to a peak approaching 2.25% at one point in 2018 before settling back near 0.5% in early 2020. Redeemable noncontrolling interest appeared only in later periods, gradually increasing to about 1.08% by the end of the series.
- Key Insights
- The data shows a capital structure that is relatively stable but with nuanced shifts indicating slight de-leveraging, as total liabilities as a proportion of the capital structure decreased while equity increased. The growing additional paid-in capital suggests potential equity issuances or retained capital injections, despite an increasing retained deficit pointing toward operational or distribution-related challenges. The relatively stable current liabilities percentage combined with long-term debt fluctuations reflect active debt management. The presence and increase of redeemable noncontrolling interests in later periods might affect future capital structure and warrant monitoring.