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 
Quarterly Data

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

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Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Current portion of debt 4.81 3.34 5.73 3.98 3.28 4.30 2.96 2.72 3.16 3.58 3.93 4.02 4.92 3.36 3.61 4.05 2.02 0.98 3.51 3.68 3.99
Accounts payable 1.02 1.23 1.19 1.17 1.33 1.70 1.65 1.62 1.55 1.70 1.69 1.69 1.52 1.57 1.46 1.29 1.21 1.57 1.43 1.51 1.62
Distributions payable to KML noncontrolling interests 0.00 0.00 0.00 0.00 0.00 1.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accrued interest 0.46 0.74 0.47 0.69 0.44 0.73 0.50 0.75 0.52 0.79 0.55 0.71 0.56 0.78 0.62 0.75 0.60 0.83 0.66 0.78 0.62
Accrued taxes 0.40 0.49 0.50 0.39 0.38 0.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current liabilities 0.93 1.07 0.99 1.14 1.14 1.13 1.83 1.78 1.65 1.76 1.52 1.51 1.38 1.68 1.72 1.70 1.39 1.46 1.63 1.62 1.65
Current liabilities 7.63% 6.88% 8.87% 7.38% 6.57% 9.58% 6.94% 6.87% 6.87% 7.82% 7.68% 7.93% 8.38% 7.38% 7.41% 7.79% 5.22% 4.83% 7.23% 7.59% 7.87%
Outstanding 40.74 41.65 40.23 41.66 42.56 42.10 43.92 44.36 44.07 43.12 42.40 42.39 43.09 45.08 45.11 45.32 47.72 48.43 46.42 46.46 46.11
Debt fair value adjustments 1.97 1.39 1.51 1.38 1.13 0.93 0.69 0.80 0.91 1.17 1.30 1.37 1.35 1.43 2.10 2.36 2.27 1.99 2.17 1.90 2.43
Long-term debt, excluding current portion 42.71% 43.04% 41.74% 43.03% 43.68% 43.03% 44.61% 45.16% 44.98% 44.29% 43.70% 43.76% 44.45% 46.52% 47.20% 47.68% 49.99% 50.42% 48.59% 48.36% 48.54%
Other long-term liabilities and deferred credits 3.07 3.04 3.53 3.61 3.66 2.76 3.04 3.19 3.01 3.46 3.16 3.15 3.30 2.77 2.54 2.46 2.59 2.65 2.35 2.58 2.55
Long-term liabilities and deferred credits 45.78% 46.08% 45.27% 46.65% 47.35% 45.79% 47.65% 48.34% 48.00% 47.75% 46.86% 46.91% 47.75% 49.29% 49.74% 50.14% 52.58% 53.07% 50.94% 50.94% 51.09%
Total liabilities 53.41% 52.95% 54.15% 54.03% 53.91% 55.37% 54.59% 55.21% 54.87% 55.57% 54.54% 54.85% 56.13% 56.66% 57.15% 57.93% 57.80% 57.91% 58.17% 58.53% 58.96%
Redeemable noncontrolling interest 1.08 1.08 1.04 1.01 0.92 0.84 0.80 0.74 0.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Additional paid-in capital 56.73 56.29 54.24 54.42 54.68 52.88 52.75 53.24 52.75 53.01 52.40 52.48 52.33 51.98 51.10 49.45 49.48 49.54 46.76 45.31 43.92
Retained deficit -11.65 -10.37 -10.05 -10.00 -9.99 -9.78 -9.79 -10.21 -9.32 -9.81 -8.00 -8.08 -8.20 -8.30 -8.04 -7.18 -7.25 -7.26 -4.95 -3.91 -3.06
Accumulated other comprehensive loss -0.08 -0.45 -0.50 -0.58 -0.67 -0.42 -0.63 -0.88 -0.84 -0.68 -0.58 -0.60 -0.74 -0.82 -0.68 -0.66 -0.49 -0.55 -0.38 -0.34 -0.22
Total Kinder Morgan, Inc.’s stockholders’ equity 45.02% 45.50% 43.72% 43.86% 44.06% 42.70% 42.35% 42.18% 42.61% 42.55% 43.84% 43.83% 43.42% 42.88% 42.41% 41.64% 41.77% 41.76% 41.45% 41.08% 40.65%
Noncontrolling interests 0.49 0.46 1.09 1.10 1.11 1.08 2.25 1.86 1.86 1.88 1.62 1.33 0.45 0.46 0.44 0.43 0.43 0.34 0.38 0.39 0.38
Total stockholders’ equity 45.51% 45.96% 44.81% 44.96% 45.16% 43.78% 44.60% 44.05% 44.47% 44.43% 45.46% 45.15% 43.87% 43.34% 42.85% 42.07% 42.20% 42.09% 41.83% 41.47% 41.04%
Total liabilities, redeemable noncontrolling interest and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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.

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