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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)

Microsoft Excel
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).

An analysis of the capital structure reveals a gradual deleveraging process between March 2015 and March 2020. Total liabilities decreased from 58.96% of the total balance sheet to 53.41% over the observed period, indicating a strategic shift toward a more equity-heavy funding mix.

Debt and Long-Term Obligations
A consistent downward trend is observed in long-term debt. Long-term debt, excluding the current portion, declined from 48.54% in March 2015 to 42.71% by March 2020. Similarly, the percentage of outstanding debt decreased from 46.11% to 40.74%. Debt fair value adjustments exhibited volatility, starting at 2.43%, dipping to a low of 0.69% in September 2018, and recovering to 1.97% by the end of the period.
Equity Composition and Capitalization
Total stockholders' equity increased from 41.04% to 45.51%. This growth was driven almost exclusively by a substantial increase in additional paid-in capital, which rose from 43.92% to 56.73%, suggesting significant external capital infusions. This trend is contrasted by a widening retained deficit, which expanded from -3.06% in March 2015 to -11.65% in March 2020, indicating that the increase in total equity was not the result of retained earnings.
Current Liabilities and Liquidity
Current liabilities remained relatively stable but showed periodic fluctuations, ranging from a low of 4.83% in December 2015 to a peak of 9.58% in December 2018. The current portion of debt fluctuated between 0.98% and 5.73%, ending the period at 4.81%. Accounts payable and other current liabilities showed a slight general decline toward the end of the period, with accounts payable moving from 1.62% to 1.02%.
Noncontrolling Interests
Redeemable noncontrolling interests emerged in the reporting during 2018, growing from 0.66% to 1.08% by March 2020. Standard noncontrolling interests experienced a peak of 2.25% in September 2018 before returning to 0.49% by the end of the analyzed timeframe.

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