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Summarized Income Statement Information for KMP (Tables)
9 Months Ended
Sep. 30, 2013
Equity Method Investment, Summarized Financial Information [Abstract]  
Summarized Income Statement Information for KMP
Following is summarized income statement information for KMP (in millions).
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2013
 
2012(a)
 
2013
 
2012(a)
 
Revenues
$
3,381

 
$
2,497

 
$
9,059

 
$
6,355

 
Operating costs, expenses and other
2,514

 
1,828

 
6,807

 
4,603

 
Operating income
$
867

 
$
669

 
$
2,252

 
$
1,752

 
 
 
 
 
 
 
 
 
 
Loss from discontinued operations(b)
$

 
$
(131
)
 
$
(2
)
 
$
(682
)
 
 
 
 
 
 
 
 
 
 
Net income(c)
$
697

 
$
408

 
$
2,499

 
$
754

 
 
 
 
 
 
 
 
 
 
Net income attributable to KMP
$
689

 
$
405

 
$
2,472

 
$
743

 
 
 
 
 
 
 
 
 
 
General Partner’s interest in pre-acquisition income from operations and severance expense of drop-down asset groups
$
(2
)
 
$
62

 
$
11

 
$
41

 
Remaining General Partner’s interest in income from continuing operations
$
436

 
$
367

 
$
1,260

 
$
1,024

 
General Partner’s interest in loss from discontinued operations
$

 
$
(2
)
 
$

 
$
(7
)
 
 
 
 
 
 
 
 
 
 
Limited Partners’ interest in income from continuing operations
$
255

 
$
106

 
$
1,203

 
$
353

 
Limited Partners’ interest in loss from discontinued operations
$

 
$
(128
)
 
$
(2
)
 
$
(668
)
 
____________
(a)
Retrospectively adjusted as discussed in Note 1.
(b)
Represents amounts attributable to KMP’s FTC Natural Gas Pipelines disposal group. See Note 3 “Acquisitions and Divestitures” of the notes to the consolidated financial statements included in the KMP 2012 Form 10-K. The three and nine month 2012 amounts include $178 million and $827 million non-cash losses, respectively, from both costs to sell and the remeasurement of net assets to fair value.
(c)
The nine month 2013 amount includes (i) a $558 million gain from the remeasurement of KMP’s previously held 50% equity interest in Eagle Ford Gathering LLC to fair value; and (ii) $177 million increase in expense associated with adjustments to legal liabilities related to both transportation rate case and environmental matters. The three and nine month 2013 amounts include a $1 million decrease and a $140 million increase, respectively, after-tax loss and gain amounts from the sale of KMP’s investments in the Express pipeline system.