(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File pursuant to Rule 406 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language). |
Kinder Morgan, Inc. | ||||||||||||||
Registrant |
Dated: January 19, 2022 | By: | /s/ David P. Michels | ||||||||||||||||||
David P. Michels Vice President and Chief Financial Officer |
Exhibit 99.1 |
CONTACTS | ||||||||
Dave Conover | Investor Relations | |||||||
Media Relations | (800) 348-7320 | |||||||
Newsroom@kindermorgan.com | km_ir@kindermorgan.com | |||||||
Table 1 | |||||||||||||||||||||||||||||||||||
Kinder Morgan, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
Preliminary Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||
(In millions, except per share amounts, unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | % change | Year Ended December 31, | % change | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Revenues | $ | 4,425 | $ | 3,115 | $ | 16,610 | $ | 11,700 | |||||||||||||||||||||||||||
Operating costs, expenses and other | |||||||||||||||||||||||||||||||||||
Costs of sales | 1,989 | 786 | 6,493 | 2,545 | |||||||||||||||||||||||||||||||
Operations and maintenance | 658 | 606 | 2,368 | 2,475 | |||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 540 | 528 | 2,135 | 2,164 | |||||||||||||||||||||||||||||||
General and administrative | 165 | 187 | 655 | 648 | |||||||||||||||||||||||||||||||
Taxes, other than income taxes | 102 | 83 | 426 | 378 | |||||||||||||||||||||||||||||||
Loss (gain) on impairments and divestitures, net | 22 | (55) | 1,624 | 1,932 | |||||||||||||||||||||||||||||||
Other income, net | (1) | — | (7) | (2) | |||||||||||||||||||||||||||||||
Total operating costs, expenses and other | 3,475 | 2,135 | 13,694 | 10,140 | |||||||||||||||||||||||||||||||
Operating income | 950 | 980 | 2,916 | 1,560 | |||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||
Earnings from equity investments | 199 | 218 | 591 | 780 | |||||||||||||||||||||||||||||||
Amortization of excess cost of equity investments | (22) | (41) | (78) | (140) | |||||||||||||||||||||||||||||||
Interest, net | (370) | (381) | (1,492) | (1,595) | |||||||||||||||||||||||||||||||
Other, net | 18 | 24 | 282 | 56 | |||||||||||||||||||||||||||||||
Income before income taxes | 775 | 800 | 2,219 | 661 | |||||||||||||||||||||||||||||||
Income tax expense | (121) | (177) | (369) | (481) | |||||||||||||||||||||||||||||||
Net income | 654 | 623 | 1,850 | 180 | |||||||||||||||||||||||||||||||
Net income attributable to NCI | (17) | (16) | (66) | (61) | |||||||||||||||||||||||||||||||
Net income attributable to Kinder Morgan, Inc. | $ | 637 | $ | 607 | $ | 1,784 | $ | 119 | |||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | $ | 0.28 | $ | 0.27 | 4 | % | $ | 0.78 | $ | 0.05 | 1,460 | % | |||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 2,267 | 2,264 | — | % | 2,266 | 2,263 | — | % | |||||||||||||||||||||||||||
Declared dividends per share | $ | 0.27 | $ | 0.2625 | 3 | % | $ | 1.08 | $ | 1.05 | 3 | % | |||||||||||||||||||||||
Adjusted Earnings (1) | $ | 609 | $ | 604 | 1 | % | $ | 3,004 | $ | 2,011 | 49 | % | |||||||||||||||||||||||
Adjusted Earnings per share (1) | $ | 0.27 | $ | 0.27 | — | % | $ | 1.32 | $ | 0.88 | 50 | % |
Note: | |||||
(1) | Adjusted Earnings is Net income attributable to Kinder Morgan, Inc. adjusted for Certain Items, see Table 2. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. |
Table 2 | |||||||||||||||||||||||||||||||||||
Kinder Morgan, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
Preliminary Net Income Attributable to Kinder Morgan, Inc. to Adjusted Earnings to DCF Reconciliation | |||||||||||||||||||||||||||||||||||
(In millions, unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | % change | Year Ended December 31, | % change | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) | $ | 637 | $ | 607 | $ | 1,784 | $ | 119 | |||||||||||||||||||||||||||
Total Certain Items | (28) | (3) | 1,220 | 1,892 | |||||||||||||||||||||||||||||||
Adjusted Earnings (1) | 609 | 604 | 1 | % | 3,004 | 2,011 | 49 | % | |||||||||||||||||||||||||||
DD&A and amortization of excess cost of equity investments for DCF (2) | 627 | 659 | 2,481 | 2,671 | |||||||||||||||||||||||||||||||
Income tax expense for DCF (1)(2) | 189 | 186 | 943 | 670 | |||||||||||||||||||||||||||||||
Cash taxes (2) | (13) | (11) | (69) | (68) | |||||||||||||||||||||||||||||||
Sustaining capital expenditures (2) | (306) | (181) | (864) | (658) | |||||||||||||||||||||||||||||||
Other items (3) | (13) | (7) | (35) | (29) | |||||||||||||||||||||||||||||||
DCF | $ | 1,093 | $ | 1,250 | (13) | % | $ | 5,460 | $ | 4,597 | 19 | % |
Table 3 | |||||||||||||||||||||||||||||||||||
Kinder Morgan, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
Preliminary Adjusted Segment EBDA, Adjusted EBITDA and DCF | |||||||||||||||||||||||||||||||||||
(In millions, except per share amounts, unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | % change | Year Ended December 31, | % change | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Natural Gas Pipelines | $ | 1,215 | $ | 1,189 | 2 | % | $ | 5,463 | $ | 4,466 | 22 | % | |||||||||||||||||||||||
Products Pipelines | 281 | 258 | 9 | % | 1,117 | 1,027 | 9 | % | |||||||||||||||||||||||||||
Terminals | 244 | 258 | (5) | % | 950 | 990 | (4) | % | |||||||||||||||||||||||||||
CO2 | 158 | 167 | (5) | % | 754 | 652 | 16 | % | |||||||||||||||||||||||||||
Adjusted Segment EBDA (1) | 1,898 | 1,872 | 1 | % | 8,284 | 7,135 | 16 | % | |||||||||||||||||||||||||||
General and administrative and corporate charges (1) | (158) | (125) | (623) | (561) | |||||||||||||||||||||||||||||||
JV DD&A and income tax expense (1)(2) | 81 | 106 | 351 | 449 | |||||||||||||||||||||||||||||||
Net income attributable to NCI (1) | (17) | (16) | (66) | (61) | |||||||||||||||||||||||||||||||
Adjusted EBITDA | 1,804 | 1,837 | (2) | % | 7,946 | 6,962 | 14 | % | |||||||||||||||||||||||||||
Interest, net (1) | (379) | (388) | (1,518) | (1,610) | |||||||||||||||||||||||||||||||
Cash taxes (2) | (13) | (11) | (69) | (68) | |||||||||||||||||||||||||||||||
Sustaining capital expenditures (2) | (306) | (181) | (864) | (658) | |||||||||||||||||||||||||||||||
Other items (3) | (13) | (7) | (35) | (29) | |||||||||||||||||||||||||||||||
DCF | $ | 1,093 | $ | 1,250 | (13) | % | $ | 5,460 | $ | 4,597 | 19 | % | |||||||||||||||||||||||
Weighted average shares outstanding for dividends (4) | 2,280 | 2,277 | 2,278 | 2,276 | |||||||||||||||||||||||||||||||
DCF per share | $ | 0.48 | $ | 0.55 | $ | 2.40 | $ | 2.02 | |||||||||||||||||||||||||||
Declared dividends per share | $ | 0.27 | $ | 0.2625 | $ | 1.08 | $ | 1.05 | |||||||||||||||||||||||||||
Notes | |||||
(1) | Amounts are adjusted for Certain Items. See Tables 4 and 7 for more information. | ||||
(2) | Includes or represents DD&A, income tax expense, cash taxes and/or sustaining capital expenditures (as applicable for each item) from JVs. See Table 7 for more information. | ||||
(3) | Includes pension contributions, non-cash pension expense and non-cash compensation associated with our restricted stock program. | ||||
(4) | Includes restricted stock awards that participate in dividends. |
Table 4 | |||||||||||||||||||||||||||||||||||
Kinder Morgan, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
Preliminary Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA Reconciliation | |||||||||||||||||||||||||||||||||||
(In millions, unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | % change | Year Ended December 31, | % change | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) (1) | $ | 637 | $ | 607 | 5 | % | $ | 1,784 | $ | 119 | 1,399 | % | |||||||||||||||||||||||
Certain Items: | |||||||||||||||||||||||||||||||||||
Fair value amortization | (4) | (4) | (19) | (21) | |||||||||||||||||||||||||||||||
Legal, environmental and taxes other than income tax reserves | 48 | (12) | 160 | 26 | |||||||||||||||||||||||||||||||
Change in fair value of derivative contracts (2) | (45) | 5 | 19 | (5) | |||||||||||||||||||||||||||||||
Loss (gain) on impairments, divestitures and other write-downs, net (3) | 20 | (55) | 1,535 | 327 | |||||||||||||||||||||||||||||||
Loss on impairments of goodwill (4) | — | — | — | 1,600 | |||||||||||||||||||||||||||||||
Restricted stock accelerated vesting and severance | — | 52 | — | 52 | |||||||||||||||||||||||||||||||
COVID-19 costs | — | 4 | — | 15 | |||||||||||||||||||||||||||||||
Income tax Certain Items | (52) | 7 | (491) | (107) | |||||||||||||||||||||||||||||||
Other | 5 | — | 16 | 5 | |||||||||||||||||||||||||||||||
Total Certain Items (5) | (28) | (3) | 1,220 | 1,892 | |||||||||||||||||||||||||||||||
DD&A and amortization of excess cost of equity investments | 562 | 569 | 2,213 | 2,304 | |||||||||||||||||||||||||||||||
Income tax expense (6) | 173 | 170 | 860 | 588 | |||||||||||||||||||||||||||||||
JV DD&A and income tax expense (6)(7) | 81 | 106 | 351 | 449 | |||||||||||||||||||||||||||||||
Interest, net (6) | 379 | 388 | 1,518 | 1,610 | |||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 1,804 | $ | 1,837 | (2) | % | $ | 7,946 | $ | 6,962 | 14 | % |
Notes | |||||||||||||||||||||||
(1) | In prior periods, Net income was considered the comparable GAAP measure and has been updated to Net income attributable to Kinder Morgan, Inc. for consistency with our other non-GAAP performance measures. | ||||||||||||||||||||||
(2) | Gains or losses are reflected in our DCF when realized. | ||||||||||||||||||||||
(3) | Three months and year ended December 31, 2021 each include a pre-tax non-cash impairment of $20 million related to our Wilmington terminal resulting from certain commercial contract terminations and lower expectations regarding the volumes and rates associated with re-contracting. Year ended December 31, 2021 amount also includes (i) a pre-tax non-cash impairment loss of $1,600 million related to our South Texas gathering and processing assets within our Natural Gas Pipelines business segment resulting from lower expectations regarding the volumes and rates associated with re-contracting; and (ii) a write-down of $117 million, reported within “Earnings from equity investments” on the accompanying Preliminary Consolidated Statement of Income, on a long-term subordinated note receivable from an equity investee, Ruby Pipeline Holding Company, L.L.C., partially offset by a pre-tax gain of $206 million, reported within “Other, net” on the accompanying Preliminary Consolidated Statement of Income, associated with the sale of a partial interest in our equity investment in NGPL Holdings LLC. Three months and year ended December 31, 2020 amounts each include a $55 million pre-tax gain on sale of terminal assets. Year ended December 31, 2020 amount also includes a pre-tax non-cash impairment loss of $350 million related to oil and gas producing assets in our CO2 business segment driven by low oil prices and $21 million for asset impairments in our Products Pipelines business segment. Except as otherwise noted above, these amounts are reported within “Loss (gain) on impairments and divestitures, net” on the accompanying Preliminary Consolidated Statement of Income. (See Table 1.) | ||||||||||||||||||||||
(4) | Year ended December 31, 2020 amount includes a non-cash impairments of goodwill of $1,000 million and $600 million associated with our Natural Gas Pipelines Non-Regulated and CO2 reporting units, respectively. | ||||||||||||||||||||||
(5) | Three months ended December 31, 2021 and 2020 amounts include $(5) million and less than $(1) million, respectively, and years ended December 31, 2021 and 2020 amounts include $124 million and $(4) million, respectively, reported within “Earnings from equity investments” on the accompanying Preliminary Consolidated Statement of Income. | ||||||||||||||||||||||
(6) | Amounts are adjusted for Certain Items. See Table 7 for more information. | ||||||||||||||||||||||
(7) | Represents JV DD&A and income tax expense. See Table 7 for more information. |
Table 5 | |||||||||||||||||||||||
Segment Volume and CO2 Segment Hedges Highlights | |||||||||||||||||||||||
(Historical data is pro forma for acquired and divested assets, JV volumes at KMI share) | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Natural Gas Pipelines | |||||||||||||||||||||||
Transport volumes (BBtu/d) | 38,527 | 39,649 | 38,577 | 38,330 | |||||||||||||||||||
Sales volumes (BBtu/d) | 2,450 | 2,421 | 2,473 | 2,353 | |||||||||||||||||||
Gathering volumes (BBtu/d) | 3,005 | 2,829 | 2,749 | 3,039 | |||||||||||||||||||
NGLs (MBbl/d) (1) | 29 | 27 | 29 | 27 | |||||||||||||||||||
Products Pipelines (MBbl/d) | |||||||||||||||||||||||
Gasoline (2) | 985 | 922 | 987 | 897 | |||||||||||||||||||
Diesel fuel | 375 | 389 | 390 | 375 | |||||||||||||||||||
Jet fuel | 244 | 165 | 223 | 179 | |||||||||||||||||||
Total refined product volumes | 1,604 | 1,476 | 1,600 | 1,451 | |||||||||||||||||||
Crude and condensate | 484 | 498 | 498 | 552 | |||||||||||||||||||
Total delivery volumes (MBbl/d) | 2,088 | 1,974 | 2,098 | 2,003 | |||||||||||||||||||
Terminals (1) | |||||||||||||||||||||||
Liquids leasable capacity (MMBbl) | 79.9 | 79.7 | 79.9 | 79.7 | |||||||||||||||||||
Liquids utilization % | 93.0 | % | 95.3 | % | 93.0 | % | 95.3 | % | |||||||||||||||
Bulk transload tonnage (MMtons) | 13.6 | 12.6 | 51.7 | 48.0 | |||||||||||||||||||
CO2 | |||||||||||||||||||||||
SACROC oil production | 19.82 | 20.93 | 19.88 | 21.83 | |||||||||||||||||||
Yates oil production | 6.91 | 6.37 | 6.57 | 6.61 | |||||||||||||||||||
Katz and Goldsmith oil production | 1.95 | 2.57 | 2.21 | 2.75 | |||||||||||||||||||
Tall Cotton oil production | 1.12 | 1.16 | 1.05 | 1.69 | |||||||||||||||||||
Total oil production - net (MBbl/d) (3) | 29.80 | 31.03 | 29.71 | 32.88 | |||||||||||||||||||
NGL sales volumes - net (MBbl/d) (3) | 9.54 | 9.67 | 9.38 | 9.49 | |||||||||||||||||||
CO2 sales volumes - net (Bcf/d) | 0.34 | 0.39 | 0.38 | 0.44 | |||||||||||||||||||
Realized weighted average oil price ($ per Bbl) | $ | 54.19 | $ | 55.41 | $ | 52.71 | $ | 53.78 | |||||||||||||||
Realized weighted average NGL price ($ per Bbl) | $ | 30.23 | $ | 18.45 | $ | 25.39 | $ | 17.95 | |||||||||||||||
CO2 Segment Hedges | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||
Crude Oil (4) | |||||||||||||||||||||||
Price ($ per Bbl) | $ | 57.92 | $ | 55.57 | $ | 54.92 | $ | 55.28 | |||||||||||||||
Volume (MBbl/d) | 21.80 | 15.00 | 8.90 | 4.65 | |||||||||||||||||||
NGLs | |||||||||||||||||||||||
Price ($ per Bbl) | $ | 48.43 | |||||||||||||||||||||
Volume (MBbl/d) | 2.94 | ||||||||||||||||||||||
Midland-to-Cushing Basis Spread | |||||||||||||||||||||||
Price ($ per Bbl) | $ | 0.52 | |||||||||||||||||||||
Volume (MBbl/d) | 21.50 | ||||||||||||||||||||||
Notes | |||||
(1) | Volumes for assets sold are excluded for all periods presented. | ||||
(2) | Gasoline volumes include ethanol pipeline volumes. | ||||
(3) | Net of royalties and outside working interests. | ||||
(4) | Includes West Texas Intermediate hedges. |
Table 6 | |||||||||||
Kinder Morgan, Inc. and Subsidiaries | |||||||||||
Preliminary Consolidated Balance Sheets | |||||||||||
(In millions, unaudited) | |||||||||||
December 31, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 1,140 | $ | 1,184 | |||||||
Other current assets | 2,689 | 2,019 | |||||||||
Property, plant and equipment, net | 35,653 | 35,836 | |||||||||
Investments | 7,578 | 7,917 | |||||||||
Goodwill | 19,914 | 19,851 | |||||||||
Deferred charges and other assets | 3,442 | 5,166 | |||||||||
Total assets | $ | 70,416 | $ | 71,973 | |||||||
Liabilities, Redeemable Noncontrolling Interest and Stockholders' Equity | |||||||||||
Short-term debt | $ | 2,646 | $ | 2,558 | |||||||
Other current liabilities | 3,175 | 2,516 | |||||||||
Long-term debt | 29,772 | 30,838 | |||||||||
Debt fair value adjustments | 902 | 1,293 | |||||||||
Other | 2,000 | 2,202 | |||||||||
Total liabilities | 38,495 | 39,407 | |||||||||
Redeemable Noncontrolling Interest | — | 728 | |||||||||
Other stockholders' equity | 31,234 | 31,843 | |||||||||
Accumulated other comprehensive loss | (411) | (407) | |||||||||
Total KMI stockholders' equity | 30,823 | 31,436 | |||||||||
Noncontrolling interests | 1,098 | 402 | |||||||||
Total stockholders' equity | 31,921 | 31,838 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 70,416 | $ | 71,973 | |||||||
Net Debt (1) | $ | 31,214 | $ | 32,042 | |||||||
Adjusted EBITDA Twelve Months Ended | |||||||||||
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA | December 31, | December 31, | |||||||||
2021 | 2020 | ||||||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) | $ | 1,784 | $ | 119 | |||||||
Total Certain Items | 1,220 | 1,892 | |||||||||
DD&A and amortization of excess cost of equity investments | 2,213 | 2,304 | |||||||||
Income tax expense (2) | 860 | 588 | |||||||||
JV DD&A and income tax expense (2)(3) | 351 | 449 | |||||||||
Interest, net (2) | 1,518 | 1,610 | |||||||||
Adjusted EBITDA | $ | 7,946 | $ | 6,962 | |||||||
Net Debt-to-Adjusted EBITDA | 3.9 | 4.6 |
Notes | |||||
(1) | Amounts exclude (i) debt fair value adjustments; and (ii) the foreign exchange impact on our Euro denominated debt of $64 million and $170 million as of December 31, 2021 and December 31, 2020, respectively, as we have entered into swaps to convert that debt to U.S.$. | ||||
(2) | Amounts are adjusted for Certain Items. See Table 4 for more information. | ||||
(3) | Represents JV DD&A and income tax expense. See Table 7 for more information. | ||||
Table 7 | |||||||||||||||||||||||
Kinder Morgan, Inc. and Subsidiaries | |||||||||||||||||||||||
Preliminary Supplemental Information | |||||||||||||||||||||||
(In millions, unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment EBDA | |||||||||||||||||||||||
Natural Gas Pipelines (GAAP) | $ | 1,213 | $ | 1,199 | $ | 3,815 | $ | 3,483 | |||||||||||||||
Certain Items | 2 | (10) | 1,648 | 983 | |||||||||||||||||||
Natural Gas Pipelines Adjusted Segment EBDA | 1,215 | 1,189 | 5,463 | 4,466 | |||||||||||||||||||
Products Pipelines (GAAP) | 272 | 258 | 1,064 | 977 | |||||||||||||||||||
Certain Items | 9 | — | 53 | 50 | |||||||||||||||||||
Products Pipelines Adjusted Segment EBDA | 281 | 258 | 1,117 | 1,027 | |||||||||||||||||||
Terminals (GAAP) | 219 | 313 | 908 | 1,045 | |||||||||||||||||||
Certain Items | 25 | (55) | 42 | (55) | |||||||||||||||||||
Terminals Adjusted Segment EBDA | 244 | 258 | 950 | 990 | |||||||||||||||||||
CO2 (GAAP) | 161 | 161 | 760 | (292) | |||||||||||||||||||
Certain Items | (3) | 6 | (6) | 944 | |||||||||||||||||||
CO2 Adjusted Segment EBDA | 158 | 167 | 754 | 652 | |||||||||||||||||||
Total Segment EBDA (GAAP) | 1,865 | 1,931 | 6,547 | 5,213 | |||||||||||||||||||
Total Segment EBDA Certain Items | 33 | (59) | 1,737 | 1,922 | |||||||||||||||||||
Total Adjusted Segment EBDA | $ | 1,898 | $ | 1,872 | $ | 8,284 | $ | 7,135 | |||||||||||||||
Depreciation, depletion and amortization (GAAP) | $ | (540) | $ | (528) | $ | (2,135) | $ | (2,164) | |||||||||||||||
Amortization of excess cost of equity investments (GAAP) | (22) | (41) | (78) | (140) | |||||||||||||||||||
DD&A and amortization of excess cost of equity investments | (562) | (569) | (2,213) | (2,304) | |||||||||||||||||||
JV DD&A | (65) | (90) | (268) | (367) | |||||||||||||||||||
DD&A and amortization of excess cost of equity investments for DCF | $ | (627) | $ | (659) | $ | (2,481) | $ | (2,671) | |||||||||||||||
General and administrative (GAAP) | $ | (165) | $ | (187) | $ | (655) | $ | (648) | |||||||||||||||
Corporate benefit (charges) | 7 | 6 | 32 | (5) | |||||||||||||||||||
Certain Items | — | 56 | — | 92 | |||||||||||||||||||
General and administrative and corporate charges (1) | $ | (158) | $ | (125) | $ | (623) | $ | (561) | |||||||||||||||
Interest, net (GAAP) | $ | (370) | $ | (381) | $ | (1,492) | $ | (1,595) | |||||||||||||||
Certain Items | (9) | (7) | (26) | (15) | |||||||||||||||||||
Interest, net (1) | $ | (379) | $ | (388) | $ | (1,518) | $ | (1,610) | |||||||||||||||
Income tax expense (GAAP) | $ | (121) | $ | (177) | $ | (369) | $ | (481) | |||||||||||||||
Certain Items | (52) | 7 | (491) | (107) | |||||||||||||||||||
Income tax expense (1) | (173) | (170) | (860) | (588) | |||||||||||||||||||
Unconsolidated JV income tax expense (1)(2) | (16) | (16) | (83) | (82) | |||||||||||||||||||
Income tax expense for DCF (1) | $ | (189) | $ | (186) | $ | (943) | $ | (670) | |||||||||||||||
Net income attributable to NCI (GAAP) | $ | (17) | $ | (16) | $ | (66) | $ | (61) | |||||||||||||||
NCI associated with Certain Items (3) | — | — | — | — | |||||||||||||||||||
Net income attributable to NCI (1) | $ | (17) | $ | (16) | $ | (66) | $ | (61) | |||||||||||||||
Table 7 (continued) | |||||||||||||||||||||||
Kinder Morgan, Inc. and Subsidiaries | |||||||||||||||||||||||
Preliminary Supplemental Information | |||||||||||||||||||||||
(In millions, unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Additional JV information | |||||||||||||||||||||||
Unconsolidated JV DD&A | $ | (76) | $ | (101) | $ | (312) | $ | (407) | |||||||||||||||
Less: Consolidated JV partners' DD&A | (11) | (11) | (44) | (40) | |||||||||||||||||||
JV DD&A | (65) | (90) | (268) | (367) | |||||||||||||||||||
Unconsolidated JV income tax expense (1)(2) | (16) | (16) | (83) | (82) | |||||||||||||||||||
JV DD&A and income tax expense (1) | $ | (81) | $ | (106) | $ | (351) | $ | (449) | |||||||||||||||
Unconsolidated JV cash taxes (2) | $ | (13) | $ | (11) | $ | (60) | $ | (62) | |||||||||||||||
Unconsolidated JV sustaining capital expenditures | $ | (35) | $ | (36) | $ | (116) | $ | (120) | |||||||||||||||
Less: Consolidated JV partners' sustaining capital expenditures | (4) | (2) | (9) | (6) | |||||||||||||||||||
JV sustaining capital expenditures | $ | (31) | $ | (34) | $ | (107) | $ | (114) | |||||||||||||||
Notes | |||||
(1) | Amounts are adjusted for Certain Items. | ||||
(2) | Amounts are associated with our Citrus, NGPL and Products (SE) Pipe Line equity investments. | ||||
(3) | Three months and years ended December 31, 2021 and 2020 amounts each include less than $1 million of noncontrolling interests associated with Certain Items. | ||||
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