KMI: 2020 Guidance - Published Budget
KINDER MORGAN
KMI GAAP Reconciliation
$ in millions
Reconciliation of DCF
Net Income
Noncontrolling interests (a)
Preferred stock dividends
Net Income available to common stockholders
Total Certain Items
Adjusted Earnings
DD&A
JV DD&A(b)
Total book taxes
Cash taxes (d)
Sustaining capex
Year Ended 12/31/18
$ 1,919
Net Income
Reconciliation of Adjusted EBITDA
Year Ended 12/31/18
$ 1,919
(310)
Total Certain Items
(128)
1,481
Noncontrolling interests (h)
DD&A
501
JV DD&A(i)
1,982
Book taxes
(c,j)
2,392
Interest, net before Certain Items
360
Adjusted EBITDA
501
(252)
2,392
390
727
1,891
$ 7,568
710
(77)
Certain Items
(652)
Fair value amortization
Other(f)
15
Distributable Cash Flow (DCF)
$ 4,730
Reconciliation of Adjusted Segment EBDA
Segment EBDA
$ 7,403
Certain Items impacting segments
269
Legal and environmental reserves
Change in fair market value of derivative contracts
Losses on impairments and divestitures, net
Hurricane damage
Refund and reserve adjustment of taxes, other than income taxes
Noncontrolling interests' portion of Certain Items
Adjusted Segment EBDA
7,672
Other
Subtotal
Reconciliation of net debt
Outstanding long-term debt (9)
Book tax Certain Items
Current portion of debt
Foreign exchange impact on hedges for Euro debt outstanding
50% KML preferred equity
Less: cash & cash equivalents
Net Debt
KML distribution to restricted voting shareholders
Foreign exchange gain on hedge for our share of TMPL sale proceeds
Adjusted Net Debt
$ 33,105
3,388
(76)
215
(3,280)
33,352
890
(91)
$ 34,151
Impact of 2017 Tax Cuts and Jobs Act
Total Certain Items
a) Represents net income allocated to third-party ownership interests in consolidated subsidiaries, including ($240) million of noncontrolling
interests' portion of Certain Items.
b) Reduced by the noncontrolling interests' portion of KML DD&A of ($30) million.
c) Includes KMI share of unconsolidated C corp JVs' book taxes, net of the noncontrolling interests' portion of KML book taxes of $65 million,
and excludes book tax certain items of $58 million.
d) Includes cash taxes for our share of unconsolidated C corp JVs (Citrus, Plantation, NGPL) and state taxes.
e) Includes JV Sustaining Capex of $105 million. Excludes the noncontrolling interests' portion of KML sustaining capital expenditures.
f) Primarily non-cash compensation associated with our restricted stock program partially offset by pension and retiree medical contributions.
g) Excludes Kinder Morgan G.P. Inc.'s $100 million preferred stock due 2057 and debt fair value adjustments.
h) Represents 3rd party share of consolidated JVs excluding KML noncontrolling interests of ($58) million, and including ($240) million of
noncontrolling interests' portion of Certain Items.
i)
JV DD&A is not reduced by the noncontrolling interests' portion of KML DD&A of ($30) million.
j) Represents Total book taxes plus noncontrolling interests' portion of KML book taxes of $17 million.
46
(34)
63
80
317
(24)
(51)
240
4
595
(58)
(36)
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