2022 Budget Sensitivities and Financial Projections
GAAP Reconciliations
$ in millions
2021
Certain
Items in
Segment
Adjusted
Adjusted
EBDA
Segment Segment
Reconciliation of Adjusted Segment EBDA
(GAAP)
EBDA
EBDA
Certain Items
2021
Natural Gas Pipelines
$3,815
$1,648
$5,463
Fair value amortization
$
(19)
Products Pipelines
1,064
53
1,117
Terminals
908
42
950
Legal, environmental and taxes other than income tax reserves
Change in fair value of derivative contracts (a)
160
19
CO2
Total
Reconciliation of Net Debt
Outstanding long-term debt
760
$6,547
(6)
754
Loss on impairments, divestitures and other write-downs, net (b)
1,535
$1,737
$8,284
Income tax Certain Items
(491)
Other
16
2021
Total Certain Items
$
1,220
Current portion of debt
Foreign exchange impact on hedges for Euro Debt outstanding
Less: cash & cash equivalents
Net Debt
Adjusted EBITDA
Net Debt to Adjusted EBITDA
$ 29,772
2,646
(64)
(1,140)
$ 31,214
$
7,946
3.9X
KINDER MORGAN
a) Gains or losses are reflected in our DCF when realized.
b) 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, (ii) a write-down of $117 million on a long-term subordinated note receivable from an equity investee, Ruby Pipeline Holding Company, L.L.C., and (iii) 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, partially offset by a pre-tax gain of $206 million
associated with the sale of a partial interest in our equity investment in NGPL Holdings LLC.
Net income attributable to Kinder Morgan, Inc. (GAAP)
Total Certain Items
DD&A and amortization of excess cost of equity investments
Income tax expense (a)
JV DD&A and income tax expense
(a,b)
Interest, net (a)
2022
2021
Change
Budget
$ 2,480 $
(10)
Actual
1,784 $
1,220 (1,230)
$
%
696
39%
(101%)
2,185
2,213
(28)
(1%)
710
860
(150)
(17%)
343
351
(2%)
1,476
1,518
(42)
(3%)
$
7,184 $ 7,946 $ (762)
(10%)
Adjusted EBITDA
Note: See Non-GAAP Financial Measures and Reconciliations.
a) Amounts are adjusted for Certain items.
b) Includes or represents DD&A, income tax expense, cash taxes and/or sustaining capital expenditures (as applicable for each item) from JVs.
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