KINDER MORGAN INC
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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Contractual Obligations and Commercial Commitments
The table below provides a summary of our material cash requirements.
| Payments due by period | |||||
|---|---|---|---|---|---|
| Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |
| (In millions) | |||||
| Contractual obligations: | |||||
| Debt borrowings-principal payments(a) | $31,788 | $2,009 | $1,974 | $3,648 | $24,157 |
| Interest payments(b) | 21,051 | 1,670 | 3,219 | 2,949 | 13,213 |
| Lease obligations(c) | 326 | 72 | 84 | 48 | 122 |
| Pension and OPEB plans(d) | 311 | 64 | 29 | 26 | 192 |
| Transportation, volume and storage agreements(e) | 622 | 164 | 224 | 110 | 124 |
| Other obligations(f) | 254 | 56 | 64 | 32 | 102 |
| Total | $54,352 | $4,035 | $5,594 | $6,813 | $37,910 |
| Other commercial commitments: | |||||
| Standby letters of credit(g) | $132 | $83 | $49 | ||
| Capital expenditures(h) | $809 | $691 | $115 | $3 | |
(a)See Note 8 “Debt” to our consolidated financial statements.
(b)Interest payment obligations exclude adjustments for interest rate swap agreements and assume no change in variable interest rates from those in effect at December 31, 2024.
(c)Represents commitments pursuant to the terms of operating lease agreements as of December 31, 2024.
(d)Represents the amount by which the benefit obligations exceeded the fair value of plan assets at year-end for pension and OPEB plans whose accumulated postretirement benefit obligations exceeded the fair value of plan assets. The payments by period include expected pension contributions in 2025 and estimated benefit payments for underfunded plans in all years.
(e)Primarily represents transportation agreements of $277 million, storage agreements for capacity of $230 million and NGL volume agreements of $68 million.
(f)Primarily includes (i) rights-of-way obligations; and (ii) environmental liabilities related to sites that we own or have a contractual or legal obligation with a regulatory agency or property owner upon which we will perform remediation activities. These environmental liabilities are included within “Other current liabilities” and “Other long-term liabilities and deferred credits” in our consolidated balance sheet as of December 31, 2024.
(g)The $132 million in letters of credit outstanding as of December 31, 2024 consisted of the following (i) $51 million under six letters of credit for insurance purposes; (ii) a $46 million letter of credit supporting our International Marine Terminals Partnership Plaquemines Bond; and (iii) a combined $35 million in thirty-two letters of credit supporting environmental and other obligations of us and our subsidiaries.
(h)Represents commitments for the purchase of plant, property and equipment as of December 31, 2024.
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