*Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.
Report of Independent Registered Public Accounting Firm
To the Fiduciary Committee and Plan Participants of the
Kinder Morgan Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of the Kinder Morgan Savings Plan (the Plan) as of December 31, 2022, the related statement of changes in net assets available for benefits for the year then ended, and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022, and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of Plan management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by Plan management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Supplementary Information
The supplementary information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2022, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplementary information is the responsibility of Plan management. Our audit procedures included determining whether the supplementary information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplementary information. In forming our opinion on the supplementary information, we evaluated whether the supplementary information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplementary information in the accompanying schedules is fairly stated, in all material respects, in relation to the financial statements taken as a whole.
/s/ McConnell & Jones LLP
We have served as the Plan’s auditor since 2023
Houston, Texas
June 26, 2023
1
Report of Independent Registered Public Accounting Firm
To the Fiduciary Committee and Plan Participants of the
Kinder Morgan Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of the Kinder Morgan Savings Plan (the “Plan”) as of December 31, 2021, and the related notes to the financial statements (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
/s/Ham, Langston & Brezina, L.L.P.
We served as the Plan’s auditor from 2006 to 2022.
Houston, Texas
June 28, 2022
2
Kinder Morgan Savings Plan
Statements of Net Assets Available for Benefits
(In thousands)
December 31,
2022
2021
Assets
Investments, at fair value (Notes 2, 3 and 4)
$
2,066,508
$
2,605,352
Fully benefit-responsive investment contracts at contract value
253,052
253,851
Notes receivable from Participants
52,479
51,829
Other receivable
72
41
Total assets
2,372,111
2,911,073
Liabilities
Administrative expenses payable
411
471
Total liabilities
411
471
Net assets available for benefits
$
2,371,700
$
2,910,602
The accompanying notes are an integral part of these financial statements.
3
Kinder Morgan Savings Plan
Statement of Changes in Net Assets Available for Benefits
(In thousands)
Year Ended December 31, 2022
Additions (reductions) to net assets attributable to:
Investment income (loss):
Interest income
$
67
Dividend income
11,918
Net depreciation in fair value of investments
(443,164)
Other, net
109
Net investment loss
(431,070)
Interest income on notes receivable from Participants
2,982
Contributions:
Participant contributions
95,298
Company contributions
49,851
Rollovers
10,911
Total contributions
156,060
Reductions, net
(272,028)
Deductions from net assets attributable to:
Benefits paid to Participants
263,472
Administrative fees
3,402
Total deductions
266,874
Net decrease in net assets available for benefits
(538,902)
Net assets available for benefits
Beginning of year
2,910,602
End of year
$
2,371,700
The accompanying notes are an integral part of this financial statement.
4
Kinder Morgan Savings Plan Notes to Financial Statements
1. DESCRIPTION OF THE PLAN
General
The following description of the Kinder Morgan Savings Plan (the Plan) provides only general information. Plan participants (Participants) should refer to the Plan document for a more complete description of the Plan’s provisions.
The Plan is a defined contribution plan established in 1945 for the benefit of eligible employees of Kinder Morgan, Inc. (the Company) and generally covers all full-time employees and part-time employees who (1) complete at least 1,000 hours of service in a calendar year or (2) complete at least 500 hours of service in three consecutive 12-month periods beginning January 1, 2021. Certain employee classifications and some employees covered by collective bargaining agreements are not covered by the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Benefits under the Plan are not guaranteed by the Pension Benefit Guaranty Corporation.
Plan Administration
The Plan is administered by the Company’s Fiduciary Committee. Empower Retirement, LLC provides recordkeeping services for the Plan. The maintenance and custody of the Plan assets is administered by Empower Trust Company (the Trustee). Invesco Trust Company (Invesco) manages a separate account, known as the Stable Value Fund (See Note 3). Invesco serves as the custodian for the Stable Value Fund.
Contributions
Participants may elect to make pre-tax contributions from 1% to 50% of their eligible annual compensation, limited by requirements of the Internal Revenue Code (IRC). Participants may discontinue their elections to contribute at any time. Participants hired on or after January 1, 2020 (New Participants) are automatically enrolled in the Plan with a pre-tax contribution rate of 6% of their eligible compensation. Participants hired prior to January 1, 2020 were automatically enrolled in the Plan with a pre-tax contribution rate of 3% of their eligible compensation. Within the first 30 days of hire, Participants may opt out of automatic enrollment. The Company has established a pre-tax contribution goal rate of 12% (SmartGoal) for New Participants and 8% for all other Participants. Every February the Participants who have not opted out of automatic escalation and who have a participation rate below the SmartGoal will automatically get a 1% increase until the Participant meets the SmartGoal. Participants can opt out of the SmartGoal at any time. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans.
The Company contributes 5% of eligible compensation to each Participant’s account each pay period, except for Company contributions for bargaining Participants who follow the respective collective bargaining agreements. All Company contributions are invested according to Participants’ investment elections on file or the default, if no election is filed. Participants can transfer from the default fund(s) to any other available investment fund(s) at any time.
The Plan provides an option for Participants to make after-tax Roth contributions (Roth 401(k) option) to a separate Participant account. Unlike traditional 401(k) plans, where Participant contributions are made with pre-tax dollars, earnings grow tax-deferred and the withdrawals are treated as taxable income, Roth 401(k) contributions are made with after-tax dollars, earnings are tax-free, and the withdrawals are tax-free if they occur after both (i) the fifth year of participation in the Roth 401(k) option, and (ii) attainment of age 59 ½, death or disability. All Company contributions will be considered taxable income at the time of withdrawal.
Participant Accounts
Each Participant’s account is credited with Participant contributions, Company contributions, and earnings. Participant accounts are charged a quarterly fee for administrative expenses. The benefit to which a Participant is entitled is the Participant’s vested account balance.
Benefits/Vesting
Company contributions vest on the second anniversary of the date of hire. Vesting of Company contributions for bargaining Participants will follow the respective collective bargaining agreements.
5
Kinder Morgan Savings Plan Notes to Financial Statements
Participant contributions may be withdrawn in the event of unusual expenses connected with illness or disability, for college or funeral expenses for a Participant or his or her dependents, for the repair of damage to a primary residence caused by fire, storm, or other casualties, or for the purchase of a primary residence, as defined in the Plan document. If not withdrawn earlier, a Participant’s account will be available for distribution, rollover, or payable in the event of termination of employment, death, or termination of the Plan. If upon termination, a Participant’s account is $1,000 or less, a lump-sum distribution will automatically be made. If a Participant’s account is greater than $1,000, the Participant’s distribution options are: lump-sum distribution, partial distribution, or periodic installments. Upon termination, Participants whose accounts exceed $1,000 and who choose to leave their accounts in the Plan and would be subject to minimum distributions by age 72, which increased to age 73 effective January 1, 2023, as required under the IRC.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of Plan termination, Participants would become fully vested in Company contributions.
Notes Receivable from Participants
Participants may borrow, from the vested portion of their Plan accounts, a minimum of $1,000 up to a maximum equal to the lesser of 50% of their vested balance or $50,000, minus the highest outstanding loan balance from the previous 12 months. The Participants’ loans are secured by their vested balances. All loans are charged an interest rate equal to the prime rate on the first business day of the month of issuance plus 2% and the rate remains fixed during the life of the loan. The loans are subject to certain restrictions as defined in the Plan document and applicable restrictions under the IRC.
Forfeitures
Forfeitures of non-vested Company contributions remain in the Plan and earn interest income. Forfeited balances of terminated Participants’ non-vested accounts may be used to either pay Plan administrative expenses or offset future company contributions to the Plan. For the year ended December 31, 2022, terminated Participants forfeited $1,092,000 of Company contributions, and available forfeited balances including earnings in the amount of $1,211,000 were used to reduce Company contributions.
Recent Legislation
The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was enacted in December 2019 and became effective January 1, 2020. The SECURE Act was designed to encourage investing for retirement by increasing the required minimum distribution age and making certain other changes to certain tax-qualified retirement plans. On December 29, 2022, the SECURE 2.0 Act was signed into law, which built on the original SECURE Act’s focus on expanding retirement plan coverage and participation. The Plan will incorporate the SECURE 2.0 Act changes in its Plan document by the deadlines prescribed in the legislation.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements are prepared on the accrual basis of accounting in conformity with the accounting principles contained in the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification, the single source of generally accepted accounting principles in the United States of America (U.S. GAAP).
Use of Estimates
The preparation of the Plan’s financial statements in conformity with U.S. GAAP requires the Plan’s management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities and changes therein and the disclosure of contingent assets and liabilities and changes therein. Actual results could differ from these estimates.
6
Kinder Morgan Savings Plan Notes to Financial Statements
Risks and Uncertainties
The Plan provides for investments in various investment securities. Investments, in general, are exposed to various risks, such as interest rate, credit and overall market volatility risk. Due to the level of risk associated with certain investments, it is reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect Participants’ account balances and the amounts shown in the accompanying Statements of Net Assets Available for Benefits and Statement of Changes in Net Assets Available for Benefits.
Investment Valuation and Income (Loss) Recognition
Investments are generally reported at fair value (as disclosed in Note 4), with the exception of fully benefit-responsive investment contracts (FBRIC), as explained below.
FBRIC are held in a stable value fund and are accounted for at contract value. Contract value is the relevant measure for the portion of the net assets available for benefits of a defined contribution plan attributable to FBRICs because contract value is the amount Participants would normally receive if they were to initiate permitted transactions under the terms of the Plan.
The Plan presents in the accompanying Statement of Changes in Net Assets Available for Benefits the net depreciation in the fair value of investments, which consists of realized gains and losses, and the net change in unrealized appreciation (depreciation) on investments. Unrealized appreciation (depreciation) is the difference between the fair value of the investment at the end of the current year and the cost of the investment, if acquired during the Plan year, or the fair value of the investment at the beginning of the Plan year. Purchases and sales of the funds are reflected on a trade date basis. Interest income is recognized when earned. Dividends are recognized on the ex-dividend date.
Notes Receivable from Participants
Notes receivable from Participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on an accrual basis. No allowance for credit losses have been recorded as of December 31, 2022 and 2021. Delinquent notes receivable from Participants are reclassified as distributions based upon the terms of the Plan document.
Administrative and Investment Expenses
General administrative expenses are paid by the Plan through the quarterly per Participant administrative fees. Expenses associated with any Qualified Domestic Relations Orders, loans and distributions are paid by the Participants who incur these services. Fees for any administrative expenses not covered by the quarterly per Participant administrative fees are paid by the Company. Investment expenses are included within “Net depreciation in fair value of investments” on our accompanying Statement of Changes in Net Assets Available for Benefits.
Payment of Benefits
Benefits are recorded when paid.
Subsequent Events
Plan management has evaluated all subsequent events through June 26, 2023, which is the date the financial statements were issued, and has concluded that there are no significant events to be reported.
3. INVESTMENT CONTRACTS
The Plan, through its Invesco Stable Value Fund (the Fund), holds investments in common collective trust funds and a money market fund. To reduce the risk of market losses on these investments, the Fund entered into synthetic investment contracts with financial institutions and insurance companies. A synthetic guaranteed investment contract (GIC) includes a wrapper contract, which is an agreement for the wrap issuer, such as a bank or insurance company, to make payments to the Fund in certain circumstances. With synthetic GICs, the underlying investments are owned by the Fund and held in trust for Plan Participants. The wrapper contract amortizes the realized and unrealized gains and losses on the underlying fixed income investments, typically over the duration of the investment, through adjustments to the future interest crediting rate. The issuer
7
Kinder Morgan Savings Plan Notes to Financial Statements
of the wrapper contract provides assurance that the adjustments to the interest crediting rate do not result in a future interest crediting rate that is less than zero. Synthetic investment contracts enable its participants to transact at the investments’ contract value by protecting the principal amount invested over a specified period of time. These synthetic investment contracts are fully benefit-responsive, and their contract value is reflected in the accompanying Statements of Net Assets Available for Benefits. Contract value represents the original cost of the contract, plus interest (based upon the crediting rates of the underlying contracts) and deposits, reduced by administrative fees, transfers out, and withdrawals.
Under certain events, the amounts withdrawn from investment contracts may be payable at fair value rather than contract value. These events include termination of the Plan, a material adverse change to the provisions of the Plan, if the Company elects to withdraw from an investment contract or if the terms of a successor plan do not meet the contract issuer’s criteria for the issuance of a similar contract. In some cases, an investment contract issuer may terminate a contract with the Plan and settle at an amount different than the contract value. Examples of these events include the Plan’s loss of its qualified status, material breaches of responsibilities that are not cured or material and adverse changes to the provisions of the Plan.
4. FAIR VALUE MEASUREMENTS
Fair value is a market-based measurement that is determined based on assumptions (inputs) that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable, and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The Plan uses a hierarchical disclosure framework that ranks the quality and reliability of information used to determine fair values.
The hierarchy is associated with the level of pricing observability utilized in measuring fair value and defines three levels of inputs to the fair value measurement process—quoted prices are the most reliable valuation inputs, whereas model values that include inputs based on unobservable data are the least reliable.
The three broad levels of inputs defined by the fair value hierarchy are as follows:
Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access at the measurement date.
Level 2 Inputs to the valuation methodology include:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in inactive markets;
•Inputs other than quoted prices that are observable for the asset or liability; and
•Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
Level 3 Unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data).
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
In determining fair value, the Plan uses two different approaches (the market approach and the income approach) depending on the nature of the assets and liabilities. The market approach uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount, with the measurement based on the value indicated by current market expectations about those future amounts.
8
Kinder Morgan Savings Plan Notes to Financial Statements
Following is a description of the valuation methodologies and approaches used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2022 and 2021.
Common equity and exchange traded funds: Valued at the closing price reported on the active market on which the individual securities are traded. (Market approach)
Corporate bonds: Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. (Income approach)
Registered investment companies (mutual funds): Valued at the daily closing price as reported by the mutual fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded. (Market approach)
The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2022 and 2021:
Assets at Fair Value as of December 31, 2022
Level 1
Level 2
Total
(In thousands)
Kinder Morgan, Inc. Common Stock
$
70,159
$
—
$
70,159
Registered investment companies (mutual funds)
117,078
—
117,078
Self-directed brokerage accounts
59,915
22
59,937
Total assets in the fair value hierarchy
$
247,152
$
22
247,174
Investments measured at NAV(a)
1,819,334
Investments at fair value
$
2,066,508
Assets at Fair Value as of December 31, 2021
Level 1
Level 2
Total
(In thousands)
Kinder Morgan, Inc. Common Stock
$
66,051
$
—
$
66,051
Registered investment companies (mutual funds)
130,727
—
130,727
Self-directed brokerage accounts
77,794
27
77,821
Total assets in the fair value hierarchy
$
274,572
$
27
274,599
Investments measured at NAV(a)
2,330,753
Investments at fair value
$
2,605,352
(a)In accordance with the FASB’s Accounting Standards Codification Subtopic 820-10, certain investments that were measured using NAV as a practical expedient per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.
Fair Value of Investments in Entities that Use NAV
The fair value of common collective trusts based on NAV as a practical expedient as of December 31, 2022 and 2021 were $1,819,334,000 and $2,330,753,000, respectively. The common collective trusts held in the Plan have no unfunded commitments, redemption frequencies are daily and redemption periods range from 0 to 15 days.
5. TAX STATUS
The Plan is qualified under the IRC as exempt from federal income taxes, and the Plan received a favorable determination letter from the Internal Revenue Service on March 21, 2016. The Plan has been amended since receiving this determination; however, the Company’s Fiduciary Committee believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, the Company’s Fiduciary Committee believes that the Plan was tax
9
Kinder Morgan Savings Plan Notes to Financial Statements
exempt as of the financial statement dates. Company contributions to the Plan and all earnings from Plan investments are not taxable to Participants until a partial or complete distribution of such contributions and associated accumulated earnings are made.
U.S. GAAP requires plan management to evaluate tax positions taken by the plan and recognize a tax liability if the plan has taken an uncertain tax position that may not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however there are currently no audits for any tax periods in progress.
6. PARTY-IN-INTEREST TRANSACTIONS
Certain Plan investments are in accounts managed by the Trustee and Invesco. The Plan has notes receivable from certain Participants and has investments in shares of the Company’s common stock. These transactions qualify as party-in-interest transactions, as defined by ERISA. However, such transactions are permitted under the provisions of the Plan and are exempt from the prohibition of party-in-interest transactions under ERISA. Administrative expenses associated with Plan administration, recordkeeping and investment management fees are paid by the Plan to certain related parties-in-interest.
7. RECONCILIATION OF THE PLAN FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of the Plan’s net assets available for benefits per the accompanying financial statements to Form 5500:
December 31,
2022
2021
(In thousands)
Net assets available for benefits per the financial statements
$
2,371,700
$
2,910,602
Difference between fair value and contract value for interest in Stable Value Fund relating to fully benefit-responsive investment contracts
(19,215)
5,234
Net assets available for benefits per Form 5500
$
2,352,485
$
2,915,836
The following is a reconciliation of the change in net assets available for benefits per the accompanying financial statements to Form 5500:
Year Ended December 31, 2022
(In thousands)
Net decrease in net assets available for benefits per the financial statements
$
(538,902)
Change in difference between fair value and contract value for interest in Stable Value Fund relating to fully benefit-responsive investment contracts
(24,449)
Net decrease in net assets available for benefits per Form 5500
$
(563,351)
10
Kinder Morgan Savings Plan
Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2022
(In thousands)
EIN: 80-0682103
PN: 002
(a)
(b) Identity of Issue, Borrower, Lessor or Similar Party
(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value
(e) Current Value**
Mutual Fund
Dodge & Cox Stock Fund
Registered Investment Company
$
111,874
Total Mutual Fund
111,874
Common Collective Trust
State Street S&P 500 Index Securities Lending Series Fund Class I
Common Collective Trust
352,183
State Street Global All Cap Equity Ex-U.S. Index Securities Lending Fund Class I
Common Collective Trust
189,295
State Street U.S. Bond Index Securities Lending Series Fund Class I
Common Collective Trust
153,676
William Blair Large Cap Growth CIT
Common Collective Trust
121,700
State Street Russell Small/Mid Cap Index Securities Lending Series Fund Class I
Common Collective Trust
117,295
State Street Target Retirement 2030 Securities Lending Series Fund Class I
Common Collective Trust
110,714
State Street Target Retirement 2040 Securities Lending Series Fund Class I
Common Collective Trust
92,176
State Street Target Retirement 2025 Securities Lending Series Fund Class I
Common Collective Trust
90,657
State Street Target Retirement 2045 Securities Lending Series Fund Class I
Common Collective Trust
77,314
State Street Target Retirement 2035 Securities Lending Series Fund Class I
Common Collective Trust
76,120
Westfield Small/Mid Cap Growth Equity Class C
Common Collective Trust
71,746
State Street Target Retirement 2020 Securities Lending Series Fund Class I
Common Collective Trust
65,051
State Street Target Retirement 2050 Securities Lending Series Fund Class I
Common Collective Trust
64,874
Loomis Sayles Core Plus Fixed Income Fund Class B
Common Collective Trust
56,437
State Street Target Retirement Income Securities Lending Series Fund Class I
Common Collective Trust
49,928
MFS International Equity CIT Class 7
Common Collective Trust
50,850
State Street Target Retirement 2055 Securities Lending Series Fund Class I
Common Collective Trust
37,851
TS&W SMid Cap Value CIT Class D
Common Collective Trust
26,956
State Street Target Retirement 2060 Securities Lending Series Fund Class I
Common Collective Trust
12,727
State Street Target Retirement 2065 Securities Lending Series Fund Class I
Common Collective Trust
1,784
Total Common Collective Trust
1,819,334
11
Kinder Morgan Savings Plan (Continued)
Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2022
(In thousands)
EIN: 80-0682103
PN: 002
(a)
(b) Identity of Issue, Borrower, Lessor or Similar Party
(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value
(e) Current Value**
Self-Directed Brokerage Account
Self-Directed Brokerage Account
Common Stock, Interest-bearing Cash, Bonds, Exchange Traded Funds, and Mutual Funds
59,903
*
Self-Directed Brokerage Account
Kinder Morgan, Inc. Common Stock
34
Total Self-Directed Brokerage Account
59,937
Stable Value Fund
*
IGT Invesco High Quality Short-term Bond Fund
Common Collective Trust
111,125
*
IGT Jennison A or Better Intermediate Fund
Common Collective Trust
24,535
*
IGT Invesco A or Better Intermediate Fund
Common Collective Trust
24,525
*
IGT Loomis Sayles A or Better Intermediate Fund
Common Collective Trust
12,323
*
IGT Loomis Sayles A or Better Core Fixed Income Fund
Common Collective Trust
12,318
*
IGT PIMCO A or Better Core Fixed Income Fund
Common Collective Trust
12,261
*
IGT PIMCO A or Better Intermediate Fund
Common Collective Trust
12,258
*
IGT Dodge and Cox A or Better Core Fund
Common Collective Trust
12,256
*
IGT Invesco A or Better Core Fixed Income Fund
Common Collective Trust
12,236
Total Wrapped Holdings
233,837
Morgan Stanley Institutional Liquidity Government Portfolio
Registered Investment Company
5,204
Total Stable Value Fund
239,041
Kinder Morgan Stock Fund
*
Kinder Morgan, Inc.
Kinder Morgan, Inc. Common Stock
70,159
Participant Loans
*
The Plan
Participant loans with terms ranging from 0 to 30 years and interest rates ranging from 3.25% to 10.50%
Pursuant to the requirements of the Securities Exchange Act of 1934, Kinder Morgan, Inc.’s Fiduciary Committee has duly caused this annual report to be signed by the undersigned hereunto duly authorized.
