Delaware (State or other jurisdiction of incorporation) | 001-35081 (Commission File Number) | 80-0682103 (I.R.S. Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
(d) | Exhibits The exhibit set forth below is being furnished pursuant to Item 2.02. |
Exhibit Number | Description |
99.1 |
Kinder Morgan, Inc. | ||||
Registrant |
Dated: April 17, 2019 | By: | /s/ David P. Michels | ||||
David P. Michels Vice President and Chief Financial Officer |
Exhibit 99.1 |
• | On February 1, 2019, KMI used its share of the January 3, 2019 return of capital distribution from the Trans Mountain sale to pay down $1.3 billion of maturing bond debt. |
• | KMI, as holder of an approximately 70 percent majority voting interest in Kinder Morgan Canada Limited (TSX: KML), notes that following the Trans Mountain sale, and given that the original purpose of KML as a funding vehicle for the Trans Mountain expansion no longer exists, KML announced that it would undertake a strategic review of KML to determine a course of action that maximizes value to all KML shareholders. The options being evaluated include, among others, continuing to operate as a standalone enterprise, a disposition by sale, and a strategic combination with another company. This process involves a rigorous analysis of a variety of potential alternatives, and, while the complexity of the situation is requiring more time than originally anticipated, the process is near its conclusion. KML expects to complete the review and announce the outcome in the coming weeks. |
• | Progress continues on the Permian Highway Pipeline Project (PHP Project). The civil and environmental surveys are substantially complete, and the land acquisition process is underway. In November 2018, the project partners approved an expansion of the PHP Project capacity by approximately 0.1 Bcf/d, which is currently being marketed. The approximately $2 billion PHP Project is now designed to transport up to 2.1 Bcf/d of natural gas through approximately 430 miles of 42-inch pipeline from the Waha, Texas area to the U.S. Gulf Coast and Mexico markets and is expected to be in service in October 2020, pending regulatory approvals. The original 2.0 Bcf/d of capacity is fully subscribed under long term binding agreements. Kinder Morgan Texas Pipeline’s (KMTP) and EagleClaw Midstream each have a 40 percent ownership interest, and an affiliate of an anchor shipper has a 20 percent interest. Altus Midstream (a gas gathering, processing and transportation company formed by shipper Apache Corporation) has an option to acquire an equity interest in the project that expires in September 2019. If Altus exercises its option, KMI, EagleClaw and Altus will each hold a 26.67 percent ownership interest in the project. KMTP will build and operate the pipeline. |
• | Construction continues on the Gulf Coast Express Pipeline Project (GCX Project). The remaining 40 miles of the 36-inch Midland lateral was placed in service at the beginning of April 2019. Construction is progressing well on the 42-inch mainline and compressor stations associated with the project, which remains on schedule for a full in-service date of October 2019. The approximately $1.75 billion project is designed to transport about 2.0 Bcf/d of natural gas from the Permian Basin to the Agua Dulce, Texas area, and is fully subscribed under long-term, binding agreements. KMTP owns a 35 percent interest in the Project and is building and will operate the pipeline. Other equity holders include Altus Midstream, DCP Midstream and an affiliate of Targa Resources. |
• | The first of ten liquefaction units of the nearly $2 billion Elba Liquefaction Project is expected to be placed in service by approximately May 1, 2019. The remaining nine units are expected to be placed in service sequentially, one per month thereafter. The federally approved project at the existing Southern LNG Company facility at Elba Island near Savannah, Georgia, will have a total liquefaction capacity of approximately 2.5 million tonnes per year of LNG, equivalent to approximately 350 million cubic feet per day of natural gas. The project is supported by a 20-year contract with Shell. Elba Liquefaction Company, L.L.C., a KMI joint venture with EIG Global Energy Partners as a 49 percent partner, will own the liquefaction units and other ancillary equipment. Certain other facilities associated with the project are 100 percent owned by KMI. |
• | NGPL is proceeding with a second Gulf Coast southbound expansion project and made its FERC filing on February 28, 2019. The approximately $230 million project (KMI’s share: $115 million) will increase southbound capacity on NGPL’s Gulf Coast System by approximately 300,000 Dth/d to serve Corpus Christi Liquefaction, LLC. The project is supported by a long-term take-or-pay contract and is expected to be placed into service in the first half of 2021 pending appropriate regulatory approvals. |
• | KMI is investing more than $500 million towards its gas gathering and processing footprint in the Williston Basin. Approximately 275 MMCF/d of gathering capacity is being created through pipeline and compression additions. Construction is also underway on a new 150 |
• | In July 2018, the FERC issued an order requiring an informational filing by interstate natural gas pipelines on a new Form 501-G, evaluating the impact of the 2017 Tax Reform and the Revised Tax Policy on tax allowances for the pipelines. In the fourth quarter of 2018, KMI filed Form 501-G for 19 of its FERC-regulated assets. The FERC granted SNG a waiver from filing the 501-G based on its previously filed negotiated settlement and TGP was granted an extension from filing based on ongoing negotiations with customers. |
• | On April 8, 2019, KMI announced that TGP and EPNG agreed to settlements with their shippers to address FERC’s 501-G process. KMI successfully worked with its shippers without the need for litigation or any additional intervention by the FERC. Rate adjustments set forth in the agreements by TGP and EPNG will have a combined approximately $50 million Adjusted EBITDA impact for 2019; and when fully implemented, will have an approximately $100 million combined annual impact on Adjusted EBITDA. |
• | FERC has approved a settlement that Young Gas Storage reached with its customers and has terminated all but three of the remaining 501-G proceedings without taking further action. FERC initiated a rate investigation of Bear Creek Storage Company. Bear Creek Storage Company filed a cost and revenue study in compliance with the FERC investigation on April 1, 2019. Two other KMI 501-G filings remain pending but relate to systems under rate moratoria. |
• | KMI expects the vast majority of KMI's 501-G exposure to be resolved upon FERC’s approval of the EPNG and TGP settlements discussed above. |
• | On April 11, 2019, FERC approved the Petition for Declaratory Order regarding the regulatory framework and commercial terms for the Roanoke Expansion project on the Plantation Pipe Line system. The project is on track for interim capacity of 21,000 barrels per day (bpd) to be available on the Collins to Greensboro segment by May 1, 2019. Service from the Baton Rouge to Collins segment is expected to be available starting September 1, 2019. This project will provide approximately 21,000 bpd of incremental refined petroleum products capacity on the Plantation Pipe Line system from the Baton Rouge, Louisiana and Collins, Mississippi origin points to the Roanoke, Virginia area, and consists primarily of additional pump capacity and operational storage. The full project from Baton Rouge to Roanoke is expected to be in service by April 1, 2020. |
• | In January 2019, Kinder Morgan and Tallgrass Energy, LP (TGE) announced an agreement to jointly develop a solution to increase existing crude oil takeaway capacity in the growing Powder River and Denver-Julesburg basins, as well as to add incremental takeaway capacity to the Williston Basin and portions of Western Canada. The proposed venture would include both existing and newly constructed assets. TGE would contribute its Pony Express Pipeline System. KMI would contribute portions of its Wyoming Intrastate Company and Cheyenne Plains Gas Pipeline and begin the process of their abandonment and conversion to crude oil service. In addition, approximately 200 miles of new pipeline would be constructed to provide crude oil deliveries into Cushing, Oklahoma. |
• | In February 2019, Kinder Morgan and Phillips 66 announced a joint open season through April 30, 2019 by Gray Oak Pipeline, LLC (Gray Oak) and KMCC to provide shippers with long-term crude oil transportation from Gray Oak Pipeline origin points in the Permian Basin to KMCC delivery points at or near the Houston Ship Channel under a binding joint transportation services agreement. Delivery from the Gray Oak Pipeline to the Houston Ship Channel would be achieved through a connection in South Texas. |
• | Kinder Morgan has authorized an expansion of its market-leading Argo ethanol hub. The project scope, which spans both the Argo and Chicago Liquids facilities, includes 105,000 barrels of additional ethanol storage capacity and enhancements to the system’s rail loading, rail unloading and barge loading capabilities. The approximately $20 million project will improve the system’s inbound and outbound modal balances adding greater product-clearing efficiencies to this industry-critical pricing and liquidity hub. |
• | All material permits have been secured and construction activities will commence shortly on the distillate storage expansion project at KML’s Vancouver Wharves terminal in North Vancouver, British Columbia. The C$43 million capital project, which calls for the construction of two new distillate tanks with combined storage capacity of 200,000 barrels and enhancements to the railcar unloading capabilities, is supported by a 20-year initial term, take-or-pay contract with an affiliate of a large, international integrated energy company. The project is expected to be placed in service late first quarter of 2021. |
• | The SACROC field continues to exceed expectations, surpassing KMI’s production budget for the first quarter. This continued production is due to KMI’s on-going success in exploiting the transition zone, which holds an estimated incremental 700 million barrels of original oil in place. |
• | CO2 demand in the Permian Basin supported record production from the McElmo Dome field of 1.209 Bcf/d for the first quarter of 2019. |
• | Oil production in the first quarter at KMI’s Tall Cotton facility grew by 25 percent relative to the same period in 2018 (though below plan) following the completion of the second phase of its field project. |
CONTACTS | ||
Dave Conover | Investor Relations | |
Media Relations | (800) 348-7320 | |
(713) 420-6397 | km_ir@kindermorgan.com | |
Newsroom@kindermorgan.com | www.kindermorgan.com |
Kinder Morgan, Inc. and Subsidiaries Preliminary Consolidated Statements of Income (Unaudited) (In millions, except per share amounts) | ||||||||||
Three Months Ended March 31, | ||||||||||
2019 | 2018 | |||||||||
Revenues | $ | 3,429 | $ | 3,418 | ||||||
Costs, expenses and other | ||||||||||
Costs of sales | 948 | 1,019 | ||||||||
Operations and maintenance | 598 | 619 | ||||||||
Depreciation, depletion and amortization | 593 | 570 | ||||||||
General and administrative | 154 | 173 | ||||||||
Taxes, other than income taxes | 118 | 88 | ||||||||
2,411 | 2,469 | |||||||||
Operating income | 1,018 | 949 | ||||||||
Other income (expense) | ||||||||||
Earnings from equity investments | 192 | 220 | ||||||||
Amortization of excess cost of equity investments | (21 | ) | (32 | ) | ||||||
Interest, net | (460 | ) | (467 | ) | ||||||
Other, net | 10 | 36 | ||||||||
Income before income taxes | 739 | 706 | ||||||||
Income tax expense | (172 | ) | (164 | ) | ||||||
Net income | 567 | 542 | ||||||||
Net income attributable to noncontrolling interests | (11 | ) | (18 | ) | ||||||
Net income attributable to Kinder Morgan, Inc. | 556 | 524 | ||||||||
Preferred stock dividends | — | (39 | ) | |||||||
Net income available to common stockholders | $ | 556 | $ | 485 | ||||||
Class P Shares | ||||||||||
Basic and diluted earnings per common share | $ | 0.24 | $ | 0.22 | ||||||
Basic and diluted weighted average common shares outstanding | 2,262 | 2,207 | ||||||||
Declared dividend per common share | $ | 0.25 | $ | 0.20 | ||||||
Adjusted earnings per common share (1) | $ | 0.25 | $ | 0.22 | ||||||
Segment EBDA (2) | % change | |||||||||
Natural Gas Pipelines | $ | 1,203 | $ | 1,128 | 7 | % | ||||
Products Pipelines | 276 | 266 | 4 | % | ||||||
Terminals | 299 | 296 | 1 | % | ||||||
CO2 | 198 | 199 | (1 | )% | ||||||
Kinder Morgan Canada | (2 | ) | 46 | (104 | )% | |||||
Total Segment EBDA | $ | 1,974 | $ | 1,935 | 2 | % |
Notes | |
(1) | Adjusted earnings per common share uses adjusted earnings and applies the same two-class method used in arriving at diluted earnings per common share. See the following page, Preliminary Earnings Contribution by Business Segment, for a reconciliation of net income available to common stockholders to adjusted earnings. |
(2) | For segment reporting purposes, effective January 1, 2019, certain assets were transferred between our business segments. As a result, three months ended March 31, 2018 amounts have been reclassified to conform to the current presentation, which (decreased) increased Segment EBDA for the following individual business segments: Natural Gas Pipelines $(8) million, Products Pipelines $7 million, and Terminals $1 million. |
Kinder Morgan, Inc. and Subsidiaries Preliminary Earnings Contribution by Business Segment (Unaudited) (In millions, except per share amounts) | ||||||||||
Three Months Ended March 31, | ||||||||||
2019 | 2018 | % change | ||||||||
Segment EBDA before certain items (1) | ||||||||||
Natural Gas Pipelines | $ | 1,201 | $ | 1,074 | 12 | % | ||||
Products Pipelines | 293 | 297 | (1 | )% | ||||||
Terminals | 299 | 297 | 1 | % | ||||||
CO2 | 189 | 237 | (20 | )% | ||||||
Kinder Morgan Canada | — | 46 | (100 | )% | ||||||
Subtotal | 1,982 | 1,951 | 2 | % | ||||||
DD&A and amortization of excess cost of equity investments | (614 | ) | (602 | ) | ||||||
General and administrative and corporate charges (1) (2) | (158 | ) | (164 | ) | ||||||
Interest, net (1) | (458 | ) | (472 | ) | ||||||
Subtotal | 752 | 713 | ||||||||
Book taxes (1) | (170 | ) | (167 | ) | ||||||
Certain items | ||||||||||
Fair value amortization | 8 | 11 | ||||||||
Legal and environmental reserves | — | (37 | ) | |||||||
Change in fair market value of derivative contracts (3) | (10 | ) | (40 | ) | ||||||
Refund and reserve adjustment of taxes, other than income taxes | (17 | ) | 18 | |||||||
Other | 6 | (3 | ) | |||||||
Subtotal certain items before tax | (13 | ) | (51 | ) | ||||||
Book tax certain items | (2 | ) | 3 | |||||||
Impact of 2017 Tax Cuts and Jobs Act | — | 44 | ||||||||
Total certain items | (15 | ) | (4 | ) | ||||||
Net income attributable to noncontrolling interests before certain items | (11 | ) | (18 | ) | ||||||
Preferred stock dividends | — | (39 | ) | |||||||
Net income available to common stockholders | $ | 556 | $ | 485 | ||||||
Net income available to common stockholders | $ | 556 | $ | 485 | ||||||
Total certain items | 15 | 4 | ||||||||
Adjusted earnings | 571 | 489 | ||||||||
DD&A and amortization of excess cost of equity investments (4) | 708 | 690 | ||||||||
Total book taxes (5) | 195 | 184 | ||||||||
Cash taxes (6) | (13 | ) | (13 | ) | ||||||
Other items (7) | 25 | 11 | ||||||||
Sustaining capital expenditures (8) | (115 | ) | (114 | ) | ||||||
DCF | $ | 1,371 | $ | 1,247 | ||||||
Weighted average common shares outstanding for dividends (9) | 2,275 | 2,218 | ||||||||
DCF per common share | $ | 0.60 | $ | 0.56 | ||||||
Declared dividend per common share | $ | 0.25 | $ | 0.20 | ||||||
Adjusted EBITDA (10) | $ | 1,947 | $ | 1,902 | 2 | % |
Notes ($ million) | ||||||||||||||||||
(1) | Excludes certain items: 1Q 2019 - Natural Gas Pipelines $2, Products Pipelines $(17), CO2 $9, Kinder Morgan Canada $(2), general and administrative and corporate charges $(3), interest expense $(2), book tax $(2). 1Q 2018 - Natural Gas Pipelines $54, Products Pipelines $(31), Terminals $(1), CO2 $(38), general and administrative and corporate charges $4, interest expense $5, book tax $3. | |||||||||||||||||
(2) | Includes corporate (benefit) charges: 1Q 2019 - $7 1Q 2018 - $(13) | |||||||||||||||||
(3) | Gains or losses are reflected in our DCF when realized. | |||||||||||||||||
(4) | Includes KMI's share of equity investees' DD&A, net of the noncontrolling interests' portion of KML DD&A and consolidating joint venture partners' share of DD&A: 1Q 2019 - $94 1Q 2018 - $88 | |||||||||||||||||
(5) | Excludes book tax certain items. Also, includes KMI's share of taxable equity investees' book taxes, net of the noncontrolling interests' portion of KML book taxes: 1Q 2019 - $25 1Q 2018 - $17 | |||||||||||||||||
(6) | Includes KMI's share of taxable equity investees' cash taxes: 1Q 2018 - $(10) | |||||||||||||||||
(7) | Includes non-cash pension expense and non-cash compensation associated with our restricted stock program. | |||||||||||||||||
(8) | Includes KMI's share of equity investees' sustaining capital expenditures (the same equity investees for which DD&A is added back): 1Q 2019 - $(19) 1Q 2018 - $(16) | |||||||||||||||||
(9) | Includes restricted stock awards that participate in common share dividends. | |||||||||||||||||
(10) | Net income is reconciled to Adjusted EBITDA as follows, with any difference due to rounding: |
Three Months Ended March 31, | ||||||||||
2019 | 2018 | |||||||||
Net income | 567 | 542 | ||||||||
Total certain items | 15 | 4 | ||||||||
Net income attributable to noncontrolling interests (11) | (3 | ) | (4 | ) | ||||||
DD&A and amortization of excess cost of equity investments (4) (12) | 713 | 700 | ||||||||
Book taxes (5) (12) | 197 | 188 | ||||||||
Interest, net (1) | 458 | 472 | ||||||||
Adjusted EBITDA | $ | 1,947 | $ | 1,902 | ||||||
(11) | Excludes KML noncontrolling interests before certain items: 1Q 2019 - $9 1Q 2018 - $14 | |||||||||
(12) | Includes the noncontrolling interests' portion of KML before certain items: 1Q 2019 - DD&A $5; Book taxes $2 1Q 2018 - DD&A $9; Book taxes $4 |
Volume Highlights (historical pro forma for acquired and divested assets) | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Natural Gas Pipelines (1) | |||||||
Transport Volumes (BBtu/d) | 36,674 | 32,124 | |||||
Sales Volumes (BBtu/d) | 2,332 | 2,491 | |||||
Gas Gathering Volumes (BBtu/d) | 3,301 | 2,731 | |||||
NGLs (MBbl/d) (2) | 121 | 116 | |||||
Products Pipelines (MBbl/d) (1) | |||||||
Gasoline (3) | 980 | 978 | |||||
Diesel Fuel | 337 | 342 | |||||
Jet Fuel | 294 | 289 | |||||
Total Refined Product Volumes | 1,611 | 1,609 | |||||
Crude and Condensate (4) | 643 | 593 | |||||
Total Delivery Volumes (MBbl/d) | 2,254 | 2,202 | |||||
Terminals (1) | |||||||
Liquids Leasable Capacity (MMBbl) | 91.9 | 90.5 | |||||
Liquids Utilization % | 93.9 | % | 91.4 | % | |||
Bulk Transload Tonnage (MMtons) | 14.7 | 14.4 | |||||
CO2 (1) | |||||||
Sacroc Oil Production - Net | 24.43 | 24.61 | |||||
Yates Oil Production | 7.25 | 7.73 | |||||
Katz and Goldsmith Oil Production | 4.11 | 5.20 | |||||
Tall Cotton Oil Production | 2.61 | 2.09 | |||||
Total Oil Production - Net (MBbl/d) | 38.40 | 39.63 | |||||
NGL Sales Volumes (MBbl/d) | 10.10 | 10.16 | |||||
Southwest Colorado Production - Gross (Bcf/d) | 1.31 | 1.25 | |||||
Southwest Colorado Production - Net (Bcf/d) | 0.61 | 0.58 | |||||
Realized Weighted Average Oil Price per Bbl | $ | 48.67 | $ | 59.72 | |||
Realized Weighted Average NGL Price per Bbl | $ | 25.98 | $ | 30.39 |
Notes | |||||||||||
(1) | Joint Venture volumes reported at KMI share. | ||||||||||
(2) | Reflects January 1, 2019 transfer of certain assets and includes Cochin, Utopia, and Cypress. | ||||||||||
(3) | Gasoline volumes include ethanol pipeline volumes. | ||||||||||
(4) | Reflects January 1, 2019 transfer of certain assets and includes KMCC, Camino Real Crude, Double Eagle, Hiland Crude Gathering, and Double H. |
Kinder Morgan, Inc. and Subsidiaries Preliminary Consolidated Balance Sheets (Unaudited) (In millions) | |||||||
March 31, | December 31, | ||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 221 | $ | 3,280 | |||
Other current assets | 2,041 | 2,442 | |||||
Property, plant and equipment, net | 37,782 | 37,897 | |||||
Investments | 7,770 | 7,481 | |||||
Goodwill | 21,965 | 21,965 | |||||
Deferred charges and other assets | 6,513 | 5,801 | |||||
TOTAL ASSETS | $ | 76,292 | $ | 78,866 | |||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Short-term debt | $ | 2,502 | $ | 3,388 | |||
Other current liabilities | 2,507 | 4,169 | |||||
Long-term debt | 32,368 | 33,105 | |||||
Preferred interest in general partner of KMP | 100 | 100 | |||||
Debt fair value adjustments | 860 | 731 | |||||
Other | 2,794 | 2,176 | |||||
Total liabilities | 41,131 | 43,669 | |||||
Redeemable Noncontrolling Interest | 705 | 666 | |||||
Shareholders' Equity | |||||||
Other shareholders' equity | 34,120 | 34,008 | |||||
Accumulated other comprehensive loss | (508 | ) | (330 | ) | |||
KMI equity | 33,612 | 33,678 | |||||
Noncontrolling interests | 844 | 853 | |||||
Total shareholders' equity | 34,456 | 34,531 | |||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | $ | 76,292 | $ | 78,866 | |||
Net Debt (1) | $ | 34,819 | $ | 33,352 | |||
Adjusted Net Debt (2) | 34,819 | 34,151 | |||||
Adjusted EBITDA Twelve Months Ended | |||||||
March 31, | December 31, | ||||||
Reconciliation of Net Income to Adjusted EBITDA | 2019 | 2018 | |||||
Net income | $ | 1,945 | $ | 1,919 | |||
Total certain items | 512 | 501 | |||||
Net income attributable to noncontrolling interests (3) | (251 | ) | (252 | ) | |||
DD&A and amortization of excess cost of equity investments (4) | 2,795 | 2,782 | |||||
Income tax expense before certain items (5) | 736 | 727 | |||||
Interest, net before certain items | 1,877 | 1,891 | |||||
Adjusted EBITDA | $ | 7,614 | $ | 7,568 | |||
Net Debt to Adjusted EBITDA | 4.6 | 4.4 | |||||
Adjusted Net Debt to Adjusted EBITDA | 4.6 | 4.5 |
Notes | ||||
(1) | Amounts include 50% of KML preferred shares, which is included in noncontrolling interests, of $215 million. Amounts exclude: (i) the preferred interest in general partner of KMP; (ii) debt fair value adjustments; and (iii) the foreign exchange impact on our Euro denominated debt of $45 million and $76 million as of March 31, 2019 and December 31, 2018, respectively, as we have entered into swaps to convert that debt to U.S.$. | |||
(2) | The December 31, 2018 cash component was (i) reduced by $890 million, representing the portion of cash KML distributed to KML restricted voting shareholders on January 3, 2019 as a return of capital; and (ii) increased by $91 million, representing the unrecognized gain as of December 31, 2018 on net investment hedges which hedged our exposure to foreign currency risk associated with a substantial portion of our share of the proceeds from the sale of TMPL, TMEP and related assets. | |||
(3) | 2019 and 2018 amounts exclude KML noncontrolling interests before certain items of $52 million and $58 million, respectively. | |||
(4) | 2019 and 2018 amounts include KMI's share of certain equity investees' DD&A of $392 million and $390 million, respectively. | |||
(5) | 2019 and 2018 amounts include KMI's share of taxable equity investees' book taxes before certain items of $88 million and $82 million, respectively. |
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