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ferc:IntrastateTransportationMember 2022-01-01 2022-12-31 xbrli:shares xbrli:pure utr:bbl utr:in utr:mi iso4217:USD iso4217:USD xbrli:shares ExxonMobil Corporation NJ ExxonMobil Corporation DE 0.4883 Kinder Morgan, Inc. DE Kinder Morgan Operating LLC "D" DE 0.2713 Kinder Morgan, Inc. DE Kinder Morgan Operating LLC "A" DE 0.2404 1 2 3 <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">1. None</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">2. None</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">3. None</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">4. See Notes to Financial Statements Page 122, Note 2 - Commitments and Contingencies</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">5. NA</font></p></div> 16500000 16500000 President Dax A. Sanders 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President & Chief Financial Officer David P. Michels 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President & Chief Compliance Officer C. Todd Piczak 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President & Treasurer Christopher Graeter 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President & Secretary Adam S. Forman 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President & Controller Matthew J. Wojtalewicz 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President & Chief Tax Officer Jordan H. Mintz 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President & Chief Information Officer Mark D. Huse 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Meli A. Armstrong 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Charles D. Lindley 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Densie R. Mathews 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President John R. Pannell 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Michael J. Pitta 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Christa A. Robbins 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Daniel W. Sanborn 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Wayne G. Simmons 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Corey Staab 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President, Finance Anthony Tortorice 1001 Louisiana St., Suite 1000, Houston, TX 77002 Assistant Secretary Susan M. Kittey 1001 Louisiana St., Suite 1000, Houston, TX 77002 Assistant Secretary James A. Price 1001 Louisiana St., Suite 1000, Houston, TX 77002 Assistant Treasurer Mindy K. Thornock 1001 Louisiana St., Suite 1000, Houston, TX 77002 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Kinder Morgan, Inc. & Affiliates Transportation & Transmix Revenues Receivable 4263019 4263019 1 4477611 4477611 12353374 12353374 112059021 -277304 26892 -304196 -304196 111754825 9735235 359241 1115 358126 358126 10093361 162539915 27728267 19760 27708507 27708507 190248422 22280663 9789 9789 9789 22290452 38072408 38072408 201255551 2150616 23257 2127359 2127359 203382910 71017251 2357064 2357064 78733 2435797 73453048 33758675 33758675 7627142 7627142 6280086 145034 145034 145034 6425120 10087199 506322 506322 506322 10593521 691544131 32979029 71024 32908005 78733 32986738 724530869 5026856 -1644565 -1644565 -1644565 3382291 5026856 -1644565 -1644565 -1644565 3382291 696570987 31334464 71024 31263440 78733 31342173 727913160 Investment in carrier property booster stations and other facilities installed to increase system capacity 529289 529289 529289 529289 529289 529289 529289 529289 1 Land - 35 acres 1990-01-01 27559 Location = Kola, MS Tankage and injections facilities 10540661 Location = Kola, MS (Various acquisition dates) Red dye Injection facilities 1997-01-01 22454 Location = various along the pipeline Telecommunications property 2000-12-01 3110866 Location = various along the pipeline 13701540 1 2 3 4 5 6 7 8 9 10 11 12 Reimbursable Projects 323429 323429 1 Kinder Morgan, Inc. & Affiliates Transmix processing, intercompany invoices processed by Kinder Morgan 3233034 Minor accounts, less than $500,000 43004 3276038 1 2 10000 100 100 100 Common Stock - 1940 9990000 99900 100 99900 Common Stock - 1941 2750000 27500 100 27500 Common Stock - 1942 12750000 127500 127500 Preferred Stock A Preferred Stock B 2 3 4 7 8 11 12 13 Tankage and Injection Facilities at Kola, MS 2996013 358193 Dye Injection Facilities 48803 29583 Fiber Optics Leases 3486380 97408 Tank Rental at Collins, MS 64000 1375 Miscellaneous 600 6595796 486559 6109237 1 2 3 4 5 Alabama 847925 Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia 1187447 Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana 1933071 Maine Maryland Massachusetts Michigan Minnesota Mississippi 3349370 Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina 970270 North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina 845178 South Dakota Tennessee 113967 Texas Utah Vermont Virginia 617478 Washington West Virginia Wisconsin Wyoming District of Columbia Other (Specify): 9864706 9864706 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 59 482786 Interest on shipper late payments 13666 496452 5 256115972 256115972 4008992 4008992 64426834 64426834 158160 158160 56754 56754 324766712 324766712 7107971 7174637 20871877 18739092 5741043 22171781 21856051 1611538 1443866 55952 66756 140476 606933 1901375 1608875 58123989 57237253 727913160 696570987 454776234 447790400 272607637 248251298 74742 74742 13780272 7441087 7192056 6260453 6588216 278942832 254914256 3602258 3822519 2605216 3925687 6427735 340992508 318579244 2202560 47689857 45749881 6755183 1941978 8787108 6648444 66508186 56542863 34001978 39115347 54774927 44336981 88776905 83452328 155285091 139995191 12750000 12750000 156374315 156225845 83102 -6891792 185707417 178584053 340992508 318579244 281278946 203259118 171874259 121507594 109404687 6786636 496452 11575 338659 197576 -3 433 -480998 -918805 7425349 7914159 128932943 117318846 23963992 29740192 7820481 398736 97148470 87179918 97148470 87179918 97148470 87179918 -10475419 -10475419 3583627 3583627 3583627 3583627 90763545 -6891792 6974894 6974894 6974894 6974894 104123364 83102 156225845 173045927 97148470 87179918 97148470 87179918 97000000 104000000 97000000 104000000 148470 -16820082 156374315 Change in Prepayments 10804 -2306 Change in Other Current Assets 466457 634859 Change in Miscellaneous Other Assets 220261 230189 Change in Other Deferred Charges 71086 -851604 Change in Other Current Liabilities 2074606 3807 Change in Other NonCurrent Liabilities 4006526 5486717 Change in Operating Oil Supply -74742 6849740 5426920 1 2 3 4 5 6 7 Change in Customer Advances for Construction -2454723 1239560 Cost of Removal Net of Salvage - Fixed Assets 909970 754085 -1544753 1993645 1 2 3169507 154897 3324404 3324404 67768142 3311892 71080034 71080034 42722746 2087900 44810646 44810646 29585448 1445868 31031316 31031316 829224 40525 869749 869749 2343666 114537 2458203 2458203 146418733 7155619 153574352 153574352 629444 30761 660205 660205 7792419 98214 7890633 7890633 3896881 190444 4087325 4087325 10973 536 11509 11509 1239428 60572 1300000 1300000 9405071 459635 9864706 24664987 1205401 25870388 25870388 47639203 2045563 49684766 49684766 194057936 9201182 203259118 338659 Minor items, each less than $250,000 491789 Overhead burden recovery 10791 Minor items, each less than $250,000 2 3 6 7 10 11 14 15 18 19 22 23 Deferred Income Tax Assets/Liabilities: Accelerated Depreciation Employee Benefits Contingent Environmental Liabilities -1608875 32500 -1576375 Reserves Injuries & Damages Reserve-Lit -325000 -325000 Other (Specify) -1608875 -292500 -1901375 Accumulated Deferred Income Tax Assets/Liabilities: Accelerated Depreciation 54021546 6595281 60616827 FAS 87 Pension Expense -1489368 1379197 -110171 FAS 106 Post Retirement Benefits Accrual -2908869 301003 -2607866 Contingent Environmental Liabilities -2928126 -162500 -3090626 Other (Specify) Book Accruals Other Comprehensive Income -2358202 2324965 -33237 44336981 8112981 2324965 54774927 2 3 4 5 6 7 10 11 12 13 14 15 16 17 236056705 236056705 3946714 3946714 41240664 41240664 34863 34863 281278946 232203837 251817713 3852868 4298259 3946714 4008992 236150551 255826705 3852868 4298259 240003419 260124964 Steven A. Yatauro, Director 22777 Springwoods Village Pkwy, Spring, TX 77389 true Charles D. Lindley, Director 1001 Louisiana Street, Suite 1000, Houston, TX 77002 true Dax A. Sanders, Director 1001 Louisiana Street, Suite 1000, Houston, TX 77002 true Mary E. Hollein, Director 22777 Springwoods Village Pkwy, Spring, TX 77389 true 1 2 3 4 8215858 8152947 7820481 398736 -1162294 3156037 167672 -838928 9658383 16430758 130687554 115272170 31334464 13183879 28304 29789711 15205828 213005 -1831724 -198308 -31621435 -15191131 97000000 104000000 -97000000 -104000000 2066119 -3918961 25913729 29832690 27979848 NA NA NA NA NA NA NA NA NA NA NA Not Prepared 11915932 3706 11919638 0.0003 91895057 803638 26892 -86339 92585464 0.0392 3608835 192205 1115 -13583 3786342 0.0197 134824953 478162 19760 -401013 134882342 0.0029 13702720 229406 -36357 13895769 0.0103 30710330 154897 -81483 30783744 0.0041 78759537 3443892 23257 -209485 81970687 0.0171 30796105 1214449 -5516 32005038 0.0170 30518166 98214 30616380 0.0341 6056221 270709 6326930 0.1131 6127378 16858 6144236 0.0984 8875166 984498 9859664 0.1714 447790400 7890634 71024 -833776 454776234 447790400 7890634 71024 -833776 454776234 30 54 Moundville, AL AL state line Products (SE) Pipe Line Corp-AL 18 108 Moundville, AL AL state line Products (SE) Pipe Line Corp-AL 8 13 Birmingham, AL Helena, AL Products (SE) Pipe Line Corp-AL 10 13 Birmingham, AL Helena, AL Products (SE) Pipe Line Corp-AL 8 73 Montgomery, AL Helena, AL Products (SE) Pipe Line Corp-AL 30 120 Oxford, AL Moundville, AL Products (SE) Pipe Line Corp-AL 18 173 Oxford, AL Moundville, AL Products (SE) Pipe Line Corp-AL 18 26 GA state line Oxford, AL Products (SE) Pipe Line Corp-AL 30 26 GA state line Oxford, AL Products (SE) Pipe Line Corp-AL 18 12 Breman, GA AL state line Products (SE) Pipe Line Corp-GA 30 12 Breman, GA AL state line Products (SE) Pipe Line Corp-GA 14 44 SC state line Athens, GA Products (SE) Pipe Line Corp-GA 26 44 SC state line Athens, GA Products (SE) Pipe Line Corp-GA 12 19 Atl Intl Airport Austell, GA Products (SE) Pipe Line Corp-GA 12 28 Austell, GA Breman, GA Products (SE) Pipe Line Corp-GA 8 86 Columbus, GA Breman, GA Products (SE) Pipe Line Corp-GA 26 55 Doraville, GA Breman, GA Products (SE) Pipe Line Corp-GA 14 55 Doraville, GA Breman, GA Products (SE) Pipe Line Corp-GA 8 112 Macon, GA Breman, GA Products (SE) Pipe Line Corp-GA 8 93 TN state line Breman, GA Products (SE) Pipe Line Corp-GA 14 50 Athens, GA Doraville, GA Products (SE) Pipe Line Corp-GA 26 50 Athens, GA Doraville, GA Products (SE) Pipe Line Corp-GA 12 79 MS state line Baton Rouge Products (SE) Pipe Line Corp-LA 18 110 MS state line Baton Rouge Products (SE) Pipe Line Corp-LA 30 68 Meridian, MS Collins, MS Products (SE) Pipe Line Corp-MS 18 134 Meridian, MS Collins, MS Products (SE) Pipe Line Corp-MS 8 6 Warren LPG, MS Hattiesburg, MS Products (SE) Pipe Line Corp-MS 30 12 AL state line Lockhart, MS Products (SE) Pipe Line Corp-MS 18 24 AL state line Lockhart, MS Products (SE) Pipe Line Corp-MS 12 71 Collins, MS MS state line Products (SE) Pipe Line Corp-MS 18 142 Collins, MS MS state line Products (SE) Pipe Line Corp-MS 30 16 Lockhart, MS Meridian, MS Products (SE) Pipe Line Corp-MS 18 32 Lockhart, MS Meridian, MS Products (SE) Pipe Line Corp-MS 12 230 Collins, MS Pascagoula, MS Products (SE) Pipe Line Corp-MS 6 4 Charlotte Airport Charlotte, NC Products (SE) Pipe Line Corp-NC 14 37 Salisbury, NC Charlotte, NC Products (SE) Pipe Line Corp-NC 26 37 Salisbury, NC Charlotte, NC Products (SE) Pipe Line Corp-NC 8 37 VA state line Greensboro, NC Products (SE) Pipe Line Corp-NC 14 61 VA state line Greensboro, NC Products (SE) Pipe Line Corp-NC 14 27 Charlotte, NC SC state line Products (SE) Pipe Line Corp-NC 26 27 Charlotte, NC SC state line Products (SE) Pipe Line Corp-NC 14 44 Greensboro, NC Salisbury, NC Products (SE) Pipe Line Corp-NC 26 44 Greensboro, NC Salisbury, NC Products (SE) Pipe Line Corp-NC 14 44 Spartanburg, SC Belton, SC Products (SE) Pipe Line Corp-SC 26 44 Spartanburg, SC Belton, SC Products (SE) Pipe Line Corp-SC 14 24 Belton, SC SC state line Products (SE) Pipe Line Corp-SC 26 24 Belton, SC SC state line Products (SE) Pipe Line Corp-SC 14 34 NC state line Spartanburg, SC Products (SE) Pipe Line Corp-SC 26 34 NC state line Spartanburg, SC Products (SE) Pipe Line Corp-SC 8 98 Knoxville, TN Chattanooga, TN Products (SE) Pipe Line Corp-TN 8 7 Chattanooga, TN GA state line Products (SE) Pipe Line Corp-TN 12 37 Washington Sta Fredericksburg Products (SE) Pipe Line Corp-VA 14 104 Richmond Junction NC state line Products (SE) Pipe Line Corp-VA 8 50 Roanoke, VA NC state line Products (SE) Pipe Line Corp-VA 12 65 Fredericksburg Richmond Junction Products (SE) Pipe Line Corp-VA 8 14 Richmond, VA Richmond Junction Products (SE) Pipe Line Corp-VA 14 13 Richmond, VA Richmond Junction Products (SE) Pipe Line Corp-VA 6 24 Dulles Airport Washington Sta Products (SE) Pipe Line Corp-VA 6 14 Washington Airport Washington Sta Products (SE) Pipe Line Corp-VA 3138 3138 <div><p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><em>1</em><em style="mso-bidi-font-style: normal;">. Financial Statements -</em></font></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">For the year ended December 31, 2022, there have been no important changes regarding the Balance Sheet, Statement of Income, Statement of Retained Income or Statement of Cash Flows.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Organization - </font></em></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">Products (SE) Pipe Line Corporation ("the Company", "we", "our") owns and operates a petroleum products pipeline system. The system consists of approximately 3,200 miles of petroleum products pipeline extending from Louisiana to Virginia and Washington, D.C., which is designed to transport gasoline, jet fuel, diesel and biodiesel.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Basis of Presentation - </font></em></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">We maintain our chart of accounts to comply with the Federal Energy Regulatory Commission's (FERC) Uniform System of Accounts (USoA) for oil pipelines. Therefore, the amounts contained in this Form 6 may not necessarily reflect or capture all costs required for analysis using the regulatory methodology set forth in the FERC's Opinion Nos. 154-B, et.al.</font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2. Commitments and Contingencies - </font></em></strong></font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Asset Retirement Obligations (ARO) - </font></em></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">We record liabilities for obligations related to the retirement and removal of long-lived assets used in our business. We record, as liabilities, the fair value of ARO on a discounted basis when they are incurred and can be reasonably estimated, which is typically at the time the assets are installed or acquired. Amounts recorded for the related assets are increased by the amount of these obligations. Over time, the liabilities increase due to the change in present value, and the initial capitalized costs are depreciated over the useful lives of the related assets. The liabilities are eventually extinguished when the asset is taken out of service.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">We are required to operate and maintain our pipeline facilities, and intend to do so as long as supply and demand for such services exist, which we expect for the foreseeable future. Therefore, we believe that we cannot reasonably estimate the ARO for our assets because these assets have indeterminate lives. We continue to evaluate our ARO and future developments could impact the amounts we record. We had no ARO recorded as of December 31, 2022 and 2021. </font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Environmental Matters - </font></em></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">We capitalize or expense, as appropriate, environmental expenditures. We capitalize certain environmental expenditures required to obtain rights-of-way, regulatory approvals or permitting as part of the construction of facilities we use in our business operations. We accrue and expense environmental costs that relate to an existing condition caused by past operations, which do not contribute to current or future revenue generation. We generally do not discount environmental liabilities to a net present value, and we record environmental liabilities when environmental assessments and/or remedial efforts are probable and we can reasonably estimate the costs. Generally, our accrual of these environmental liabilities coincides with either our completion of a feasibility study or our commitment to a formal plan of action. We recognize receivables for anticipated associated insurance recoveries when such recoveries are deemed to be probable.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">We routinely conduct reviews of potential environmental issues and claims that could impact our assets or operations. These reviews assist us in identifying environmental issues and estimating the costs and timing of remediation efforts. We also routinely adjust our environmental liabilities to reflect changes in previous estimates. In making environmental liability estimations, we consider the material effect of environmental compliance, pending legal actions against us, and potential third-party liability claims we may have against others. Often, as the remediation evaluation and effort progresses, additional information is obtained, requiring revisions to estimated costs. These revisions are reflected in our income in the period in which they are reasonably determinable.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">We are subject to environmental cleanup and enforcement actions from time to time. In particular, the Comprehensive Environmental Response, Compensation and Liability Act generally imposes joint and several liability for cleanup and enforcement costs on current and predecessor owners and operators of a site, among others, without regard to fault or the legality of the original conduct, subject to the right of a liable party to establish a &#8220;reasonable basis&#8221; for apportionment of costs. Our operations are also subject to federal, state and local laws and regulations relating to protection of the environment. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in our operations, and there can be no assurance that we will not incur significant costs and liabilities. Moreover, it is possible that other developments could result in substantial costs and liabilities to us, such as increasingly stringent environmental laws, regulations and enforcement policies under the terms of authority of those laws, and claims for damages to property or persons resulting from our operations.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters, to which we are a party, will not have a material adverse effect on our business.</font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Legal Proceedings and Contingencies - </font></em></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">We are, or may be, party to various legal, regulatory and other matters arising from the day-to-day operations of our businesses that may result in claims against the Company. Although no assurance can be given, we believe, based on our experiences to date and taking into account established reserves, that the ultimate resolution of such items will not have a material adverse impact on our business. We believe we have meritorious defenses to the matters to which we are a party and intend to vigorously defend the Company. When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range. We disclose contingencies where an adverse outcome may be material or, in the judgment of management, we conclude the matter should otherwise be disclosed.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">There are currently no material legal proceedings against the Company as of December 31, 2022. </font></p> <p class="MsoNormal"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;"><em><strong>3.</strong></em> <strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">Pensions and Postretirement Benefits -</em></strong> </font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Employees' Annuity Plan - </font></em></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">We currently maintain a defined benefit pension plan, referred to as the Employees' Annuity Plan. Previous employees of the Company who were covered under the plan before becoming employees of KMI under an operating agreement are grandfathered under the plan and the plan is closed for new participants. Benefits are based on both years of service and the employee's compensation averaged over the highest 36 consecutive months during the 10 years preceding retirement or termination. Our funding policy is to contribute the greater of the minimum amount required under the Employee Retirement Income Security Act of 1974 or the amount required to avoid benefit restrictions. The assets of the Employees' Annuity Plan are held in common collective trusts and immediate participation guarantee contracts administered by certain insurance companies. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. The following disclosures include benefit obligations and periodic benefit costs allocated to a KMI affiliate pursuant to the operating agreement. During the years ended December 31, 2022 and 2021, approximately $298,000 and $380,000, respectively, of net periodic benefit costs for the Employees&#8217; Annuity Plan were allocated to a KMI affiliate.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">The net periodic cost expensed as of December 31, 2022 and 2021 is $4,483,000 and $6,261,000, respectively. The ending balance of the projected pension benefit obligation for the years ended December 31, 2022 and 2021, are $25,255,000 and $52,880,000, respectively.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">The rate of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation was 3.5% at December 31, 2022 and 2021.</font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Postretirement Benefits Plan - </font></em></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">We provide postretirement benefits, including medical benefits for a closed group of retirees and certain grandfathered former employees and their dependents (Postretirement Benefits Plan). Medical benefits for pre-age 65 participants of this closed group may be subject to deductibles, copayment provisions, dollar caps and other limitations on the amount of employer costs, and are subject to further benefit changes by KMI, the plan sponsor. Post-age 65 Medicare-eligible participants are provided a fixed subsidy to purchase coverage through a retiree Medicare exchange. In addition, certain employees continue to receive limited postretirement life insurance benefits. Retiree medical coverage is funded by us. The funding for retiree medical coverage paid by us totaled $934,000 in 2022 and $589,000 in 2021. Similar to the Employees' Annuity Plan, the following disclosures for the Postretirement Benefits Plan include postretirement benefit obligations and periodic benefit costs that are allocated to a KMI affiliate. During the years ended December 31, 2022 and 2021, net periodic benefit costs of the Postretirement Benefits Plan allocated to a KMI affiliate were zero and immaterial, respectively.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">The net postretirement benefit obligation as of December 31, 2022 and 2021 is $6,919,000 and $9,612,000, respectively.</font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Pension and Postretirement Benefit Obligation, Plan Assets and Funded Status</font></em></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">Our pension and postretirement benefit obligations and net periodic pension/benefit costs are primarily based on actuarial calculations. We use various assumptions in performing these calculations, including those related to the return that we expect to earn on our plan assets, the estimated cost of health care when benefits are provided under our plan and other factors. A significant assumption we utilize is the discount rates used in calculating the benefit obligations. The discount rate used in the measurement of our pension and postretirement benefit obligation is determined by matching the timing and amount of our expected future benefit payments for our pension and postretirement benefit obligation to the average yields of various high-quality bonds with corresponding maturities. We utilize a full yield curve approach in the estimate of the service and interest cost components of net periodic benefit cost (credit) for our pension and postretirement benefit plans by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows.</font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4. Changes in Operations - </font></em></strong></font></p> <p class="MsoNormal"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">The Company has no significant changes in operations as of December 31, 2022.</font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><font style="font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5. Income Taxes - </font></em></strong></font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-size: 14pt; line-height: 115%; font-family: arial, helvetica, sans-serif;">Income tax expense is recorded based on an estimate of the effective tax rate in effect or to be in effect during the relevant periods. Deferred income tax assets and liabilities are recognized for temporary differences between the basis of the assets and liabilities for financial reporting and tax purposes. Changes in tax legislation are included in the relevant computations in the period in which such changes are enacted. Deferred tax assets are reduced by a valuation allowance for the amount of any tax benefit we do not expect to be realized.</font></p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Components of the income tax provision for federal and state taxes are as follows (in thousands):</font></p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"> </p> <table class="MsoNormalTable" style="margin-left: 273.0pt; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="width: 283.5pt; border: none; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="133"> </td> <td style="width: 320.9pt; border: solid windowtext 1.0pt; border-left: none; padding: 0in 5.4pt 0in 5.4pt;" colspan="4" valign="bottom" width="210"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: center; line-height: normal;" align="center"><font style="font-family: arial, helvetica, sans-serif;"><strong><font style="font-size: 14.0pt; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Year Ended December 31,</font></strong></font></p> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="width: 283.5pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="133"> </td> <td style="width: 158.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 4.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="top" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: center; line-height: normal;" align="center"><font style="font-family: arial, helvetica, sans-serif;"><strong><font style="font-size: 14.0pt; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2022</font></strong></font></p> </td> <td style="width: 2.25in; border-top: none; border-left: none; border-bottom: solid windowtext 4.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: center; line-height: normal;" align="center"><font style="font-family: arial, helvetica, sans-serif;"><strong><font style="font-size: 14.0pt; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2021</font></strong></font></p> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 283.5pt; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="133"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Current Tax Provision:</font></p> </td> <td style="width: 158.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="top" width="105"> </td> <td style="width: 2.25in; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="top" width="105"> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="width: 283.5pt; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="133"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; margin-left: .3in; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Federal</font></p> </td> <td style="width: 38.25pt; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="27"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">$</font></p> </td> <td style="width: 120.65pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="78"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">18,946</font></p> </td> <td style="width: 43.6pt; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="28"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">$</font></p> </td> <td style="width: 118.4pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="77"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">23,075</font></p> </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="width: 283.5pt; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="133"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; margin-left: .3in; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">State</font></p> </td> <td style="width: 158.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">5,018</font></p> </td> <td style="width: 2.25in; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">6,665</font></p> </td> </tr> <tr style="mso-yfti-irow: 5; height: 18.4pt;"> <td style="width: 283.5pt; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; height: 18.4pt;" valign="bottom" width="133"> </td> <td style="width: 158.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; height: 18.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">23,964</font></p> </td> <td style="width: 2.25in; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; height: 18.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">29,740</font></p> </td> </tr> <tr style="mso-yfti-irow: 6; height: 2.15pt;"> <td style="width: 283.5pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: solid windowtext 1.0pt; border-right: none; padding: 0in 5.4pt 0in 5.4pt; height: 2.15pt;" valign="bottom" width="133"> </td> <td style="width: 158.9pt; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; height: 2.15pt;" colspan="2" valign="bottom" width="105"> </td> <td style="width: 2.25in; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; height: 2.15pt;" colspan="2" valign="top" width="105"> </td> </tr> <tr style="mso-yfti-irow: 7; height: 18.4pt;"> <td style="width: 283.5pt; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; height: 18.4pt;" valign="bottom" width="133"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Deferred Tax Provision:</font></p> </td> <td style="width: 158.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; height: 18.4pt;" colspan="2" valign="bottom" width="105"> </td> <td style="width: 2.25in; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; height: 18.4pt;" colspan="2" valign="top" width="105"> </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="width: 283.5pt; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="133"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; margin-left: .3in; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Federal</font></p> </td> <td style="width: 158.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">7,026</font></p> </td> <td style="width: 2.25in; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">205</font></p> </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="width: 283.5pt; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="133"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; margin-left: .3in; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">State</font></p> </td> <td style="width: 158.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">795</font></p> </td> <td style="width: 2.25in; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">194</font></p> </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="width: 283.5pt; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="133"> </td> <td style="width: 158.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">7,821</font></p> </td> <td style="width: 2.25in; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="105"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">399</font></p> </td> </tr> <tr style="mso-yfti-irow: 11; mso-yfti-lastrow: yes;"> <td style="width: 283.5pt; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="133"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Total Provision for Income Taxes</font></p> </td> <td style="width: 38.25pt; border: none; border-bottom: solid windowtext 1.5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="27"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">$</font></p> </td> <td style="width: 120.65pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="78"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">31,785</font></p> </td> <td style="width: 43.6pt; border: none; border-bottom: solid windowtext 1.5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="28"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">$</font></p> </td> <td style="width: 118.4pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="77"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">30,139</font></p> </td> </tr> </table> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"> </p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"> </p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">The difference between the statutory federal income tax rate and our effective income tax rate is summarized as follows:</font></p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"> </p> <table class="MsoNormalTable" style="margin-left: 273.95pt; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="width: 4.0in; border: none; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="139"> </td> <td style="width: 316.0pt; border: solid windowtext 1.0pt; border-left: none; padding: 0in 5.4pt 0in 5.4pt;" colspan="4" valign="bottom" width="203"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: center; line-height: normal;" align="center"><font style="font-family: arial, helvetica, sans-serif;"><strong><font style="font-size: 14.0pt; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Year Ended December 31,</font></strong></font></p> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="width: 4.0in; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="139"> </td> <td style="width: 156.55pt; border-top: none; border-left: none; border-bottom: solid windowtext 4.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="top" width="101"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: center; line-height: normal;" align="center"><font style="font-family: arial, helvetica, sans-serif;"><strong><font style="font-size: 14.0pt; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2022</font></strong></font></p> </td> <td style="width: 159.45pt; border-top: none; border-left: none; border-bottom: solid windowtext 4.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="102"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: center; line-height: normal;" align="center"><font style="font-family: arial, helvetica, sans-serif;"><strong><font style="font-size: 14.0pt; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2021</font></strong></font></p> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 4.0in; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="139"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Federal Income Tax</font></p> </td> <td style="width: 110.9pt; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="40"> </td> <td style="width: 45.65pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="61"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">21.0%</font></p> </td> <td style="width: 113.8pt; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top" width="41"> </td> <td style="width: 45.65pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="61"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">21.0%</font></p> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="width: 4.0in; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="139"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Increase as a result of State income tax, net of federal benefit</font></p> </td> <td style="width: 156.55pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="101"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">3.7%</font></p> </td> <td style="width: 159.45pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="102"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">4.7%</font></p> </td> </tr> <tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes;"> <td style="width: 4.0in; border: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="bottom" width="139"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; line-height: normal;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Effective tax rate</font></p> </td> <td style="width: 156.55pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="101"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">24.7%</font></p> </td> <td style="width: 159.45pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" colspan="2" valign="bottom" width="102"> <p class="MsoNormal" style="mso-margin-top-alt: auto; margin-bottom: .0001pt; text-align: right; line-height: normal;" align="right"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">25.7%</font></p> </td> </tr> <!-- [if !supportMisalignedColumns]--> <tr> <td style="border: none;" width="139"> </td> <td style="border: none;" width="40"> </td> <td style="border: none;" width="61"> </td> <td style="border: none;" width="41"> </td> <td style="border: none;" width="61"> </td> </tr> <!--[endif]--> </table> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"> </p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"> </p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">Deferred tax assets and liabilities are detailed on Page 230 "Analysis of Federal Income and Other Taxes Deferred."</font></p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"> </p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"><font style="font-family: arial, helvetica, sans-serif;"><strong><font style="font-size: 14pt;"><em>6</em>. <em style="mso-bidi-font-style: normal;">Rate and Regulatory Matters</em> - </font></strong></font></p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"> </p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"><font style="font-size: 14pt; font-family: arial, helvetica, sans-serif;">The Company has no significant rate or regulatory matters as of, and for the year ended, December 31, 2022.</font></p> <p class="Normal" style="text-align: justify; tab-stops: .5in 113.4pt;"> </p></div> 194213274 163117417 7843977 7757365 363390 356660 5242212 5217338 260816093 246807702 92772776 92756102 353588869 339563804 0.2326 0.2445 0.7674 0.7555 0.0419 0.0409 0.1200 0.1200 0.1018 0.1007 3446056 3395655 32561292 30784854 36007348 34180509 12455731 11861748 0.2500 0.2500 256125932 222491037 318521099 276193715 200827857 189925133 126511406042 120939864327 Products (SE) Pipe Line Corporation 1940-07-08 Delaware - General Corporation Law of Delaware (1940); Virginia - Public Service Corporation Law of Commonwealth of Virginia (1964) NA NA NA No Meli A. Armstrong Vice President /s/ Meli A. Armstrong 2023-04-11 6 Products (SE) Pipe Line Corporation C000630 2022 Q4 1000 Windward Concourse, Suite 450, Alpharetta, GA 30005 Sabre Reach Director - Accounting 1000 Windward Concourse, Suite 450, Alpharetta, GA 30005 770-751-4145 O 2022-12-31 Louisiana 29111 42650332 53647625 96297957 Louisiana 29112 2266627 4596551 6863178 Louisiana 29113 16250702 25988380 42239082 Mississippi 29111 24800694 21763003 46563697 Mississippi 29112 50818 9397966 9448784 Mississippi 29113 4422692 2377639 6800331 Alabama 29111 25360 25360 29111 142786617 142786617 29112 16005646 16005646 29113 49746717 49746717 90467225 117771164 208238389 208538980 208538980 90467225 117771164 208238389 208538980 208538980 127263915269 208538980 4 5 6 7 8 9 10 11 12 13 14 Includes salaries and wages from affiliates. Includes salaries and wages from affiliates. Cash and Cash Equivalents at End of Year consists of Cash (Account 10) of $7,174,637 and Temporary Investments (Account 11) of $18,739,092. Proceeds from disposal of fixed assets. Tank 106 returned to carrier service ($78,732). Adjustments to deferred income taxes for FAS 87 pension ($1,952,637) and FAS 106 post retirement benefits ($372,328) are adjusted through other comprehensive income. Cash and Cash Equivalents at End of Year consists of Cash (Account 10) of $7,107,971 and Temporary Investments (Account 11) of $20,871,877.