Share-based Compensation and Employee Benefits Share-based Compensation and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

The following table sets forth a summary of activity and related balances of our restricted stock awards excluding that issued to non-employee directors (in millions, except share and per share amounts):



	Year Ended				Year Ended				Year Ended
	December 31, 2017				December 31, 2016				December 31, 2015
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding at beginning of period	9,038,137		$	32.72	7,645,105		$	37.91	7,373,294		$	37.63
Granted	3,221,691		19.52		2,816,599		21.36		1,488,467		38.20
Vested	(1,501,939	)	36.67		(1,226,652	)	38.53		(817,797	)	35.66
Forfeited	(239,545	)	28.34		(196,915	)	35.74		(398,859	)	38.51
Outstanding at end of period	10,518,344		$	28.21	9,038,137		$	32.72	7,645,105		$	37.91

Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]

Following is a summary of the future vesting of our outstanding restricted stock awards:



Year		Vesting of Restricted Shares
2018		2,272,019
2019		4,268,118
2020		3,647,967
2021		199,850
2022		65,928
Thereafter		64,462
Total Outstanding		10,518,344

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

Benefit Obligation, Plan Assets and Funded Status. The following table provides information about our pension and OPEB plans as of and for each of the years ended December 31, 2017 and 2016 (in millions):



	Pension Benefits						OPEB
	2017			2016			2017			2016
Change in benefit obligation:
Benefit obligation at beginning of period	$	2,884		$	2,654		$	473		$	509
Service cost	40			36			1			1
Interest cost	88			89			13			16
Actuarial loss (gain)	155			127			(16		)	(42		)
Benefits paid	(180		)	(180		)	(38		)	(41		)
Participant contributions	3			3			2			2
Medicare Part D subsidy receipts	—			—			1			1
Exchange rate changes	13			4			1			1
Settlements	(21		)	—			—			—
Other(a)	—			151			(12		)	26
Benefit obligation at end of period	2,982			2,884			425			473



Change in plan assets:
Fair value of plan assets at beginning of period	2,160			2,050			332			325
Actual return on plan assets	292			157			29			29
Employer contributions	32			8			9			16
Participant contributions	3			3			2			2
Medicare Part D subsidy receipts	—			—			1			1
Benefits paid	(180		)	(180		)	(38		)	(41		)
Exchange rate changes	10			3			—			—
Settlements	(21		)	—			—			—
Other(a)	—			119			—			—
Fair value of plan assets at end of period	2,296			2,160			335			332
Funded status - net liability at December 31,	$	(686	)	$	(724	)	$	(90	)	$	(141	)

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(a)

2017 amounts represent December 31, 2016 balances associated with our Plantation Pipeline OPEB plan that are no longer included in these disclosures. 2016 amounts primarily represent December 31, 2015 balances associated with our Canadian pension and OPEB plans for prospective inclusion in these disclosures, which associated net periodic benefit costs were reported separately in years prior to 2016.

Schedule of Net Funded Status [Table Text Block]

Components of Funded Status. The following table details the amounts recognized in our balance sheets at December 31, 2017 and 2016 related to our pension and OPEB plans (in millions):



	Pension Benefits						OPEB
	2017			2016			2017			2016
Non-current benefit asset(a)	$	—		$	—		$	198		$	153
Current benefit liability	—			—			(15		)	(16		)
Non-current benefit liability	(686		)	(724		)	(273		)	(278		)
Funded status - net liability at December 31,	$	(686	)	$	(724	)	$	(90	)	$	(141	)

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(a)	2017 and 2016 OPEB amounts include $33 million and $29 million, respectively, of non-current benefit assets related to a plan we sponsor which is associated with employee services provided to an unconsolidated joint venture, and for which we have recorded an offsetting related party deferred credit.

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Components of Accumulated Other Comprehensive (Loss) Income. The following table details the amounts of pre-tax accumulated other comprehensive (loss) income at December 31, 2017 and 2016 related to our pension and OPEB plans which are included on our accompanying consolidated balance sheets, including the portion attributable to our noncontrolling interests, (in millions):



	Pension Benefits						OPEB
	2017			2016			2017		2016
Unrecognized net actuarial (loss) gain	$	(635	)	$	(682	)	$	88	$	69
Unrecognized prior service (cost) credit	(4		)	(5		)	17		18
Accumulated other comprehensive (loss) income	$	(639	)	$	(687	)	$	105	$	87

Fair value of Pension and OPEB assets by level of assets [Table Text Block]

Listed below are the fair values of our pension and OPEB plans’ assets that are recorded at fair value by class and categorized by fair value measurement used at December 31, 2017 and 2016 (in millions):



	Pension Assets
	2017								2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Measured within fair value hierarchy
Cash	$	6	$	—	$	—	$	6	$	10	$	—		$	—	$	10
Short-term investment funds	—		65		—		65		—		100			—		100
Mutual funds(a)	245		—		—		245		197		—			—		197
Equities(b)	278		—		—		278		283		—			—		283
Fixed income securities(c)	—		416		—		416		—		428			—		428
Immediate participation guarantee contract	—		—		—		—		—		—			16		16
Derivatives	—		5		—		5		—		(2		)	—		(2		)
Subtotal	$	529	$	486	$	—	1,015		$	490	$	526		$	16	1,032
Measured at NAV(d)
Common/collective trusts(e)							895									829
Private investment funds(f)							337									290
Private limited partnerships(g)							49									9
Subtotal							1,281									1,128
Total plan assets fair value							$	2,296								$	2,160

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(a)	Includes mutual funds which are invested in equity.


(b)	Plan assets include $110 million and $126 million of KMI Class P common stock for 2017 and 2016, respectively.


(c)	For 2016, plan assets include $1 million of KMI debt securities.


(d)	Plan assets for which fair value was measured using NAV as a practical expedient.


(e)	Common/collective trust funds were invested in approximately 36% fixed income and 64% equity in 2017 and 39% fixed income and 61% equity in 2016.


(f)	Private investment funds were invested in approximately 52% fixed income and 48% equity in 2017 and 54% fixed income and 46% equity in 2016.


(g)	Includes assets invested in real estate, venture and buyout funds. 2016 also includes high yield investments.



	OPEB Assets
	2017								2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Measured within fair value hierarchy
Short-term investment funds	$	—	$	7	$	—	$	7	$	—	$	15	$	—	$	15
Equities(a)	16		—		—		16		11		—		—		11
MLPs	50		—		—		50		57		—		—		57
Guaranteed insurance contracts	—		—		49		49		—		—		47		47
Mutual funds	1		—		—		1		1		—		—		1
Subtotal	$	67	$	7	$	49	123		$	69	$	15	$	47	131
Measured at NAV(b)
Common/collective trusts(c)							68								68
Fixed income trusts							66								64
Limited partnerships(d)							78								69
Subtotal							212								201
Total plan assets fair value							$	335							$	332

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(a)	Plan assets include $2 million of KMI Class P common stock for each 2017 and 2016.


(b)	Plan assets for which fair value was measured using NAV as a practical expedient.


(c)	Common/collective trust funds were invested in approximately 71% equity and 29% fixed income securities for 2017 and 72% equity and 28% fixed income securities for 2016.


(d)	Limited partnerships were invested in global equity securities.

Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]

The following tables present the changes in our pension and OPEB plans’ assets included in Level 3 for the years ended December 31, 2017 and 2016 (in millions):



	Pension Assets
	Balance at Beginning of Period		Transfers In (Out)		Realized and Unrealized Gains (Losses), net		Purchases (Sales), net			Balance at End of Period
2017
Insurance contracts	$	16	$	—	$	—	$	(16	)	$	—

2016
Insurance contracts	$	15	$	—	$	1	$	—		$	16



	OPEB Assets
	Balance at Beginning of Period		Transfers In (Out)		Realized and Unrealized Gains (Losses), net			Purchases (Sales), net			Balance at End of Period
2017
Insurance contracts	$	47	$	—	$	5		$	(3	)	$	49

2016
Insurance contracts	$	49	$	—	$	(2	)	$	—		$	47

Changes in the underlying value of Level 3 assets due to the effect of changes of fair value were immaterial for the years ended December 31, 2017 and 2016.

Schedule of Expected Benefit Payments [Table Text Block]

Expected Payment of Future Benefits and Employer Contributions. As of December 31, 2017, we expect to make the following benefit payments under our plans (in millions):



Fiscal year	Pension Benefits		OPEB(a)
2018	$	244	$	36
2019	241		36
2020	242		35
2021	232		34
2022	230		33
2023 - 2027	1,029		149

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(a)	Includes a reduction of approximately $2 million in each of the years 2018 - 2022 and approximately $13 million in aggregate for 2023 - 2027 for an expected subsidy related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003.

Schedule of Assumptions Used [Table Text Block]

Actuarial Assumptions and Sensitivity Analysis. Benefit obligations and net benefit cost are based on actuarial estimates and assumptions. The following table details the weighted-average actuarial assumptions used in determining our benefit obligation and net benefit costs of our pension and OPEB plans for 2017, 2016 and 2015:



	Pension Benefits						OPEB
	2017		2016		2015		2017		2016		2015
Assumptions related to benefit obligations:
Discount rate	3.56	%	3.83	%	4.05	%	3.48	%	3.69	%	3.91	%
Rate of compensation increase	3.53	%	3.52	%	3.50	%	n/a		n/a		n/a
Assumptions related to benefit costs:
Discount rate for benefit obligations	3.83	%	4.05	%	3.66	%	3.69	%	3.91	%	3.56	%
Discount rate for interest on benefit obligations	3.09	%	3.24	%	3.66	%	3.05	%	3.18	%	3.56	%
Discount rate for service cost	3.88	%	4.15	%	3.66	%	4.15	%	4.36	%	3.56	%
Discount rate for interest on service cost	3.24	%	3.50	%	3.66	%	3.95	%	4.17	%	3.56	%
Expected return on plan assets(a)	7.07	%	7.31	%	7.50	%	6.84	%	7.07	%	7.08	%
Rate of compensation increase	3.52	%	3.51	%	4.50	%	n/a		n/a		n/a

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(a)	The expected return on plan assets listed in the table above is a pre-tax rate of return based on our targeted portfolio of investments. For the OPEB assets subject to unrelated business income taxes (UBIT), we utilize an after-tax expected return on plan assets to determine our benefit costs, which is based on a UBIT rate of 21% for 2017, 2016 and 2015.

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]

A one-percentage point change in assumed health care cost trends would have the following effects as of December 31, 2017 and 2016 (in millions):



	2017			2016
One-percentage point increase:
Aggregate of service cost and interest cost	$	1		$	1
Accumulated postretirement benefit obligation	22			27
One-percentage point decrease:
Aggregate of service cost and interest cost	$	(1	)	$	(1	)
Accumulated postretirement benefit obligation	(19		)	(23		)

Schedule of Net Benefit Costs [Table Text Block]

Components of Net Benefit Cost and Other Amounts Recognized in Other Comprehensive Income. For each of the years ended December 31, the components of net benefit cost and other amounts recognized in pre-tax other comprehensive income related to our pension and OPEB plans are as follows (in millions):



	Pension Benefits									OPEB
	2017			2016			2015			2017			2016			2015
Components of net benefit cost:
Service cost	$	40		$	36		$	33		$	1		$	1		$	—
Interest cost	88			89			99			13			16			21
Expected return on assets	(147		)	(151		)	(172		)	(19		)	(19		)	(23		)
Amortization of prior service cost (credit)	1			1			—			(3		)	(3		)	(3		)
Amortization of net actuarial loss (gain)	52			35			5			(6		)	—			1
Curtailment and settlement loss	5			—			—			—			—			—
Net benefit (credit) cost(a)	39			10			(35		)	(14		)	(5		)	(4		)

Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Net loss (gain) arising during period	17			116			267			(25		)	(48		)	(49		)
Prior service cost (credit) arising during period	—			—			—			—			—			—
Amortization or settlement recognition of net actuarial (loss) gain	(64		)	(34		)	(5		)	6			—			(1		)
Amortization of prior service credit	(1		)	—			—			1			1			1
Exchange rate changes	—			1			—			—			—			—
Total recognized in total other comprehensive (income) loss	(48		)	83			262			(18		)	(47		)	(49		)
Total recognized in net benefit cost (credit) and other comprehensive (income) loss	$	(9	)	$	93		$	227		$	(32	)	$	(52	)	$	(53	)

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(a)

2017 and 2016 OPEB amounts each include $4 million of net benefit credits related to a plan that we sponsor that is associated with employee services provided to an unconsolidated joint venture. We charge or refund these costs or credits associated with this plan to the joint venture as an offset to our net benefit cost or credit and receive our proportionate share of these costs or credits through our share of the equity investee’s earnings.