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Share-based Compensation and Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract] |
Summary of Activity and Related Balances of Restricted Stock Awards | The following table sets forth a summary of activity and related balances of our restricted stock awards excluding that issued to non-employee directors:
| Shares |  | Weighted Average Grant Date Fair Value per Share
| (In thousands, except per share amounts)
Outstanding at December 31, 2019 | 12,414 |  |  | $ | 20.07 |
Granted | 4,532 |  |  | 15.10 |
Vested | (4,035) |  |  | 21.71 |
Forfeited | (229) |  |  | 18.99 |
Outstanding at December 31, 2020 | 12,682 |  |  | $ | 17.79 |
Schedule of Grant Date Fair Value, Awards Vested and Future Vesting of Restricted Stock Awards | The following table sets forth additional information related to our restricted stock awards excluding that issued to non-employee directors:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In millions, except per share amounts)
Weighted average grant date fair value per share | $ | 15.10 |  |  | $ | 20.46 |  |  | $ | 17.73 |
Intrinsic value of awards vested during the year | 59 |  |  | 87 |  |  | 42 |
Restricted stock awards made to employees have vesting periods ranging from 1 year up to 10 years. Following is a summary of the future vesting of our outstanding restricted stock awards:
Year |  | Vesting of Restricted Shares
|  | (In thousands)
2021 |  | 4,216 |
2022 |  | 3,051 |
2023 |  | 4,775 |
2024 |  | 127 |
2025 |  | 513 |
Total Outstanding |  | 12,682 |
Schedule of Benefit Obligation, Plan Assets and Funded Status | 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, 2020 and 2019:
| Pension Benefits |  | OPEB
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In millions)
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of period | $ | 2,696 |  |  | $ | 2,566 |  |  | $ | 333 |  |  | $ | 339 |
Service cost | 59 |  |  | 53 |  |  | 1 |  |  | 1 |
Interest cost | 71 |  |  | 96 |  |  | 8 |  |  | 12 |
Actuarial loss (gain) | 198 |  |  | 159 |  |  | (17) |  |  | 10 |
Benefits paid | (180) |  |  | (178) |  |  | (29) |  |  | (32) |
Participant contributions | — |  |  | — |  |  | 2 |  |  | 2 |
Medicare Part D subsidy receipts | — |  |  | — |  |  | 1 |  |  | 1 |
Benefit obligation at end of period | 2,844 |  |  | 2,696 |  |  | 299 |  |  | 333 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | 2,076 |  |  | 1,864 |  |  | 333 |  |  | 306 |
Actual return on plan assets | 178 |  |  | 330 |  |  | 47 |  |  | 49 |
Employer contributions | 125 |  |  | 60 |  |  | 7 |  |  | 7 |
Participant contributions | — |  |  | — |  |  | 2 |  |  | 2 |
Medicare Part D subsidy receipts | — |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid | (180) |  |  | (178) |  |  | (29) |  |  | (32) |
Fair value of plan assets at end of period | 2,199 |  |  | 2,076 |  |  | 361 |  |  | 333 |
Funded status - net (liability) asset at December 31, | $ | (645) |  |  | $ | (620) |  |  | $ | 62 |  |  | $ | — |
Components of Funded Status | Components of Funded Status. The following table details the amounts recognized in our balance sheets at December 31, 2020 and 2019 related to our pension and OPEB plans:
| Pension Benefits |  | OPEB
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In millions)
Non-current benefit asset(a) | $ | — |  |  | $ | — |  |  | $ | 269 |  |  | $ | 231 |
Current benefit liability | — |  |  | — |  |  | (19) |  |  | (18) |
Non-current benefit liability | (645) |  |  | (620) |  |  | (188) |  |  | (213) |
Funded status - net (liability) asset at December 31, | $ | (645) |  |  | $ | (620) |  |  | $ | 62 |  |  | $ | — |
(a)2020 and 2019 OPEB amounts include $46 million and $39 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 Components of Accumulated Other Comprehensive (Loss) Income | Components of Accumulated Other Comprehensive (Loss) Income. The following table details the amounts of pre-tax accumulated other comprehensive (loss) income at December 31, 2020 and 2019 related to our pension and OPEB plans which are included on our accompanying consolidated balance sheets:
| Pension Benefits |  | OPEB
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In millions)
Unrecognized net actuarial (loss) gain | $ | (674) |  |  | $ | (557) |  |  | $ | 153 |  |  | $ | 123 |
Unrecognized prior service (cost) credit | (2) |  |  | (3) |  |  | 9 |  |  | 12 |
Accumulated other comprehensive (loss) income | $ | (676) |  |  | $ | (560) |  |  | $ | 162 |  |  | $ | 135 |
Fair Value of Pension and OPEB Assets by Level of Assets | 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, 2020 and 2019:
| Pension Assets
| 2020 |  | 2019
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
| (In millions)
Measured within fair value hierarchy |  |  |  |  |  |  |  |  |  |  |
Short-term investment funds | $ | — |  |  | $ | 77 |  |  | $ | 77 |  |  | $ | — |  |  | $ | 50 |  |  | $ | 50 |
Equities(a) | 249 |  |  | — |  |  | 249 |  |  | 296 |  |  | — |  |  | 296 |
Fixed income securities(b) | — |  |  | 425 |  |  | 425 |  |  | — |  |  | 405 |  |  | 405 |
Derivatives | — |  |  | 11 |  |  | 11 |  |  | — |  |  | 12 |  |  | 12 |
Subtotal | $ | 249 |  |  | $ | 513 |  |  | 762 |  |  | $ | 296 |  |  | $ | 467 |  |  | 763 |
Measured at NAV(c) |  |  |  |  |  |  |  |  |  |  |
Common/collective trusts(d) |  |  |  |  | 1,184 |  |  |  |  |  |  | 1,069 |
Private investment funds(e) |  |  |  |  | 208 |  |  |  |  |  |  | 200 |
Private limited partnerships(f) |  |  |  |  | 45 |  |  |  |  |  |  | 44 |
Subtotal |  |  |  |  | 1,437 |  |  |  |  |  |  | 1,313 |
Total plan assets fair value |  |  |  |  | $ | 2,199 |  |  |  |  |  |  | $ | 2,076 |
(a)Plan assets include $83 million and $129 million of KMI Class P common stock for 2020 and 2019, respectively. (b)Plan assets include $1 million of KMI debt securities for both 2020 and 2019. (c)Plan assets which used NAV as a practical expedient to measure fair value. (d)Common/collective trust funds were invested in approximately 29% fixed income and 71% equity in 2020 and 32% fixed income and 68% equity in 2019. (e)Private investment funds were invested in approximately 71% fixed income and 29% equity in 2020 and 73% fixed income and 27% equity in 2019. (f)Includes assets invested in real estate, venture and buyout funds.
| OPEB Assets
| 2020 |  | 2019
| Level 1 |  | Level 2 |  |  |  | Total |  | Level 1 |  | Level 2 |  |  |  | Total
| (In millions)
Measured within fair value hierarchy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |  |  | $ | 1 |
Short-term investment funds | — |  |  | 5 |  |  |  |  | 5 |  |  | — |  |  | 5 |  |  |  |  | 5 |
Equities | — |  |  | — |  |  |  |  | — |  |  | 25 |  |  | — |  |  |  |  | 25 |
Fixed income securities | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 17 |  |  |  |  | 17 |
Mutual funds(a) | — |  |  | — |  |  |  |  | — |  |  | 11 |  |  | — |  |  |  |  | 11 |
Subtotal | $ | — |  |  | $ | 5 |  |  |  |  | 5 |  |  | $ | 37 |  |  | $ | 22 |  |  |  |  | 59 |
Measured at NAV(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trusts(c) |  |  |  |  |  |  | 356 |  |  |  |  |  |  |  |  | 274 |
Subtotal |  |  |  |  |  |  | 356 |  |  |  |  |  |  |  |  | 274 |
Total plan assets fair value |  |  |  |  |  |  | $ | 361 |  |  |  |  |  |  |  |  | $ | 333 |
(a)Includes mutual funds which are invested in equities and fixed income securities. (b)Plan assets which used NAV as a practical expedient to measure fair value. (c)Common/collective trust funds were invested in approximately 65% equity and 35% fixed income securities for 2020 and 64% equity and 36% fixed income securities for 2019.
Schedule of Expected Payment of Future Benefits and Employer Contributions | Expected Payment of Future Benefits and Employer Contributions. As of December 31, 2020, we expect to make the following benefit payments under our plans:
Fiscal year |  | Pension Benefits |  | OPEB(a)
|  | (In millions)
2021 |  | $ | 239 |  |  | $ | 30 |
2022 |  | 238 |  |  | 28 |
2023 |  | 225 |  |  | 27 |
2024 |  | 219 |  |  | 25 |
2025 |  | 211 |  |  | 23 |
2026 - 2030 |  | 902 |  |  | 94 |
(a)Includes a reduction of approximately $1 million in each of the years 2021 through 2025 and approximately $6 million in aggregate for the period 2026 - 2030 for an expected subsidy related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003.
Schedule of Weighted-Average Actuarial Assumptions | 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 2020, 2019 and 2018:
|  | Pension Benefits |  | OPEB
|  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
|  | (In millions)
Assumptions related to benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 2.27 | % |  | 3.17 | % |  | 4.26 | % |  | 2.08 | % |  | 3.03 | % |  | 4.16 | %
Rate of compensation increase |  | 3.50 | % |  | 3.50 | % |  | 3.50 | % |  | n/a |  | n/a |  | n/a
Interest crediting rate |  | 2.57 | % |  | 3.71 | % |  | 3.90 | % |  | n/a |  | n/a |  | n/a
Assumptions related to benefit costs: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate for benefit obligations |  | 3.17 | % |  | 4.26 | % |  | 3.56 | % |  | 3.03 | % |  | 4.16 | % |  | 3.48 | %
Discount rate for interest on benefit obligations |  | 2.71 | % |  | 3.89 | % |  | 3.13 | % |  | 2.63 | % |  | 3.83 | % |  | 3.08 | %
Discount rate for service cost |  | 3.24 | % |  | 4.28 | % |  | 3.56 | % |  | 3.48 | % |  | 4.51 | % |  | 3.82 | %
Discount rate for interest on service cost |  | 2.80 | % |  | 3.93 | % |  | 3.14 | % |  | 3.39 | % |  | 4.46 | % |  | 3.76 | %
Expected return on plan assets(a) |  | 6.75 | % |  | 7.25 | % |  | 7.25 | % |  | 6.50 | % |  | 6.50 | % |  | 7.08 | %
Rate of compensation increase |  | 3.50 | % |  | 3.50 | % |  | 3.50 | % |  | n/a |  | n/a |  | n/a
Interest crediting rate |  | 3.71 | % |  | 3.90 | % |  | 2.71 | % |  | n/a |  | n/a |  | n/a
(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 UBIT rates of 27%, 27% and 21% for 2020, 2019 and 2018, respectively.
Schedule of Components of Net Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | 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:
|  | Pension Benefits |  | OPEB
|  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
|  | (In millions)
Components of net benefit cost (credit): |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 59 |  |  | $ | 53 |  |  | $ | 52 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost |  | 71 |  |  | 96 |  |  | 84 |  |  | 8 |  |  | 12 |  |  | 12 |
Expected return on assets |  | (137) |  |  | (129) |  |  | (149) |  |  | (16) |  |  | (16) |  |  | (20) |
Amortization of prior service cost (credit) |  | 1 |  |  | — |  |  | — |  |  | (5) |  |  | (4) |  |  | (4) |
Amortization of net actuarial loss (gain) |  | 40 |  |  | 54 |  |  | 40 |  |  | (13) |  |  | (11) |  |  | (6) |
Net benefit cost (credit) |  | 34 |  |  | 74 |  |  | 27 |  |  | (25) |  |  | (18) |  |  | (17) |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) arising during period |  | 157 |  |  | (42) |  |  | 105 |  |  | (43) |  |  | (17) |  |  | (32) |
Amortization or settlement recognition of net actuarial (loss) gain |  | (40) |  |  | (54) |  |  | (87) |  |  | 13 |  |  | 11 |  |  | 3 |
Amortization of prior service (cost) credit |  | (1) |  |  | — |  |  | (1) |  |  | 3 |  |  | 2 |  |  | 3 |
Total recognized in total other comprehensive loss (income)(a) |  | 116 |  |  | (96) |  |  | 17 |  |  | (27) |  |  | (4) |  |  | (26) |
Total recognized in net benefit cost (credit) and other comprehensive loss (income) |  | $ | 150 |  |  | $ | (22) |  |  | $ | 44 |  |  | $ | (52) |  |  | $ | (22) |  |  | $ | (43) |
(a)Excludes $2 million for the year ended December 31, 2020 associated with other plans.

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