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Share-based Compensation and Employee Benefits (Tables)

12 Months Ended

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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