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Share-based Compensation and Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Summary of Stock Compensation Plans | Following is a summary of our stock compensation plans:
|  | Directors’ Plan |  | Long Term Incentive Plan
Participating individuals |  | Eligible non-employee directors |  | Eligible employees
Total number of shares of Class P common stock authorized |  | 1,190,000 |  |  | 63,000,000 |
Vesting period |  | 6 months |  | 1 year to 10 years
Summary of Activity and Related Balances of Restricted Stock Awards | We also have a Kinder Morgan, Inc. 2021 Amended and Restated Stock Incentive Plan (Long Term Incentive Plan). The following table sets forth a summary of activity and related balances under our Long Term Incentive Plan:
| Shares |  | Weighted Average Grant Date Fair Value per Share
| (In thousands, except per share amounts)
Outstanding at December 31, 2022 | 13,288 |  |  | $ | 16.87 |
Granted | 5,253 |  |  | 17.41 |
Vested | (5,226) |  |  | 16.09 |
Forfeited | (454) |  |  | 17.03 |
Outstanding at December 31, 2023 | 12,861 |  |  | $ | 17.41 |
Schedule of Grant Date Fair Value, Awards Vested and Compensation Costs | The following tables set forth additional information related to our Long Term Incentive Plan:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions, except per share amounts)
Weighted average grant date fair value per share | $ | 17.41 |  |  | $ | 17.31 |  |  | $ | 17.44 |
Intrinsic value of awards vested during the year | 93 |  |  | 47 |  |  | 77 |
Restricted stock awards expense(a) | 63 |  |  | 60 |  |  | 59 |
Restricted stock awards capitalized(a) | 10 |  |  | 9 |  |  | 9 |
(a)We allocate labor and benefit costs to joint ventures that we operate in accordance with our partnership agreements.
|  |  | December 31, 2023
Unrecognized restricted stock awards compensation costs, less estimated forfeitures (in millions) |  | $ | 117 |
Weighted average remaining amortization period |  |  |  | 2.06 years
Schedule of Defined Benefit Plans Disclosures | 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, 2023 and 2022:
| Pension Benefits |  | OPEB
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In millions)
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of period | $ | 2,077 |  |  | $ | 2,658 |  |  | $ | 195 |  |  | $ | 257 |
Service cost | 55 |  |  | 55 |  |  | 1 |  |  | 1 |
Interest cost | 107 |  |  | 57 |  |  | 10 |  |  | 5 |
Actuarial loss (gain) | 14 |  |  | (503) |  |  | (6) |  |  | (44) |
Benefits paid | (132) |  |  | (190) |  |  | (25) |  |  | (26) |
Participant contributions | — |  |  | — |  |  | 1 |  |  | 1 |
Settlements | (219) |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | 1 |  |  | 1 |
Benefit obligation at end of period | 1,902 |  |  | 2,077 |  |  | 177 |  |  | 195 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | 1,741 |  |  | 2,231 |  |  | 302 |  |  | 382 |
Actual return on plan assets | 122 |  |  | (350) |  |  | 44 |  |  | (63) |
Employer contributions | 50 |  |  | 50 |  |  | — |  |  | 7 |
Participant contributions | — |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid | (132) |  |  | (190) |  |  | (25) |  |  | (26) |
Settlements | (219) |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | 1 |  |  | 1 |
Fair value of plan assets at end of period | 1,562 |  |  | 1,741 |  |  | 323 |  |  | 302 |
Funded status - net (liability) asset at December 31, | $ | (340) |  |  | $ | (336) |  |  | $ | 146 |  |  | $ | 107 |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Non-current benefit asset(a) | $ | — |  |  | $ | — |  |  | $ | 263 |  |  | $ | 239 |
Current benefit liability | — |  |  | — |  |  | (14) |  |  | (15) |
Non-current benefit liability | (340) |  |  | (336) |  |  | (103) |  |  | (117) |
Funded status - net (liability) asset at December 31, | $ | (340) |  |  | $ | (336) |  |  | $ | 146 |  |  | $ | 107 |
Amounts of pre-tax accumulated other comprehensive (loss) income recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Unrecognized net actuarial (loss) gain | $ | (384) |  |  | $ | (455) |  |  | $ | 149 |  |  | $ | 135 |
Unrecognized prior service (cost) credit | — |  |  | (1) |  |  | 3 |  |  | 4 |
Accumulated other comprehensive (loss) income | $ | (384) |  |  | $ | (456) |  |  | $ | 152 |  |  | $ | 139 |
Information related to plans whose accumulated benefit obligations exceeded the fair value of plan assets: |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 1,870 |  |  | $ | 2,047 |  |  | $ | 119 |  |  | $ | 167 |
Fair value of plan assets | 1,562 |  |  | 1,741 |  |  | 2 |  |  | 34 |
(a)2023 and 2022 OPEB amounts include $53 million and $45 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.
Fair Value of Pension and OPEB Assets by Level of Assets | The allowable range for asset allocations in effect for our plans as of December 31, 2023, by asset category, are as follows:
|  | Pension Benefits |  | OPEB
Cash |  |  |  | 0% to 23%
Equities |  | 42% to 52% |  | 43% to 71%
Fixed income securities |  | 37% to 47% |  | 26% to 50%
Real estate |  | 2% to 12% |  |
Company securities (KMI Class P common stock and/or debt securities) |  | 0% to 10% |  |
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, 2023 and 2022:
| Pension Assets
| 2023 |  | 2022
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
| (In millions)
Measured within fair value hierarchy |  |  |  |  |  |  |  |  |  |  |
Short-term investment funds | $ | — |  |  | $ | 32 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 27 |  |  | $ | 27 |
Equities(a) | 143 |  |  | — |  |  | 143 |  |  | 152 |  |  | — |  |  | 152 |
Fixed income securities | — |  |  | 410 |  |  | 410 |  |  | — |  |  | 421 |  |  | 421 |
Subtotal | $ | 143 |  |  | $ | 442 |  |  | 585 |  |  | $ | 152 |  |  | $ | 448 |  |  | 600 |
Measured at NAV |  |  |  |  |  |  |  |  |  |  |
Common/collective trusts(b) |  |  |  |  | 976 |  |  |  |  |  |  | 1,138 |
Private limited partnerships(c) |  |  |  |  | 1 |  |  |  |  |  |  | 3 |
Subtotal |  |  |  |  | 977 |  |  |  |  |  |  | 1,141 |
Total plan assets fair value |  |  |  |  | $ | 1,562 |  |  |  |  |  |  | $ | 1,741 |
(a)Plan assets include $107 and $110 of KMI Class P common stock for 2023 and 2022, respectively. (b)Common/collective trust funds were invested in approximately 64% equities, 23% fixed income securities and 13% real estate in 2023 and 66% equities, 22% fixed income securities and 12% real estate in 2022. (c)Includes assets invested in real estate, venture and buyout funds.
| OPEB Assets
| 2023 |  | 2022
| Level 1 |  | Level 2 |  |  |  | Total |  | Level 1 |  | Level 2 |  |  |  | Total
| (In millions)
Measured within fair value hierarchy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investment funds | $ | — |  |  | $ | 5 |  |  |  |  | $ | 5 |  |  | $ | — |  |  | $ | 3 |  |  |  |  | $ | 3 |
Measured at NAV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trusts(a) |  |  |  |  |  |  | 318 |  |  |  |  |  |  |  |  | 299 |
Total plan assets fair value |  |  |  |  |  |  | $ | 323 |  |  |  |  |  |  |  |  | $ | 302 |
(a)Common/collective trust funds were invested in approximately 62% equities and 38% fixed income securities for 2023 and 61% equities and 39% fixed income securities for 2022.
Schedule of Expected Payment of Future Benefits and Employer Contributions | Employer Contributions and Expected Payment of Future Benefits. As of December 31, 2023, we expect the following cash flows under our plans:
|  | Pension Benefits |  | OPEB
|  | (In millions)
Contributions expected in 2024 |  | $ | 50 |  |  | $ | — |
Benefit payments expected in: |  |  |  |
2024 |  | $ | 190 |  |  | $ | 24 |
2025 |  | 187 |  |  | 22 |
2026 |  | 185 |  |  | 21 |
2027 |  | 179 |  |  | 19 |
2028 |  | 175 |  |  | 18 |
2029 - 2033 |  | 777 |  |  | 67 |
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 as of December 31, 2023 and 2022 and net benefit costs of our pension and OPEB plans for 2023, 2022 and 2021:
|  |  |  |  |  | Pension Benefits |  | OPEB
|  |  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Assumptions related to benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  |  |  |  | 5.13 | % |  | 5.41 | % |  | 5.08 | % |  | 5.38 | %
Rate of compensation increase |  |  |  |  |  | 3.50 | % |  | 3.50 | % |  | n/a |  | n/a
Interest crediting rate |  |  |  |  |  | 3.85 | % |  | 3.50 | % |  | n/a |  | n/a
|  | Pension Benefits |  | OPEB
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Assumptions related to benefit costs: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.41 | % |  | 2.74 | % |  | 2.27 | % |  | 5.38 | % |  | 2.56 | % |  | 2.08 | %
Expected return on plan assets |  | 7.00 | % |  | 6.50 | % |  | 6.25 | % |  | 6.00 | % |  | 5.75 | % |  | 5.75 | %
Rate of compensation increase |  | 3.50 | % |  | 3.50 | % |  | 3.50 | % |  | n/a |  | n/a |  | n/a
Interest crediting rate |  | 3.50 | % |  | 3.01 | % |  | 2.57 | % |  | n/a |  | n/a |  | n/a
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
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Components of net benefit cost (credit): |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 55 |  |  | $ | 55 |  |  | $ | 53 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost |  | 107 |  |  | 57 |  |  | 45 |  |  | 10 |  |  | 5 |  |  | 4 |
Expected return on assets |  | (117) |  |  | (142) |  |  | (133) |  |  | (13) |  |  | (17) |  |  | (16) |
Amortization of prior service cost (credit) |  | 1 |  |  | 1 |  |  | — |  |  | (3) |  |  | (3) |  |  | (5) |
Amortization of net actuarial loss (gain) |  | 35 |  |  | 29 |  |  | 52 |  |  | (16) |  |  | (18) |  |  | (17) |
Settlement loss |  | 46 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net benefit cost (credit) |  | 127 |  |  | — |  |  | 17 |  |  | (21) |  |  | (32) |  |  | (33) |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) arising during period |  | 10 |  |  | (11) |  |  | (127) |  |  | (30) |  |  | 24 |  |  | (40) |
Amortization or settlement recognition of net actuarial (loss) gain |  | (81) |  |  | (29) |  |  | (52) |  |  | 16 |  |  | 17 |  |  | 17 |
Amortization of prior service (cost) credit |  | (1) |  |  | (1) |  |  | — |  |  | 1 |  |  | 2 |  |  | 3 |
Total recognized in total other comprehensive (income) loss(a) |  | (72) |  |  | (41) |  |  | (179) |  |  | (13) |  |  | 43 |  |  | (20) |
Total recognized in net benefit cost (credit) and other comprehensive (income) loss |  | $ | 55 |  |  | $ | (41) |  |  | $ | (162) |  |  | $ | (34) |  |  | $ | 11 |  |  | $ | (53) |
(a)Excludes $4 million and $3 million for the years ended December 31, 2022 and 2021, respectively, associated with other plans.

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