XML 63 R42.htm IDEA: XBRL DOCUMENT v3.24.0.1

Share-based Compensation and Employee Benefits (Tables)

12 Months Ended

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.

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_EmployeeBenefitsAndShareBasedCompensationAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-4

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-2

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (e)(1)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockUnitsVestedAndExpectedToVestTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration