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Share-based Compensation and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2024

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, 2023			12,861						$	17.41
Granted			4,273						20.27
Vested			(3,310)						17.48
Forfeited			(419)						17.52
Outstanding at December 31, 2024			13,405						$	18.30

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,
			2024						2023						2022
			(In millions, except per share amounts)
Weighted average grant date fair value per share			$	20.27					$	17.41					$	17.31
Intrinsic value of awards vested during the year			70						93						47
Restricted stock awards expense(a)			64						63						60
Restricted stock awards capitalized(a)			10						10						9
(a)The above amounts represents total compensation costs and we allocate labor and benefit costs to joint ventures that we operate in accordance with our partnership agreements.
									December 31, 2024
Unrecognized restricted stock awards compensation costs, less estimated forfeitures (in millions)															$	123
Weighted average remaining amortization period															2.08 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, 2024 and 2023:

			Pension Benefits												OPEB
			2024						2023						2024						2023
			(In millions)
Change in benefit obligation:
Benefit obligation at beginning of period			$	1,902					$	2,077					$	177					$	195
Service cost			52						55						1						1
Interest cost			91						107						8						10
Actuarial (gain) loss			(82)						14						8						(6)
Benefits paid			(154)						(132)						(26)						(25)
Participant contributions			—						—						1						1
Settlements			—						(219)						—						—
Other			—						—						—						1
Benefit obligation at end of period			1,809						1,902						169						177
Change in plan assets:
Fair value of plan assets at beginning of period			1,562						1,741						323						302
Actual return on plan assets			156						122						33						44
Employer contributions			50						50						—						—
Participant contributions			—						—						1						1
Benefits paid			(154)						(132)						(26)						(25)
Settlements			—						(219)						—						—
Other			—						—						—						1
Fair value of plan assets at end of period			1,614						1,562						331						323
Funded status - net (liability) asset at December 31,			$	(195)					$	(340)					$	162					$	146
Amounts recognized in the consolidated balance sheets:
Non-current benefit asset(a)			$	—					$	—					$	278					$	263
Current benefit liability			—						—						(14)						(14)
Non-current benefit liability			(195)						(340)						(102)						(103)
Funded status - net (liability) asset at December 31,			$	(195)					$	(340)					$	162					$	146
Amounts of pre-tax accumulated other comprehensive (loss) income recognized in the consolidated balance sheets:
Unrecognized net actuarial (loss) gain			$	(230)					$	(384)					$	139					$	149
Unrecognized prior service credit			—						—						2						3
Accumulated other comprehensive (loss) income			$	(230)					$	(384)					$	141					$	152
Information related to plans whose accumulated benefit obligations exceeded the fair value of plan assets:
Accumulated benefit obligation			$	1,782					$	1,870					$	117					$	119
Fair value of plan assets			1,614						1,562						2						2

(a)2024 and 2023 OPEB amounts include $59 million and $53 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, 2024, 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, 2024 and 2023:

			Pension Assets
			2024																		2023
			Level 1						Level 2						Total						Level 1						Level 2						Total
			(In millions)
Measured within fair value hierarchy
Short-term investment funds			$	—					$	—					$	—					$	—					$	32					$	32
Equities(a)			203						—						203						143						—						143
Fixed income securities			—						380						380						—						410						410
Subtotal			$	203					$	380					583						$	143					$	442					585
Measured at NAV
Common/collective trusts(b)															1,002																		976
Private limited partnerships(c)															—																		1
Short-term investment funds															29																		—
Subtotal															1,031																		977
Total plan assets fair value															$	1,614																	$	1,562

(a)Plan assets include $167 and $107 of KMI Class P common stock for 2024 and 2023, respectively.

(b)Common/collective trust funds were invested in approximately 66% equities, 22% fixed income securities and 12% real estate in 2024 and 64% equities, 23% fixed income securities and 13% real estate in 2023.

(c)Includes assets invested in real estate, venture and buyout funds.

			OPEB Assets
			2024																		2023
			Level 1						Level 2												Total						Level 1						Level 2												Total
			(In millions)
Measured within fair value hierarchy
Short-term investment funds			$	—					$	3											$	3					$	—					$	5											$	5
Measured at NAV
Common/collective trusts(a)																					328																								318
Total plan assets fair value																					$	331																							$	323

(a)Common/collective trust funds were invested in approximately 62% equities and 38% fixed income securities for both 2024 and 2023.

Schedule of Expected Payment of Future Benefits and Employer Contributions

Employer Contributions and Expected Payment of Future Benefits. As of December 31, 2024, we expect the following cash flows under our plans:

						Pension Benefits						OPEB
						(In millions)
Contributions expected in 2025						$	50					$	—
Benefit payments expected in:
2025						$	189					$	23
2026						189						22
2027						184						20
2028						179						19
2029						175						17
2030 - 2034						767						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, 2024 and 2023 and net benefit costs of our pension and OPEB plans for 2024, 2023 and 2022:

																		Pension Benefits												OPEB
																		2024						2023						2024						2023
Assumptions related to benefit obligations:
Discount rate																		5.58		%				5.13		%				5.44		%				5.08		%
Rate of compensation increase																		3.50		%				3.50		%				n/a						n/a
Interest crediting rate																		3.78		%				3.85		%				n/a						n/a
						Pension Benefits																		OPEB
						2024						2023						2022						2024						2023						2022
Assumptions related to benefit costs:
Discount rate						5.13		%				5.41		%				2.74		%				5.08		%				5.38		%				2.56		%
Expected return on plan assets						7.00		%				7.00		%				6.50		%				6.00		%				6.00		%				5.75		%
Rate of compensation increase						3.50		%				3.50		%				3.50		%				n/a						n/a						n/a
Interest crediting rate						3.85		%				3.50		%				3.01		%				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
						2024						2023						2022						2024						2023						2022
						(In millions)
Components of net benefit cost (credit):
Service cost						$	52					$	55					$	55					$	1					$	1					$	1
Interest cost						91						107						57						8						10						5
Expected return on assets						(106)						(117)						(142)						(14)						(13)						(17)
Amortization of prior service cost (credit)						—						1						1						(3)						(3)						(3)
Amortization of net actuarial loss (gain)						22						35						29						(17)						(16)						(18)
Settlement loss						—						46						—						—						—						—
Net benefit cost (credit)						59						127						—						(25)						(21)						(32)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss arising during period						(132)						10						(11)						(6)						(30)						24
Amortization or settlement recognition of net actuarial (loss) gain						(22)						(81)						(29)						16						16						17
Amortization of prior service (cost) credit						—						(1)						(1)						1						1						2
Total recognized in OCI(a)						(154)						(72)						(41)						11						(13)						43
Total recognized in net benefit cost (credit) and OCI						$	(95)					$	55					$	(41)					$	(14)					$	(34)					$	11

(a)Excludes $1 million and $4 million for the years ended December 31, 2024 and 2022, respectively, associated with other plans.

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