Share-based Compensation and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2019

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 (in millions, except share and per share amounts):

	Year Ended				Year Ended				Year Ended
	December 31, 2019				December 31, 2018				December 31, 2017
	Shares		Weighted Average Grant Date Fair Value per Share		Shares		Weighted Average Grant Date Fair Value per Share		Shares		Weighted Average Grant Date Fair Value per Share
Outstanding at beginning of period	13,154,605		$	22.59	10,518,344		$	28.21	9,038,137		$	32.72
Granted	3,791,674		20.46		5,389,476		17.73		3,221,691		19.52
Vested	(4,259,169	)	28.15		(2,371,193	)	36.34		(1,501,939	)	36.67
Forfeited	(273,554	)	21.22		(382,022	)	23.26		(239,545	)	28.34
Outstanding at end of period	12,413,556		20.07		13,154,605		22.59		10,518,344		28.21

Summary of Future Vesting of Outstanding Restricted Stock Awards

Following is a summary of the future vesting of our outstanding restricted stock awards:

Year	Vesting of Restricted Shares
2020	3,271,081
2021	4,628,872
2022	3,356,768
2023	549,164
2024	127,173
Thereafter	480,498
Total Outstanding	12,413,556

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, 2019 and 2018 (in millions):

	Pension Benefits						OPEB
	2019			2018			2019			2018
Change in benefit obligation:
Benefit obligation at beginning of period	$	2,566		$	2,982		$	339		$	425
Service cost	53			52			1			1
Interest cost	96			84			12			12
Actuarial loss (gain)	159			(172		)	10			(53		)
Benefits paid	(178		)	(175		)	(32		)	(33		)
Participant contributions	—			—			2			1
Medicare Part D subsidy receipts	—			—			1			1
Other(a)	—			(205		)	—			(15		)
Benefit obligation at end of period	2,696			2,566			333			339

Change in plan assets:
Fair value of plan assets at beginning of period	1,864			2,296			306			335
Actual return on plan assets	330			(128		)	49			(5		)
Employer contributions	60			30			7			7
Participant contributions	—			—			2			1
Medicare Part D subsidy receipts	—			—			1			1
Benefits paid	(178		)	(175		)	(32		)	(33		)
Other(a)	—			(159		)	—			—
Fair value of plan assets at end of period	2,076			1,864			333			306
Funded status - net liability at December 31,	$	(620	)	$	(702	)	$	—		$	(33	)

_______

(a) 2018 amounts represent December 31, 2017 balances associated with Canadian pension and OPEB plans that were included in the TMPL Sale.

Components of Funded Status

Components of Funded Status. The following table details the amounts recognized in our balance sheets at December 31, 2019 and 2018 related to our pension and OPEB plans (in millions):

	Pension Benefits						OPEB
	2019			2018			2019			2018
Non-current benefit asset(a)	$	—		$	—		$	231		$	190
Current benefit liability	—			—			(18		)	(13		)
Non-current benefit liability	(620		)	(702		)	(213		)	(210		)
Funded status - net liability at December 31,	$	(620	)	$	(702	)	$	—		$	(33	)

_______

(a) 2019 and 2018 OPEB amounts include $39 million and $32 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, 2019 and 2018 related to our pension and OPEB plans which are included on our accompanying consolidated balance sheets (in millions):

	Pension Benefits						OPEB
	2019			2018			2019		2018
Unrecognized net actuarial (loss) gain	$	(557	)	$	(653	)	$	123	$	117
Unrecognized prior service (cost) credit	(3		)	(3		)	12		14
Accumulated other comprehensive (loss) income	$	(560	)	$	(656	)	$	135	$	131

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, 2019 and 2018 (in millions):

	Pension Assets
	2019								2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Measured within fair value hierarchy
Short-term investment funds	$	—	$	50	$	—	$	50	$	—	$	7	$	—	$	7
Mutual funds(a)	—		—		—		—		81		—		—		81
Equities(b)	296		—		—		296		227		—		—		227
Fixed income securities(c)	—		405		—		405		—		422		—		422
Derivatives	—		12		—		12		—		6		—		6
Subtotal	$	296	$	467	$	—	763		$	308	$	435	$	—	743
Measured at NAV(d)
Common/collective trusts(e)							1,069								857
Private investment funds(f)							200								215
Private limited partnerships(g)							44								49
Subtotal							1,313								1,121
Total plan assets fair value							$	2,076							$	1,864

_______

(a) Includes mutual funds which are invested in equity.

(b) Plan assets include $129 million and $94 million of KMI Class P common stock for 2019 and 2018, respectively.

(c) Plan assets include $1 million of KMI debt securities for 2019.

(d) Plan assets which used NAV as a practical expedient to measure fair value.

(e) Common/collective trust funds were invested in approximately 32% fixed income and 68% equity in 2019 and 37% fixed income and 63% equity in 2018.

(f) Private investment funds were invested in approximately 73% fixed income and 27% equity in 2019 and 71% fixed income and 29% equity in 2018.

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

	OPEB Assets
	2019								2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Measured within fair value hierarchy
Cash	$	1	$	—	$	—	$	1	$	—	$	—	$	—	$	—
Short-term investment funds	—		5		—		5		—		4		—		4
Equities	25		—		—		25		—		—		—		—
Fixed income securities	—		17		—		17		—		—		—		—
Guaranteed insurance contracts	—		—		—		—		—		—		51		51
Mutual funds(a)	11		—		—		11		1		—		—		1
Subtotal	$	37	$	22	$	—	59		$	1	$	4	$	51	56
Measured at NAV(b)
Common/collective trusts(c)							274								250
Subtotal							274								250
Total plan assets fair value							$	333							$	306

_______

(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 64% equity and 36% fixed income securities for 2019 and 60% equity and 40% fixed income securities for 2018.

Schedule of Changes in Plans’ Assets Included in Level 3

The following table presents the changes in our OPEB plans’ assets included in Level 3 for the years ended December 31, 2019 and 2018 (in millions):

	OPEB Assets
	Balance at Beginning of Period		Transfers In (Out)(a)			Realized and Unrealized Gains (Losses), net		Purchases (Sales), net			Balance at End of Period
2019
Guaranteed insurance contracts	$	51	$	(49	)	$	—	$	(2	)	$	—
2018
Guaranteed insurance contracts	$	49	$	—		$	4	$	(2	)	$	51

_______

(a) Guaranteed insurance contracts were canceled and the individual securities within the contracts were transferred in-kind to Level 1 or Level 2.

Schedule of Expected Payment of Future Benefits and Employer Contributions

Expected Payment of Future Benefits and Employer Contributions. As of December 31, 2019, we expect to make the following benefit payments under our plans (in millions):

Fiscal year	Pension Benefits		OPEB(a)
2020	$	239	$	32
2021	230		31
2022	229		30
2023	218		29
2024	212		27
2025 - 2029	939		115

_______

(a) Includes a reduction of approximately $1 million in each of the years 2020 through 2024 and approximately $6 million in aggregate for the period 2025 - 2029 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 2019, 2018 and 2017:

	Pension Benefits						OPEB
	2019		2018		2017		2019		2018		2017
Assumptions related to benefit obligations:
Discount rate	3.17	%	4.26	%	3.56	%	3.03	%	4.16	%	3.48	%
Rate of compensation increase	3.50	%	3.50	%	3.53	%	n/a		n/a		n/a
Assumptions related to benefit costs:
Discount rate for benefit obligations	4.26	%	3.56	%	3.83	%	4.16	%	3.48	%	3.69	%
Discount rate for interest on benefit obligations	3.89	%	3.13	%	3.09	%	3.83	%	3.08	%	3.05	%
Discount rate for service cost	4.28	%	3.56	%	3.88	%	4.51	%	3.82	%	4.15	%
Discount rate for interest on service cost	3.93	%	3.14	%	3.24	%	4.46	%	3.76	%	3.95	%
Expected return on plan assets(a)	7.25	%	7.25	%	7.07	%	6.50	%	7.08	%	6.84	%
Rate of compensation increase	3.50	%	3.50	%	3.52	%	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 a UBIT rate of 27% for 2019 and 21% for 2018 and 2017.

Schedule of One-Percentage Point Change in Assumed Health Care Cost Trends

A one-percentage point change in assumed health care cost trends would have the following effects as of December 31, 2019 and 2018 (in millions):

	2019			2018
One-percentage point increase:
Aggregate of service cost and interest cost	$	1		$	1
Accumulated postretirement benefit obligation	14			16
One-percentage point decrease:
Aggregate of service cost and interest cost	$	—		$	(1	)
Accumulated postretirement benefit obligation	(12		)	(14		)

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 (in millions):

	Pension Benefits									OPEB
	2019			2018			2017			2019			2018			2017
Components of net benefit cost (credit):
Service cost	$	53		$	52		$	40		$	1		$	1		$	1
Interest cost	96			84			88			12			12			13
Expected return on assets	(129		)	(149		)	(147		)	(16		)	(20		)	(19		)
Amortization of prior service cost (credit)	—			—			1			(4		)	(4		)	(3		)
Amortization of net actuarial loss (gain)	54			40			52			(11		)	(6		)	(6		)
Curtailment and settlement loss	—			—			5			—			—			—
Net benefit cost (credit)	74			27			39			(18		)	(17		)	(14		)
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Net (gain) loss arising during period	(42		)	105			17			(17		)	(32		)	(25		)
Amortization or settlement recognition of net actuarial (loss) gain	(54		)	(87		)	(64		)	11			3			6
Amortization of prior service (cost) credit	—			(1		)	(1		)	2			3			1
Total recognized in total other comprehensive (income) loss	(96		)	17			(48		)	(4		)	(26		)	(18		)
Total recognized in net benefit cost (credit) and other comprehensive (income) loss	$	(22	)	$	44		$	(9	)	$	(22	)	$	(43	)	$	(32	)