Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 21, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-13643 | |
Entity Registrant Name | ONEOK, Inc. | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 73-1520922 | |
Entity Address, Address Line One | 100 West Fifth Street, | |
Entity Address, City or Town | Tulsa, | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 74103 | |
City Area Code | 918 | |
Local Phone Number | 588-7000 | |
Title of 12(b) Security | Common stock, par value of $0.01 | |
Trading Symbol | OKE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 413,084,650 | |
Entity Central Index Key | 0001039684 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | ||||
Revenues | $ 2,263,228 | $ 3,393,890 | $ 7,500,761 | $ 9,456,496 |
Cost of sales and fuel (exclusive of items shown separately below) | 1,414,528 | 2,560,765 | 4,996,699 | 7,104,609 |
Operations and maintenance | 218,305 | 206,247 | 632,332 | 589,465 |
Depreciation and amortization | 121,430 | 107,383 | 350,552 | 317,908 |
General taxes | 26,830 | 24,124 | 91,257 | 81,263 |
(Gain) loss on sale of assets | (16) | (163) | 2,882 | (348) |
Operating income | 482,151 | 495,534 | 1,427,039 | 1,363,599 |
Equity in net earnings from investments (Note I) | 37,576 | 39,313 | 115,175 | 116,070 |
Allowance for equity funds used during construction | 15,792 | 2,294 | 45,175 | 3,328 |
Other income | 6,643 | 5,072 | 21,685 | 7,667 |
Other expense | (6,065) | (3,404) | (14,024) | (11,104) |
Interest expense (net of capitalized interest of $27,610, $8,326, $73,601 and $15,498, respectively) | (129,577) | (121,910) | (362,490) | (351,131) |
Income before income taxes | 406,520 | 416,899 | 1,232,560 | 1,128,429 |
Income taxes | (97,365) | (102,983) | (274,234) | (266,285) |
Net income | 309,155 | 313,916 | 958,326 | 862,144 |
Less: Net income attributable to noncontrolling interests | 0 | 657 | 0 | 3,329 |
Net income attributable to ONEOK | 309,155 | 313,259 | 958,326 | 858,815 |
Less: Preferred stock dividends | 275 | 275 | 825 | 825 |
Net income available to common shareholders | $ 308,880 | $ 312,984 | $ 957,501 | $ 857,990 |
Basic earnings per common share (Note G) | $ 0.75 | $ 0.76 | $ 2.32 | $ 2.09 |
Diluted earnings per common share (Note G) | $ 0.74 | $ 0.75 | $ 2.31 | $ 2.07 |
Average shares (thousands) | ||||
Basic | 413,816 | 412,117 | 413,443 | 411,400 |
Diluted | 415,578 | 414,847 | 415,277 | 414,035 |
Commodity Sales | ||||
Revenues | ||||
Revenues | $ 1,947,834 | $ 3,083,625 | $ 6,567,634 | $ 8,578,891 |
Services | ||||
Revenues | ||||
Revenues | $ 315,394 | $ 310,265 | $ 933,127 | $ 877,605 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest expense (net of capitalized interest) | $ 27,610 | $ 8,326 | $ 73,601 | $ 15,498 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 309,155 | $ 311,963 | $ 337,208 | $ 313,916 | $ 282,179 | $ 266,049 | $ 958,326 | $ 862,144 |
Other comprehensive income (loss), net of tax | ||||||||
Change in fair value of derivatives, net of tax of $22,050, $1,054, $59,679 and $(3,204), respectively | (73,822) | (3,526) | (199,795) | 10,729 | ||||
Derivative amounts reclassified to net income, net of tax of $2,673, $(5,752), $8,654 and $(12,962), respectively | (8,952) | 19,261 | (29,748) | 43,397 | ||||
Change in retirement and other postretirement benefit plan obligations, net of tax of $(737), $(966), $(2,172) and $(2,714), respectively | 2,465 | 3,236 | 7,271 | 9,086 | ||||
Other comprehensive income (loss) of unconsolidated affiliates, net of tax of $1,314, $(442), $3,164 and $(1,578), respectively | (4,399) | 1,480 | (10,593) | 5,281 | ||||
Total other comprehensive income (loss), net of tax | (84,708) | $ (66,872) | $ (81,285) | 20,451 | $ (3,897) | $ 51,939 | (232,865) | 68,493 |
Comprehensive income | 224,447 | 334,367 | 725,461 | 930,637 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 657 | 0 | 3,329 | ||||
Comprehensive income attributable to ONEOK | $ 224,447 | $ 333,710 | $ 725,461 | $ 927,308 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARANTHETICAL) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Change in fair value of derivatives, tax | $ 22,050 | $ 1,054 | $ 59,679 | $ (3,204) |
Derivative amounts reclassified to net income, tax | 2,673 | (5,752) | 8,654 | (12,962) |
Change in retirement and other postretirement benefit plan obligations, tax | (737) | (966) | (2,172) | (2,714) |
Other comprehensive income (loss) on investments in unconsolidated affiliates, tax | $ 1,314 | $ (442) | $ 3,164 | $ (1,578) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 673,309 | $ 11,975 |
Accounts receivable, net | 718,708 | 818,958 |
Materials and supplies | 192,933 | 141,174 |
Natural gas and NGLs in storage | 283,545 | 296,667 |
Commodity imbalances | 19,327 | 29,050 |
Other current assets | 79,763 | 100,808 |
Total current assets | 1,967,585 | 1,398,632 |
Property, plant and equipment | ||
Property, plant and equipment | 20,948,267 | 18,030,963 |
Accumulated depreciation and amortization | 3,585,411 | 3,264,312 |
Net property, plant and equipment | 17,362,856 | 14,766,651 |
Investments and other assets | ||
Investments in unconsolidated affiliates | 870,511 | 969,150 |
Goodwill and intangible assets | 960,808 | 967,142 |
Other assets | 174,147 | 130,096 |
Total investments and other assets | 2,005,466 | 2,066,388 |
Total assets | 21,335,907 | 18,231,671 |
Current liabilities | ||
Current maturities of long-term debt (Note D) | 7,650 | 507,650 |
Accounts payable | 1,129,849 | 1,116,337 |
Commodity imbalances | 103,185 | 110,197 |
Accrued Taxes | 79,358 | 61,337 |
Accrued interest | 122,063 | 161,377 |
Finance lease liability (Note K) | 1,901 | 1,765 |
Other current liabilities | 123,146 | 149,773 |
Total current liabilities | 1,567,152 | 2,108,436 |
Long-term debt, excluding current maturities | 12,479,452 | 8,873,334 |
Deferred credits and other liabilities | ||
Deferred income taxes | 418,736 | 219,731 |
Finance lease liability (Note K) | 24,801 | 26,244 |
Other deferred credits | 626,860 | 424,383 |
Total deferred credits and other liabilities | 1,070,397 | 670,358 |
Commitments and contingencies (Note J) | ||
Equity (Note E) | ||
Preferred stock, $0.01 par value: authorized and issued 20,000 shares at September 30, 2019, and December 31, 2018 | 0 | 0 |
Common stock, $0.01 par value: authorized 1,200,000,000 shares, issued 445,016,234 shares and outstanding 413,076,116 shares at September 30, 2019; issued 445,016,234 shares and outstanding 411,532,606 shares at December 31, 2018 | 4,450 | 4,450 |
Paid-in capital | 7,448,099 | 7,615,138 |
Accumulated other comprehensive loss (Note F) | (421,104) | (188,239) |
Retained earnings | 0 | 0 |
Treasury stock, at cost: 31,940,118 shares at September 30, 2019, and 33,483,628 shares at December 31, 2018 | (812,539) | (851,806) |
Total equity | 6,218,906 | 6,579,543 |
Total liabilities and equity | $ 21,335,907 | $ 18,231,671 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Equity (Note E) | ||
Common stock, shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares, authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, shares, issued (in shares) | 445,016,234 | 445,016,234 |
Common stock, shares, outstanding (in shares) | 413,076,116 | 411,532,606 |
Treasury stock, shares (in shares) | 31,940,118 | 33,483,628 |
Preferred stock, shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares, issued (in shares) | 20,000 | 20,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Other Operating Activities, Cash Flow Statement | $ (1,200) | $ (3,250) |
Operating activities | ||
Net income | 958,326 | 862,144 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 350,552 | 317,908 |
Equity in net earnings from investments | (115,175) | (116,070) |
Distributions received from unconsolidated affiliates | 121,176 | 125,824 |
Deferred income taxes | 269,488 | 264,509 |
Share-based compensation expense | 28,038 | 23,963 |
Allowance for equity funds used during construction | (45,175) | (3,328) |
Changes in assets and liabilities: | ||
Accounts receivable | 100,250 | 117,876 |
Natural gas and NGLs in storage | 13,122 | (91,170) |
Accounts payable | (162,806) | (41,837) |
Commodity imbalances, net | 2,711 | 15,379 |
Accrued interest | (39,314) | (23,562) |
Risk-management assets and liabilities | (93,244) | 66,966 |
Other assets and liabilities, net | (59,904) | 1,098 |
Cash provided by operating activities | 1,326,845 | 1,516,450 |
Investing activities | ||
Capital expenditures (less allowance for equity funds used during construction) | (2,739,338) | (1,309,655) |
Contributions to unconsolidated affiliates | (3,290) | (831) |
Distributions received from unconsolidated affiliates in excess of cumulative earnings | 82,171 | 19,613 |
Payments for (Proceeds from) Other Investing Activities | 12,583 | 1,053 |
Cash used in investing activities | (2,647,874) | (1,289,820) |
Financing activities | ||
Dividends paid | (1,079,379) | (983,068) |
Distributions to noncontrolling interests | 0 | (3,500) |
Borrowing (repayment) of short-term borrowings, net | 0 | (494,673) |
Issuance of long-term debt, net of discounts | 4,185,435 | 1,245,773 |
Debt financing costs | (29,777) | (11,301) |
Repayment of long-term debt | (1,055,436) | (930,738) |
Issuance of common stock | 19,333 | 1,195,128 |
Acquisition of noncontrolling interests | 0 | (195,000) |
Other | (57,813) | (1,980) |
Cash provided by (used in) financing activities | 1,982,363 | (179,359) |
Change in cash and cash equivalents | 661,334 | 47,271 |
Cash and cash equivalents at beginning of period | 11,975 | 37,193 |
Cash and cash equivalents at end of period | $ 673,309 | $ 84,464 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Noncontrolling Interests in Consolidated Subsidiaries |
Cumulative effect adjustment for adoption of ASUs | $ 1,719 | $ 0 | $ 0 | $ 0 | $ (38,101) | $ 39,803 | $ 0 | $ 17 |
Shares, issued, beginning balance at Dec. 31, 2017 | 423,166,234 | 20,000 | ||||||
Total equity, beginning balance at Dec. 31, 2017 | 5,685,352 | $ 4,232 | $ 0 | 6,588,878 | (188,530) | 0 | (876,713) | 157,485 |
Net income | 266,049 | 0 | 0 | 0 | 0 | 264,508 | 0 | 1,541 |
Other comprehensive income (loss) | 51,939 | 0 | 0 | 0 | 51,939 | 0 | 0 | 0 |
Preferred stock dividends (Note E) | (275) | $ 0 | 0 | (275) | 0 | 0 | 0 | 0 |
Common Stock Issued During Period, Shares, Other | 21,850,000 | |||||||
Common Stock Issued During Period, Value, Other | 1,182,693 | $ 218 | 0 | 1,169,247 | 0 | 0 | 13,228 | 0 |
Common Stock Dividends (Note E) | (316,271) | 0 | 0 | (11,960) | 0 | (304,311) | 0 | 0 |
Distributions to Noncontrolling Interests | (1,500) | 0 | 0 | 0 | 0 | 0 | 0 | (1,500) |
Contributions from noncontrolling interests | 10,263 | 0 | 0 | 0 | 0 | 0 | 0 | 10,263 |
Other | (10,717) | $ 0 | $ 0 | (10,717) | 0 | 0 | 0 | 0 |
Shares, issued, ending balance at Mar. 31, 2018 | 445,016,234 | 20,000 | ||||||
Total equity, ending balance at Mar. 31, 2018 | 6,869,252 | $ 4,450 | $ 0 | 7,735,173 | (174,692) | 0 | (863,485) | 167,806 |
Shares, issued, beginning balance at Dec. 31, 2017 | 423,166,234 | 20,000 | ||||||
Total equity, beginning balance at Dec. 31, 2017 | 5,685,352 | $ 4,232 | $ 0 | 6,588,878 | (188,530) | 0 | (876,713) | 157,485 |
Net income | 862,144 | |||||||
Other comprehensive income (loss) | 68,493 | |||||||
Shares, issued, ending balance at Sep. 30, 2018 | 445,016,234 | 20,000 | ||||||
Total equity, ending balance at Sep. 30, 2018 | 6,652,758 | $ 4,450 | $ 0 | 7,662,673 | (158,138) | 0 | (856,227) | 0 |
Shares, issued, beginning balance at Mar. 31, 2018 | 445,016,234 | 20,000 | ||||||
Total equity, beginning balance at Mar. 31, 2018 | 6,869,252 | $ 4,450 | $ 0 | 7,735,173 | (174,692) | 0 | (863,485) | 167,806 |
Net income | 282,179 | 0 | 0 | 0 | 0 | 281,048 | 0 | 1,131 |
Other comprehensive income (loss) | (3,897) | 0 | 0 | 0 | (3,897) | 0 | 0 | 0 |
Preferred stock dividends (Note E) | (275) | $ 0 | 0 | 275 | 0 | (550) | 0 | 0 |
Common Stock Issued During Period, Shares, Other | 0 | |||||||
Common Stock Issued During Period, Value, Other | 7,085 | $ 0 | 0 | 4,535 | 0 | 0 | 2,550 | 0 |
Common Stock Dividends (Note E) | (327,325) | 0 | 0 | (46,827) | 0 | (280,498) | 0 | 0 |
Distributions to Noncontrolling Interests | (1,500) | 0 | 0 | 0 | 0 | 0 | 0 | (1,500) |
Contributions from noncontrolling interests | 6,186 | 0 | 0 | 0 | 0 | 0 | 0 | 6,186 |
Other | 6,778 | $ 0 | $ 0 | 6,778 | 0 | 0 | 0 | 0 |
Shares, issued, ending balance at Jun. 30, 2018 | 445,016,234 | 20,000 | ||||||
Total equity, ending balance at Jun. 30, 2018 | 6,838,483 | $ 4,450 | $ 0 | 7,699,934 | (178,589) | 0 | (860,935) | 173,623 |
Net income | 313,916 | 0 | 0 | 0 | 0 | 313,259 | 0 | 657 |
Other comprehensive income (loss) | 20,451 | 0 | 0 | 0 | 20,451 | 0 | 0 | 0 |
Preferred stock dividends (Note E) | (275) | $ 0 | 0 | 0 | 0 | (275) | 0 | 0 |
Common Stock Issued During Period, Shares, Other | 0 | |||||||
Common Stock Issued During Period, Value, Other | 9,429 | $ 0 | 0 | 4,721 | 0 | 0 | 4,708 | 0 |
Common Stock Dividends (Note E) | (339,829) | 0 | 0 | (26,845) | 0 | (312,984) | 0 | 0 |
Distributions to Noncontrolling Interests | (500) | $ 0 | 0 | 0 | 0 | 0 | 0 | (500) |
Stock Issued During Period, Shares, Acquisitions | 0 | |||||||
Acquisition of noncontrolling interests | (195,000) | $ 0 | 0 | (21,220) | 0 | 0 | 0 | (173,780) |
Other | 6,083 | $ 0 | $ 0 | 6,083 | 0 | 0 | 0 | 0 |
Shares, issued, ending balance at Sep. 30, 2018 | 445,016,234 | 20,000 | ||||||
Total equity, ending balance at Sep. 30, 2018 | 6,652,758 | $ 4,450 | $ 0 | 7,662,673 | (158,138) | 0 | (856,227) | $ 0 |
Cumulative effect adjustment for adoption of ASUs | (67) | $ 0 | $ 0 | 0 | 0 | (67) | 0 | |
Shares, issued, beginning balance at Dec. 31, 2018 | 445,016,234 | 20,000 | ||||||
Total equity, beginning balance at Dec. 31, 2018 | 6,579,543 | $ 4,450 | $ 0 | 7,615,138 | ||||
Total equity, beginning balance at Dec. 31, 2018 | 6,579,543 | (188,239) | 0 | (851,806) | ||||
Net income | 337,208 | 0 | 0 | 0 | 0 | 337,208 | 0 | |
Other comprehensive income (loss) | (81,285) | 0 | 0 | 0 | (81,285) | 0 | 0 | |
Preferred stock dividends (Note E) | (275) | $ 0 | 0 | 0 | 0 | (275) | 0 | |
Common Stock Issued During Period, Shares, Other | 0 | |||||||
Common Stock Issued During Period, Value, Other | 6,260 | $ 0 | 0 | (24,779) | 0 | 0 | 31,039 | |
Common Stock Dividends (Note E) | (354,304) | 0 | 0 | (17,438) | 0 | (336,866) | 0 | |
Other | (45,074) | $ 0 | $ 0 | (45,074) | 0 | 0 | 0 | |
Shares, issued, ending balance at Mar. 31, 2019 | 445,016,234 | 20,000 | ||||||
Total equity, ending balance at Mar. 31, 2019 | $ 4,450 | $ 0 | 7,527,847 | |||||
Total equity, ending balance at Mar. 31, 2019 | 6,442,006 | (269,524) | 0 | (820,767) | ||||
Shares, issued, beginning balance at Dec. 31, 2018 | 445,016,234 | 20,000 | ||||||
Total equity, beginning balance at Dec. 31, 2018 | 6,579,543 | $ 4,450 | $ 0 | 7,615,138 | ||||
Total equity, beginning balance at Dec. 31, 2018 | 6,579,543 | (188,239) | 0 | (851,806) | ||||
Net income | 958,326 | |||||||
Other comprehensive income (loss) | (232,865) | (232,865) | ||||||
Shares, issued, ending balance at Sep. 30, 2019 | 445,016,234 | 20,000 | ||||||
Total equity, ending balance at Sep. 30, 2019 | 6,218,906 | $ 4,450 | $ 0 | 7,448,099 | ||||
Total equity, ending balance at Sep. 30, 2019 | 6,218,906 | (421,104) | 0 | (812,539) | ||||
Shares, issued, beginning balance at Mar. 31, 2019 | 445,016,234 | 20,000 | ||||||
Total equity, beginning balance at Mar. 31, 2019 | $ 4,450 | $ 0 | 7,527,847 | |||||
Total equity, beginning balance at Mar. 31, 2019 | 6,442,006 | (269,524) | 0 | (820,767) | ||||
Net income | 311,963 | 0 | 0 | 0 | 0 | 311,963 | 0 | |
Other comprehensive income (loss) | (66,872) | 0 | 0 | 0 | (66,872) | 0 | 0 | |
Preferred stock dividends (Note E) | (275) | $ 0 | 0 | 0 | 0 | (275) | 0 | |
Common Stock Issued During Period, Shares, Other | 0 | |||||||
Common Stock Issued During Period, Value, Other | 11,726 | $ 0 | 0 | 6,335 | 0 | 0 | 5,391 | |
Common Stock Dividends (Note E) | (357,416) | 0 | 0 | (45,728) | 0 | (311,688) | 0 | |
Other | 7,004 | $ 0 | $ 0 | 7,004 | 0 | 0 | 0 | |
Shares, issued, ending balance at Jun. 30, 2019 | 445,016,234 | 20,000 | ||||||
Total equity, ending balance at Jun. 30, 2019 | $ 4,450 | $ 0 | 7,495,458 | |||||
Total equity, ending balance at Jun. 30, 2019 | 6,348,136 | (336,396) | 0 | (815,376) | ||||
Net income | 309,155 | 0 | 0 | 0 | 0 | 309,155 | 0 | |
Other comprehensive income (loss) | (84,708) | 0 | 0 | 0 | (84,708) | 0 | 0 | |
Preferred stock dividends (Note E) | (275) | $ 0 | 0 | 0 | 0 | (275) | 0 | |
Common Stock Issued During Period, Shares, Other | 0 | |||||||
Common Stock Issued During Period, Value, Other | 7,075 | $ 0 | 0 | 4,238 | 0 | 0 | 2,837 | |
Common Stock Dividends (Note E) | (367,840) | 0 | 0 | (58,960) | 0 | (308,880) | 0 | |
Other | 7,363 | $ 0 | $ 0 | 7,363 | 0 | 0 | 0 | |
Shares, issued, ending balance at Sep. 30, 2019 | 445,016,234 | 20,000 | ||||||
Total equity, ending balance at Sep. 30, 2019 | 6,218,906 | $ 4,450 | $ 0 | $ 7,448,099 | ||||
Total equity, ending balance at Sep. 30, 2019 | $ 6,218,906 | $ (421,104) | $ 0 | $ (812,539) |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Parenthetical - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Preferred stock, dividends paid (in dollars per share) | $ 13.75 | $ 13.75 | $ 13.75 | $ 13.75 | $ 13.75 | $ 13.75 |
Common stock, dividends paid (in dollars per share) | $ 0.89 | $ 0.865 | $ 0.86 | $ 0.825 | $ 0.795 | $ 0.77 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2018 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. Certain reclassifications and revisions have been made in the prior-year Consolidated Financial Statements to conform to the current year presentation. See Note E for additional information. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report. Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not listed below or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs listed below. Except as discussed below or in our Annual Report, there have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us. The following table provides a brief description of recently adopted accounting pronouncements and our analysis of the effects on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, “Leases (Topic 842)” The standard requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. It also requires qualitative disclosures along with specific quantitative disclosures by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. First quarter 2019 We adopted this standard on January 1, 2019, using the modified retrospective method and the optional transition method to record the adoption impact through a cumulative adjustment to equity. We recorded an immaterial cumulative effect for the adoption of the new standard and recorded $17.5 million of right-of-use assets and $17.4 million of lease liabilities related to operating leases that were not previously recorded on our Consolidated Balance Sheets. Our finance lease assets and liabilities of $28.1 million and $28.0 million, respectively, did not change as a result of adopting this standard. See Note K for additional disclosures. ASU 2018-07, “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” The standard aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. First quarter 2019 The impact of adopting this standard was not material. Goodwill Impairment Review |
FAIR VALUE MEASUREMENTS (Notes)
FAIR VALUE MEASUREMENTS (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. While many of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists, some contracts are executed in markets for which market prices may exist, but the market may be relatively inactive. This results in limited price transparency that requires management’s judgment and assumptions to estimate fair values. For certain transactions, we may utilize modeling techniques using NYMEX-settled pricing data and implied forward LIBOR curves. Inputs into our fair value estimates include commodity-exchange prices, data obtained from third-party pricing services, LIBOR and other liquid money-market instrument rates. Our financial commodity derivatives are generally settled through a NYMEX or Intercontinental Exchange (ICE) clearing broker account with daily margin requirements. We validate our valuation inputs with third-party information and settlement prices from other sources, where available. We compute the fair value of our derivative portfolio by discounting the projected future cash flows from our derivative assets and liabilities to present value using interest-rate yields to calculate present-value discount factors derived from the implied forward LIBOR yield curve. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward LIBOR yield curve for the same period as the future interest-rate swap settlements. We consider current market data in evaluating counterparties’, as well as our own, nonperformance risk, net of collateral, by using counterparty-specific bond yields. Although we use our best estimates to determine the fair value of the derivative contracts we have executed, the ultimate market prices realized could differ materially from our estimates. Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below: • Level 1 - fair value measurements are based on unadjusted quoted prices for identical securities in active markets. These balances are composed predominantly of exchange-traded derivative contracts for natural gas and crude oil. • Level 2 - fair value measurements are based on significant observable pricing inputs, including quoted prices for similar assets and liabilities in active markets and inputs from third-party pricing services supported with corroborative evidence. These balances are composed of over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs, including internally developed natural gas basis and NGL price curves that incorporate observable and unobservable market data from broker quotes and third-party pricing services. These balances are composed predominantly of exchange-cleared and over-the-counter derivatives for natural gas basis and NGLs. Our commodity derivatives are generally valued using forward quotes provided by third-party pricing services that are validated with other market data. We believe any measurement uncertainty at September 30, 2019 , is immaterial as our Level 3 fair value measurements are based on unadjusted pricing information from broker quotes and third-party pricing services. We do not believe that our Level 3 fair value estimates have a material impact on our results of operations, as our derivatives are accounted for as hedges. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives for which fair value is determined using multiple inputs within a single level, based on the lowest level input that is significant to the fair value measurement in its entirety. Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements for the periods indicated: September 30, 2019 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 12,267 $ — $ 68,049 $ 80,316 $ (40,413 ) $ 39,903 Physical contracts — — 579 579 — 579 Total derivative assets $ 12,267 $ — $ 68,628 $ 80,895 $ (40,413 ) $ 40,482 Derivative liabilities Commodity contracts Financial contracts $ — $ — $ (40,413 ) $ (40,413 ) $ 40,413 $ — Interest-rate contracts — (276,865 ) — (276,865 ) — (276,865 ) Total derivative liabilities $ — $ (276,865 ) $ (40,413 ) $ (317,278 ) $ 40,413 $ (276,865 ) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At September 30, 2019 , we held no cash and posted $1.9 million of cash with various counterparties, which is included in other current assets in our Consolidated Balance Sheet. December 31, 2018 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 10,812 $ — $ 69,165 $ 79,977 $ (32,739 ) $ 47,238 Physical contracts — — 1,142 1,142 — 1,142 Interest-rate contracts — 19,005 — 19,005 — 19,005 Total derivative assets $ 10,812 $ 19,005 $ 70,307 $ 100,124 $ (32,739 ) $ 67,385 Derivative liabilities Commodity contracts Financial contracts $ (2,916 ) $ — $ (29,823 ) $ (32,739 ) $ 32,739 $ — Interest-rate contracts — (99,260 ) — (99,260 ) — (99,260 ) Total derivative liabilities $ (2,916 ) $ (99,260 ) $ (29,823 ) $ (131,999 ) $ 32,739 $ (99,260 ) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2018 , we held no cash and posted $0.8 million of cash with various counterparties, which is included in other current assets in our Consolidated Balance Sheet. The following table sets forth a reconciliation of our Level 3 fair value measurements for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, Derivative Assets (Liabilities) 2019 2018 2019 2018 ( Thousands of dollars ) Net assets (liabilities) at beginning of period $ 19,274 $ (23,501 ) $ 40,484 $ (32,838 ) Total changes in fair value: Included in net income (a) — (22 ) — (122 ) Included in other comprehensive income (loss) (b) 8,941 (7,554 ) (12,269 ) 1,883 Net assets (liabilities) at end of period $ 28,215 $ (31,077 ) $ 28,215 $ (31,077 ) (a) - Included in commodity sales revenues/cost of sales and fuel in our Consolidated Statements of Income. (b) - Included in change in fair value of derivatives in our Consolidated Statements of Comprehensive Income. Changes in fair value include the realization of our derivative contracts through maturity. During the three and nine months ended September 30, 2019 and 2018 , there were no transfers in or out of Level 3 of the fair value hierarchy. Other Financial Instruments - The approximate fair value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings is equal to book value due to the short-term nature of these items. Our cash and cash equivalents are composed of bank and money market accounts and are classified as Level 1. Our short-term borrowings are classified as Level 2 since the estimated fair value of the short-term borrowings can be determined using information available in the commercial paper market. The estimated fair value of our consolidated long-term debt, including current maturities, was $ 13.7 billion and $9.6 billion at September 30, 2019 , and December 31, 2018 , respectively. The book value of our consolidated long-term debt, including current maturities, was $ 12.5 billion and $9.4 billion at September 30, 2019 , and December 31, 2018 , respectively. The estimated fair value of the aggregate long-term debt outstanding was determined using quoted market prices for similar issues with similar terms and maturities. The estimated fair value of our consolidated long-term debt is classified as Level 2. |
RISK MANAGEMENT AND HEDGING ACT
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES | RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Risk-Management Activities - We are sensitive to changes in natural gas, crude oil and NGL prices, principally as a result of contractual terms under which these commodities are processed, purchased and sold. We are also subject to the risk of interest-rate fluctuation in the normal course of business. We use physical-forward purchases and sales and financial derivatives to secure a certain price for a portion of our natural gas, condensate and NGL products; to reduce our exposure to commodity price and interest-rate fluctuations; and to achieve more predictable cash flows. We follow established policies and procedures to assess risk and approve, monitor and report our risk-management activities. We have not used these instruments for trading purposes. Commodity price risk - Commodity price risk refers to the risk of loss in cash flows and future earnings arising from adverse changes in the price of natural gas, NGLs and condensate. We may use the following commodity derivative instruments to reduce the near-term commodity price risk associated with a portion of the forecasted sales of these commodities: • Futures contracts - Standardized contracts to purchase or sell natural gas and crude oil for future delivery or settlement under the provisions of exchange regulations; • Forward contracts - Nonstandardized commitments between two parties to purchase or sell natural gas, crude oil or NGLs for future physical delivery. These contracts are typically nontransferable and can only be canceled with the consent of both parties; • Swaps - Exchange of one or more payments based on the value of one or more commodities. These instruments transfer the financial risk associated with a future change in value between the counterparties of the transaction, without also conveying ownership interest in the asset or liability; and • Options - Contractual agreements that give the holder the right, but not the obligation, to buy or sell a fixed quantity of a commodity at a fixed price within a specified period of time. Options may either be standardized and exchange-traded or customized and nonexchange-traded. We may also use other instruments including collars to mitigate commodity price risk. A collar is a combination of a purchased put option and a sold call option, which places a floor and a ceiling price for commodity sales being hedged. In our Natural Gas Gathering and Processing segment, we are exposed to commodity price risk as a result of retaining a portion of the commodity sales proceeds associated with our POP with fee contracts. Under certain POP with fee contracts, our fees and POP percentage may increase or decrease if production volumes, delivery pressures or commodity prices change relative to specified thresholds. We also are exposed to basis risk between the various production and market locations where we buy and sell commodities. As part of our hedging strategy, we use the previously described commodity derivative financial instruments and physical-forward contracts to reduce the impact of price fluctuations related to natural gas, NGLs and condensate. In our Natural Gas Liquids segment, we are primarily exposed to commodity price risk resulting from the relative values of the various NGL products to each other, the value of NGLs in storage and the relative value of NGLs to natural gas. We are also exposed to location price differential risk as a result of the relative value of NGL purchases at one location and sales at another location, primarily related to our optimization and marketing activities. As part of our hedging strategy, we utilize physical-forward contracts and commodity derivative financial instruments to reduce the impact of price fluctuations related to NGLs. In our Natural Gas Pipelines segment, we are exposed to commodity price risk because our intrastate and interstate pipelines consume natural gas in operations and retain natural gas from our customers for operations or as part of our fee for services provided. When the amount consumed in operations differs from the amount provided by our customers, our pipelines must buy or sell natural gas, or store or use natural gas from inventory, which can expose this segment to commodity price risk depending on the regulatory treatment for this activity. To the extent that commodity price risk in our Natural Gas Pipelines segment is not mitigated by fuel cost-recovery mechanisms, we may use physical-forward sales or purchases to reduce the impact of natural gas price fluctuations. At September 30, 2019 , and December 31, 2018 , there were no financial derivative instruments with respect to our natural gas pipeline operations. Interest-rate risk - We manage interest-rate risk through the use of fixed-rate debt, floating-rate debt and interest-rate swaps. Interest-rate swaps are agreements to exchange interest payments at some future point based on specified notional amounts. In 2019, we entered into $625 million of forward-starting interest-rate swaps to hedge the variability of interest payments on a portion of our forecasted debt issuances that may result from changes in the benchmark interest rate before the debt is issued. We also settled $1.8 billion of our forward-starting interest-rate swaps related to our underwritten public offerings of $1.25 billion senior unsecured notes in March 2019 and $2.0 billion senior unsecured notes in August 2019. At September 30, 2019 , and December 31, 2018 , we had forward-starting interest-rate swaps with notional amounts totaling $1.8 billion and $3.0 billion , respectively, to hedge the variability of interest payments on a portion of our forecasted debt issuances. At September 30, 2019 , and December 31, 2018 , we had interest-rate swaps with notional amounts totaling $1.3 billion to hedge the variability of our LIBOR-based interest payments. All of our interest-rate swaps are designated as cash flow hedges. Accounting Treatment - Our accounting treatment of derivative instruments is consistent with that disclosed in Note A of the Notes to Consolidated Financial Statements in our Annual Report. Fair Values of Derivative Instruments - All derivatives measured at fair value at September 30, 2019, and December 31, 2018, were designated as hedging instruments. See Note B for a discussion of the inputs associated with our fair value measurements. The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated: September 30, 2019 December 31, 2018 Location in our Consolidated Balance Sheets Assets (Liabilities) Assets (Liabilities) ( Thousands of dollars ) Derivatives designated as hedging instruments Commodity contracts (a) Financial contracts Other current assets $ 72,995 $ (36,186 ) $ 78,891 $ (31,793 ) Other assets 7,321 (4,227 ) 1,086 (946 ) Physical contracts Other current assets 579 — 1,142 — Interest-rate contracts Other current assets/other current liabilities — (14,672 ) 19,005 (15,012 ) Other deferred credits — (262,193 ) — (84,248 ) Total derivatives designated as hedging instruments $ 80,895 $ (317,278 ) $ 100,124 $ (131,999 ) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for derivative instruments held for the periods indicated: September 30, 2019 December 31, 2018 Contract Type Purchased/ Payor Sold/ Receiver Purchased/ Payor Sold/ Receiver Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures and swaps — (39.6 ) — (29.9 ) - Crude oil and NGLs ( MMBbl ) Futures, forwards, swaps and options 9.2 (20.1 ) 6.5 (13.8 ) Basis - Natural gas ( Bcf ) Futures and swaps — (39.6 ) — (29.9 ) Interest-rate contracts ( Billions of dollars ) Swaps $ 3.1 $ — $ 4.3 $ — These notional amounts are used to summarize the volume of financial instruments; however, they do not reflect the extent to which the positions offset one another and, consequently, do not reflect our actual exposure to market or credit risk. Cash Flow Hedges - The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) for the periods indicated: Three Months Ended Nine Months Ended Derivatives in Cash Flow Hedging Relationships September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Commodity contracts $ 32,169 $ (30,783 ) $ 43,877 $ (56,246 ) Interest-rate contracts (128,041 ) 26,203 (303,351 ) 70,179 Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) $ (95,872 ) $ (4,580 ) $ (259,474 ) $ 13,933 The following table sets forth the effect of cash flow hedges on net income for the periods indicated: Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Commodity contracts Commodity sales revenues/ cost of sales and fuel $ 18,528 $ (20,630 ) $ 52,624 $ (42,430 ) Interest-rate contracts Interest expense (6,903 ) (4,383 ) (14,222 ) (13,929 ) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income $ 11,625 $ (25,013 ) $ 38,402 $ (56,359 ) Credit Risk - We monitor the creditworthiness of our counterparties and compliance with policies and limits established by our Risk Oversight and Strategy Committee. We maintain credit policies with regard to our counterparties that we believe minimize overall credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit ratings, bond yields and credit default swap rates), collateral requirements under certain circumstances and the use of standardized master-netting agreements that allow us to net the positive and negative exposures associated with a single counterparty. We use internally developed credit ratings for counterparties that do not have a credit rating. Our financial commodity derivatives are generally settled through a NYMEX or Intercontinental Exchange (ICE) clearing broker account with daily margin requirements. However, we may enter into financial derivative instruments that contain provisions that require us to maintain an investment-grade credit rating from S&P and/or Moody’s. If our credit ratings on our senior unsecured long-term debt were to decline below investment grade, the counterparties to the derivative instruments could request collateralization on derivative instruments in net liability positions. There were no financial derivative instruments with contingent features related to credit risk at September 30, 2019 . The counterparties to our derivative contracts typically consist of major energy companies, financial institutions and commercial and industrial end users. This concentration of counterparties may affect our overall exposure to credit risk, either positively or negatively, in that the counterparties may be affected similarly by changes in economic, regulatory or other conditions. Based on our policies, exposures, credit and other reserves, we do not anticipate a material adverse effect on our financial position or results of operations as a result of counterparty nonperformance. At September 30, 2019 , the credit exposure from our derivative assets is with investment-grade companies in the financial services sector. |
DEBT DEBT (Notes)
DEBT DEBT (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | DEBT The following table sets forth our consolidated debt for the periods indicated: September 30, December 31, ( Thousands of dollars ) Commercial paper outstanding $ — $ — Senior unsecured obligations: $500,000 at 8.625% due March 2019 — 500,000 $300,000 at 3.8% due March 2020 — 300,000 $1,500,000 term loan, variable rate, due November 2021 1,250,000 550,000 $700,000 at 4.25% due February 2022 547,397 547,397 $900,000 at 3.375% due October 2022 900,000 900,000 $425,000 at 5.0% due September 2023 425,000 425,000 $500,000 at 7.5% due September 2023 500,000 500,000 $500,000 at 2.75% due September 2024 500,000 — $500,000 at 4.9% due March 2025 500,000 500,000 $500,000 at 4.0% due July 2027 500,000 500,000 $800,000 at 4.55% due July 2028 800,000 800,000 $100,000 at 6.875% due September 2028 100,000 100,000 $700,000 at 4.35% due March 2029 700,000 — $750,000 at 3.4% due September 2029 750,000 — $400,000 at 6.0% due June 2035 400,000 400,000 $600,000 at 6.65% due October 2036 600,000 600,000 $600,000 at 6.85% due October 2037 600,000 600,000 $650,000 at 6.125% due February 2041 650,000 650,000 $400,000 at 6.2% due September 2043 400,000 400,000 $700,000 at 4.95% due July 2047 700,000 700,000 $1,000,000 at 5.2% due July 2048 1,000,000 450,000 $750,000 at 4.45% due September 2049 750,000 — Guardian Pipeline Weighted average 7.85% due December 2022 23,220 28,957 Total debt 12,595,617 9,451,354 Unamortized portion of terminated swaps 15,461 16,750 Unamortized debt issuance costs and discounts (123,976 ) (87,120 ) Current maturities of long-term debt (7,650 ) (507,650 ) Long-term debt $ 12,479,452 $ 8,873,334 $2.5 Billion Credit Agreement - In May 2019, we extended the term of our $2.5 Billion Credit Agreement by one year to June 2024. Our $2.5 Billion Credit Agreement is a revolving credit facility and contains certain financial, operational and legal covenants. Among other things, these covenants include maintaining a ratio of indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects) of no more than 5.0 to 1 at September 30, 2019 . If we consummate one or more acquisitions in which the aggregate purchase is $25 million or more, the allowable ratio of indebtedness to adjusted EBITDA will increase to 5.5 to 1 for the quarter in which the acquisition is completed and the two following quarters. Thereafter, the covenant will decrease to 5.0 to 1. At September 30, 2019 , we had no borrowings outstanding, our ratio of indebtedness to adjusted EBITDA was 4.2 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. Debt Issuances - In August 2019, we completed an underwritten public offering of $2.0 billion senior unsecured notes consisting of $500 million , 2.75% senior notes due 2024; $750 million , 3.4% senior notes due 2029; and $750 million , 4.45% senior notes due 2049. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $1.97 billion . A portion of the proceeds were, and the remainder will be, used for general corporate purposes, including repayment of existing indebtedness and funding capital expenditures. In March 2019, we completed an underwritten public offering of $1.25 billion senior unsecured notes consisting of $700 million , 4.35% senior notes due 2029 and an additional issuance of $550 million of our existing 5.2% senior notes due 2048. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, and exclusive of accrued interest, were $1.23 billion . The proceeds were used for general corporate purposes, including repayment of existing indebtedness and funding capital expenditures. In November 2018, we entered into our $1.5 Billion Term Loan Agreement with a syndicate of banks, which was fully drawn as of June 30, 2019. We repaid $250 million of our outstanding balance in August 2019 and have $1.25 billion drawn as of September 30, 2019. Our $1.5 Billion Term Loan Agreement matures in November 2021 and bears interest at LIBOR plus 112.5 basis points bas ed on our current credit ratings. The agreement contains substantially the same covenants as those contained in our $2.5 Billion Credit Agreement. The proceeds were used for general corporate purposes, including repayment of existing indebtedness and funding capital expenditures. Debt Repayments - In September 2019, we redeemed our $300 million , 3.8% senior notes due March 2020 at a redemption price of $308.0 million , including the outstanding principal, plus accrued and unpaid interest, with cash on hand from our public offering of $2.0 billion senior unsecured notes in August 2019. In connection with this early redemption, we incurred a $2.7 million loss on extinguishment of debt, which is included in other expense in our Consolidated Statements of Income for the three and nine months ended September 30, 2019 . In August 2019, we repaid $250 million of our $1.5 Billion Term Loan Agreement with cash on hand. In March 2019, we repaid our $500 million , 8.625% senior notes at maturity with a combination of cash on hand and short-term borrowings. For additional discussion of our $2.5 Billion Credit Agreement and our $1.5 Billion Term Loan Agreement, see Note F of the Notes to Consolidated Financial Statements in our Annual Report. |
EQUITY (Notes)
EQUITY (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
EQUITY | EQUITY Noncontrolling Interests - In July 2018, we acquired the remaining 20% interest that we did not own in WTLPG for $195 million with cash on hand. We are now the sole owner of the West Texas LPG pipeline system. In our consolidated statement of cash flows for the nine months ended September 30, 2018, our acquisition of noncontrolling interests in WTLPG should have been classified as a financing activity instead of an investing activity. The consolidated statement of cash flows for the nine months ended September 30, 2018, has been revised to reflect this change in classification to financing, which was not material to our consolidated financial statements. Equity Issuances - In July 2017, we established an “at-the-market” equity program for the offer and sale from time to time of our common stock up to an aggregate amount of $1 billion . The program allows us to offer and sell our common stock at prices we deem appropriate through a sales agent. Sales of our common stock may be made by means of ordinary brokers’ transactions on the NYSE, in block transactions or as otherwise agreed to between us and the sales agent. We are under no obligation to offer and sell common stock under the program. No shares have been sold through our “at-the-market” equity program since December 2017. In January 2018, we completed an underwritten public offering of 21.9 million shares of our common stock, generating net proceeds of $1.2 billion . We used the net proceeds from this offering to fund capital expenditures and for general corporate purposes, which included repaying a portion of our outstanding indebtedness. Dividends - Holders of our common stock share equally in any dividend declared by our board of directors, subject to the rights of the holders of outstanding preferred stock. Dividends paid on our common stock in February 2019, May 2019 and August 2019 were $0.86 , $0.865 and $0.89 per share, respectively. A dividend of $0.915 per share was declared for shareholders of record at the close of business on November 4, 2019 , payable November 14, 2019 . The Series E Preferred Stock pays quarterly dividends on each share of Series E Preferred Stock, when, as and if declared by our Board of Directors, at a rate of 5.5% per year. We paid dividends for the Series E Preferred Stock of $0.3 million in February 2019, May 2019 and August 2019. Dividends totaling $0.3 million were declared for the Series E Preferred Stock and are payable November 14, 2019 . |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the balance in accumulated other comprehensive loss for the period indicated: Risk- Management Assets/Liabilities (a) Retirement and Other Postretirement Benefit Plan Obligations (a) (b) Risk- Management Assets/Liabilities of Unconsolidated Affiliates (a) Accumulated Other Comprehensive Loss (a) ( Thousands of dollars ) January 1, 2019 $ (64,660 ) $ (121,785 ) $ (1,794 ) $ (188,239 ) Other comprehensive loss before reclassifications (199,795 ) (63 ) (10,567 ) (210,425 ) Amounts reclassified to net income (29,748 ) 7,334 (26 ) (22,440 ) Other comprehensive income (loss) (229,543 ) 7,271 (10,593 ) (232,865 ) September 30, 2019 $ (294,203 ) $ (114,514 ) $ (12,387 ) $ (421,104 ) (a) - All amounts are presented net of tax. (b) - Includes amounts related to supplemental executive retirement plan. The following table sets forth information about the balance of accumulated other comprehensive loss at September 30, 2019 , representing unrealized gains (losses) related to risk-management assets and liabilities: Risk- Management Assets/Liabilities (a) ( Thousands of dollars ) Commodity derivative instruments expected to be realized within the next 27 months (b) $ 30,258 Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (c) (111,275 ) Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt (213,186 ) Accumulated other comprehensive loss at September 30, 2019 $ (294,203 ) (a) - All amounts are presented net of tax. (b) - Based on September 30, 2019 , commodity prices, we will realize $27.9 million in net gains, net of tax, over the next 12 months and $2.4 million in net gains, net of tax, thereafter. (c) - Losses of $19.7 million , net of tax, will be reclassified into earnings during the next 12 months as the hedged items affect earnings. The remaining amounts in accumulated other comprehensive loss relate primarily to our retirement and other postretirement benefit plan obligations, which are expected to be amortized over the average remaining service period of employees participating in these plans. The following table sets forth the effect of reclassifications from accumulated other comprehensive loss to net income for the periods indicated: Details about Accumulated Other Components Three Months Ended Nine Months Ended Affected Line Item in the Statements of Income September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Risk-management assets/liabilities Commodity contracts $ 18,528 $ (20,630 ) $ 52,624 $ (42,430 ) Commodity sales revenues/cost of sales and fuel Interest-rate contracts (6,903 ) (4,383 ) (14,222 ) (13,929 ) Interest expense 11,625 (25,013 ) 38,402 (56,359 ) Income before income taxes (2,673 ) 5,752 (8,654 ) 12,962 Income taxes $ 8,952 $ (19,261 ) $ 29,748 $ (43,397 ) Net income Retirement and other postretirement benefit plan obligations (a) Amortization of net loss $ (3,232 ) $ (4,592 ) $ (9,696 ) $ (13,776 ) Other income (expense) Amortization of unrecognized prior service credit 57 415 171 1,245 Other income (expense) (3,175 ) (4,177 ) (9,525 ) (12,531 ) Income before income taxes 731 961 2,191 2,882 Income taxes $ (2,444 ) $ (3,216 ) $ (7,334 ) $ (9,649 ) Net income Risk-management assets/liabilities of unconsolidated affiliates Interest-rate contracts $ (59 ) $ 52 $ 34 $ 71 Equity in net earnings from investments 13 (12 ) (8 ) (16 ) Income taxes $ (46 ) $ 40 $ 26 $ 55 Net income Total reclassifications for the period $ 6,462 $ (22,437 ) $ 22,440 $ (52,991 ) Net income (a) - These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note H for additional detail of our net periodic benefit cost. |
EARNINGS PER SHARE EARNINGS PER
EARNINGS PER SHARE EARNINGS PER SHARE (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended September 30, 2019 Income Shares Per Share Amount ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 308,880 413,816 $ 0.75 Diluted EPS Effect of dilutive securities — 1,762 Net income available for common stock and common stock equivalents $ 308,880 415,578 $ 0.74 Three Months Ended September 30, 2018 Income Shares Per Share Amount ( Thousands, except per share amounts ) Basic EPS Net income attributable to ONEOK available for common stock $ 312,984 412,117 $ 0.76 Diluted EPS Effect of dilutive securities — 2,730 Net income attributable to ONEOK available for common stock and common stock equivalents $ 312,984 414,847 $ 0.75 Nine Months Ended September 30, 2019 Income Shares Per Share Amount ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 957,501 413,443 $ 2.32 Diluted EPS Effect of dilutive securities — 1,834 Net income available for common stock and common stock equivalents $ 957,501 415,277 $ 2.31 Nine Months Ended September 30, 2018 Income Shares Per Share Amount ( Thousands, except per share amounts ) Basic EPS Net income attributable to ONEOK available for common stock $ 857,990 411,400 $ 2.09 Diluted EPS Effect of dilutive securities — 2,635 Net income attributable to ONEOK available for common stock and common stock equivalents $ 857,990 414,035 $ 2.07 |
EMPLOYEE BENEFIT PLANS EMPLOYEE
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Defined Benefit Plan [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The following tables set forth the components of net periodic benefit cost (income) for our retirement and other postretirement benefit plans for the periods indicated: Retirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Components of net periodic benefit cost Service cost $ 1,954 $ 1,832 $ 5,862 $ 5,496 Interest cost 5,126 4,408 15,378 13,224 Expected return on plan assets (5,892 ) (5,969 ) (17,676 ) (17,907 ) Amortization of net loss 3,158 4,258 9,474 12,774 Net periodic benefit cost $ 4,346 $ 4,529 $ 13,038 $ 13,587 Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Components of net periodic benefit cost Service cost $ 117 $ 211 $ 351 $ 633 Interest cost 509 527 1,527 1,581 Expected return on plan assets (570 ) (672 ) (1,710 ) (2,016 ) Amortization of prior service credit (57 ) (415 ) (171 ) (1,245 ) Amortization of net loss 74 334 222 1,002 Net periodic benefit cost (income) $ 73 $ (15 ) $ 219 $ (45 ) |
UNCONSOLIDATED AFFILIATES (Note
UNCONSOLIDATED AFFILIATES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED AFFILIATES | UNCONSOLIDATED AFFILIATES Equity in Net Earnings from Investments - The following table sets forth our equity in net earnings (loss) from investments for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Northern Border Pipeline $ 16,102 $ 16,486 $ 50,593 $ 48,863 Overland Pass Pipeline 15,481 16,081 48,340 48,714 Roadrunner 7,421 6,303 19,836 16,803 Other (1,428 ) 443 (3,594 ) 1,690 Equity in net earnings from investments $ 37,576 $ 39,313 $ 115,175 $ 116,070 Unconsolidated Affiliates Financial Information - The following table sets forth summarized combined financial information of our unconsolidated affiliates for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Income Statement Revenues $ 151,210 $ 160,962 $ 471,461 $ 471,641 Operating expenses $ 69,783 $ 69,004 $ 217,287 $ 205,525 Net income $ 74,341 $ 85,361 $ 234,154 $ 247,754 Distributions paid to us (a) $ 44,357 $ 47,197 $ 203,347 $ 145,437 (a) - As determined by the Northern Border Pipeline Management Committee, we received an additional distribution of $50.0 million from Northern Border Pipeline during the nine months ended September 30, 2019. We incurred expenses in transactions with unconsolidated affiliates of $41.9 million and $37.5 million for the three months ended September 30, 2019 and 2018 , respectively, and $124.2 million and $113.2 million for the nine months ended September 30, 2019 and 2018 , respectively, primarily related to Overland Pass Pipeline and Northern Border Pipeline. Accounts payable to our equity-method investees at September 30, 2019 , and December 31, 2018 , were $13.8 million and $14.7 million , respectively. We have an operating agreement with Roadrunner that provides for reimbursement or payment to us for management services and certain operating costs. Reimbursements and payments from Roadrunner included in operating income in our Consolidated Statements of Income for the three and nine months ended September 30, 2019 and 2018 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Environmental Matters and Pipeline Safety - The operation of pipelines, plants and other facilities for the gathering, processing, transportation and storage of natural gas, NGLs, condensate and other products is subject to numerous and complex laws and regulations pertaining to health, safety and the environment. As an owner and/or operator of these facilities, we must comply with laws and regulations that relate to facility/pipeline safety and integrity as well as air and water quality, hazardous and solid waste management and disposal, cultural resource protection and other environmental matters. The cost of planning, designing, constructing and operating pipelines, plants and other facilities must incorporate compliance with these laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements and the issuance of injunctions or restrictions on operation or construction. Management believes that, based on currently known information, compliance with these laws and regulations will not have a material adverse effect on our results of operations, financial condition or cash flows. Legal Proceedings - Gas Index Pricing Litigation - As previously reported, we and our affiliate, ONEOK Energy Services Company, L.P., along with several other energy companies, were named as defendants in multiple lawsuits arising from alleged market manipulation or false reporting of natural gas prices to natural gas-index publications alleged to have occurred prior to 2003. In September 2019, we settled Sinclair Oil Corporation v. ONEOK Energy Services Company, L.P. (filed in the United States District Court for the District of Wyoming) for an immaterial amount with cash on hand. This was the last remaining case arising from the Gas Index Pricing Litigation. Other Legal Proceedings - We are a party to various other litigation matters and claims that have arisen in the normal course of our operations. While the results of these litigation matters and claims cannot be predicted with certainty, we believe the reasonably possible losses from such matters, individually and in the aggregate, are not material. Additionally, we believe the probable final outcome of such matters will not have a material adverse effect on our consolidated results of operations, financial position or cash flows. |
LEASES (Notes)
LEASES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | LEASES Adoption of ASC Topic 842: Leases - We adopted Topic 842 using the modified retrospective method and the optional transition method to record the adoption impact through a cumulative-effect adjustment to retained earnings as of January 1, 2019. Results for reporting periods beginning after January 1, 2019, are presented under Topic 842, while prior periods are not adjusted and continue to be reported under the accounting standards in effect for those periods. Practical Expedients and Policies Elected - We applied the short-term policy election, which allows us to exclude from recognition leases with an initial term of 12 months or less. We elected the hindsight expedient, which allows us to use hindsight in assessing lease term; the package of practical expedients permitted under the guidance, which among other things, allows us to carry forward the historical lease classification; and the land easement expedient, which allows us to apply the guidance prospectively at adoption for land easements on existing agreements. Adoption - Adoption of Topic 842 resulted in new operating lease assets and lease liabilities on our Consolidated Balance Sheet of $17.5 million and $17.4 million , respectively, as of January 1, 2019. The difference between the lease assets and lease liabilities was recorded as an adjustment to the beginning balance of retained earnings, which represents the cumulative impact of adopting the standard. Our accounting for finance leases did not change. Adoption of Topic 842 did not materially impact our Consolidated Financial Statements. Leases - We lease certain buildings, warehouses, office space, land and equipment, including pipeline equipment, rail cars and information technology equipment. Our lease payments are generally straight-line and the exercise of lease renewal options, which vary in term, is at our sole discretion. We include renewal periods in a lease term if we are reasonably certain to exercise available renewal options. Our lease agreements do not include any residual value guarantees or material restrictive covenants. Through ONEOK Leasing Company, L.L.C. and ONEOK Parking Company, L.L.C., we own an office building and a parking garage and lease excess space in these facilities to affiliates and others. Our consolidated lease income is not material. The following table sets forth information about our supplemental cash flows: Nine Months Ended September 30, 2019 ( Thousands of dollars ) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 4,972 Financing cash flows for finance lease $ 1,307 Right-of-use assets obtained in exchange for operating lease liabilities (noncash) $ 3,663 The following table sets forth information about our lease assets and liabilities included in our Consolidated Balance Sheet for the period indicated: Leases Location in our Consolidated Balance Sheet September 30, 2019 ( Thousands of dollars ) Assets Operating leases Other assets $ 16,176 Finance lease Property, plant and equipment 28,286 Finance lease Accumulated depreciation (1,037 ) Total leased assets $ 43,425 Liabilities Current Operating leases Other current liabilities $ 2,624 Finance lease Finance lease liability 1,901 Noncurrent Operating leases Other deferred credits 13,790 Finance lease Finance lease liability 24,801 Total lease liabilities $ 43,116 The following table sets forth information about our leases for the periods indicated: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 At September 30, 2019 Location in our Consolidated Statement of Income Lease Cost Weighted-Average Remaining Lease Term Weighted-Average Discount Rate (a) ( Thousands of dollars ) ( Years ) Operating leases Operations and maintenance $ 1,751 $ 5,402 10.1 4.58% Finance lease 9.1 10.00% Amortization of lease assets Depreciation and amortization 283 849 Interest on lease liabilities Interest expense 675 2,058 Total lease cost $ 2,709 $ 8,309 (a) - Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table sets forth the maturity of our lease liabilities as of September 30, 2019 : Finance Lease Operating Leases ( Millions of dollars ) Remainder of 2019 $ 1.1 $ 1.3 2020 4.5 2.4 2021 4.5 2.0 2022 4.5 2.0 2023 4.5 1.9 2024 and beyond 21.6 11.1 Total lease payments 40.7 20.7 Less: Interest 14.0 4.3 Present value of lease liabilities $ 26.7 $ 16.4 Our future lease payments presented under the previous accounting standard as of December 31, 2018, are not materially different than those presented above. |
Lessee, Finance Leases [Text Block] | LEASES Adoption of ASC Topic 842: Leases - We adopted Topic 842 using the modified retrospective method and the optional transition method to record the adoption impact through a cumulative-effect adjustment to retained earnings as of January 1, 2019. Results for reporting periods beginning after January 1, 2019, are presented under Topic 842, while prior periods are not adjusted and continue to be reported under the accounting standards in effect for those periods. Practical Expedients and Policies Elected - We applied the short-term policy election, which allows us to exclude from recognition leases with an initial term of 12 months or less. We elected the hindsight expedient, which allows us to use hindsight in assessing lease term; the package of practical expedients permitted under the guidance, which among other things, allows us to carry forward the historical lease classification; and the land easement expedient, which allows us to apply the guidance prospectively at adoption for land easements on existing agreements. Adoption - Adoption of Topic 842 resulted in new operating lease assets and lease liabilities on our Consolidated Balance Sheet of $17.5 million and $17.4 million , respectively, as of January 1, 2019. The difference between the lease assets and lease liabilities was recorded as an adjustment to the beginning balance of retained earnings, which represents the cumulative impact of adopting the standard. Our accounting for finance leases did not change. Adoption of Topic 842 did not materially impact our Consolidated Financial Statements. Leases - We lease certain buildings, warehouses, office space, land and equipment, including pipeline equipment, rail cars and information technology equipment. Our lease payments are generally straight-line and the exercise of lease renewal options, which vary in term, is at our sole discretion. We include renewal periods in a lease term if we are reasonably certain to exercise available renewal options. Our lease agreements do not include any residual value guarantees or material restrictive covenants. Through ONEOK Leasing Company, L.L.C. and ONEOK Parking Company, L.L.C., we own an office building and a parking garage and lease excess space in these facilities to affiliates and others. Our consolidated lease income is not material. The following table sets forth information about our supplemental cash flows: Nine Months Ended September 30, 2019 ( Thousands of dollars ) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 4,972 Financing cash flows for finance lease $ 1,307 Right-of-use assets obtained in exchange for operating lease liabilities (noncash) $ 3,663 The following table sets forth information about our lease assets and liabilities included in our Consolidated Balance Sheet for the period indicated: Leases Location in our Consolidated Balance Sheet September 30, 2019 ( Thousands of dollars ) Assets Operating leases Other assets $ 16,176 Finance lease Property, plant and equipment 28,286 Finance lease Accumulated depreciation (1,037 ) Total leased assets $ 43,425 Liabilities Current Operating leases Other current liabilities $ 2,624 Finance lease Finance lease liability 1,901 Noncurrent Operating leases Other deferred credits 13,790 Finance lease Finance lease liability 24,801 Total lease liabilities $ 43,116 The following table sets forth information about our leases for the periods indicated: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 At September 30, 2019 Location in our Consolidated Statement of Income Lease Cost Weighted-Average Remaining Lease Term Weighted-Average Discount Rate (a) ( Thousands of dollars ) ( Years ) Operating leases Operations and maintenance $ 1,751 $ 5,402 10.1 4.58% Finance lease 9.1 10.00% Amortization of lease assets Depreciation and amortization 283 849 Interest on lease liabilities Interest expense 675 2,058 Total lease cost $ 2,709 $ 8,309 (a) - Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table sets forth the maturity of our lease liabilities as of September 30, 2019 : Finance Lease Operating Leases ( Millions of dollars ) Remainder of 2019 $ 1.1 $ 1.3 2020 4.5 2.4 2021 4.5 2.0 2022 4.5 2.0 2023 4.5 1.9 2024 and beyond 21.6 11.1 Total lease payments 40.7 20.7 Less: Interest 14.0 4.3 Present value of lease liabilities $ 26.7 $ 16.4 Our future lease payments presented under the previous accounting standard as of December 31, 2018, are not materially different than those presented above. |
REVENUE REVENUE (Notes)
REVENUE REVENUE (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUES Accounting Policies - Our revenue recognition policy is described in Note A of the Notes to Consolidated Financial Statements in our Annual Report. Contract Assets and Contract Liabilities - The following tables set forth the balances in contract assets and contract liabilities for the periods indicated: Contract Assets ( Millions of dollars ) Balance at December 31, 2018 (a) $ 6.2 Amounts invoiced in excess of revenue recognized (0.9 ) Net additions 0.8 Balance at September 30, 2019 (b) $ 6.1 (a) - Contract assets of $1.7 million and $4.5 million are included in other current assets and other assets, respectively, in our Consolidated Balance Sheets. (b) - Contract assets of $2.4 million and $3.7 million are included in other current assets and other assets, respectively, in our Consolidated Balance Sheets. Contract Liabilities ( Millions of dollars ) Balance at December 31, 2018 (a) $ 31.7 Revenue recognized included in beginning balance (15.2 ) Net additions 28.9 Balance at September 30, 2019 (b) $ 45.4 (a) - Contract liabilities of $15.6 million and $16.1 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheets. (b) - Contract liabilities of $25.2 million and $20.2 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheets. Receivables from Customers and Revenue Disaggregation - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheets at September 30, 2019 , and December 31, 2018 , relate to customer receivables. Revenues sources are disaggregated in Note M. Practical Expedients - We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration on contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Transaction Price Allocated to Unsatisfied Performance Obligations - The following table presents aggregate value allocated to unsatisfied performance obligations as of September 30, 2019 , and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 24 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2019 $ 101.5 2020 335.6 2021 286.3 2022 228.3 2023 and beyond 952.5 Total estimated transaction price allocated to unsatisfied performance obligations $ 1,904.2 The table above excludes variable consideration allocated entirely to wholly unsatisfied performance obligations, wholly unsatisfied promises to transfer distinct goods or services that are part of a single performance obligation and consideration we determine to be fully constrained. The amounts we determined to be fully constrained relate to future sales obligations under long-term sales contracts where the transaction price is not known and minimum volume agreements, which we consider to be fully constrained until invoiced. |
SEGMENTS (Notes)
SEGMENTS (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
SEGMENTS | SEGMENTS Segment Descriptions - Our operations are divided into three reportable business segments, as follows: • our Natural Gas Gathering and Processing segment gathers, treats and processes natural gas; • our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes NGL products; and • our Natural Gas Pipelines segment operates regulated interstate and intrastate natural gas transmission pipelines and natural gas storage facilities. Other and eliminations consist of corporate costs, the operating and leasing activities of our headquarters building and related parking facility and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements. Accounting Policies - The accounting policies of the segments are described in Note A of the Notes to Consolidated Financial Statements in our Annual Report. Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Total Segments ( Thousands of dollars ) NGL and condensate sales $ 244,932 $ 1,746,630 $ — $ 1,991,562 Residue natural gas sales 185,303 — 231 185,534 Gathering, processing and exchange services revenue 42,795 105,179 — 147,974 Transportation and storage revenue — 46,407 108,384 154,791 Other 3,182 2,291 12,933 18,406 Total revenues (c) 476,212 1,900,507 121,548 2,498,267 Cost of sales and fuel (exclusive of depreciation and operating costs) (210,739 ) (1,438,206 ) (381 ) (1,649,326 ) Operating costs (91,227 ) (114,903 ) (40,170 ) (246,300 ) Equity in net earnings (loss) from investments (1,837 ) 15,890 23,523 37,576 Noncash compensation expense and other 2,883 4,174 (701 ) 6,356 Segment adjusted EBITDA $ 175,292 $ 367,462 $ 103,819 $ 646,573 Depreciation and amortization $ (55,781 ) $ (50,419 ) $ (14,330 ) $ (120,530 ) Capital expenditures $ 245,745 $ 738,038 $ 27,767 $ 1,011,550 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $379.7 million , of which $315.7 million related to revenues within the segment, and cost of sales and fuel of $129.5 million . (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $72.3 million and cost of sales and fuel of $5.1 million . (c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $244.2 million . Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Segments Other and Eliminations Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 1,991,562 $ (230,080 ) $ 1,761,482 Residue natural gas sales 185,534 (567 ) 184,967 Gathering, processing and exchange services revenue 147,974 — 147,974 Transportation and storage revenue 154,791 (2,594 ) 152,197 Other 18,406 (1,798 ) 16,608 Total revenues (a) $ 2,498,267 $ (235,039 ) $ 2,263,228 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (1,649,326 ) $ 234,798 $ (1,414,528 ) Operating costs $ (246,300 ) $ 1,165 $ (245,135 ) Depreciation and amortization $ (120,530 ) $ (900 ) $ (121,430 ) Equity in net earnings from investments $ 37,576 $ — $ 37,576 Capital expenditures $ 1,011,550 $ 7,624 $ 1,019,174 (a) - Noncustomer revenue for the three months ended September 30, 2019 , totaled $89.0 million related primarily to gains from commodity derivative contracts. Three Months Ended Natural Gas Gathering and Processing Natural Gas Liquids (a) Natural Gas Pipelines (b) Total Segments ( Thousands of dollars ) NGL and condensate sales $ 501,163 $ 2,861,896 $ — $ 3,363,059 Residue natural gas sales 245,474 — 763 246,237 Gathering, processing and exchange services revenue 41,101 116,833 — 157,934 Transportation and storage revenue — 45,251 98,031 143,282 Other 3,517 2,308 6,400 12,225 Total revenues (c) 791,255 3,026,288 105,194 3,922,737 Cost of sales and fuel (exclusive of depreciation and operating costs) (542,463 ) (2,544,854 ) (2,384 ) (3,089,701 ) Operating costs (90,970 ) (101,126 ) (36,543 ) (228,639 ) Equity in net earnings from investments 74 16,450 22,789 39,313 Noncash compensation expense and other 1,703 2,268 1,050 5,021 Segment adjusted EBITDA $ 159,599 $ 399,026 $ 90,106 $ 648,731 Depreciation and amortization $ (49,223 ) $ (43,688 ) $ (13,625 ) $ (106,536 ) Capital expenditures $ 213,034 $ 444,780 $ 31,522 $ 689,336 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $316.0 million , of which $276.4 million related to revenues within the segment, and cost of sales and fuel of $132.7 million . (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $65.9 million and cost of sales and fuel of $5.5 million . (c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $519.7 million . Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Segments Other and Eliminations Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 3,363,059 $ (526,398 ) $ 2,836,661 Residue natural gas sales 246,237 — 246,237 Gathering, processing and exchange services revenue 157,934 — 157,934 Transportation and storage revenue 143,282 (2,370 ) 140,912 Other 12,225 (79 ) 12,146 Total revenues (a) $ 3,922,737 $ (528,847 ) $ 3,393,890 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,089,701 ) $ 528,936 $ (2,560,765 ) Operating costs $ (228,639 ) $ (1,732 ) $ (230,371 ) Depreciation and amortization $ (106,536 ) $ (847 ) $ (107,383 ) Equity in net earnings from investments $ 39,313 $ — $ 39,313 Capital expenditures $ 689,336 $ 4,967 $ 694,303 (a) - Noncustomer revenue for the three months ended September 30, 2018 , totaled $(17.7) million related primarily to losses from derivatives on commodity contracts. Nine Months Ended Natural Gas Natural Gas Natural Gas Total Segments ( Thousands of dollars ) NGL and condensate sales $ 890,021 $ 5,826,297 $ — $ 6,716,318 Residue natural gas sales 725,672 — 1,242 726,914 Gathering, processing and exchange services revenue 126,073 309,571 — 435,644 Transportation and storage revenue — 141,384 317,555 458,939 Other 11,287 7,313 36,682 55,282 Total revenues (c) 1,753,053 6,284,565 355,479 8,393,097 Cost of sales and fuel (exclusive of depreciation and operating costs) (971,397 ) (4,914,452 ) (3,785 ) (5,889,634 ) Operating costs (271,236 ) (340,274 ) (113,043 ) (724,553 ) Equity in net earnings (loss) from investments (4,660 ) 49,406 70,429 115,175 Noncash compensation expense and other 8,399 12,618 1,931 22,948 Segment adjusted EBITDA $ 514,159 $ 1,091,863 $ 311,011 $ 1,917,033 Depreciation and amortization $ (162,014 ) $ (143,166 ) $ (42,653 ) $ (347,833 ) Total assets $ 6,546,417 $ 11,662,489 $ 2,083,773 $ 20,292,679 Capital expenditures $ 674,115 $ 1,969,138 $ 77,861 $ 2,721,114 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.0 billion , of which $853.0 million related to revenues within the segment, and cost of sales and fuel of $364.9 million . (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $214.7 million and cost of sales and fuel of $14.4 million . (c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $897.9 million . Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Nine Months Ended Total Segments Other and Eliminations Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 6,716,318 $ (878,958 ) $ 5,837,360 Residue natural gas sales 726,914 (567 ) 726,347 Gathering, processing and exchange services revenue 435,644 — 435,644 Transportation and storage revenue 458,939 (7,578 ) 451,361 Other 55,282 (5,233 ) 50,049 Total revenues (a) $ 8,393,097 $ (892,336 ) $ 7,500,761 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,889,634 ) $ 892,935 $ (4,996,699 ) Operating costs $ (724,553 ) $ 964 $ (723,589 ) Depreciation and amortization $ (347,833 ) $ (2,719 ) $ (350,552 ) Equity in net earnings from investments $ 115,175 $ — $ 115,175 Total assets $ 20,292,679 $ 1,043,228 $ 21,335,907 Capital expenditures $ 2,721,114 $ 18,224 $ 2,739,338 (a) - Noncustomer revenue for the nine months ended September 30, 2019 , totaled $129.9 million related primarily to gains from commodity derivative contracts. Nine Months Ended Natural Gas Gathering and Processing Natural Gas Liquids (a) Natural Gas Pipelines (b) Total Segments ( Thousands of dollars ) NGL and condensate sales $ 1,362,159 $ 7,884,183 $ — $ 9,246,342 Residue natural gas sales 709,089 — 5,861 714,950 Gathering, processing and exchange services revenue 122,331 296,561 — 418,892 Transportation and storage revenue — 143,741 289,646 433,387 Other 6,596 8,202 19,390 34,188 Total revenues (c) 2,200,175 8,332,687 314,897 10,847,759 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,478,044 ) (7,009,438 ) (10,475 ) (8,497,957 ) Operating costs (272,931 ) (289,328 ) (104,692 ) (666,951 ) Equity in net earnings from investments 948 49,456 65,666 116,070 Noncash compensation expense and other 6,868 9,789 3,701 20,358 Segment adjusted EBITDA $ 457,016 $ 1,093,166 $ 269,097 $ 1,819,279 Depreciation and amortization $ (145,120 ) $ (128,993 ) $ (41,320 ) $ (315,433 ) Total assets $ 5,811,140 $ 9,632,212 $ 2,109,897 $ 17,553,249 Capital expenditures $ 433,605 $ 786,635 $ 71,897 $ 1,292,137 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $910.3 million , of which $784.8 million related to revenues within the segment, and cost of sales and fuel of $379.5 million . (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $198.4 million and cost of sales and fuel of $20.4 million . (c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $1.4 billion . Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Nine Months Ended Total Segments Other and Eliminations Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 9,246,342 $ (1,383,864 ) $ 7,862,478 Residue natural gas sales 714,950 (778 ) 714,172 Gathering, processing and exchange services revenue 418,892 (21 ) 418,871 Transportation and storage revenue 433,387 (6,959 ) 426,428 Other 34,188 359 34,547 Total revenues (a) $ 10,847,759 $ (1,391,263 ) $ 9,456,496 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (8,497,957 ) $ 1,393,348 $ (7,104,609 ) Operating costs $ (666,951 ) $ (3,777 ) $ (670,728 ) Depreciation and amortization $ (315,433 ) $ (2,475 ) $ (317,908 ) Equity in net earnings from investments $ 116,070 $ — $ 116,070 Total assets $ 17,553,249 $ 358,065 $ 17,911,314 Capital expenditures $ 1,292,137 $ 17,518 $ 1,309,655 (a) - Noncustomer revenue for the nine months ended September 30, 2018 , totaled $(32.1) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Reconciliation of net income to total segment adjusted EBITDA Net income $ 309,155 $ 313,916 $ 958,326 $ 862,144 Add: Interest expense, net of capitalized interest 129,577 121,910 362,490 351,131 Depreciation and amortization 121,430 107,383 350,552 317,908 Income taxes 97,365 102,983 274,234 266,285 Noncash compensation expense 9,757 5,829 20,412 27,195 Other corporate costs and noncash items (a) (20,711 ) (3,290 ) (48,981 ) (5,384 ) Total segment adjusted EBITDA $ 646,573 $ 648,731 $ 1,917,033 $ 1,819,279 (a) - Includes equity AFUDC related to our capital-growth projects. |
SUPPLEMENTAL CONDENSED CONSOLID
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Supplemental Condensed Consolidating Financial Information | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION ONEOK and ONEOK Partners are issuers of certain public debt securities. We, ONEOK Partners and the Intermediate Partnership guarantee the indebtedness of ONEOK and ONEOK Partners. The Intermediate Partnership holds all of ONEOK Partners’ partnership interests and equity in its subsidiaries, as well as a 50 percent interest in Northern Border Pipeline. In lieu of providing separate financial statements for each subsidiary issuer and guarantor, we have included the accompanying condensed consolidating financial statements based on Rule 3-10 of the SEC’s Regulation S-X. We have presented each of the parent and subsidiary issuers in separate columns in this single set of condensed consolidating financial statements. For purposes of the following footnote: • we are referred to as “Parent Issuer and Guarantor”; • ONEOK Partners is referred to as “Subsidiary Issuer and Guarantor”; • the Intermediate Partnership is referred to as “Guarantor Subsidiary”; and • the “Non-Guarantor Subsidiaries” are all subsidiaries other than the Guarantor Subsidiary and Subsidiary Issuer and Guarantor. The following unaudited supplemental condensed consolidating financial information is presented on an equity-method basis reflecting the separate accounts of ONEOK, ONEOK Partners and the Intermediate Partnership, the combined accounts of the Non-Guarantor Subsidiaries, the combined consolidating adjustments and eliminations, and our consolidated amounts for the periods indicated. Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2019 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Revenues Commodity sales $ — $ — $ — $ 1,947.8 $ — $ 1,947.8 Services — — — 316.0 (0.6 ) 315.4 Total revenues — — — 2,263.8 (0.6 ) 2,263.2 Cost of sales and fuel (exclusive of items shown separately below) — — — 1,414.5 — 1,414.5 Operating expenses (0.7 ) — — 367.8 (0.6 ) 366.5 (Gain) loss on sale of assets — — 0.1 (0.1 ) — — Operating income 0.7 — (0.1 ) 481.6 — 482.2 Equity in net earnings from investments 470.2 476.1 476.2 29.1 (1,414.0 ) 37.6 Other income (expense), net 11.1 75.4 78.1 8.0 (156.2 ) 16.4 Interest expense, net (78.4 ) (78.1 ) (78.1 ) (51.2 ) 156.2 (129.6 ) Income before income taxes 403.6 473.4 476.1 467.5 (1,414.0 ) 406.6 Income taxes (94.4 ) — — (3.0 ) — (97.4 ) Net income 309.2 473.4 476.1 464.5 (1,414.0 ) 309.2 Less: Preferred stock dividends 0.3 — — — — 0.3 Net income available to common shareholders $ 308.9 $ 473.4 $ 476.1 $ 464.5 $ (1,414.0 ) $ 308.9 Net income $ 309.2 $ 473.4 $ 476.1 $ 464.5 $ (1,414.0 ) $ 309.2 Other comprehensive income (loss), net of tax (94.4 ) 12.4 7.9 5.0 (15.6 ) (84.7 ) Comprehensive income $ 214.8 $ 485.8 $ 484.0 $ 469.5 $ (1,429.6 ) $ 224.5 Three Months Ended September 30, 2018 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Revenues Commodity sales $ — $ — $ — $ 3,083.6 $ — $ 3,083.6 Services — — — 310.8 (0.5 ) 310.3 Total revenues — — — 3,394.4 (0.5 ) 3,393.9 Cost of sales and fuel (exclusive of items shown separately below) — — — 2,560.8 — 2,560.8 Operating expenses 2.0 — — 336.3 (0.5 ) 337.8 Gain on sale of assets — — — (0.2 ) — (0.2 ) Operating income (2.0 ) — — 497.5 — 495.5 Equity in net earnings from investments 457.3 457.1 457.1 30.1 (1,362.3 ) 39.3 Other income (expense), net 9.3 80.3 80.3 (5.3 ) (160.6 ) 4.0 Interest expense, net (49.1 ) (80.3 ) (80.3 ) (72.8 ) 160.6 (121.9 ) Income before income taxes 415.5 457.1 457.1 449.5 (1,362.3 ) 416.9 Income taxes (102.3 ) — — (0.7 ) — (103.0 ) Net income 313.2 457.1 457.1 448.8 (1,362.3 ) 313.9 Less: Net income attributable to noncontrolling interests — — — 0.7 — 0.7 Net income attributable to ONEOK 313.2 457.1 457.1 448.1 (1,362.3 ) 313.2 Less: Preferred stock dividends 0.2 — — — — 0.2 Net income available to common shareholders $ 313.0 $ 457.1 $ 457.1 $ 448.1 $ (1,362.3 ) $ 313.0 Net income $ 313.2 $ 457.1 $ 457.1 $ 448.8 $ (1,362.3 ) $ 313.9 Other comprehensive income (loss), net of tax 23.4 (3.7 ) (8.1 ) (7.3 ) 16.2 20.5 Comprehensive income 336.6 453.4 449.0 441.5 (1,346.1 ) 334.4 Less: Comprehensive income attributable to noncontrolling interest — — — 0.7 — 0.7 Comprehensive income attributable to ONEOK $ 336.6 $ 453.4 $ 449.0 $ 440.8 $ (1,346.1 ) $ 333.7 Nine Months Ended September 30, 2019 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Revenues Commodity sales $ — $ — $ — $ 6,567.6 $ — $ 6,567.6 Services — — — 934.8 (1.6 ) 933.2 Total revenues — — — 7,502.4 (1.6 ) 7,500.8 Cost of sales and fuel (exclusive of items shown separately below) — — — 4,996.7 — 4,996.7 Operating expenses (0.7 ) — — 1,076.5 (1.6 ) 1,074.2 Loss on sale of assets — — 2.7 0.2 — 2.9 Operating income 0.7 — (2.7 ) 1,429.0 — 1,427.0 Equity in net earnings from investments 1,392.9 1,405.6 1,408.3 87.1 (4,178.7 ) 115.2 Other income (expense), net 26.3 232.8 235.5 29.3 (471.0 ) 52.9 Interest expense, net (198.1 ) (235.5 ) (235.5 ) (164.4 ) 471.0 (362.5 ) Income before income taxes 1,221.8 1,402.9 1,405.6 1,381.0 (4,178.7 ) 1,232.6 Income taxes (263.5 ) — — (10.8 ) — (274.3 ) Net income 958.3 1,402.9 1,405.6 1,370.2 (4,178.7 ) 958.3 Less: Preferred stock dividends 0.8 — — — — 0.8 Net income available to common shareholders $ 957.5 $ 1,402.9 $ 1,405.6 $ 1,370.2 $ (4,178.7 ) $ 957.5 Net income $ 958.3 $ 1,402.9 $ 1,405.6 $ 1,370.2 $ (4,178.7 ) $ 958.3 Other comprehensive income (loss), net of tax (226.0 ) (9.0 ) (22.5 ) (20.6 ) 45.3 (232.8 ) Comprehensive income $ 732.3 $ 1,393.9 $ 1,383.1 $ 1,349.6 $ (4,133.4 ) $ 725.5 Nine Months Ended September 30, 2018 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Revenues Commodity sales $ — $ — $ — $ 8,578.9 $ — $ 8,578.9 Services — — — 879.1 (1.5 ) 877.6 Total revenues — — — 9,458.0 (1.5 ) 9,456.5 Cost of sales and fuel (exclusive of items shown separately below) — — — 7,104.6 — 7,104.6 Operating expenses 3.3 — — 986.8 (1.5 ) 988.6 Gain on sale of assets — — — (0.3 ) — (0.3 ) Operating income (3.3 ) — — 1,366.9 — 1,363.6 Equity in net earnings from investments 1,226.6 1,231.2 1,231.2 86.2 (3,659.1 ) 116.1 Other income (expense), net 23.1 234.9 234.9 (23.3 ) (469.8 ) (0.2 ) Interest expense, net (129.2 ) (234.9 ) (234.9 ) (221.9 ) 469.8 (351.1 ) Income before income taxes 1,117.2 1,231.2 1,231.2 1,207.9 (3,659.1 ) 1,128.4 Income taxes (258.4 ) — — (7.9 ) — (266.3 ) Net income 858.8 1,231.2 1,231.2 1,200.0 (3,659.1 ) 862.1 Less: Net income attributable to noncontrolling interests — — — 3.3 — 3.3 Net income attributable to ONEOK 858.8 1,231.2 1,231.2 1,196.7 (3,659.1 ) 858.8 Less: Preferred stock dividends 0.8 — — — — 0.8 Net income available to common shareholders $ 858.0 $ 1,231.2 $ 1,231.2 $ 1,196.7 $ (3,659.1 ) $ 858.0 Net income $ 858.8 $ 1,231.2 $ 1,231.2 $ 1,200.0 $ (3,659.1 ) $ 862.1 Other comprehensive income (loss), net of tax 65.6 4.0 (6.9 ) (8.0 ) 13.8 68.5 Comprehensive income 924.4 1,235.2 1,224.3 1,192.0 (3,645.3 ) 930.6 Less: Comprehensive income attributable to noncontrolling interest — — — 3.3 — 3.3 Comprehensive income attributable to ONEOK $ 924.4 $ 1,235.2 $ 1,224.3 $ 1,188.7 $ (3,645.3 ) $ 927.3 Condensed Consolidating Balance Sheets September 30, 2019 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total Assets ( Millions of dollars ) Current assets Cash and cash equivalents $ 673.3 $ — $ — $ — $ — $ 673.3 Accounts receivable, net — — — 718.7 — 718.7 Materials and supplies — — — 192.9 — 192.9 Natural gas and NGLs in storage — — — 283.5 — 283.5 Other current assets 12.3 — — 86.8 — 99.1 Total current assets 685.6 — — 1,281.9 — 1,967.5 Property, plant and equipment Property, plant and equipment 160.0 — — 20,788.3 — 20,948.3 Accumulated depreciation and amortization 97.6 — — 3,487.8 — 3,585.4 Net property, plant and equipment 62.4 — — 17,300.5 — 17,362.9 Investments and other assets Investments 6,554.5 3,932.2 10,986.9 770.6 (21,373.7 ) 870.5 Intercompany receivable 8,099.1 6,897.7 — — (14,996.8 ) — Other assets 134.8 — — 1,001.1 (0.9 ) 1,135.0 Total investments and other assets 14,788.4 10,829.9 10,986.9 1,771.7 (36,371.4 ) 2,005.5 Total assets $ 15,536.4 $ 10,829.9 $ 10,986.9 $ 20,354.1 $ (36,371.4 ) $ 21,335.9 Liabilities and equity Current liabilities Current maturities of long-term debt $ — $ — $ — $ 7.7 $ — $ 7.7 Accounts payable 9.5 — — 1,120.3 — 1,129.8 Other current liabilities 96.4 63.5 — 269.7 — 429.6 Total current liabilities 105.9 63.5 — 1,397.7 — 1,567.1 Intercompany payable — — 7,054.7 7,942.1 (14,996.8 ) — Long-term debt, excluding current maturities 8,419.6 4,044.3 — 15.6 — 12,479.5 Deferred credits and other liabilities Deferred income taxes 297.9 — — 121.7 (0.9 ) 418.7 Other deferred credits 494.1 — — 157.6 — 651.7 Total deferred credits and other liabilities 792.0 — — 279.3 (0.9 ) 1,070.4 Commitments and contingencies Equity 6,218.9 6,722.1 3,932.2 10,719.4 (21,373.7 ) 6,218.9 Total liabilities and equity $ 15,536.4 $ 10,829.9 $ 10,986.9 $ 20,354.1 $ (36,371.4 ) $ 21,335.9 December 31, 2018 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total Assets ( Millions of dollars ) Current assets Cash and cash equivalents $ 12.0 $ — $ — $ — $ — $ 12.0 Accounts receivable, net — — — 819.0 — 819.0 Materials and supplies — — — 141.2 — 141.2 Natural gas and NGLs in storage — — — 296.7 — 296.7 Other current assets 29.1 — — 100.6 — 129.7 Total current assets 41.1 — — 1,357.5 — 1,398.6 Property, plant and equipment Property, plant and equipment 145.5 — — 17,885.5 — 18,031.0 Accumulated depreciation and amortization 92.0 — — 3,172.3 — 3,264.3 Net property, plant and equipment 53.5 — — 14,713.2 — 14,766.7 Investments and other assets Investments 6,153.5 3,548.1 9,721.6 791.1 (19,245.1 ) 969.2 Intercompany receivable 5,308.6 7,701.5 1,528.0 — (14,538.1 ) — Other assets 115.9 — — 982.3 (1.0 ) 1,097.2 Total investments and other assets 11,578.0 11,249.6 11,249.6 1,773.4 (33,784.2 ) 2,066.4 Total assets $ 11,672.6 $ 11,249.6 $ 11,249.6 $ 17,844.1 $ (33,784.2 ) $ 18,231.7 Liabilities and equity Current liabilities Current maturities of long-term debt $ — $ 500.0 $ — $ 7.7 $ — $ 507.7 Accounts payable 31.3 — — 1,085.0 — 1,116.3 Other current liabilities 123.2 81.0 — 280.2 — 484.4 Total current liabilities 154.5 581.0 — 1,372.9 — 2,108.4 Intercompany payable — — 7,701.5 6,836.6 (14,538.1 ) — Long-term debt, excluding current maturities 4,510.7 4,341.4 — 21.2 — 8,873.3 Deferred credits and other liabilities Deferred income taxes 112.3 — — 108.4 (1.0 ) 219.7 Other deferred credits 315.6 — — 135.2 — 450.8 Total deferred credits and other liabilities 427.9 — — 243.6 (1.0 ) 670.5 Commitments and contingencies Equity 6,579.5 6,327.2 3,548.1 9,369.8 (19,245.1 ) 6,579.5 Total liabilities and equity $ 11,672.6 $ 11,249.6 $ 11,249.6 $ 17,844.1 $ (33,784.2 ) $ 18,231.7 Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2019 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Operating activities Cash provided by operating activities $ 761.9 $ 897.3 $ 50.6 $ 1,615.0 $ (1,998.0 ) $ 1,326.8 Investing activities Capital expenditures (17.8 ) — — (2,721.5 ) — (2,739.3 ) Contributions to unconsolidated affiliates — — — (3.3 ) — (3.3 ) Other investing activities — — 72.5 22.2 — 94.7 Cash used in investing activities (17.8 ) — 72.5 (2,702.6 ) — (2,647.9 ) Financing activities Dividends paid (1,079.4 ) (999.0 ) (999.0 ) — 1,998.0 (1,079.4 ) Intercompany borrowings (advances), net (2,874.4 ) 904.1 875.9 1,094.4 — — Issuance of long-term debt, net of discounts 4,185.4 — — — — 4,185.4 Repayment of long-term debt (250.0 ) (799.7 ) — (5.7 ) — (1,055.4 ) Issuance of common stock 19.3 — — — — 19.3 Other (83.7 ) (2.7 ) — (1.1 ) — (87.5 ) Cash provided by financing activities (82.8 ) (897.3 ) (123.1 ) 1,087.6 1,998.0 1,982.4 Change in cash and cash equivalents 661.3 — — — — 661.3 Cash and cash equivalents at beginning of period 12.0 — — — — 12.0 Cash and cash equivalents at end of period $ 673.3 $ — $ — $ — $ — $ 673.3 Nine Months Ended September 30, 2018 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Operating activities Cash provided by operating activities $ 964.4 $ 993.8 $ 48.9 $ 1,507.4 $ (1,998.0 ) $ 1,516.5 Investing activities Capital expenditures (15.0 ) — — (1,294.7 ) — (1,309.7 ) Contributions to unconsolidated affiliates — — (0.5 ) (0.3 ) — (0.8 ) Other investing activities — — 10.8 9.9 — 20.7 Cash used in investing activities (15.0 ) — 10.3 (1,285.1 ) — (1,289.8 ) Financing activities Dividends paid (983.1 ) (999.0 ) (999.0 ) — 1,998.0 (983.1 ) Distributions to noncontrolling interests — — — (3.5 ) — (3.5 ) Intercompany borrowings (advances), net (1,640.5 ) 930.2 939.8 (229.5 ) — — Borrowing (repayment) of short-term borrowings, net (494.7 ) — — — — (494.7 ) Issuance of long-term debt, net of discounts 1,245.8 — — — — 1,245.8 Repayment of long-term debt — (925.0 ) — (5.7 ) — (930.7 ) Issuance of common stock 1,195.1 — — — — 1,195.1 Acquisition of noncontrolling interests (195.0 ) — — — — (195.0 ) Other, net (29.7 ) — — 16.4 — (13.3 ) Cash used in financing activities (902.1 ) (993.8 ) (59.2 ) (222.3 ) 1,998.0 (179.4 ) Change in cash and cash equivalents 47.3 — — — — 47.3 Cash and cash equivalents at beginning of period 37.2 — — — — 37.2 Cash and cash equivalents at end of period $ 84.5 $ — $ — $ — $ — $ 84.5 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Basis of Accounting, Policy [Policy Text Block] | Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2018 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. Certain reclassifications and revisions have been made in the prior-year Consolidated Financial Statements to conform to the current year presentation. See Note E for additional information. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not listed below or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs listed below. Except as discussed below or in our Annual Report, there have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us. The following table provides a brief description of recently adopted accounting pronouncements and our analysis of the effects on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, “Leases (Topic 842)” The standard requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. It also requires qualitative disclosures along with specific quantitative disclosures by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. First quarter 2019 We adopted this standard on January 1, 2019, using the modified retrospective method and the optional transition method to record the adoption impact through a cumulative adjustment to equity. We recorded an immaterial cumulative effect for the adoption of the new standard and recorded $17.5 million of right-of-use assets and $17.4 million of lease liabilities related to operating leases that were not previously recorded on our Consolidated Balance Sheets. Our finance lease assets and liabilities of $28.1 million and $28.0 million, respectively, did not change as a result of adopting this standard. See Note K for additional disclosures. ASU 2018-07, “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” The standard aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. First quarter 2019 The impact of adopting this standard was not material. |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Accounting Policy [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. While many of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists, some contracts are executed in markets for which market prices may exist, but the market may be relatively inactive. This results in limited price transparency that requires management’s judgment and assumptions to estimate fair values. For certain transactions, we may utilize modeling techniques using NYMEX-settled pricing data and implied forward LIBOR curves. Inputs into our fair value estimates include commodity-exchange prices, data obtained from third-party pricing services, LIBOR and other liquid money-market instrument rates. Our financial commodity derivatives are generally settled through a NYMEX or Intercontinental Exchange (ICE) clearing broker account with daily margin requirements. We validate our valuation inputs with third-party information and settlement prices from other sources, where available. We compute the fair value of our derivative portfolio by discounting the projected future cash flows from our derivative assets and liabilities to present value using interest-rate yields to calculate present-value discount factors derived from the implied forward LIBOR yield curve. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward LIBOR yield curve for the same period as the future interest-rate swap settlements. We consider current market data in evaluating counterparties’, as well as our own, nonperformance risk, net of collateral, by using counterparty-specific bond yields. Although we use our best estimates to determine the fair value of the derivative contracts we have executed, the ultimate market prices realized could differ materially from our estimates. Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below: • Level 1 - fair value measurements are based on unadjusted quoted prices for identical securities in active markets. These balances are composed predominantly of exchange-traded derivative contracts for natural gas and crude oil. • Level 2 - fair value measurements are based on significant observable pricing inputs, including quoted prices for similar assets and liabilities in active markets and inputs from third-party pricing services supported with corroborative evidence. These balances are composed of over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs, including internally developed natural gas basis and NGL price curves that incorporate observable and unobservable market data from broker quotes and third-party pricing services. These balances are composed predominantly of exchange-cleared and over-the-counter derivatives for natural gas basis and NGLs. Our commodity derivatives are generally valued using forward quotes provided by third-party pricing services that are validated with other market data. We believe any measurement uncertainty at September 30, 2019 , is immaterial as our Level 3 fair value measurements are based on unadjusted pricing information from broker quotes and third-party pricing services. We do not believe that our Level 3 fair value estimates have a material impact on our results of operations, as our derivatives are accounted for as hedges. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives for which fair value is determined using multiple inputs within a single level, based on the lowest level input that is significant to the fair value measurement in its entirety. |
LEASES (Policies)
LEASES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. Leases - We lease certain buildings, warehouses, office space, land and equipment, including pipeline equipment, rail cars and information technology equipment. Our lease payments are generally straight-line and the exercise of lease renewal options, which vary in term, is at our sole discretion. We include renewal periods in a lease term if we are reasonably certain to exercise available renewal options. Our lease agreements do not include any residual value guarantees or material restrictive covenants. |
REVENUE REVENUE (Policies)
REVENUE REVENUE (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Accounting Policies |
SEGMENTS SEGMENTS (Policies)
SEGMENTS SEGMENTS (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Accounting Policy [Policy Text Block] | Accounting Policies - The accounting policies of the segments are described in Note A of the Notes to Consolidated Financial Statements in our Annual Report. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements | The following tables set forth our recurring fair value measurements for the periods indicated: September 30, 2019 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 12,267 $ — $ 68,049 $ 80,316 $ (40,413 ) $ 39,903 Physical contracts — — 579 579 — 579 Total derivative assets $ 12,267 $ — $ 68,628 $ 80,895 $ (40,413 ) $ 40,482 Derivative liabilities Commodity contracts Financial contracts $ — $ — $ (40,413 ) $ (40,413 ) $ 40,413 $ — Interest-rate contracts — (276,865 ) — (276,865 ) — (276,865 ) Total derivative liabilities $ — $ (276,865 ) $ (40,413 ) $ (317,278 ) $ 40,413 $ (276,865 ) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At September 30, 2019 , we held no cash and posted $1.9 million of cash with various counterparties, which is included in other current assets in our Consolidated Balance Sheet. December 31, 2018 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 10,812 $ — $ 69,165 $ 79,977 $ (32,739 ) $ 47,238 Physical contracts — — 1,142 1,142 — 1,142 Interest-rate contracts — 19,005 — 19,005 — 19,005 Total derivative assets $ 10,812 $ 19,005 $ 70,307 $ 100,124 $ (32,739 ) $ 67,385 Derivative liabilities Commodity contracts Financial contracts $ (2,916 ) $ — $ (29,823 ) $ (32,739 ) $ 32,739 $ — Interest-rate contracts — (99,260 ) — (99,260 ) — (99,260 ) Total derivative liabilities $ (2,916 ) $ (99,260 ) $ (29,823 ) $ (131,999 ) $ 32,739 $ (99,260 ) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2018 , we held no cash and posted $0.8 million of cash with various counterparties, which is included in other current assets in our Consolidated Balance Sheet. |
Reconciliation of Level 3 Fair Value Measurements | The following table sets forth a reconciliation of our Level 3 fair value measurements for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, Derivative Assets (Liabilities) 2019 2018 2019 2018 ( Thousands of dollars ) Net assets (liabilities) at beginning of period $ 19,274 $ (23,501 ) $ 40,484 $ (32,838 ) Total changes in fair value: Included in net income (a) — (22 ) — (122 ) Included in other comprehensive income (loss) (b) 8,941 (7,554 ) (12,269 ) 1,883 Net assets (liabilities) at end of period $ 28,215 $ (31,077 ) $ 28,215 $ (31,077 ) (a) - Included in commodity sales revenues/cost of sales and fuel in our Consolidated Statements of Income. |
RISK MANAGEMENT AND HEDGING A_2
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives | The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated: September 30, 2019 December 31, 2018 Location in our Consolidated Balance Sheets Assets (Liabilities) Assets (Liabilities) ( Thousands of dollars ) Derivatives designated as hedging instruments Commodity contracts (a) Financial contracts Other current assets $ 72,995 $ (36,186 ) $ 78,891 $ (31,793 ) Other assets 7,321 (4,227 ) 1,086 (946 ) Physical contracts Other current assets 579 — 1,142 — Interest-rate contracts Other current assets/other current liabilities — (14,672 ) 19,005 (15,012 ) Other deferred credits — (262,193 ) — (84,248 ) Total derivatives designated as hedging instruments $ 80,895 $ (317,278 ) $ 100,124 $ (131,999 ) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. |
Notional Amounts of Derivative Instruments | The following table sets forth the notional quantities for derivative instruments held for the periods indicated: September 30, 2019 December 31, 2018 Contract Type Purchased/ Payor Sold/ Receiver Purchased/ Payor Sold/ Receiver Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures and swaps — (39.6 ) — (29.9 ) - Crude oil and NGLs ( MMBbl ) Futures, forwards, swaps and options 9.2 (20.1 ) 6.5 (13.8 ) Basis - Natural gas ( Bcf ) Futures and swaps — (39.6 ) — (29.9 ) Interest-rate contracts ( Billions of dollars ) Swaps $ 3.1 $ — $ 4.3 $ — |
Schedule of Cash Flow Hedging Instruments Effect on Comprehensive Income (Loss) | The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) for the periods indicated: Three Months Ended Nine Months Ended Derivatives in Cash Flow Hedging Relationships September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Commodity contracts $ 32,169 $ (30,783 ) $ 43,877 $ (56,246 ) Interest-rate contracts (128,041 ) 26,203 (303,351 ) 70,179 Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) $ (95,872 ) $ (4,580 ) $ (259,474 ) $ 13,933 |
Schedule of Cash Flow Hedging Instruments Effect on Income | The following table sets forth the effect of cash flow hedges on net income for the periods indicated: Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Commodity contracts Commodity sales revenues/ cost of sales and fuel $ 18,528 $ (20,630 ) $ 52,624 $ (42,430 ) Interest-rate contracts Interest expense (6,903 ) (4,383 ) (14,222 ) (13,929 ) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income $ 11,625 $ (25,013 ) $ 38,402 $ (56,359 ) |
DEBT DEBT (Tables)
DEBT DEBT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Instrument [Line Items] | |
Debt [Table Text Block] | The following table sets forth our consolidated debt for the periods indicated: September 30, December 31, ( Thousands of dollars ) Commercial paper outstanding $ — $ — Senior unsecured obligations: $500,000 at 8.625% due March 2019 — 500,000 $300,000 at 3.8% due March 2020 — 300,000 $1,500,000 term loan, variable rate, due November 2021 1,250,000 550,000 $700,000 at 4.25% due February 2022 547,397 547,397 $900,000 at 3.375% due October 2022 900,000 900,000 $425,000 at 5.0% due September 2023 425,000 425,000 $500,000 at 7.5% due September 2023 500,000 500,000 $500,000 at 2.75% due September 2024 500,000 — $500,000 at 4.9% due March 2025 500,000 500,000 $500,000 at 4.0% due July 2027 500,000 500,000 $800,000 at 4.55% due July 2028 800,000 800,000 $100,000 at 6.875% due September 2028 100,000 100,000 $700,000 at 4.35% due March 2029 700,000 — $750,000 at 3.4% due September 2029 750,000 — $400,000 at 6.0% due June 2035 400,000 400,000 $600,000 at 6.65% due October 2036 600,000 600,000 $600,000 at 6.85% due October 2037 600,000 600,000 $650,000 at 6.125% due February 2041 650,000 650,000 $400,000 at 6.2% due September 2043 400,000 400,000 $700,000 at 4.95% due July 2047 700,000 700,000 $1,000,000 at 5.2% due July 2048 1,000,000 450,000 $750,000 at 4.45% due September 2049 750,000 — Guardian Pipeline Weighted average 7.85% due December 2022 23,220 28,957 Total debt 12,595,617 9,451,354 Unamortized portion of terminated swaps 15,461 16,750 Unamortized debt issuance costs and discounts (123,976 ) (87,120 ) Current maturities of long-term debt (7,650 ) (507,650 ) Long-term debt $ 12,479,452 $ 8,873,334 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) | The following table sets forth the balance in accumulated other comprehensive loss for the period indicated: Risk- Management Assets/Liabilities (a) Retirement and Other Postretirement Benefit Plan Obligations (a) (b) Risk- Management Assets/Liabilities of Unconsolidated Affiliates (a) Accumulated Other Comprehensive Loss (a) ( Thousands of dollars ) January 1, 2019 $ (64,660 ) $ (121,785 ) $ (1,794 ) $ (188,239 ) Other comprehensive loss before reclassifications (199,795 ) (63 ) (10,567 ) (210,425 ) Amounts reclassified to net income (29,748 ) 7,334 (26 ) (22,440 ) Other comprehensive income (loss) (229,543 ) 7,271 (10,593 ) (232,865 ) September 30, 2019 $ (294,203 ) $ (114,514 ) $ (12,387 ) $ (421,104 ) (a) - All amounts are presented net of tax. (b) - Includes amounts related to supplemental executive retirement plan. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the effect of reclassifications from accumulated other comprehensive loss to net income for the periods indicated: Details about Accumulated Other Components Three Months Ended Nine Months Ended Affected Line Item in the Statements of Income September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Risk-management assets/liabilities Commodity contracts $ 18,528 $ (20,630 ) $ 52,624 $ (42,430 ) Commodity sales revenues/cost of sales and fuel Interest-rate contracts (6,903 ) (4,383 ) (14,222 ) (13,929 ) Interest expense 11,625 (25,013 ) 38,402 (56,359 ) Income before income taxes (2,673 ) 5,752 (8,654 ) 12,962 Income taxes $ 8,952 $ (19,261 ) $ 29,748 $ (43,397 ) Net income Retirement and other postretirement benefit plan obligations (a) Amortization of net loss $ (3,232 ) $ (4,592 ) $ (9,696 ) $ (13,776 ) Other income (expense) Amortization of unrecognized prior service credit 57 415 171 1,245 Other income (expense) (3,175 ) (4,177 ) (9,525 ) (12,531 ) Income before income taxes 731 961 2,191 2,882 Income taxes $ (2,444 ) $ (3,216 ) $ (7,334 ) $ (9,649 ) Net income Risk-management assets/liabilities of unconsolidated affiliates Interest-rate contracts $ (59 ) $ 52 $ 34 $ 71 Equity in net earnings from investments 13 (12 ) (8 ) (16 ) Income taxes $ (46 ) $ 40 $ 26 $ 55 Net income Total reclassifications for the period $ 6,462 $ (22,437 ) $ 22,440 $ (52,991 ) Net income (a) - These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note H for additional detail of our net periodic benefit cost. |
Schedule of Accumulated Other Comprehensive Income (Loss) for Risk-Management Assets/Liabilities [Table Text Block] | The following table sets forth information about the balance of accumulated other comprehensive loss at September 30, 2019 , representing unrealized gains (losses) related to risk-management assets and liabilities: Risk- Management Assets/Liabilities (a) ( Thousands of dollars ) Commodity derivative instruments expected to be realized within the next 27 months (b) $ 30,258 Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (c) (111,275 ) Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt (213,186 ) Accumulated other comprehensive loss at September 30, 2019 $ (294,203 ) (a) - All amounts are presented net of tax. (b) - Based on September 30, 2019 , commodity prices, we will realize $27.9 million in net gains, net of tax, over the next 12 months and $2.4 million in net gains, net of tax, thereafter. (c) - Losses of $19.7 million , net of tax, will be reclassified into earnings during the next 12 months as the hedged items affect earnings. |
EARNINGS PER SHARE EARNINGS P_2
EARNINGS PER SHARE EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended September 30, 2019 Income Shares Per Share Amount ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 308,880 413,816 $ 0.75 Diluted EPS Effect of dilutive securities — 1,762 Net income available for common stock and common stock equivalents $ 308,880 415,578 $ 0.74 Three Months Ended September 30, 2018 Income Shares Per Share Amount ( Thousands, except per share amounts ) Basic EPS Net income attributable to ONEOK available for common stock $ 312,984 412,117 $ 0.76 Diluted EPS Effect of dilutive securities — 2,730 Net income attributable to ONEOK available for common stock and common stock equivalents $ 312,984 414,847 $ 0.75 Nine Months Ended September 30, 2019 Income Shares Per Share Amount ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 957,501 413,443 $ 2.32 Diluted EPS Effect of dilutive securities — 1,834 Net income available for common stock and common stock equivalents $ 957,501 415,277 $ 2.31 Nine Months Ended September 30, 2018 Income Shares Per Share Amount ( Thousands, except per share amounts ) Basic EPS Net income attributable to ONEOK available for common stock $ 857,990 411,400 $ 2.09 Diluted EPS Effect of dilutive securities — 2,635 Net income attributable to ONEOK available for common stock and common stock equivalents $ 857,990 414,035 $ 2.07 |
EMPLOYEE BENEFIT PLANS EMPLOY_2
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Defined Benefit Plan [Abstract] | |
Components of net periodic benefit cost for retirement and postretirement benefit plans | The following tables set forth the components of net periodic benefit cost (income) for our retirement and other postretirement benefit plans for the periods indicated: Retirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Components of net periodic benefit cost Service cost $ 1,954 $ 1,832 $ 5,862 $ 5,496 Interest cost 5,126 4,408 15,378 13,224 Expected return on plan assets (5,892 ) (5,969 ) (17,676 ) (17,907 ) Amortization of net loss 3,158 4,258 9,474 12,774 Net periodic benefit cost $ 4,346 $ 4,529 $ 13,038 $ 13,587 Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Components of net periodic benefit cost Service cost $ 117 $ 211 $ 351 $ 633 Interest cost 509 527 1,527 1,581 Expected return on plan assets (570 ) (672 ) (1,710 ) (2,016 ) Amortization of prior service credit (57 ) (415 ) (171 ) (1,245 ) Amortization of net loss 74 334 222 1,002 Net periodic benefit cost (income) $ 73 $ (15 ) $ 219 $ (45 ) |
UNCONSOLIDATED AFFILIATES (Tabl
UNCONSOLIDATED AFFILIATES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity In Net Earnings From Investments | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments [Table Text Block] | The following table sets forth our equity in net earnings (loss) from investments for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Northern Border Pipeline $ 16,102 $ 16,486 $ 50,593 $ 48,863 Overland Pass Pipeline 15,481 16,081 48,340 48,714 Roadrunner 7,421 6,303 19,836 16,803 Other (1,428 ) 443 (3,594 ) 1,690 Equity in net earnings from investments $ 37,576 $ 39,313 $ 115,175 $ 116,070 |
Unconsolidated Affiliates Financial Information | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments [Table Text Block] | The following table sets forth summarized combined financial information of our unconsolidated affiliates for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Income Statement Revenues $ 151,210 $ 160,962 $ 471,461 $ 471,641 Operating expenses $ 69,783 $ 69,004 $ 217,287 $ 205,525 Net income $ 74,341 $ 85,361 $ 234,154 $ 247,754 Distributions paid to us (a) $ 44,357 $ 47,197 $ 203,347 $ 145,437 (a) - As determined by the Northern Border Pipeline Management Committee, we received an additional distribution of $50.0 million |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table sets forth the maturity of our lease liabilities as of September 30, 2019 : Finance Lease Operating Leases ( Millions of dollars ) Remainder of 2019 $ 1.1 $ 1.3 2020 4.5 2.4 2021 4.5 2.0 2022 4.5 2.0 2023 4.5 1.9 2024 and beyond 21.6 11.1 Total lease payments 40.7 20.7 Less: Interest 14.0 4.3 Present value of lease liabilities $ 26.7 $ 16.4 |
Lease Assets and Liabilities Included in the Consolidated Balance Sheet[Table Text Block] | The following table sets forth information about our supplemental cash flows: Nine Months Ended September 30, 2019 ( Thousands of dollars ) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 4,972 Financing cash flows for finance lease $ 1,307 Right-of-use assets obtained in exchange for operating lease liabilities (noncash) $ 3,663 The following table sets forth information about our lease assets and liabilities included in our Consolidated Balance Sheet for the period indicated: Leases Location in our Consolidated Balance Sheet September 30, 2019 ( Thousands of dollars ) Assets Operating leases Other assets $ 16,176 Finance lease Property, plant and equipment 28,286 Finance lease Accumulated depreciation (1,037 ) Total leased assets $ 43,425 Liabilities Current Operating leases Other current liabilities $ 2,624 Finance lease Finance lease liability 1,901 Noncurrent Operating leases Other deferred credits 13,790 Finance lease Finance lease liability 24,801 Total lease liabilities $ 43,116 |
Lease, Cost [Table Text Block] | The following table sets forth information about our leases for the periods indicated: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 At September 30, 2019 Location in our Consolidated Statement of Income Lease Cost Weighted-Average Remaining Lease Term Weighted-Average Discount Rate (a) ( Thousands of dollars ) ( Years ) Operating leases Operations and maintenance $ 1,751 $ 5,402 10.1 4.58% Finance lease 9.1 10.00% Amortization of lease assets Depreciation and amortization 283 849 Interest on lease liabilities Interest expense 675 2,058 Total lease cost $ 2,709 $ 8,309 (a) - Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. |
Finance Lease, Liability, Maturity [Table Text Block] | The following table sets forth the maturity of our lease liabilities as of September 30, 2019 : Finance Lease Operating Leases ( Millions of dollars ) Remainder of 2019 $ 1.1 $ 1.3 2020 4.5 2.4 2021 4.5 2.0 2022 4.5 2.0 2023 4.5 1.9 2024 and beyond 21.6 11.1 Total lease payments 40.7 20.7 Less: Interest 14.0 4.3 Present value of lease liabilities $ 26.7 $ 16.4 |
REVENUE REVENUE (Tables)
REVENUE REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | The following tables set forth the balances in contract assets and contract liabilities for the periods indicated: Contract Assets ( Millions of dollars ) Balance at December 31, 2018 (a) $ 6.2 Amounts invoiced in excess of revenue recognized (0.9 ) Net additions 0.8 Balance at September 30, 2019 (b) $ 6.1 (a) - Contract assets of $1.7 million and $4.5 million are included in other current assets and other assets, respectively, in our Consolidated Balance Sheets. (b) - Contract assets of $2.4 million and $3.7 million are included in other current assets and other assets, respectively, in our Consolidated Balance Sheets. Contract Liabilities ( Millions of dollars ) Balance at December 31, 2018 (a) $ 31.7 Revenue recognized included in beginning balance (15.2 ) Net additions 28.9 Balance at September 30, 2019 (b) $ 45.4 (a) - Contract liabilities of $15.6 million and $16.1 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheets. (b) - Contract liabilities of $25.2 million and $20.2 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheets. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table presents aggregate value allocated to unsatisfied performance obligations as of September 30, 2019 , and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 24 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2019 $ 101.5 2020 335.6 2021 286.3 2022 228.3 2023 and beyond 952.5 Total estimated transaction price allocated to unsatisfied performance obligations $ 1,904.2 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segments | The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Total Segments ( Thousands of dollars ) NGL and condensate sales $ 244,932 $ 1,746,630 $ — $ 1,991,562 Residue natural gas sales 185,303 — 231 185,534 Gathering, processing and exchange services revenue 42,795 105,179 — 147,974 Transportation and storage revenue — 46,407 108,384 154,791 Other 3,182 2,291 12,933 18,406 Total revenues (c) 476,212 1,900,507 121,548 2,498,267 Cost of sales and fuel (exclusive of depreciation and operating costs) (210,739 ) (1,438,206 ) (381 ) (1,649,326 ) Operating costs (91,227 ) (114,903 ) (40,170 ) (246,300 ) Equity in net earnings (loss) from investments (1,837 ) 15,890 23,523 37,576 Noncash compensation expense and other 2,883 4,174 (701 ) 6,356 Segment adjusted EBITDA $ 175,292 $ 367,462 $ 103,819 $ 646,573 Depreciation and amortization $ (55,781 ) $ (50,419 ) $ (14,330 ) $ (120,530 ) Capital expenditures $ 245,745 $ 738,038 $ 27,767 $ 1,011,550 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $379.7 million , of which $315.7 million related to revenues within the segment, and cost of sales and fuel of $129.5 million . (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $72.3 million and cost of sales and fuel of $5.1 million . (c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $244.2 million . Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Segments Other and Eliminations Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 1,991,562 $ (230,080 ) $ 1,761,482 Residue natural gas sales 185,534 (567 ) 184,967 Gathering, processing and exchange services revenue 147,974 — 147,974 Transportation and storage revenue 154,791 (2,594 ) 152,197 Other 18,406 (1,798 ) 16,608 Total revenues (a) $ 2,498,267 $ (235,039 ) $ 2,263,228 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (1,649,326 ) $ 234,798 $ (1,414,528 ) Operating costs $ (246,300 ) $ 1,165 $ (245,135 ) Depreciation and amortization $ (120,530 ) $ (900 ) $ (121,430 ) Equity in net earnings from investments $ 37,576 $ — $ 37,576 Capital expenditures $ 1,011,550 $ 7,624 $ 1,019,174 (a) - Noncustomer revenue for the three months ended September 30, 2019 , totaled $89.0 million related primarily to gains from commodity derivative contracts. Three Months Ended Natural Gas Gathering and Processing Natural Gas Liquids (a) Natural Gas Pipelines (b) Total Segments ( Thousands of dollars ) NGL and condensate sales $ 501,163 $ 2,861,896 $ — $ 3,363,059 Residue natural gas sales 245,474 — 763 246,237 Gathering, processing and exchange services revenue 41,101 116,833 — 157,934 Transportation and storage revenue — 45,251 98,031 143,282 Other 3,517 2,308 6,400 12,225 Total revenues (c) 791,255 3,026,288 105,194 3,922,737 Cost of sales and fuel (exclusive of depreciation and operating costs) (542,463 ) (2,544,854 ) (2,384 ) (3,089,701 ) Operating costs (90,970 ) (101,126 ) (36,543 ) (228,639 ) Equity in net earnings from investments 74 16,450 22,789 39,313 Noncash compensation expense and other 1,703 2,268 1,050 5,021 Segment adjusted EBITDA $ 159,599 $ 399,026 $ 90,106 $ 648,731 Depreciation and amortization $ (49,223 ) $ (43,688 ) $ (13,625 ) $ (106,536 ) Capital expenditures $ 213,034 $ 444,780 $ 31,522 $ 689,336 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $316.0 million , of which $276.4 million related to revenues within the segment, and cost of sales and fuel of $132.7 million . (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $65.9 million and cost of sales and fuel of $5.5 million . (c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $519.7 million . Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Segments Other and Eliminations Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 3,363,059 $ (526,398 ) $ 2,836,661 Residue natural gas sales 246,237 — 246,237 Gathering, processing and exchange services revenue 157,934 — 157,934 Transportation and storage revenue 143,282 (2,370 ) 140,912 Other 12,225 (79 ) 12,146 Total revenues (a) $ 3,922,737 $ (528,847 ) $ 3,393,890 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,089,701 ) $ 528,936 $ (2,560,765 ) Operating costs $ (228,639 ) $ (1,732 ) $ (230,371 ) Depreciation and amortization $ (106,536 ) $ (847 ) $ (107,383 ) Equity in net earnings from investments $ 39,313 $ — $ 39,313 Capital expenditures $ 689,336 $ 4,967 $ 694,303 (a) - Noncustomer revenue for the three months ended September 30, 2018 , totaled $(17.7) million related primarily to losses from derivatives on commodity contracts. Nine Months Ended Natural Gas Natural Gas Natural Gas Total Segments ( Thousands of dollars ) NGL and condensate sales $ 890,021 $ 5,826,297 $ — $ 6,716,318 Residue natural gas sales 725,672 — 1,242 726,914 Gathering, processing and exchange services revenue 126,073 309,571 — 435,644 Transportation and storage revenue — 141,384 317,555 458,939 Other 11,287 7,313 36,682 55,282 Total revenues (c) 1,753,053 6,284,565 355,479 8,393,097 Cost of sales and fuel (exclusive of depreciation and operating costs) (971,397 ) (4,914,452 ) (3,785 ) (5,889,634 ) Operating costs (271,236 ) (340,274 ) (113,043 ) (724,553 ) Equity in net earnings (loss) from investments (4,660 ) 49,406 70,429 115,175 Noncash compensation expense and other 8,399 12,618 1,931 22,948 Segment adjusted EBITDA $ 514,159 $ 1,091,863 $ 311,011 $ 1,917,033 Depreciation and amortization $ (162,014 ) $ (143,166 ) $ (42,653 ) $ (347,833 ) Total assets $ 6,546,417 $ 11,662,489 $ 2,083,773 $ 20,292,679 Capital expenditures $ 674,115 $ 1,969,138 $ 77,861 $ 2,721,114 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.0 billion , of which $853.0 million related to revenues within the segment, and cost of sales and fuel of $364.9 million . (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $214.7 million and cost of sales and fuel of $14.4 million . (c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $897.9 million . Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Nine Months Ended Total Segments Other and Eliminations Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 6,716,318 $ (878,958 ) $ 5,837,360 Residue natural gas sales 726,914 (567 ) 726,347 Gathering, processing and exchange services revenue 435,644 — 435,644 Transportation and storage revenue 458,939 (7,578 ) 451,361 Other 55,282 (5,233 ) 50,049 Total revenues (a) $ 8,393,097 $ (892,336 ) $ 7,500,761 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,889,634 ) $ 892,935 $ (4,996,699 ) Operating costs $ (724,553 ) $ 964 $ (723,589 ) Depreciation and amortization $ (347,833 ) $ (2,719 ) $ (350,552 ) Equity in net earnings from investments $ 115,175 $ — $ 115,175 Total assets $ 20,292,679 $ 1,043,228 $ 21,335,907 Capital expenditures $ 2,721,114 $ 18,224 $ 2,739,338 (a) - Noncustomer revenue for the nine months ended September 30, 2019 , totaled $129.9 million related primarily to gains from commodity derivative contracts. Nine Months Ended Natural Gas Gathering and Processing Natural Gas Liquids (a) Natural Gas Pipelines (b) Total Segments ( Thousands of dollars ) NGL and condensate sales $ 1,362,159 $ 7,884,183 $ — $ 9,246,342 Residue natural gas sales 709,089 — 5,861 714,950 Gathering, processing and exchange services revenue 122,331 296,561 — 418,892 Transportation and storage revenue — 143,741 289,646 433,387 Other 6,596 8,202 19,390 34,188 Total revenues (c) 2,200,175 8,332,687 314,897 10,847,759 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,478,044 ) (7,009,438 ) (10,475 ) (8,497,957 ) Operating costs (272,931 ) (289,328 ) (104,692 ) (666,951 ) Equity in net earnings from investments 948 49,456 65,666 116,070 Noncash compensation expense and other 6,868 9,789 3,701 20,358 Segment adjusted EBITDA $ 457,016 $ 1,093,166 $ 269,097 $ 1,819,279 Depreciation and amortization $ (145,120 ) $ (128,993 ) $ (41,320 ) $ (315,433 ) Total assets $ 5,811,140 $ 9,632,212 $ 2,109,897 $ 17,553,249 Capital expenditures $ 433,605 $ 786,635 $ 71,897 $ 1,292,137 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $910.3 million , of which $784.8 million related to revenues within the segment, and cost of sales and fuel of $379.5 million . (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $198.4 million and cost of sales and fuel of $20.4 million . (c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $1.4 billion . Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Nine Months Ended Total Segments Other and Eliminations Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 9,246,342 $ (1,383,864 ) $ 7,862,478 Residue natural gas sales 714,950 (778 ) 714,172 Gathering, processing and exchange services revenue 418,892 (21 ) 418,871 Transportation and storage revenue 433,387 (6,959 ) 426,428 Other 34,188 359 34,547 Total revenues (a) $ 10,847,759 $ (1,391,263 ) $ 9,456,496 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (8,497,957 ) $ 1,393,348 $ (7,104,609 ) Operating costs $ (666,951 ) $ (3,777 ) $ (670,728 ) Depreciation and amortization $ (315,433 ) $ (2,475 ) $ (317,908 ) Equity in net earnings from investments $ 116,070 $ — $ 116,070 Total assets $ 17,553,249 $ 358,065 $ 17,911,314 Capital expenditures $ 1,292,137 $ 17,518 $ 1,309,655 (a) - Noncustomer revenue for the nine months ended September 30, 2018 , totaled $(32.1) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 ( Thousands of dollars ) Reconciliation of net income to total segment adjusted EBITDA Net income $ 309,155 $ 313,916 $ 958,326 $ 862,144 Add: Interest expense, net of capitalized interest 129,577 121,910 362,490 351,131 Depreciation and amortization 121,430 107,383 350,552 317,908 Income taxes 97,365 102,983 274,234 266,285 Noncash compensation expense 9,757 5,829 20,412 27,195 Other corporate costs and noncash items (a) (20,711 ) (3,290 ) (48,981 ) (5,384 ) Total segment adjusted EBITDA $ 646,573 $ 648,731 $ 1,917,033 $ 1,819,279 (a) - Includes equity AFUDC related to our capital-growth projects. |
SUPPLEMENTAL CONDENSED CONSOL_2
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statements of Income & Comprehensive Income | Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2019 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Revenues Commodity sales $ — $ — $ — $ 1,947.8 $ — $ 1,947.8 Services — — — 316.0 (0.6 ) 315.4 Total revenues — — — 2,263.8 (0.6 ) 2,263.2 Cost of sales and fuel (exclusive of items shown separately below) — — — 1,414.5 — 1,414.5 Operating expenses (0.7 ) — — 367.8 (0.6 ) 366.5 (Gain) loss on sale of assets — — 0.1 (0.1 ) — — Operating income 0.7 — (0.1 ) 481.6 — 482.2 Equity in net earnings from investments 470.2 476.1 476.2 29.1 (1,414.0 ) 37.6 Other income (expense), net 11.1 75.4 78.1 8.0 (156.2 ) 16.4 Interest expense, net (78.4 ) (78.1 ) (78.1 ) (51.2 ) 156.2 (129.6 ) Income before income taxes 403.6 473.4 476.1 467.5 (1,414.0 ) 406.6 Income taxes (94.4 ) — — (3.0 ) — (97.4 ) Net income 309.2 473.4 476.1 464.5 (1,414.0 ) 309.2 Less: Preferred stock dividends 0.3 — — — — 0.3 Net income available to common shareholders $ 308.9 $ 473.4 $ 476.1 $ 464.5 $ (1,414.0 ) $ 308.9 Net income $ 309.2 $ 473.4 $ 476.1 $ 464.5 $ (1,414.0 ) $ 309.2 Other comprehensive income (loss), net of tax (94.4 ) 12.4 7.9 5.0 (15.6 ) (84.7 ) Comprehensive income $ 214.8 $ 485.8 $ 484.0 $ 469.5 $ (1,429.6 ) $ 224.5 Three Months Ended September 30, 2018 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Revenues Commodity sales $ — $ — $ — $ 3,083.6 $ — $ 3,083.6 Services — — — 310.8 (0.5 ) 310.3 Total revenues — — — 3,394.4 (0.5 ) 3,393.9 Cost of sales and fuel (exclusive of items shown separately below) — — — 2,560.8 — 2,560.8 Operating expenses 2.0 — — 336.3 (0.5 ) 337.8 Gain on sale of assets — — — (0.2 ) — (0.2 ) Operating income (2.0 ) — — 497.5 — 495.5 Equity in net earnings from investments 457.3 457.1 457.1 30.1 (1,362.3 ) 39.3 Other income (expense), net 9.3 80.3 80.3 (5.3 ) (160.6 ) 4.0 Interest expense, net (49.1 ) (80.3 ) (80.3 ) (72.8 ) 160.6 (121.9 ) Income before income taxes 415.5 457.1 457.1 449.5 (1,362.3 ) 416.9 Income taxes (102.3 ) — — (0.7 ) — (103.0 ) Net income 313.2 457.1 457.1 448.8 (1,362.3 ) 313.9 Less: Net income attributable to noncontrolling interests — — — 0.7 — 0.7 Net income attributable to ONEOK 313.2 457.1 457.1 448.1 (1,362.3 ) 313.2 Less: Preferred stock dividends 0.2 — — — — 0.2 Net income available to common shareholders $ 313.0 $ 457.1 $ 457.1 $ 448.1 $ (1,362.3 ) $ 313.0 Net income $ 313.2 $ 457.1 $ 457.1 $ 448.8 $ (1,362.3 ) $ 313.9 Other comprehensive income (loss), net of tax 23.4 (3.7 ) (8.1 ) (7.3 ) 16.2 20.5 Comprehensive income 336.6 453.4 449.0 441.5 (1,346.1 ) 334.4 Less: Comprehensive income attributable to noncontrolling interest — — — 0.7 — 0.7 Comprehensive income attributable to ONEOK $ 336.6 $ 453.4 $ 449.0 $ 440.8 $ (1,346.1 ) $ 333.7 Nine Months Ended September 30, 2019 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Revenues Commodity sales $ — $ — $ — $ 6,567.6 $ — $ 6,567.6 Services — — — 934.8 (1.6 ) 933.2 Total revenues — — — 7,502.4 (1.6 ) 7,500.8 Cost of sales and fuel (exclusive of items shown separately below) — — — 4,996.7 — 4,996.7 Operating expenses (0.7 ) — — 1,076.5 (1.6 ) 1,074.2 Loss on sale of assets — — 2.7 0.2 — 2.9 Operating income 0.7 — (2.7 ) 1,429.0 — 1,427.0 Equity in net earnings from investments 1,392.9 1,405.6 1,408.3 87.1 (4,178.7 ) 115.2 Other income (expense), net 26.3 232.8 235.5 29.3 (471.0 ) 52.9 Interest expense, net (198.1 ) (235.5 ) (235.5 ) (164.4 ) 471.0 (362.5 ) Income before income taxes 1,221.8 1,402.9 1,405.6 1,381.0 (4,178.7 ) 1,232.6 Income taxes (263.5 ) — — (10.8 ) — (274.3 ) Net income 958.3 1,402.9 1,405.6 1,370.2 (4,178.7 ) 958.3 Less: Preferred stock dividends 0.8 — — — — 0.8 Net income available to common shareholders $ 957.5 $ 1,402.9 $ 1,405.6 $ 1,370.2 $ (4,178.7 ) $ 957.5 Net income $ 958.3 $ 1,402.9 $ 1,405.6 $ 1,370.2 $ (4,178.7 ) $ 958.3 Other comprehensive income (loss), net of tax (226.0 ) (9.0 ) (22.5 ) (20.6 ) 45.3 (232.8 ) Comprehensive income $ 732.3 $ 1,393.9 $ 1,383.1 $ 1,349.6 $ (4,133.4 ) $ 725.5 Nine Months Ended September 30, 2018 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Revenues Commodity sales $ — $ — $ — $ 8,578.9 $ — $ 8,578.9 Services — — — 879.1 (1.5 ) 877.6 Total revenues — — — 9,458.0 (1.5 ) 9,456.5 Cost of sales and fuel (exclusive of items shown separately below) — — — 7,104.6 — 7,104.6 Operating expenses 3.3 — — 986.8 (1.5 ) 988.6 Gain on sale of assets — — — (0.3 ) — (0.3 ) Operating income (3.3 ) — — 1,366.9 — 1,363.6 Equity in net earnings from investments 1,226.6 1,231.2 1,231.2 86.2 (3,659.1 ) 116.1 Other income (expense), net 23.1 234.9 234.9 (23.3 ) (469.8 ) (0.2 ) Interest expense, net (129.2 ) (234.9 ) (234.9 ) (221.9 ) 469.8 (351.1 ) Income before income taxes 1,117.2 1,231.2 1,231.2 1,207.9 (3,659.1 ) 1,128.4 Income taxes (258.4 ) — — (7.9 ) — (266.3 ) Net income 858.8 1,231.2 1,231.2 1,200.0 (3,659.1 ) 862.1 Less: Net income attributable to noncontrolling interests — — — 3.3 — 3.3 Net income attributable to ONEOK 858.8 1,231.2 1,231.2 1,196.7 (3,659.1 ) 858.8 Less: Preferred stock dividends 0.8 — — — — 0.8 Net income available to common shareholders $ 858.0 $ 1,231.2 $ 1,231.2 $ 1,196.7 $ (3,659.1 ) $ 858.0 Net income $ 858.8 $ 1,231.2 $ 1,231.2 $ 1,200.0 $ (3,659.1 ) $ 862.1 Other comprehensive income (loss), net of tax 65.6 4.0 (6.9 ) (8.0 ) 13.8 68.5 Comprehensive income 924.4 1,235.2 1,224.3 1,192.0 (3,645.3 ) 930.6 Less: Comprehensive income attributable to noncontrolling interest — — — 3.3 — 3.3 Comprehensive income attributable to ONEOK $ 924.4 $ 1,235.2 $ 1,224.3 $ 1,188.7 $ (3,645.3 ) $ 927.3 |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets September 30, 2019 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total Assets ( Millions of dollars ) Current assets Cash and cash equivalents $ 673.3 $ — $ — $ — $ — $ 673.3 Accounts receivable, net — — — 718.7 — 718.7 Materials and supplies — — — 192.9 — 192.9 Natural gas and NGLs in storage — — — 283.5 — 283.5 Other current assets 12.3 — — 86.8 — 99.1 Total current assets 685.6 — — 1,281.9 — 1,967.5 Property, plant and equipment Property, plant and equipment 160.0 — — 20,788.3 — 20,948.3 Accumulated depreciation and amortization 97.6 — — 3,487.8 — 3,585.4 Net property, plant and equipment 62.4 — — 17,300.5 — 17,362.9 Investments and other assets Investments 6,554.5 3,932.2 10,986.9 770.6 (21,373.7 ) 870.5 Intercompany receivable 8,099.1 6,897.7 — — (14,996.8 ) — Other assets 134.8 — — 1,001.1 (0.9 ) 1,135.0 Total investments and other assets 14,788.4 10,829.9 10,986.9 1,771.7 (36,371.4 ) 2,005.5 Total assets $ 15,536.4 $ 10,829.9 $ 10,986.9 $ 20,354.1 $ (36,371.4 ) $ 21,335.9 Liabilities and equity Current liabilities Current maturities of long-term debt $ — $ — $ — $ 7.7 $ — $ 7.7 Accounts payable 9.5 — — 1,120.3 — 1,129.8 Other current liabilities 96.4 63.5 — 269.7 — 429.6 Total current liabilities 105.9 63.5 — 1,397.7 — 1,567.1 Intercompany payable — — 7,054.7 7,942.1 (14,996.8 ) — Long-term debt, excluding current maturities 8,419.6 4,044.3 — 15.6 — 12,479.5 Deferred credits and other liabilities Deferred income taxes 297.9 — — 121.7 (0.9 ) 418.7 Other deferred credits 494.1 — — 157.6 — 651.7 Total deferred credits and other liabilities 792.0 — — 279.3 (0.9 ) 1,070.4 Commitments and contingencies Equity 6,218.9 6,722.1 3,932.2 10,719.4 (21,373.7 ) 6,218.9 Total liabilities and equity $ 15,536.4 $ 10,829.9 $ 10,986.9 $ 20,354.1 $ (36,371.4 ) $ 21,335.9 December 31, 2018 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total Assets ( Millions of dollars ) Current assets Cash and cash equivalents $ 12.0 $ — $ — $ — $ — $ 12.0 Accounts receivable, net — — — 819.0 — 819.0 Materials and supplies — — — 141.2 — 141.2 Natural gas and NGLs in storage — — — 296.7 — 296.7 Other current assets 29.1 — — 100.6 — 129.7 Total current assets 41.1 — — 1,357.5 — 1,398.6 Property, plant and equipment Property, plant and equipment 145.5 — — 17,885.5 — 18,031.0 Accumulated depreciation and amortization 92.0 — — 3,172.3 — 3,264.3 Net property, plant and equipment 53.5 — — 14,713.2 — 14,766.7 Investments and other assets Investments 6,153.5 3,548.1 9,721.6 791.1 (19,245.1 ) 969.2 Intercompany receivable 5,308.6 7,701.5 1,528.0 — (14,538.1 ) — Other assets 115.9 — — 982.3 (1.0 ) 1,097.2 Total investments and other assets 11,578.0 11,249.6 11,249.6 1,773.4 (33,784.2 ) 2,066.4 Total assets $ 11,672.6 $ 11,249.6 $ 11,249.6 $ 17,844.1 $ (33,784.2 ) $ 18,231.7 Liabilities and equity Current liabilities Current maturities of long-term debt $ — $ 500.0 $ — $ 7.7 $ — $ 507.7 Accounts payable 31.3 — — 1,085.0 — 1,116.3 Other current liabilities 123.2 81.0 — 280.2 — 484.4 Total current liabilities 154.5 581.0 — 1,372.9 — 2,108.4 Intercompany payable — — 7,701.5 6,836.6 (14,538.1 ) — Long-term debt, excluding current maturities 4,510.7 4,341.4 — 21.2 — 8,873.3 Deferred credits and other liabilities Deferred income taxes 112.3 — — 108.4 (1.0 ) 219.7 Other deferred credits 315.6 — — 135.2 — 450.8 Total deferred credits and other liabilities 427.9 — — 243.6 (1.0 ) 670.5 Commitments and contingencies Equity 6,579.5 6,327.2 3,548.1 9,369.8 (19,245.1 ) 6,579.5 Total liabilities and equity $ 11,672.6 $ 11,249.6 $ 11,249.6 $ 17,844.1 $ (33,784.2 ) $ 18,231.7 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2019 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Operating activities Cash provided by operating activities $ 761.9 $ 897.3 $ 50.6 $ 1,615.0 $ (1,998.0 ) $ 1,326.8 Investing activities Capital expenditures (17.8 ) — — (2,721.5 ) — (2,739.3 ) Contributions to unconsolidated affiliates — — — (3.3 ) — (3.3 ) Other investing activities — — 72.5 22.2 — 94.7 Cash used in investing activities (17.8 ) — 72.5 (2,702.6 ) — (2,647.9 ) Financing activities Dividends paid (1,079.4 ) (999.0 ) (999.0 ) — 1,998.0 (1,079.4 ) Intercompany borrowings (advances), net (2,874.4 ) 904.1 875.9 1,094.4 — — Issuance of long-term debt, net of discounts 4,185.4 — — — — 4,185.4 Repayment of long-term debt (250.0 ) (799.7 ) — (5.7 ) — (1,055.4 ) Issuance of common stock 19.3 — — — — 19.3 Other (83.7 ) (2.7 ) — (1.1 ) — (87.5 ) Cash provided by financing activities (82.8 ) (897.3 ) (123.1 ) 1,087.6 1,998.0 1,982.4 Change in cash and cash equivalents 661.3 — — — — 661.3 Cash and cash equivalents at beginning of period 12.0 — — — — 12.0 Cash and cash equivalents at end of period $ 673.3 $ — $ — $ — $ — $ 673.3 Nine Months Ended September 30, 2018 ( Unaudited ) Parent Issuer & Guarantor Subsidiary Issuer & Guarantor Guarantor Subsidiary Combined Non-Guarantor Subsidiaries Consolidating Entries Total ( Millions of dollars ) Operating activities Cash provided by operating activities $ 964.4 $ 993.8 $ 48.9 $ 1,507.4 $ (1,998.0 ) $ 1,516.5 Investing activities Capital expenditures (15.0 ) — — (1,294.7 ) — (1,309.7 ) Contributions to unconsolidated affiliates — — (0.5 ) (0.3 ) — (0.8 ) Other investing activities — — 10.8 9.9 — 20.7 Cash used in investing activities (15.0 ) — 10.3 (1,285.1 ) — (1,289.8 ) Financing activities Dividends paid (983.1 ) (999.0 ) (999.0 ) — 1,998.0 (983.1 ) Distributions to noncontrolling interests — — — (3.5 ) — (3.5 ) Intercompany borrowings (advances), net (1,640.5 ) 930.2 939.8 (229.5 ) — — Borrowing (repayment) of short-term borrowings, net (494.7 ) — — — — (494.7 ) Issuance of long-term debt, net of discounts 1,245.8 — — — — 1,245.8 Repayment of long-term debt — (925.0 ) — (5.7 ) — (930.7 ) Issuance of common stock 1,195.1 — — — — 1,195.1 Acquisition of noncontrolling interests (195.0 ) — — — — (195.0 ) Other, net (29.7 ) — — 16.4 — (13.3 ) Cash used in financing activities (902.1 ) (993.8 ) (59.2 ) (222.3 ) 1,998.0 (179.4 ) Change in cash and cash equivalents 47.3 — — — — 47.3 Cash and cash equivalents at beginning of period 37.2 — — — — 37.2 Cash and cash equivalents at end of period $ 84.5 $ — $ — $ — $ — $ 84.5 |
FAIR VALUE MEASUREMENTS - Part
FAIR VALUE MEASUREMENTS - Part 1 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash held - offsetting derivative net asset positions under master-netting arrangements | $ 0 | $ 0 |
Cash posted - total | 1,900 | 800 |
Long-term debt, Fair Value | 13,700,000 | 9,600,000 |
Long-term debt | 12,500,000 | 9,400,000 |
Fair Value, Recurring [Member] | ||
Derivative assets | ||
Financial contracts | 39,903 | 47,238 |
Physical contracts | 579 | 1,142 |
Interest-rate contracts | 19,005 | |
Total derivative assets | 40,482 | 67,385 |
Derivative assets netting | (40,413) | (32,739) |
Derivative liabilities | ||
Financial contracts | 0 | 0 |
Interest-rate contracts | (276,865) | (99,260) |
Total derivative liabilities | (276,865) | (99,260) |
Derivative liabilities netting | 40,413 | 32,739 |
Fair Value, Recurring [Member] | Financial Contracts [Member] | ||
Derivative assets | ||
Derivative assets netting | (40,413) | (32,739) |
Derivative liabilities | ||
Derivative liabilities netting | 40,413 | 32,739 |
Fair Value, Recurring [Member] | Interest Rate Contract [Member] | ||
Derivative assets | ||
Derivative assets netting | 0 | |
Derivative liabilities | ||
Derivative liabilities netting | 0 | 0 |
Fair Value, Recurring [Member] | Physical Contracts [Member] | ||
Derivative assets | ||
Derivative assets netting | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | ||
Financial contracts | 12,267 | 10,812 |
Physical contracts | 0 | 0 |
Interest-rate contracts | 0 | |
Total derivative assets | 12,267 | 10,812 |
Derivative liabilities | ||
Financial contracts | 0 | (2,916) |
Interest-rate contracts | 0 | 0 |
Total derivative liabilities | 0 | (2,916) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | ||
Financial contracts | 0 | 0 |
Physical contracts | 0 | 0 |
Interest-rate contracts | 19,005 | |
Total derivative assets | 0 | 19,005 |
Derivative liabilities | ||
Financial contracts | 0 | 0 |
Interest-rate contracts | (276,865) | (99,260) |
Total derivative liabilities | (276,865) | (99,260) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | ||
Financial contracts | 68,049 | 69,165 |
Physical contracts | 579 | 1,142 |
Interest-rate contracts | 0 | |
Total derivative assets | 68,628 | 70,307 |
Derivative liabilities | ||
Financial contracts | (40,413) | (29,823) |
Interest-rate contracts | 0 | 0 |
Total derivative liabilities | (40,413) | (29,823) |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Derivative assets | ||
Financial contracts | 80,316 | 79,977 |
Physical contracts | 579 | 1,142 |
Interest-rate contracts | 19,005 | |
Total derivative assets | 80,895 | 100,124 |
Derivative liabilities | ||
Financial contracts | (40,413) | (32,739) |
Interest-rate contracts | (276,865) | (99,260) |
Total derivative liabilities | $ (317,278) | $ (131,999) |
FAIR VALUE MEASUREMENTS - Par_2
FAIR VALUE MEASUREMENTS - Part 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ||||
Net assets (liabilities) at beginning of period | $ 19,274 | $ (23,501) | $ 40,484 | $ (32,838) |
Total realized/unrealized gains (losses): | ||||
Included in earnings | 0 | (22) | 0 | (122) |
Included in other comprehensive income (loss) | 8,941 | (7,554) | (12,269) | 1,883 |
Net assets (liabilities) at end of period | 28,215 | (31,077) | 28,215 | (31,077) |
Transfers between levels | $ 0 | $ 0 | $ 0 | $ 0 |
RISK MANAGEMENT AND HEDGING A_3
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Part 1 (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative, Fair Value [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 0 | |
Notional Amount Of Cash Flow Hedge Instruments Settled | 1,800,000,000 | |
Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 80,895,000 | $ 100,124,000 |
(Liabilities) | (317,278,000) | (131,999,000) |
Natural Gas Pipelines [Member] | ||
Derivative, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Other Current Assets [Member] | Commodity contracts (a) | Financial contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 72,995,000 | 78,891,000 |
(Liabilities) | (36,186,000) | (31,793,000) |
Other Current Assets [Member] | Commodity contracts (a) | Physical contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 579,000 | 1,142,000 |
(Liabilities) | 0 | 0 |
Other Current Assets [Member] | Interest-rate contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 0 | 19,005,000 |
Other Current Liabilities | Interest-rate contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
(Liabilities) | (14,672,000) | (15,012,000) |
Other Assets [Member] | Commodity contracts (a) | Financial contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 7,321,000 | 1,086,000 |
(Liabilities) | (4,227,000) | (946,000) |
Other Deferred Credits | Interest-rate contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 0 | 0 |
(Liabilities) | (262,193,000) | (84,248,000) |
Forecasted Debt Issuances [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | ||
Derivative, Fair Value [Line Items] | ||
Derivative, Notional Amount, New Contracts | 625,000,000 | |
Interest-rate contracts | Forecasted Debt Issuances [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | ||
Derivative, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,800,000,000 | 3,000,000,000 |
Interest-rate contracts | LIBOR Based Interest Payments [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | ||
Derivative, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,300,000,000 | $ 1,300,000,000 |
RISK MANAGEMENT AND HEDGING A_4
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES, Part 2 (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($)MMcfMMBbls | Dec. 31, 2018USD ($)MMcfMMBbls | |
Derivative [Line Items] | ||
Notional Amount Of Cash Flow Hedge Instruments Settled | $ 1,800,000 | |
Designated as Hedging Instrument [Member] | Futures and swaps | - Natural gas (Bcf) | Fixed price | Purchased/ Payor | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMcf | 0 | 0 |
Designated as Hedging Instrument [Member] | Futures and swaps | - Natural gas (Bcf) | Fixed price | Sold/ Receiver | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMcf | (39,600) | (29,900) |
Designated as Hedging Instrument [Member] | Futures and swaps | - Natural gas (Bcf) | Basis | Purchased/ Payor | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMcf | 0 | 0 |
Designated as Hedging Instrument [Member] | Futures and swaps | - Natural gas (Bcf) | Basis | Sold/ Receiver | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMcf | (39,600) | (29,900) |
Designated as Hedging Instrument [Member] | Futures, forwards, swaps and options | - Crude oil and NGLs (MMBbl) | Fixed price | Purchased/ Payor | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBbls | 9.2 | 6.5 |
Designated as Hedging Instrument [Member] | Futures, forwards, swaps and options | - Crude oil and NGLs (MMBbl) | Fixed price | Sold/ Receiver | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBbls | (20.1) | (13.8) |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Purchased/ Payor | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 3,100,000 | $ 4,300,000 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Sold/ Receiver | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
LIBOR Based Interest Payments [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,300,000 | 1,300,000 |
Forecasted Debt Issuances [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, New Contracts | 625,000 | |
Forecasted Debt Issuances [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,800,000 | $ 3,000,000 |
Notes Payable from Public Offering Due 2029 and 2048 [Member] | ||
Derivative [Line Items] | ||
Senior Notes, Noncurrent | 1,250,000 | |
Notes Payable from Public Offering Due 2024, 2029 and 2049 [Member] | ||
Derivative [Line Items] | ||
Senior Notes, Noncurrent | $ 2,000,000 |
RISK MANAGEMENT AND HEDGING A_5
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Part 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss) | $ (95,872) | $ (4,580) | $ (259,474) | $ 13,933 |
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income | 11,625 | (25,013) | 38,402 | (56,359) |
Commodity contracts | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss) | 32,169 | (30,783) | 43,877 | (56,246) |
Commodity contracts | Commodity sales revenues/ cost of sales and fuel | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income | (20,630) | (42,430) | ||
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss) | (128,041) | 26,203 | (303,351) | 70,179 |
Interest Rate Contract [Member] | Interest expense | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income | (4,383) | (13,929) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Commodity contracts | Commodity sales revenues/ cost of sales and fuel | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income | 18,528 | (20,630) | 52,624 | (42,430) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Interest Rate Contract [Member] | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income | $ (6,903) | $ (4,383) | $ (14,222) | $ (13,929) |
DEBT DEBT (Details)
DEBT DEBT (Details) | 9 Months Ended | |
Sep. 30, 2019USD ($)Rate | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Total Debt | $ 12,595,617,000 | $ 9,451,354,000 |
Unamortized Portion of Terminated Swaps | 15,461,000 | 16,750,000 |
Unamortized debt issuance costs and discounts | (123,976,000) | (87,120,000) |
Current maturities of long-term debt | (7,650,000) | (507,650,000) |
Long-term debt | 12,479,452,000 | 8,873,334,000 |
$2.5 Billion Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000,000 | |
Line of Credit Facility, Amount Outstanding | $ 0 | |
Indebtedness To Adjusted Ebitda Current | 4.2 | |
Indebtedness To Adjusted EBITDA Maximum | 5 | |
Indebtedness To Adjusted EBITDA From Acquisitions Maximum | 5.5 | |
Aggregate Purchase Price For Acquisitions Threshold Which Adjusts Allowable Ratio Of Indebtedness To Adjusted EBITDA | $ 25,000,000 | |
Debt Instrument, Covenant Description | Among other things, these covenants include maintaining a ratio of indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects) of no more than 5.0 to 1 at September 30, 2019. If we consummate one or more acquisitions in which the aggregate purchase is $25 million or more, the allowable ratio of indebtedness to adjusted EBITDA will increase to 5.5 to 1 for the quarter in which the acquisition is completed and the two following quarters. Thereafter, the covenant will decrease to 5.0 to 1. At September 30, 2019, we had no borrowings outstanding, our ratio of indebtedness to adjusted EBITDA was 3.8 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. | |
Notes Payable from Public Offering Due 2024, 2029 and 2049 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes, Noncurrent | $ 2,000,000,000 | |
Proceeds from Debt, Net of Issuance Costs | 1,970,000,000 | |
Notes Payable from Public Offering Due 2029 and 2048 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes, Noncurrent | 1,250,000,000 | |
Proceeds from Debt, Net of Issuance Costs | 1,230,000,000 | |
Guardian Pipeline [Member] | Notes Payables 1 due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 23,220,000 | 28,957,000 |
Weighed Average Interest Rate (in hundredths) | Rate | 7.85% | |
Subsidiary Issuer [Member] | Notes Payables due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 0 | 500,000,000 |
Repayments of Long-term Debt | $ 500,000,000 | |
Interest Rate (in hundredths) | Rate | 8.625% | |
Subsidiary Issuer [Member] | Note Payable from Public Offering Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 0 | 300,000,000 |
Extinguishment of Debt | 300,000,000 | |
Gain (Loss) on Extinguishment of Debt | $ (2,700,000) | |
Interest Rate (in hundredths) | Rate | 3.80% | |
Redemption Price | $ 308,000,000 | |
Subsidiary Issuer [Member] | Note Payable 2 from Public Offering Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 900,000,000 | 900,000,000 |
Interest Rate (in hundredths) | Rate | 3.375% | |
Subsidiary Issuer [Member] | Note Payable from Public Offering Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 425,000,000 | 425,000,000 |
Interest Rate (in hundredths) | Rate | 5.00% | |
Subsidiary Issuer [Member] | Note Payable from Public Offering Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 500,000,000 | 500,000,000 |
Interest Rate (in hundredths) | Rate | 4.90% | |
Subsidiary Issuer [Member] | Notes Payables due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 600,000,000 | 600,000,000 |
Interest Rate (in hundredths) | Rate | 6.65% | |
Subsidiary Issuer [Member] | Notes Payables due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 600,000,000 | 600,000,000 |
Interest Rate (in hundredths) | Rate | 6.85% | |
Subsidiary Issuer [Member] | Note Payable from Public Offering Due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 650,000,000 | 650,000,000 |
Interest Rate (in hundredths) | Rate | 6.125% | |
Subsidiary Issuer [Member] | Note Payable from Public Offering Due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 400,000,000 | 400,000,000 |
Interest Rate (in hundredths) | Rate | 6.20% | |
Parent Company | ||
Debt Instrument [Line Items] | ||
Commercial Paper | $ 0 | 0 |
Parent Company | Term Loan Agreement due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 1,250,000,000 | 550,000,000 |
Debt Instrument, Face Amount | 1,500,000,000 | |
Repayments of Long-term Debt | 250,000,000 | |
Parent Company | Note Payable from Public Offering Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 547,397,000 | 547,397,000 |
Interest Rate (in hundredths) | Rate | 4.25% | |
Parent Company | Note Payable Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 500,000,000 | 500,000,000 |
Interest Rate (in hundredths) | Rate | 7.50% | |
Parent Company | Note Payable Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 500,000,000 | 0 |
Interest Rate (in hundredths) | Rate | 2.75% | |
Parent Company | Note Payable Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 500,000,000 | 500,000,000 |
Interest Rate (in hundredths) | Rate | 4.00% | |
Parent Company | Note Payables 1 due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 800,000,000 | 800,000,000 |
Interest Rate (in hundredths) | Rate | 4.55% | |
Parent Company | Note Payables 2 due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 100,000,000 | 100,000,000 |
Interest Rate (in hundredths) | Rate | 6.875% | |
Parent Company | Note Payable from Public Offering Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 700,000,000 | 0 |
Interest Rate (in hundredths) | Rate | 4.35% | |
Parent Company | Note Payable Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 750,000,000 | 0 |
Interest Rate (in hundredths) | Rate | 3.40% | |
Parent Company | Notes Payables due 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 400,000,000 | 400,000,000 |
Interest Rate (in hundredths) | Rate | 6.00% | |
Parent Company | Notes Payables due 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 700,000,000 | 700,000,000 |
Interest Rate (in hundredths) | Rate | 4.95% | |
Parent Company | Note Payables due 2048 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 1,000,000,000 | 450,000,000 |
Interest Rate (in hundredths) | Rate | 5.20% | |
Parent Company | Note Payable Due 2049 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 750,000,000 | $ 0 |
Interest Rate (in hundredths) | Rate | 4.45% | |
Parent Company | Note Payables, Additional Issuance, due 2048 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 550,000,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Parent Company | Term Loan Agreement due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.125% |
EQUITY (Details)
EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2019 | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ||||||||
Business Combination, Consideration Transferred | $ 195,000 | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.89 | $ 0.865 | $ 0.86 | $ 0.825 | $ 0.795 | $ 0.77 | |||
Dividends, Preferred Stock, Cash | $ 300 | $ 300 | $ 300 | ||||||
Preferred Stock, Dividends, Declared | $ 275 | $ 275 | $ 275 | $ 275 | $ 275 | $ 275 | |||
Stock Issued During Period, Shares, New Issues | 21,900,000 | ||||||||
Proceeds from Issuance or Sale of Equity | $ 1,200,000 | ||||||||
Aggregate Amount Of Common Shares Available For Issuance And Sale Under Equity Distribution Agreement | $ 1,000,000 | ||||||||
Issued Under Equity Agreement [Member] | |||||||||
Common Stock Sold Under Equity Distribution Agreement | 0 | ||||||||
Series E Preferred Stock [Member] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 5.50% | ||||||||
Subsequent Event [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.915 | ||||||||
Dividends Payable, Date of Record | Nov. 4, 2019 | ||||||||
Dividends Payable, Date to be Paid | Nov. 14, 2019 | ||||||||
Preferred Stock, Dividends, Declared | $ 300 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Risk management assets/liabilities - January 1 | $ (64,660) | $ (64,660) | ||||||
Retirement and Other Postretirement Benefit Plan Obligations - January 1 | (121,785) | (121,785) | ||||||
Risk-management assets/liabilities of unconsolidated affiliates - January 1 | (1,794) | (1,794) | ||||||
Accumulated other comprehensive loss - January 1 | (188,239) | (188,239) | ||||||
Change in fair value of derivatives, net of tax | $ (73,822) | $ (3,526) | (199,795) | $ 10,729 | ||||
Other Comprehensive (Income) Loss Before Reclassification, Retirement and Postretirement Benefit Plan Obligations | (63) | |||||||
Other Comprehensive Income (Loss) Before Reclassification, Risk-Management Assets/Liabilities of Unconsolidated Affiliates | (10,567) | |||||||
Other comprehensive income (loss) before reclassifications | (210,425) | |||||||
Other comprehensive Income (Loss) Reclassification Adjustment from AOCI for Risk-Management Assets/Liabilities, Net of Tax | (8,952) | 19,261 | (29,748) | 43,397 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Other Comprehensive Income Attributable to Unconsolidated Affiliates, Net of Tax | 26 | |||||||
Other comprehensive Income (Loss), Reclassification Adjustment included in Net Income, Net of Tax | (6,462) | 22,437 | (22,440) | 52,991 | ||||
Other Comprehensive Income (Loss), Risk-Management Assets/Liabilities, after Reclassification Adjustment, after Tax | (229,543) | |||||||
Other Comprehensive (Income) Loss, Retirement and Other Postretirement Benefit Plans, after Reclassification Adjustment, after Tax | 2,465 | 3,236 | 7,271 | 9,086 | ||||
Other Comprehensive Income (Loss), Risk-Management Assets/Liabilities of Unconsolidated Affiliates | (4,399) | 1,480 | (10,593) | 5,281 | ||||
Other Comprehensive Income (Loss), Net of Tax | (84,708) | $ (66,872) | (81,285) | 20,451 | $ (3,897) | $ 51,939 | (232,865) | 68,493 |
Risk management assets/liabilities - September 30 | (294,203) | (294,203) | ||||||
Retirement and Other Postretirement Benefit Plan Obligations - September 30 | (114,514) | (114,514) | ||||||
Risk-management assets/liabilities of unconsolidated affiliates - September 30 | (12,387) | (12,387) | ||||||
Accumulated other comprehensive loss - September 30 | (421,104) | (421,104) | ||||||
Reclassification Adjustment from AOCI on Risk Management Assets/Liabilities, Income Tax | (2,673) | 5,752 | (8,654) | 12,962 | ||||
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 27,900 | 27,900 | ||||||
Commodity Cash Flow Hedge Gain (Loss) To Be Reclassified After Next 12 Months Net | 2,400 | 2,400 | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (19,700) | (19,700) | ||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges [Member] | Sales [Member] | Commodity contracts | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Net | 18,528 | (20,630) | 52,624 | (42,430) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges [Member] | Interest Expense [Member] | Interest Rate Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Net | (6,903) | (4,383) | (14,222) | (13,929) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges [Member] | Total before tax [Member] | ||||||||
Derivative instruments, Gain (Loss) Reclassified from Accumulated OCI into Income | 11,625 | (25,013) | 38,402 | (56,359) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges [Member] | Tax Expense [Member] | ||||||||
Reclassification Adjustment from AOCI on Risk Management Assets/Liabilities, Income Tax | (2,673) | 5,752 | (8,654) | 12,962 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges [Member] | Net of tax [Member] | ||||||||
Other comprehensive Income (Loss) Reclassification Adjustment from AOCI for Risk-Management Assets/Liabilities, Net of Tax | (8,952) | 19,261 | (29,748) | 43,397 | ||||
Accumulated Retirement and Other Postretirement Benefit Plans Adjustment [Member] | ||||||||
Other Comprehensive (Income) Loss, Retirement and Other Postretirement Benefit Plans, Reclassification Adjustment from AOCI, After Tax | (2,444) | (3,216) | (7,334) | (9,649) | ||||
Retirement and Other Postretirement Benefit Plans, Amortization of Gain (Loss) | (3,232) | (4,592) | (9,696) | (13,776) | ||||
Retirement and Other Postretirement Benefit Plans, Amortization of Prior Service Credit | 57 | 415 | 171 | 1,245 | ||||
Reclassification Adjustment from AOCI, before Tax, Retirement and Other Postretirement Benefit Plans, Gain (Loss) | (3,175) | (4,177) | (9,525) | (12,531) | ||||
Reclassification Adjustment from AOCI, Tax, Retirement and Other Postretirement Benefit Plans, Gain (Loss) | 731 | 961 | 2,191 | 2,882 | ||||
Accumulated Other Comprehensive Income from Investments in Unconsolidated Affiliates [Member] | ||||||||
Reclassification Adjustment from AOCI, Before Tax, Portion Attributable to Unconsolidated Affiliates | (59) | 52 | 34 | 71 | ||||
Reclassification Adjustment from AOCI, Tax, Portion Attributable to Unconsolidated Affiliates | 13 | (12) | (8) | (16) | ||||
Accumulated Other Comprehensive Income from Investments in Unconsolidated Affiliates [Member] | Net of tax [Member] | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Other Comprehensive Income Attributable to Unconsolidated Affiliates, Net of Tax | (46) | 40 | 26 | 55 | ||||
AOCI [Member] | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (84,708) | $ (66,872) | $ (81,285) | 20,451 | $ (3,897) | $ 51,939 | (232,865) | |
Cash Flow Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Net | 11,625 | (25,013) | 38,402 | (56,359) | ||||
Cash Flow Hedging [Member] | Commodity contracts | ||||||||
Unrealized Gain Loss On Cash Flow Hedges Net Of Tax Accumulated Other Comprehensive Income Loss | 30,258 | 30,258 | ||||||
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||||||
Amount of accumulated other comprehensive income (loss) attributable primarily to settled interest-rate swaps. | (111,275) | (111,275) | ||||||
Cash Flow Hedging [Member] | Forward Contracts [Member] | ||||||||
Amount of accumulated other comprehensive income (loss) attributable primarily to forward starting interest-rate swaps. | $ (213,186) | $ (213,186) | ||||||
Cash Flow Hedging [Member] | Sales [Member] | Commodity contracts | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Net | (20,630) | (42,430) | ||||||
Cash Flow Hedging [Member] | Interest Expense [Member] | Interest Rate Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Net | $ (4,383) | $ (13,929) |
EARNINGS PER SHARE EARNINGS P_3
EARNINGS PER SHARE EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Basic EPS | ||||
Net income available for common stock | $ 308,880 | $ 312,984 | $ 957,501 | $ 857,990 |
Shares | 413,816 | 412,117 | 413,443 | 411,400 |
Earnings per share, basic | $ 0.75 | $ 0.76 | $ 2.32 | $ 2.09 |
Diluted EPS | ||||
Effect of dilutive securities | $ 0 | $ 0 | $ 0 | $ 0 |
Effect of dilutive securities, number of shares | 1,762 | 2,730 | 1,834 | 2,635 |
Net income attributable to ONEOK available for common stock and common stock equivalents | $ 308,880 | $ 312,984 | $ 957,501 | $ 857,990 |
Shares | 415,578 | 414,847 | 415,277 | 414,035 |
Earnings per share, diluted | $ 0.74 | $ 0.75 | $ 2.31 | $ 2.07 |
EMPLOYEE BENEFIT PLANS EMPLOY_3
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Retirement Benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | $ 1,954 | $ 1,832 | $ 5,862 | $ 5,496 |
Interest cost | 5,126 | 4,408 | 15,378 | 13,224 |
Expected return on plan assets | (5,892) | (5,969) | (17,676) | (17,907) |
Amortization of net loss | 3,158 | 4,258 | 9,474 | 12,774 |
Net periodic benefit cost (income) | 4,346 | 4,529 | 13,038 | 13,587 |
Other Postretirement Benefits Plan | ||||
Components of net periodic benefit cost | ||||
Service cost | 117 | 211 | 351 | 633 |
Interest cost | 509 | 527 | 1,527 | 1,581 |
Expected return on plan assets | (570) | (672) | (1,710) | (2,016) |
Amortization of prior service credit | (57) | (415) | (171) | (1,245) |
Amortization of net loss | 74 | 334 | 222 | 1,002 |
Net periodic benefit cost (income) | $ 73 | $ (15) | $ 219 | $ (45) |
UNCONSOLIDATED AFFILIATES (Deta
UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net earnings from investments | $ 37,576 | $ 39,313 | $ 115,175 | $ 116,070 | |
Accounts Payable, Related Parties, Current | 13,800 | 13,800 | $ 14,700 | ||
Income Statement [Abstract] | |||||
Revenues | 151,210 | 160,962 | 471,461 | 471,641 | |
Operating expenses | 69,783 | 69,004 | 217,287 | 205,525 | |
Net income | 74,341 | 85,361 | 234,154 | 247,754 | |
Distributions paid to us | 44,357 | 47,197 | 203,347 | 145,437 | |
Unconsolidated Affiliates [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Parties | 41,900 | 37,500 | 124,200 | 113,200 | |
Northern Border Pipeline | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net earnings from investments | 16,102 | 16,486 | 50,593 | 48,863 | |
Income Statement [Abstract] | |||||
Distributions paid to us | 50,000 | ||||
Overland Pass Pipeline | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net earnings from investments | 15,481 | 16,081 | 48,340 | 48,714 | |
Roadrunner | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net earnings from investments | 7,421 | 6,303 | 19,836 | 16,803 | |
Other Unconsolidated Affiliates | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net earnings from investments | $ (1,428) | $ 443 | $ (3,594) | $ 1,690 |
LEASES Leases (Details)
LEASES Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Details [Line Items] | ||||
Operating cash flows for operating leases | $ 4,972 | |||
Financing cash flows for finance lease | 1,307 | |||
Right-of-use asset obtained in exchange for operating lease liability | 3,663 | |||
Finance lease assets- Accumulated depreciation | $ (3,585,411) | (3,585,411) | $ (3,264,312) | |
Finance lease liability - current | 1,901 | 1,901 | 1,765 | |
Finance lease liability - noncurrent | 24,801 | 24,801 | $ 26,244 | |
Lease Assets and Liabilities Included in the Consolidated Balance Sheet | ||||
Lessee, Lease, Details [Line Items] | ||||
Operating lease assets- Other assets | 16,176 | 16,176 | ||
Finance lease assets- PPE | 28,286 | 28,286 | ||
Finance lease assets- Accumulated depreciation | (1,037) | (1,037) | ||
Total leased assets | 43,425 | 43,425 | ||
Operating lease liabilities- Other current liabilities | 2,624 | 2,624 | ||
Finance lease liability - current | 1,901 | 1,901 | ||
Operating lease liabilities- Other deferred credits | 13,790 | 13,790 | ||
Finance lease liability - noncurrent | 24,801 | 24,801 | ||
Total lease liabilities | 43,116 | 43,116 | ||
Components of Lease Cost | ||||
Lessee, Lease, Details [Line Items] | ||||
Operating leases - Operations and maintenance | 1,751 | 5,402 | ||
Finance lease - Amortization of lease assets | 283 | 849 | ||
Finance lease - Interest on lease liabilities | 675 | 2,058 | ||
Total lease cost | $ 2,709 | $ 8,309 | ||
Weighted-Average Remaining Lease Term | ||||
Lessee, Lease, Details [Line Items] | ||||
Operating leases | 10 years 1 month 6 days | 10 years 1 month 6 days | ||
Finance lease | 9 years 1 month 6 days | 9 years 1 month 6 days | ||
Weighted-Average Discount Rate | ||||
Lessee, Lease, Details [Line Items] | ||||
Operating leases | 4.58% | 4.58% | ||
Finance lease | 10.00% | 10.00% | ||
Maturity of Finance Lease Liability | ||||
Lessee, Lease, Details [Line Items] | ||||
Remainder of 2019 | $ 1,100 | $ 1,100 | ||
2020 | 4,500 | 4,500 | ||
2021 | 4,500 | 4,500 | ||
2022 | 4,500 | 4,500 | ||
2023 | 4,500 | 4,500 | ||
2024 and beyond | 21,600 | 21,600 | ||
Total lease payments | 40,700 | 40,700 | ||
Less: Interest | 14,000 | 14,000 | ||
Present value of lease liabilities | 26,700 | 26,700 | ||
Maturity of Operating Lease Liabilities | ||||
Lessee, Lease, Details [Line Items] | ||||
Remainder of 2019 | 1,300 | 1,300 | ||
2020 | 2,400 | 2,400 | ||
2021 | 2,000 | 2,000 | ||
2022 | 2,000 | 2,000 | ||
2023 | 1,900 | 1,900 | ||
2024 and beyond | 11,100 | 11,100 | ||
Total lease payments | 20,700 | 20,700 | ||
Less: Interest | 4,300 | 4,300 | ||
Present value of lease liabilities | $ 16,400 | $ 16,400 | ||
Accounting Standards Update 2016-02 | ||||
Lessee, Lease, Details [Line Items] | ||||
Present value of lease liabilities | $ 17,400 | |||
Operating lease assets- Other assets | $ 17,500 |
REVENUE REVENUE (Details)
REVENUE REVENUE (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Contract with Customer, Asset and Liability [Abstract] | ||
Contract with customer, asset | $ 6,100,000 | $ 6,200,000 |
Amounts invoiced in excess of revenue recognized | (900,000) | |
Net additions, asset | 800,000 | |
Contract with customer, asset, net, current | 2,400,000 | 1,700,000 |
Contract with customer, asset, net, noncurrent | 3,700,000 | 4,500,000 |
Contract with customer, liability | 45,400,000 | 31,700,000 |
Revenue recognized included in beginning balance | (15,200,000) | |
Net additions, liability | 28,900,000 | |
Contract with customer, liability, current | 25,200,000 | 15,600,000 |
Contract with customer, liability, noncurrent | 20,200,000 | $ 16,100,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 1,904,200,000 | |
2019 [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 101,500,000 | |
2020 [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 335,600,000 | |
2021 [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 286,300,000 | |
2022 [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 228,300,000 | |
Thereafter [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 952,500,000 |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment disclosure [Abstract] | |||||||||
Revenues | $ 2,263,228 | $ 3,393,890 | $ 7,500,761 | $ 9,456,496 | |||||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,414,528) | (2,560,765) | (4,996,699) | (7,104,609) | |||||
Operating costs | (245,135) | (230,371) | (723,589) | (670,728) | |||||
Equity in net earnings (loss) from investments | 37,576 | 39,313 | 115,175 | 116,070 | |||||
Depreciation and amortization | (121,430) | (107,383) | (350,552) | (317,908) | |||||
Total assets | 21,335,907 | 17,911,314 | 21,335,907 | 17,911,314 | $ 18,231,671 | ||||
Capital expenditures | 1,019,174 | 694,303 | 2,739,338 | 1,309,655 | |||||
Net income | 309,155 | $ 311,963 | $ 337,208 | 313,916 | $ 282,179 | $ 266,049 | 958,326 | 862,144 | |
Interest Expense | 129,577 | 121,910 | 362,490 | 351,131 | |||||
Income taxes | 97,365 | 102,983 | 274,234 | 266,285 | |||||
Noncash compensation expense | 9,757 | 5,829 | 20,412 | 27,195 | |||||
Other corporate costs and noncash items | (20,711) | (3,290) | (48,981) | (5,384) | |||||
Natural Gas Gathering And Processing [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 476,212 | 791,255 | 1,753,053 | 2,200,175 | |||||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (210,739) | (542,463) | (971,397) | (1,478,044) | |||||
Operating costs | (91,227) | (90,970) | (271,236) | (272,931) | |||||
Equity in net earnings (loss) from investments | (1,837) | 74 | (4,660) | 948 | |||||
Noncash compensation expense and other | 2,883 | 1,703 | 8,399 | 6,868 | |||||
Segment adjusted EBITDA | 175,292 | 159,599 | 514,159 | 457,016 | |||||
Depreciation and amortization | (55,781) | (49,223) | (162,014) | (145,120) | |||||
Total assets | 6,546,417 | 5,811,140 | 6,546,417 | 5,811,140 | |||||
Capital expenditures | 245,745 | 213,034 | 674,115 | 433,605 | |||||
Natural Gas Gathering And Processing [Member] | Natural Gas Gathering and Processing Intersegment [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 244,200 | 519,700 | 897,900 | 1,400,000 | |||||
Natural Gas Liquids [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 1,900,507 | 3,026,288 | 6,284,565 | 8,332,687 | |||||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,438,206) | (2,544,854) | (4,914,452) | (7,009,438) | |||||
Operating costs | (114,903) | (101,126) | (340,274) | (289,328) | |||||
Equity in net earnings (loss) from investments | 15,890 | 16,450 | 49,406 | 49,456 | |||||
Noncash compensation expense and other | 4,174 | 2,268 | 12,618 | 9,789 | |||||
Segment adjusted EBITDA | 367,462 | 399,026 | 1,091,863 | 1,093,166 | |||||
Depreciation and amortization | (50,419) | (43,688) | (143,166) | (128,993) | |||||
Total assets | 11,662,489 | 9,632,212 | 11,662,489 | 9,632,212 | |||||
Capital expenditures | 738,038 | 444,780 | 1,969,138 | 786,635 | |||||
Natural Gas Liquids [Member] | Natural Gas Liquids Regulated [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 379,700 | 316,000 | 1,000,000 | 910,300 | |||||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (129,500) | (132,700) | (364,900) | (379,500) | |||||
Natural Gas Pipelines [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 121,548 | 105,194 | 355,479 | 314,897 | |||||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (381) | (2,384) | (3,785) | (10,475) | |||||
Operating costs | (40,170) | (36,543) | (113,043) | (104,692) | |||||
Equity in net earnings (loss) from investments | 23,523 | 22,789 | 70,429 | 65,666 | |||||
Noncash compensation expense and other | (701) | 1,050 | 1,931 | 3,701 | |||||
Segment adjusted EBITDA | 103,819 | 90,106 | 311,011 | 269,097 | |||||
Depreciation and amortization | (14,330) | (13,625) | (42,653) | (41,320) | |||||
Total assets | 2,083,773 | 2,109,897 | 2,083,773 | 2,109,897 | |||||
Capital expenditures | 27,767 | 31,522 | 77,861 | 71,897 | |||||
Natural Gas Pipelines [Member] | Natural Gas Pipelines Regulated [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 72,300 | 65,900 | 214,700 | 198,400 | |||||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (5,100) | (5,500) | (14,400) | (20,400) | |||||
Total Segments [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 2,498,267 | 3,922,737 | 8,393,097 | 10,847,759 | |||||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,649,326) | (3,089,701) | (5,889,634) | (8,497,957) | |||||
Operating costs | (246,300) | (228,639) | (724,553) | (666,951) | |||||
Equity in net earnings (loss) from investments | 37,576 | 39,313 | 115,175 | 116,070 | |||||
Noncash compensation expense and other | 6,356 | 5,021 | 22,948 | 20,358 | |||||
Segment adjusted EBITDA | 646,573 | 648,731 | 1,917,033 | 1,819,279 | |||||
Depreciation and amortization | (120,530) | (106,536) | (347,833) | (315,433) | |||||
Total assets | 20,292,679 | 17,553,249 | 20,292,679 | 17,553,249 | |||||
Capital expenditures | 1,011,550 | 689,336 | 2,721,114 | 1,292,137 | |||||
Other and Eliminations | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | (235,039) | (528,847) | (892,336) | (1,391,263) | |||||
Cost of sales and fuel (exclusive of depreciation and operating costs) | 234,798 | 528,936 | 892,935 | 1,393,348 | |||||
Operating costs | 1,165 | (1,732) | 964 | (3,777) | |||||
Equity in net earnings (loss) from investments | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | (900) | (847) | (2,719) | (2,475) | |||||
Total assets | 1,043,228 | 358,065 | 1,043,228 | 358,065 | |||||
Capital expenditures | 7,624 | 4,967 | 18,224 | 17,518 | |||||
Operating Segments [Member] | Natural Gas Liquids [Member] | Natural Gas Liquids Regulated [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 315,700 | 276,400 | 853,000 | 784,800 | |||||
Noncustomer [Domain] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 89,000 | (17,700) | 129,900 | (32,100) | |||||
NGL and Condensate Sales [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 1,761,482 | 2,836,661 | 5,837,360 | 7,862,478 | |||||
NGL and Condensate Sales [Member] | Natural Gas Gathering And Processing [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 244,932 | 501,163 | 890,021 | 1,362,159 | |||||
NGL and Condensate Sales [Member] | Natural Gas Liquids [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,746,630 | 2,861,896 | 5,826,297 | 7,884,183 | |||||
NGL and Condensate Sales [Member] | Natural Gas Pipelines [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||||
NGL and Condensate Sales [Member] | Total Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,991,562 | 3,363,059 | 6,716,318 | 9,246,342 | |||||
NGL and Condensate Sales [Member] | Other and Eliminations | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | (230,080) | (526,398) | (878,958) | (1,383,864) | |||||
Residue Natural Gas Sales [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 184,967 | 246,237 | 726,347 | 714,172 | |||||
Residue Natural Gas Sales [Member] | Natural Gas Gathering And Processing [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 185,303 | 245,474 | 725,672 | 709,089 | |||||
Residue Natural Gas Sales [Member] | Natural Gas Liquids [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||||
Residue Natural Gas Sales [Member] | Natural Gas Pipelines [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 231 | 763 | 1,242 | 5,861 | |||||
Residue Natural Gas Sales [Member] | Total Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 185,534 | 246,237 | 726,914 | 714,950 | |||||
Residue Natural Gas Sales [Member] | Other and Eliminations | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | (567) | 0 | (567) | (778) | |||||
Gathering, Processing and Exchange Services Revenue | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 147,974 | 157,934 | 435,644 | 418,871 | |||||
Gathering, Processing and Exchange Services Revenue | Natural Gas Gathering And Processing [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42,795 | 41,101 | 126,073 | 122,331 | |||||
Gathering, Processing and Exchange Services Revenue | Natural Gas Liquids [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 105,179 | 116,833 | 309,571 | 296,561 | |||||
Gathering, Processing and Exchange Services Revenue | Natural Gas Pipelines [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||||
Gathering, Processing and Exchange Services Revenue | Total Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 147,974 | 157,934 | 435,644 | 418,892 | |||||
Gathering, Processing and Exchange Services Revenue | Other and Eliminations | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 0 | 0 | 0 | (21) | |||||
Transportation and Storage Revenue [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 152,197 | 140,912 | 451,361 | 426,428 | |||||
Transportation and Storage Revenue [Member] | Natural Gas Gathering And Processing [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||||
Transportation and Storage Revenue [Member] | Natural Gas Liquids [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 46,407 | 45,251 | 141,384 | 143,741 | |||||
Transportation and Storage Revenue [Member] | Natural Gas Pipelines [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 108,384 | 98,031 | 317,555 | 289,646 | |||||
Transportation and Storage Revenue [Member] | Total Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 154,791 | 143,282 | 458,939 | 433,387 | |||||
Transportation and Storage Revenue [Member] | Other and Eliminations | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | (2,594) | (2,370) | (7,578) | (6,959) | |||||
Other [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 16,608 | 12,146 | 50,049 | 34,547 | |||||
Other [Member] | Natural Gas Gathering And Processing [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 3,182 | 3,517 | 11,287 | 6,596 | |||||
Other [Member] | Natural Gas Liquids [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 2,291 | 2,308 | 7,313 | 8,202 | |||||
Other [Member] | Natural Gas Pipelines [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 12,933 | 6,400 | 36,682 | 19,390 | |||||
Other [Member] | Total Segments [Member] | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | 18,406 | 12,225 | 55,282 | 34,188 | |||||
Other [Member] | Other and Eliminations | |||||||||
Segment disclosure [Abstract] | |||||||||
Revenues | $ (1,798) | $ (79) | $ (5,233) | $ 359 |
SUPPLEMENTAL CONDENSED CONSOL_3
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION, Income Statement and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | $ 2,263,228 | $ 3,393,890 | $ 7,500,761 | $ 9,456,496 | ||||
Cost of sales and fuel (exclusive of items shown separately below) | 1,414,528 | 2,560,765 | 4,996,699 | 7,104,609 | ||||
(Gain) loss on sale of assets | (16) | (163) | 2,882 | (348) | ||||
Operating income | 482,151 | 495,534 | 1,427,039 | 1,363,599 | ||||
Equity in net earnings from investments | 37,576 | 39,313 | 115,175 | 116,070 | ||||
Interest expense, net | (129,577) | (121,910) | (362,490) | (351,131) | ||||
Income before income taxes | 406,520 | 416,899 | 1,232,560 | 1,128,429 | ||||
Income taxes | (97,365) | (102,983) | (274,234) | (266,285) | ||||
Net income | 309,155 | $ 311,963 | $ 337,208 | 313,916 | $ 282,179 | $ 266,049 | 958,326 | 862,144 |
Less: Net income attributable to noncontrolling interests | 0 | 657 | 0 | 3,329 | ||||
Net income attributable to ONEOK | 309,155 | 313,259 | 958,326 | 858,815 | ||||
Less: Preferred stock dividends | 275 | 275 | 825 | 825 | ||||
Net income available to common shareholders | 308,880 | 312,984 | 957,501 | 857,990 | ||||
Other comprehensive income (loss), net of tax | (84,708) | $ (66,872) | $ (81,285) | 20,451 | $ (3,897) | $ 51,939 | (232,865) | 68,493 |
Comprehensive income | 224,447 | 334,367 | 725,461 | 930,637 | ||||
Less: Comprehensive income attributable to noncontrolling interest | 0 | 657 | 0 | 3,329 | ||||
Comprehensive income attributable to ONEOK | $ 224,447 | 333,710 | $ 725,461 | 927,308 | ||||
Northern Border Pipeline | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Equity in net earnings from investments | $ 16,102 | 16,486 | $ 50,593 | 48,863 | ||||
Commodity Sales | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 1,947,834 | 3,083,625 | 6,567,634 | 8,578,891 | ||||
Services | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 315,394 | 310,265 | 933,127 | 877,605 | ||||
Reportable Legal Entities | Parent Issuer & Guarantor | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Cost of sales and fuel (exclusive of items shown separately below) | 0 | 0 | 0 | 0 | ||||
Operating expenses | (700) | 2,000 | (700) | 3,300 | ||||
(Gain) loss on sale of assets | 0 | 0 | 0 | 0 | ||||
Operating income | 700 | (2,000) | 700 | (3,300) | ||||
Equity in net earnings from investments | 470,200 | 457,300 | 1,392,900 | 1,226,600 | ||||
Other income (expense), net | 11,100 | 9,300 | 26,300 | 23,100 | ||||
Interest expense, net | (78,400) | (49,100) | (198,100) | (129,200) | ||||
Income before income taxes | 403,600 | 415,500 | 1,221,800 | 1,117,200 | ||||
Income taxes | (94,400) | (102,300) | (263,500) | (258,400) | ||||
Net income | 309,200 | 313,200 | 958,300 | 858,800 | ||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | ||||||
Net income attributable to ONEOK | 313,200 | 858,800 | ||||||
Less: Preferred stock dividends | 300 | 200 | 800 | 800 | ||||
Net income available to common shareholders | 308,900 | 313,000 | 957,500 | 858,000 | ||||
Other comprehensive income (loss), net of tax | (94,400) | 23,400 | (226,000) | 65,600 | ||||
Comprehensive income | 214,800 | 336,600 | 732,300 | 924,400 | ||||
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | ||||||
Comprehensive income attributable to ONEOK | 336,600 | 924,400 | ||||||
Reportable Legal Entities | Parent Issuer & Guarantor | Commodity Sales | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Reportable Legal Entities | Parent Issuer & Guarantor | Services | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Reportable Legal Entities | Subsidiary Issuer & Guarantor | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Cost of sales and fuel (exclusive of items shown separately below) | 0 | 0 | 0 | 0 | ||||
Operating expenses | 0 | 0 | 0 | 0 | ||||
(Gain) loss on sale of assets | 0 | 0 | 0 | 0 | ||||
Operating income | 0 | 0 | 0 | 0 | ||||
Equity in net earnings from investments | 476,100 | 457,100 | 1,405,600 | 1,231,200 | ||||
Other income (expense), net | 75,400 | 80,300 | 232,800 | 234,900 | ||||
Interest expense, net | (78,100) | (80,300) | (235,500) | (234,900) | ||||
Income before income taxes | 473,400 | 457,100 | 1,402,900 | 1,231,200 | ||||
Income taxes | 0 | 0 | 0 | 0 | ||||
Net income | 473,400 | 457,100 | 1,402,900 | 1,231,200 | ||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | ||||||
Net income attributable to ONEOK | 457,100 | 1,231,200 | ||||||
Less: Preferred stock dividends | 0 | 0 | 0 | 0 | ||||
Net income available to common shareholders | 473,400 | 457,100 | 1,402,900 | 1,231,200 | ||||
Other comprehensive income (loss), net of tax | 12,400 | (3,700) | (9,000) | 4,000 | ||||
Comprehensive income | 485,800 | 453,400 | 1,393,900 | 1,235,200 | ||||
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | ||||||
Comprehensive income attributable to ONEOK | 453,400 | 1,235,200 | ||||||
Reportable Legal Entities | Subsidiary Issuer & Guarantor | Commodity Sales | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Reportable Legal Entities | Subsidiary Issuer & Guarantor | Services | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Reportable Legal Entities | Guarantor Subsidiary | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Cost of sales and fuel (exclusive of items shown separately below) | 0 | 0 | 0 | 0 | ||||
Operating expenses | 0 | 0 | 0 | 0 | ||||
(Gain) loss on sale of assets | 100 | 0 | 2,700 | 0 | ||||
Operating income | (100) | 0 | (2,700) | 0 | ||||
Equity in net earnings from investments | 476,200 | 457,100 | 1,408,300 | 1,231,200 | ||||
Other income (expense), net | 78,100 | 80,300 | 235,500 | 234,900 | ||||
Interest expense, net | (78,100) | (80,300) | (235,500) | (234,900) | ||||
Income before income taxes | 476,100 | 457,100 | 1,405,600 | 1,231,200 | ||||
Income taxes | 0 | 0 | 0 | 0 | ||||
Net income | 476,100 | 457,100 | 1,405,600 | 1,231,200 | ||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | ||||||
Net income attributable to ONEOK | 457,100 | 1,231,200 | ||||||
Less: Preferred stock dividends | 0 | 0 | 0 | 0 | ||||
Net income available to common shareholders | 476,100 | 457,100 | 1,405,600 | 1,231,200 | ||||
Other comprehensive income (loss), net of tax | 7,900 | (8,100) | (22,500) | (6,900) | ||||
Comprehensive income | 484,000 | 449,000 | 1,383,100 | 1,224,300 | ||||
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | ||||||
Comprehensive income attributable to ONEOK | 449,000 | 1,224,300 | ||||||
Reportable Legal Entities | Guarantor Subsidiary | Commodity Sales | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Reportable Legal Entities | Guarantor Subsidiary | Services | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 2,263,800 | 3,394,400 | 7,502,400 | 9,458,000 | ||||
Cost of sales and fuel (exclusive of items shown separately below) | 1,414,500 | 2,560,800 | 4,996,700 | 7,104,600 | ||||
Operating expenses | 367,800 | 336,300 | 1,076,500 | 986,800 | ||||
(Gain) loss on sale of assets | (100) | (200) | 200 | (300) | ||||
Operating income | 481,600 | 497,500 | 1,429,000 | 1,366,900 | ||||
Equity in net earnings from investments | 29,100 | 30,100 | 87,100 | 86,200 | ||||
Other income (expense), net | 8,000 | (5,300) | 29,300 | (23,300) | ||||
Interest expense, net | (51,200) | (72,800) | (164,400) | (221,900) | ||||
Income before income taxes | 467,500 | 449,500 | 1,381,000 | 1,207,900 | ||||
Income taxes | (3,000) | (700) | (10,800) | (7,900) | ||||
Net income | 464,500 | 448,800 | 1,370,200 | 1,200,000 | ||||
Less: Net income attributable to noncontrolling interests | 700 | 3,300 | ||||||
Net income attributable to ONEOK | 448,100 | 1,196,700 | ||||||
Less: Preferred stock dividends | 0 | 0 | 0 | 0 | ||||
Net income available to common shareholders | 464,500 | 448,100 | 1,370,200 | 1,196,700 | ||||
Other comprehensive income (loss), net of tax | 5,000 | (7,300) | (20,600) | (8,000) | ||||
Comprehensive income | 469,500 | 441,500 | 1,349,600 | 1,192,000 | ||||
Less: Comprehensive income attributable to noncontrolling interest | 700 | 3,300 | ||||||
Comprehensive income attributable to ONEOK | 440,800 | 1,188,700 | ||||||
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Commodity Sales | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 1,947,800 | 3,083,600 | 6,567,600 | 8,578,900 | ||||
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Services | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 316,000 | 310,800 | 934,800 | 879,100 | ||||
Reportable Legal Entities | Total | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 2,263,200 | 3,393,900 | 7,500,800 | 9,456,500 | ||||
Cost of sales and fuel (exclusive of items shown separately below) | 1,414,500 | 2,560,800 | 4,996,700 | 7,104,600 | ||||
Operating expenses | 366,500 | 337,800 | 1,074,200 | 988,600 | ||||
(Gain) loss on sale of assets | 0 | (200) | 2,900 | (300) | ||||
Operating income | 482,200 | 495,500 | 1,427,000 | 1,363,600 | ||||
Equity in net earnings from investments | 37,600 | 39,300 | 115,200 | 116,100 | ||||
Other income (expense), net | 16,400 | 4,000 | 52,900 | (200) | ||||
Interest expense, net | (129,600) | (121,900) | (362,500) | (351,100) | ||||
Income before income taxes | 406,600 | 416,900 | 1,232,600 | 1,128,400 | ||||
Income taxes | (97,400) | (103,000) | (274,300) | (266,300) | ||||
Net income | 309,200 | 313,900 | 958,300 | 862,100 | ||||
Less: Net income attributable to noncontrolling interests | 700 | 3,300 | ||||||
Net income attributable to ONEOK | 313,200 | 858,800 | ||||||
Less: Preferred stock dividends | 300 | 200 | 800 | 800 | ||||
Net income available to common shareholders | 308,900 | 313,000 | 957,500 | 858,000 | ||||
Other comprehensive income (loss), net of tax | (84,700) | 20,500 | (232,800) | 68,500 | ||||
Comprehensive income | 224,500 | 334,400 | 725,500 | 930,600 | ||||
Less: Comprehensive income attributable to noncontrolling interest | 700 | 3,300 | ||||||
Comprehensive income attributable to ONEOK | 333,700 | 927,300 | ||||||
Reportable Legal Entities | Total | Commodity Sales | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 1,947,800 | 3,083,600 | 6,567,600 | 8,578,900 | ||||
Reportable Legal Entities | Total | Services | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 315,400 | 310,300 | 933,200 | 877,600 | ||||
Consolidating Entries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | (600) | (500) | (1,600) | (1,500) | ||||
Cost of sales and fuel (exclusive of items shown separately below) | 0 | 0 | 0 | 0 | ||||
Operating expenses | (600) | (500) | (1,600) | (1,500) | ||||
(Gain) loss on sale of assets | 0 | 0 | 0 | 0 | ||||
Operating income | 0 | 0 | 0 | 0 | ||||
Equity in net earnings from investments | (1,414,000) | (1,362,300) | (4,178,700) | (3,659,100) | ||||
Other income (expense), net | (156,200) | (160,600) | (471,000) | (469,800) | ||||
Interest expense, net | 156,200 | 160,600 | 471,000 | 469,800 | ||||
Income before income taxes | (1,414,000) | (1,362,300) | (4,178,700) | (3,659,100) | ||||
Income taxes | 0 | 0 | 0 | 0 | ||||
Net income | (1,414,000) | (1,362,300) | (4,178,700) | (3,659,100) | ||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | ||||||
Net income attributable to ONEOK | (1,362,300) | (3,659,100) | ||||||
Less: Preferred stock dividends | 0 | 0 | 0 | 0 | ||||
Net income available to common shareholders | (1,414,000) | (1,362,300) | (4,178,700) | (3,659,100) | ||||
Other comprehensive income (loss), net of tax | (15,600) | 16,200 | 45,300 | 13,800 | ||||
Comprehensive income | (1,429,600) | (1,346,100) | (4,133,400) | (3,645,300) | ||||
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | ||||||
Comprehensive income attributable to ONEOK | (1,346,100) | (3,645,300) | ||||||
Consolidating Entries | Commodity Sales | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Consolidating Entries | Services | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | $ (600) | $ (500) | $ (1,600) | $ (1,500) |
SUPPLEMENTAL CONDENSED CONSOL_4
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION, Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | |||||
Cash and cash equivalents | $ 673,309 | $ 11,975 | $ 84,464 | $ 37,193 | |
Accounts receivable, net | 718,708 | 818,958 | |||
Materials and supplies | 192,933 | 141,174 | |||
Natural gas and NGLs in storage | 283,545 | 296,667 | |||
Other current assets | 79,763 | 100,808 | |||
Total current assets | 1,967,585 | 1,398,632 | |||
Property, plant and equipment | |||||
Property, plant and equipment | 20,948,267 | 18,030,963 | |||
Accumulated depreciation and amortization | 3,585,411 | 3,264,312 | |||
Net property, plant and equipment | 17,362,856 | 14,766,651 | |||
Investments and other assets | |||||
Investments | 870,511 | 969,150 | |||
Other assets | 174,147 | 130,096 | |||
Total investments and other assets | 2,005,466 | 2,066,388 | |||
Total assets | 21,335,907 | 18,231,671 | 17,911,314 | ||
Current liabilities | |||||
Current maturities of long-term debt | 7,650 | 507,650 | |||
Accounts payable | 1,129,849 | 1,116,337 | |||
Other current liabilities | 123,146 | 149,773 | |||
Total current liabilities | 1,567,152 | 2,108,436 | |||
Long-term debt, excluding current maturities | 12,479,452 | 8,873,334 | |||
Deferred credits and other liabilities | |||||
Deferred income taxes | 418,736 | 219,731 | |||
Other deferred credits | 626,860 | 424,383 | |||
Total deferred credits and other liabilities | 1,070,397 | 670,358 | |||
Commitments and contingencies | |||||
Equity | |||||
Equity | 6,218,906 | 6,579,543 | 6,652,758 | $ 6,838,483 | |
Total liabilities and equity | 21,335,907 | 18,231,671 | |||
Reportable Legal Entities | Parent Issuer & Guarantor | |||||
Current assets | |||||
Cash and cash equivalents | 673,300 | 12,000 | 84,500 | 37,200 | |
Accounts receivable, net | 0 | 0 | |||
Materials and supplies | 0 | 0 | |||
Natural gas and NGLs in storage | 0 | 0 | |||
Other current assets | 12,300 | 29,100 | |||
Total current assets | 685,600 | 41,100 | |||
Property, plant and equipment | |||||
Property, plant and equipment | 160,000 | 145,500 | |||
Accumulated depreciation and amortization | 97,600 | 92,000 | |||
Net property, plant and equipment | 62,400 | 53,500 | |||
Investments and other assets | |||||
Investments | 6,554,500 | 6,153,500 | |||
Intercompany receivable | 8,099,100 | 5,308,600 | |||
Other assets | 134,800 | 115,900 | |||
Total investments and other assets | 14,788,400 | 11,578,000 | |||
Total assets | 15,536,400 | 11,672,600 | |||
Current liabilities | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | 9,500 | 31,300 | |||
Other current liabilities | 96,400 | 123,200 | |||
Total current liabilities | 105,900 | 154,500 | |||
Intercompany payable | 0 | 0 | |||
Long-term debt, excluding current maturities | 8,419,600 | 4,510,700 | |||
Deferred credits and other liabilities | |||||
Deferred income taxes | 297,900 | 112,300 | |||
Other deferred credits | 494,100 | 315,600 | |||
Total deferred credits and other liabilities | 792,000 | 427,900 | |||
Commitments and contingencies | |||||
Equity | |||||
Equity | 6,218,900 | 6,579,500 | |||
Total liabilities and equity | 15,536,400 | 11,672,600 | |||
Reportable Legal Entities | Subsidiary Issuer & Guarantor | |||||
Current assets | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |||
Materials and supplies | 0 | 0 | |||
Natural gas and NGLs in storage | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | 0 | 0 | |||
Property, plant and equipment | |||||
Property, plant and equipment | 0 | 0 | |||
Accumulated depreciation and amortization | 0 | 0 | |||
Net property, plant and equipment | 0 | 0 | |||
Investments and other assets | |||||
Investments | 3,932,200 | 3,548,100 | |||
Intercompany receivable | 6,897,700 | 7,701,500 | |||
Other assets | 0 | 0 | |||
Total investments and other assets | 10,829,900 | 11,249,600 | |||
Total assets | 10,829,900 | 11,249,600 | |||
Current liabilities | |||||
Current maturities of long-term debt | 0 | 500,000 | |||
Accounts payable | 0 | 0 | |||
Other current liabilities | 63,500 | 81,000 | |||
Total current liabilities | 63,500 | 581,000 | |||
Intercompany payable | 0 | 0 | |||
Long-term debt, excluding current maturities | 4,044,300 | 4,341,400 | |||
Deferred credits and other liabilities | |||||
Deferred income taxes | 0 | 0 | |||
Other deferred credits | 0 | 0 | |||
Total deferred credits and other liabilities | 0 | 0 | |||
Commitments and contingencies | |||||
Equity | |||||
Equity | 6,722,100 | 6,327,200 | |||
Total liabilities and equity | 10,829,900 | 11,249,600 | |||
Reportable Legal Entities | Guarantor Subsidiary | |||||
Current assets | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |||
Materials and supplies | 0 | 0 | |||
Natural gas and NGLs in storage | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | 0 | 0 | |||
Property, plant and equipment | |||||
Property, plant and equipment | 0 | 0 | |||
Accumulated depreciation and amortization | 0 | 0 | |||
Net property, plant and equipment | 0 | 0 | |||
Investments and other assets | |||||
Investments | 10,986,900 | 9,721,600 | |||
Intercompany receivable | 0 | 1,528,000 | |||
Other assets | 0 | 0 | |||
Total investments and other assets | 10,986,900 | 11,249,600 | |||
Total assets | 10,986,900 | 11,249,600 | |||
Current liabilities | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | 0 | 0 | |||
Other current liabilities | 0 | 0 | |||
Total current liabilities | 0 | 0 | |||
Intercompany payable | 7,054,700 | 7,701,500 | |||
Long-term debt, excluding current maturities | 0 | 0 | |||
Deferred credits and other liabilities | |||||
Deferred income taxes | 0 | 0 | |||
Other deferred credits | 0 | 0 | |||
Total deferred credits and other liabilities | 0 | 0 | |||
Commitments and contingencies | |||||
Equity | |||||
Equity | 3,932,200 | 3,548,100 | |||
Total liabilities and equity | 10,986,900 | 11,249,600 | |||
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | |||||
Current assets | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 718,700 | 819,000 | |||
Materials and supplies | 192,900 | 141,200 | |||
Natural gas and NGLs in storage | 283,500 | 296,700 | |||
Other current assets | 86,800 | 100,600 | |||
Total current assets | 1,281,900 | 1,357,500 | |||
Property, plant and equipment | |||||
Property, plant and equipment | 20,788,300 | 17,885,500 | |||
Accumulated depreciation and amortization | 3,487,800 | 3,172,300 | |||
Net property, plant and equipment | 17,300,500 | 14,713,200 | |||
Investments and other assets | |||||
Investments | 770,600 | 791,100 | |||
Intercompany receivable | 0 | 0 | |||
Other assets | 1,001,100 | 982,300 | |||
Total investments and other assets | 1,771,700 | 1,773,400 | |||
Total assets | 20,354,100 | 17,844,100 | |||
Current liabilities | |||||
Current maturities of long-term debt | 7,700 | 7,700 | |||
Accounts payable | 1,120,300 | 1,085,000 | |||
Other current liabilities | 269,700 | 280,200 | |||
Total current liabilities | 1,397,700 | 1,372,900 | |||
Intercompany payable | 7,942,100 | 6,836,600 | |||
Long-term debt, excluding current maturities | 15,600 | 21,200 | |||
Deferred credits and other liabilities | |||||
Deferred income taxes | 121,700 | 108,400 | |||
Other deferred credits | 157,600 | 135,200 | |||
Total deferred credits and other liabilities | 279,300 | 243,600 | |||
Commitments and contingencies | |||||
Equity | |||||
Equity | 10,719,400 | 9,369,800 | |||
Total liabilities and equity | 20,354,100 | 17,844,100 | |||
Reportable Legal Entities | Total | |||||
Current assets | |||||
Cash and cash equivalents | 673,300 | 12,000 | 84,500 | 37,200 | |
Accounts receivable, net | 718,700 | 819,000 | |||
Materials and supplies | 192,900 | 141,200 | |||
Natural gas and NGLs in storage | 283,500 | 296,700 | |||
Other current assets | 99,100 | 129,700 | |||
Total current assets | 1,967,500 | 1,398,600 | |||
Property, plant and equipment | |||||
Property, plant and equipment | 20,948,300 | 18,031,000 | |||
Accumulated depreciation and amortization | 3,585,400 | 3,264,300 | |||
Net property, plant and equipment | 17,362,900 | 14,766,700 | |||
Investments and other assets | |||||
Investments | 870,500 | 969,200 | |||
Intercompany receivable | 0 | 0 | |||
Other assets | 1,135,000 | 1,097,200 | |||
Total investments and other assets | 2,005,500 | 2,066,400 | |||
Total assets | 21,335,900 | 18,231,700 | |||
Current liabilities | |||||
Current maturities of long-term debt | 7,700 | 507,700 | |||
Accounts payable | 1,129,800 | 1,116,300 | |||
Other current liabilities | 429,600 | 484,400 | |||
Total current liabilities | 1,567,100 | 2,108,400 | |||
Intercompany payable | 0 | 0 | |||
Long-term debt, excluding current maturities | 12,479,500 | 8,873,300 | |||
Deferred credits and other liabilities | |||||
Deferred income taxes | 418,700 | 219,700 | |||
Other deferred credits | 651,700 | 450,800 | |||
Total deferred credits and other liabilities | 1,070,400 | 670,500 | |||
Commitments and contingencies | |||||
Equity | |||||
Equity | 6,218,900 | 6,579,500 | |||
Total liabilities and equity | 21,335,900 | 18,231,700 | |||
Consolidating Entries | |||||
Current assets | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Accounts receivable, net | 0 | 0 | |||
Materials and supplies | 0 | 0 | |||
Natural gas and NGLs in storage | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | 0 | 0 | |||
Property, plant and equipment | |||||
Property, plant and equipment | 0 | 0 | |||
Accumulated depreciation and amortization | 0 | 0 | |||
Net property, plant and equipment | 0 | 0 | |||
Investments and other assets | |||||
Investments | (21,373,700) | (19,245,100) | |||
Intercompany receivable | (14,996,800) | (14,538,100) | |||
Other assets | (900) | (1,000) | |||
Total investments and other assets | (36,371,400) | (33,784,200) | |||
Total assets | (36,371,400) | (33,784,200) | |||
Current liabilities | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | 0 | 0 | |||
Other current liabilities | 0 | 0 | |||
Total current liabilities | 0 | 0 | |||
Intercompany payable | (14,996,800) | (14,538,100) | |||
Long-term debt, excluding current maturities | 0 | 0 | |||
Deferred credits and other liabilities | |||||
Deferred income taxes | (900) | (1,000) | |||
Other deferred credits | 0 | 0 | |||
Total deferred credits and other liabilities | (900) | (1,000) | |||
Commitments and contingencies | |||||
Equity | |||||
Equity | (21,373,700) | (19,245,100) | |||
Total liabilities and equity | $ (36,371,400) | $ (33,784,200) |
SUPPLEMENTAL CONDENSED CONSOL_5
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION, Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||||
Cash provided by operating activities | $ 1,326,845 | $ 1,516,450 | ||
Investing activities | ||||
Capital expenditures | $ (1,019,174) | $ (694,303) | (2,739,338) | (1,309,655) |
Contributions to unconsolidated affiliates | (3,290) | (831) | ||
Other investing activities | 12,583 | 1,053 | ||
Cash used in investing activities | (2,647,874) | (1,289,820) | ||
Financing activities | ||||
Dividends paid | (1,079,379) | (983,068) | ||
Distributions to noncontrolling interests | 0 | (3,500) | ||
Borrowing (repayment) of short-term borrowings, net | 0 | (494,673) | ||
Issuance of long-term debt, net of discounts | 4,185,435 | 1,245,773 | ||
Payments of Financing Costs | 29,777 | 11,301 | ||
Repayment of long-term debt | (1,055,436) | (930,738) | ||
Issuance of common stock | 19,333 | 1,195,128 | ||
Acquisition of noncontrolling interests | 0 | (195,000) | ||
Other, net | (57,813) | (1,980) | ||
Cash provided by (used in) financing activities | 1,982,363 | (179,359) | ||
Change in cash and cash equivalents | 661,334 | 47,271 | ||
Cash and cash equivalents at beginning of period | 11,975 | 37,193 | ||
Cash and cash equivalents at end of period | 673,309 | 84,464 | 673,309 | 84,464 |
Reportable Legal Entities | Parent Issuer & Guarantor | ||||
Operating activities | ||||
Cash provided by operating activities | 761,900 | 964,400 | ||
Investing activities | ||||
Capital expenditures | (17,800) | (15,000) | ||
Contributions to unconsolidated affiliates | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Cash used in investing activities | (17,800) | (15,000) | ||
Financing activities | ||||
Dividends paid | (1,079,400) | (983,100) | ||
Distributions to noncontrolling interests | 0 | |||
Intercompany borrowings (advances), net | (2,874,400) | (1,640,500) | ||
Borrowing (repayment) of short-term borrowings, net | (494,700) | |||
Issuance of long-term debt, net of discounts | 4,185,400 | 1,245,800 | ||
Repayment of long-term debt | (250,000) | 0 | ||
Issuance of common stock | 19,300 | 1,195,100 | ||
Acquisition of noncontrolling interests | (195,000) | |||
Other, net | (83,700) | (29,700) | ||
Cash provided by (used in) financing activities | (82,800) | (902,100) | ||
Change in cash and cash equivalents | 661,300 | 47,300 | ||
Cash and cash equivalents at beginning of period | 12,000 | 37,200 | ||
Cash and cash equivalents at end of period | 673,300 | 84,500 | 673,300 | 84,500 |
Reportable Legal Entities | Subsidiary Issuer & Guarantor | ||||
Operating activities | ||||
Cash provided by operating activities | 897,300 | 993,800 | ||
Investing activities | ||||
Capital expenditures | 0 | 0 | ||
Contributions to unconsolidated affiliates | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Cash used in investing activities | 0 | 0 | ||
Financing activities | ||||
Dividends paid | (999,000) | (999,000) | ||
Distributions to noncontrolling interests | 0 | |||
Intercompany borrowings (advances), net | 904,100 | 930,200 | ||
Borrowing (repayment) of short-term borrowings, net | 0 | |||
Issuance of long-term debt, net of discounts | 0 | 0 | ||
Repayment of long-term debt | (799,700) | (925,000) | ||
Issuance of common stock | 0 | 0 | ||
Acquisition of noncontrolling interests | 0 | |||
Other, net | (2,700) | 0 | ||
Cash provided by (used in) financing activities | (897,300) | (993,800) | ||
Change in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Guarantor Subsidiary | ||||
Operating activities | ||||
Cash provided by operating activities | 50,600 | 48,900 | ||
Investing activities | ||||
Capital expenditures | 0 | 0 | ||
Contributions to unconsolidated affiliates | 0 | (500) | ||
Other investing activities | 72,500 | 10,800 | ||
Cash used in investing activities | 72,500 | 10,300 | ||
Financing activities | ||||
Dividends paid | (999,000) | (999,000) | ||
Distributions to noncontrolling interests | 0 | |||
Intercompany borrowings (advances), net | 875,900 | 939,800 | ||
Borrowing (repayment) of short-term borrowings, net | 0 | |||
Issuance of long-term debt, net of discounts | 0 | 0 | ||
Repayment of long-term debt | 0 | 0 | ||
Issuance of common stock | 0 | 0 | ||
Acquisition of noncontrolling interests | 0 | |||
Other, net | 0 | 0 | ||
Cash provided by (used in) financing activities | (123,100) | (59,200) | ||
Change in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||||
Operating activities | ||||
Cash provided by operating activities | 1,615,000 | 1,507,400 | ||
Investing activities | ||||
Capital expenditures | (2,721,500) | (1,294,700) | ||
Contributions to unconsolidated affiliates | (3,300) | (300) | ||
Other investing activities | 22,200 | 9,900 | ||
Cash used in investing activities | (2,702,600) | (1,285,100) | ||
Financing activities | ||||
Dividends paid | 0 | 0 | ||
Distributions to noncontrolling interests | (3,500) | |||
Intercompany borrowings (advances), net | 1,094,400 | (229,500) | ||
Borrowing (repayment) of short-term borrowings, net | 0 | |||
Issuance of long-term debt, net of discounts | 0 | 0 | ||
Repayment of long-term debt | (5,700) | (5,700) | ||
Issuance of common stock | 0 | 0 | ||
Acquisition of noncontrolling interests | 0 | |||
Other, net | (1,100) | 16,400 | ||
Cash provided by (used in) financing activities | 1,087,600 | (222,300) | ||
Change in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Total | ||||
Operating activities | ||||
Cash provided by operating activities | 1,326,800 | 1,516,500 | ||
Investing activities | ||||
Capital expenditures | (2,739,300) | (1,309,700) | ||
Contributions to unconsolidated affiliates | (3,300) | (800) | ||
Other investing activities | 94,700 | 20,700 | ||
Cash used in investing activities | (2,647,900) | (1,289,800) | ||
Financing activities | ||||
Dividends paid | (1,079,400) | (983,100) | ||
Distributions to noncontrolling interests | (3,500) | |||
Intercompany borrowings (advances), net | 0 | 0 | ||
Borrowing (repayment) of short-term borrowings, net | (494,700) | |||
Issuance of long-term debt, net of discounts | 4,185,400 | 1,245,800 | ||
Repayment of long-term debt | (1,055,400) | (930,700) | ||
Issuance of common stock | 19,300 | 1,195,100 | ||
Acquisition of noncontrolling interests | (195,000) | |||
Other, net | (87,500) | (13,300) | ||
Cash provided by (used in) financing activities | 1,982,400 | (179,400) | ||
Change in cash and cash equivalents | 661,300 | 47,300 | ||
Cash and cash equivalents at beginning of period | 12,000 | 37,200 | ||
Cash and cash equivalents at end of period | 673,300 | 84,500 | 673,300 | 84,500 |
Consolidating Entries | ||||
Operating activities | ||||
Cash provided by operating activities | (1,998,000) | (1,998,000) | ||
Investing activities | ||||
Capital expenditures | 0 | 0 | ||
Contributions to unconsolidated affiliates | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Cash used in investing activities | 0 | 0 | ||
Financing activities | ||||
Dividends paid | 1,998,000 | 1,998,000 | ||
Distributions to noncontrolling interests | 0 | |||
Intercompany borrowings (advances), net | 0 | 0 | ||
Borrowing (repayment) of short-term borrowings, net | 0 | |||
Issuance of long-term debt, net of discounts | 0 | 0 | ||
Repayment of long-term debt | 0 | 0 | ||
Issuance of common stock | 0 | 0 | ||
Acquisition of noncontrolling interests | 0 | |||
Other, net | 0 | 0 | ||
Cash provided by (used in) financing activities | 1,998,000 | 1,998,000 | ||
Change in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 | $ 0 |