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SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Notes) | 6 Months Ended
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Jun. 30, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Supplemental Condensed Consolidating Financial Information | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION ONEOK and ONEOK Partners are issuers of certain public debt securities. Effective with the Merger Transaction in 2017, we, ONEOK Partners and the Intermediate Partnership issued, to the extent not already in place, guarantees of 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
| Three Months Ended June 30, 2018
(Unaudited) | Parent Issuer & Guarantor |  | Subsidiary Issuer & Guarantor |  | Guarantor Subsidiary |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Entries |  | Total
| (Millions of dollars)
Revenues |  |  |  |  |  |  |  |  |  |  |
Commodity sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,675.3 |  |  | $ | — |  |  | $ | 2,675.3 |
Services | — |  |  | — |  |  | — |  |  | 285.8 |  |  | (0.5 | ) |  | 285.3 |
Total revenues | — |  |  | — |  |  | — |  |  | 2,961.1 |  |  | (0.5 | ) |  | 2,960.6 |
Cost of sales and fuel (exclusive of items shown separately below) | — |  |  | — |  |  | — |  |  | 2,175.8 |  |  | — |  |  | 2,175.8 |
Operating expenses | 2.0 |  |  | — |  |  | — |  |  | 335.0 |  |  | (0.5 | ) |  | 336.5 |
Gain on sale of assets | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Operating income | (2.0 | ) |  | — |  |  | — |  |  | 450.4 |  |  | — |  |  | 448.4 |
Equity in net earnings from investments | 400.8 |  |  | 403.2 |  |  | 403.2 |  |  | 27.5 |  |  | (1,198.1 | ) |  | 36.6 |
Other income (expense), net | 6.6 |  |  | 77.5 |  |  | 77.5 |  |  | (8.4 | ) |  | (155.0 | ) |  | (1.8 | )
Interest expense, net | (40.3 | ) |  | (77.5 | ) |  | (77.5 | ) |  | (73.2 | ) |  | 155.0 |  |  | (113.5 | )
Income before income taxes | 365.1 |  |  | 403.2 |  |  | 403.2 |  |  | 396.3 |  |  | (1,198.1 | ) |  | 369.7 |
Income taxes | (84.0 | ) |  | — |  |  | — |  |  | (3.5 | ) |  | — |  |  | (87.5 | )
Net income | 281.1 |  |  | 403.2 |  |  | 403.2 |  |  | 392.8 |  |  | (1,198.1 | ) |  | 282.2 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | 1.1 |  |  | — |  |  | 1.1 |
Net income attributable to ONEOK | 281.1 |  |  | 403.2 |  |  | 403.2 |  |  | 391.7 |  |  | (1,198.1 | ) |  | 281.1 |
Less: Preferred stock dividends | 0.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.3 |
Net income available to common shareholders | $ | 280.8 |  |  | $ | 403.2 |  |  | $ | 403.2 |  |  | $ | 391.7 |  |  | $ | (1,198.1 | ) |  | $ | 280.8 |
| Three Months Ended June 30, 2017
(Unaudited) | Parent Issuer & Guarantor |  | Subsidiary Issuer & Guarantor |  | Guarantor Subsidiary |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Entries |  | Total
| (Millions of dollars)
Revenues |  |  |  |  |  |  |  |  |  |  |
Commodity sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,161.0 |  |  | $ | — |  |  | $ | 2,161.0 |
Services | — |  |  | — |  |  | — |  |  | 565.8 |  |  | (1.0 | ) |  | 564.8 |
Total revenues | — |  |  | — |  |  | — |  |  | 2,726.8 |  |  | (1.0 | ) |  | 2,725.8 |
Cost of sales and fuel (exclusive of items shown separately below) | — |  |  | — |  |  | — |  |  | 2,091.0 |  |  | — |  |  | 2,091.0 |
Operating expenses | 17.7 |  |  | — |  |  | 6.2 |  |  | 293.0 |  |  | (1.0 | ) |  | 315.9 |
Gain on sale of assets | — |  |  | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | )
Operating income | (17.7 | ) |  | — |  |  | (6.2 | ) |  | 343.4 |  |  | — |  |  | 319.5 |
Equity in net earnings from investments | 275.2 |  |  | 278.5 |  |  | 284.7 |  |  | 23.8 |  |  | (822.8 | ) |  | 39.4 |
Other income (expense), net | (20.2 | ) |  | 94.9 |  |  | 94.9 |  |  | (0.4 | ) |  | (189.8 | ) |  | (20.6 | )
Interest expense, net | (24.5 | ) |  | (94.9 | ) |  | (94.9 | ) |  | (94.0 | ) |  | 189.8 |  |  | (118.5 | )
Income before income taxes | 212.8 |  |  | 278.5 |  |  | 278.5 |  |  | 272.8 |  |  | (822.8 | ) |  | 219.8 |
Income taxes | (37.7 | ) |  | — |  |  | — |  |  | (6.1 | ) |  | — |  |  | (43.8 | )
Net income | 175.1 |  |  | 278.5 |  |  | 278.5 |  |  | 266.7 |  |  | (822.8 | ) |  | 176.0 |
Less: Net income attributable to noncontrolling interests | 103.4 |  |  | — |  |  | — |  |  | 0.9 |  |  | — |  |  | 104.3 |
Net income attributable to ONEOK | 71.7 |  |  | 278.5 |  |  | 278.5 |  |  | 265.8 |  |  | (822.8 | ) |  | 71.7 |
Less: Preferred stock dividends | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Net income available to common shareholders | $ | 71.5 |  |  | $ | 278.5 |  |  | $ | 278.5 |  |  | $ | 265.8 |  |  | $ | (822.8 | ) |  | $ | 71.5 |
| Six Months Ended June 30, 2018
(Unaudited) | Parent Issuer & Guarantor |  | Subsidiary Issuer & Guarantor |  | Guarantor Subsidiary |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Entries |  | Total
| (Millions of dollars)
Revenues |  |  |  |  |  |  |  |  |  |  |
Commodity sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,495.3 |  |  | $ | — |  |  | $ | 5,495.3 |
Services | — |  |  | — |  |  | — |  |  | 568.3 |  |  | (1.0 | ) |  | 567.3 |
Total revenues | — |  |  | — |  |  | — |  |  | 6,063.6 |  |  | (1.0 | ) |  | 6,062.6 |
Cost of sales and fuel (exclusive of items shown separately below) | — |  |  | — |  |  | — |  |  | 4,543.8 |  |  | — |  |  | 4,543.8 |
Operating expenses | 1.3 |  |  | — |  |  | — |  |  | 650.6 |  |  | (1.0 | ) |  | 650.9 |
Gain on sale of assets | — |  |  | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Operating income | (1.3 | ) |  | — |  |  | — |  |  | 869.4 |  |  | — |  |  | 868.1 |
Equity in net earnings from investments | 769.3 |  |  | 774.1 |  |  | 774.1 |  |  | 56.1 |  |  | (2,296.8 | ) |  | 76.8 |
Other income (expense), net | 13.8 |  |  | 154.6 |  |  | 154.6 |  |  | (18.0 | ) |  | (309.2 | ) |  | (4.2 | )
Interest expense, net | (80.1 | ) |  | (154.6 | ) |  | (154.6 | ) |  | (149.1 | ) |  | 309.2 |  |  | (229.2 | )
Income before income taxes | 701.7 |  |  | 774.1 |  |  | 774.1 |  |  | 758.4 |  |  | (2,296.8 | ) |  | 711.5 |
Income taxes | (156.1 | ) |  | — |  |  | — |  |  | (7.2 | ) |  | — |  |  | (163.3 | )
Net income | 545.6 |  |  | 774.1 |  |  | 774.1 |  |  | 751.2 |  |  | (2,296.8 | ) |  | 548.2 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | 2.6 |  |  | — |  |  | 2.6 |
Net income attributable to ONEOK | 545.6 |  |  | 774.1 |  |  | 774.1 |  |  | 748.6 |  |  | (2,296.8 | ) |  | 545.6 |
Less: Preferred stock dividends | 0.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.6 |
Net income available to common shareholders | $ | 545.0 |  |  | $ | 774.1 |  |  | $ | 774.1 |  |  | $ | 748.6 |  |  | $ | (2,296.8 | ) |  | $ | 545.0 |
| Six Months Ended June 30, 2017
(Unaudited) | Parent Issuer & Guarantor |  | Subsidiary Issuer & Guarantor |  | Guarantor Subsidiary |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Entries |  | Total
| (Millions of dollars)
Revenues |  |  |  |  |  |  |  |  |  |  |
Commodity sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,377.7 |  |  | $ | — |  |  | $ | 4,377.7 |
Services | — |  |  | — |  |  | — |  |  | 1,098.7 |  |  | (1.0 | ) |  | 1,097.7 |
Total revenues | — |  |  | — |  |  | — |  |  | 5,476.4 |  |  | (1.0 | ) |  | 5,475.4 |
Cost of sales and fuel (exclusive of items shown separately below) | — |  |  | — |  |  | — |  |  | 4,234.9 |  |  | — |  |  | 4,234.9 |
Operating expenses | 24.7 |  |  | — |  |  | 6.2 |  |  | 574.6 |  |  | (1.0 | ) |  | 604.5 |
Gain on sale of assets | — |  |  | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | )
Operating income | (24.7 | ) |  | — |  |  | (6.2 | ) |  | 667.5 |  |  | — |  |  | 636.6 |
Equity in net earnings from investments | 544.0 |  |  | 547.6 |  |  | 553.8 |  |  | 44.5 |  |  | (1,611.0 | ) |  | 78.9 |
Other income (expense), net | (19.6 | ) |  | 186.1 |  |  | 186.1 |  |  | — |  |  | (372.2 | ) |  | (19.6 | )
Interest expense, net | (50.3 | ) |  | (186.1 | ) |  | (186.1 | ) |  | (184.6 | ) |  | 372.2 |  |  | (234.9 | )
Income before income taxes | 449.4 |  |  | 547.6 |  |  | 547.6 |  |  | 527.4 |  |  | (1,611.0 | ) |  | 461.0 |
Income taxes | (89.0 | ) |  | — |  |  | — |  |  | (9.8 | ) |  | — |  |  | (98.8 | )
Net income | 360.4 |  |  | 547.6 |  |  | 547.6 |  |  | 517.6 |  |  | (1,611.0 | ) |  | 362.2 |
Less: Net income attributable to noncontrolling interests | 201.3 |  |  | — |  |  | — |  |  | 1.8 |  |  | — |  |  | 203.1 |
Net income attributable to ONEOK | 159.1 |  |  | 547.6 |  |  | 547.6 |  |  | 515.8 |  |  | (1,611.0 | ) |  | 159.1 |
Less: Preferred stock dividends | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Net income available to common shareholders | $ | 158.9 |  |  | $ | 547.6 |  |  | $ | 547.6 |  |  | $ | 515.8 |  |  | $ | (1,611.0 | ) |  | $ | 158.9 |
Condensed Consolidating Statements of Comprehensive Income
| Three Months Ended June 30, 2018
(Unaudited) | Parent Issuer & Guarantor |  | Subsidiary Issuer & Guarantor |  | Guarantor Subsidiary |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Entries |  | Total
| (Millions of dollars)
Net income | $ | 281.1 |  |  | $ | 403.2 |  |  | $ | 403.2 |  |  | $ | 392.8 |  |  | $ | (1,198.1 | ) |  | $ | 282.2 |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on derivatives, net of tax | 15.5 |  |  | (46.4 | ) |  | (46.4 | ) |  | (35.8 | ) |  | 92.8 |  |  | (20.3 | )
Realized (gains) losses on derivatives in net income, net of tax | 1.0 |  |  | 14.6 |  |  | 10.2 |  |  | 6.9 |  |  | (20.5 | ) |  | 12.2 |
Change in pension and postretirement benefit plan liability, net of tax | 3.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3.2 |
Other comprehensive income (loss) on investments in unconsolidated affiliates, net of tax | — |  |  | 1.2 |  |  | 1.2 |  |  | 1.0 |  |  | (2.4 | ) |  | 1.0 |
Total other comprehensive income (loss), net of tax | 19.7 |  |  | (30.6 | ) |  | (35.0 | ) |  | (27.9 | ) |  | 69.9 |  |  | (3.9 | )
Comprehensive income | 300.8 |  |  | 372.6 |  |  | 368.2 |  |  | 364.9 |  |  | (1,128.2 | ) |  | 278.3 |
Less: Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | 1.1 |  |  | — |  |  | 1.1 |
Comprehensive income attributable to ONEOK | $ | 300.8 |  |  | $ | 372.6 |  |  | $ | 368.2 |  |  | $ | 363.8 |  |  | $ | (1,128.2 | ) |  | $ | 277.2 |
| Three Months Ended June 30, 2017
(Unaudited) | Parent Issuer & Guarantor |  | Subsidiary Issuer & Guarantor |  | Guarantor Subsidiary |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Entries |  | Total
| (Millions of dollars)
Net income | $ | 175.1 |  |  | $ | 278.5 |  |  | $ | 278.5 |  |  | $ | 266.7 |  |  | $ | (822.8 | ) |  | $ | 176.0 |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on derivatives, net of tax | (0.3 | ) |  | (5.7 | ) |  | 9.0 |  |  | 9.8 |  |  | (17.9 | ) |  | (5.1 | )
Realized (gains) losses on derivatives in net income, net of tax | 0.5 |  |  | 11.1 |  |  | 6.8 |  |  | 5.1 |  |  | (13.6 | ) |  | 9.9 |
Change in pension and postretirement benefit plan liability, net of tax | 2.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.1 |
Other comprehensive income (loss) on investments in unconsolidated affiliates, net of tax | — |  |  | (1.6 | ) |  | (1.6 | ) |  | (1.4 | ) |  | 3.2 |  |  | (1.4 | )
Total other comprehensive income (loss), net of tax | 2.3 |  |  | 3.8 |  |  | 14.2 |  |  | 13.5 |  |  | (28.3 | ) |  | 5.5 |
Comprehensive income | 177.4 |  |  | 282.3 |  |  | 292.7 |  |  | 280.2 |  |  | (851.1 | ) |  | 181.5 |
Less: Comprehensive income attributable to noncontrolling interests | 105.6 |  |  | — |  |  | — |  |  | 0.9 |  |  | — |  |  | 106.5 |
Comprehensive income attributable to ONEOK | $ | 71.8 |  |  | $ | 282.3 |  |  | $ | 292.7 |  |  | $ | 279.3 |  |  | $ | (851.1 | ) |  | $ | 75.0 |
| Six Months Ended June 30, 2018
(Unaudited) | Parent Issuer & Guarantor |  | Subsidiary Issuer & Guarantor |  | Guarantor Subsidiary |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Entries |  | Total
| (Millions of dollars)
Net income | $ | 545.6 |  |  | $ | 774.1 |  |  | $ | 774.1 |  |  | $ | 751.2 |  |  | $ | (2,296.8 | ) |  | $ | 548.2 |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on derivatives, net of tax | 33.9 |  |  | (25.5 | ) |  | (25.5 | ) |  | (19.6 | ) |  | 51.0 |  |  | 14.3 |
Realized (gains) losses on derivatives in net income, net of tax | 1.9 |  |  | 28.9 |  |  | 21.8 |  |  | 15.1 |  |  | (43.6 | ) |  | 24.1 |
Change in pension and postretirement benefit plan liability, net of tax | 6.4 |  |  | (0.6 | ) |  | — |  |  | — |  |  | — |  |  | 5.8 |
Other comprehensive income (loss) on investments in unconsolidated affiliates, net of tax | — |  |  | 4.9 |  |  | 4.9 |  |  | 3.8 |  |  | (9.8 | ) |  | 3.8 |
Total other comprehensive income (loss), net of tax | 42.2 |  |  | 7.7 |  |  | 1.2 |  |  | (0.7 | ) |  | (2.4 | ) |  | 48.0 |
Comprehensive income | 587.8 |  |  | 781.8 |  |  | 775.3 |  |  | 750.5 |  |  | (2,299.2 | ) |  | 596.2 |
Less: Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | 2.6 |  |  | — |  |  | 2.6 |
Comprehensive income attributable to ONEOK | $ | 587.8 |  |  | $ | 781.8 |  |  | $ | 775.3 |  |  | $ | 747.9 |  |  | $ | (2,299.2 | ) |  | $ | 593.6 |
| Six Months Ended June 30, 2017
(Unaudited) | Parent Issuer & Guarantor |  | Subsidiary Issuer & Guarantor |  | Guarantor Subsidiary |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Entries |  | Total
| (Millions of dollars)
Net income | $ | 360.4 |  |  | $ | 547.6 |  |  | $ | 547.6 |  |  | $ | 517.6 |  |  | $ | (1,611.0 | ) |  | $ | 362.2 |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on derivatives, net of tax | (0.3 | ) |  | 23.1 |  |  | 36.3 |  |  | 32.8 |  |  | (72.6 | ) |  | 19.3 |
Realized (gains) losses on derivatives in net income, net of tax | 1.0 |  |  | 30.9 |  |  | 22.1 |  |  | 17.4 |  |  | (44.2 | ) |  | 27.2 |
Change in pension and postretirement benefit plan liability, net of tax | 4.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.1 |
Other comprehensive income (loss) on investments in unconsolidated affiliates, net of tax | — |  |  | (1.2 | ) |  | (1.2 | ) |  | (1.0 | ) |  | 2.4 |  |  | (1.0 | )
Total other comprehensive income (loss), net of tax | 4.8 |  |  | 52.8 |  |  | 57.2 |  |  | 49.2 |  |  | (114.4 | ) |  | 49.6 |
Comprehensive income | 365.2 |  |  | 600.4 |  |  | 604.8 |  |  | 566.8 |  |  | (1,725.4 | ) |  | 411.8 |
Less: Comprehensive income attributable to noncontrolling interests | 232.4 |  |  | — |  |  | — |  |  | 1.8 |  |  | — |  |  | 234.2 |
Comprehensive income attributable to ONEOK | $ | 132.8 |  |  | $ | 600.4 |  |  | $ | 604.8 |  |  | $ | 565.0 |  |  | $ | (1,725.4 | ) |  | $ | 177.6 |
Condensed Consolidating Balance Sheets
| June 30, 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 | $ | 15.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15.3 |
Accounts receivable, net | — |  |  | — |  |  | — |  |  | 934.7 |  |  | — |  |  | 934.7 |
Natural gas and natural gas liquids in storage | — |  |  | — |  |  | — |  |  | 285.8 |  |  | — |  |  | 285.8 |
Other current assets | 11.9 |  |  | — |  |  | — |  |  | 186.0 |  |  | — |  |  | 197.9 |
Total current assets | 27.2 |  |  | — |  |  | — |  |  | 1,406.5 |  |  | — |  |  | 1,433.7 |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment | 137.2 |  |  | — |  |  | — |  |  | 16,226.5 |  |  | — |  |  | 16,363.7 |
Accumulated depreciation and amortization | 89.2 |  |  | — |  |  | — |  |  | 2,970.6 |  |  | — |  |  | 3,059.8 |
Net property, plant and equipment | 48.0 |  |  | — |  |  | — |  |  | 13,255.9 |  |  | — |  |  | 13,303.9 |
Investments and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments | 5,872.9 |  |  | 3,243.0 |  |  | 8,795.0 |  |  | 795.4 |  |  | (17,719.3 | ) |  | 987.0 |
Intercompany notes receivable | 3,679.2 |  |  | 8,140.9 |  |  | 2,588.9 |  |  | — |  |  | (14,409.0 | ) |  | — |
Other assets | 233.0 |  |  | — |  |  | — |  |  | 1,006.9 |  |  | (50.8 | ) |  | 1,189.1 |
Total investments and other assets | 9,785.1 |  |  | 11,383.9 |  |  | 11,383.9 |  |  | 1,802.3 |  |  | (32,179.1 | ) |  | 2,176.1 |
Total assets | $ | 9,860.3 |  |  | $ | 11,383.9 |  |  | $ | 11,383.9 |  |  | $ | 16,464.7 |  |  | $ | (32,179.1 | ) |  | $ | 16,913.7 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt | $ | — |  |  | $ | 925.0 |  |  | $ | — |  |  | $ | 7.7 |  |  | $ | — |  |  | $ | 932.7 |
Short-term borrowings | 156.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 156.0 |
Accounts payable | 6.2 |  |  | — |  |  | — |  |  | 1,021.3 |  |  | — |  |  | 1,027.5 |
Other current liabilities | 71.2 |  |  | 85.0 |  |  | — |  |  | 299.7 |  |  | — |  |  | 455.9 |
Total current liabilities | 233.4 |  |  | 1,010.0 |  |  | — |  |  | 1,328.7 |  |  | — |  |  | 2,572.1 |
Intercompany debt | — |  |  | — |  |  | 8,140.9 |  |  | 6,268.1 |  |  | (14,409.0 | ) |  | — |
Long-term debt, excluding current maturities | 2,727.0 |  |  | 4,339.2 |  |  | — |  |  | 25.0 |  |  | — |  |  | 7,091.2 |
Deferred credits and other liabilities | 235.0 |  |  | — |  |  | — |  |  | 227.7 |  |  | (50.8 | ) |  | 411.9 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity excluding noncontrolling interests in consolidated subsidiaries | 6,664.9 |  |  | 6,034.7 |  |  | 3,243.0 |  |  | 8,441.6 |  |  | (17,719.3 | ) |  | 6,664.9 |
Noncontrolling interests in consolidated subsidiaries | — |  |  | — |  |  | — |  |  | 173.6 |  |  | — |  |  | 173.6 |
Total equity | 6,664.9 |  |  | 6,034.7 |  |  | 3,243.0 |  |  | 8,615.2 |  |  | (17,719.3 | ) |  | 6,838.5 |
Total liabilities and equity | $ | 9,860.3 |  |  | $ | 11,383.9 |  |  | $ | 11,383.9 |  |  | $ | 16,464.7 |  |  | $ | (32,179.1 | ) |  | $ | 16,913.7 |
| December 31, 2017
(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 | $ | 37.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 37.2 |
Accounts receivable, net | — |  |  | — |  |  | — |  |  | 1,203.0 |  |  | — |  |  | 1,203.0 |
Materials and supplies | — |  |  | — |  |  | — |  |  | 90.3 |  |  | — |  |  | 90.3 |
Natural gas and natural gas liquids in storage | — |  |  | — |  |  | — |  |  | 342.3 |  |  | — |  |  | 342.3 |
Other current assets | 9.8 |  |  | 1.3 |  |  | — |  |  | 80.6 |  |  | — |  |  | 91.7 |
Total current assets | 47.0 |  |  | 1.3 |  |  | — |  |  | 1,716.2 |  |  | — |  | — |  | 1,764.5 |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment | 128.3 |  |  | — |  |  | — |  |  | 15,431.3 |  |  | — |  |  | 15,559.6 |
Accumulated depreciation and amortization | 86.4 |  |  | — |  |  | — |  |  | 2,775.1 |  |  | — |  |  | 2,861.5 |
Net property, plant and equipment | 41.9 |  |  | — |  |  | — |  |  | 12,656.2 |  |  | — |  |  | 12,698.1 |
Investments and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments | 5,752.1 |  |  | 3,133.7 |  |  | 8,058.4 |  |  | 803.0 |  |  | (16,744.0 | ) |  | 1,003.2 |
Intercompany notes receivable | 2,926.9 |  |  | 8,627.8 |  |  | 3,703.1 |  |  | — |  |  | (15,257.8 | ) |  | — |
Other assets | 416.9 |  |  | 0.2 |  |  | — |  |  | 1,007.4 |  |  | (44.4 | ) |  | 1,380.1 |
Total investments and other assets | 9,095.9 |  |  | 11,761.7 |  |  | 11,761.5 |  |  | 1,810.4 |  |  | (32,046.2 | ) |  | 2,383.3 |
Total assets | $ | 9,184.8 |  |  | $ | 11,763.0 |  |  | $ | 11,761.5 |  |  | $ | 16,182.8 |  |  | $ | (32,046.2 | ) |  | $ | 16,845.9 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt | $ | — |  |  | $ | 425.0 |  |  | $ | — |  |  | $ | 7.7 |  |  | $ | — |  |  | $ | 432.7 |
Short-term borrowings | 614.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 614.7 |
Accounts payable | 12.0 |  |  | — |  |  | — |  |  | 1,128.6 |  |  | — |  |  | 1,140.6 |
Other current liabilities | 65.9 |  |  | 85.0 |  |  | — |  |  | 328.4 |  |  | — |  |  | 479.3 |
Total current liabilities | 692.6 |  |  | 510.0 |  |  | — |  |  | 1,464.7 |  |  | — |  |  | 2,667.3 |
Intercompany debt | — |  |  | — |  |  | 8,627.8 |  |  | 6,630.0 |  |  | (15,257.8 | ) |  | — |
Long-term debt, excluding current maturities | 2,726.4 |  |  | 5,336.4 |  |  | — |  |  | 28.8 |  |  | — |  |  | 8,091.6 |
Deferred credits and other liabilities | 237.9 |  |  | — |  |  | — |  |  | 208.1 |  |  | (44.4 | ) |  | 401.6 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity excluding noncontrolling interests in consolidated subsidiaries | 5,527.9 |  |  | 5,916.6 |  |  | 3,133.7 |  |  | 7,693.7 |  |  | (16,744.0 | ) |  | 5,527.9 |
Noncontrolling interests in consolidated subsidiaries | — |  |  | — |  |  | — |  |  | 157.5 |  |  | — |  |  | 157.5 |
Total equity | 5,527.9 |  |  | 5,916.6 |  |  | 3,133.7 |  |  | 7,851.2 |  |  | (16,744.0 | ) |  | 5,685.4 |
Total liabilities and equity | $ | 9,184.8 |  |  | $ | 11,763.0 |  |  | $ | 11,761.5 |  |  | $ | 16,182.8 |  |  | $ | (32,046.2 | ) |  | $ | 16,845.9 |
Condensed Consolidating Statements of Cash Flows
| Six Months Ended June 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 | $ | 669.2 |  |  | $ | 673.9 |  |  | $ | 32.4 |  |  | $ | 959.5 |  |  | $ | (1,332.0 | ) |  | $ | 1,003.0 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (10.1 | ) |  | — |  |  | — |  |  | (605.3 | ) |  | — |  |  | (615.4 | )
Contributions to unconsolidated affiliates | — |  |  | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Other investing activities | — |  |  | — |  |  | 6.4 |  |  | 7.9 |  |  | — |  |  | 14.3 |
Cash provided by (used in) investing activities | (10.1 | ) |  | — |  |  | 6.4 |  |  | (597.7 | ) |  | — |  |  | (601.4 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends paid | (643.5 | ) |  | (666.0 | ) |  | (666.0 | ) |  | — |  |  | 1,332.0 |  |  | (643.5 | )
Distributions to noncontrolling interests | — |  |  | — |  |  | — |  |  | (3.0 | ) |  | — |  |  | (3.0 | )
Intercompany borrowings (advances), net | (748.0 | ) |  | 492.1 |  |  | 627.2 |  |  | (371.3 | ) |  | — |  |  | — |
Borrowing (repayment) of short-term borrowings, net | (458.7 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (458.7 | )
Repayment of long-term debt | — |  |  | (500.0 | ) |  | — |  |  | (3.8 | ) |  | — |  |  | (503.8 | )
Issuance of common stock | 1,186.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,186.7 |
Other, net | (17.5 | ) |  | — |  |  | — |  |  | 16.3 |  |  | — |  |  | (1.2 | )
Cash used in financing activities | (681.0 | ) |  | (673.9 | ) |  | (38.8 | ) | — |  | (361.8 | ) |  | 1,332.0 |  |  | (423.5 | )
Change in cash and cash equivalents | (21.9 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (21.9 | )
Cash and cash equivalents at beginning of period | 37.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37.2 |
Cash and cash equivalents at end of period | $ | 15.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15.3 |
| Six Months Ended June 30, 2017
(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 | $ | 355.0 |  |  | $ | 675.2 |  |  | $ | 28.2 |  |  | $ | 645.5 |  |  | $ | (1,061.0 | ) |  | $ | 642.9 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (0.1 | ) |  | — |  |  | — |  |  | (195.1 | ) |  | — |  |  | (195.2 | )
Other investing activities | — |  |  | — |  |  | 6.7 |  |  | 4.8 |  |  | — |  |  | 11.5 |
Cash provided by (used in) investing activities | (0.1 | ) |  | — |  |  | 6.7 |  |  | (190.3 | ) |  | — |  |  | (183.7 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends paid | (259.8 | ) |  | (666.0 | ) |  | (666.0 | ) |  | — |  |  | 1,332.0 |  |  | (259.8 | )
Distributions to noncontrolling interests | — |  |  | — |  |  | — |  |  | (2.5 | ) |  | (271.0 | ) |  | (273.5 | )
Intercompany borrowings (advances), net | (27.1 | ) |  | (166.1 | ) |  | 642.1 |  |  | (448.9 | ) |  | — |  |  | — |
Borrowing (repayment) of short-term borrowings, net | — |  |  | 164.1 |  |  | — |  |  | — |  |  | — |  |  | 164.1 |
Repayment of long-term debt | (0.1 | ) |  | — |  |  | — |  |  | (3.8 | ) |  | — |  |  | (3.9 | )
Issuance of common stock | 10.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10.8 |
Other, net | (6.2 | ) |  | (7.2 | ) |  | — |  |  | — |  |  | — |  |  | (13.4 | )
Cash used in financing activities | (282.4 | ) |  | (675.2 | ) |  | (23.9 | ) |  | (455.2 | ) |  | 1,061.0 |  |  | (375.7 | )
Change in cash and cash equivalents | 72.5 |  |  | — |  |  | 11.0 |  |  | — |  |  | — |  |  | 83.5 |
Cash and cash equivalents at beginning of period | 248.5 |  |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | 248.9 |
Cash and cash equivalents at end of period | $ | 321.0 |  |  | $ | — |  |  | $ | 11.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 332.4 |

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