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DEBT DEBT (Notes) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Debt [Text Block] | DEBT The following table sets forth our consolidated debt for the periods indicated:
|  | September 30, 2018 |  | December 31, 2017
|  | (Thousands of dollars)
Commercial paper outstanding, bearing a weighted-average interest rate of 2.85% and 2.23% as of September 30, 2018, and December 31, 2017, respectively. | $ | 120,000 |  |  | $ | 614,673 |
Senior unsecured obligations: |  |  |  |
$425,000 at 3.2% due September 2018 |  | — |  |  | 425,000 |
$1,000,000 term loan, rate of 2.87% as of December 31, 2017, due January 2019 |  | — |  |  | 500,000 |
$500,000 at 8.625% due March 2019 |  | 500,000 |  |  | 500,000 |
$300,000 at 3.8% due March 2020 |  | 300,000 |  |  | 300,000 |
$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 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 |  |  | — |
$100,000 at 6.875% due September 2028 |  | 100,000 |  |  | 100,000 |
$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 |
$450,000 at 5.2% due July 2048 |  | 450,000 |  |  | — |
Guardian Pipeline |  |  |  |
Weighted average 7.85% due December 2022 |  | 30,870 |  |  | 36,607 |
Total debt |  | 9,023,267 |  |  | 9,198,677 |
Unamortized portion of terminated swaps |  | 17,179 |  |  | 18,468 |
Unamortized debt issuance costs and discounts |  | (87,088 | ) |  | (78,193 | )
Current maturities of long-term debt |  | (507,650 | ) |  | (432,650 | )
Short-term borrowings (a) |  | (120,000 | ) |  | (614,673 | )
Long-term debt |  | $ | 8,325,708 |  |  | $ | 8,091,629 |
(a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less. These issuances are supported by and reduce the borrowing capacity under our $2.5 Billion Credit Agreement. $2.5 Billion Credit Agreement - In June 2018, we extended the term of our $2.5 Billion Credit Agreement by one year to June 2023. Our $2.5 Billion Credit Agreement is a $2.5 billion 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 5.5 to 1 at September 30, 2018. During the third quarter 2018, we acquired the remaining 20 percent interest in WTLPG for $195 million, which increased the covenant to 5.5 to 1 for the third quarter 2018 and the two following quarters. Thereafter, the covenant will decrease to 5.0 to 1. Our $2.5 Billion Credit Agreement includes a $100 million sublimit for the issuance of standby letters of credit and a $200 million sublimit for swingline loans. Under the terms of our $2.5 Billion Credit Agreement, we may request an increase in the size of the facility to an aggregate of $3.5 billion by either commitments from new lenders or increased commitments from existing lenders. Our $2.5 Billion Credit Agreement contains provisions for an applicable margin rate and an annual facility fee, both of which adjust with changes in our credit ratings. Based on our current credit ratings, borrowings, if any, will accrue at LIBOR plus 110 basis points, and the annual facility fee is 15 basis points. We have the option to request an additional one-year extension, subject to lender approval, which may be used for working capital, capital expenditures, acquisitions and mergers, the issuance of letters of credit and for other general corporate purposes. At September 30, 2018, we had no borrowings outstanding, our ratio of indebtedness to adjusted EBITDA was 3.5 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. Debt Issuances - In July 2018, we completed an underwritten public offering of $1.25 billion senior unsecured notes consisting of $800 million, 4.55 percent senior notes due 2028 and $450 million, 5.2 percent senior notes due 2048. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $1.23 billion. The proceeds were used for general corporate purposes, which included repayment of existing indebtedness and funding capital expenditures. Debt Repayments - In August 2018, we repaid the $425 million, 3.2 percent senior notes due September 2018 with cash on hand. In January 2018, we repaid the remaining $500 million balance outstanding on the Term Loan Agreement due 2019 with a combination of cash on hand and short-term borrowings. Debt Guarantees - Effective June 30, 2017, with the Merger Transaction, we, ONEOK Partners and the Intermediate Partnership issued, to the extent not already in place, guarantees of the indebtedness of ONEOK and ONEOK Partners.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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