SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Notes)

12 Months Ended

Dec. 31, 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 have cross guarantees in place for the indebtedness of ONEOK and ONEOK Partners. The Intermediate Partnership holds all of ONEOK Partners’ interests and equity in its subsidiaries, as well as a 50% 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 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



	Year Ended December 31, 2019
	Parent Issuer & Guarantor			Subsidiary Issuer & Guarantor			Guarantor Subsidiary			Combined Non-Guarantor Subsidiaries			Consolidating Entries and Other			Total
	(Millions of dollars)
Revenues
Commodity sales	$	—		$	—		$	—		$	8,916.1		$	—		$	8,916.1
Services	—			—			—			1,250.4			(2.1		)	1,248.3
Total revenues	—			—			—			10,166.5			(2.1		)	10,164.4
Cost of sales and fuel (exclusive of items shown separately below)	—			—			—			6,788.0			—			6,788.0
Operating expenses	—			—			—			1,461.5			(2.1		)	1,459.4
(Gain) loss on sale of assets	—			—			2.7			(0.1		)	—			2.6
Operating income	—			—			(2.7		)	1,917.1			—			1,914.4
Equity in net earnings from investments	1,898.7			1,906.2			1,908.9			116.3			(5,675.6		)	154.5
Other income (expense), net	34.4			305.7			308.3			42.1			(616.6		)	73.9
Interest expense, net	(287.4		)	(308.3		)	(308.3		)	(204.4		)	616.6			(491.8		)
Income before income taxes	1,645.7			1,903.6			1,906.2			1,871.1			(5,675.6		)	1,651.0
Income taxes	(367.1		)	—			—			(5.3		)	—			(372.4		)
Net income	1,278.6			1,903.6			1,906.2			1,865.8			(5,675.6		)	1,278.6
Less: Preferred stock dividends	1.1			—			—			—			—			1.1
Net income available to common shareholders	$	1,277.5		$	1,903.6		$	1,906.2		$	1,865.8		$	(5,675.6	)	$	1,277.5

Net income	$	1,278.6		$	1,903.6		$	1,906.2		$	1,865.8		$	(5,675.6	)	$	1,278.6
Other comprehensive income (loss), net of tax	(183.8		)	(2.6		)	(20.9		)	(20.5		)	42.0			(185.8		)
Comprehensive income	$	1,094.8		$	1,901.0		$	1,885.3		$	1,845.3		$	(5,633.6	)	$	1,092.8



	Year Ended December 31, 2018
	Parent Issuer & Guarantor			Subsidiary Issuer & Guarantor			Guarantor Subsidiary			Combined Non-Guarantor Subsidiaries			Consolidating Entries and Other			Total
	(Millions of dollars)
Revenues
Commodity sales	$	—		$	—		$	—		$	11,395.6		$	—		$	11,395.6
Services	—			—			—			1,199.7			(2.1		)	1,197.6
Total revenues	—			—			—			12,595.3			(2.1		)	12,593.2
Cost of sales and fuel (exclusive of items shown separately below)	—			—			—			9,422.7			—			9,422.7
Operating expenses	(0.6		)	—			—			1,338.3			(2.1		)	1,335.6
Gain on sale of assets	—			—			—			(0.6		)	—			(0.6		)
Operating income	0.6			—			—			1,834.9			—			1,835.5
Equity in net earnings from investments	1,655.6			1,660.5			1,660.5			116.3			(4,934.5		)	158.4
Other income (expense), net	29.6			315.1			315.1			(36.0		)	(630.2		)	(6.4		)
Interest expense, net	(179.4		)	(315.1		)	(315.1		)	(290.2		)	630.2			(469.6		)
Income before income taxes	1,506.4			1,660.5			1,660.5			1,625.0			(4,934.5		)	1,517.9
Income taxes	(354.7		)	—			—			(8.2		)	—			(362.9		)
Net income	1,151.7			1,660.5			1,660.5			1,616.8			(4,934.5		)	1,155.0
Less: Net income attributable to noncontrolling interests	—			—			—			3.3			—			3.3
Net income attributable to ONEOK	1,151.7			1,660.5			1,660.5			1,613.5			(4,934.5		)	1,151.7
Less: Preferred stock dividends	1.1			—			—			—			—			1.1
Net income available to common shareholders	$	1,150.6		$	1,660.5		$	1,660.5		$	1,613.5		$	(4,934.5	)	$	1,150.6

Net income	$	1,151.7		$	1,660.5		$	1,660.5		$	1,616.8		$	(4,934.5	)	$	1,155.0
Other comprehensive income (loss), net of tax	(39.5		)	101.1			85.9			62.6			(171.7		)	38.4
Comprehensive income	1,112.2			1,761.6			1,746.4			1,679.4			(5,106.2		)	1,193.4
Less: Comprehensive income attributable to noncontrolling interests	—			—			—			3.3			—			3.3
Comprehensive income attributable to ONEOK	$	1,112.2		$	1,761.6		$	1,746.4		$	1,676.1		$	(5,106.2	)	$	1,190.1



	Year Ended December 31, 2017
	Parent Issuer & Guarantor			Subsidiary Issuer & Guarantor			Guarantor Subsidiary			Combined Non-Guarantor Subsidiaries			Consolidating Entries and Other			Total
	(Millions of dollars)
Revenues
Commodity sales	$	—		$	—		$	—		$	9,862.7		$	—		$	9,862.7
Services	—			—			—			2,313.2			(2.0		)	2,311.2
Total revenues	—			—			—			12,175.9			(2.0		)	12,173.9
Cost of sales and fuel (exclusive of items shown separately below)	—			—			—			9,538.0			—			9,538.0
Operating expenses	17.8			—			9.2			1,204.0			(2.0		)	1,229.0
Impairment of long-lived assets	—			—			—			16.0			—			16.0
Gain on sale of assets	—			—			—			(0.9		)	—			(0.9		)
Operating income	(17.8		)	—			(9.2		)	1,418.8			—			1,391.8
Equity in net earnings from investments	1,236.6			1,215.7			1,224.9			100.7			(3,618.6		)	159.3
Impairment of equity investments	—			—			—			(4.3		)	—			(4.3		)
Other income (expense), net	(12.3		)	353.1			353.1			(8.0		)	(706.2		)	(20.3		)
Interest expense, net	(137.1		)	(353.1		)	(353.1		)	(348.6		)	706.2			(485.7		)
Income before income taxes	1,069.4			1,215.7			1,215.7			1,158.6			(3,618.6		)	1,040.8
Income taxes	(480.2		)	—			—			32.9			—			(447.3		)
Net income	589.2			1,215.7			1,215.7			1,191.5			(3,618.6		)	593.5
Less: Net income attributable to noncontrolling interests	201.4			—			—			4.3			—			205.7
Net income attributable to ONEOK	387.8			1,215.7			1,215.7			1,187.2			(3,618.6		)	387.8
Less: Preferred stock dividends	0.8			—			—			—			—			0.8
Net income available to common shareholders	$	387.0		$	1,215.7		$	1,215.7		$	1,187.2		$	(3,618.6	)	$	387.0

Net income	$	589.2		$	1,215.7		$	1,215.7		$	1,191.5		$	(3,618.6	)	$	593.5
Other comprehensive income (loss), net of tax	17.4			13.2			27.9			34.5			(55.9		)	37.1
Comprehensive income	606.6			1,228.9			1,243.6			1,226.0			(3,674.5		)	630.6
Less: Comprehensive income attributable to noncontrolling interests	232.4			—			—			4.3			—			236.7
Comprehensive income attributable to ONEOK	$	374.2		$	1,228.9		$	1,243.6		$	1,221.7		$	(3,674.5	)	$	393.9

Condensed Consolidating Balance Sheets



	December 31, 2019
	Parent Issuer & Guarantor		Subsidiary Issuer & Guarantor		Guarantor Subsidiary		Combined Non-Guarantor Subsidiaries		Consolidating Entries and Other			Total
Assets	(Millions of dollars)
Current assets
Cash and cash equivalents	$	21.0	$	—	$	—	$	—	$	—		$	21.0
Accounts receivable, net	—		—		—		835.1		—			835.1
Materials and supplies	—		—		—		201.7		—			201.7
Natural gas and NGLs in storage	—		—		—		304.9		—			304.9
Other current assets	12.4		—		—		95.2		—			107.6
Total current assets	33.4		—		—		1,436.9		—			1,470.3
Property, plant and equipment
Property, plant and equipment	166.6		—		—		21,884.9		—			22,051.5
Accumulated depreciation and amortization	99.5		—		—		3,603.3		—			3,702.8
Net property, plant and equipment	67.1		—		—		18,281.6		—			18,348.7
Investments and other assets
Investments	6,732.6		4,101.4		11,466.3		769.9		(22,208.4		)	861.8
Intercompany notes receivable	8,950.9		6,903.2		—		—		(15,854.1		)	—
Other assets	139.9		—		—		992.1		(0.7		)	1,131.3
Total investments and other assets	15,823.4		11,004.6		11,466.3		1,762.0		(38,063.2		)	1,993.1
Total assets	$	15,923.9	$	11,004.6	$	11,466.3	$	21,480.5	$	(38,063.2	)	$	21,812.1
Liabilities and equity
Current liabilities
Current maturities of long-term debt	$	—	$	—	$	—	$	7.7	$	—		$	7.7
Short-term borrowings	220.0		—		—		—		—			220.0
Accounts payable	23.8		—		—		1,186.1		—			1,209.9
Other current liabilities	243.8		63.3		—		275.6		—			582.7
Total current liabilities	487.6		63.3		—		1,469.4		—			2,020.3

Intercompany payables	—		—		7,364.9		8,489.2		(15,854.1		)	—

Long-term debt, excluding current maturities	8,421.1		4,045.1		—		13.5		—			12,479.7

Deferred credits and other liabilities
Deferred income taxes	417.1		—		—		119.7		(0.7		)	536.1
Other deferred credits	372.1		—		—		177.9		—			550.0
Total deferred credits and other liabilities	789.2		—		—		297.6		(0.7		)	1,086.1

Commitments and contingencies

Equity	6,226.0		6,896.2		4,101.4		11,210.8		(22,208.4		)	6,226.0
Total liabilities and equity	$	15,923.9	$	11,004.6	$	11,466.3	$	21,480.5	$	(38,063.2	)	$	21,812.1



	December 31, 2018
	Parent Issuer & Guarantor		Subsidiary Issuer & Guarantor		Guarantor Subsidiary		Combined Non-Guarantor Subsidiaries		Consolidating Entries and Other			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 notes 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 payables	—		—		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



	Year Ended December 31, 2019
	Parent Issuer & Guarantor			Subsidiary Issuer & Guarantor			Guarantor Subsidiary			Combined Non-Guarantor Subsidiaries			Consolidating Entries and Other			Total
	(Millions of dollars)
Operating activities
Cash provided by operating activities	$	1,010.1		$	1,332.9		$	68.9		$	2,198.9		$	(2,664.0	)	$	1,946.8
Investing activities
Capital expenditures	(25.6		)	—			—			(3,822.7		)	—			(3,848.3		)
Other investing activities	—			—			74.6			4.9			—			79.5
Cash provided by (used in) investing activities	(25.6		)	—			74.6			(3,817.8		)	—			(3,768.8		)
Financing activities
Dividends paid	(1,457.6		)	(1,332.0		)	(1,332.0		)	—			2,664.0			(1,457.6		)
Intercompany borrowings (advances), net	(3,618.6		)	801.8			1,188.5			1,628.3			—			—
Short-term borrowings, net	220.0			—			—			—			—			220.0
Issuance of long-term debt, net of discounts	4,185.4			—			—			—			—			4,185.4
Repayment of long-term debt	(249.6		)	(800.0		)	—			(7.7		)	—			(1,057.3		)
Issuance of common stock	29.0			—			—			—			—			29.0
Other, net	(84.1		)	(2.7		)	—			(1.7		)	—			(88.5		)
Cash provided by (used in) financing activities	(975.5		)	(1,332.9		)	(143.5		)	1,618.9			2,664.0			1,831.0
Change in cash and cash equivalents	9.0			—			—			—			—			9.0
Cash and cash equivalents at beginning of period	12.0			—			—			—			—			12.0
Cash and cash equivalents at end of period	$	21.0		$	—		$	—		$	—		$	—		$	21.0



	Year Ended December 31, 2018
	Parent Issuer & Guarantor			Subsidiary Issuer & Guarantor			Guarantor Subsidiary			Combined Non-Guarantor Subsidiaries			Consolidating Entries and Other			Total
	(Millions of dollars)
Operating activities
Cash provided by operating activities	$	1,325.1		$	1,344.7		$	67.9		$	2,113.0		$	(2,664.0	)	$	2,186.7
Investing activities
Capital expenditures	(18.8		)	—			—			(2,122.7		)	—			(2,141.5		)
Other investing activities	—			—			15.3			11.3			—			26.6
Cash provided by (used in) investing activities	(18.8		)	—			15.3			(2,111.4		)	—			(2,114.9		)
Financing activities
Dividends paid	(1,335.1		)	(1,332.0		)	(1,332.0		)	—			2,664.0			(1,335.1		)
Distributions to noncontrolling interests	—			—			—			(3.5		)	—			(3.5		)
Intercompany borrowings (advances), net	(2,154.4		)	912.3			1,248.8			(6.7		)	—			—
Repayment of short-term borrowings, net	(614.7		)	—			—			—			—			(614.7		)
Issuance of long-term debt, net of discounts	1,795.8			—			—			—			—			1,795.8
Repayment of long-term debt	—			(925.0		)	—			(7.7		)	—			(932.7		)
Issuance of common stock	1,204.0			—			—			—			—			1,204.0
Acquisition of noncontrolling interests	(195.0		)	—			—			—			—			(195.0		)
Other, net	(32.1		)	—			—			16.3			—			(15.8		)
Cash used in financing activities	(1,331.5		)	(1,344.7		)	(83.2		)	(1.6		)	2,664.0			(97.0		)
Change in cash and cash equivalents	(25.2		)	—			—			—			—			(25.2		)
Cash and cash equivalents at beginning of period	37.2			—			—			—			—			37.2
Cash and cash equivalents at end of period	$	12.0		$	—		$	—		$	—		$	—		$	12.0



	Year Ended December 31, 2017
	Parent Issuer & Guarantor			Subsidiary Issuer & Guarantor			Guarantor Subsidiary			Combined Non-Guarantor Subsidiaries			Consolidating Entries and Other			Total
	(Millions of dollars)
Operating activities
Cash provided by operating activities	$	947.4		$	1,348.3		$	59.0		$	1,353.7		$	(2,393.0	)	$	1,315.4
Investing activities
Capital expenditures	—			—			—			(512.4		)	—			(512.4		)
Contributions to unconsolidated affiliates	—			—			(83.0		)	(4.9		)	—			(87.9		)
Other investing activities	—			—			14.8			17.9			—			32.7
Cash used in investing activities	—			—			(68.2		)	(499.4		)	—			(567.6		)
Financing activities
Dividends paid	(829.4		)	(1,332.0		)	(1,332.0		)	—			2,664.0			(829.4		)
Distributions to noncontrolling interests	—			—			—			(5.3		)	(271.0		)	(276.3		)
Intercompany borrowings (advances), net	(2,500.7		)	2,001.2			1,340.8			(841.3		)	—			—
Borrowing (repayment) of short-term borrowings, net	614.7			(1,110.3		)	—			—			—			(495.6		)
Issuance of long-term debt, net of discounts	1,190.5			—			—			—			—			1,190.5
Repayment of long-term debt	(87.1		)	(900.0		)	—			(7.7		)	—			(994.8		)
Issuance of common stock	471.4			—			—			—			—			471.4
Other, net	(18.1		)	(7.2		)	—			—			—			(25.3		)
Cash provided by (used in) financing activities	(1,158.7		)	(1,348.3		)	8.8			(854.3		)	2,393.0			(959.5		)
Change in cash and cash equivalents	(211.3		)	—			(0.4		)	—			—			(211.7		)
Cash and cash equivalents at beginning of period	248.5			—			0.4			—			—			248.9
Cash and cash equivalents at end of period	$	37.2		$	—		$	—		$	—		$	—		$	37.2