XML 135 R58.htm IDEA: XBRL DOCUMENT v3.20.4
DEBT (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
Rate
Jun. 30, 2020
USD ($)
Rate
Mar. 31, 2020
USD ($)
Rate
Sep. 30, 2019
USD ($)
Rate
Mar. 31, 2019
USD ($)
Rate
Sep. 30, 2018
USD ($)
Rate
Dec. 31, 2020
USD ($)
Rate
Dec. 31, 2019
USD ($)
Rate
Dec. 31, 2018
USD ($)
Debt Instrument [Line Items]                  
Total debt $ 14,361,644           $ 14,361,644 $ 12,813,704  
Unamortized portion of terminated swaps (13,314)           (13,314) (15,032)  
Unamortized debt issuance costs and discounts (138,887)           (138,887) (121,329)  
Current maturities of long-term debt (7,650)           (7,650) (7,650)  
Short-term borrowings 0           0 (220,000)  
Long-term debt 14,228,421           14,228,421 12,479,757  
Letters of Credit Outstanding, Amount 7,700           7,700 4,700  
Senior Note Covenant, Acceleration Of Indebtedness $ 100,000           $ 100,000    
Senior Note Covenant, Trustee Or Holders Percentage Required Upon Event Of Default 25.00%           25.00%    
Long-term Debt, Repurchased Face Amount             $ 224,400    
Repayments of Long-term Debt             199,600    
Gain (Loss) on Extinguishment of Debt             22,300    
Business Combination, Consideration Transferred $ 27,000         $ 195,000      
Long-term Debt, by Maturity [Abstract]                  
2021 7,700           7,700    
2022 1,443,700           1,443,700    
2023 925,000           925,000    
2024 500,000           500,000    
2025 887,000           887,000    
$2.5 Billion Credit Agreement [Member]                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Maximum Borrowing Capacity 2,500,000           2,500,000    
Line of Credit Facility, Amount Outstanding $ 0           $ 0 0  
Indebtedness to Adjusted EBITDA Maximum 5.0           5.0    
Indebtedness To Adjusted EBITDA From Acquisitions Maximum 5.5           5.5    
Line of Credit Facility, Sublimit $ 100,000           $ 100,000    
Line of Credit Facility, Swingline Subfacility 200,000           200,000    
Line Of Credit Facility, Option To Increase Borrowing Capacity $ 3,500,000           $ 3,500,000    
Line of Credit Facility, Annual Facility Fee             0.15%    
Indebtedness To Adjusted EBITDA Current 4.6           4.6    
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). In June 2020, we amended our $2.5 Billion Credit Agreement by, among other things, modifying the leverage ratio so that we may net up to $700 million of cash on hand against our consolidated indebtedness for purposes of calculating the ratio’s numerator for the fiscal quarters ending June 30, 2020, September 30, 2020, and December 31, 2020. In October 2020, we acquired additional interest in one of our equity investments and a related asset for $27 million, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1 for the fourth quarter 2020 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, or alternate benchmark rate, plus 110 basis points, and the annual facility fee is 15 basis points. At December 31, 2020, our ratio of indebtedness to adjusted EBITDA was 4.6 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement.    
Maximum amount of cash allowable to net against indebtedness for leverage ratio $ 700,000           $ 700,000    
Notes Payable from Public Offering Due 2026, 2031 and 2051 [Member]                  
Debt Instrument [Line Items]                  
Senior Notes, Noncurrent   $ 1,500,000              
Proceeds from Debt, Net of Issuance Costs   1,480,000              
Notes Payable from Public Offering Due 2025, 2030 and 2050 [Member]                  
Debt Instrument [Line Items]                  
Senior Notes, Noncurrent     $ 1,750,000            
Proceeds from Debt, Net of Issuance Costs     1,730,000            
Notes Payable from Public Offering Due 2024, 2029 and 2049 [Member]                  
Debt Instrument [Line Items]                  
Senior Notes, Noncurrent       $ 2,000,000          
Proceeds from Debt, Net of Issuance Costs       1,970,000          
Notes Payable from Public Offering Due 2029 and 2048 [Member]                  
Debt Instrument [Line Items]                  
Senior Notes, Noncurrent         $ 1,250,000        
Proceeds from Debt, Net of Issuance Costs         $ 1,230,000        
Notes Payable from Public Offering Due 2028 and 2048 [Member]                  
Debt Instrument [Line Items]                  
Senior Notes, Noncurrent           1,250,000      
Proceeds from Debt, Net of Issuance Costs           $ 1,230,000      
Senior Notes [Member]                  
Long-term Debt, by Maturity [Abstract]                  
2021 0           0    
2022 1,437,700           1,437,700    
2023 925,000           925,000    
2024 500,000           500,000    
2025 887,000           $ 887,000    
Guardian Pipeline [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Covenant Description             Guardian Pipeline’s senior notes contain financial covenants that require the maintenance of certain financial ratios as defined in the master shelf agreement based on Guardian Pipeline’s financial position and results of operations. Upon any breach of these covenants, all amounts outstanding under the master shelf agreement may become due and payable immediately    
Debt Instrument, Covenant Compliance             At December 31, 2020, Guardian Pipeline was in compliance with its financial covenants    
Guardian Pipeline [Member] | Notes Payables 1 due 2022 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 13,657           $ 13,657 21,307  
Average interest rate (in hundredths) | Rate 7.85%           7.85%    
Guardian Pipeline [Member] | Notes Payables 1 due 2022 [Member]                  
Long-term Debt, by Maturity [Abstract]                  
2021 $ 7,700           $ 7,700    
2022 6,000           6,000    
2023 0           0    
2024 0           0    
2025 0           0    
Subsidiary Issuer [Member] | 3.2% Notes Payable due 2018                  
Debt Instrument [Line Items]                  
Interest rates (in hundredths) | Rate           3.20%      
Repayments of Long-term Debt           $ 425,000      
Subsidiary Issuer [Member] | 8.625% Notes Payables due 2019                  
Debt Instrument [Line Items]                  
Interest rates (in hundredths) | Rate         8.625%        
Repayments of Long-term Debt         $ 500,000        
Subsidiary Issuer [Member] | Term Loan Agreement due 2019                  
Debt Instrument [Line Items]                  
Repayments of Long-term Debt           500,000      
Subsidiary Issuer [Member] | 3.80% Notes Payable due 2020                  
Debt Instrument [Line Items]                  
Extinguishment of Debt, Amount       $ 300,000          
Interest rates (in hundredths) | Rate       3.80%          
Debt Instrument, Redemption Price       $ 308,000          
Gain (Loss) on Extinguishment of Debt       (2,700)          
Subsidiary Issuer [Member] | 3.375% Notes Payable due 2022 [Member]                  
Debt Instrument [Line Items]                  
Total debt 895,814           895,814 900,000  
Debt Instrument, Face Amount $ 900,000           $ 900,000    
Interest rates (in hundredths) | Rate 3.375%           3.375%    
Subsidiary Issuer [Member] | 5.0% Notes Payable due 2023 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 425,000           $ 425,000 425,000  
Debt Instrument, Face Amount $ 425,000           $ 425,000    
Interest rates (in hundredths) | Rate 5.00%           5.00%    
Subsidiary Issuer [Member] | 4.9% Notes Payable due 2025 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 500,000           $ 500,000 500,000  
Debt Instrument, Face Amount $ 500,000           $ 500,000    
Interest rates (in hundredths) | Rate 4.90%           4.90%    
Subsidiary Issuer [Member] | 6.65% Notes Payable due 2036 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 600,000           $ 600,000 600,000  
Debt Instrument, Face Amount $ 600,000           $ 600,000    
Interest rates (in hundredths) | Rate 6.65%           6.65%    
Subsidiary Issuer [Member] | 6.85% Notes Payable due 2037 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 600,000           $ 600,000 600,000  
Debt Instrument, Face Amount $ 600,000           $ 600,000    
Interest rates (in hundredths) | Rate 6.85%           6.85%    
Subsidiary Issuer [Member] | 6.125% Notes Payable due 2041 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 650,000           $ 650,000 650,000  
Debt Instrument, Face Amount $ 650,000           $ 650,000    
Interest rates (in hundredths) | Rate 6.125%           6.125%    
Subsidiary Issuer [Member] | 6.2% Notes Payable due 2043 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 400,000           $ 400,000 400,000  
Debt Instrument, Face Amount $ 400,000           $ 400,000    
Interest rates (in hundredths) | Rate 6.20%           6.20%    
Parent Company                  
Debt Instrument [Line Items]                  
Commercial Paper $ 0           $ 0 $ 220,000  
Short-term Debt, Weighted Average Interest Rate, at Point in Time | Rate               2.16%  
Parent Company | Senior Notes [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Covenant Description             Our senior notes are governed by indentures containing covenants, including among other provisions, limitations on our ability to place liens on our property or assets and to sell and leaseback our property. The indentures governing our 6.875% senior notes due 2028 include an event of default upon acceleration of other indebtedness of $15 million or more, and the indentures governing the remainder of our senior notes include an event of default upon the acceleration of other indebtedness of $100 million or more. Such events of default would entitle the trustee or the holders of 25% in aggregate principal amount of the outstanding senior notes to declare those senior notes immediately due and payable in full. The indenture for the 7.5% notes due 2023 also contains a provision that allows the holders of the notes to require ONEOK to offer to repurchase all or any part of their notes if a change of control and a credit rating downgrade occur at a purchase price of 101% of the principal amount, plus accrued and unpaid interest, if any.    
Debt instrument call feature             We may redeem our senior notes, in whole or in part, at any time prior to their maturity at a redemption price equal to the principal amount, plus accrued and unpaid interest and a make-whole premium. We may redeem the balance of our senior notes due 2022, 2023, 2024, 2025, 2026, 2027, 2028 (4.55%), 2029, 2030, 2031, 2041, 2043, 2047, 2048, 2049, 2050 and 2051 at a redemption price equal to the principal amount, plus accrued and unpaid interest, starting one to six months before the maturity date as stipulated in the respective contract terms. Our senior notes are senior unsecured obligations, ranking equally in right of payment with all of our existing and future unsecured senior indebtedness.    
Parent Company | Term Loan Agreement due 2021 [Member]                  
Debt Instrument [Line Items]                  
Total debt 0           $ 0 $ 1,250,000  
Debt Instrument, Face Amount 1,500,000 1,500,000         1,500,000   $ 1,500,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | Rate               2.70%  
Repayments of Long-term Debt   1,250,000   250,000          
Parent Company | 4.25% Notes Payable due 2022 [Member]                  
Debt Instrument [Line Items]                  
Total debt 541,877           541,877 $ 547,397  
Debt Instrument, Face Amount $ 700,000           $ 700,000    
Interest rates (in hundredths) | Rate 4.25%           4.25%    
Parent Company | 7.5% Notes Payable due 2023 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 500,000           $ 500,000 500,000  
Debt Instrument, Face Amount $ 500,000           $ 500,000    
Interest rates (in hundredths) | Rate 7.50%           7.50%    
Senior Note Covenant, Redemption Price Upon Event Of Default | Rate 101.00%           101.00%    
Parent Company | 2.75% Notes Payable due 2024 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 500,000           $ 500,000 500,000  
Debt Instrument, Face Amount $ 500,000     $ 500,000     $ 500,000    
Interest rates (in hundredths) | Rate 2.75%     2.75%     2.75%    
Parent Company | 2.2% Notes Payable due 2025 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 387,000           $ 387,000 0  
Debt Instrument, Face Amount $ 400,000   $ 400,000       $ 400,000    
Interest rates (in hundredths) | Rate 2.20%   2.20%       2.20%    
Parent Company | 5.85% Notes Payable due 2026 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 600,000           $ 600,000 0  
Debt Instrument, Face Amount $ 600,000 $ 600,000         $ 600,000    
Interest rates (in hundredths) | Rate 5.85% 5.85%         5.85%    
Parent Company | 4.0% Notes Payable due 2027 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 500,000           $ 500,000 500,000  
Debt Instrument, Face Amount $ 500,000           $ 500,000    
Interest rates (in hundredths) | Rate 4.00%           4.00%    
Parent Company | 4.55% Notes Payable due 2028 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 800,000           $ 800,000 800,000  
Debt Instrument, Face Amount $ 800,000         $ 800,000 $ 800,000    
Interest rates (in hundredths) | Rate 4.55%         4.55% 4.55%    
Parent Company | 6.875% Notes Payable due 2028 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 100,000           $ 100,000 100,000  
Debt Instrument, Face Amount $ 100,000           $ 100,000    
Interest rates (in hundredths) | Rate 6.875%           6.875%    
Senior Note Covenant, Acceleration Of Indebtedness $ 15,000           $ 15,000    
Parent Company | 4.35% Notes Payable due 2029 [Member]                  
Debt Instrument [Line Items]                  
Total debt 700,000           700,000 700,000  
Debt Instrument, Face Amount $ 700,000       $ 700,000   $ 700,000    
Interest rates (in hundredths) | Rate 4.35%       4.35%   4.35%    
Parent Company | 3.4% Notes Payable due 2029 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 714,251           $ 714,251 750,000  
Debt Instrument, Face Amount $ 750,000     $ 750,000     $ 750,000    
Interest rates (in hundredths) | Rate 3.40%     3.40%     3.40%    
Parent Company | 3.1% Notes Payable due 2030 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 780,093           $ 780,093 0  
Debt Instrument, Face Amount $ 850,000   $ 850,000       $ 850,000    
Interest rates (in hundredths) | Rate 3.10%   3.10%       3.10%    
Parent Company | 6.35% Notes Payable due 2031 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 600,000           $ 600,000 0  
Debt Instrument, Face Amount $ 600,000 $ 600,000         $ 600,000    
Interest rates (in hundredths) | Rate 6.35% 6.35%         6.35%    
Parent Company | 6.0% Notes Payable due 2035 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 400,000           $ 400,000 400,000  
Debt Instrument, Face Amount $ 400,000           $ 400,000    
Interest rates (in hundredths) | Rate 6.00%           6.00%    
Parent Company | 4.95% Notes Payable due 2047 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 689,006           $ 689,006 700,000  
Debt Instrument, Face Amount $ 700,000           $ 700,000    
Interest rates (in hundredths) | Rate 4.95%           4.95%    
Parent Company | 5.2% Notes Payable due 2048 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 1,000,000           $ 1,000,000 1,000,000  
Debt Instrument, Face Amount $ 1,000,000         $ 450,000 $ 1,000,000    
Interest rates (in hundredths) | Rate 5.20%         5.20% 5.20%    
Parent Company | Note Payables, Additional Issuance, due 2048 [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Face Amount         $ 550,000        
Interest rates (in hundredths) | Rate         5.20%        
Parent Company | 4.45% Notes Payable due 2049 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 713,676           $ 713,676 750,000  
Debt Instrument, Face Amount $ 750,000     $ 750,000     $ 750,000    
Interest rates (in hundredths) | Rate 4.45%     4.45%     4.45%    
Parent Company | 4.5% Notes Payable due 2050 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 451,270           $ 451,270 0  
Debt Instrument, Face Amount $ 500,000   $ 500,000       $ 500,000    
Interest rates (in hundredths) | Rate 4.50%   4.50%       4.50%    
Parent Company | 7.15% Notes Payable due 2051 [Member]                  
Debt Instrument [Line Items]                  
Total debt $ 300,000           $ 300,000 $ 0  
Debt Instrument, Face Amount $ 300,000 $ 300,000         $ 300,000    
Interest rates (in hundredths) | Rate 7.15% 7.15%         7.15%    
London Interbank Offered Rate (LIBOR) [Member] | $2.5 Billion Credit Agreement [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate             1.10%