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DEBT DEBT (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2023
Debt Disclosure [Abstract] |
Debt [Text Block] | DEBT The following table sets forth our consolidated debt as of the dates indicated:
|  | March 31, 2023 |  | December 31, 2022
|  | (Millions of dollars)
Commercial paper outstanding (a) |  | $ | — |  |  | $ | — |
Senior unsecured obligations: |  |  |  |
$425 at 5.0% due September 2023 |  | — |  |  | 425 |
$500 at 7.5% due September 2023 |  | 500 |  |  | 500 |
$500 at 2.75% due September 2024 |  | 500 |  |  | 500 |
$500 at 4.9% due March 2025 |  | 500 |  |  | 500 |
$400 at 2.2% due September 2025 |  | 387 |  |  | 387 |
$600 at 5.85% due January 2026 |  | 600 |  |  | 600 |
$500 at 4.0% due July 2027 |  | 500 |  |  | 500 |
$800 at 4.55% due July 2028 |  | 800 |  |  | 800 |
$100 at 6.875% due September 2028 |  | 100 |  |  | 100 |
$700 at 4.35% due March 2029 |  | 700 |  |  | 700 |
$750 at 3.4% due September 2029 |  | 714 |  |  | 714 |
$850 at 3.1% due March 2030 |  | 780 |  |  | 780 |
$600 at 6.35% due January 2031 |  | 600 |  |  | 600 |
$750 at 6.1% due November 2032 |  | 750 |  |  | 750 |
$400 at 6.00% due June 2035 |  | 400 |  |  | 400 |
$600 at 6.65% due October 2036 |  | 600 |  |  | 600 |
$600 at 6.85% due October 2037 |  | 600 |  |  | 600 |
$650 at 6.125% due February 2041 |  | 650 |  |  | 650 |
$400 at 6.2% due September 2043 |  | 400 |  |  | 400 |
$700 at 4.95% due July 2047 |  | 689 |  |  | 689 |
$1,000 at 5.2% due July 2048 |  | 1,000 |  |  | 1,000 |
$750 at 4.45% due September 2049 |  | 653 |  |  | 673 |
$500 at 4.5% due March 2050 |  | 443 |  |  | 443 |
$300 at 7.15% due January 2051 |  | 300 |  |  | 300 |
Guardian |  |  |  |
$120 term loan, rate of 6.03% as of March 31, 2023, due June 2025 |  | 120 |  |  | 120 |
Viking |  |  |  |
$60 term loan, rate of 6.16% as of March 31, 2023, due March 2026 |  | 50 |  |  | — |
Total debt |  | 13,336 |  |  | 13,731 |
Unamortized portion of terminated swaps |  | 9 |  |  | 10 |
Unamortized debt issuance costs and discounts |  | (117) |  |  | (120) |
Current maturities of long-term debt |  | (500) |  |  | (925) |
Long-term debt |  | $ | 12,728 |  |  | $ | 12,696 |
(a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less. $2.5 Billion Credit Agreement - Our $2.5 Billion Credit Agreement is a revolving credit facility and contains certain customary conditions for borrowing, as well as customary financial, affirmative and negative covenants. Among other things, these covenants include maintaining a ratio of consolidated net 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 March 31, 2023, we had no outstanding borrowings, our ratio of indebtedness to adjusted EBITDA was 2.8 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. Viking Term Loan Agreement - In March 2023, Viking entered into a $60 million senior unsecured Term Loan Agreement. The Viking Term Loan Agreement matures in March 2026 and bears interest at Term SOFR plus an applicable margin based on Viking’s credit rating at the time of determination plus an adjustment of 10 basis points. Under Viking’s current credit ratings, the applicable margin is 125 basis points. The Viking Term Loan Agreement allows prepayment of all or any portion outstanding without penalty or premium. During the first quarter 2023, Viking drew $50 million available under the agreement and the proceeds were used primarily to repay intercompany debt with ONEOK. The remainder was used for general corporate purposes. The remaining $10 million is available to be drawn until June 30, 2023. As of March 31, 2023, Viking is in compliance with all covenants under the Viking Term Loan Agreement. Debt Repayments - In February 2023, we redeemed our $425 million, 5.0% senior notes due September 2023 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand. Subsequent event - In April, we elected to redeem our $500 million, 7.5% senior notes due September 2023, with an effective redemption date in June 2023. The redemption price will be 100% of the principal amount of the notes, plus accrued and unpaid interest, which we expect to pay with cash on hand. Debt Guarantees - ONEOK, ONEOK Partners and the Intermediate Partnership have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness. The Guardian Term Loan Agreement and Viking Term Loan Agreement are not guaranteed by ONEOK, ONEOK Partners or the Intermediate Partnership.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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