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MAGELLAN ACQUISITION (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following tables set forth the acquisition consideration and preliminary purchase price allocation of assets acquired and liabilities assumed:
| At September 25, 2023
| (Millions of dollars and shares/units, except per share/unit data)
Magellan public common units outstanding | 202.1 |
Cash consideration per Magellan unit | $25.00
Cash consideration | $ | 5,052 |
Magellan public common units outstanding | 202.1 |
ONEOK exchange ratio per Magellan unit | 0.667 |
Shares of ONEOK common stock issued | 134.8 |
ONEOK common stock closing price on September 25, 2023 | $66.54
Fair value of common stock issued | $ | 8,969 |
Fair value of Magellan replacement equity awards | 93 |
Equity consideration | $ | 9,062 |
Total consideration | $ | 14,114 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
| At September 25, 2023
Assets acquired: | (Millions of dollars)
Cash and cash equivalents | $ | 37 |
Accounts receivables, net | 333 |
Inventories | 348 |
Other current assets | 145 |
Property, plant and equipment | 11,751 |
Investments in unconsolidated affiliates | 922 |
Intangible assets | 1,124 |
Other assets | 116 |
Total assets acquired | 14,776 |
Liabilities assumed: |
Accounts payable | 213 |
Other current liabilities (a) | 673 |
Long-term debt, excluding current maturities | 4,013 |
Other deferred credits and liabilities | 187
Total liabilities assumed | 5,086
Total identifiable net assets | 9,690
Goodwill | 4,424 |
Total purchase price | $ | 14,114 |
(a) - Includes contingent liabilities, primarily related to the amounts accrued for the Corpus Christi matter described in Note O. Amounts relating to the Corpus Christi matter are offset fully by insurance receivables, and we expect future losses in excess of amounts accrued, if any, to be recoverable through insurance.
Business Combination, Separately Recognized Transactions | The following table sets forth the impact of acquisition related transaction costs in our Consolidated Statements of Income as of the period indicated:
|  |  |  |  | Year Ended
|  |  |  |  | December 31,
|  |  |  |  |  | 2023
|  |  |  |  | (Millions of dollars)
Transaction costs |  |  |  |  |  | $ | 158 |
Interest expense |  |  |  |  |  | 21 |
Total |  |  |  |  |  | $ | 179 |
Business Acquisition, Pro Forma Information | The following table sets forth the unaudited supplemental pro forma financial information for the years ended December 31, 2023 and 2022, as if we had completed the Magellan Acquisition on January 1, 2022:
|  |  |  |  |  | Years Ended
|  |  |  |  |  | December 31,
|  |  |  |  |  |  |  |  |  | 2023 |  | 2022
|  |  |  | (Millions of dollars)
Revenue |  |  |  |  |  |  |  |  |  | $ | 19,999 |  |  | $ | 25,349 |
Net income |  |  |  |  |  |  |  |  |  | $ | 3,077 |  |  | $ | 1,867 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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