XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.24.3

ACQUISITIONS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following tables set forth the acquisition consideration and final purchase price allocation of assets acquired and liabilities assumed:
| At Sept. 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 Sept. 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 |
| At Sept. 25, 2023
Assets acquired: | (Millions of dollars)
Cash and cash equivalents | $ | 37 |
Accounts receivables, net | 333 |
Inventories | 352 |
Other current assets | 140 |
Property, plant and equipment | 11,644 |
Investments in unconsolidated affiliates | 922 |
Intangible assets | 1,124 |
Other assets | 121 |
Total assets acquired | 14,673 |
Liabilities assumed: |
Accounts payable | 213 |
Other current liabilities (a) | 721 |
Long-term debt, excluding current maturities | 4,013 |
Other deferred credits and liabilities | 201
Total liabilities assumed | 5,148
Total identifiable net assets | 9,525
Goodwill | 4,589 |
Total purchase price | $ | 14,114 |
(a) - Includes contingent liabilities, primarily related to the amounts accrued for the Corpus Christi matter described in Note J.
Schedule of Pro Forma Information | The following table sets forth the unaudited supplemental pro forma financial information for the three and nine months ended Sept. 30, 2023, as if we had completed the Magellan Acquisition on Jan. 1, 2022:
| Three Months Ended |  | Nine Months Ended
| Sept. 30, |  | Sept. 30,
| 2023 |  | 2023
| (Millions of dollars)
Revenue | $ | 4,850 |  |  | $ | 14,764 |
Net income | $ | 572 |  |  | $ | 2,364 |
Schedule of Business Acquisitions, by Acquisition | The following table sets forth the impact of acquisition related transaction costs in our Consolidated Statements of Income as of the periods indicated:
| Three Months Ended | Nine Months Ended
| Sept. 30, | Sept. 30,
| 2024 | 2023 | 2024 | 2023
| (Millions of dollars)
Transaction costs | $ | 10 |  | $ | 123 |  | $ | 17 |  | $ | 133 |
Interest expense | 23 |  | 13 |  | 23 |  | 21 |
Total | $ | 33 |  | $ | 136 |  | $ | 40 |  | $ | 154 |

X
- 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
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration