XML 99 R37.htm IDEA: XBRL DOCUMENT v3.25.0.1

ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 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 preliminary purchase price allocation of assets acquired and liabilities assumed:

			At Oct. 15, 2024
			(Millions of dollars and units, except per unit data)
EnLink Units outstanding
43% of EnLink Units outstanding			200.3
Cash consideration per EnLink unit			$14.90
Cash consideration for EnLink Units			$	2,985
100% of the outstanding liability company interests in the managing member of EnLink			300
Total cash consideration			$	3,285

			At Oct. 15, 2024
Assets acquired:			(Millions of dollars)
Cash and cash equivalents			$	446
Accounts receivables, net			548
Inventories			87
Other current assets			38
Property, plant and equipment			11,396
Investments in unconsolidated affiliates			342
Intangible assets			1,051
Other assets			131
Total assets acquired			14,039
Liabilities assumed:
Current maturities of long-term debt			756
Accounts payable			465
Other current liabilities (a)			525
Long-term debt, excluding current maturities			4,577
Deferred income taxes			1,988
Other deferred credits and liabilities			84
Total liabilities assumed			8,395
Noncontrolling interests			5,076
Total identifiable net assets			568
Goodwill			2,717
Total purchase price			$	3,285

(a) - Includes obligation to repay Series C Preferred Units. See Note I.

The following table sets forth the preliminary purchase price allocation of assets acquired and liabilities assumed:

			At Oct. 31, 2024
Assets acquired:			(Millions of dollars)
Cash and cash equivalents			$	36
Accounts receivables, net			114
Inventories			21
Other current assets			2
Property, plant and equipment			1,600
Intangible assets			730
Other assets			3
Total assets acquired			2,506
Liabilities assumed:
Accounts payable			103
Other current liabilities			5
Other deferred credits and liabilities			40
Total liabilities assumed			148
Total identifiable net assets			2,358
Goodwill			259
Total purchase price			$	2,617

The following tables set forth the acquisition consideration and final purchase price allocation of assets acquired and liabilities assumed:

			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

			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 P.

Schedule of Business Acquisition, Pro Forma Information

The following table sets forth the unaudited supplemental pro forma financial information for the years ended Dec. 31, 2024, 2023 and 2022, as if we had completed the Magellan Acquisition on Jan. 1, 2022, and the EnLink Controlling Interest Acquisition and the Medallion Acquisition on Jan. 1, 2023:

																								Year Ended Dec. 31, 2024
																														Pro Forma EnLink Controlling Interest Acquisition						Pro Forma Medallion Acquisition									Pro Forma Combined
																																										As reported
																		(Millions of dollars)
Revenues																																				$	21,698					$	4,891					$	1,078								$	27,667
Net income																																				$	3,112					$	288					$	81								$	3,481

																								Year Ended Dec. 31, 2023
																														Pro Forma EnLink Controlling Interest Acquisition						Pro Forma Medallion Acquisition									Pro Forma Magellan Acquisition			Pro Forma Combined
																																										As reported
																		(Millions of dollars)
Revenues																																				$	17,677					$	6,671					$	947								$	2,322		$	27,617
Net income																																				$	2,659					$	383					$	(16)								$	232		$	3,258

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:

															Years Ended
															Dec. 31,
																		2024 (a)						2023 (b)
															(Millions of dollars)
Transaction costs																		$	73					$	158
Interest expense																		23						21
Total																		$	96					$	179

(a) - Primarily non-recurring costs related to advisory fees and bridge commitment fees associated with the EnLink Controlling Interest Acquisition and Medallion Acquisition.

(b) - Primarily non-recurring costs related to advisory fees, severance and settlement of share based awards for certain Magellan employees and integrations costs, as well as bridge facility commitment fees associated with the Magellan Acquisition.

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