Stock Analysis on Net
Stock Analysis on Net

ONEOK Inc. (NYSE:OKE)

$22.49

This company has been moved to the archive! The financial data has not been updated since August 8, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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ONEOK Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Current maturities of long-term debt
Short-term borrowings
Accounts payable
Commodity imbalances
Accrued interest
Current operating lease liability
Current finance lease liability
Other current liabilities
Current liabilities
Long-term debt, excluding current maturities
Deferred income taxes
Noncurrent operating lease liability
Noncurrent finance lease liability
Other deferred credits
Deferred credits and other liabilities
Noncurrent liabilities
Total liabilities
Preferred stock, $0.01 par value
Common stock, $0.01 par value
Paid-in capital
Accumulated other comprehensive loss
Retained earnings
Treasury stock, at cost
Total ONEOK shareholders’ equity
Total liabilities and equity

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The analysis of the financial data reveals several notable trends in the composition of liabilities and equity over the five-year period.

Current liabilities
The proportion of current liabilities as a percentage of total liabilities and equity exhibited fluctuations. Starting at 11.56% in 2018, it declined to a low of 5.83% in 2020, before rising sharply to 13.48% in 2021 and then slightly decreasing to 12.52% in 2022. This suggests variability in short-term obligations within the company's capital structure.
Long-term debt (excluding current maturities)
This category showed an increasing trend from 48.67% in 2018 to a peak of 61.65% in 2020, followed by a decline to approximately 52% by 2022. The expansion in long-term debt until 2020 indicates increased leverage, which contracted in subsequent years, reflecting possible debt repayments or restructuring.
Deferred income taxes
A consistent upward trend is evident, with deferred income taxes growing from 1.21% of total liabilities and equity in 2018 to 7.13% in 2022. This indicates an increasing recognition of deferred tax liabilities, potentially linked to timing differences in income recognition or tax planning strategies.
Other deferred credits and liabilities
Deferred credits and other liabilities increased steadily from 3.68% in 2018 to 8.77% in 2022. Other deferred credits specifically peaked in 2020 at 2.96% and then decreased thereafter, while the overall deferred category rose continuously, suggesting evolving obligations or accruals recorded off the balance sheet.
Total liabilities
Total liabilities as a percentage of total capital grew from 63.91% in 2018 to a high of 74.54% in 2021, before slightly decreasing to 73.36% in 2022. This implies a gradual increase in leverage over time, with liabilities constituting a larger portion of the company's funding base.
Shareholders’ equity
The equity proportion demonstrated a declining trend from 36.09% in 2018 to a trough of 25.46% in 2021, with a modest recovery to 26.64% in 2022. This decline corresponds to the increase in liabilities, indicating a shift towards greater financial leverage.
Paid-in capital
Paid-in capital decreased steadily over the period, from 41.77% in 2018 down to 29.75% by 2022. This decline could be suggestive of changes in capital contributions or share repurchases.
Treasury stock
The absolute value of treasury stock reduced consistently from -4.67% in 2018 to -2.90% in 2022, indicating a reduction in shares held by the company, which may suggest share reissuance or lower buyback activity.
Accumulated other comprehensive loss
This metric showed an initial increase in loss, deepening from -1.03% in 2018 to -2.39% in 2020, but then improving substantially to -0.44% by 2022, reflecting a partial recovery or favorable changes in comprehensive income components.
Current maturities of long-term debt
Current maturities were minimal in 2019 and 2020 (close to zero) but increased notably in 2021 and remained stable in 2022 at 3.79%. This suggests a shift toward approaching debt maturities requiring short-term refinancing or repayment.
Accounts payable and Commodity imbalances
Accounts payable decreased from 6.12% in 2018 to 3.12% in 2020, then rose again to about 5.6% in 2021 and 2022. Commodity imbalances increased progressively from 0.6% in 2018 to a peak of 1.31% in 2021 before declining somewhat to 1.04% in 2022, reflecting fluctuations in operational payables and inventory or commodity-related liabilities.
Other current liabilities
These declined from 1.67% in 2021 to 1.09% in 2022 after a dip in 2020. This points to volatility in short-term miscellaneous obligations.

Overall, the data indicates a pattern of increasing leverage with liabilities constituting a larger proportion of total financing, particularly driven by long-term debt and deferred liabilities. Equity has diminished proportionately but remained relatively stable in the last year. Fluctuations in current liabilities and payables demonstrate changing short-term obligations, while the gradual increase in deferred income taxes and other deferred credits highlights evolving non-current obligations influencing the company's financial structure.