Name: ONEOK Inc. (NYSE:OKE) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Current maturities of long-term debt	925,000)	895,814)	7,650)	7,650)	507,650)
Short-term borrowings	—)	—)	—)	220,000)	—)
Accounts payable	1,359,475)	1,332,391)	719,302)	1,209,900)	1,116,337)
Commodity imbalances	254,139)	309,054)	186,372)	104,480)	110,197)
Accrued interest	233,053)	235,602)	245,153)	190,750)	161,377)
Current operating lease liability	12,289)	13,783)	13,610)	1,883)	—)
Current finance lease liability	2,954)	2,584)	2,153)	1,949)	1,765)
Other current liabilities	264,717)	395,391)	170,307)	283,686)	211,110)
Current liabilities	3,051,627)	3,184,619)	1,344,547)	2,020,298)	2,108,436)
Long-term debt, excluding current maturities	12,695,834)	12,747,636)	14,228,421)	12,479,757)	8,873,334)
Deferred income taxes	1,738,525)	1,166,690)	669,697)	536,063)	219,731)
Noncurrent operating lease liability	68,110)	75,636)	87,610)	13,509)	—)
Noncurrent finance lease liability	19,299)	21,082)	22,143)	24,296)	26,244)
Other deferred credits	311,814)	410,787)	683,938)	512,247)	424,383)
Deferred credits and other liabilities	2,137,748)	1,674,195)	1,463,388)	1,086,115)	670,358)
Noncurrent liabilities	14,833,582)	14,421,831)	15,691,809)	13,565,872)	9,543,692)
Total liabilities	17,885,209)	17,606,450)	17,036,356)	15,586,170)	11,652,128)
Preferred stock, $0.01 par value	—)	—)	—)	—)	—)
Common stock, $0.01 par value	4,749)	4,749)	4,749)	4,450)	4,450)
Paid-in capital	7,253,154)	7,213,861)	7,353,396)	7,403,895)	7,615,138)
Accumulated other comprehensive loss	(108,256)	(471,351)	(551,449)	(374,000)	(188,239)
Retained earnings	50,396)	—)	—)	—)	—)
Treasury stock, at cost	(706,158)	(732,096)	(764,298)	(808,394)	(851,806)
Total ONEOK shareholders’ equity	6,493,885)	6,015,163)	6,042,398)	6,225,951)	6,579,543)
Total liabilities and equity	24,379,094)	23,621,613)	23,078,754)	21,812,121)	18,231,671)

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 total liability and equity position experienced a consistent expansion from 2018 to 2022, growing from 18.23 billion US dollars to 24.38 billion US dollars. This growth was primarily driven by a significant increase in total liabilities, which rose from 11.65 billion US dollars in 2018 to 17.89 billion US dollars by the end of 2022, representing a substantial increase in the company's leverage over the five-year period.

Debt Maturity and Structure: Long-term debt, excluding current maturities, saw a sharp increase between 2018 and 2020, peaking at 14.23 billion US dollars before stabilizing around 12.70 billion US dollars by 2022. A notable shift occurred in the short-term debt profile; current maturities of long-term debt were minimal in 2019 and 2020, but surged to over 900 million US dollars in 2021 and 2022, indicating a higher concentration of debt obligations coming due in the immediate term.
Current Liability Trends: Current liabilities exhibited volatility, dipping to a low of 1.34 billion US dollars in 2020 before spiking to 3.18 billion US dollars in 2021. This fluctuation was largely influenced by accounts payable and other current liabilities. Commodity imbalances also showed a general upward trajectory, increasing from 110.20 million US dollars in 2018 to 254.14 million US dollars in 2022.
Deferred Liabilities and Tax Obligations: A significant upward trend is observed in deferred income taxes, which grew from 219.73 million US dollars in 2018 to 1.74 billion US dollars in 2022. This represents a nearly eight-fold increase and contributed heavily to the growth of noncurrent liabilities, which rose from 9.54 billion US dollars in 2018 to 14.83 billion US dollars in 2022.
Shareholders' Equity Analysis: Total shareholders' equity remained relatively stable, fluctuating between 6.02 billion and 6.58 billion US dollars. While paid-in capital saw a slight decline over the period, the recovery of accumulated other comprehensive loss—which improved from a deficit of 551.45 million US dollars in 2020 to a deficit of 108.26 million US dollars in 2022—supported the overall equity balance. Additionally, the cost of treasury stock decreased from 851.81 million US dollars in 2018 to 706.16 million US dollars in 2022.

The overall financial trajectory indicates a period of increased borrowing and rising deferred tax liabilities, balanced by a resilient equity base and a reduction in comprehensive losses by the end of the analyzed period.

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