Name: ONEOK Inc. (NYSE:OKE) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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ONEOK Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income	1,722,221)	1,499,706)	612,809)	1,278,577)	1,155,032)
Change in fair value of derivatives, net of tax	93,451)	(203,868)	(165,023)	(147,803)	(5,673)
Derivative amounts reclassified to net income, net of tax	200,933)	228,999)	21,097)	(21,057)	36,870)
Change in retirement and other postretirement benefit plan obligations, net of tax	52,764)	49,976)	(26,154)	(9,696)	4,771)
Other comprehensive income (loss) of unconsolidated affiliates, net of tax	15,947)	4,991)	(7,369)	(7,205)	2,424)
Other comprehensive income (loss), net of tax	363,095)	80,098)	(177,449)	(185,761)	38,392)
Comprehensive income	2,085,316)	1,579,804)	435,360)	1,092,816)	1,193,424)
Comprehensive income attributable to noncontrolling interests	—)	—)	—)	—)	(3,329)
Comprehensive income attributable to ONEOK	2,085,316)	1,579,804)	435,360)	1,092,816)	1,190,095)

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 financial performance from 2018 to 2022 exhibits a pattern of initial stability, a significant contraction in 2020, and a robust recovery leading into 2022. Net income experienced a notable decline in 2020, falling to 612.8 million US dollars from 1.28 billion US dollars in 2019, before surging to a period high of 1.72 billion US dollars by the end of 2022. This trajectory is mirrored in the comprehensive income, which reached its peak of 2.09 billion US dollars in 2022 after a low of 435.4 million US dollars in 2020.

Net and Comprehensive Income Trends: A strong upward trajectory is observed between 2020 and 2022, with comprehensive income increasing by approximately 378% over this two-year interval. The divergence between net income and comprehensive income is driven primarily by the volatility of other comprehensive income components, which shifted from negative contributions in 2019 and 2020 to substantial positive contributions by 2022.
Other Comprehensive Income (OCI) Volatility: OCI demonstrated significant variance, recording losses of 185.8 million US dollars in 2019 and 177.4 million US dollars in 2020. This trend reversed sharply in 2021 and 2022, culminating in a gain of 363.1 million US dollars in the final year of the analysis. This shift contributed materially to the expansion of total comprehensive income relative to net income in 2022.
Derivative Financial Instruments: The fair value of derivatives exerted a negative impact on comprehensive income from 2018 through 2021, with the most significant loss occurring in 2021 at 203.9 million US dollars. However, 2022 marked a reversal, with a positive fair value change of 93.5 million US dollars. Concurrently, the amounts reclassified from derivatives to net income remained positive and grew significantly, peaking at 229 million US dollars in 2021 and 201 million US dollars in 2022, indicating a consistent realization of derivative gains into the primary income statement.
Retirement and Postretirement Obligations: Adjustments related to retirement and postretirement benefit plan obligations were negative between 2019 and 2020, reaching a low of negative 26.2 million US dollars. A positive shift occurred in 2021 and 2022, with gains of 50 million US dollars and 52.8 million US dollars respectively, contributing positively to the overall comprehensive income in the latter part of the period.

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