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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss)
The following table sets forth the balance in accumulated other comprehensive loss for the periods indicated:
 
 
Unrealized Gains
(Losses) on Risk-
Management
Assets/Liabilities (a)
 
Pension and
Postretirement
Benefit Plan
Obligations (a) (b)
 
Unrealized Gains
(Losses) on Risk-
Management
Assets/Liabilities of
Unconsolidated
Affiliates (a)
 
Accumulated
Other
Comprehensive
Loss (a)
 
 
(Thousands of dollars)
January 1, 2017
 
$
(52,155
)
 
$
(101,236
)
 
$
(959
)
 
$
(154,350
)
Other comprehensive income (loss) before reclassifications
 
(35,013
)
 
(12,337
)
 
(409
)
 
(47,759
)
Amounts reclassified from accumulated other comprehensive loss
 
45,541

 
8,162

 
164

 
53,867

Impact of Merger Transaction (c)
 
(40,288
)
 
—

 
—

 
(40,288
)
Other comprehensive income (loss) attributable to ONEOK
 
(29,760
)
 
(4,175
)
 
(245
)
 
(34,180
)
December 31, 2017
 
(81,915
)
 
(105,411
)
 
(1,204
)
 
(188,530
)
Beginning balance adjustments (d)
 
3,078

 
(805
)
 
(2,273
)
 
—

Other comprehensive income (loss) before reclassifications
 
(5,673
)
 
(8,116
)
 
2,396

 
(11,393
)
Amounts reclassified from accumulated other comprehensive loss
 
36,870

 
12,887

 
28

 
49,785

Other comprehensive income (loss) attributable to ONEOK
 
31,197

 
4,771

 
2,424

 
38,392

Impact of adoption of ASU 2018-02 (e)
 
(17,020
)
 
(20,340
)
 
(741
)
 
(38,101
)
December 31, 2018
 
$
(64,660
)
 
$
(121,785
)
 
$
(1,794
)
 
$
(188,239
)
(a) All amounts are presented net of tax.
(b) Includes amounts related to supplemental executive retirement plan.
(c) Includes the remaining portion of ONEOK Partners’ accumulated other comprehensive loss at June 30, 2017, that we acquired in the Merger Transaction, related to commodity and interest-rate contracts.
(d) Reclassifications were made between categories to conform to current presentation.
(e) We elected to adopt this guidance in the first quarter 2018, which allows a reclassification from accumulated other comprehensive income/loss to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act. After adopting and applying this guidance, our accumulated other comprehensive loss balance does not include stranded taxes resulting from the Tax Cuts and Jobs Act.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
The following table sets forth the effect of reclassifications from accumulated other comprehensive loss in our Consolidated Statements of Income for the periods indicated:
Details about Accumulated Other
Comprehensive Loss Components
 
Years Ended December 31,
 
Affected Line Item in the
Consolidated Statements of Income
2018
 
2017
 
2016
 
 
(Thousands of dollars)
 
 
Risk-management assets/liabilities
 
 
 
 
 
 
 
 
Commodity contracts
 
$
(29,596
)
 
$
(69,561
)
 
$
26,422

 
Commodity sales revenues
Interest-rate contracts
 
(18,287
)
 
(21,025
)
 
(19,215
)
 
Interest expense
 
 
(47,883
)
 
(90,586
)
 
7,207

 
Income before income taxes
 
 
11,013

 
26,899

 
(230
)
 
Income taxes
 
 
(36,870
)
 
(63,687
)
 
6,977

 
Net income
Noncontrolling interests
 
—

 
(18,146
)
 
6,301

 
Less: Net income attributable noncontrolling interests
 
 
$
(36,870
)
 
$
(45,541
)
 
$
676

 
Net income attributable to ONEOK
 
 
 
 
 
 
 
 
 
Pension and postretirement benefit plan obligations (a)
 
 
 
 
 
 
 
 
Amortization of net loss
 
$
(18,398
)
 
$
(15,265
)
 
$
(12,012
)
 
Other income (expense)
Amortization of unrecognized prior service cost
 
1,662

 
1,662

 
1,662

 
Other income (expense)
 
 
(16,736
)
 
(13,603
)
 
(10,350
)
 
Income before income taxes
 
 
3,849

 
5,441

 
4,140

 
Income taxes
 
 
$
(12,887
)
 
$
(8,162
)
 
$
(6,210
)
 
Net income attributable to ONEOK
 
 
 
 
 
 
 
 
 
Risk-management assets/liabilities of unconsolidated affiliates
 
 
 


 


 
 
Interest-rate contracts
 
$
(36
)
 
$
(367
)
 
$
(63
)
 
Equity in net earnings from investments
 
 
8

 
97

 
10

 
Income taxes
 
 
(28
)
 
(270
)
 
(53
)
 
Net income
Noncontrolling interests
 
—

 
(106
)
 
(37
)
 
Less: Net income attributable to noncontrolling interests
 
 
$
(28
)
 
$
(164
)
 
$
(16
)
 
Net income attributable to ONEOK
 
 
 
 
 
 
 
 
 
Total reclassifications for the period attributable to ONEOK
 
$
(49,785
)
 
$
(53,867
)
 
$
(5,550
)
 
Net income attributable to ONEOK

(a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note K for additional detail of our net periodic benefit cost.
Schedule of Accumulated Other Comprehensive Income (Loss) for Risk-Management Assets/Liabilities [Table Text Block]
The following table sets forth information about the balance of accumulated other comprehensive loss at December 31, 2018, representing unrealized gains/(losses) related to risk management assets and liabilities:
 
 
Risk-
Management
Assets/Liabilities (a)
 
 
(Thousands of dollars)
Commodity derivative instruments expected to be realized within the next 24 months (b)
 
$
37,589

Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (c)
 
(40,037
)
Forward-starting interest-rate swaps with future settlement dates expected to be amortized over the life of long-term fixed-rate debt upon issuance of the debt
 
(62,212
)
Accumulated other comprehensive loss at December 31, 2018
 
$
(64,660
)
(a) - All amounts are presented net of tax.
(b) - Based on December 31, 2018, commodity prices, we will realize $37.5 million in net gains, net of tax, over the next 12 months and $0.1 million in net gains, net of tax, thereafter.
(c) - Losses of $13.5 million, net of tax, will be reclassified into earnings during the next 12 months as the hedged items affect earnings.