INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The following table sets forth our provision for income taxes from continuing operations and excludes discontinued operations for the periods indicated:

	Years Ended December 31,
	2018		2017		2016
	(Thousands of dollars)
Current income tax provision
Federal	$	260	$	295	$	6,086
State	1,633		1,670		2,449
Total current income taxes	1,893		1,965		8,535
Deferred income tax provision
Federal	319,551		376,728		193,974
State	41,459		68,589		9,897
Total deferred income taxes	361,010		445,317		203,871
Total provision for income taxes	$	362,903	$	447,282	$	212,406

Reconciliation of Income Tax Provision

The following table is a reconciliation of our income tax provision from continuing operations and excludes discontinued operations for the periods indicated:

	Years Ended December 31,
	2018			2017			2016
	(Thousands of dollars)
Income before income taxes	$	1,517,935		$	1,040,801		$	957,956
Less: Net income attributable to noncontrolling interests	3,329			205,678			391,460
Net income attributable to ONEOK before income taxes	1,514,606			835,123			566,496
Federal statutory income tax rate	21.0		%	35.0		%	35.0		%
Provision for federal income taxes	318,067			292,293			198,274
State income taxes, net of federal benefit	38,668			16,197			12,303
Deferred tax rate change, inclusive of valuation allowance	5,552			141,283			43
Other, net	616			(2,491		)	1,786
Income tax provision	$	362,903		$	447,282		$	212,406

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities for the periods indicated:

	December 31, 2018			December 31, 2017
Deferred tax assets	(Thousands of dollars)
Employee benefits and other accrued liabilities	$	91,587		$	85,355
Federal net operating loss	420,318			159,162
State net operating loss and benefits	108,004			73,277
Derivative instruments	22,108			30,060
Other	13,378			13,546
Total deferred tax assets	655,395			361,400
Valuation allowance for state net operating loss and tax credits
Carryforward expected to expire prior to utilization	(73,820		)	(66,632		)
Net deferred tax assets	581,575			294,768
Deferred tax liabilities
Excess of tax over book depreciation	73,113			64,508
Investment in partnerships (a)	728,193			77,035
Regulatory assets	—			15
Total deferred tax liabilities	801,306			141,558
Net deferred tax assets (liabilities)	$	(219,731	)	$	153,210

(a) Due primarily to excess of tax over book depreciation.