01—Abstract
Summary
Summary of the 10-K/A filed November 14, 2002. Cited figures are marked; the original filing is the authoritative source.
ONEOK Inc.'s 2001 Form 10-K Amendment No. 1 addresses a restatement of its Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2001, December 31, 2000, and the four months ended December 31, 1999.
This amendment corrects mathematical errors related to the accounting treatment of bank overdrafts, ensuring greater accuracy in reporting the company's cash movements. The core business operations as of December 31, 2001, involve diversified energy activities, including natural gas production, processing, transportation, distribution, and marketing, as well as electricity production and marketing. Despite the restatement, the underlying financial performance and operational structure remain consistent with the original filing.
The company's financial statements reflect significant operating revenues, with a notable portion derived from its Marketing and Trading segment. Total assets stood at $5.88 billiona as of December 31, 2001.
While the company engaged in various acquisitions and dispositions in the preceding years, its current structure is built around seven distinct segments. Investors should note the company's adoption of new accounting standards such as EITF 98-10 and SFAS 133, which impact the valuation of derivative instruments and energy trading activities.
02—Key points
Key Highlights
- ONEOK Inc. filed Amendment No. 1 to its 2001 Form 10-K to restate its Consolidated Statements of Cash Flows due to mathematical errors in accounting for bank overdrafts.
- The restatement impacts the cash flow statements for fiscal years ending December 31, 2001, December 31, 2000, and the four months ending December 31, 1999.
- The company operates as a diversified energy company with seven reportable segments: Marketing and Trading, Gathering and Processing, Transportation and Storage, Distribution, Production, Power, and Other.
- Total assets were reported at $5,879,159,000 as of December 31, 2001.
- Operating revenues for the year ended December 31, 2001, amounted to $6,803,146,000.
- ONEOK adopted EITF 98-10 (Accounting for Energy Trading and Risk Management Activities) effective January 1, 2000, and SFAS 133 (Accounting for Derivative Instruments and Hedging Activities) effective January 1, 2001.
- The company engaged in significant acquisitions and dispositions in the years prior to 2001, including transactions with Kinder Morgan, Inc. and Dynegy, Inc.
03—Questions
Frequently Asked Questions
What is the primary reason for filing Amendment No. 1 to the 2001 10-K?
Amendment No. 1 was filed to restate the Consolidated Statements of Cash Flows due to the correction of mathematical errors related to the treatment of bank overdrafts in the original filing.
What are the main business segments of ONEOK Inc. as of December 31, 2001?
ONEOK Inc. operates in seven segments: Marketing and Trading, Gathering and Processing, Transportation and Storage, Distribution, Production, Power, and Other. These segments cover a broad range of natural gas and electricity-related activities.
How did the adoption of new accounting standards affect ONEOK's financial reporting in 2001?
ONEOK adopted SFAS 133, 'Accounting for Derivative Instruments and Hedging Activities,' effective January 1, 2001. This required all derivative instruments to be recorded at fair value on the balance sheet, with subsequent accounting for changes in fair value depending on whether the derivative qualifies as part of a hedging relationship.
What were the total assets and operating revenues for ONEOK in 2001?
As of December 31, 2001, ONEOK reported total assets of $5,879,159,000. For the fiscal year ended December 31, 2001, total operating revenues were $6,803,146,000.
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