XML 27 R2.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues from contracts with customers $ 3,304.2 $ 3,588.7 $ 2,069.8
Other revenues 71.5 65.0 52.5
OPERATING REVENUES      
Operating revenues 3,375.7 3,653.7 2,122.3
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE 1,662.4 2,127.6 644.6
OPERATING EXPENSES      
Other operation and maintenance 501.4 463.1 462.8
Depreciation and amortization 460.9 416.0 391.3
Taxes other than income 101.5 102.8 101.4
Operating expenses 1,063.8 981.9 955.5
OPERATING INCOME 649.5 544.2 522.2
OTHER INCOME (EXPENSE)      
Gain (loss) on equity securities (Note 1) 282.1 (8.6) 0.0
Equity in earnings (losses) of unconsolidated affiliates 0.0 169.8 (668.0) [1],[2]
Allowance for equity funds used during construction 6.9 6.7 4.8
Other net periodic benefit income (expense) (12.9) (6.1) (3.9)
Other income 74.6 26.3 37.5
Gain (Loss) on Disposition of Assets 0.0 344.4 0.0
Other expense (44.6) (39.9) (35.2)
Net other income (expense) 306.1 492.6 (664.8)
INTEREST EXPENSE      
Interest on long-term debt 162.1 154.8 152.8
Allowance for borrowed funds used during construction (4.0) (3.5) (1.9)
Interest on short-term debt and other interest charges 8.2 7.0 7.6
Interest expense 166.3 158.3 158.5
INCOME (LOSS) BEFORE TAXES 789.3 878.5 (301.1)
INCOME TAX EXPENSE (BENEFIT) 123.6 141.2 (127.4)
NET INCOME (LOSS) $ 665.7 $ 737.3 $ (173.7)
BASIC AVERAGE COMMON SHARES OUTSTANDING 200.2 200.1 200.1
DILUTED AVERAGE COMMON SHARES OUTSTANDING 200.8 200.3 200.1
BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE $ 3.33 $ 3.68 $ (0.87)
DILUTED EARNINGS (LOSS) PER AVERAGE COMMON SHARE 3.32 3.68 (0.87)
DIVIDENDS DECLARED PER COMMON SHARE $ 1.6482 $ 1.6250 $ 1.5800
Other Comprehensive Income (Loss), Net of Tax $ 12.9 $ 7.3 $ (4.2)
Comprehensive income (loss) 678.6 744.6 (177.9)
Og and E [Member]      
Revenues from contracts with customers 3,304.2 3,588.7 2,069.8
Other revenues 71.5 65.0 52.5
OPERATING REVENUES      
Operating revenues 3,375.7 3,653.7 2,122.3
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE 1,662.4 2,127.6 644.6
OPERATING EXPENSES      
Other operation and maintenance 491.9 464.7 464.4
Depreciation and amortization 460.9 416.0 391.3
Taxes other than income 98.0 99.3 97.2
Operating expenses 1,050.8 980.0 952.9
OPERATING INCOME 662.5 546.1 524.8
OTHER INCOME (EXPENSE)      
Allowance for equity funds used during construction 6.9 6.7 4.8
Other net periodic benefit income (expense) 1.2 (4.3) (3.1)
Other income 6.5 7.1 5.0
Other expense (3.4) (1.8) (2.6)
Net other income (expense) 11.2 7.7 4.1
INTEREST EXPENSE      
Interest on long-term debt 157.4 152.7 152.8
Allowance for borrowed funds used during construction (4.0) (3.5) (1.9)
Interest on short-term debt and other interest charges 4.4 2.8 3.9
Interest expense 157.8 152.0 154.8
INCOME (LOSS) BEFORE TAXES 515.9 401.8 374.1
INCOME TAX EXPENSE (BENEFIT) 76.4 41.8 34.7
NET INCOME (LOSS) 439.5 360.0 339.4
Net Income (Loss) Attributable to Parent 439.5 360.0 339.4
Other Comprehensive Income (Loss), Net of Tax 0.0 0.0 0.0
Comprehensive income (loss) $ 439.5 $ 360.0 $ 339.4
[1] For the year ended December 31, 2020, Enable recorded a $225.0 million impairment on an equity method investment, which ran through OGE Energy's portion of Enable net income and was offset by basis differences that flow through the amortization of basis difference and dilution recognition line item above.
[2] In March 2020, OGE Energy recorded a $780.0 million impairment on its investment in Enable