XML 58 R33.htm IDEA: XBRL DOCUMENT v3.22.4
Investment in Unconsolidated Affiliate (Tables)
12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Summarized Balance Sheet Financial Information for Equity Method Investment

The following tables present summarized unaudited financial information for 100 percent of Enable as of December 2, 2021 and for the period of January 1, 2021 through December 2, 2021 and the year ended December 31, 2020.

Balance Sheet

 

December 2, 2021

 

(In millions)

 

 

 

Current assets

 

$

594

 

Non-current assets

 

$

11,227

 

Current liabilities

 

$

1,254

 

Non-current liabilities

 

$

3,281

 

Summarized Income Statement Financial Information for Equity Method Investment

 

 

Period of

 

 

 

 

Income Statement

 

January 1, 2021 through
December 2, 2021

 

 

Year Ended
December 31, 2020

 

(In millions)

 

 

 

 

 

 

Total revenues

 

$

3,466

 

 

$

2,463

 

Cost of natural gas and NGLs (excluding depreciation and amortization)

 

$

1,959

 

 

$

965

 

Operating income

 

$

634

 

 

$

465

 

Net income

 

$

461

 

 

$

52

 

Reconciliation of Equity in Earnings (Losses) of Unconsolidated Affiliates

The following table presents a reconciliation of OGE Energy's equity in earnings (losses) of unconsolidated affiliates for the period of January 1, 2021 through December 2, 2021 and the year ended December 31, 2020.

 

 

Period of

 

 

 

 

(In millions)

 

January 1, 2021 through
December 2, 2021

 

 

Year Ended
December 31, 2020

 

Enable net income

 

$

461.0

 

 

$

52.0

 

Differences due to timing of OGE Energy and Enable accounting close

 

 

9.0

 

 

 

 

Enable net income used to calculate OGE Energy's equity in earnings

 

$

470.0

 

 

$

52.0

 

OGE Energy's percent ownership at period end

 

 

25.5

%

 

 

25.5

%

OGE Energy's portion of Enable net income

 

$

119.8

 

 

$

13.2

 

Amortization of basis difference and dilution recognition (A)

 

 

50.0

 

 

 

98.8

 

Impairment of OGE Energy's equity method investment in Enable (B)

 

 

 

 

 

(780.0

)

Equity in earnings (losses) of unconsolidated affiliates (C)

 

$

169.8

 

 

$

(668.0

)

(A)
Includes loss on dilution, net of proportional basis difference recognition.
(B)
During the year ended December 31, 2020, OGE Energy recorded a $780.0 million impairment on its investment in Enable as, effective March 31, 2020, OGE estimated the fair value of its investment in Enable was below the book value and concluded the decline in value was not temporary.
(C)
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.
Schedule of Related Party Transactions [Table Text Block] The following table presents summarized related party transactions between OG&E and Enable during the period of January 1, 2021 through December 2, 2021 and the year ended December 31, 2020.

 

 

Period of

 

 

 

 

(In millions)

 

January 1, 2021 through
December 2, 2021

 

 

Year Ended
December 31, 2020

 

Operating revenues:

 

 

 

 

 

 

Electricity to power electric compression assets

 

$

13.3

 

 

$

15.1

 

Fuel, purchased power and direct transmission expense:

 

 

 

 

 

 

Natural gas transportation services

 

$

32.7

 

 

$

32.8

 

Natural gas purchases (sales)

 

$

(33.5

)

 

$

2.7