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Retirement Plans and Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Plans and Postretirement Benefit Plans [Abstract]  
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The details of the funded status of OGE Energy's Pension Plan, the Restoration of Retirement Income Plan and the postretirement benefit plans and the amounts included in the balance sheets for 2023 and 2022 are included in the following tables. These amounts have been recorded in Accrued Benefit Obligations with the offset in Accumulated Other Comprehensive Loss (except OG&E's portion, which is recorded as a regulatory asset as discussed in Note 1) in the balance sheets. The amounts in Accumulated Other Comprehensive Loss and those recorded as a regulatory asset represent a net periodic benefit cost to be recognized in the statements of income in future periods. The benefit obligation for OGE Energy's Pension Plan and the Restoration of Retirement Income Plan represents the projected benefit obligation, while the benefit obligation for the postretirement benefit plans represents the accumulated postretirement benefit obligation. The accumulated postretirement benefit obligation for OGE Energy's Pension Plan and Restoration of Retirement Income Plan differs from the projected benefit obligation in that the former includes no assumption about future compensation levels.

 

 

OGE Energy

 

 

OG&E

 

 

Pension Plan

 

 

Restoration of Retirement
Income Plan

 

 

Pension Plan

 

 

Restoration of Retirement
Income Plan

 

December 31 (In millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning obligations

 

$

358.5

 

 

$

502.9

 

 

$

5.8

 

 

$

5.9

 

 

$

288.5

 

 

$

363.2

 

 

$

0.5

 

 

$

0.5

 

Service cost

 

 

5.4

 

 

 

7.6

 

 

 

1.0

 

 

 

1.1

 

 

 

4.4

 

 

 

6.2

 

 

 

—

 

 

 

—

 

Interest cost

 

 

15.9

 

 

 

15.7

 

 

 

0.3

 

 

 

0.2

 

 

 

12.6

 

 

 

12.1

 

 

 

—

 

 

 

—

 

Plan settlements

 

 

(62.8

)

 

 

(95.8

)

 

 

(1.4

)

 

 

(1.5

)

 

 

(57.7

)

 

 

(38.8

)

 

 

(0.7

)

 

 

—

 

Actuarial losses (gains)

 

 

0.8

 

 

 

(56.9

)

 

 

(0.2

)

 

 

0.1

 

 

 

2.7

 

 

 

(41.3

)

 

 

0.2

 

 

 

—

 

Benefits paid

 

 

(14.1

)

 

 

(15.0

)

 

 

—

 

 

 

—

 

 

 

(11.9

)

 

 

(12.9

)

 

 

—

 

 

 

—

 

Ending obligations

 

$

303.7

 

 

$

358.5

 

 

$

5.5

 

 

$

5.8

 

 

$

238.6

 

 

$

288.5

 

 

$

—

 

 

$

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in plans' assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning fair value

 

$

293.0

 

 

$

486.0

 

 

$

—

 

 

$

—

 

 

$

238.9

 

 

$

353.0

 

 

$

—

 

 

$

—

 

Actual return on plans' assets

 

 

27.6

 

 

 

(82.2

)

 

 

—

 

 

 

—

 

 

 

22.1

 

 

 

(62.4

)

 

 

—

 

 

 

—

 

Employer contributions

 

 

—

 

 

 

—

 

 

 

1.4

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

—

 

Plan settlements

 

 

(62.8

)

 

 

(95.8

)

 

 

(1.4

)

 

 

(0.2

)

 

 

(57.7

)

 

 

(38.8

)

 

 

(0.7

)

 

 

—

 

Benefits paid

 

 

(14.1

)

 

 

(15.0

)

 

 

—

 

 

 

—

 

 

 

(11.9

)

 

 

(12.9

)

 

 

—

 

 

 

—

 

Ending fair value

 

$

243.7

 

 

$

293.0

 

 

$

—

 

 

$

—

 

 

$

191.4

 

 

$

238.9

 

 

$

—

 

 

$

—

 

Funded status at end of year

 

$

(60.0

)

 

$

(65.5

)

 

$

(5.5

)

 

$

(5.8

)

 

$

(47.2

)

 

$

(49.6

)

 

$

—

 

 

$

(0.5

)

Accumulated postretirement benefit obligation

 

$

289.5

 

 

$

342.7

 

 

$

4.9

 

 

$

4.8

 

 

$

226.5

 

 

$

275.2

 

 

$

—

 

 

$

0.4

 

 

For the year ended December 31, 2023, actuarial losses were primarily due to more lump sum payouts than expected, partially offset by demographic experience. For the year ended December 31, 2022, Pension Plan actuarial gains were primarily due to significantly higher discount rates, partially offset by demographic experience and a larger than expected amount of early 2023 lump sum payouts.

 

 

OGE Energy

 

 

OG&E

 

 

Postretirement Benefit Plans

 

 

Postretirement Benefit Plans

 

December 31 (In millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

Beginning obligations

 

$

101.9

 

 

$

137.3

 

 

$

76.4

 

 

$

102.4

 

Service cost

 

 

0.1

 

 

 

0.2

 

 

 

0.1

 

 

 

0.1

 

Interest cost

 

 

5.2

 

 

 

3.5

 

 

 

3.9

 

 

 

2.7

 

Participants' contributions

 

 

3.4

 

 

 

3.5

 

 

 

2.4

 

 

 

2.4

 

Actuarial losses (gains)

 

 

4.9

 

 

 

(29.1

)

 

 

4.0

 

 

 

(21.0

)

Benefits paid

 

 

(12.2

)

 

 

(13.5

)

 

 

(9.5

)

 

 

(10.2

)

Ending obligations

 

$

103.3

 

 

$

101.9

 

 

$

77.3

 

 

$

76.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in plans' assets

 

 

 

 

 

 

 

 

 

 

 

 

Beginning fair value

 

$

32.8

 

 

$

44.3

 

 

$

29.8

 

 

$

39.9

 

Actual return on plans' assets

 

 

1.9

 

 

 

(8.2

)

 

 

1.7

 

 

 

(7.4

)

Employer contributions

 

 

6.8

 

 

 

6.7

 

 

 

5.2

 

 

 

5.1

 

Participants' contributions

 

 

3.4

 

 

 

3.5

 

 

 

2.4

 

 

 

2.4

 

Benefits paid

 

 

(12.2

)

 

 

(13.5

)

 

 

(9.5

)

 

 

(10.2

)

Ending fair value

 

$

32.7

 

 

$

32.8

 

 

$

29.6

 

 

$

29.8

 

Funded status at end of year

 

$

(70.6

)

 

$

(69.1

)

 

$

(47.7

)

 

$

(46.6

)
Schedule of Defined Benefit Plans Disclosures

The following tables present the net periodic benefit cost components, before consideration of capitalized amounts, of OGE Energy's Pension Plan, Restoration of Retirement Income Plan and postretirement benefit plans that are included in the financial statements. Service cost is presented within Other Operation and Maintenance Expense, and the remaining net periodic benefit cost components as listed in the following tables are presented within Other Net Periodic Benefit Income (Expense) in the statements of income. OG&E recovers specific amounts of pension and postretirement medical costs in rates approved in its Oklahoma rate reviews. In accordance with approved orders, OG&E defers the difference between actual pension and postretirement medical expenses and the amount approved in its last Oklahoma rate review as a regulatory asset or regulatory liability. These amounts have been recorded in the Pension tracker in the regulatory assets and liabilities table in Note 1 and within Other Net Periodic Benefit Income (Expense) in the statements of income.

OGE Energy

 

Pension Plan

 

 

Restoration of Retirement
Income Plan

 

Year Ended December 31
(In millions)

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Service cost

 

$

5.4

 

 

$

7.6

 

 

$

11.2

 

 

$

1.0

 

 

$

1.1

 

 

$

0.8

 

Interest cost

 

 

15.9

 

 

 

15.7

 

 

 

13.3

 

 

 

0.3

 

 

 

0.2

 

 

 

0.1

 

Expected return on plan assets

 

 

(16.2

)

 

 

(25.4

)

 

 

(34.1

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of net loss

 

 

8.0

 

 

 

8.9

 

 

 

9.4

 

 

 

—

 

 

 

0.2

 

 

 

0.2

 

Amortization of unrecognized prior service cost (A)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.3

 

 

 

0.2

 

 

 

0.1

 

Settlement cost

 

 

21.8

 

 

 

30.6

 

 

 

41.3

 

 

 

0.5

 

 

 

0.3

 

 

 

2.1

 

Total net periodic benefit cost

 

 

34.9

 

 

 

37.4

 

 

 

41.1

 

 

 

2.1

 

 

 

2.0

 

 

 

3.3

 

Less: Amount paid by unconsolidated affiliates

 

 

—

 

 

 

—

 

 

 

(0.2

)

 

 

—

 

 

 

—

 

 

 

0.1

 

Net periodic benefit cost

 

$

34.9

 

 

$

37.4

 

 

$

41.3

 

 

$

2.1

 

 

$

2.0

 

 

$

3.2

 
(A)
Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment.

 

OG&E

 

Pension Plan

 

 

Restoration of Retirement
Income Plan

 

Year Ended December 31
(In millions)

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Service cost

 

$

4.4

 

 

$

6.2

 

 

$

7.7

 

 

$

—

 

 

$

—

 

 

$

—

 

Interest cost

 

 

12.6

 

 

 

12.1

 

 

 

9.7

 

 

 

—

 

 

 

—

 

 

 

—

 

Expected return on plan assets

 

 

(12.9

)

 

 

(19.6

)

 

 

(24.7

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of net loss

 

 

6.9

 

 

 

7.4

 

 

 

7.0

 

 

 

—

 

 

 

—

 

 

 

0.1

 

Settlement cost

 

 

20.4

 

 

 

12.9

 

 

 

33.1

 

 

 

0.4

 

 

 

—

 

 

 

1.6

 

Total net periodic benefit cost

 

 

31.4

 

 

 

19.0

 

 

 

32.8

 

 

 

0.4

 

 

 

—

 

 

 

1.7

 

Plus: Amount allocated from OGE Energy

 

 

3.0

 

 

 

5.2

 

 

 

6.5

 

 

 

1.7

 

 

 

1.5

 

 

 

1.5

 

Net periodic benefit cost

 

$

34.4

 

 

$

24.2

 

 

$

39.3

 

 

$

2.1

 

 

$

1.5

 

 

$

3.2

 

 

In addition to the net periodic benefit cost amounts recognized, as presented in the table above, for the Pension and Restoration of Retirement Income Plans in 2023, 2022 and 2021, the Registrants recognized the following:

Year Ended December 31 (In millions)

 

2023

 

 

2022

 

 

2021

 

Change in pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A)

 

$

33.3

 

 

$

15.2

 

 

$

23.0

 

Deferral of pension expense related to pension settlement charges included in the above line item:

 

 

 

 

 

 

 

 

 

Oklahoma jurisdiction (A)

 

$

20.1

 

 

$

15.4

 

 

$

37.9

 

Arkansas jurisdiction (A)

 

$

1.9

 

 

$

1.4

 

 

$

3.5

 
(A)
Included in the pension regulatory asset in each jurisdiction, as indicated in the regulatory assets and liabilities table in Note 1.

 

 

OGE Energy

 

 

OG&E

 

 

Postretirement Benefit Plans

 

 

Postretirement Benefit Plans

 

Year Ended December 31 (In millions)

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Service cost

 

$

0.1

 

 

$

0.2

 

 

$

0.2

 

 

$

0.1

 

 

$

0.1

 

 

$

0.1

 

Interest cost

 

 

5.2

 

 

 

3.5

 

 

 

3.4

 

 

 

3.9

 

 

 

2.7

 

 

 

2.6

 

Expected return on plan assets

 

 

(1.7

)

 

 

(1.8

)

 

 

(1.8

)

 

 

(1.6

)

 

 

(1.6

)

 

 

(1.7

)

Amortization of net loss

 

 

(0.2

)

 

 

1.5

 

 

 

2.8

 

 

 

—

 

 

 

1.5

 

 

 

2.7

 

Amortization of unrecognized prior service cost (A)

 

 

—

 

 

 

(3.8

)

 

 

(6.9

)

 

 

—

 

 

 

(3.6

)

 

 

(5.0

)

Total net periodic benefit cost (income)

 

 

3.4

 

 

 

(0.4

)

 

 

(2.3

)

 

 

2.4

 

 

 

(0.9

)

 

 

(1.3

)

Less: Amount paid by unconsolidated affiliates (B)

 

 

—

 

 

 

—

 

 

 

(0.5

)

 

 

 

 

 

 

 

 

 

Plus: Amount allocated from OGE Energy (B)

 

 

 

 

 

 

 

 

 

 

 

0.5

 

 

 

—

 

 

 

(0.5

)

Net periodic benefit cost (income)

 

$

3.4

 

 

$

(0.4

)

 

$

(1.8

)

 

$

2.9

 

 

$

(0.9

)

 

$

(1.8

)
(A)
Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment.
(B)
"Amount paid by unconsolidated affiliates" is only applicable to OGE Energy. "Amount allocated from OGE Energy" is only applicable to OG&E.

 

In addition to the net periodic benefit cost or income amounts recognized, as presented in the table above, for the postretirement benefit plans in 2023, 2022 and 2021, the Registrants recognized the following:

Year Ended December 31 (In millions)

 

2023

 

 

2022

 

 

2021

 

Change in postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A)

 

$

4.4

 

 

$

0.6

 

 

$

(0.4

)
(A)
Included in the pension regulatory asset, as indicated in the regulatory assets and liabilities table in Note 1.
Schedule of Capitalized Pension and Postretirement Cost

The following table presents the amount of net periodic benefit cost capitalized and attributable to each of the Registrants for OGE Energy's Pension Plan and postretirement benefit plans in 2023, 2022 and 2021.

 

OGE Energy

 

 

OG&E

 

(In millions)

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Capitalized portion of net periodic pension benefit cost

 

$

2.2

 

 

$

3.0

 

 

$

3.4

 

 

$

1.9

 

 

$

2.5

 

 

$

2.9

 

Capitalized portion of net periodic postretirement benefit cost

 

$

0.1

 

 

$

0.2

 

 

$

0.2

 

 

$

0.1

 

 

$

0.1

 

 

$

0.1

 

 

 
Schedule of Assumptions Used

Rate Assumptions

 

Pension Plan and
Restoration of Retirement Income Plan

 

 

Postretirement
Benefit Plans

 

Year Ended December 31

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Assumptions to determine benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.40

%

 

 

5.45

%

 

 

2.75

%

 

 

5.35

%

 

 

5.40

%

 

 

2.80

%

Rate of compensation increase

 

 

4.20

%

 

 

4.20

%

 

 

4.20

%

 

N/A

 

 

N/A

 

 

N/A

 

Interest crediting rate

 

 

3.50

%

 

 

3.50

%

 

 

3.50

%

 

N/A

 

 

N/A

 

 

N/A

 

Assumptions to determine net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.45

%

 

 

4.01

%

 

 

2.63

%

 

 

5.40

%

 

 

2.80

%

 

 

2.45

%

Expected return on plan assets

 

 

7.00

%

 

 

7.00

%

 

 

7.00

%

 

 

4.00

%

 

 

4.00

%

 

 

4.00

%

Rate of compensation increase

 

 

4.20

%

 

 

4.20

%

 

 

4.20

%

 

N/A

 

 

N/A

 

 

N/A

 

Interest crediting rate

 

 

3.50

%

 

 

3.50

%

 

 

3.50

%

 

N/A

 

 

N/A

 

 

N/A

 

N/A - not applicable

Projected Benefit Obligation Funded Status Thresholds

The Pension Plan assets are held in a trust which follows an investment policy and strategy designed to reduce the funded status volatility of the Plan by utilizing liability driven investing. The purpose of liability-driven investing is to structure the asset portfolio to more closely resemble the pension liability and thereby more effectively hedge against changes in the liability. The investment policy follows a glide path approach that shifts a higher portfolio weighting to fixed income as the Plan's funded status increases. The following table presents the targeted fixed income and equity allocations at different funded status levels.

Projected Benefit Obligation Funded Status Thresholds

 

<90%

 

95%

 

100%

 

105%

 

110%

 

115%

 

120%

Fixed income

 

50%

 

58%

 

65%

 

73%

 

80%

 

85%

 

90%

Equity

 

50%

 

42%

 

35%

 

27%

 

20%

 

15%

 

10%

Total

 

100%

 

100%

 

100%

 

100%

 

100%

 

100%

 

100%

 
Pension Plan Equity Asset Allocation Table

Within the portfolio's overall allocation to equities, the funds are allocated according to the guidelines in the following table.

Asset Class

 

Target Allocation

 

Minimum

 

Maximum

Domestic Large Cap Equity

 

40%

 

35%

 

60%

Domestic Mid-Cap Equity

 

15%

 

5%

 

25%

Domestic Small-Cap Equity

 

25%

 

5%

 

30%

International Equity

 

20%

 

10%

 

30%
Schedule of Allocation of Plan Assets

The following tables present the postretirement benefit plans' investments that are measured at fair value on a recurring basis at December 31, 2023 and 2022. There were no Level 2 investments held by the postretirement benefit plans at December 31, 2023 and 2022.

(In millions)

 

December 31, 2023

 

 

Level 1

 

 

Level 3

 

Group retiree medical insurance contract

 

$

16.8

 

 

$

—

 

 

$

16.8

 

Mutual funds

 

 

15.9

 

 

 

15.9

 

 

 

—

 

Total OGE Energy plan investments

 

$

32.7

 

 

$

15.9

 

 

$

16.8

 

Plan investments attributable to affiliates

 

 

(3.1

)

 

 

 

 

 

 

Total OG&E plan investments

 

$

29.6

 

 

 

 

 

 

 

 

(In millions)

 

December 31, 2022

 

 

Level 1

 

 

Level 3

 

Group retiree medical insurance contract

 

$

21.6

 

 

$

—

 

 

$

21.6

 

Mutual funds

 

 

11.2

 

 

 

11.2

 

 

 

—

 

Total OGE Energy plan investments

 

$

32.8

 

 

$

11.2

 

 

$

21.6

 

Plan investments attributable to affiliates

 

 

(3.0

)

 

 

 

 

 

 

Total OG&E plan investments

 

$

29.8

 

 

 

 

 

 

 

 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table presents a reconciliation of the postretirement benefit plans' investments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

Year Ended December 31 (In millions)

 

2023

 

Group retiree medical insurance contract:

 

 

 

Beginning balance

 

$

21.6

 

Claims paid

 

 

(4.5

)

Realized losses

 

 

(0.9

)

Investment fees

 

 

(0.1

)

Interest income

 

 

0.7

 

Ending balance

 

$

16.8

 

 
Schedule of Expected Benefit Payments

The following table presents the benefit payments the Registrants expect to pay related to the Pension Plan and Restoration of Retirement Income Plan. These expected benefits are based on the same assumptions used to measure OGE Energy's benefit obligation at the end of the year and include benefits attributable to estimated future employee service.

(In millions)

 

OGE Energy

 

 

OG&E

 

2024

 

$

44.4

 

 

$

35.4

 

2025

 

$

28.1

 

 

$

22.2

 

2026

 

$

27.9

 

 

$

22.4

 

2027

 

$

34.2

 

 

$

21.1

 

2028

 

$

28.0

 

 

$

21.0

 

2029-2033

 

$

122.7

 

 

$

96.3

 

 

The Medicare Prescription Drug, Improvement and Modernization Act of 2003 expanded coverage for prescription drugs. The following table presents the gross benefit payments the Registrants expect to pay related to the postretirement benefit plans, including prescription drug benefits.

(In millions)

 

OGE Energy

 

 

OG&E

 

2024

 

$

13.9

 

 

$

10.5

 

2025

 

$

11.5

 

 

$

8.6

 

2026

 

$

10.9

 

 

$

8.0

 

2027

 

$

9.9

 

 

$

7.4

 

2028

 

$

9.0

 

 

$

6.8

 

2029-2033

 

$

36.9

 

 

$

27.8

 
Defined Benefit Plan, Plan Assets, Category

The following tables present the Pension Plan's investments that are measured at fair value on a recurring basis at December 31, 2023 and 2022. There were no Level 3 investments held by the Pension Plan at December 31, 2023 and 2022.

(In millions)

December 31, 2023

 

 

Level 1

 

 

Level 2

 

 

Net Asset Value (A)

 

Common stocks

$

56.9

 

 

$

56.9

 

 

$

—

 

 

$

—

 

U.S. Treasury notes and bonds (B)

 

42.4

 

 

 

42.4

 

 

 

—

 

 

 

—

 

Mortgage- and asset-backed securities

 

22.0

 

 

 

—

 

 

 

22.0

 

 

 

—

 

Corporate fixed income and other securities

 

54.6

 

 

 

—

 

 

 

54.6

 

 

 

—

 

Commingled fund (C)

 

13.8

 

 

 

—

 

 

 

—

 

 

 

13.8

 

Foreign government bonds

 

0.2

 

 

 

—

 

 

 

0.2

 

 

 

—

 

U.S. municipal bonds

 

0.3

 

 

 

—

 

 

 

0.3

 

 

 

—

 

Money market fund

 

1.3

 

 

 

—

 

 

 

—

 

 

 

1.3

 

Mutual funds

 

55.3

 

 

 

55.3

 

 

 

—

 

 

 

—

 

Preferred stocks

 

1.0

 

 

 

1.0

 

 

 

—

 

 

 

—

 

U.S. Treasury futures:

 

 

 

 

 

 

 

 

 

 

 

Cash collateral

 

0.3

 

 

 

0.3

 

 

 

—

 

 

 

—

 

Forward contracts:

 

 

 

 

 

 

 

 

 

 

 

Receivable (foreign currency)

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

Total Pension Plan investments

 

248.2

 

 

$

155.9

 

 

$

77.2

 

 

$

15.1

 

Interest and dividends receivable

 

1.4

 

 

 

 

 

 

 

 

 

 

Receivable from broker for securities sold

 

8.3

 

 

 

 

 

 

 

 

 

 

Payable to broker for securities purchased

 

(14.2

)

 

 

 

 

 

 

 

 

 

Total OGE Energy Pension Plan assets

$

243.7

 

 

 

 

 

 

 

 

 

 

Pension Plan investments attributable to affiliates

 

(52.3

)

 

 

 

 

 

 

 

 

 

Total OG&E Pension Plan assets

$

191.4

 

 

 

 

 

 

 

 

 

 

 

(In millions)

December 31, 2022

 

 

Level 1

 

 

Level 2

 

 

Net Asset Value (A)

 

Common stocks

$

71.9

 

 

$

71.9

 

 

$

—

 

 

$

—

 

U.S. Treasury notes and bonds (B)

 

44.6

 

 

 

44.6

 

 

 

—

 

 

 

—

 

Mortgage- and asset-backed securities

 

26.2

 

 

 

—

 

 

 

26.2

 

 

 

—

 

Corporate fixed income and other securities

 

65.5

 

 

 

—

 

 

 

65.5

 

 

 

—

 

Commingled fund (C)

 

18.2

 

 

 

—

 

 

 

—

 

 

 

18.2

 

Foreign government bonds

 

0.5

 

 

 

—

 

 

 

0.5

 

 

 

—

 

U.S. municipal bonds

 

0.9

 

 

 

—

 

 

 

0.9

 

 

 

—

 

Money market fund

 

5.9

 

 

 

—

 

 

 

—

 

 

 

5.9

 

Mutual fund

 

60.4

 

 

 

60.4

 

 

 

—

 

 

 

—

 

Preferred stocks

 

1.5

 

 

 

1.5

 

 

 

—

 

 

 

—

 

U.S. Treasury futures:

 

 

 

 

 

 

 

 

 

 

 

Cash collateral

 

0.3

 

 

 

0.3

 

 

 

—

 

 

 

—

 

Forward contracts:

 

 

 

 

 

 

 

 

 

 

 

Receivable (foreign currency)

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

Total Pension Plan investments

 

296.0

 

 

$

178.7

 

 

$

93.2

 

 

$

24.1

 

Interest and dividends receivable

 

1.6

 

 

 

 

 

 

 

 

 

 

Receivable from broker for securities sold

 

20.6

 

 

 

 

 

 

 

 

 

 

Payable to broker for securities purchased

 

(25.2

)

 

 

 

 

 

 

 

 

 

Total OGE Energy Pension Plan assets

$

293.0

 

 

 

 

 

 

 

 

 

 

Pension Plan investments attributable to affiliates

 

(54.1

)

 

 

 

 

 

 

 

 

 

Total OG&E Pension Plan assets

$

238.9

 

 

 

 

 

 

 

 

 

 
(A)
GAAP allows the measurement of certain investments that do not have a readily determinable fair value at the net asset value. These investments do not consider the observability of inputs; therefore, they are not included within the fair value hierarchy.
(B)
This category represents U.S. Treasury notes and bonds with a Moody's Investors Service rating of Aaa and Government Agency Bonds with a Moody's Investors Service rating of A1 or higher.
(C)
This category represents units of participation in a commingled fund that primarily invested in stocks of international companies and emerging markets.