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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,069.8 $ 2,175.5 $ 2,211.7
Revenues from Alternative Revenue Programs 52.5 56.1 58.6
OPERATING REVENUES      
Total operating revenues 2,122.3 2,231.6 2,270.3
Total cost of sales 644.6 786.9 892.5
OPERATING EXPENSES      
Other operation and maintenance 462.8 491.8 474.6
Depreciation and amortization 391.3 355.0 321.6
Taxes other than income 101.4 93.6 92.0
Operating expenses 955.5 940.4 888.2
Operating income (loss) 522.2 504.3 489.6
OTHER INCOME (EXPENSE)      
Equity in earnings (losses) of unconsolidated affiliates [1] (668.0) [2] 113.9 152.8
Allowance for equity funds used during construction 4.8 4.5 23.8
Pension and Other Postretirement Benefits Cost (Reversal of Cost) (3.9) (9.8) (10.8)
Other income 37.5 21.9 21.7
Other expense (35.2) (23.5) (23.4)
Net other income (expense) (664.8) 107.0 164.1
INTEREST EXPENSE      
Interest on long-term debt 152.8 138.3 157.4
Allowance for borrowed funds used during construction (1.9) (2.8) (11.7)
Interest on short-term debt and other interest charges 7.6 12.4 10.3
Interest expense 158.5 147.9 156.0
INCOME (LOSS) BEFORE TAXES (301.1) 463.4 497.7
INCOME TAX EXPENSE (BENEFIT) (127.4) 29.8 72.2
NET INCOME (LOSS) $ (173.7) $ 433.6 $ 425.5
BASIC AVERAGE COMMON SHARES OUTSTANDING 200.1 200.1 199.7
DILUTED AVERAGE COMMON SHARES OUTSTANDING 200.1 200.7 200.5
BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE $ (0.87) $ 2.17 $ 2.13
DILUTED EARNINGS (LOSS) PER AVERAGE COMMON SHARE (0.87) 2.16 2.12
DIVIDENDS DECLARED PER COMMON SHARE $ 1.5800 $ 1.5050 $ 1.3950
Other Comprehensive Income (Loss), Net of Tax $ (4.2) $ 1.0 $ (5.7)
Og and E [Member]      
Revenue from Contract with Customer, Excluding Assessed Tax 2,069.8 2,175.5 2,211.7
Revenues from Alternative Revenue Programs 52.5 56.1 58.6
OPERATING REVENUES      
Total operating revenues 2,122.3 2,231.6 2,270.3
Total cost of sales 644.6 786.9 892.5
OPERATING EXPENSES      
Other operation and maintenance 464.4 492.5 473.8
Depreciation and amortization 391.3 355.0 321.6
Taxes other than income 97.2 89.5 88.2
Operating expenses 952.9 937.0 883.6
Operating income (loss) 524.8 507.7 494.2
OTHER INCOME (EXPENSE)      
Allowance for equity funds used during construction 4.8 4.5 23.8
Pension and Other Postretirement Benefits Cost (Reversal of Cost) (3.1) (1.2) (8.9)
Other income 5.0 6.7 14.1
Other expense (2.6) (6.9) (3.4)
Net other income (expense) 4.1 3.1 25.6
INTEREST EXPENSE      
Interest on long-term debt 152.8 138.3 157.4
Allowance for borrowed funds used during construction (1.9) (2.8) (11.7)
Interest on short-term debt and other interest charges 3.9 5.0 6.1
Interest expense 154.8 140.5 151.8
INCOME (LOSS) BEFORE TAXES 374.1 370.3 368.0
INCOME TAX EXPENSE (BENEFIT) 34.7 20.1 40.0
Net Income (Loss) Attributable to Parent 339.4 350.2 328.0
Other Comprehensive Income (Loss), Net of Tax 0.0 0.0 0.0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 339.4 $ 350.2 $ 328.0
[1] For the year ended December 31, 2020, Enable recorded a $225.0 million impairment on its SESH equity method investment. Enable estimated the fair value of this equity method investment was below the carrying value at September 30, 2020 and concluded the decline in value was other than temporary due to the expiration of a transportation contract and the current status of renewal negotiations. The impairment 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, as further discussed in Notes 5 and 7.