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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues from contracts with customers [1] $ 1,621.0 $ 420.4
Other revenues 9.6 10.9
Operating revenues 1,630.6 431.3
COST OF SALES 1,346.8 135.0
OPERATING EXPENSES    
Other operation and maintenance 109.3 120.0
Depreciation and amortization 98.7 94.4
Taxes other than income 27.2 25.6
Operating expenses 235.2 240.0
OPERATING INCOME 48.6 56.3
OTHER INCOME (EXPENSE)    
Equity in earnings (losses) of unconsolidated affiliates 53.2 (746.5) [2]
Allowance for equity funds used during construction 1.3 1.3
Other net periodic benefit expense (1.4) (0.5)
Other income 3.0 7.4
Other expense (2.0) (6.1)
Net other income (expense) 54.1 (744.4)
INTEREST EXPENSE    
Interest on long-term debt 38.4 36.6
Allowance for borrowed funds used during construction (0.8) (0.5)
Interest on short-term debt and other interest charges 1.8 2.2
Interest expense 39.4 38.3
INCOME (LOSS) BEFORE TAXES 63.3 (726.4)
INCOME TAX EXPENSE (BENEFIT) 10.6 (234.6)
NET INCOME (LOSS) $ 52.7 $ (491.8)
BASIC AVERAGE COMMON SHARES OUTSTANDING 200.1 200.2
DILUTED AVERAGE COMMON SHARES OUTSTANDING 200.1 200.2
BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE $ 0.26 $ (2.46)
DILUTED EARNINGS (LOSS) PER AVERAGE COMMON SHARE $ 0.26 $ (2.46)
Other Comprehensive Income (Loss), Net of Tax $ 3.5 $ (0.9)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent 56.2 (492.7)
OG&E [Member]    
Revenues from contracts with customers 1,621.0 420.4
Other revenues 9.6 10.9
Operating revenues 1,630.6 431.3
COST OF SALES 1,346.8 135.0
OPERATING EXPENSES    
Other operation and maintenance 110.3 121.0
Depreciation and amortization 98.7 94.4
Taxes other than income 25.7 23.9
Operating expenses 234.7 239.3
OPERATING INCOME 49.1 57.0
OTHER INCOME (EXPENSE)    
Allowance for equity funds used during construction 1.3 1.3
Other net periodic benefit expense (0.9) (0.5)
Other income 1.7 1.5
Other expense (0.4) (0.5)
Net other income (expense) 1.7 1.8
INTEREST EXPENSE    
Interest on long-term debt 38.4 36.6
Allowance for borrowed funds used during construction (0.8) (0.5)
Interest on short-term debt and other interest charges 0.8 0.8
Interest expense 38.4 36.9
INCOME (LOSS) BEFORE TAXES 12.4 21.9
INCOME TAX EXPENSE (BENEFIT) 1.2 2.0
NET INCOME (LOSS) 11.2 19.9
Other Comprehensive Income (Loss), Net of Tax 0.0 0.0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 11.2 $ 19.9
[1] In February 2021, OG&E's service territory experienced an unprecedented, prolonged, cold spell that resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices. Operating revenues significantly increased due to increased cost of sales, which are recovered from customers, as a result of the February 2021 extreme cold weather event. For further discussion, see Note 15 and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation."
[2] In 2020, OGE Energy recorded a $780.0 million impairment on its investment in Enable, as further discussed in Note 4