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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues from contracts with customers [1] $ 564.5 $ 492.0 $ 2,185.5 $ 912.4
Other revenues 12.9 11.5 22.5 22.4
Operating revenues 577.4 503.5 2,208.0 934.8
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE 200.0 137.4 1,546.8 272.4
OPERATING EXPENSES        
Other operation and maintenance 119.2 117.5 228.5 237.5
Depreciation and amortization 102.9 97.3 201.6 191.7
Taxes other than income 25.8 25.9 53.0 51.5
Operating expenses 247.9 240.7 483.1 480.7
OPERATING INCOME 129.5 125.4 178.1 181.7
OTHER INCOME (EXPENSE)        
Equity in earnings (losses) of unconsolidated affiliates 33.5 26.9 86.7 (719.6) [2]
Allowance for equity funds used during construction 1.6 1.3 2.9 2.6
Other net periodic benefit expense (1.3) (1.0) (2.7) (1.5)
Other income 6.3 14.1 9.3 21.5
Other expense (6.7) (12.4) (8.7) (18.5)
Net other income (expense) 33.4 28.9 87.5 (715.5)
INTEREST EXPENSE        
Interest on long-term debt 37.8 38.8 76.2 75.4
Allowance for borrowed funds used during construction (0.7) (0.5) (1.5) (1.0)
Interest on short-term debt and other interest charges 2.8 2.5 4.6 4.7
Interest expense 39.9 40.8 79.3 79.1
INCOME (LOSS) BEFORE TAXES 123.0 113.5 186.3 (612.9)
INCOME TAX EXPENSE (BENEFIT) 10.1 27.6 20.7 (207.0)
NET INCOME (LOSS) $ 112.9 $ 85.9 $ 165.6 $ (405.9)
BASIC AVERAGE COMMON SHARES OUTSTANDING 200.2 200.2 200.1 200.2
DILUTED AVERAGE COMMON SHARES OUTSTANDING 200.4 200.5 200.2 200.2
BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE $ 0.56 $ 0.43 $ 0.83 $ (2.03)
DILUTED EARNINGS (LOSS) PER AVERAGE COMMON SHARE $ 0.56 $ 0.43 $ 0.83 $ (2.03)
Other Comprehensive Income (Loss), Net of Tax $ 0.7 $ 0.9 $ 4.2 $ 0.0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent 113.6 86.8 169.8 (405.9)
OG&E [Member]        
Revenues from contracts with customers 564.5 492.0 2,185.5 912.4
Other revenues 12.9 11.5 22.5 22.4
Operating revenues 577.4 503.5 2,208.0 934.8
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE 200.0 137.4 1,546.8 272.4
OPERATING EXPENSES        
Other operation and maintenance 118.3 117.7 228.6 238.7
Depreciation and amortization 102.9 97.3 201.6 191.7
Taxes other than income 25.0 25.0 50.7 48.9
Operating expenses 246.2 240.0 480.9 479.3
OPERATING INCOME 131.2 126.1 180.3 183.1
OTHER INCOME (EXPENSE)        
Allowance for equity funds used during construction 1.6 1.3 2.9 2.6
Other net periodic benefit expense (1.2) (1.0) (2.1) (1.5)
Other income 1.1 1.1 2.8 2.6
Other expense (0.3) (0.9) (0.7) (1.4)
Net other income (expense) 1.2 0.5 2.9 2.3
INTEREST EXPENSE        
Interest on long-term debt 37.4 38.8 75.8 75.4
Allowance for borrowed funds used during construction (0.7) (0.5) (1.5) (1.0)
Interest on short-term debt and other interest charges 1.2 1.0 2.0 1.8
Interest expense 37.9 39.3 76.3 76.2
INCOME (LOSS) BEFORE TAXES 94.5 87.3 106.9 109.2
INCOME TAX EXPENSE (BENEFIT) 9.4 8.4 10.6 10.4
NET INCOME (LOSS) 85.1 78.9 96.3 98.8
Other Comprehensive Income (Loss), Net of Tax 0.0 0.0 0.0 0.0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 85.1 $ 78.9 $ 96.3 $ 98.8
[1] In February 2021, Winter Storm Uri resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices in OG&E's service territory. Operating revenues significantly increased due to increased fuel, purchased power and direct transmission expenses, which are recoverable from customers, as a result of Winter Storm Uri. 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