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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue from Contract with Customer, Excluding Assessed Tax $ 3,588.7 [1] $ 2,069.8 $ 2,175.5
Revenues from Alternative Revenue Programs 65.0 52.5 56.1
OPERATING REVENUES      
Total operating revenues 3,653.7 2,122.3 2,231.6
Total cost of sales 2,127.6 644.6 786.9
OPERATING EXPENSES      
Other operation and maintenance 463.1 462.8 491.8
Depreciation and amortization 416.0 391.3 355.0
Taxes other than income 102.8 101.4 93.6
Operating expenses 981.9 955.5 940.4
Operating income (loss) 544.2 522.2 504.3
OTHER INCOME (EXPENSE)      
Equity in earnings (losses) of unconsolidated affiliates 169.8 (668.0) [2],[3] 113.9 [2]
Allowance for equity funds used during construction 6.7 4.8 4.5
Pension and Other Postretirement Benefits Cost (Reversal of Cost) (6.1) (3.9) (9.8)
Equity Securities, FV-NI, Gain (Loss) (8.6) 0.0 0.0
Other income 26.3 37.5 21.9
Gain (Loss) on Disposition of Assets 344.4 0.0 0.0
Other expense (39.9) (35.2) (23.5)
Net other income (expense) 492.6 (664.8) 107.0
INTEREST EXPENSE      
Interest on long-term debt 154.8 152.8 138.3
Allowance for borrowed funds used during construction (3.5) (1.9) (2.8)
Interest on short-term debt and other interest charges 7.0 7.6 12.4
Interest expense 158.3 158.5 147.9
INCOME (LOSS) BEFORE TAXES 878.5 (301.1) 463.4
INCOME TAX EXPENSE (BENEFIT) 141.2 (127.4) 29.8
NET INCOME (LOSS) $ 737.3 $ (173.7) $ 433.6
BASIC AVERAGE COMMON SHARES OUTSTANDING 200.1 200.1 200.1
DILUTED AVERAGE COMMON SHARES OUTSTANDING 200.3 200.1 200.7
BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE $ 3.68 $ (0.87) $ 2.17
DILUTED EARNINGS (LOSS) PER AVERAGE COMMON SHARE 3.68 (0.87) 2.16
DIVIDENDS DECLARED PER COMMON SHARE $ 1.6250 $ 1.5800 $ 1.5050
Other Comprehensive Income (Loss), Net of Tax $ 7.3 $ (4.2) $ 1.0
Og and E [Member]      
Revenue from Contract with Customer, Excluding Assessed Tax 3,588.7 2,069.8 2,175.5
Revenues from Alternative Revenue Programs 65.0 52.5 56.1
OPERATING REVENUES      
Total operating revenues 3,653.7 2,122.3 2,231.6
Total cost of sales 2,127.6 644.6 786.9
OPERATING EXPENSES      
Other operation and maintenance 464.7 464.4 492.5
Depreciation and amortization 416.0 391.3 355.0
Taxes other than income 99.3 97.2 89.5
Operating expenses 980.0 952.9 937.0
Operating income (loss) 546.1 524.8 507.7
OTHER INCOME (EXPENSE)      
Allowance for equity funds used during construction 6.7 4.8 4.5
Pension and Other Postretirement Benefits Cost (Reversal of Cost) (4.3) (3.1) (1.2)
Other income 7.1 5.0 6.7
Other expense (1.8) (2.6) (6.9)
Net other income (expense) 7.7 4.1 3.1
INTEREST EXPENSE      
Interest on long-term debt 152.7 152.8 138.3
Allowance for borrowed funds used during construction (3.5) (1.9) (2.8)
Interest on short-term debt and other interest charges 2.8 3.9 5.0
Interest expense 152.0 154.8 140.5
INCOME (LOSS) BEFORE TAXES 401.8 374.1 370.3
INCOME TAX EXPENSE (BENEFIT) 41.8 34.7 20.1
Net Income (Loss) Attributable to Parent 360.0 339.4 350.2
Other Comprehensive Income (Loss), Net of Tax 0.0 0.0 0.0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 360.0 $ 339.4 $ 350.2
[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 generally recoverable from customers, as a result of Winter Storm Uri. For further discussion, see Note 16 and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations."
[2] 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
[3] In March 2020, OGE Energy recorded a $780.0 million impairment on its investment in Enable, as further discussed in Notes 5 and 7.