XML 1058 R34.htm IDEA: XBRL DOCUMENT v3.22.0.1
Investment in Unconsolidated Affiliate (Tables)
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Summarized Balance Sheet Financial Information, Equity Method Investment [Table Text Block]
The following tables present summarized unaudited financial information for 100 percent of Enable as of December 2, 2021 and December 31, 2020 and for the period of January 1, 2021 through December 2, 2021 and the years ended December 31, 2020 and 2019.
Balance SheetDecember 2, 2021December 31, 2020
(In millions)
Current assets$594 $381 
Non-current assets$11,227 $11,348 
Current liabilities$1,254 $582 
Non-current liabilities$3,281 $4,052 
Summarized Income Statement Financial Information, Equity Method Investment [Table Text Block]
Period of January 1, 2021 through December 2, 2021Year Ended
Income StatementDecember 31, 2020December 31, 2019
(In millions)
Total revenues$3,466 $2,463 $2,960 
Cost of natural gas and NGLs (excluding depreciation and amortization)$1,959 $965 $1,279 
Operating income$634 $465 $569 
Net income$461 $52 $360 
Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Table Text Block]
The following table presents a reconciliation of OGE Energy's equity in earnings (losses) of unconsolidated affiliates for the period of January 1, 2021 through December 2, 2021 and the years ended December 31, 2020 and 2019. For further discussion of Enable's net income, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations - OGE Holdings (Natural Gas Midstream Operations)."
Period of January 1, 2021 through December 2, 2021Year Ended
(In millions)December 31, 2020December 31, 2019
Enable net income$461.0 $52.0 $360.0 
Differences due to timing of OGE Energy and Enable accounting close9.0 — — 
Enable net income used to calculate OGE Energy's equity in earnings$470.0 $52.0 $360.0 
OGE Energy's percent ownership at period end25.5 %25.5 %25.5 %
OGE Energy's portion of Enable net income$119.8 $13.2 $91.8 
Amortization of basis difference and dilution recognition (A)50.0 98.8 22.1 
Impairment of OGE Energy's equity method investment in Enable (B)— (780.0)— 
Equity in earnings (losses) of unconsolidated affiliates (C)$169.8 $(668.0)$113.9 
(A)Includes loss on dilution, net of proportional basis difference recognition.
(B)Effective March 31, 2020, OGE Energy estimated the fair value of its investment in Enable was below the book value and concluded the decline in value was not temporary due to the severity of the decline and recent rapid deterioration, as well as the near term future outlook, of the midstream oil and gas industry. Accordingly, OGE Energy recorded a $780.0 million impairment on its investment in Enable in 2020. Further information concerning the fair value method used to measure the impairment on OGE Energy's investment in Enable can be found in Note 7.
(C)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.
Schedule of Related Party Transactions [Table Text Block] The following table presents summarized related party transactions between OG&E and Enable during the period of January 1, 2021 through December 2, 2021 and the years ended December 31, 2020 and 2019.
Period of January 1, 2021 through December 2, 2021Year Ended
(In millions)December 31, 2020December 31, 2019
Operating revenues:
Electricity to power electric compression assets$13.3 $15.1 $15.9 
Fuel, purchased power and direct transmission expense:
Natural gas transportation services$32.7 $32.8 $41.2 
Natural gas purchases (sales)$(33.5)$2.7 $(6.0)