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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues from contracts with customers [1] $ 578.1 $ 1,621.0
Other revenues 11.2 9.6
Operating revenues 589.3 1,630.6
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE 255.7 1,346.8
OPERATING EXPENSES    
Other operation and maintenance 115.0 109.3
Depreciation and amortization 107.4 98.7
Taxes other than income 28.1 27.2
Operating expenses 250.5 235.2
OPERATING INCOME 83.1 48.6
OTHER INCOME (EXPENSE)    
Equity Securities, FV-NI, Gain (Loss) 282.3 0.0
Equity in earnings of unconsolidated affiliates 0.0 53.2
Allowance for equity funds used during construction 1.3 1.3
Other net periodic benefit expense (9.4) (1.4)
Other income 22.6 3.0
Other expense (5.2) (2.0)
Net other income 291.6 54.1
INTEREST EXPENSE    
Interest on long-term debt 39.4 38.4
Allowance for borrowed funds used during construction (1.2) (0.8)
Interest on short-term debt and other interest charges 1.9 1.8
Interest expense 40.1 39.4
INCOME BEFORE TAXES 334.6 63.3
INCOME TAX EXPENSE 55.1 10.6
NET INCOME $ 279.5 $ 52.7
BASIC AVERAGE COMMON SHARES OUTSTANDING 200.2 200.1
DILUTED AVERAGE COMMON SHARES OUTSTANDING 200.6 200.1
BASIC EARNINGS PER AVERAGE COMMON SHARE $ 1.40 $ 0.26
DILUTED EARNINGS PER AVERAGE COMMON SHARE $ 1.39 $ 0.26
Other Comprehensive Income (Loss), Net of Tax $ 7.8 $ 3.5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent 287.3 56.2
OG&E [Member]    
Revenues from contracts with customers 578.1 1,621.0
Other revenues 11.2 9.6
Operating revenues 589.3 1,630.6
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE 255.7 1,346.8
OPERATING EXPENSES    
Other operation and maintenance 115.5 110.3
Depreciation and amortization 107.4 98.7
Taxes other than income 26.8 25.7
Operating expenses 249.7 234.7
OPERATING INCOME 83.9 49.1
OTHER INCOME (EXPENSE)    
Allowance for equity funds used during construction 1.3 1.3
Other net periodic benefit expense (1.4) (0.9)
Other income 1.2 1.7
Other expense (0.4) (0.4)
Net other income 0.7 1.7
INTEREST EXPENSE    
Interest on long-term debt 38.5 38.4
Allowance for borrowed funds used during construction (1.2) (0.8)
Interest on short-term debt and other interest charges 0.9 0.8
Interest expense 38.2 38.4
INCOME BEFORE TAXES 46.4 12.4
INCOME TAX EXPENSE 7.4 1.2
NET INCOME 39.0 11.2
Other Comprehensive Income (Loss), Net of Tax 0.0 0.0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 39.0 $ 11.2
[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 for the three months ended March 31, 2021 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 14 and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation."