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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues from contracts with customers [1] $ 1,250.6 $ 848.2 $ 2,619.7 $ 3,033.7
Other revenues 20.2 16.2 44.1 38.7
Operating revenues 1,270.8 864.4 2,663.8 3,072.4
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE 673.8 330.1 1,322.8 1,876.9
OPERATING EXPENSES        
Other operation and maintenance 131.4 115.4 364.5 343.9
Depreciation and amortization 122.4 108.6 341.4 310.2
Taxes other than income 25.3 25.5 77.5 78.5
Operating expenses 279.1 249.5 783.4 732.6
OPERATING INCOME 317.9 284.8 557.6 462.9
OTHER INCOME (EXPENSE)        
Equity Securities, FV-NI, Gain (Loss) 39.4 0.0 282.1 0.0
Equity in earnings of unconsolidated affiliates 0.0 41.2 0.0 127.9
Allowance for equity funds used during construction 2.4 1.9 4.6 4.8
Other net periodic benefit income (expense) 0.3 (1.6) (11.8) (4.3)
Other income 16.1 5.6 60.6 14.9
Other expense (19.5) (3.8) (33.1) (12.5)
Net other income 38.7 43.3 302.4 130.8
INTEREST EXPENSE        
Interest on long-term debt 40.8 39.3 119.7 115.5
Allowance for borrowed funds used during construction (0.6) (1.0) (2.7) (2.5)
Interest on short-term debt and other interest charges 2.0 1.2 7.7 5.8
Interest expense 42.2 39.5 124.7 118.8
INCOME BEFORE TAXES 314.4 288.6 735.3 474.9
INCOME TAX EXPENSE 51.6 36.1 119.9 56.8
NET INCOME $ 262.8 $ 252.5 $ 615.4 $ 418.1
BASIC AVERAGE COMMON SHARES OUTSTANDING 200.2 200.2 200.2 200.1
DILUTED AVERAGE COMMON SHARES OUTSTANDING 200.9 200.4 200.7 200.3
BASIC EARNINGS PER AVERAGE COMMON SHARE $ 1.31 $ 1.26 $ 3.07 $ 2.09
DILUTED EARNINGS PER AVERAGE COMMON SHARE $ 1.31 $ 1.26 $ 3.07 $ 2.09
Other Comprehensive Income (Loss), Net of Tax $ 1.7 $ 1.6 $ 10.4 $ 5.8
Comprehensive Income (Loss), Net of Tax, Attributable to Parent 264.5 254.1 625.8 423.9
OG&E [Member]        
Revenues from contracts with customers 1,250.6 848.2 2,619.7 3,033.7
Other revenues 20.2 16.2 44.1 38.7
Operating revenues 1,270.8 864.4 2,663.8 3,072.4
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE 673.8 330.1 1,322.8 1,876.9
OPERATING EXPENSES        
Other operation and maintenance 121.5 115.8 355.3 344.4
Depreciation and amortization 122.4 108.6 341.4 310.2
Taxes other than income 24.5 24.6 74.6 75.3
Operating expenses 268.4 249.0 771.3 729.9
OPERATING INCOME 328.6 285.3 569.7 465.6
OTHER INCOME (EXPENSE)        
Allowance for equity funds used during construction 2.4 1.9 4.6 4.8
Other net periodic benefit income (expense) 2.2 (1.1) (1.0) (3.2)
Other income 2.1 2.4 4.3 5.2
Other expense (1.1) (0.3) (1.9) (1.0)
Net other income 5.6 2.9 6.0 5.8
INTEREST EXPENSE        
Interest on long-term debt 39.8 38.4 116.9 114.2
Allowance for borrowed funds used during construction (0.6) (1.0) (2.7) (2.5)
Interest on short-term debt and other interest charges 1.0 0.6 4.0 2.6
Interest expense 40.2 38.0 118.2 114.3
INCOME BEFORE TAXES 294.0 250.2 457.5 357.1
INCOME TAX EXPENSE 40.9   64.7 37.0
NET INCOME 253.1 223.8 392.8 320.1
Other Comprehensive Income (Loss), Net of Tax 0.0 0.0 0.0 0.0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 253.1 $ 223.8 $ 392.8 $ 320.1
[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 nine months ended September 30, 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 Operations."