Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended |
Mar. 31, 2014 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'OGE ENERGY CORP. |
Entity Central Index Key | '0001021635 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'FY |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 199,138,921 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING REVENUES | ' | ' |
Electric Utility | $560.40 | $453.70 |
Natural Gas Midstream Operations (Note 1) | 0 | 447.7 |
Total operating revenues | 560.4 | 901.4 |
COST OF SALES | ' | ' |
Electric Utility | 293.4 | 201.1 |
Natural Gas Midstream Operations (Note 1) | 0 | 351.9 |
Total cost of sales | 293.4 | 553 |
OPERATING EXPENSES | ' | ' |
Other operation and maintenance | 112.4 | 148 |
Depreciation and amortization | 67.2 | 91.9 |
Taxes other than income | 25.6 | 33.1 |
Total operating expenses | 205.2 | 273 |
OPERATING INCOME | 61.8 | 75.4 |
OTHER INCOME (EXPENSE) | ' | ' |
Equity in earnings of unconsolidated affiliates (Note 1) | 47.9 | 0 |
Allowance for equity funds used during construction | 1.1 | 1.2 |
Other income | 1.4 | 14.7 |
Other expense | -3.3 | -6.5 |
Net other income | 47.1 | 9.4 |
INTEREST EXPENSE | ' | ' |
Interest on long-term debt | 35.1 | 39.7 |
Allowance for borrowed funds used during construction | -0.6 | -0.7 |
Interest on short-term debt and other interest charges | 1.4 | 2.2 |
Interest expense | 35.9 | 41.2 |
INCOME BEFORE TAXES | 73 | 43.6 |
INCOME TAX EXPENSE | 23.7 | 15.6 |
NET INCOME | 49.3 | 28 |
Less: Net income attributable to noncontrolling interests | 0 | 4.9 |
NET INCOME ATTRIBUTABLE TO OGE ENERGY | $49.30 | $23.10 |
BASIC AVERAGE COMMON SHARES OUTSTANDING | 198.8 | 197.8 |
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 199.5 | 198.8 |
BASIC EARNINGS PER AVERAGE COMMON SHARE ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS | $0.25 | $0.12 |
DILUTED EARNINGS PER AVERAGE COMMON SHARES ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS | $0.25 | $0.12 |
DIVIDENDS DECLARED PER COMMON SHARE | $0.23 | $0.21 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $49.30 | $28 |
Pension Plan and Restoration of Retirement Income Plan: | ' | ' |
Amortization of deferred net loss, net of tax of $0.3 and $0.4, respectively | 0.4 | 0.9 |
Postretirement Benefit Plans: | ' | ' |
Amortization of deferred net loss, net of tax of $0.1 and $0.3, respectively | 0.2 | 0.5 |
Amortization of prior service cost, net of tax of ($0.3) and ($0.3), respectively | -0.4 | -0.5 |
Deferred commodity contracts hedging (gains) losses reclassified in net income, net of tax of $0.0 and ($0.1), respectively | 0 | -0.1 |
Amortization of deferred interest rate swap hedging losses, net of tax of $0.1 and $0.1, respectively | 0.1 | 0.1 |
Other comprehensive income, net of tax | 0.3 | 0.9 |
Comprehensive income | 49.6 | 28.9 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 5 |
Total comprehensive income attributable to OGE Energy | $49.60 | $23.90 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Parenthetical (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plan and Restoration of Retirement Income Plan: | ' | ' |
Amortization of deferred net loss | $0.30 | $0.40 |
Postretirement Benefit Plans: | ' | ' |
Amortization of deferred net loss | 0.1 | 0.3 |
Amortization of prior service cost | -0.3 | -0.3 |
Deferred commodity contracts hedging gains reclassified in net income | 0 | -0.1 |
Amortization of deferred interest rate swap hedging losses | $0.10 | $0.10 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $49.30 | $28 |
Adjustments to reconcile net income to net cash provided from operating activities | ' | ' |
Depreciation and amortization | 67.2 | 92.9 |
Deferred income taxes and investment tax credits, net | 22 | 15.4 |
Equity in earnings of unconsolidated affiliates | -47.9 | 0 |
Distributions from unconsolidated affiliates | 32.5 | 0 |
Allowance for equity funds used during construction | -1.1 | -1.2 |
Gain on disposition and abandonment of assets | -0.2 | -8.7 |
Stock-based compensation | -8.6 | -8.3 |
Regulatory assets | 3.5 | 5.5 |
Regulatory liabilities | -1.9 | -4.1 |
Other assets | -7.2 | -0.1 |
Other liabilities | 26.2 | 6.3 |
Change in certain current assets and liabilities | ' | ' |
Accounts receivable, net | -12.5 | 8.4 |
Accounts receivable - unconsolidated affiliates | 2.1 | 0 |
Accrued unbilled revenues | 7 | 7.8 |
Fuel, materials and supplies inventories | -4 | -7.7 |
Fuel clause under recoveries | -35.8 | -0.4 |
Other current assets | 3.7 | -7.7 |
Accounts payable | -29.6 | 16.5 |
Fuel clause over recoveries | -0.4 | -27.6 |
Other current liabilities | -41.1 | -55.8 |
Net Cash Provided from Operating Activities | 23.2 | 59.2 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures (less allowance for equity funds used during construction) | -171.8 | -325.1 |
Proceeds from sale of assets | 0.4 | 35.6 |
Net Cash Used in Investing Activities | -171.4 | -289.5 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from long-term debt | 246.9 | 0 |
Issuance of common stock | 3.4 | 3.2 |
Distributions to noncontrolling interest partners | 0 | -2.5 |
Dividends paid on common stock | -44.7 | -41.2 |
(Decrease) increase in short-term debt | -61.8 | 276.1 |
Net Cash Provided from Financing Activities | 143.8 | 235.6 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -4.4 | 5.3 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 6.8 | 1.8 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $2.40 | $7.10 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $2.40 | $6.80 |
Accounts receivable, less reserve of $1.1 and $1.9, respectively | 191.9 | 179.4 |
Accounts receivable - unconsolidated affiliates | 10.3 | 12.4 |
Accrued unbilled revenues | 51.7 | 58.7 |
Income taxes receivable | 5.6 | 5.6 |
Fuel inventories | 82.4 | 74.4 |
Materials and supplies, at average cost | 76.7 | 80.7 |
Deferred income taxes | 188.6 | 215.8 |
Fuel clause under recoveries | 62 | 26.2 |
Other | 30.9 | 34.6 |
Total current assets | 702.5 | 694.6 |
OTHER PROPERTY AND INVESTMENTS | ' | ' |
Investment in unconsolidated affiliates | 1,314.20 | 1,298.80 |
Other | 63.1 | 61 |
Total other property and investments | 1,377.30 | 1,359.80 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
In service | 9,302.90 | 9,183.10 |
Construction work in progress | 470.3 | 468.5 |
Total property, plant and equipment | 9,773.20 | 9,651.60 |
Less accumulated depreciation | 3,010.90 | 2,978.80 |
Net property, plant and equipment | 6,762.30 | 6,672.80 |
DEFERRED CHARGES AND OTHER ASSETS | ' | ' |
Regulatory assets | 374.4 | 379.1 |
Other | 34.2 | 28.4 |
Total deferred charges and other assets | 408.6 | 407.5 |
TOTAL ASSETS | 9,250.70 | 9,134.70 |
CURRENT LIABILITIES | ' | ' |
Short-term debt | 377.8 | 439.6 |
Accounts payable | 209.6 | 251 |
Dividends payable | 44.8 | 44.7 |
Customer deposits | 71.4 | 70.9 |
Accrued taxes | 26 | 39.9 |
Accrued interest | 34.2 | 43.4 |
Accrued compensation | 38.2 | 56.9 |
Long-term debt due within one year | 100 | 100 |
Fuel clause over recoveries | 0 | 0.4 |
Other | 47.3 | 47 |
Total current liabilities | 949.3 | 1,093.80 |
LONG-TERM DEBT | 2,549.40 | 2,300.10 |
DEFERRED CREDITS AND OTHER LIABILITIES | ' | ' |
Accrued benefit obligations | 242.8 | 241.5 |
Deferred income taxes | 2,119.80 | 2,125.30 |
Deferred investment tax credits | 1.6 | 1.9 |
Regulatory liabilities | 237.6 | 234.2 |
Other | 112.4 | 100.8 |
Total deferred credits and other liabilities | 2,714.20 | 2,703.70 |
Total liabilities | 6,212.90 | 6,097.60 |
COMMITMENTS AND CONTINGENCIES (NOTE 13) | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stockholders' equity | 1,069.60 | 1,073.60 |
Retained earnings | 1,996.10 | 1,991.70 |
Accumulated other comprehensive loss, net of tax | -27.9 | -28.2 |
Total stockholders' equity | 3,037.80 | 3,037.10 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $9,250.70 | $9,134.70 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Parenthetical (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable | $1.10 | $1.90 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Total | Common Stock | Premium on Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Treasury Stock |
In Millions, unless otherwise specified | |||||||
Balance at Dec. 31, 2012 | $3,072.40 | $1 | $1,046.40 | $1,772.40 | ($49.10) | $305.20 | ($3.50) |
Changes in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 28 | 0 | 0 | 23.1 | 0 | 4.9 | 0 |
Other comprehensive income, net of tax | 0.9 | 0 | 0 | 0 | 0.8 | 0.1 | 0 |
Dividends declared on common stock | -41.4 | 0 | 0 | -41.4 | 0 | 0 | 0 |
Issuance of common stock | 3.2 | 0 | 3.2 | 0 | 0 | 0 | 0 |
Stock-based compensation and other | -8.3 | 0 | -10.9 | 0 | 0 | -0.9 | 3.5 |
Distributions to noncontrolling interest partners | -2.5 | 0 | 0 | 0 | 0 | -2.5 | 0 |
Balance at Mar. 31, 2013 | 3,052.30 | 1 | 1,038.70 | 1,754.10 | -48.3 | 306.8 | 0 |
Balance at Dec. 31, 2013 | 3,037.10 | 2 | 1,071.60 | 1,991.70 | -28.2 | 0 | 0 |
Changes in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 49.3 | 0 | 0 | 49.3 | 0 | 0 | 0 |
Other comprehensive income, net of tax | 0.3 | 0 | 0 | 0 | 0.3 | 0 | 0 |
Dividends declared on common stock | -44.9 | 0 | 0 | -44.9 | 0 | 0 | 0 |
Issuance of common stock | 3.4 | 0 | 3.4 | 0 | 0 | 0 | 0 |
Stock-based compensation and other | -7.4 | 0 | -7.4 | 0 | 0 | 0 | 0 |
Distributions to noncontrolling interest partners | 0 | ' | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | $3,037.80 | $2 | $1,067.60 | $1,996.10 | ($27.90) | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||||
Organization | ||||||||||||||||||||
The Company is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas primarily in the south central United States. The Company conducts these activities through two business segments: (i) electric utility and (ii) natural gas midstream operations. For a discussion of change in business segments, see Note 12. For periods prior to May 1, 2013, the Company consolidated Enogex Holdings in its Condensed Consolidated Financial Statements. All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||||||||||
Effective May 1, 2013, OGE Energy, the ArcLight group and CenterPoint Energy, Inc., formed Enable Midstream Partners, L.P. to own and operate the midstream businesses of OGE Energy and CenterPoint. In the formation transaction, OGE Energy and ArcLight contributed Enogex LLC to Enable and the Company deconsolidated its previously held investment in Enogex Holdings and acquired an equity interest in Enable. The Company determined that its contribution of Enogex LLC to Enable met the requirements of being in substance real estate and was recorded at historical cost. The general partner of Enable is equally controlled by CenterPoint and OGE Energy, who each have 50 percent of the management rights. Based on the 50/50 management ownership, with neither company having control, effective May 1, 2013, OGE Energy began accounting for its interest in Enable using the equity method of accounting. At March 31, 2014, OGE Energy, through its wholly owned subsidiary OGE Holdings, held 28.5 percent of the limited partner interests in Enable. OGE Energy also owns a 60 percent interest in any incentive distribution rights in Enable. Incentive distribution rights entitle the holder to increasing percentages, up to a maximum of 50 percent, of the cash distributed by Enable in excess of the target quarterly distributions established in connection with Enable’s initial public offering as described below. On April 16, 2014, Enable completed an initial public offering of 28,750,000 common units resulting in Enable becoming a publicly traded Master Limited Partnership. The offering represented approximately 6.9 percent of the limited partner interests and raised approximately $466 million in net proceeds for Enable. As a result of the offering, OGE Holding's ownership was reduced from 28.5 percent to 26.7 percent. | ||||||||||||||||||||
In connection with Enable’s initial public offering, approximately 61.4 percent of OGE Holdings and CenterPoint’s common units were converted into subordinated units. As a result, following the initial public offering, OGE Holdings owned 42,832,291 common units and 68,150,514 subordinated units of Enable. Holders of subordinated units are not entitled to receive any distribution of available cash until the common units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution from prior quarters. The subordinated units will convert into common units when Enable has paid at least the minimum quarterly distribution for three years or paid at least 150 percent of the minimum quarterly distribution for one year. | ||||||||||||||||||||
Enable is expected to pay a minimum quarterly distribution of $0.2875 per unit on its outstanding units to the extent it has sufficient cash from operations after establishment of cash reserves and payment of fees and expenses, including payments to its general partner and its affiliates, within 45 days after the end of each quarter. Enable will adjust the amount of this distribution for the period from April 16, 2014, the completion of its initial public offering, through June 30, 2014 based on the actual length of the period. If cash distributions to Enable’s unitholders exceed $0.330625 per unit in any quarter, the general partner will receive increasing percentages, up to 50 percent, of the cash Enable distributes in excess of that amount. As indicated above, OGE Holdings is entitled to 60 percent of those “incentive distributions.” In certain circumstances, the general partner, will have the right to reset the minimum quarterly distribution and the target distribution levels at which the incentive distributions receive increasing percentages to higher levels based on Enable’s cash distributions at the time of the exercise of this reset election. | ||||||||||||||||||||
The electric utility segment generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas. Its operations are conducted through OG&E and are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory. OG&E is the largest electric utility in Oklahoma and its franchised service territory includes the Fort Smith, Arkansas area. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business. | ||||||||||||||||||||
The natural gas midstream operations segment consists of the Company's investment in Enable. Enable is engaged in the business of gathering, processing, transporting and storing natural gas. Enable's natural gas gathering and processing assets are strategically located in four states and serve natural gas production from shale developments in the Anadarko, Arkoma and Ark-La-Tex basins. Enable also owns an emerging crude oil gathering business in the Bakken shale formation that commenced initial operations in November 2013. Enable is continuing to construct additional crude oil gathering capacity in this area. Enable's natural gas transportation and storage assets extend from western Oklahoma and the Texas Panhandle to Alabama and from Louisiana to Illinois. | ||||||||||||||||||||
As discussed below, the Company completed a 2-for-1 stock split of the Company's common stock effective July 1, 2013. All share and per share amounts within this Form 10-Q reflect the effects of the stock split. | ||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||
The Condensed Consolidated Financial Statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures are adequate to prevent the information presented from being misleading. | ||||||||||||||||||||
In the opinion of management, all adjustments necessary to fairly present the consolidated financial position of the Company at March 31, 2014 and December 31, 2013, the results of its operations for the three months ended March 31, 2014 and 2013 and the results of its cash flows for the three months ended March 31, 2014 and 2013, have been included and are of a normal recurring nature except as otherwise disclosed. | ||||||||||||||||||||
Due to seasonal fluctuations and other factors, the Company's operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or for any future period. The Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in the Company's 2013 Form 10-K. | ||||||||||||||||||||
Accounting Records | ||||||||||||||||||||
The accounting records of OG&E are maintained in accordance with the Uniform System of Accounts prescribed by the FERC and adopted by the OCC and the APSC. Additionally, OG&E, as a regulated utility, is subject to accounting principles for certain types of rate-regulated activities, which provide that certain actual or anticipated costs that would otherwise be charged to expense can be deferred as regulatory assets, based on the expected recovery from customers in future rates. Likewise, certain actual or anticipated credits that would otherwise reduce expense can be deferred as regulatory liabilities, based on the expected flowback to customers in future rates. Management's expected recovery of deferred costs and flowback of deferred credits generally results from specific decisions by regulators granting such ratemaking treatment. | ||||||||||||||||||||
OG&E records certain actual or anticipated costs and obligations as regulatory assets or liabilities if it is probable, based on regulatory orders or other available evidence, that the cost or obligation will be included in amounts allowable for recovery or refund in future rates. | ||||||||||||||||||||
The following table is a summary of OG&E's regulatory assets and liabilities at: | ||||||||||||||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||
Regulatory Assets | ||||||||||||||||||||
Current | ||||||||||||||||||||
Fuel clause under recoveries | $ | 62 | $ | 26.2 | ||||||||||||||||
Oklahoma demand program rider under recovery (A) | 8.8 | 10.6 | ||||||||||||||||||
Crossroads wind farm rider under recovery (A) | — | 4.7 | ||||||||||||||||||
Other (A) | 9.2 | 7.3 | ||||||||||||||||||
Total Current Regulatory Assets | $ | 80 | $ | 48.8 | ||||||||||||||||
Non-Current | ||||||||||||||||||||
Benefit obligations regulatory asset | $ | 224.8 | $ | 227.4 | ||||||||||||||||
Income taxes recoverable from customers, net | 56.4 | 56.5 | ||||||||||||||||||
Smart Grid | 44.1 | 44.2 | ||||||||||||||||||
Deferred storm expenses | 21.5 | 21.6 | ||||||||||||||||||
Unamortized loss on reacquired debt | 11.5 | 11.8 | ||||||||||||||||||
Pension tracker | — | 1.4 | ||||||||||||||||||
Other | 16.1 | 16.2 | ||||||||||||||||||
Total Non-Current Regulatory Assets | $ | 374.4 | $ | 379.1 | ||||||||||||||||
Regulatory Liabilities | ||||||||||||||||||||
Current | ||||||||||||||||||||
Smart Grid rider over recovery (B) | $ | 15.7 | $ | 16.7 | ||||||||||||||||
Fuel clause over recoveries | — | 0.4 | ||||||||||||||||||
Other (B) | 2.6 | 3.1 | ||||||||||||||||||
Total Current Regulatory Liabilities | $ | 18.3 | $ | 20.2 | ||||||||||||||||
Non-Current | ||||||||||||||||||||
Accrued removal obligations, net | $ | 230.8 | $ | 227.7 | ||||||||||||||||
Deferred pension credits | 3.7 | 6.5 | ||||||||||||||||||
Pension tracker | 3.1 | — | ||||||||||||||||||
Total Non-Current Regulatory Liabilities | $ | 237.6 | $ | 234.2 | ||||||||||||||||
(A) | Included in Other Current Assets on the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(B) | Included in Other Current Liabilities on the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
Management continuously monitors the future recoverability of regulatory assets. When in management's judgment future recovery becomes impaired, the amount of the regulatory asset is adjusted, as appropriate. If OG&E were required to discontinue the application of accounting principles for certain types of rate-regulated activities for some or all of its operations, it could result in writing off the related regulatory assets, which could have significant financial effects. | ||||||||||||||||||||
Investment in Unconsolidated Affiliate | ||||||||||||||||||||
OGE Energy's investment in Enable is considered to be a variable interest entity because the owners of the equity at risk in this entity have disproportionate voting rights in relation to their obligations to absorb the entity's expected losses or to receive its expected residual returns. However, OGE Energy is not considered the primary beneficiary of Enable since it does not have the power to direct the activities of Enable that are considered most significant to the economic performance of Enable. As discussed above, OGE Energy accounts for the investment in Enable using the equity method of accounting. Under the equity method, the investment will be adjusted each period for contributions made, distributions received and the Company's share of the investee's comprehensive income. OGE Energy's maximum exposure to loss related to Enable is limited to OGE Energy's equity investment in Enable as presented on the Company's Condensed Consolidated Balance Sheet at March 31, 2014. The Company evaluates its equity method investment for impairment when events or changes in circumstances indicate there is a loss in value of the investment that is other than a temporary decline. | ||||||||||||||||||||
The Company considers distributions received from Enable which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment which are classified as operating activities in the Condensed Consolidated Statements of Cash Flows. The Company considers distributions received from Enable in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment which are classified as investing activities in the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||||||
Asset Retirement Obligation | ||||||||||||||||||||
The following table summarizes changes to the Company's asset retirement obligations during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||
Balance at January 1 | $ | 55.2 | $ | 54 | ||||||||||||||||
Liabilities settled | — | (0.1 | ) | |||||||||||||||||
Accretion expense | 0.6 | 0.6 | ||||||||||||||||||
Balance at March 31 | $ | 55.8 | $ | 54.5 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
The following table summarizes changes in the components of accumulated other comprehensive loss attributable to OGE Energy during the three months ended March 31, 2014. All amounts below are presented net of tax and noncontrolling interest. | ||||||||||||||||||||
Pension Plan and Restoration of Retirement Income Plan | Postretirement Benefit Plans | |||||||||||||||||||
Net loss | Prior service cost | Net loss | Prior service cost | Deferred interest rate swap hedging losses | Total | |||||||||||||||
Balance at December 31, 2013 | $ | (27.4 | ) | $ | 0.1 | $ | (5.8 | ) | $ | 5.1 | $ | (0.2 | ) | $ | (28.2 | ) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.4 | — | 0.2 | (0.4 | ) | 0.1 | 0.3 | |||||||||||||
Net current period other comprehensive income (loss) | 0.4 | — | 0.2 | (0.4 | ) | 0.1 | 0.3 | |||||||||||||
Balance at March 31, 2014 | $ | (27.0 | ) | $ | 0.1 | $ | (5.6 | ) | $ | 4.7 | $ | (0.1 | ) | $ | (27.9 | ) | ||||
The following table summarizes significant amounts reclassified out of accumulated other comprehensive loss by the respective line items in net income during the three months ended March 31, 2014. | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Losses on cash flow hedges | ||||||||||||||||||||
Interest rate swap | $ | (0.2 | ) | Interest expense | ||||||||||||||||
(0.2 | ) | Total before tax | ||||||||||||||||||
(0.1 | ) | Tax benefit | ||||||||||||||||||
$ | (0.1 | ) | Net of tax | |||||||||||||||||
Amortization of defined benefit pension items | ||||||||||||||||||||
Actuarial losses | $ | (0.7 | ) | (A) | ||||||||||||||||
(0.7 | ) | Total before tax | ||||||||||||||||||
(0.3 | ) | Tax benefit | ||||||||||||||||||
$ | (0.4 | ) | Net of tax | |||||||||||||||||
Amortization of postretirement benefit plan items | ||||||||||||||||||||
Actuarial losses | $ | (0.3 | ) | (A) | ||||||||||||||||
Prior service credit | 0.7 | (A) | ||||||||||||||||||
0.4 | Total before tax | |||||||||||||||||||
0.2 | Tax expense | |||||||||||||||||||
$ | 0.2 | Net of tax | ||||||||||||||||||
Total reclassifications for the period | $ | (0.3 | ) | Net of tax | ||||||||||||||||
(A) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 11 for additional information). | |||||||||||||||||||
Forward Stock Split | ||||||||||||||||||||
On May 16, 2013, the Company's Board of Directors approved a 2-for-1 forward stock split of the Company's common stock, effective July 1, 2013, which entitled each shareholder of record to receive two shares for every one share of Company stock owned by the shareholder. In connection with the stock split, an amendment to the Company's Articles of Incorporation was approved on May 16, 2013 which increased the number of authorized shares of common stock from 225 million to 450 million. All share and per share amounts within this Form 10-Q reflect the effects of the stock split. | ||||||||||||||||||||
Reclassifications | ||||||||||||||||||||
Prior to May 1, 2013, the Company reported the results of Enogex Holdings in two separate segments: the natural gas transportation and storage segment, and the natural gas gathering and processing segment. After the deconsolidation, these segments were combined into the natural gas midstream operations segment. The presentation of results for the three months ended March 31, 2013 have been revised to reflect this change. Effective May 1, 2013, the Company deconsolidated its previously held investment in Enogex Holdings and acquired an equity interest in Enable. |
Accounting_Pronouncement
Accounting Pronouncement | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
Accounting Pronouncement | |
There were no significant accounting pronouncements issued during the three months ended March 31, 2014 that had or will have a material impact on our consolidated results of operations, financial position or cash flows. |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliates | 3 Months Ended | |||
Mar. 31, 2014 | ||||
OGE Energy Midstream Partnership with CenterPoint Energy Inc. [Abstract] | ' | |||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||
Investment in Unconsolidated Affiliate and Related Party Transactions | ||||
On March 14, 2013, OGE Energy entered into a Master Formation Agreement with the ArcLight group and CenterPoint Energy, Inc., pursuant to which OGE Energy, the ArcLight Group and CenterPoint Energy, Inc., agreed to form Enable to own and operate the midstream businesses of OGE Energy and CenterPoint that was initially structured as a private limited partnership. This transaction closed on May 1, 2013. | ||||
Pursuant to the Master Formation Agreement, OGE Energy and the ArcLight group indirectly contributed 100 percent of the equity interests in Enogex LLC to Enable. The Company determined that its contribution of Enogex LLC to Enable met the requirements of being in substance real estate and was recorded at historical cost. Immediately prior to closing, on May 1, 2013, the ArcLight group contributed $107.0 million and OGE Energy contributed $9.1 million to Enogex LLC in order to pay down short-term debt. At March 31, 2014, OGE Energy, through its wholly owned subsidiary OGE Holdings, held 28.5 percent of the limited partner interests in Enable. | ||||
The general partner of Enable is equally controlled by CenterPoint and OGE Energy, who each have 50 percent of the management rights. CenterPoint and OGE Energy also own a 40 percent and 60 percent interest, respectively, in any incentive distribution rights to be held by the general partner of Enable following the initial public offering of Enable on April 16, 2014 as described below. Based on the 50/50 management ownership, with neither company having control, effective May 1, 2013, OGE Energy deconsolidated its interest in Enogex Holdings LLC and began accounting for its interest in Enable using the equity method of accounting. | ||||
Pursuant to a Registration Rights Agreement dated as of May 1, 2013, OGE Energy and CenterPoint Energy, Inc. agreed to initiate the process for the sale of an equity interest in Enable in an initial public offering. On April 16, 2014, Enable completed an initial public offering of 28,750,000 common units resulting in Enable becoming a publicly traded Master Limited Partnership. The offering represented approximately 6.9 percent of the limited partner interests and raised approximately $466 million in net proceeds for Enable. As a result of the offering, OGE Holding's ownership was reduced from 28.5 percent to 26.7 percent. | ||||
On May 1, 2013, OGE Energy, OGE Holdings and Enable entered into a Seconding Agreement. During the term of the Seconding Agreement, OGE Holdings' employees will continue to perform services for Enable and its subsidiaries. | ||||
Distributions received from Enable were $32.5 million during the three months ended March 31, 2014. | ||||
Related Party Transactions | ||||
OGE Energy charged operating costs to Enable of $6.0 million during the three months ended March 31, 2014. OGE Energy charges operating costs to OG&E and Enable based on several factors. Operating costs directly related to OG&E and or Enable are assigned as such. Operating costs incurred for the benefit of OG&E and Enable are allocated either as overhead based primarily on labor costs or using the "Distrigas" method. The Distrigas method is a three-factor formula that uses an equal weighting of payroll, net operating revenues and gross property, plant and equipment. OGE Energy adopted the Distrigas method in January 1996 as a result of a recommendation by the OCC Staff. OGE Energy believes this method provides a reasonable basis for allocating common expenses. | ||||
Related Party Transactions with Enable | ||||
Three Months Ended | ||||
March 31, | ||||
(In millions) | 2014 | |||
Operating Revenues: | ||||
Electricity to power electric compression assets | $ | 2.9 | ||
Cost of Sales: | ||||
Natural gas transportation services | $ | 8.7 | ||
Natural gas storage services | 3.3 | |||
Natural gas purchases | 5 | |||
Summarized Financial Information of Enable | ||||
Summarized unaudited financial information for 100 percent of Enable is presented below at March 31, 2014 and for the three months ended March 31, 2014. | ||||
Balance Sheet | March 31, 2014 | |||
(In millions) | ||||
Current assets | $ | 500.6 | ||
Non-current assets | 10,757.60 | |||
Current liabilities | 1,038.90 | |||
Non-current liabilities | 2,002.00 | |||
Three Months Ended | ||||
Income Statement | 31-Mar-14 | |||
(In millions) | ||||
Operating revenues | $ | 1,001.60 | ||
Cost of sales | 632.6 | |||
Operating income | 161.9 | |||
Net income attributable to Enable | 149.2 | |||
Enable concluded that the formation of Enable was considered a business combination, and CenterPoint Midstream was the acquirer of Enogex Holdings for accounting purposes. Under this method, the fair value of the consideration paid by CenterPoint Midstream for Enogex Holdings is allocated to the assets acquired and liabilities assumed on May 1, 2013 based on their fair value. Enogex Holdings' assets, liabilities and equity were accordingly adjusted to estimated fair value, resulting in an increase to equity of $2.2 billion. Due to the Company's determination that its contribution of Enogex LLC to Enable met the requirements of being in substance real estate and thus recording the initial investment at historical cost, the effects of the amortization and depreciation expense associated with the fair value adjustments on Enable's results of operations have been eliminated in the Company's recording of its equity in earnings of Enable. | ||||
OGE Energy recorded equity in earnings of unconsolidated affiliates of $47.9 million for the three months ended March 31, 2014. Equity in earnings of unconsolidated affiliates includes OGE Energy's 28.5 percent share of Enable earnings adjusted for the amortization of the basis difference of OGE Energy's original investment in Enogex and its underlying equity in net assets of Enable, based on historical cost as of May 1, 2013. The basis difference is being amortized over approximately 30 years, the average life of the assets to which the basis difference is attributed. Equity in earnings of unconsolidated affiliates is also adjusted for the elimination of the Enogex Holdings fair value adjustments as described above. | ||||
Three Months Ended | ||||
Reconciliation of Equity in Earnings of Unconsolidated Affiliates | 31-Mar-14 | |||
(In millions) | ||||
OGE's 28.5% share of Enable Net Income | $ | 42.5 | ||
Amortization of basis difference | 3.6 | |||
Elimination of Enogex Holdings fair value and other adjustments | 1.8 | |||
OGE's Equity in earnings of unconsolidated affiliates | $ | 47.9 | ||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
The classification of the Company's fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to quoted prices in active markets for identical unrestricted assets or liabilities (Level 1) and the lowest priority given to unobservable inputs (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels defined in the fair value hierarchy are as follows: | |||||||||||||
Level 1 inputs are quoted prices in active markets for identical unrestricted assets or liabilities that are accessible at the measurement date. | |||||||||||||
Level 2 inputs are inputs other than quoted prices in active markets included within Level 1 that are either directly or indirectly observable at the reporting date for the asset or liability for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||
Level 3 inputs are prices or valuation techniques for the asset or liability that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). | |||||||||||||
The Company had no financial instruments measured at fair value on a recurring basis at March 31, 2014. | |||||||||||||
The following table summarizes the fair value and carrying amount of the Company's financial instruments at March 31, 2014 and December 31, 2013. | |||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||
(In millions) | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||
Value | Value | ||||||||||||
Long-Term Debt | |||||||||||||
OG&E Senior Notes | $ | 2,403.80 | $ | 2,728.00 | $ | 2,154.50 | $ | 2,405.00 | |||||
OG&E Industrial Authority Bonds | 135.4 | 135.4 | 135.4 | 135.4 | |||||||||
OG&E Tinker Debt | 10.3 | 9.2 | 10.3 | 9.1 | |||||||||
OGE Energy Senior Notes | 99.9 | 101.7 | 99.9 | 103.1 | |||||||||
The Company's long-term debt is valued at the carrying amount. The fair value of the Company's long-term debt is based on quoted market prices and estimates of current rates available for similar issues with similar maturities and is classified as Level 2 in the fair value hierarchy except for the Tinker Debt which fair value was based on calculating the net present value of the monthly payments discounted by the Company's current borrowing rate and is classified as Level 3 in the fair value hierarchy. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||
Derivative Instruments and Hedging Activities | ||||||||||
The Company is exposed to certain risks relating to its ongoing business operations, the most significant being interest rate risk, which the Company may manage through the use of derivative instruments. The Company is also exposed to credit risk in its business operations. | ||||||||||
Interest Rate Risk | ||||||||||
The Company's exposure to changes in interest rates primarily relates to short-term variable-rate debt and commercial paper. The Company manages its interest rate exposure by monitoring and limiting the effects of market changes in interest rates. The Company may utilize interest rate derivatives to alter interest rate exposure in an attempt to reduce the effects of these changes. Interest rate derivatives are used solely to modify interest rate exposure and not to modify the overall leverage of the debt portfolio. | ||||||||||
Credit Risk | ||||||||||
The Company is exposed to certain credit risks relating to its ongoing business operations. Credit risk includes the risk that counterparties that owe the Company money or energy will breach their obligations. If the counterparties to these arrangements fail to perform, the Company may be forced to enter into alternative arrangements. In that event, the Company's financial results could be adversely affected and the Company could incur losses. | ||||||||||
Cash Flow Hedges | ||||||||||
For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the change in fair value of the derivative instrument is reported as a component of Accumulated Other Comprehensive Income (Loss) and recognized into earnings in the same period during which the hedged transaction affects earnings. The ineffective portion of a derivative's change in fair value or hedge components excluded from the assessment of effectiveness is recognized currently in earnings. The Company measures the ineffectiveness of commodity cash flow hedges using the change in fair value method whereby the change in the expected future cash flows designated as the hedge transaction are compared to the change in fair value of the hedging instrument. Forecasted transactions, which are designated as the hedged transaction in a cash flow hedge, are regularly evaluated to assess whether they continue to be probable of occurring. If the forecasted transactions are no longer probable of occurring, hedge accounting will cease on a prospective basis and all future changes in the fair value of the derivative will be recognized directly in earnings. | ||||||||||
The Company previously designated as cash flow hedges derivatives for OGE Holdings' NGLs volumes and corresponding keep-whole natural gas resulting from its natural gas processing contracts (processing hedges) and natural gas positions resulting from its natural gas gathering and processing operations and natural gas transportation and storage operations (operational gas hedges). The Company also previously designated as cash flow hedges certain derivatives for certain natural gas storage inventory positions. Due to the deconsolidation of Enogex LLC effective May 1, 2013, the Company had no material instruments designated as cash flow hedges at March 31, 2014. | ||||||||||
Income Statement Presentation Related to Derivative Instruments | ||||||||||
The following tables present the effect of derivative instruments on the Company's Condensed Consolidated Statement of Income for the three months ended March 31, 2013. | ||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||
(In millions) | Amount Recognized in Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) into Income | ||||||||
Amount Recognized in Income | ||||||||||
Natural Gas Financial Futures/Swaps | $ | — | $ | 0.2 | $ | — | ||||
Interest Rate Swap | — | (0.2 | ) | — | ||||||
Total | $ | — | $ | — | $ | — | ||||
Derivatives Not Designated as Hedging Instruments | ||||||||||
(In millions) | Amount Recognized in Income | |||||||||
Natural Gas Financial Futures/Swaps | (0.3 | ) | ||||||||
Total | $ | (0.3 | ) | |||||||
For derivatives designated as cash flow hedges in the tables above, amounts reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) and amounts recognized in income (ineffective portion) for the three months ended March 31, 2013, if any, are reported in Operating Revenues. For derivatives not designated as hedges in the tables above, amounts recognized in income for the three months ended March 31, 2013, if any, are reported in Operating Revenues. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||
Stock-Based Compensation | |||||||
The following table summarizes the Company's pre-tax compensation expense and related income tax benefit during the three months ended March 31, 2014 and 2013 related to the Company's performance units and restricted stock. | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(In millions) | 2014 | 2013 | |||||
Performance units | |||||||
Total shareholder return | $ | 2 | $ | 2 | |||
Earnings per share | 1.7 | 0.6 | |||||
Total performance units | 3.7 | 2.6 | |||||
Restricted stock | 0.1 | 0.1 | |||||
Total compensation expense | 3.8 | 2.7 | |||||
Less: Amount paid by unconsolidated affiliates | 1.2 | — | |||||
Net compensation expense | $ | 2.6 | $ | 2.7 | |||
Income tax benefit | $ | 1 | $ | 1 | |||
The Company has issued new shares to satisfy restricted stock grants and payouts of earned performance units. During the three months ended March 31, 2014, there were 495,185 shares of new common stock issued, respectively, pursuant to the Company's stock incentive plans related to restricted stock grants (net of forfeitures) and payouts of earned performance units. During the three months ended March 31, 2014, there were 1,411 shares of restricted stock, respectively, returned to the Company to satisfy tax liabilities. | |||||||
The following table summarizes the activity of the Company's stock-based compensation during the three months ended March 31, 2014. | |||||||
Units/Shares | Fair Value | ||||||
Grants | |||||||
Performance units (Total shareholder return) | 207,880 | $ | 34.68 | ||||
Performance units (Earnings per share) | 69,295 | $ | 34.69 | ||||
Restricted stock | 1,164 | $ | 35.56 | ||||
Conversions | |||||||
Performance units (Total shareholder return) (A) | 355,233 | N/A | |||||
Performance units (Earnings per share) (A) | 118,404 | N/A | |||||
(A)Performance units were converted based on a payout ratio of 170 percent of the target number of performance units granted in February 2011 and are included in the 495,185 shares of common stock issued during the three months ended March 31, 2014 as discussed above. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company files consolidated income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal tax examinations by tax authorities for years prior to 2010 or state and local tax examinations by tax authorities for years prior to 2009. Income taxes are generally allocated to each company in the affiliated group based on its stand-alone taxable income or loss. Federal investment tax credits previously claimed on electric utility property have been deferred and are being amortized to income over the life of the related property. OG&E continues to amortize its Federal investment tax credits on a ratable basis throughout the year. OG&E earns both Federal and Oklahoma state tax credits associated with production from its wind farms and earns Oklahoma state tax credits associated with its investments in electric generating facilities which further reduce the Company's effective tax rate. | |
As previously reported in the Company's 2013 Form 10-K, in January 2013, OG&E determined that a portion of certain Oklahoma investment tax credits previously recognized but not yet utilized may not be available for utilization in future years. During 2014, OG&E recorded an additional reserve for this item of $0.3 million ($0.2 million after the federal tax benefit) related to the same Oklahoma investment tax credits generated in the current year but not yet utilized due to management's determination that it is more likely than not that it will be unable to utilize these credits. |
Common_Equity
Common Equity | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Common Equity [Text Block] | ' | ||||||
Common Equity | |||||||
Forward Stock Split | |||||||
On May 16, 2013, the Company's Board of Directors approved a 2-for-1 forward stock split of the Company's common stock, effective July 1, 2013, which entitled each shareholder of record to receive two shares for every one share of Company stock owned by the shareholder. In connection with the stock split, an amendment to the Company's Articles of Incorporation was approved on May 16, 2013 which increased the number of authorized shares of common stock from 225 million to 450 million. All share and per share amounts within this Form 10-Q reflect the effects of the stock split. | |||||||
Automatic Dividend Reinvestment and Stock Purchase Plan | |||||||
The Company issued 98,476 shares of common stock under its Automatic Dividend Reinvestment and Stock Purchase Plan during the three months ended March 31, 2014 and received proceeds of $3.4 million. The Company may, from time to time, issue additional shares under its Automatic Dividend Reinvestment and Stock Purchase Plan to fund capital requirements or working capital needs. At March 31, 2014, there were 3,747,027 shares of unissued common stock reserved for issuance under the Company's Automatic Dividend Reinvestment and Stock Purchase Plan. | |||||||
Earnings Per Share | |||||||
Basic earnings per share is calculated by dividing net income attributable to OGE Energy by the weighted average number of the Company's common shares outstanding during the period. In the calculation of diluted earnings per share, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for the Company consist of performance units. Basic and diluted earnings per share for the Company were calculated as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(In millions except per share data) | 2014 | 2013 | |||||
Net Income Attributable to OGE Energy | $ | 49.3 | $ | 23.1 | |||
Average Common Shares Outstanding | |||||||
Basic average common shares outstanding | 198.8 | 197.8 | |||||
Effect of dilutive securities: | |||||||
Contingently issuable shares (performance units) | 0.7 | 1 | |||||
Diluted average common shares outstanding | 199.5 | 198.8 | |||||
Basic Earnings Per Average Common Share Attributable to OGE Energy Common Shareholders | $ | 0.25 | $ | 0.12 | |||
Diluted Earnings Per Average Common Share Attributable to OGE Energy Common Shareholders | $ | 0.25 | $ | 0.12 | |||
Anti-dilutive shares excluded from earnings per share calculation | — | — | |||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||
Long-Term Debt | ' | ||||||
Long-Term Debt | |||||||
At March 31, 2014, the Company was in compliance with all of its debt agreements. | |||||||
OG&E Industrial Authority Bonds | |||||||
OG&E has tax-exempt pollution control bonds with optional redemption provisions that allow the holders to request repayment of the bonds on any business day. The bonds, which can be tendered at the option of the holder during the next 12 months, are as follows: | |||||||
SERIES | DATE DUE | AMOUNT | |||||
(In millions) | |||||||
0.15% | - | 0.18% | Garfield Industrial Authority, January 1, 2025 | $ | 47 | ||
0.08% | - | 0.12% | Muskogee Industrial Authority, January 1, 2025 | 32.4 | |||
0.10% | - | 0.10% | Muskogee Industrial Authority, June 1, 2027 | 56 | |||
Total (redeemable during next 12 months) | $ | 135.4 | |||||
All of these bonds are subject to an optional tender at the request of the holders, at 100 percent of the principal amount, together with accrued and unpaid interest to the date of purchase. The bond holders, on any business day, can request repayment of the bond by delivering an irrevocable notice to the tender agent stating the principal amount of the bond, payment instructions for the purchase price and the business day the bond is to be purchased. The repayment option may only be exercised by the holder of a bond for the principal amount. When a tender notice has been received by the trustee, a third party remarketing agent for the bonds will attempt to remarket any bonds tendered for purchase. This process occurs once per week. Since the original issuance of these series of bonds in 1995 and 1997, the remarketing agent has successfully remarketed all tendered bonds. If the remarketing agent is unable to remarket any such bonds, OG&E is obligated to repurchase such unremarketed bonds. As OG&E has both the intent and ability to refinance the bonds on a long-term basis and such ability is supported by an ability to consummate the refinancing, the bonds are classified as long-term debt in the Company's Condensed Consolidated Financial Statements. OG&E believes that it has sufficient liquidity to meet these obligations. | |||||||
Issuance of Long-Term Debt | |||||||
On March 25, 2014, OG&E completed the issuance of $250 million of 4.55% senior notes due March 15, 2044. The proceeds from the issuance were added to OG&E's general funds and were used to repay short-term debt, fund capital expenditures and general corporate expenses, and utilized for working capital purposes. OG&E expects to issue additional long-term debt from time to time when market conditions are favorable and when the need arises. | |||||||
ShortTerm_Debt_and_Credit_Faci
Short-Term Debt and Credit Facilities | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Short-term Debt [Abstract] | ' | ||||||||||
Short-Term Debt and Credit Facilities | ' | ||||||||||
Short-Term Debt and Credit Facilities | |||||||||||
The Company borrows on a short-term basis, as necessary, by the issuance of commercial paper and by borrowings under its revolving credit agreements. The short-term debt balance was $377.8 million and $439.6 million at March 31, 2014 and December 31, 2013, respectively. The following table provides information regarding the Company's revolving credit agreements at March 31, 2014. | |||||||||||
Aggregate | Amount | Weighted-Average | |||||||||
Entity | Commitment | Outstanding (A) | Interest Rate | Maturity | |||||||
(In millions) | |||||||||||
OGE Energy (B) | $ | 750 | $ | 377.8 | 0.28 | % | (D) | 13-Dec-17 | |||
OG&E (C) | 400 | 2 | 0.47 | % | (D) | 13-Dec-17 | |||||
Total | $ | 1,150.00 | $ | 379.8 | 0.28 | % | |||||
(A) | Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at March 31, 2014. | ||||||||||
(B) | This bank facility is available to back up OGE Energy's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. | ||||||||||
(C) | This bank facility is available to back up OG&E's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. | ||||||||||
(D) | Represents the weighted-average interest rate for the outstanding borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit. | ||||||||||
The Company's ability to access the commercial paper market could be adversely impacted by a credit ratings downgrade or major market disruptions. Pricing grids associated with the Company's credit facilities could cause annual fees and borrowing rates to increase if an adverse ratings impact occurs. The impact of any future downgrade could include an increase in the costs of the Company's short-term borrowings, but a reduction in the Company's credit ratings would not result in any defaults or accelerations. Any future downgrade could also lead to higher long-term borrowing costs and, if below investment grade, would require the Company to post cash collateral or letters of credit. | |||||||||||
OG&E must obtain regulatory approval from the FERC in order to borrow on a short-term basis. OG&E has the necessary regulatory approvals to incur up to $800 million in short-term borrowings at any one time for a two-year period beginning January 1, 2013 and ending December 31, 2014. |
Retirement_Plans_and_Postretir
Retirement Plans and Postretirement Benefit Plans | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Retirement Plans and Postretirement Benefit Plans [Abstract] | ' | |||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||
Retirement Plans and Postretirement Benefit Plans | ||||||||||||||
The details of net periodic benefit cost of the Company's Pension Plan, the Restoration of Retirement Income Plan and the postretirement benefit plans included in the Condensed Consolidated Financial Statements are as follows: | ||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||
Pension Plan | Restoration of Retirement | |||||||||||||
Income Plan | ||||||||||||||
Three Months | Three Months | |||||||||||||
Ended | Ended | |||||||||||||
March 31, | March 31, | |||||||||||||
(In millions) | 2014 (B) | 2013 (B) | 2014 (B) | 2013 (B) | ||||||||||
Service cost | $ | 4.3 | $ | 5 | $ | 0.3 | $ | 0.3 | ||||||
Interest cost | 7 | 6.6 | 0.2 | 0.1 | ||||||||||
Expected return on plan assets | (12.5 | ) | (12.3 | ) | — | — | ||||||||
Amortization of net loss | 3.5 | 6.2 | — | 0.1 | ||||||||||
Amortization of unrecognized prior service cost (A) | 0.4 | 0.5 | — | 0.1 | ||||||||||
Total net periodic benefit cost | 2.7 | 6 | 0.5 | 0.6 | ||||||||||
Less: Amount paid by unconsolidated affiliates | 0.8 | — | — | — | ||||||||||
Net periodic benefit cost (net of unconsolidated affiliates) | $ | 1.9 | $ | 6 | $ | 0.5 | $ | 0.6 | ||||||
(A) | Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. | |||||||||||||
(B) | In addition to the $2.4 million and $6.6 million of net periodic benefit cost recognized during the three months ended March 31, 2014 and 2013, respectively, OG&E recognized an increase in pension expense during the three months ended March 31, 2014 and 2013 of $3.3 million and $1.9 million, respectively, to maintain the allowable amount to be recovered for pension expense in the Oklahoma jurisdiction which are included in the Pension tracker regulatory liability (see Note 1). | |||||||||||||
Postretirement Benefit Plans | ||||||||||||||
Three Months | ||||||||||||||
Ended | ||||||||||||||
March 31, | ||||||||||||||
(In millions) | 2014 (B) | 2013 (B) | ||||||||||||
Service cost | $ | 0.9 | $ | 1.2 | ||||||||||
Interest cost | 2.8 | 2.6 | ||||||||||||
Expected return on plan assets | (0.6 | ) | (0.6 | ) | ||||||||||
Amortization of net loss | 3.1 | 5.3 | ||||||||||||
Amortization of unrecognized prior service cost (A) | (4.1 | ) | (4.1 | ) | ||||||||||
Total net periodic benefit cost | 2.1 | 4.4 | ||||||||||||
Less: Amount paid by unconsolidated affiliates | 0.3 | — | ||||||||||||
Net periodic benefit cost (net of unconsolidated affiliates) | $ | 1.8 | $ | 4.4 | ||||||||||
(A) | Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. | |||||||||||||
(B) | In addition to the $1.8 million and $4.4 million of net periodic benefit cost recognized during the three months ended March 31, 2014 and 2013, respectively, OG&E recognized an increase in postretirement medical expense during the three months ended March 31, 2014 and 2013 of $1.2 million and $0.1 million, respectively, to maintain the allowable amount to be recovered for postretirement medical expense in the Oklahoma jurisdiction which are included in the Pension tracker regulatory liability (see Note 1). | |||||||||||||
Three Months | ||||||||||||||
Ended | ||||||||||||||
March 31, | ||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||
Capitalized portion of net periodic pension cost | $ | 0.6 | $ | 1.6 | ||||||||||
Capitalized portion of net periodic postretirement benefit cost | 0.5 | 1.3 | ||||||||||||
Report_of_Business_Segments
Report of Business Segments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Report of Business Segments | ' | |||||||||||||||
Report of Business Segments | ||||||||||||||||
The Company reports its operations in two business segments: (i) the electric utility segment, which is engaged in the generation, transmission, distribution and sale of electric energy, and (ii) natural gas midstream operations segment. | ||||||||||||||||
The natural gas midstream operations segment reflects the Company's equity interest in Enable since its formation on May 1, 2013. Prior to May 1, 2013, the Company reported the results of Enogex Holdings in two separate segments: the natural gas transportation and storage segment, and the natural gas gathering and processing segment. After the deconsolidation, these segments were combined into the natural gas midstream operations segment. The presentation of results for the three months ended March 31, 2013 have been revised to reflect this change. Equity in earnings of unconsolidated affiliates in the natural gas midstream operations segment includes OGE Energy's equity interest in Enable since May 1, 2013. Other than equity in earnings of unconsolidated affiliates, all amounts for the natural gas midstream operations segment represent the operation results of Enogex Holdings through April 30, 2013. Investment in unconsolidated affiliates in the natural gas midstream operations segment represents OGE Energy's investment in Enable at March 31, 2014. | ||||||||||||||||
Other Operations primarily includes the operations of the holding company. | ||||||||||||||||
Intersegment revenues are recorded at prices comparable to those of unaffiliated customers and are affected by regulatory considerations. | ||||||||||||||||
In reviewing its segment operating results, the Company focuses on operating income and equity in earnings of unconsolidated affiliates as measures of segment profit and loss, and, therefore, has presented this information below. The following tables summarize the results of the Company's business segments during the three months ended March 31, 2014 and 2013. | ||||||||||||||||
Three Months Ended | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | |||||||||||
31-Mar-14 | ||||||||||||||||
(In millions) | ||||||||||||||||
Operating revenues | $ | 560.4 | $ | — | $ | — | $ | — | $ | 560.4 | ||||||
Cost of sales | 293.4 | — | — | — | 293.4 | |||||||||||
Other operation and maintenance | 117.1 | — | (4.7 | ) | — | 112.4 | ||||||||||
Depreciation and amortization | 64.3 | — | 2.9 | — | 67.2 | |||||||||||
Taxes other than income | 23.8 | — | 1.8 | — | 25.6 | |||||||||||
Operating income (loss) | $ | 61.8 | $ | — | $ | — | $ | — | $ | 61.8 | ||||||
Equity in earnings of unconsolidated affiliates | $ | — | $ | 47.9 | $ | — | $ | — | $ | 47.9 | ||||||
Investment in unconsolidated affiliates (at historical cost) | $ | — | $ | 1,314.20 | $ | — | $ | — | $ | 1,314.20 | ||||||
Total assets | $ | 7,826.80 | $ | 1,367.40 | $ | 127.9 | $ | (71.4 | ) | $ | 9,250.70 | |||||
Three Months Ended | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | |||||||||||
31-Mar-13 | ||||||||||||||||
(In millions) | ||||||||||||||||
Operating revenues | $ | 455.5 | $ | 464.3 | $ | — | $ | (18.4 | ) | $ | 901.4 | |||||
Cost of sales | 213 | 359.2 | — | (19.2 | ) | 553 | ||||||||||
Other operation and maintenance | 105.1 | 45.2 | (2.3 | ) | — | 148 | ||||||||||
Depreciation and amortization | 61.3 | 27.6 | 3 | — | 91.9 | |||||||||||
Taxes other than income | 23.2 | 8 | 1.9 | — | 33.1 | |||||||||||
Operating income (loss) | $ | 52.9 | $ | 24.3 | $ | (2.6 | ) | $ | 0.8 | $ | 75.4 | |||||
Total assets | $ | 7,138.40 | $ | 2,729.90 | $ | 381.6 | $ | (268.1 | ) | $ | 9,981.80 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Long-term Purchase Commitment [Line Items] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
Except as set forth below, in Note 14 and under "Environmental Laws and Regulations" in Item 2 of Part I and in Item 1 of Part II of this Form 10-Q, the circumstances set forth in Notes 16 and 17 to the Company's Consolidated Financial Statements included in the Company's 2013 Form 10-K appropriately represent, in all material respects, the current status of the Company's material commitments and contingent liabilities. | |
OG&E Minimum Fuel Purchase Commitments | |
OG&E has coal contracts for purchases through December 2016. Also, as previously reported, OG&E had entered into multiple-month term natural gas contracts for 31.5 percent of its 2014 annual forecasted natural gas requirements. In March 2014, through a request for proposal, OG&E entered into various multiple-month term natural gas contracts for 42.6 percent of its remaining forecasted 2014 natural gas requirements. Additional gas supplies to fulfill OG&E's remaining 2014 natural gas requirements will be acquired through additional requests for proposal in mid-2014, along with monthly and daily purchases, all of which are expected to be made at market prices. | |
Enable Gas Transportation and Storage Agreement | |
OG&E contracts with Enable for gas transportation and storage services. The stated term of this contract expired April 30, 2009, but remained in effect from year-to-year thereafter. On January 31, 2014, in anticipation of entering into a new, five-year contract, OG&E provided written notice of termination of the contract, effective April 30, 2014. On March 17, 2014, OG&E entered into a new contract effective May 1, 2014 and expiring April 30, 2019. | |
Environmental Laws and Regulations | |
Federal Clean Air Act New Source Review Litigation | |
As previously reported, in July 2008, OG&E received a request for information from the EPA regarding Federal Clean Air Act compliance at OG&E's Muskogee and Sooner generating plants. In recent years, the EPA has issued similar requests to numerous other electric utilities seeking to determine whether various maintenance, repair and replacement projects should have required permits under the Federal Clean Air Act's new source review process. In January 2012, OG&E received a supplemental request for an update of the previously provided information and for some additional information not previously requested. On May 1, 2012, OG&E responded to the EPA's supplemental request for information. On April 26, 2011, the EPA issued a notice of violation alleging that 13 projects occurred at OG&E's Muskogee and Sooner generating plants between 1993 and 2006 without the required new source review permits. The notice of violation also alleges that OG&E's visible emissions at its Muskogee and Sooner generating plants are not in accordance with applicable new source performance standards. | |
In March 2013, the DOJ informed OG&E that it was prepared to initiate enforcement litigation concerning the matters identified in the notice of violation. OG&E subsequently met with EPA and DOJ representatives regarding the notice of violation and proposals for resolving the matter without litigation. On July 8, 2013, the United States, at the request of the EPA, filed a complaint for declaratory relief against OG&E in United States District Court for the Western District of Oklahoma (Case No. CIV-13-690-D) alleging that OG&E did not follow the Federal Clean Air Act procedures for projecting emission increases attributable to eight projects that occurred between 2003 and 2006. This complaint seeks to have OG&E submit a new assessment of whether the projects were likely to result in a significant emissions increase. The Sierra Club has intervened in this proceeding and has asserted claims for declaratory relief that are similar to those requested by the United States. OG&E expects to vigorously defend against these claims, but OG&E cannot predict the outcome of such litigation. | |
On August 12, 2013, the Sierra Club filed a complaint against OG&E in the United States District Court for the Eastern District of Oklahoma (Case No. 13-CV-00356) alleging that OG&E modifications made at Unit 6 of the Muskogee generating plant in 2008 were made without obtaining a prevention of significant deterioration permit and that the plant has exceeded emissions limits for opacity and particulate matter. The Sierra Club seeks a permanent injunction preventing OG&E from operating the Muskogee generating plant. On March 4, 2014, the United States District Court for the Eastern District of Oklahoma dismissed the prevention of significant deterioration permit claim because it was filed after the statute of limitations expired, but the court allowed the opacity and particulate matter claims to proceed. At this time, OG&E continues to believe that it has acted in compliance with the Federal Clean Air Act. | |
If OG&E does not prevail in these proceedings and if a new assessment of the projects were to conclude that they caused a significant emissions increase, the EPA and the Sierra Club could seek to require OG&E to install additional pollution control equipment, including scrubbers, baghouses and selective catalytic reduction systems with capital costs in excess of $1.0 billion and pay fines and significant penalties as a result of the allegations in the notice of violation. Section 113 of the Federal Clean Air Act (along with the Federal Civil Penalties Inflation Adjustment Act of 1996) provides for civil penalties as much as $37,500 per day for each violation. The cost of any required pollution control equipment could also be significant. OG&E cannot predict at this time whether it will be legally required to incur any of these costs. | |
Other | |
In the normal course of business, the Company is confronted with issues or events that may result in a contingent liability. These generally relate to lawsuits or claims made by third parties, including governmental agencies. When appropriate, management consults with legal counsel and other appropriate experts to assess the claim. If, in management's opinion, the Company has incurred a probable loss as set forth by GAAP, an estimate is made of the loss and the appropriate accounting entries are reflected in the Company's Condensed Consolidated Financial Statements. At the present time, based on currently available information, except as otherwise stated above, in Note 13 below, under "Environmental Laws and Regulations" in Item 2 of Part 1 and in Item 1 of Part II of this Form 10-Q, in Notes 15 and 16 of Notes to Consolidated Financial Statements and in Item 3 of Part I of the Company's 2013 Form 10-K, the Company believes that any reasonably possible losses in excess of accrued amounts arising out of pending or threatened lawsuits or claims would not be quantitatively material to its financial statements and would not have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. |
Rate_Matters_and_Regulation
Rate Matters and Regulation | 3 Months Ended |
Mar. 31, 2014 | |
Regulated Operations [Abstract] | ' |
Rate Matters and Regulation | ' |
Rate Matters and Regulation | |
Except as set forth below, the circumstances set forth in Note 16 to the Company's Consolidated Financial Statements included in the Company's 2013 Form 10-K appropriately represent, in all material respects, the current status of the Company's regulatory matters. | |
Completed Regulatory Matters | |
Market-Based Rate Authority | |
On June 29, 2012, OG&E filed its triennial market power update with the FERC to retain its market-based rate authorization in the SPP's energy imbalance service market but to surrender its market-based rate authorization for any market-based rates sales outside of the SPP's energy imbalance service market. On May 2, 2013, the FERC issued an order accepting OG&E's June 2012 triennial market power update. | |
On December 30, 2013, OG&E submitted to the FERC a market-based rate change in status filing and a revised market-based rate tariff. The revised tariff will authorize OG&E to (i) sell electric energy and capacity at market-based rates without geographic restriction, and (ii) sell ancillary services in the SPP and Midcontinent Independent System Operator, Inc. markets. The primary goal of this filing was to implement the market-based rate authority OG&E needs to fully participate in SPP’s Integrated Marketplace. On February 28, 2014, FERC issued a letter order accepting OG&E’s market-based rate filing and tariff effective March 1, 2014. FERC found that OG&E passed the market power screens and satisfied requirements related to horizontal market power and vertical market power. | |
Section 206 Complaint | |
On November 26, 2013, Arkansas Electric Cooperative Corporation filed a complaint at the FERC against OG&E, arguing that the wholesale formula rate contract between OG&E and Arkansas Electric Cooperative Corporation (formerly between OG&E and Arkansas Valley Electric Cooperative) is unjust and unreasonable with respect to several items. OG&E and Arkansas Electric Cooperative Corporation agreed to terms of a settlement and filed the offer of settlement with FERC on February 24, 2014. On April 17, 2014, OG&E received a FERC order accepting the settlement agreement and terminating the Arkansas Electric Cooperative Corporation complaint docket. OG&E believes the reduction in revenue will be approximately $1.0 million per year for the term of the agreement, which ends June 30, 2015. | |
Pending Regulatory Matters | |
Fuel Adjustment Clause Review for Calendar Year 2012 | |
The OCC routinely reviews the costs recovered from customers through OG&E's fuel adjustment clause. On July 31, 2013, the OCC Staff filed an application to review OG&E's fuel adjustment clause for calendar year 2012, including the prudence of OG&E's electric generation, purchased power and fuel procurement costs. OG&E filed the necessary information and documents needed to satisfy the OCC's minimum filing requirement rules on October 9, 2013. On April 24, 2014, the OCC administrative law judge at the hearing, on the merits, recommended that the OCC find for the calendar year 2012 OG&E's electric generation, purchased power and fuel procurement processes and costs were prudent. | |
Energy Efficiency Program Filing | |
On February 14, 2014, OG&E filed an application with the APSC requesting approval of interim modifications to approved Energy Efficiency Programs, new tariff revisions and the waiver of certain provisions of the Commission’s Rules for Conservation and Energy Efficiency Programs. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Organization | |
The Company is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas primarily in the south central United States. The Company conducts these activities through two business segments: (i) electric utility and (ii) natural gas midstream operations. For a discussion of change in business segments, see Note 12. For periods prior to May 1, 2013, the Company consolidated Enogex Holdings in its Condensed Consolidated Financial Statements. All significant intercompany transactions have been eliminated in consolidation. | |
Effective May 1, 2013, OGE Energy, the ArcLight group and CenterPoint Energy, Inc., formed Enable Midstream Partners, L.P. to own and operate the midstream businesses of OGE Energy and CenterPoint. In the formation transaction, OGE Energy and ArcLight contributed Enogex LLC to Enable and the Company deconsolidated its previously held investment in Enogex Holdings and acquired an equity interest in Enable. The Company determined that its contribution of Enogex LLC to Enable met the requirements of being in substance real estate and was recorded at historical cost. The general partner of Enable is equally controlled by CenterPoint and OGE Energy, who each have 50 percent of the management rights. Based on the 50/50 management ownership, with neither company having control, effective May 1, 2013, OGE Energy began accounting for its interest in Enable using the equity method of accounting. At March 31, 2014, OGE Energy, through its wholly owned subsidiary OGE Holdings, held 28.5 percent of the limited partner interests in Enable. OGE Energy also owns a 60 percent interest in any incentive distribution rights in Enable. Incentive distribution rights entitle the holder to increasing percentages, up to a maximum of 50 percent, of the cash distributed by Enable in excess of the target quarterly distributions established in connection with Enable’s initial public offering as described below. On April 16, 2014, Enable completed an initial public offering of 28,750,000 common units resulting in Enable becoming a publicly traded Master Limited Partnership. The offering represented approximately 6.9 percent of the limited partner interests and raised approximately $466 million in net proceeds for Enable. As a result of the offering, OGE Holding's ownership was reduced from 28.5 percent to 26.7 percent. | |
In connection with Enable’s initial public offering, approximately 61.4 percent of OGE Holdings and CenterPoint’s common units were converted into subordinated units. As a result, following the initial public offering, OGE Holdings owned 42,832,291 common units and 68,150,514 subordinated units of Enable. Holders of subordinated units are not entitled to receive any distribution of available cash until the common units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution from prior quarters. The subordinated units will convert into common units when Enable has paid at least the minimum quarterly distribution for three years or paid at least 150 percent of the minimum quarterly distribution for one year. | |
Enable is expected to pay a minimum quarterly distribution of $0.2875 per unit on its outstanding units to the extent it has sufficient cash from operations after establishment of cash reserves and payment of fees and expenses, including payments to its general partner and its affiliates, within 45 days after the end of each quarter. Enable will adjust the amount of this distribution for the period from April 16, 2014, the completion of its initial public offering, through June 30, 2014 based on the actual length of the period. If cash distributions to Enable’s unitholders exceed $0.330625 per unit in any quarter, the general partner will receive increasing percentages, up to 50 percent, of the cash Enable distributes in excess of that amount. As indicated above, OGE Holdings is entitled to 60 percent of those “incentive distributions.” In certain circumstances, the general partner, will have the right to reset the minimum quarterly distribution and the target distribution levels at which the incentive distributions receive increasing percentages to higher levels based on Enable’s cash distributions at the time of the exercise of this reset election. | |
The electric utility segment generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas. Its operations are conducted through OG&E and are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory. OG&E is the largest electric utility in Oklahoma and its franchised service territory includes the Fort Smith, Arkansas area. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business. | |
The natural gas midstream operations segment consists of the Company's investment in Enable. Enable is engaged in the business of gathering, processing, transporting and storing natural gas. Enable's natural gas gathering and processing assets are strategically located in four states and serve natural gas production from shale developments in the Anadarko, Arkoma and Ark-La-Tex basins. Enable also owns an emerging crude oil gathering business in the Bakken shale formation that commenced initial operations in November 2013. Enable is continuing to construct additional crude oil gathering capacity in this area. Enable's natural gas transportation and storage assets extend from western Oklahoma and the Texas Panhandle to Alabama and from Louisiana to Illinois. | |
As discussed below, the Company completed a 2-for-1 stock split of the Company's common stock effective July 1, 2013. All share and per share amounts within this Form 10-Q reflect the effects of the stock split. | |
Basis of Accounting [Text Block] | ' |
Basis of Presentation | |
The Condensed Consolidated Financial Statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures are adequate to prevent the information presented from being misleading. | |
In the opinion of management, all adjustments necessary to fairly present the consolidated financial position of the Company at March 31, 2014 and December 31, 2013, the results of its operations for the three months ended March 31, 2014 and 2013 and the results of its cash flows for the three months ended March 31, 2014 and 2013, have been included and are of a normal recurring nature except as otherwise disclosed. | |
Due to seasonal fluctuations and other factors, the Company's operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or for any future period. The Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in the Company's 2013 Form 10-K. | |
Public Utilities, Policy [Policy Text Block] | ' |
Accounting Records | |
The accounting records of OG&E are maintained in accordance with the Uniform System of Accounts prescribed by the FERC and adopted by the OCC and the APSC. Additionally, OG&E, as a regulated utility, is subject to accounting principles for certain types of rate-regulated activities, which provide that certain actual or anticipated costs that would otherwise be charged to expense can be deferred as regulatory assets, based on the expected recovery from customers in future rates. Likewise, certain actual or anticipated credits that would otherwise reduce expense can be deferred as regulatory liabilities, based on the expected flowback to customers in future rates. Management's expected recovery of deferred costs and flowback of deferred credits generally results from specific decisions by regulators granting such ratemaking treatment. | |
OG&E records certain actual or anticipated costs and obligations as regulatory assets or liabilities if it is probable, based on regulatory orders or other available evidence, that the cost or obligation will be included in amounts allowable for recovery or refund in future rates. | |
Management continuously monitors the future recoverability of regulatory assets. When in management's judgment future recovery becomes impaired, the amount of the regulatory asset is adjusted, as appropriate. If OG&E were required to discontinue the application of accounting principles for certain types of rate-regulated activities for some or all of its operations, it could result in writing off the related regulatory assets, which could have significant financial effects. | |
Equity Method Investments, Policy [Policy Text Block] | ' |
Based on the 50/50 management ownership, with neither company having control, effective May 1, 2013, OGE Energy began accounting for its interest in Enable using the equity method of accounting. | |
Investment in Unconsolidated Affiliate | |
OGE Energy's investment in Enable is considered to be a variable interest entity because the owners of the equity at risk in this entity have disproportionate voting rights in relation to their obligations to absorb the entity's expected losses or to receive its expected residual returns. However, OGE Energy is not considered the primary beneficiary of Enable since it does not have the power to direct the activities of Enable that are considered most significant to the economic performance of Enable. As discussed above, OGE Energy accounts for the investment in Enable using the equity method of accounting. Under the equity method, the investment will be adjusted each period for contributions made, distributions received and the Company's share of the investee's comprehensive income. OGE Energy's maximum exposure to loss related to Enable is limited to OGE Energy's equity investment in Enable as presented on the Company's Condensed Consolidated Balance Sheet at March 31, 2014. The Company evaluates its equity method investment for impairment when events or changes in circumstances indicate there is a loss in value of the investment that is other than a temporary decline. | |
The Company considers distributions received from Enable which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment which are classified as operating activities in the Condensed Consolidated Statements of Cash Flows. The Company considers distributions received from Enable in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment which are classified as investing activities in the Condensed Consolidated Statements of Cash Flows. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
The classification of the Company's fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to quoted prices in active markets for identical unrestricted assets or liabilities (Level 1) and the lowest priority given to unobservable inputs (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels defined in the fair value hierarchy are as follows: | |
Level 1 inputs are quoted prices in active markets for identical unrestricted assets or liabilities that are accessible at the measurement date. | |
Level 2 inputs are inputs other than quoted prices in active markets included within Level 1 that are either directly or indirectly observable at the reporting date for the asset or liability for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |
Level 3 inputs are prices or valuation techniques for the asset or liability that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). | |
The Company's long-term debt is valued at the carrying amount. The fair value of the Company's long-term debt is based on quoted market prices and estimates of current rates available for similar issues with similar maturities and is classified as Level 2 in the fair value hierarchy except for the Tinker Debt which fair value was based on calculating the net present value of the monthly payments discounted by the Company's current borrowing rate and is classified as Level 3 in the fair value hierarchy. | |
Derivatives, Policy [Policy Text Block] | ' |
Cash Flow Hedges | |
For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the change in fair value of the derivative instrument is reported as a component of Accumulated Other Comprehensive Income (Loss) and recognized into earnings in the same period during which the hedged transaction affects earnings. The ineffective portion of a derivative's change in fair value or hedge components excluded from the assessment of effectiveness is recognized currently in earnings. The Company measures the ineffectiveness of commodity cash flow hedges using the change in fair value method whereby the change in the expected future cash flows designated as the hedge transaction are compared to the change in fair value of the hedging instrument. Forecasted transactions, which are designated as the hedged transaction in a cash flow hedge, are regularly evaluated to assess whether they continue to be probable of occurring. If the forecasted transactions are no longer probable of occurring, hedge accounting will cease on a prospective basis and all future changes in the fair value of the derivative will be recognized directly in earnings. | |
The Company previously designated as cash flow hedges derivatives for OGE Holdings' NGLs volumes and corresponding keep-whole natural gas resulting from its natural gas processing contracts (processing hedges) and natural gas positions resulting from its natural gas gathering and processing operations and natural gas transportation and storage operations (operational gas hedges). The Company also previously designated as cash flow hedges certain derivatives for certain natural gas storage inventory positions. Due to the deconsolidation of Enogex LLC effective May 1, 2013, the Company had no material instruments designated as cash flow hedges at March 31, 2014. | |
Income Tax, Policy [Policy Text Block] | ' |
Income taxes are generally allocated to each company in the affiliated group based on its stand-alone taxable income or loss. Federal investment tax credits previously claimed on electric utility property have been deferred and are being amortized to income over the life of the related property. | |
The Company files consolidated income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Share | |
Basic earnings per share is calculated by dividing net income attributable to OGE Energy by the weighted average number of the Company's common shares outstanding during the period. In the calculation of diluted earnings per share, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for the Company consist of performance units. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities [Table Text Block] | ' | |||||||||||||||||||
The following table is a summary of OG&E's regulatory assets and liabilities at: | ||||||||||||||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||
Regulatory Assets | ||||||||||||||||||||
Current | ||||||||||||||||||||
Fuel clause under recoveries | $ | 62 | $ | 26.2 | ||||||||||||||||
Oklahoma demand program rider under recovery (A) | 8.8 | 10.6 | ||||||||||||||||||
Crossroads wind farm rider under recovery (A) | — | 4.7 | ||||||||||||||||||
Other (A) | 9.2 | 7.3 | ||||||||||||||||||
Total Current Regulatory Assets | $ | 80 | $ | 48.8 | ||||||||||||||||
Non-Current | ||||||||||||||||||||
Benefit obligations regulatory asset | $ | 224.8 | $ | 227.4 | ||||||||||||||||
Income taxes recoverable from customers, net | 56.4 | 56.5 | ||||||||||||||||||
Smart Grid | 44.1 | 44.2 | ||||||||||||||||||
Deferred storm expenses | 21.5 | 21.6 | ||||||||||||||||||
Unamortized loss on reacquired debt | 11.5 | 11.8 | ||||||||||||||||||
Pension tracker | — | 1.4 | ||||||||||||||||||
Other | 16.1 | 16.2 | ||||||||||||||||||
Total Non-Current Regulatory Assets | $ | 374.4 | $ | 379.1 | ||||||||||||||||
Regulatory Liabilities | ||||||||||||||||||||
Current | ||||||||||||||||||||
Smart Grid rider over recovery (B) | $ | 15.7 | $ | 16.7 | ||||||||||||||||
Fuel clause over recoveries | — | 0.4 | ||||||||||||||||||
Other (B) | 2.6 | 3.1 | ||||||||||||||||||
Total Current Regulatory Liabilities | $ | 18.3 | $ | 20.2 | ||||||||||||||||
Non-Current | ||||||||||||||||||||
Accrued removal obligations, net | $ | 230.8 | $ | 227.7 | ||||||||||||||||
Deferred pension credits | 3.7 | 6.5 | ||||||||||||||||||
Pension tracker | 3.1 | — | ||||||||||||||||||
Total Non-Current Regulatory Liabilities | $ | 237.6 | $ | 234.2 | ||||||||||||||||
(A) | Included in Other Current Assets on the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(B) | Included in Other Current Liabilities on the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes changes to the Company's asset retirement obligations during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||
Balance at January 1 | $ | 55.2 | $ | 54 | ||||||||||||||||
Liabilities settled | — | (0.1 | ) | |||||||||||||||||
Accretion expense | 0.6 | 0.6 | ||||||||||||||||||
Balance at March 31 | $ | 55.8 | $ | 54.5 | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes changes in the components of accumulated other comprehensive loss attributable to OGE Energy during the three months ended March 31, 2014. All amounts below are presented net of tax and noncontrolling interest. | ||||||||||||||||||||
Pension Plan and Restoration of Retirement Income Plan | Postretirement Benefit Plans | |||||||||||||||||||
Net loss | Prior service cost | Net loss | Prior service cost | Deferred interest rate swap hedging losses | Total | |||||||||||||||
Balance at December 31, 2013 | $ | (27.4 | ) | $ | 0.1 | $ | (5.8 | ) | $ | 5.1 | $ | (0.2 | ) | $ | (28.2 | ) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.4 | — | 0.2 | (0.4 | ) | 0.1 | 0.3 | |||||||||||||
Net current period other comprehensive income (loss) | 0.4 | — | 0.2 | (0.4 | ) | 0.1 | 0.3 | |||||||||||||
Balance at March 31, 2014 | $ | (27.0 | ) | $ | 0.1 | $ | (5.6 | ) | $ | 4.7 | $ | (0.1 | ) | $ | (27.9 | ) | ||||
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes significant amounts reclassified out of accumulated other comprehensive loss by the respective line items in net income during the three months ended March 31, 2014. | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Losses on cash flow hedges | ||||||||||||||||||||
Interest rate swap | $ | (0.2 | ) | Interest expense | ||||||||||||||||
(0.2 | ) | Total before tax | ||||||||||||||||||
(0.1 | ) | Tax benefit | ||||||||||||||||||
$ | (0.1 | ) | Net of tax | |||||||||||||||||
Amortization of defined benefit pension items | ||||||||||||||||||||
Actuarial losses | $ | (0.7 | ) | (A) | ||||||||||||||||
(0.7 | ) | Total before tax | ||||||||||||||||||
(0.3 | ) | Tax benefit | ||||||||||||||||||
$ | (0.4 | ) | Net of tax | |||||||||||||||||
Amortization of postretirement benefit plan items | ||||||||||||||||||||
Actuarial losses | $ | (0.3 | ) | (A) | ||||||||||||||||
Prior service credit | 0.7 | (A) | ||||||||||||||||||
0.4 | Total before tax | |||||||||||||||||||
0.2 | Tax expense | |||||||||||||||||||
$ | 0.2 | Net of tax | ||||||||||||||||||
Total reclassifications for the period | $ | (0.3 | ) | Net of tax | ||||||||||||||||
(A) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 11 for additional information). |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliates (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Related Party Transactions [Abstract] | ' | |||
Schedule of Related Party Transactions [Table Text Block] | ' | |||
Related Party Transactions with Enable | ||||
Three Months Ended | ||||
March 31, | ||||
(In millions) | 2014 | |||
Operating Revenues: | ||||
Electricity to power electric compression assets | $ | 2.9 | ||
Cost of Sales: | ||||
Natural gas transportation services | $ | 8.7 | ||
Natural gas storage services | 3.3 | |||
Natural gas purchases | 5 | |||
Investment_in_Unconsolidated_A2
Investment in Unconsolidated Affiliates Summarized Balance Sheet Information of Equity Method Investment (Tables) | Mar. 31, 2014 | |||
Summarized Financial Information of Equity Method Investment [Line Items] | ' | |||
Summarized Balance Sheet Financial Information, Equity Method Investment [Table Text Block] | ' | |||
Summarized unaudited financial information for 100 percent of Enable is presented below at March 31, 2014 and for the three months ended March 31, 2014. | ||||
Balance Sheet | March 31, 2014 | |||
(In millions) | ||||
Current assets | $ | 500.6 | ||
Non-current assets | 10,757.60 | |||
Current liabilities | 1,038.90 | |||
Non-current liabilities | 2,002.00 | |||
Investment_in_Unconsolidated_A3
Investment in Unconsolidated Affiliates Summarized Income Statement of Equity Method Investment (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Summarized Financial Information of Equity Method Investment [Line Items] | ' | |||
Summarized Income Statement Financial Information, Equity Method Investment [Table Text Block] | ' | |||
Three Months Ended | ||||
Income Statement | 31-Mar-14 | |||
(In millions) | ||||
Operating revenues | $ | 1,001.60 | ||
Cost of sales | 632.6 | |||
Operating income | 161.9 | |||
Net income attributable to Enable | 149.2 | |||
Investment_in_Unconsolidated_A4
Investment in Unconsolidated Affiliates Reconciliation of Equity in Earnings of Unconsolidated Affiliates (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Line Items] | ' | |||
Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Table Text Block] | ' | |||
Three Months Ended | ||||
Reconciliation of Equity in Earnings of Unconsolidated Affiliates | 31-Mar-14 | |||
(In millions) | ||||
OGE's 28.5% share of Enable Net Income | $ | 42.5 | ||
Amortization of basis difference | 3.6 | |||
Elimination of Enogex Holdings fair value and other adjustments | 1.8 | |||
OGE's Equity in earnings of unconsolidated affiliates | $ | 47.9 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Schedule of Fair Value and Carrying Amount of PRM Financial Instruments [Table Text Block] | ' | ||||||||||||
The following table summarizes the fair value and carrying amount of the Company's financial instruments at March 31, 2014 and December 31, 2013. | |||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||
(In millions) | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||
Value | Value | ||||||||||||
Long-Term Debt | |||||||||||||
OG&E Senior Notes | $ | 2,403.80 | $ | 2,728.00 | $ | 2,154.50 | $ | 2,405.00 | |||||
OG&E Industrial Authority Bonds | 135.4 | 135.4 | 135.4 | 135.4 | |||||||||
OG&E Tinker Debt | 10.3 | 9.2 | 10.3 | 9.1 | |||||||||
OGE Energy Senior Notes | 99.9 | 101.7 | 99.9 | 103.1 | |||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||
Income Statement Presentation Related to Derivative Instruments | ||||||||||
The following tables present the effect of derivative instruments on the Company's Condensed Consolidated Statement of Income for the three months ended March 31, 2013. | ||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||
(In millions) | Amount Recognized in Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) into Income | ||||||||
Amount Recognized in Income | ||||||||||
Natural Gas Financial Futures/Swaps | $ | — | $ | 0.2 | $ | — | ||||
Interest Rate Swap | — | (0.2 | ) | — | ||||||
Total | $ | — | $ | — | $ | — | ||||
Derivatives Not Designated as Hedging Instruments | ||||||||||
(In millions) | Amount Recognized in Income | |||||||||
Natural Gas Financial Futures/Swaps | (0.3 | ) | ||||||||
Total | $ | (0.3 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||
The following table summarizes the Company's pre-tax compensation expense and related income tax benefit during the three months ended March 31, 2014 and 2013 related to the Company's performance units and restricted stock. | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(In millions) | 2014 | 2013 | |||||
Performance units | |||||||
Total shareholder return | $ | 2 | $ | 2 | |||
Earnings per share | 1.7 | 0.6 | |||||
Total performance units | 3.7 | 2.6 | |||||
Restricted stock | 0.1 | 0.1 | |||||
Total compensation expense | 3.8 | 2.7 | |||||
Less: Amount paid by unconsolidated affiliates | 1.2 | — | |||||
Net compensation expense | $ | 2.6 | $ | 2.7 | |||
Income tax benefit | $ | 1 | $ | 1 | |||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||
The following table summarizes the activity of the Company's stock-based compensation during the three months ended March 31, 2014. | |||||||
Units/Shares | Fair Value | ||||||
Grants | |||||||
Performance units (Total shareholder return) | 207,880 | $ | 34.68 | ||||
Performance units (Earnings per share) | 69,295 | $ | 34.69 | ||||
Restricted stock | 1,164 | $ | 35.56 | ||||
Conversions | |||||||
Performance units (Total shareholder return) (A) | 355,233 | N/A | |||||
Performance units (Earnings per share) (A) | 118,404 | N/A | |||||
(A)Performance units were converted based on a payout ratio of 170 percent of the target number of performance units granted in February 2011 and are included in the 495,185 shares of common stock issued during the three months ended March 31, 2014 as discussed above. |
Common_Equity_Tables
Common Equity (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||
Basic and diluted earnings per share for the Company were calculated as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(In millions except per share data) | 2014 | 2013 | |||||
Net Income Attributable to OGE Energy | $ | 49.3 | $ | 23.1 | |||
Average Common Shares Outstanding | |||||||
Basic average common shares outstanding | 198.8 | 197.8 | |||||
Effect of dilutive securities: | |||||||
Contingently issuable shares (performance units) | 0.7 | 1 | |||||
Diluted average common shares outstanding | 199.5 | 198.8 | |||||
Basic Earnings Per Average Common Share Attributable to OGE Energy Common Shareholders | $ | 0.25 | $ | 0.12 | |||
Diluted Earnings Per Average Common Share Attributable to OGE Energy Common Shareholders | $ | 0.25 | $ | 0.12 | |||
Anti-dilutive shares excluded from earnings per share calculation | — | — | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||
OG&E has tax-exempt pollution control bonds with optional redemption provisions that allow the holders to request repayment of the bonds on any business day. The bonds, which can be tendered at the option of the holder during the next 12 months, are as follows: | |||||||
SERIES | DATE DUE | AMOUNT | |||||
(In millions) | |||||||
0.15% | - | 0.18% | Garfield Industrial Authority, January 1, 2025 | $ | 47 | ||
0.08% | - | 0.12% | Muskogee Industrial Authority, January 1, 2025 | 32.4 | |||
0.10% | - | 0.10% | Muskogee Industrial Authority, June 1, 2027 | 56 | |||
Total (redeemable during next 12 months) | $ | 135.4 | |||||
ShortTerm_Debt_and_Credit_Faci1
Short-Term Debt and Credit Facilities (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Short-term Debt [Abstract] | ' | ||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | ||||||||||
The following table provides information regarding the Company's revolving credit agreements at March 31, 2014. | |||||||||||
Aggregate | Amount | Weighted-Average | |||||||||
Entity | Commitment | Outstanding (A) | Interest Rate | Maturity | |||||||
(In millions) | |||||||||||
OGE Energy (B) | $ | 750 | $ | 377.8 | 0.28 | % | (D) | 13-Dec-17 | |||
OG&E (C) | 400 | 2 | 0.47 | % | (D) | 13-Dec-17 | |||||
Total | $ | 1,150.00 | $ | 379.8 | 0.28 | % | |||||
(A) | Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at March 31, 2014. | ||||||||||
(B) | This bank facility is available to back up OGE Energy's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. | ||||||||||
(C) | This bank facility is available to back up OG&E's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. | ||||||||||
(D) | Represents the weighted-average interest rate for the outstanding borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit. |
Retirement_Plans_and_Postretir1
Retirement Plans and Postretirement Benefit Plans (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | |||||||||||||
The details of net periodic benefit cost of the Company's Pension Plan, the Restoration of Retirement Income Plan and the postretirement benefit plans included in the Condensed Consolidated Financial Statements are as follows: | ||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||
Pension Plan | Restoration of Retirement | |||||||||||||
Income Plan | ||||||||||||||
Three Months | Three Months | |||||||||||||
Ended | Ended | |||||||||||||
March 31, | March 31, | |||||||||||||
(In millions) | 2014 (B) | 2013 (B) | 2014 (B) | 2013 (B) | ||||||||||
Service cost | $ | 4.3 | $ | 5 | $ | 0.3 | $ | 0.3 | ||||||
Interest cost | 7 | 6.6 | 0.2 | 0.1 | ||||||||||
Expected return on plan assets | (12.5 | ) | (12.3 | ) | — | — | ||||||||
Amortization of net loss | 3.5 | 6.2 | — | 0.1 | ||||||||||
Amortization of unrecognized prior service cost (A) | 0.4 | 0.5 | — | 0.1 | ||||||||||
Total net periodic benefit cost | 2.7 | 6 | 0.5 | 0.6 | ||||||||||
Less: Amount paid by unconsolidated affiliates | 0.8 | — | — | — | ||||||||||
Net periodic benefit cost (net of unconsolidated affiliates) | $ | 1.9 | $ | 6 | $ | 0.5 | $ | 0.6 | ||||||
(A) | Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. | |||||||||||||
(B) | In addition to the $2.4 million and $6.6 million of net periodic benefit cost recognized during the three months ended March 31, 2014 and 2013, respectively, OG&E recognized an increase in pension expense during the three months ended March 31, 2014 and 2013 of $3.3 million and $1.9 million, respectively, to maintain the allowable amount to be recovered for pension expense in the Oklahoma jurisdiction which are included in the Pension tracker regulatory liability (see Note 1). | |||||||||||||
Postretirement Benefit Plans | ||||||||||||||
Three Months | ||||||||||||||
Ended | ||||||||||||||
March 31, | ||||||||||||||
(In millions) | 2014 (B) | 2013 (B) | ||||||||||||
Service cost | $ | 0.9 | $ | 1.2 | ||||||||||
Interest cost | 2.8 | 2.6 | ||||||||||||
Expected return on plan assets | (0.6 | ) | (0.6 | ) | ||||||||||
Amortization of net loss | 3.1 | 5.3 | ||||||||||||
Amortization of unrecognized prior service cost (A) | (4.1 | ) | (4.1 | ) | ||||||||||
Total net periodic benefit cost | 2.1 | 4.4 | ||||||||||||
Less: Amount paid by unconsolidated affiliates | 0.3 | — | ||||||||||||
Net periodic benefit cost (net of unconsolidated affiliates) | $ | 1.8 | $ | 4.4 | ||||||||||
(A) | Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. | |||||||||||||
(B) | In addition to the $1.8 million and $4.4 million of net periodic benefit cost recognized during the three months ended March 31, 2014 and 2013, respectively, OG&E recognized an increase in postretirement medical expense during the three months ended March 31, 2014 and 2013 of $1.2 million and $0.1 million, respectively, to maintain the allowable amount to be recovered for postretirement medical expense in the Oklahoma jurisdiction which are included in the Pension tracker regulatory liability (see Note 1). | |||||||||||||
Schedule of Capitalized Pension and Postretirement Cost [Table Text Block] | ' | |||||||||||||
Three Months | ||||||||||||||
Ended | ||||||||||||||
March 31, | ||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||
Capitalized portion of net periodic pension cost | $ | 0.6 | $ | 1.6 | ||||||||||
Capitalized portion of net periodic postretirement benefit cost | 0.5 | 1.3 | ||||||||||||
Report_of_Business_Segments_Ta
Report of Business Segments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
The following tables summarize the results of the Company's business segments during the three months ended March 31, 2014 and 2013. | ||||||||||||||||
Three Months Ended | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | |||||||||||
31-Mar-14 | ||||||||||||||||
(In millions) | ||||||||||||||||
Operating revenues | $ | 560.4 | $ | — | $ | — | $ | — | $ | 560.4 | ||||||
Cost of sales | 293.4 | — | — | — | 293.4 | |||||||||||
Other operation and maintenance | 117.1 | — | (4.7 | ) | — | 112.4 | ||||||||||
Depreciation and amortization | 64.3 | — | 2.9 | — | 67.2 | |||||||||||
Taxes other than income | 23.8 | — | 1.8 | — | 25.6 | |||||||||||
Operating income (loss) | $ | 61.8 | $ | — | $ | — | $ | — | $ | 61.8 | ||||||
Equity in earnings of unconsolidated affiliates | $ | — | $ | 47.9 | $ | — | $ | — | $ | 47.9 | ||||||
Investment in unconsolidated affiliates (at historical cost) | $ | — | $ | 1,314.20 | $ | — | $ | — | $ | 1,314.20 | ||||||
Total assets | $ | 7,826.80 | $ | 1,367.40 | $ | 127.9 | $ | (71.4 | ) | $ | 9,250.70 | |||||
Three Months Ended | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | |||||||||||
31-Mar-13 | ||||||||||||||||
(In millions) | ||||||||||||||||
Operating revenues | $ | 455.5 | $ | 464.3 | $ | — | $ | (18.4 | ) | $ | 901.4 | |||||
Cost of sales | 213 | 359.2 | — | (19.2 | ) | 553 | ||||||||||
Other operation and maintenance | 105.1 | 45.2 | (2.3 | ) | — | 148 | ||||||||||
Depreciation and amortization | 61.3 | 27.6 | 3 | — | 91.9 | |||||||||||
Taxes other than income | 23.2 | 8 | 1.9 | — | 33.1 | |||||||||||
Operating income (loss) | $ | 52.9 | $ | 24.3 | $ | (2.6 | ) | $ | 0.8 | $ | 75.4 | |||||
Total assets | $ | 7,138.40 | $ | 2,729.90 | $ | 381.6 | $ | (268.1 | ) | $ | 9,981.80 | |||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Equity Ownership (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | ' | 6.90% |
OGE Energy [Member] | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 26.70% | 28.50% |
Percent of Subordinated Limited Partner Units | ' | 61.40% |
Percent of Incentive Distribution Rights | ' | 60.00% |
Percentage Share of Management Rights | ' | 50.00% |
OGE Holdings [Member] | ' | ' |
Units Held by Limited Partners of the LLC or LP. | ' | 42,832,291 |
Subordinated Units Held by Limited Partners of the LLC or LP. | ' | 68,150,514 |
CenterPoint [Member] | ' | ' |
Percent of Subordinated Limited Partner Units | ' | 61.40% |
Percent of Incentive Distribution Rights | ' | 40.00% |
Percentage Share of Management Rights | ' | 50.00% |
Enable Midstream Partners [Member] | ' | ' |
Partners' Capital Account, Units, Sold in Public Offering | ' | 28,750,000 |
Proceeds from Issuance Initial Public Offering | ' | 466 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies, Regulated Operations (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Fuel clause under recoveries | $62 | $26.20 | ||
Total Current Regulatory Assets | 80 | 48.8 | ||
Total Non-Current Regulatory Assets | 374.4 | 379.1 | ||
Fuel clause over recoveries | 0 | 0.4 | ||
Total Current Regulatory Liabilities | 18.3 | 20.2 | ||
Total Non-Current Regulatory Liabilities | 237.6 | 234.2 | ||
Smart Grid rider over recovery [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Current Regulatory Liabilities | 15.7 | [1] | 16.7 | [1] |
Other [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Current Regulatory Liabilities | 2.6 | [1] | 3.1 | [1] |
Accrued removal obligations, net | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Non-Current Regulatory Liabilities | 230.8 | 227.7 | ||
Deferred pension credits | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Non-Current Regulatory Liabilities | 3.7 | 6.5 | ||
Pension tracker | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Non-Current Regulatory Liabilities | 3.1 | 0 | ||
Oklahoma demand program rider under recovery [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Current Regulatory Assets | 8.8 | [2] | 10.6 | [2] |
Crossroads wind farm rider under recovery [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Current Regulatory Assets | 0 | [2] | 4.7 | [2] |
Other [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Current Regulatory Assets | 9.2 | [2] | 7.3 | [2] |
Total Non-Current Regulatory Assets | 16.1 | 16.2 | ||
Benefit obligations regulatory asset | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Non-Current Regulatory Assets | 224.8 | 227.4 | ||
Income taxes recoverable from customers, net | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Non-Current Regulatory Assets | 56.4 | 56.5 | ||
Smart Grid | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Non-Current Regulatory Assets | 44.1 | 44.2 | ||
Deferred storm expenses | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Non-Current Regulatory Assets | 21.5 | 21.6 | ||
Unamortized loss on reacquired debt | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Non-Current Regulatory Assets | 11.5 | 11.8 | ||
Pension tracker | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ||
Total Non-Current Regulatory Assets | $0 | $1.40 | ||
[1] | Included in Other Current Liabilities on the Condensed Consolidated Balance Sheets. | |||
[2] | Included in Other Current Assets on the Condensed Consolidated Balance Sheets. |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Asset Retirement Obligation (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
Balance at January 1 | $55.20 | $54 |
Liabilities settled | 0 | -0.1 |
Accretion expense | 0.6 | 0.6 |
Balance at March 31 | $55.80 | $54.50 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($27.90) | ' | ($28.20) |
Amounts reclassified from accumulated other comprehensive income (loss) | -0.4 | -0.9 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | -0.3 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.3 | ' | ' |
Net current period other comprehensive income (loss) | 0.3 | ' | ' |
Interest Rate Swap [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -0.1 | ' | -0.2 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.1 | ' | ' |
Net current period other comprehensive income (loss) | 0.1 | ' | ' |
Pension Plans, Defined Benefit [Member] | Defined Benefit Plan Income Loss [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -27 | ' | -27.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.4 | ' | ' |
Net current period other comprehensive income (loss) | 0.4 | ' | ' |
Pension Plans, Defined Benefit [Member] | Defined Benefit Plan Prior Service Cost [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 0.1 | ' | 0.1 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' | ' |
Net current period other comprehensive income (loss) | 0 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Defined Benefit Plan Income Loss [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -5.6 | ' | -5.8 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | ' | ' |
Net current period other comprehensive income (loss) | 0.2 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Defined Benefit Plan Prior Service Cost [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 4.7 | ' | 5.1 |
Amounts reclassified from accumulated other comprehensive income (loss) | -0.4 | ' | ' |
Net current period other comprehensive income (loss) | ($0.40) | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) Reclassifications out of AOCI (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $0 | ($0.10) | |
Amounts Reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0.1 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | -0.3 | ' | |
Derivative [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | -0.2 | ' | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | -0.1 | ' | |
Amounts Reclassified from accumulated other comprehensive income (loss), net of tax | -0.1 | ' | |
Postretirement Benefit Plan [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -0.3 | [1] | ' |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0.7 | [1] | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 0.4 | ' | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 0.2 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0.2 | ' | |
Pension Plan [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -0.7 | [1] | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | -0.7 | ' | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | -0.3 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | -0.4 | ' | |
Interest Expense [Member] | Interest Rate Swap [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | ($0.20) | ' | |
[1] | These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 11 for additional information). |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies Forward Stock Split (Details) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Class of Stock [Line Items] | ' | ' |
Common Stock, Shares Authorized | 450 | 225 |
Investment_in_Unconsolidated_A5
Investment in Unconsolidated Affiliates (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | ' | 6.90% |
Enogex LLC [Member] | ' | ' |
Percentage of Enogex LLC Contributed | ' | 100.00% |
ArcLight group [Member] | ' | ' |
Contributions to Pay Down Short-Term Debt | ' | 107 |
OGE Holdings [Member] | ' | ' |
Contributions to Pay Down Short-Term Debt | ' | 9.1 |
Units Held by Limited Partners of the LLC or LP. | ' | 42,832,291 |
OGE Energy [Member] | ' | ' |
Percentage Share of Management Rights | ' | 50.00% |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 26.70% | 28.50% |
Percent of Incentive Distribution Rights | ' | 60.00% |
CenterPoint [Member] | ' | ' |
Percentage Share of Management Rights | ' | 50.00% |
Percent of Incentive Distribution Rights | ' | 40.00% |
Enable Midstream Partners [Member] | ' | ' |
Partners' Capital Account, Units, Sold in Public Offering | ' | 28,750,000 |
Proceeds from Issuance Initial Public Offering | ' | 466 |
Distributions from unconsolidated affiliates | ' | 32.5 |
Investment_in_Unconsolidated_A6
Investment in Unconsolidated Affiliates Related Party Transactions (Details) (Enable Midstream Partners [Member], Og and E [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Related Party Transaction [Line Items] | ' |
Electricity to power electric compression assets | $2.90 |
Operating Costs Charged [Member] | ' |
Related Party Transaction [Line Items] | ' |
Operating expenses | 6 |
Natural Gas Transportation [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Purchases from Related Party | 8.7 |
Natural Gas Storage [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Purchases from Related Party | 3.3 |
Natural Gas Purchases [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Purchases from Related Party | $5 |
Investment_in_Unconsolidated_A7
Investment in Unconsolidated Affiliates Summarized Balance Sheet Information of Equity Method Investment (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Summarized Balance Sheet Information of Equity Method Investment [Abstract] | ' |
Current assets | $500.60 |
Non-current assets | 10,757.60 |
Current liabilities | 1,038.90 |
Non-current liabilities | $2,002 |
Investment_in_Unconsolidated_A8
Investment in Unconsolidated Affiliates Summarized Income Statement of Equity Method Investment (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Summarized Income Statement of Equity Method Investment [Abstract] | ' |
Operating revenues | $1,001.60 |
Cost of sales | 632.6 |
Operating income | 161.9 |
Net income attributable to Enable | $149.20 |
Investment_in_Unconsolidated_A9
Investment in Unconsolidated Affiliates Reconciliation of Equity in Earnings of Unconsolidated Affiliates (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' |
OGE's 28.5% share of Enable Net Income | $42.50 | ' |
Amortization of basis difference | 3.6 | ' |
Elimination of Enogex Holdings fair value and other adjustments | 1.8 | ' |
Equity in earnings of unconsolidated affiliates | $47.90 | $0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements, Fair Value Hierarchy (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Fair Value, Measurements, Recurring [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets (Liabilities), at Fair Value, Net | $0 |
Fair_Value_Measurements_Carryi
Fair Value Measurements Carrying and Fair Value Amounts (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
OG&E Senior Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-Term Debt, Carrying Amount | $2,403.80 | $2,154.50 |
Long-Term Debt, Fair Value | 2,728 | 2,405 |
OG&E Industrial Authority Bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-Term Debt, Carrying Amount | 135.4 | 135.4 |
Long-Term Debt, Fair Value | 135.4 | 135.4 |
OG&E Tinker Debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-Term Debt, Carrying Amount | 10.3 | 10.3 |
Long-Term Debt, Fair Value | 9.2 | 9.1 |
OGE Energy Senior Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-Term Debt, Carrying Amount | 99.9 | 99.9 |
Long-Term Debt, Fair Value | $101.70 | $103.10 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities, Quantitative Disclosures Related to Derivative Instruments (Details) (Cash Flow Hedging [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Cash Flow Hedging [Member] | ' |
Derivative [Line Items] | ' |
Cash Flow Hedges Derivative Instruments at Fair Value, Net | $0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities, Income Statement Presentation Related to Derivative Instruments (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Enogex [Member] | Cash Flow Hedging [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Amount Recognized in Other Comprehensive Income | $0 |
Amount Reclassifed from Accumulated Other Comprehensive Income (Loss) into Income | 0 |
Amount Recognized in Income | 0 |
Enogex [Member] | Not Designated as Hedging Instrument [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Amount Recognized in Income | -0.3 |
Enogex [Member] | Natural gas [Member] | Fixed Swaps/Futures [Member] | Cash Flow Hedging [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Amount Recognized in Other Comprehensive Income | 0 |
Amount Reclassifed from Accumulated Other Comprehensive Income (Loss) into Income | 0.2 |
Amount Recognized in Income | 0 |
Enogex [Member] | Natural gas [Member] | Fixed Swaps/Futures [Member] | Not Designated as Hedging Instrument [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Amount Recognized in Income | -0.3 |
OGE Energy Corp. [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Amount Recognized in Other Comprehensive Income | 0 |
Amount Reclassifed from Accumulated Other Comprehensive Income (Loss) into Income | -0.2 |
Amount Recognized in Income | $0 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Income tax benefit | $1 | $1 | |
Stock-Based Compensation Activity | ' | ' | |
Maximum payout range | 170.00% | ' | |
Performance Shares [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Compensation expense | 3.7 | 2.6 | |
Total Shareholder Return [Member] | ' | ' | |
Stock-Based Compensation Activity | ' | ' | |
Number of shares granted | 207,880 | ' | |
Fair value of shares granted | $34.68 | ' | |
Equity Instruments Other than Options, Converted in Period | 355,233 | [1] | ' |
Performance Units Related to Earnings Per Share [Member] | ' | ' | |
Stock-Based Compensation Activity | ' | ' | |
Number of shares granted | 69,295 | ' | |
Fair value of shares granted | $34.69 | ' | |
Equity Instruments Other than Options, Converted in Period | 118,404 | [1] | ' |
Restricted Stock [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Compensation expense | 0.1 | 0.1 | |
Stock-Based Compensation Activity | ' | ' | |
Number of shares granted | 1,164 | ' | |
Fair value of shares granted | $35.56 | ' | |
Stock Compensation Plan [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Compensation expense | 3.8 | 2.7 | |
Less: Amount paid by unconsolidated affiliates | 1.2 | 0 | |
Net compensation expense | 2.6 | 2.7 | |
Common Stock | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 495,185 | ' | |
Restricted Stock [Member] | ' | ' | |
Stock-Based Compensation Activity | ' | ' | |
Shares Paid for Tax Withholding for Share Based Compensation | 1,411 | ' | |
Total Shareholder Return [Member] | Performance Shares [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Compensation expense | 2 | 2 | |
Performance Units Related to Earnings Per Share [Member] | Performance Shares [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Compensation expense | $1.70 | $0.60 | |
[1] | Performance units were converted based on a payout ratio of 170 percent of the target number of performance units granted in February 2011 and are included in the 495,185 shares of common stock issued during the three months ended March 31, 2014 as discussed above. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
FIN 48 [Member] | ' |
Income Tax Reconciliation, Tax Contingencies, State and Local | $0.30 |
FIN 48 reserve, net of tax [Member] | ' |
Income Tax Reconciliation, Tax Contingencies, State and Local | $0.20 |
Common_Equity_Forward_Stock_Sp
Common Equity Forward Stock Split (Details) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Common Stock, Shares Authorized | 450 | 225 |
Common_Equity_Automatic_Divide
Common Equity Automatic Dividend Reinvestment and Stock Purchase Plan (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Proceeds From Issuance of Shares Under Dividend Reinvestment Plan And Stock Purchase Plan | $3.40 | $3.20 |
Automatic Dividend Reinvestment and Stock Purchase Plan [Member] | ' | ' |
Stock Issued During Period, Shares, Dividend Reinvestment Plan and Stock Purchase Plan | 98,476 | ' |
Proceeds From Issuance of Shares Under Dividend Reinvestment Plan And Stock Purchase Plan | $3.40 | ' |
Shares Held in Reserve Related to Dividend Reinvestment Plan and Stock Purchase Plan | 3,747,027 | ' |
Common_Equity_Earnings_Per_Sha
Common Equity Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Net Income Attributable to OGE Energy | $49.30 | $23.10 |
Basic average common shares outstanding | 198.8 | 197.8 |
Contingently issuable shares (performance units) | 0.7 | 1 |
Diluted average common shares outstanding | 199.5 | 198.8 |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' |
Basic Earnings Per Average Common Share Attributable to OGE Energy Common Shareholders | $0.25 | $0.12 |
Diluted Earnings Per Average Common Share Attributable to OGE Energy Common Shareholders | $0.25 | $0.12 |
Anti-dilutive shares excluded from earnings per share calculation | 0 | 0 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Debt Instrument [Line Items] | ' |
Percent of Principal Amount Subject to Optional Tender | 100.00% |
Garfield Industrial Authority Bond [Member] | ' |
Debt Instrument [Line Items] | ' |
Date Due | 1-Jan-25 |
Muskogee Industrial Authority Bond Due 2025 [Member] | ' |
Debt Instrument [Line Items] | ' |
Date Due | 1-Jan-25 |
Muskogee Industrial Authority Bond Due 2027 [Member] | ' |
Debt Instrument [Line Items] | ' |
Date Due | 1-Jun-27 |
Redeemable during the next 12 months | ' |
Debt Instrument [Line Items] | ' |
Long-term debt | 135.4 |
Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | ' |
Debt Instrument [Line Items] | ' |
Series Minimum | 0.15% |
Series Maximum | 0.18% |
Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2025 [Member] | ' |
Debt Instrument [Line Items] | ' |
Series Minimum | 0.08% |
Series Maximum | 0.12% |
Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2027 [Member] | ' |
Debt Instrument [Line Items] | ' |
Series Minimum | 0.10% |
Series Maximum | 0.10% |
OG&E [Member] | Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | ' |
Debt Instrument [Line Items] | ' |
Long term debt, gross | 47 |
OG&E [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2025 [Member] | ' |
Debt Instrument [Line Items] | ' |
Long term debt, gross | 32.4 |
OG&E [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2027 [Member] | ' |
Debt Instrument [Line Items] | ' |
Long term debt, gross | 56 |
Senior Notes [Member] | OG&E [Member] | Series due May 1, 2043 [Member] | ' |
Debt Instrument [Line Items] | ' |
Long term debt, gross | 250 |
Debt Instrument, Interest Rate, Stated Percentage | 4.55% |
Date Due | 15-Mar-44 |
ShortTerm_Debt_and_Credit_Faci2
Short-Term Debt and Credit Facilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |||
In Millions, unless otherwise specified | OGE Energy [Member] | OG&E [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | |||
Short-term debt | $377.80 | $439.60 | ' | ' | |||
Line of Credit Facility [Abstract] | ' | ' | ' | ' | |||
Aggregate Commitment | 1,150 | ' | 750 | [1] | 400 | [2] | |
Amount Outstanding | 379.8 | [3] | ' | 377.8 | [1],[3] | ' | |
Weighted Average Interest Rate | 0.28% | ' | 0.28% | [1],[4] | 0.47% | [2],[4] | |
Maturity | ' | ' | 13-Dec-17 | 13-Dec-17 | |||
Letters of Credit Outstanding, Amount | ' | ' | ' | 2 | [2],[3] | ||
Short Term Borrowing Capacity That Has Regulatory Approval | ' | ' | ' | $800 | |||
Period For Which Regulatory Approval Has Been Given to Acquire Short Term Debt | ' | ' | ' | '2 years | |||
[1] | This bank facility is available to back up OGE Energy's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. | ||||||
[2] | This bank facility is available to back up OG&E's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. | ||||||
[3] | Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at MarchB 31, 2014. | ||||||
[4] | Represents the weighted-average interest rate for the outstanding borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit. |
Retirement_Plans_and_Postretir2
Retirement Plans and Postretirement Benefit Plans (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Pension Plans, Defined Benefit [Member] | ' | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ||
Net periodic benefit cost (net of unconsolidated affiliates) | $2.40 | $6.60 | ||
Pension Plan [Member] | ' | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ||
Service cost | 4.3 | 5 | ||
Interest cost | 7 | 6.6 | ||
Expected return on plan assets | -12.5 | -12.3 | ||
Amortization of net loss | 3.5 | 6.2 | ||
Amortization of unrecognized prior service cost | 0.4 | [1] | 0.5 | [1] |
Total net periodic benefit cost | 2.7 | 6 | ||
Less: Amount paid by unconsolidated affiliates | 0.8 | 0 | ||
Net periodic benefit cost (net of unconsolidated affiliates) | 1.9 | [2] | 6 | [2] |
Capitalized Portion of Net Periodic Benefit Cost | 0.6 | 1.6 | ||
Restoration of Retirement Income Plan [Member] | ' | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ||
Service cost | 0.3 | 0.3 | ||
Interest cost | 0.2 | 0.1 | ||
Expected return on plan assets | 0 | 0 | ||
Amortization of net loss | 0 | 0.1 | ||
Amortization of unrecognized prior service cost | 0 | [1] | 0.1 | [1] |
Total net periodic benefit cost | 0.5 | 0.6 | ||
Less: Amount paid by unconsolidated affiliates | 0 | 0 | ||
Net periodic benefit cost (net of unconsolidated affiliates) | 0.5 | [2] | 0.6 | [2] |
Postretirement Benefit Plan [Member] | ' | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ||
Service cost | 0.9 | 1.2 | ||
Interest cost | 2.8 | 2.6 | ||
Expected return on plan assets | -0.6 | -0.6 | ||
Amortization of net loss | 3.1 | 5.3 | ||
Amortization of unrecognized prior service cost | -4.1 | [1] | -4.1 | [1] |
Total net periodic benefit cost | 2.1 | 4.4 | ||
Less: Amount paid by unconsolidated affiliates | 0.3 | 0 | ||
Net periodic benefit cost (net of unconsolidated affiliates) | 1.8 | [3] | 4.4 | [3] |
Capitalized Portion of Net Periodic Benefit Cost | 0.5 | 1.3 | ||
OKLAHOMA | Pension Plans, Defined Benefit [Member] | ' | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ||
Additional Pension Expense to Meet State Requirements | 3.3 | 1.9 | ||
OKLAHOMA | Postretirement Benefit Plan [Member] | ' | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ||
Additional Pension Expense to Meet State Requirements | $1.20 | $0.10 | ||
[1] | Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. | |||
[2] | In addition to the $2.4 million and $6.6 million of net periodic benefit cost recognized during the three months ended MarchB 31, 2014 and 2013, respectively, OG&E recognized an increase in pension expense during the three months ended MarchB 31, 2014 and 2013 of $3.3 million and $1.9 million, respectively, to maintain the allowable amount to be recovered for pension expense in the Oklahoma jurisdiction which are included in the Pension tracker regulatory liability (see Note 1). | |||
[3] | In addition to the $1.8 million and $4.4 million of net periodic benefit cost recognized during the three months ended MarchB 31, 2014 and 2013, respectively, OG&E recognized an increase in postretirement medical expense during the three months ended MarchB 31, 2014 and 2013 of $1.2 million and $0.1 million, respectively, to maintain the allowable amount to be recovered for postretirement medical expense in the Oklahoma jurisdiction which are included in the Pension tracker regulatory liability (see Note 1). |
Report_of_Business_Segments_De
Report of Business Segments (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating revenues | $560.40 | $901.40 | ' |
Cost of sales | 293.4 | 553 | ' |
Other operation and maintenance | 112.4 | 148 | ' |
Depreciation and amortization | 67.2 | 91.9 | ' |
Taxes other than income | 25.6 | 33.1 | ' |
Operating income (loss) | 61.8 | 75.4 | ' |
Equity in earnings of unconsolidated affiliates | 47.9 | 0 | ' |
Investment in unconsolidated affiliates | 1,314.20 | ' | 1,298.80 |
Total assets | 9,250.70 | 9,981.80 | 9,134.70 |
Electric Utility [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating revenues | 560.4 | 455.5 | ' |
Cost of sales | 293.4 | 213 | ' |
Other operation and maintenance | 117.1 | 105.1 | ' |
Depreciation and amortization | 64.3 | 61.3 | ' |
Taxes other than income | 23.8 | 23.2 | ' |
Operating income (loss) | 61.8 | 52.9 | ' |
Equity in earnings of unconsolidated affiliates | 0 | ' | ' |
Investment in unconsolidated affiliates | 0 | ' | ' |
Total assets | 7,826.80 | 7,138.40 | ' |
Natural Gas Midstream Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating revenues | 0 | 464.3 | ' |
Cost of sales | 0 | 359.2 | ' |
Other operation and maintenance | 0 | 45.2 | ' |
Depreciation and amortization | 0 | 27.6 | ' |
Taxes other than income | 0 | 8 | ' |
Operating income (loss) | 0 | 24.3 | ' |
Equity in earnings of unconsolidated affiliates | 47.9 | ' | ' |
Investment in unconsolidated affiliates | 1,314.20 | ' | ' |
Total assets | 1,367.40 | 2,729.90 | ' |
Other Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating revenues | 0 | 0 | ' |
Cost of sales | 0 | 0 | ' |
Other operation and maintenance | -4.7 | -2.3 | ' |
Depreciation and amortization | 2.9 | 3 | ' |
Taxes other than income | 1.8 | 1.9 | ' |
Operating income (loss) | 0 | -2.6 | ' |
Equity in earnings of unconsolidated affiliates | 0 | ' | ' |
Investment in unconsolidated affiliates | 0 | ' | ' |
Total assets | 127.9 | 381.6 | ' |
Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating revenues | 0 | -18.4 | ' |
Cost of sales | 0 | -19.2 | ' |
Other operation and maintenance | 0 | 0 | ' |
Depreciation and amortization | 0 | 0 | ' |
Taxes other than income | 0 | 0 | ' |
Operating income (loss) | 0 | 0.8 | ' |
Equity in earnings of unconsolidated affiliates | 0 | ' | ' |
Investment in unconsolidated affiliates | 0 | ' | ' |
Total assets | ($71.40) | ($268.10) | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Oct. 31, 2014 |
OG&E minimum fuel purchase commitments [Member] | OG&E minimum fuel purchase commitments [Member] | |||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' |
Percentage of OG&E's Projected 2014 Requirements | ' | ' | 31.50% | 42.60% |
Commitments and Contingencies | ' | ' | ' | ' |
Estimated Environmental Capital Costs | 1,000,000,000 | ' | ' | ' |
Potential Penalty Under the Federal Clean Air Act | $37,500 | ' | ' | ' |
Rate_Matters_and_Regulation_Ra
Rate Matters and Regulation Rate Matters and Regulation (Details) (Section 206 Complaint [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Section 206 Complaint [Member] | ' |
Reduction of Revenue | $1 |