Document and Entity Information
Document and Entity Information Document | 6 Months Ended |
Jun. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2023 |
Document Transition Report | false |
Entity File Number | 1-12579 |
Entity Registrant Name | OGE ENERGY CORP. |
Entity Incorporation, State or Country Code | OK |
Entity Tax Identification Number | 73-1481638 |
Entity Central Index Key | 0001021635 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | OGE |
Security Exchange Name | NYSE |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Address, Address Line One | 321 North Harvey |
Entity Address, Address Line Two | P.O. Box 321 |
Entity Address, City or Town | Oklahoma City |
Entity Address, State or Province | OK |
Entity Address, Postal Zip Code | 73101-0321 |
City Area Code | 405 |
Local Phone Number | 553-3000 |
Entity Common Stock, Shares Outstanding | 200,287,364 |
OG&E [Member] | |
Entity Information [Line Items] | |
Entity File Number | 1-1097 |
Entity Registrant Name | OKLAHOMA GAS AND ELECTRIC COMPANY |
Entity Tax Identification Number | 73-0382390 |
Entity Central Index Key | 0000074145 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding | 40,378,745 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues from contracts with customers | $ 589.2 | $ 791 | $ 1,133.8 | $ 1,369.1 |
Other revenues | 15.8 | 12.7 | 28.4 | 23.9 |
Revenues, Total | 605 | 803.7 | 1,162.2 | 1,393 |
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 181.8 | 393.3 | 382.4 | 649 |
OPERATING EXPENSES | ||||
Other operation and maintenance | 128.3 | 118.1 | 258.7 | 233.1 |
Depreciation and amortization | 124.1 | 111.6 | 245.3 | 219 |
Taxes other than income | 24.4 | 24.1 | 52.9 | 52.2 |
Operating expenses | 276.8 | 253.8 | 556.9 | 504.3 |
OPERATING INCOME | 146.4 | 156.6 | 222.9 | 239.7 |
OTHER INCOME (EXPENSE) | ||||
Allowance for equity funds used during construction | 5.1 | 0.9 | 9.6 | 2.2 |
Other net periodic benefit income (expense) | 1.1 | (2.7) | 2.6 | (12.1) |
Gain (loss) on equity securities | 0 | (39.6) | 0 | 242.7 |
Other income | 12.7 | 21.9 | 29.6 | 44.5 |
Other expense | (4.4) | (8.4) | (10.9) | (13.6) |
Net other income (expense) | 14.5 | (27.9) | 30.9 | 263.7 |
INTEREST EXPENSE | ||||
Interest on long-term debt | 52.9 | 39.5 | 101 | 78.9 |
Allowance for borrowed funds used during construction | (1.3) | (0.9) | (3.4) | (2.1) |
Interest on short-term debt and other interest charges | 6.1 | 3.8 | 7.9 | 5.7 |
Interest expense | 57.7 | 42.4 | 105.5 | 82.5 |
INCOME BEFORE TAXES | 103.2 | 86.3 | 148.3 | 420.9 |
INCOME TAX EXPENSE | 14.8 | 13.2 | 21.6 | 68.3 |
NET INCOME | $ 88.4 | $ 73.1 | $ 126.7 | $ 352.6 |
BASIC AVERAGE COMMON SHARES OUTSTANDING | 200.3 | 200.2 | 200.3 | 200.2 |
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 200.8 | 200.7 | 200.8 | 200.6 |
BASIC EARNINGS PER AVERAGE COMMON SHARE | $ 0.44 | $ 0.37 | $ 0.63 | $ 1.76 |
DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ 0.44 | $ 0.36 | $ 0.63 | $ 1.76 |
Other comprehensive income, net of tax | $ 0.5 | $ 0.9 | ||
Comprehensive income | 88.9 | 74 | $ 128.3 | $ 361.3 |
OG&E [Member] | ||||
Revenues from contracts with customers | 589.2 | 791 | 1,133.8 | 1,369.1 |
Other revenues | 15.8 | 12.7 | 28.4 | 23.9 |
Revenues, Total | 605 | 803.7 | 1,162.2 | 1,393 |
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 181.8 | 393.3 | 382.4 | 649 |
OPERATING EXPENSES | ||||
Other operation and maintenance | 128.6 | 118.3 | 260.1 | 233.8 |
Depreciation and amortization | 124.1 | 111.6 | 245.3 | 219 |
Taxes other than income | 23.5 | 23.3 | 50.6 | 50.1 |
Operating expenses | 276.2 | 253.2 | 556 | 502.9 |
OPERATING INCOME | 147 | 157.2 | 223.8 | 241.1 |
OTHER INCOME (EXPENSE) | ||||
Allowance for equity funds used during construction | 5.1 | 0.9 | 9.6 | 2.2 |
Other net periodic benefit income (expense) | 1.6 | (1.8) | 3.2 | (3.2) |
Other income | 8.3 | 1 | 18.4 | 2.2 |
Other expense | (1.8) | (0.4) | (2.7) | (0.8) |
Net other income (expense) | 13.2 | (0.3) | 28.5 | 0.4 |
INTEREST EXPENSE | ||||
Interest on long-term debt | 51.6 | 38.6 | 98.1 | 77.1 |
Allowance for borrowed funds used during construction | (1.3) | (0.9) | (3.4) | (2.1) |
Interest on short-term debt and other interest charges | 1.8 | 2.1 | 3.1 | 3 |
Interest expense | 52.1 | 39.8 | 97.8 | 78 |
INCOME BEFORE TAXES | 108.1 | 117.1 | 154.5 | 163.5 |
INCOME TAX EXPENSE | 16.2 | 16.4 | 22.8 | 23.8 |
NET INCOME | 91.9 | 100.7 | 131.7 | 139.7 |
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 |
Comprehensive income | $ 91.9 | $ 100.7 | $ 131.7 | $ 139.7 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 88.4 | $ 73.1 | $ 126.7 | $ 352.6 |
Pension Plan and Restoration of Retirement Income Plan: | ||||
Amortization of prior service cost, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively | 0 | 0 | 0.1 | 0.1 |
Amortization of deferred net loss, net of tax of $0.0, $0.2, $0.1 and $0.3, respectively | 0.3 | 0.2 | 0.5 | 0.5 |
Settlement cost, net of tax of $0.1, $0.2, $0.3 and $2.4, respectively | 0.2 | 0.7 | 1.1 | 8.1 |
Postretirement benefit plans: | ||||
Amortization of deferred net gain, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively | 0 | 0 | (0.1) | 0 |
Other comprehensive income, net of tax | 0.5 | 0.9 | 1.6 | 8.7 |
Comprehensive income | $ 88.9 | $ 74 | $ 128.3 | $ 361.3 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Plans [Member] | ||||
Pension Plan and Restoration of Retirement Income Plan: | ||||
Amortization of prior service cost, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively | $ 0 | $ 0 | $ 0 | $ 0 |
Amortization of deferred net loss, net of tax of $0.0, $0.2, $0.1 and $0.3, respectively | 0 | 0.2 | 0.1 | 0.3 |
Settlement cost, net of tax of $0.1, $0.2, $0.3 and $2.4, respectively | 0.1 | 0.2 | 0.3 | 2.4 |
Other Postretirement Benefits Plan [Member] | ||||
Postretirement plans: | ||||
Amortization of deferred net gain, net of tax of $0.0 and $0.0, respectively | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 126.7 | $ 352.6 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Depreciation and amortization | 245.3 | 219 |
Deferred income taxes and other tax credits, net | 1.2 | (33.5) |
Gain on investment in equity securities | 0 | (242.7) |
Allowance for equity funds used during construction | (9.6) | (2.2) |
Stock-based compensation expense | 6.3 | 4.6 |
Regulatory assets | (65.9) | (46.5) |
Regulatory liabilities | (55) | (43.2) |
Other assets | (2.2) | 19.4 |
Other liabilities | 2.3 | (11.1) |
Change in certain current assets and liabilities: | ||
Accounts receivable and accrued unbilled revenues, net | (32) | (101.5) |
Income taxes receivable | 13.9 | 0.1 |
Fuel, materials and supplies inventories | (44.4) | (53) |
Fuel recoveries | 316.6 | (119.8) |
Other current assets | 47.6 | (42.2) |
Accounts payable | (111.8) | 19.5 |
Other current liabilities | 17.9 | 88.6 |
Net cash provided from operating activities | 456.9 | 8.1 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures (less allowance for equity funds used during construction) | (580.6) | (450.8) |
Proceeds from sales of equity securities | 0 | 627.4 |
Other | (2.1) | (2.9) |
Net cash provided used in investing activities | (582.7) | (173.7) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 788.8 | 49.8 |
Payment of long-term debt | (1,000.1) | 0 |
Increase (decrease) in short-term debt | 418.1 | (61.5) |
Dividends paid on common stock | (166.5) | (164.4) |
Cash paid for employee equity-based compensation and expense of common stock | (2.3) | (0.8) |
Net cash provided from (used in) financing activities | 38 | (176.9) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (87.8) | 4.9 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 88.1 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0.3 | 4.9 |
OG&E [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 131.7 | 139.7 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Depreciation and amortization | 245.3 | 219 |
Deferred income taxes and other tax credits, net | (0.4) | 182.2 |
Allowance for equity funds used during construction | (9.6) | (2.2) |
Stock-based compensation expense | 1.5 | 1.5 |
Regulatory assets | (65.9) | (46.5) |
Regulatory liabilities | (55) | (43.2) |
Other assets | (2) | 1.3 |
Other liabilities | 4.3 | (1.1) |
Change in certain current assets and liabilities: | ||
Accounts receivable and accrued unbilled revenues, net | (32.6) | (101.7) |
Fuel, materials and supplies inventories | (44.4) | (53) |
Fuel recoveries | 316.6 | (119.8) |
Other current assets | 51.5 | (39.8) |
Accounts payable | (97.4) | 35.1 |
Income taxes payable - parent | 17.9 | (155.9) |
Other current liabilities | 24.7 | 16.6 |
Net cash provided from operating activities | 486.2 | 32.2 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures (less allowance for equity funds used during construction) | (580.6) | (450.8) |
Net cash provided used in investing activities | (580.6) | (450.8) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Changes in advances with parent | 55.9 | 332.6 |
Proceeds from long-term debt | 788.8 | 0 |
Payment of long-term debt | (500.1) | 0 |
Increase (decrease) in short-term debt | 0 | 90.9 |
Dividends paid on common stock | (250) | 0 |
Net cash provided from (used in) financing activities | 94.6 | 423.5 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0.2 | 4.9 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 0.2 | $ 4.9 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 300,000 | $ 88,100,000 |
Accounts receivable | 262,200,000 | 250,100,000 |
Accrued unbilled revenues | 94,100,000 | 74,200,000 |
Income taxes receivable | 6,800,000 | 20,700,000 |
Fuel inventories | 117,700,000 | 108,800,000 |
Materials and supplies, at average cost | 216,000,000 | 180,500,000 |
Fuel clause under recoveries | 198,300,000 | 514,900,000 |
Other | 55,700,000 | 103,500,000 |
Total current assets | 951,100,000 | 1,340,800,000 |
OTHER PROPERTY AND INVESTMENTS | ||
Other | 108,700,000 | 105,800,000 |
Total other property and investments | 108,700,000 | 105,800,000 |
PROPERTY, PLANT AND EQUIPMENT | ||
In service | 15,211,900,000 | 14,695,200,000 |
Construction work in progress | 416,100,000 | 436,100,000 |
Total property, plant and equipment | 15,628,000,000 | 15,131,300,000 |
Less: accumulated depreciation | 4,688,400,000 | 4,584,500,000 |
Net property, plant and equipment | 10,939,600,000 | 10,546,800,000 |
DEFERRED CHARGES AND OTHER ASSETS | ||
Regulatory assets | 574,500,000 | 524,300,000 |
Other | 30,700,000 | 27,000,000 |
Total deferred charges and other assets | 605,200,000 | 551,300,000 |
TOTAL ASSETS | 12,604,600,000 | 12,544,700,000 |
CURRENT LIABILITIES | ||
Short-term debt | 418,100,000 | 0 |
Accounts payable | 337,700,000 | 448,900,000 |
Dividends payable | 82,900,000 | 82,900,000 |
Customer deposits | 96,400,000 | 88,800,000 |
Accrued taxes | 47,600,000 | 54,000,000 |
Accrued interest | 57,300,000 | 41,100,000 |
Accrued compensation | 35,500,000 | 37,000,000 |
Long-term debt due within one year | 0 | 999,900,000 |
Other | 51,700,000 | 49,600,000 |
Total current liabilities | 1,127,200,000 | 1,802,200,000 |
LONG-TERM DEBT | 4,339,000,000 | 3,548,700,000 |
DEFERRED CREDITS AND OTHER LIABILITIES | ||
Accrued benefit obligations | 174,200,000 | 176,900,000 |
Deferred income taxes | 1,262,400,000 | 1,233,500,000 |
Deferred investment tax credits | 11,700,000 | 12,000,000 |
Regulatory liabilities | 1,100,000,000 | 1,147,100,000 |
Other | 211,000,000 | 210,900,000 |
Total deferred credits and other liabilities | 2,759,300,000 | 2,780,400,000 |
Total liabilities | 8,225,500,000 | 8,131,300,000 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
STOCKHOLDERS' EQUITY | ||
Common stockholders' equity | 1,138,400,000 | 1,134,500,000 |
Retained earnings | 3,251,000,000 | 3,290,900,000 |
Accumulated other comprehensive loss, net of tax | (10,300,000) | (11,900,000) |
Treasury stock, at cost | 0 | (100,000) |
Total stockholders' equity | 4,379,100,000 | 4,413,400,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 12,604,600,000 | 12,544,700,000 |
OG&E [Member] | ||
CURRENT ASSETS | ||
Cash and cash equivalents | 200,000 | 0 |
Accounts receivable | 262,100,000 | 249,400,000 |
Accrued unbilled revenues | 94,100,000 | 74,200,000 |
Advances to parent | 17,200,000 | 91,000,000 |
Fuel inventories | 117,700,000 | 108,800,000 |
Materials and supplies, at average cost | 216,000,000 | 180,500,000 |
Fuel clause under recoveries | 198,300,000 | 514,900,000 |
Other | 46,300,000 | 97,800,000 |
Total current assets | 951,900,000 | 1,316,600,000 |
OTHER PROPERTY AND INVESTMENTS | ||
Total other property and investments | 4,600,000 | 4,400,000 |
PROPERTY, PLANT AND EQUIPMENT | ||
In service | 15,205,800,000 | 14,689,100,000 |
Construction work in progress | 416,100,000 | 436,100,000 |
Total property, plant and equipment | 15,621,900,000 | 15,125,200,000 |
Less: accumulated depreciation | 4,688,400,000 | 4,584,500,000 |
Net property, plant and equipment | 10,933,500,000 | 10,540,700,000 |
DEFERRED CHARGES AND OTHER ASSETS | ||
Regulatory assets | 574,500,000 | 524,300,000 |
Other | 28,400,000 | 24,500,000 |
Total deferred charges and other assets | 602,900,000 | 548,800,000 |
TOTAL ASSETS | 12,492,900,000 | 12,410,500,000 |
CURRENT LIABILITIES | ||
Short-term debt | 0 | 0 |
Accounts payable | 299,000,000 | 395,800,000 |
Customer deposits | 96,400,000 | 88,800,000 |
Accrued taxes | 45,600,000 | 46,500,000 |
Accrued interest | 57,300,000 | 40,800,000 |
Accrued compensation | 27,300,000 | 27,800,000 |
Long-term debt due within one year | 0 | 500,000,000 |
Other | 51,300,000 | 49,300,000 |
Total current liabilities | 576,900,000 | 1,149,000,000 |
LONG-TERM DEBT | 4,289,100,000 | 3,498,900,000 |
DEFERRED CREDITS AND OTHER LIABILITIES | ||
Accrued benefit obligations | 97,100,000 | 98,300,000 |
Deferred income taxes | 1,297,900,000 | 1,271,100,000 |
Deferred investment tax credits | 11,700,000 | 12,000,000 |
Regulatory liabilities | 1,100,000,000 | 1,147,100,000 |
Other | 191,800,000 | 188,900,000 |
Total deferred credits and other liabilities | 2,698,500,000 | 2,717,400,000 |
Total liabilities | 7,564,500,000 | 7,365,300,000 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
STOCKHOLDERS' EQUITY | ||
Common stockholders' equity | 1,576,100,000 | 1,574,600,000 |
Retained earnings | 3,352,300,000 | 3,470,600,000 |
Total stockholders' equity | 4,928,400,000 | 5,045,200,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 12,492,900,000 | $ 12,410,500,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Parenthetical - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss | $ 1.7 | $ 1.9 |
OG&E [Member] | ||
Accounts Receivable, Allowance for Credit Loss | $ 1.7 | $ 1.9 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | OG&E [Member] | Common Stock | Common Stock OG&E [Member] | Treasury Stock | Premium on Common Stock | Premium on Common Stock OG&E [Member] | Retained Earnings | Retained Earnings OG&E [Member] | Accumulated Other Comprehensive Income (Loss) |
Balance at Dec. 31, 2021 | $ 4,056.3 | $ 4,602.8 | $ 2 | $ 100.9 | $ (0.1) | $ 1,123.8 | $ 1,470.8 | $ 2,955.4 | $ 3,031.1 | $ (24.8) |
Common Stock, Shares, Outstanding at Dec. 31, 2021 | 200,100,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Dec. 31, 2021 | 0 | |||||||||
Changes in Stockholders' Equity | ||||||||||
Net income | 279.5 | 39 | $ 0 | $ 0 | $ 0 | 0 | 0 | 279.5 | 39 | 0 |
Net income, Number of Shares | 0 | 0 | 0 | |||||||
Other comprehensive income, net of tax | 7.8 | $ 0 | $ 0 | 0 | 0 | 7.8 | ||||
Other comprehensive income, net of tax, Number of Shares | 0 | 0 | ||||||||
Dividends declared on common stock | (82.3) | $ 0 | $ 0 | 0 | (82.3) | 0 | ||||
Dividends declared on common stock, Number of Shares | 0 | 0 | ||||||||
Stock-based compensation | 1.4 | 0.8 | $ 0 | $ 0 | $ 0 | 1.4 | 0.8 | 0 | 0 | 0 |
Stock-based compensation, Number of Shares | 0 | 0 | 0 | |||||||
Balance at Mar. 31, 2022 | 4,262.7 | 4,642.6 | $ 2 | $ 100.9 | $ (0.1) | 1,125.2 | 1,471.6 | 3,152.6 | 3,070.1 | (17) |
Common Stock, Shares, Outstanding at Mar. 31, 2022 | 200,100,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Mar. 31, 2022 | 0 | |||||||||
Balance at Dec. 31, 2021 | 4,056.3 | 4,602.8 | $ 2 | $ 100.9 | $ (0.1) | 1,123.8 | 1,470.8 | 2,955.4 | 3,031.1 | (24.8) |
Common Stock, Shares, Outstanding at Dec. 31, 2021 | 200,100,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Dec. 31, 2021 | 0 | |||||||||
Changes in Stockholders' Equity | ||||||||||
Net income | 352.6 | 139.7 | 352.6 | |||||||
Other comprehensive income, net of tax | 0 | |||||||||
Balance at Jun. 30, 2022 | 4,256.9 | 4,744 | $ 2 | $ 100.9 | $ (0.1) | 1,127.5 | 1,472.3 | 3,143.6 | 3,170.8 | (16.1) |
Common Stock, Shares, Outstanding at Jun. 30, 2022 | 200,200,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Jun. 30, 2022 | 0 | |||||||||
Balance at Mar. 31, 2022 | 4,262.7 | 4,642.6 | $ 2 | $ 100.9 | $ (0.1) | 1,125.2 | 1,471.6 | 3,152.6 | 3,070.1 | (17) |
Common Stock, Shares, Outstanding at Mar. 31, 2022 | 200,100,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Mar. 31, 2022 | 0 | |||||||||
Changes in Stockholders' Equity | ||||||||||
Net income | 73.1 | 100.7 | $ 0 | $ 0 | $ 0 | 0 | 0 | 73.1 | 100.7 | 0 |
Net income, Number of Shares | 0 | 0 | 0 | |||||||
Other comprehensive income, net of tax | 0.9 | 0 | $ 0 | $ 0 | 0 | 0 | 0.9 | |||
Other comprehensive income, net of tax, Number of Shares | 0 | 0 | ||||||||
Dividends declared on common stock | (82.1) | $ 0 | $ 0 | 0 | (82.1) | 0 | ||||
Dividends declared on common stock, Number of Shares | 0 | 0 | ||||||||
Stock-based compensation | 2.3 | 0.7 | $ 0 | $ 0 | $ 0 | 2.3 | 0.7 | 0 | 0 | 0 |
Stock-based compensation, Number of Shares | 100,000 | 0 | 0 | |||||||
Balance at Jun. 30, 2022 | 4,256.9 | 4,744 | $ 2 | $ 100.9 | $ (0.1) | 1,127.5 | 1,472.3 | 3,143.6 | 3,170.8 | (16.1) |
Common Stock, Shares, Outstanding at Jun. 30, 2022 | 200,200,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Jun. 30, 2022 | 0 | |||||||||
Balance at Dec. 31, 2022 | 4,413.4 | 5,045.2 | $ 2 | $ 100.9 | $ (0.1) | 1,132.5 | 1,473.7 | 3,290.9 | 3,470.6 | (11.9) |
Common Stock, Shares, Outstanding at Dec. 31, 2022 | 200,200,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Dec. 31, 2022 | 0 | |||||||||
Changes in Stockholders' Equity | ||||||||||
Net income | 38.3 | 39.8 | $ 0 | $ 0 | $ 0 | 0 | 0 | 38.3 | 39.8 | 0 |
Net income, Number of Shares | 0 | 0 | 0 | |||||||
Other comprehensive income, net of tax | 1.1 | $ 0 | $ 0 | 0 | 0 | 1.1 | ||||
Other comprehensive income, net of tax, Number of Shares | 0 | 0 | ||||||||
Dividends declared on common stock | (83.6) | $ 0 | $ 0 | 0 | (83.6) | 0 | ||||
Dividends declared on common stock, Number of Shares | 0 | 0 | ||||||||
Stock-based compensation | 0.8 | 0.6 | $ 0 | $ 0 | $ 0.1 | 0.7 | 0.6 | 0 | 0 | 0 |
Stock-based compensation, Number of Shares | 100,000 | 0 | 0 | |||||||
Balance at Mar. 31, 2023 | 4,370 | 5,085.6 | $ 2 | $ 100.9 | $ 0 | 1,133.2 | 1,474.3 | 3,245.6 | 3,510.4 | (10.8) |
Common Stock, Shares, Outstanding at Mar. 31, 2023 | 200,300,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Mar. 31, 2023 | 0 | |||||||||
Balance at Dec. 31, 2022 | 4,413.4 | 5,045.2 | $ 2 | $ 100.9 | $ (0.1) | 1,132.5 | 1,473.7 | 3,290.9 | 3,470.6 | (11.9) |
Common Stock, Shares, Outstanding at Dec. 31, 2022 | 200,200,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Dec. 31, 2022 | 0 | |||||||||
Changes in Stockholders' Equity | ||||||||||
Net income | 126.7 | 131.7 | 126.7 | |||||||
Other comprehensive income, net of tax | 0 | |||||||||
Balance at Jun. 30, 2023 | 4,379.1 | 4,928.4 | $ 2 | $ 100.9 | $ 0 | 1,136.4 | 1,475.2 | 3,251 | 3,352.3 | (10.3) |
Common Stock, Shares, Outstanding at Jun. 30, 2023 | 200,300,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Jun. 30, 2023 | 0 | |||||||||
Balance at Mar. 31, 2023 | 4,370 | 5,085.6 | $ 2 | $ 100.9 | $ 0 | 1,133.2 | 1,474.3 | 3,245.6 | 3,510.4 | (10.8) |
Common Stock, Shares, Outstanding at Mar. 31, 2023 | 200,300,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Mar. 31, 2023 | 0 | |||||||||
Changes in Stockholders' Equity | ||||||||||
Net income | 88.4 | 91.9 | $ 0 | $ 0 | $ 0 | 0 | 0 | 88.4 | 91.9 | 0 |
Net income, Number of Shares | 0 | 0 | 0 | |||||||
Other comprehensive income, net of tax | 0.5 | 0 | $ 0 | $ 0 | 0 | 0 | 0.5 | |||
Other comprehensive income, net of tax, Number of Shares | 0 | 0 | ||||||||
Dividends declared on common stock | (83) | (250) | $ 0 | $ 0 | $ 0 | 0 | 0 | (83) | (250) | 0 |
Dividends declared on common stock, Number of Shares | 0 | 0 | 0 | |||||||
Stock-based compensation | 3.2 | 0.9 | $ 0 | $ 0 | $ 0 | 3.2 | 0.9 | 0 | 0 | 0 |
Stock-based compensation, Number of Shares | 0 | 0 | 0 | |||||||
Balance at Jun. 30, 2023 | $ 4,379.1 | $ 4,928.4 | $ 2 | $ 100.9 | $ 0 | $ 1,136.4 | $ 1,475.2 | $ 3,251 | $ 3,352.3 | $ (10.3) |
Common Stock, Shares, Outstanding at Jun. 30, 2023 | 200,300,000 | 40,400,000 | ||||||||
Treasury Stock, Common, Shares at Jun. 30, 2023 | 0 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) Parenthetical - $ / shares | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.4141 | $ 0.4141 | $ 0.4100 | $ 0.4100 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Insider Trading Arr [Line Items] | |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Organization OGE Energy is a holding company whose primary investment provides electricity in Oklahoma and western Arkansas. OGE Energy's electric company operations are conducted through its wholly-owned subsidiary, OG&E, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas and are reported through OGE Energy's electric company business segment. OG&E's rates 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 and is the largest electric company in Oklahoma, with a franchised service territory that includes Fort Smith, Arkansas and the surrounding communities. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business. The accounts of OGE Energy and its wholly-owned subsidiaries, including OG&E, are included in OGE Energy's condensed consolidated financial statements. All intercompany transactions and balances are eliminated in such consolidation. During 2022, OGE Energy accounted for its investment in Energy Transfer as an investment in equity securities, as further discussed below, and reported the Energy Transfer investment, along with legacy Enable seconded employee pension and postretirement costs, through OGE Energy's natural gas midstream operations segment. As of the end of September 2022, OGE Energy had sold all of its Energy Transfer limited partner units. Therefore, beginning in 2023, OGE Energy no longer has a natural gas operations reporting segment. Prior to OGE Energy's sale of all Energy Transfer limited partner units, the investment in Energy Transfer's equity securities was held through wholly-owned subsidiaries and ultimately OGE Holdings. Basis of Presentation The condensed financial statements included herein have been prepared by the Registrants, 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 Registrants believe 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 financial position of the Registrants at June 30, 2023 and December 31, 2022, the results of the Registrants' operations for the three and six months ended June 30, 2023 and 2022 and the Registrants' cash flows for the three and six months ended June 30, 2023 and 2022 have been included and are of a normal, recurring nature except as otherwise disclosed. Management also has evaluated the impact of events occurring after June 30, 2023 up to the date of issuance of these condensed financial statements, and these statements contain all necessary adjustments and disclosures resulting from that evaluation. Due to seasonal fluctuations and other factors, the Registrants' operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any future period. The condensed financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto included in the Registrants' 2022 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 incurred 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 incurred costs and obligations as regulatory assets or liabilities if, based on regulatory orders or other available evidence, it is probable that the costs or obligations will be included in amounts allowable for recovery or refund in future rates. The following table presents a summary of OG&E's regulatory assets and liabilities. June 30, December 31, (In millions) 2023 2022 REGULATORY ASSETS Current: Oklahoma fuel clause under recoveries $ 177.9 $ 474.3 Arkansas fuel clause under recoveries 20.4 40.6 Oklahoma Energy Efficiency Rider under recoveries (A) 3.1 7.7 Other (A) 8.2 4.7 Total current regulatory assets $ 209.6 $ 527.3 Non-current: Oklahoma deferred storm expenses $ 254.5 $ 206.3 Benefit obligations regulatory asset 98.1 119.7 Pension tracker 81.9 57.2 Arkansas Winter Storm Uri costs 74.9 78.2 Sooner Dry Scrubbers 17.7 18.1 Arkansas deferred pension expenses 13.2 12.3 Unamortized loss on reacquired debt 7.6 8.0 COVID-19 impacts 7.3 7.7 Frontier Plant deferred expenses 4.4 5.2 Other 14.9 11.6 Total non-current regulatory assets $ 574.5 $ 524.3 REGULATORY LIABILITIES Current: SPP cost tracker over recovery (B) $ 6.3 $ 3.0 Other (B) 1.8 2.5 Total current regulatory liabilities $ 8.1 $ 5.5 Non-current: Income taxes refundable to customers, net $ 866.3 $ 894.7 Accrued removal obligations, net 231.9 250.5 Other 1.8 1.9 Total non-current regulatory liabilities $ 1,100.0 $ 1,147.1 (A) Included in Other Current Assets in the condensed balance sheets. (B) Included in Other Current Liabilities in the condensed 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 or liabilities, which could have significant financial effects. Allowance for Uncollectible Accounts Receivable Customer balances are generally written off if not collected within six months after the final billing date. The allowance for uncollectible accounts receivable for OG&E is generally calculated by multiplying the last six months of electric revenue by the provision rate, which is based on a 12-month historical average of actual balances written off and is adjusted for current conditions and supportable forecasts as necessary. To the extent the historical collection rates, when incorporating forecasted conditions, are not representative of future collections, there could be an effect on the amount of uncollectible expense recognized. Also, a portion of the uncollectible provision related to fuel within the Oklahoma jurisdiction is being recovered through the fuel adjustment clause. The allowance for uncollectible accounts receivable is a reduction to Accounts Receivable in the condensed balance sheets and is included in Other Operation and Maintenance Expense in the condensed statements of income. New business customers are required to provide a security deposit in the form of cash, bond or irrevocable letter of credit that is refunded when the account is closed. New residential customers whose outside credit scores indicate an elevated risk are required to provide a security deposit that is refunded based on customer protection rules defined by the OCC and the APSC. The payment behavior of all existing customers is continuously monitored, and, if the payment behavior indicates sufficient risk within the meaning of the applicable utility regulation, customers will be required to provide a security deposit. Related Party Transactions OGE Energy charges operating costs to OG&E based on several factors, and operating costs directly related to OG&E are assigned as such. Operating costs incurred for the benefit of OG&E are allocated either as overhead based primarily on labor costs or using the "Distrigas" method, which is a three-factor formula that uses an equal weighting of payroll, net operating revenues and gross property, plant and equipment. OGE Energy adopted this method as a result of a recommendation by the OCC Staff and believes this method provides a reasonable basis for allocating common expenses. OGE Energy charged operating costs to OG&E of $ 35.8 million and $ 33.2 million during the three months ended June 30, 2023 and 2022 , respectively, and $ 73.4 million and $ 66.1 million during the six months ended June 30, 2023 and 2022 , respectively. Accumulated Other Comprehensive Income (Loss) The following tables present changes in the components of accumulated other comprehensive income (loss) attributable to OGE Energy during the six months ended June 30, 2023 and 2022. All amounts below are presented net of tax. (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Total Balance at December 31, 2022 $ ( 18.5 ) $ 6.6 $ ( 11.9 ) Amounts reclassified from accumulated other comprehensive income (loss) 0.6 ( 0.1 ) 0.5 Settlement cost 1.1 — 1.1 Balance at June 30, 2023 $ ( 16.8 ) $ 6.5 $ ( 10.3 ) (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Total Balance at December 31, 2021 $ ( 26.1 ) $ 1.3 $ ( 24.8 ) Amounts reclassified from accumulated other comprehensive income 0.6 — 0.6 Settlement cost 8.1 — 8.1 Balance at June 30, 2022 $ ( 17.4 ) $ 1.3 $ ( 16.1 ) The following table presents significant amounts reclassified out of accumulated other comprehensive income (loss) attributable to OGE Energy by the respective line items in net income during the three and six months ended June 30, 2023 and 2022. Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Amortization of Pension Plan and Restoration of Retirement Income Plan items: Actuarial losses $ ( 0.3 ) $ ( 0.4 ) $ ( 0.6 ) $ ( 0.8 ) (A) Prior service cost — — ( 0.1 ) ( 0.1 ) (A) Settlement cost ( 0.3 ) ( 0.9 ) ( 1.4 ) ( 10.5 ) (A) ( 0.6 ) ( 1.3 ) ( 2.1 ) ( 11.4 ) Income Before Taxes ( 0.1 ) ( 0.4 ) ( 0.4 ) ( 2.7 ) Income Tax Expense $ ( 0.5 ) $ ( 0.9 ) $ ( 1.7 ) $ ( 8.7 ) Net Income Amortization of postretirement benefit plans items: Actuarial gains $ — $ — $ 0.1 $ — (A) — — 0.1 — Income Before Taxes — — — — Income Tax Expense $ — $ — $ 0.1 $ — Net Income Total reclassifications for the period, net of tax $ ( 0.5 ) $ ( 0.9 ) $ ( 1.6 ) $ ( 8.7 ) Net Income (A) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 10 for additional information). Investment in Equity Securities of Energy Transfer As of the end of September 2022, OGE Energy had sold all of its Energy Transfer limited partner units. Prior to exiting this investment, OGE Energy accounted for its investment in Energy Transfer's equity securities as an equity investment with a readily determinable fair value under ASC 321, "Investments - Equity Securities." For the three and six months ended June 30, 2022, OGE Energy recognized a pre-tax unrealized loss of $ 46.3 million and a pre-tax unrealized gain of $ 67.0 million, respectively, related to its investment in Energy Transfer's equity securities, as detailed below. (In millions) Three Months Six Months Gain (loss) on equity securities $ ( 39.6 ) $ 242.7 Net gain recognized on equity securities sold 6.7 175.7 Unrealized gain (loss) on equity securities sold $ ( 46.3 ) $ 67.0 During the three and six months ended June 30, 2022, respectively, OGE Energy received distributions of $ 13.3 million and $ 30.0 million from Energy Transfer, which are presented within Other Income in OGE Energy's 2022 condensed consolidated income statement. |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | 2. Accounting Pronouncements In September 2022, the Financial Accounting Standards Board issued ASU 2022-04, "Liabilities - Supplier Finance Programs (Subtopic 405-50)." The amendments in this update require that a buyer in a supplier finance program disclose in each annual reporting period: (i) the key terms of the program, including a description of the payment terms and assets pledged as security or other forms of guarantees provided for the committed payment to the finance provider and (ii) the amount outstanding that remains unpaid by the buyer as of year-end, a description of where those obligations are presented in the balance sheet and a rollforward of those obligations during the annual period. The standard was effective January 1, 2023, except for the amendment on rollforward information, which is effective January 1, 2024. The Registrants have adopted this standard, which did not result in a material impact on their financial statements and related disclosures. The Registrants believe that other recently adopted and recently issued accounting standards that are not yet effective do not appear to have a material impact on the Registrants' financial position, results of operations or cash flows upon adoption. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition The following table presents OG&E's revenues from contracts with customers disaggregated by customer classification. OG&E's operating revenues disaggregated by customer classification can be found in "OG&E (Electric Company) Results of Operations" within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." Three Months Ended Six Months Ended (In millions) 2023 2022 2023 2022 Residential $ 216.3 $ 289.3 $ 421.8 $ 516.1 Commercial 155.5 193.4 289.9 321.5 Industrial 51.7 81.4 103.6 138.8 Oilfield 46.6 79.0 94.0 132.2 Public authorities and street light 52.5 71.1 97.6 119.1 System sales revenues 522.6 714.2 1,006.9 1,227.7 Provision for tax refund 0.6 ( 2.1 ) 2.0 ( 2.7 ) Integrated market 18.8 43.0 31.5 65.8 Transmission 36.1 32.9 71.3 68.7 Other 11.1 3.0 22.1 9.6 Revenues from contracts with customers $ 589.2 $ 791.0 $ 1,133.8 $ 1,369.1 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The classification of the Registrants' 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). T he Registrants had no financial instruments measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022 . The following table presents the carrying amount and fair value of the Registrants' financial instruments at June 30, 2023 and December 31, 2022, as well as the classification level within the fair value hierarchy. June 30, December 31, (In millions) Carrying Amount Fair Carrying Amount Fair Classification Long-term Debt (including Long-term Debt due within one year): OGE Energy Senior Notes $ — $ — $ 499.9 $ 491.2 Level 2 OGE Energy Term Loan $ 49.9 $ 50.0 $ 49.8 $ 50.0 Level 2 OG&E Senior Notes $ 4,144.5 $ 3,469.3 $ 3,854.2 $ 3,477.1 Level 2 OG&E Industrial Authority Bonds $ 135.4 $ 135.4 $ 135.4 $ 135.4 Level 2 OG&E Tinker Debt $ 9.2 $ 7.2 $ 9.3 $ 7.3 Level 3 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 5. Stock-Based Compensation The following table presents the Registrants' pre-tax compensation expense and related income tax benefit for the three and six months ended June 30, 2023 and 2022 related to performance units and restricted stock units for the Registrants' employees. OGE Energy OG&E Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Performance units $ 2.3 $ 1.8 $ 4.5 $ 3.6 $ 0.6 $ 0.5 $ 1.1 $ 1.1 Restricted stock units 1.0 0.5 1.8 1.0 0.3 0.2 0.4 0.4 Total compensation expense $ 3.3 $ 2.3 $ 6.3 $ 4.6 $ 0.9 $ 0.7 $ 1.5 $ 1.5 Income tax benefit $ 0.8 $ 0.6 $ 1.5 $ 1.2 $ 0.2 $ 0.2 $ 0.3 $ 0.4 During the six months ended June 30, 2023, OGE Energ y issued 82,321 share s of new common stock pursuant to OGE Energy's Stock Incentive Plan and issued 2,371 shares of treasury stock to satisfy payouts of earned performance units and restricted stock unit grants to the Registrants' employees. During the six months ended June 30, 2023, OGE Energy granted 213,442 performance units (based on total shareholder return over a three-year period) and 114,926 restricted stock units (primarily a three-year cliff vesting period) to employees at $ 43.74 and $ 37.52 fair value per share, respectively. Of those performance units and restricted stock units granted, 65,069 and 35,034 were granted to OG&E employees, respectively, at $ 43.74 and $ 37.52 fair value per share, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 6. Income Taxes OGE Energy files consolidated income tax returns in the U.S. federal jurisdiction and various state jurisdictions. OG&E is a part of the consolidated income tax return of OGE Energy. With few exceptions, the Registrants are no longer subject to U.S. federal tax or state and local examinations by tax authorities for years prior to 2019. Income taxes are generally allocated to each company in the affiliated group, including OG&E, based on its stand-alone taxable income or loss. Federal investment tax credits previously claimed on electric utility property have been deferred and will be amortized to income over the life of the related property. Oklahoma investment state tax credits are also earned on investments at electric generating facilities which further reduce OG&E's effective tax rate. |
Common Equity
Common Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common Equity | 7. Common Equity Automatic Dividend Reinvestment and Stock Purchase Plan OGE Energy issued no new shares of common stock under its Automatic Dividend Reinvestment and Stock Purchase Plan during the three and six months ended June 30, 2023. Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to OGE Energy by the weighted-average number of OGE Energy'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 OGE Energy consist of performance units and restricted stock units. The following table presents the calculation of basic and diluted earnings per share for OGE Energy. Three Months Ended Six Months Ended June 30, June 30, (In millions, except per share data) 2023 2022 2023 2022 Net income $ 88.4 $ 73.1 $ 126.7 $ 352.6 Average common shares outstanding: Basic average common shares outstanding 200.3 200.2 200.3 200.2 Effect of dilutive securities: Contingently issuable shares (performance and restricted stock units) 0.5 0.5 0.5 0.4 Diluted average common shares outstanding 200.8 200.7 200.8 200.6 Basic earnings per average common share $ 0.44 $ 0.37 $ 0.63 $ 1.76 Diluted earnings per average common share $ 0.44 $ 0.36 $ 0.63 $ 1.76 Anti-dilutive shares excluded from earnings per share calculation — — — — |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
Long-Term Debt | 8. Long-Term Debt At June 30, 2023, the Registrants were in compliance with all of their debt agreements. In 2021, OGE Energy issued $ 500.0 million of 0.703 percent senior notes, and OG&E issued $ 500.0 million of 0.553 percent senior notes. The Reg istrants repaid eac h of the $ 500.0 million senior notes that matured on May 26, 2023 . In January 2023, OG&E issued $ 450.0 million of 5.40 percent Senior Notes due January 15, 2033 , and i n April 2023, OG&E issued $ 350.0 million of 5.60 percent Senior Notes due April 1, 2053 . The proceeds from these issuances were added to OG&E's general funds to be used for general corporate purposes, including to help fund the repayment of its $ 500.0 million of 0.553 percent Senior Notes that matured on May 26, 2023 and the funding of its capital investment program and working capital needs. OGE Energy has a $ 100.0 million floating rate unsecured three-year credit agreement, of which $ 50.0 million is considered a revolving loan and $ 50.0 million is considered a term loan. During the three and six months ended June 30, 2023 , the interest rate for the $ 50.0 million drawn on the term loan under this credit agreement ranged from 5.875 percent to 6.125 percent and 5.375 percent to 6.125 percent, respectively. For additional information related to this credit agreement, see Note 9. 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 following table presents information about these bonds, which can be tendered at the option of the holder during the next 12 months. Series Date Due Amount (In millions) 1.85 % - 4.45 % Garfield Industrial Authority, January 1, 2025 $ 47.0 1.85 % - 4.30 % Muskogee Industrial Authority, January 1, 2025 32.4 1.85 % - 4.45 % Muskogee Industrial Authority, June 1, 2027 56.0 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 condensed balance sheets. OG&E believes that it has sufficient liquidity to meet these obligations. |
Short-Term Debt and Credit Faci
Short-Term Debt and Credit Facilities | 6 Months Ended |
Jun. 30, 2023 | |
Short-Term Debt [Abstract] | |
Short-Term Debt and Credit Facilities | 9. Short-Term Debt and Credit Facilities The Registrants borrow on a short-term basis, as necessary, by the issuance of commercial paper and by borrowings under their revolving credit agreements. OGE Energy also borrows under term credit agreements maturing in one year or less, as necessary. OG&E had no short-term debt at June 30, 2023 and December 31, 2022. The following table presents information regarding the Registrants' revolving credit agreements at June 30, 2023. Entity Aggregate Amount Weighted-Average Expiration (In millions) OGE Energy (B) $ 550.0 $ 418.1 5.49 % (F) December 17, 2027 (G) OGE Energy (C) 50.0 — — % (F) May 24, 2025 OG&E (D)(E) 550.0 0.4 1.15 % (F) December 17, 2027 (G) Total $ 1,150.0 $ 418.5 5.48 % (A) Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at June 30, 2023 . (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) OGE Energy has a $ 100.0 million floating rate unsecured three-year credit agreement, of which $ 50.0 million is considered a revolving loan and $ 50.0 million is considered a term loan. (D) 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. (E) OG&E has an intercompany borrowing agreement with OGE Energy whereby OG&E has access to up to $ 450.0 million of OGE Energy's revolving credit amount. This agreement has a termination date of December 17, 2027. At June 30, 2023 , there were no intercompany borrowings under this agreement. (F) Represents the weighted-average interest rate for the outstanding borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit. (G) In December 2022, the Registrants each entered into an amendment to their credit facility that extended the term of each credit facility for one year, until December 2027. Further, each credit facility amendment gave each of the Registrants the option of extending such commitments for up to two additional one-year periods. The Registrants' 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 Registrants' credit facilities could cause annual fees and borrowing rates to increase if an adverse rating impact occurs. The impact of any future downgrade could include an increase in the costs of the Registrants' short-term borrowings, but a reduction in the Registrants' 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 Registrants to post 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 $ 1.0 billion in short-term borrowings at any one time for a two-year period beginning January 1, 2023 and ending December 31, 2024. |
Retirement Plans and Postretire
Retirement Plans and Postretirement Benefit Plans | 6 Months Ended |
Jun. 30, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. Retirement Plans and Postretirement Benefit Plans In accordance with ASC Topic 715, "Compensation - Retirement Benefits," a one-time settlement charge is required to be recorded by an organization when lump sum payments or other settlements that relieve the organization from the responsibility for the pension benefit obligation during the plan year exceed the service cost and interest cost components of the organization's net periodic pension cost. During the six months ended June 30, 2023, the Registrants experienced an increase in the amount of lump sum payments paid to employees upon retirement, which resulted in the Registrants recording pension plan settlement charges as presented in the Pension Plan net periodic benefit cost tables below. The pension settlement charges did not require a cash outlay by the Registrants and did not increase total pension expense over time, as the charges were an acceleration of costs that otherwise would be recognized as pension expense in future periods. Net Periodic Benefit Cost The following tables present the net periodic benefit cost components, before consideration of capitalized amounts, of OGE Energy's Pension Plan, Restoration of Retirement Income Plan and postretirement benefit plans that are included in the condensed financial statements. Service cost is presented within Other Operation and Maintenance Expense, and the remaining net periodic benefit cost components as listed in the following tables are presented within Other Net Periodic Benefit Income (Expense) in the statements of income. OG&E recovers specific amounts of pension and postretirement medical costs in rates approved in its Oklahoma rate reviews. In accordance with approved orders, OG&E defers the difference between actual pension and postretirement medical expenses and the amount approved in its last Oklahoma rate review as a regulatory asset or regulatory liability. These amounts have been recorded in the Pension tracker in the regulatory assets and liabilities table in Note 1 and within Other Net Periodic Benefit Income (Expense) in the statements of income. Pension Plan Restoration of Retirement Three Months Ended Six Months Ended Three Months Ended Six Months Ended OGE Energy June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 1.3 $ 1.7 $ 2.7 $ 3.9 $ 0.2 $ 0.2 $ 0.5 $ 0.5 Interest cost 3.9 4.3 7.9 7.7 0.1 0.1 0.1 0.1 Expected return on plan assets ( 4.2 ) ( 6.2 ) ( 8.2 ) ( 13.0 ) — — — — Amortization of net loss 2.0 2.3 4.2 4.2 — 0.1 — 0.1 Amortization of unrecognized prior service cost (A) — — — — 0.1 — 0.2 0.1 Settlement cost 1.2 2.8 19.4 16.0 — 0.2 — 0.2 Net periodic benefit cost $ 4.2 $ 4.9 $ 26.0 $ 18.8 $ 0.4 $ 0.6 $ 0.8 $ 1.0 (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. Pension Plan Restoration of Retirement Three Months Ended Six Months Ended Three Months Ended Six Months Ended OG&E June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 1.1 $ 1.4 $ 2.2 $ 3.1 $ — $ — $ — $ — Interest cost 3.2 3.3 6.3 5.9 — — — — Expected return on plan assets ( 3.3 ) ( 4.7 ) ( 6.5 ) ( 10.0 ) — — — — Amortization of net loss 1.7 1.9 3.6 3.5 — — — — Settlement cost 0.8 2.1 18.0 5.7 — — — — Total net periodic benefit cost 3.5 4.0 23.6 8.2 — — — — Plus: Amount allocated from OGE Energy 0.4 0.4 2.0 2.2 0.3 0.3 0.7 0.7 Net periodic benefit cost $ 3.9 $ 4.4 $ 25.6 $ 10.4 $ 0.3 $ 0.3 $ 0.7 $ 0.7 In addition to the net periodic benefit cost amounts recognized, as presented in the tables above, for the Pension and Restoration of Retirement Income Plans during the three and six months ended June 30, 2023 and 2022, the Registrants recognized the following: Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Change in regulatory asset related to pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 3.9 $ 0.4 $ 24.1 $ 2.3 Deferral of pension expense related to pension settlement charges included in the above line item: Oklahoma jurisdiction (A) $ 0.8 $ 2.0 $ 17.5 $ 6.7 Arkansas jurisdiction (A) $ 0.1 $ 0.2 $ 1.6 $ 0.6 (A) Included in the pension regulatory asset in each jurisdiction, as presented in the regulatory assets and liabilities table in Note 1. OGE Energy OG&E Postretirement Benefit Plans Postretirement Benefit Plans Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ — $ 0.1 $ — $ 0.1 $ — $ 0.1 Interest cost 1.3 0.9 2.6 1.8 1.0 0.6 2.0 1.3 Expected return on plan assets ( 0.4 ) ( 0.5 ) ( 0.8 ) ( 0.9 ) ( 0.4 ) ( 0.4 ) ( 0.8 ) ( 0.8 ) Amortization of net (gain) loss — 0.2 ( 0.1 ) 0.7 — 0.3 — 0.8 Amortization of unrecognized prior service cost (A) — ( 0.9 ) — ( 1.9 ) — ( 0.9 ) — ( 1.8 ) Total net periodic benefit cost 0.9 ( 0.3 ) 1.7 ( 0.2 ) 0.6 ( 0.3 ) 1.2 ( 0.4 ) Plus: Amount allocated from OGE Energy 0.2 — 0.3 — Net periodic benefit cost (income) $ 0.9 $ ( 0.3 ) $ 1.7 $ ( 0.2 ) $ 0.8 $ ( 0.3 ) $ 1.5 $ ( 0.4 ) (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. In addition to the net periodic benefit cost or income amounts recognized, as presented in the table above, for the postretirement benefit plans for the three and six months ended June 30, 2023 and 2022, the Registrants recognized the following: Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Change in regulatory asset or liability related to postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 1.1 $ 0.1 $ 2.2 $ ( 0.2 ) (A) Included in the pension regulatory asset or liability in each jurisdiction, as presented in the regulatory assets and liabilities table in Note 1. The following table presents the amount of net periodic benefit cost capitalized and attributable to each of the Registrants for OGE Energy's Pension Plan and postretirement benefit plans for the three and six months ended June 30, 2023 and 2022. OGE Energy OG&E Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Capitalized portion of net periodic pension benefit cost $ 0.5 $ 0.7 $ 1.1 $ 1.5 $ 0.5 $ 0.5 $ 1.0 $ 1.2 Capitalized portion of net periodic postretirement benefit cost $ 0.1 $ — $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 |
Report of Business Segments
Report of Business Segments | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Report of Business Segments | 11. Report of Business Segments OGE Energy reports its operations primarily through a single segment, captioned "electric company," which is engaged in the generation, transmission, distribution and sale of electric energy. The "other operations" caption primarily includes the operations of the holding company and other energy-related investments. Intersegment revenues are recorded at prices comparable to those of unaffiliated customers and are affected by regulatory considerations. During 2022, OGE Energy held an investment in Energy Transfer's equity securities and reported the investment's activity, as well as Enable legacy pension and postretirement costs, through the natural gas midstream operations segment. As of the end of September 2022, OGE Energy had sold all of Energy Transfer's limited partner units; therefore, beginning in 2023, OGE Energy no longer has a natural gas midstream operations segment. The following tables present the results of OGE Energy's business segments for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, 2023 Electric Company Other Eliminations Total (In millions) Operating revenues $ 605.0 $ — $ — $ 605.0 Fuel, purchased power and direct transmission expense 181.8 — — 181.8 Other operation and maintenance 128.6 ( 0.3 ) — 128.3 Depreciation and amortization 124.1 — — 124.1 Taxes other than income 23.5 0.9 — 24.4 Operating income (loss) 147.0 ( 0.6 ) — 146.4 Other income 13.2 4.4 ( 3.1 ) 14.5 Interest expense 52.1 8.7 ( 3.1 ) 57.7 Income tax expense (benefit) 16.2 ( 1.4 ) — 14.8 Net income (loss) $ 91.9 $ ( 3.5 ) $ — $ 88.4 Total assets $ 12,492.9 $ 686.8 $ ( 575.1 ) $ 12,604.6 Three Months Ended June 30, 2022 Electric Company Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 803.7 $ — $ — $ — $ 803.7 Fuel, purchased power and direct transmission expense 393.3 — — — 393.3 Other operation and maintenance 118.3 0.5 ( 0.7 ) — 118.1 Depreciation and amortization 111.6 — — — 111.6 Taxes other than income 23.3 0.1 0.7 — 24.1 Operating income (loss) 157.2 ( 0.6 ) — — 156.6 Loss on equity securities — ( 39.6 ) — — ( 39.6 ) Other income (expense) ( 0.3 ) 12.4 — ( 0.4 ) 11.7 Interest expense 39.8 — 3.0 ( 0.4 ) 42.4 Income tax expense (benefit) 16.4 ( 8.9 ) 5.7 — 13.2 Net income (loss) $ 100.7 $ ( 18.9 ) $ ( 8.7 ) $ — $ 73.1 Total assets $ 12,317.2 $ 401.7 $ 751.9 $ ( 632.8 ) $ 12,838.0 Six Months Ended June 30, 2023 Electric Company Other Eliminations Total (In millions) Operating revenues $ 1,162.2 $ — $ — $ 1,162.2 Fuel, purchased power and direct transmission expense 382.4 — — 382.4 Other operation and maintenance 260.1 ( 1.4 ) — 258.7 Depreciation and amortization 245.3 — — 245.3 Taxes other than income 50.6 2.3 — 52.9 Operating income (loss) 223.8 ( 0.9 ) — 222.9 Other income 28.5 8.9 ( 6.5 ) 30.9 Interest expense 97.8 14.2 ( 6.5 ) 105.5 Income tax expense (benefit) 22.8 ( 1.2 ) — 21.6 Net income (loss) $ 131.7 $ ( 5.0 ) $ — $ 126.7 Total assets $ 12,492.9 $ 686.8 $ ( 575.1 ) $ 12,604.6 Six Months Ended June 30, 2022 Electric Company Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 1,393.0 $ — $ — $ — $ 1,393.0 Fuel, purchased power and direct transmission expense 649.0 — — — 649.0 Other operation and maintenance 233.8 1.2 ( 1.9 ) — 233.1 Depreciation and amortization 219.0 — — — 219.0 Taxes other than income 50.1 0.1 2.0 — 52.2 Operating income (loss) 241.1 ( 1.3 ) ( 0.1 ) — 239.7 Gain on equity securities — 242.7 — — 242.7 Other income 0.4 21.1 — ( 0.5 ) 21.0 Interest expense 78.0 — 5.0 ( 0.5 ) 82.5 Income tax expense (benefit) 23.8 51.3 ( 6.8 ) — 68.3 Net income $ 139.7 $ 211.2 $ 1.7 $ — $ 352.6 Total assets $ 12,317.2 $ 401.7 $ 751.9 $ ( 632.8 ) $ 12,838.0 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Except as set forth below, in Note 13 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 13 and 14 to the financial statements included in the Registrants' 2022 Form 10-K appropriately represent, in all material respects, the current status of the Registrants' material commitments and contingent liabilities. Environmental Laws and Regulations The activities of OG&E are subject to numerous stringent and complex federal, state and local laws and regulations governing environmental protection. These laws and regulations can change, restrict or otherwise impact the Registrants' business activities in many ways, including the handling or disposal of waste material, planning for future construction activities to avoid or mitigate harm to threatened or endangered species and requiring the installation and operation of emissions or pollution control equipment. Failure to comply with these laws and regulations could result in the assessment of administrative, civil and criminal penalties, the imposition of remedial requirements and the issuance of orders enjoining future operations. Management believes that all of OG&E's operations are in substantial compliance with current federal, state and local environmental standards. Environmental regulation can increase the cost of planning, design, initial installation and operation of OG&E's facilities. Management continues to evaluate its compliance with existing and proposed environmental legislation and regulations and implement appropriate environmental programs in a competitive market. Other In the normal course of business, the Registrants are 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 experts to assess the claim. If, in management's opinion, the Registrants have 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 condensed financial statements. If the assessment indicates that a potential loss is not probable but reasonably possible, the nature of the contingent matter, together with an estimate of the range of possible loss if determinable and material, would be disclosed. At the present time, based on currently available information, except as disclosed below, the Registrants believe 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 their condensed financial statements and would not have a material adverse effect on their financial position, results of operations or cash flows. In July 2023, OG&E was named, along with its contractor, as a defendant in a lawsuit filed by an apartment owner and its insurance companies seeking in excess of $ 60.0 million in damages related to a fire at an apartment building under construction in Oklahoma City. OG&E disputes the claims in the lawsuit and intends to vigorously defend this action. If OG&E was ultimately deemed liable for damages in connection with this incident, OG&E believes its existing insurance policies will cover its costs, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have. Due to the uncertain and preliminary nature of this litigation, the outcome cannot be predicted, and OG&E is unable to provide a range of possible loss in this matter. |
Rate Matters and Regulation
Rate Matters and Regulation | 6 Months Ended |
Jun. 30, 2023 | |
Regulated Operations [Abstract] | |
Rate Matters and Regulation | 13. Rate Matters and Regulation Except as set forth below, the circumstances set forth in Note 14 to the financial statements included in the Registrants' 2022 Form 10-K appropriately represent, in all material respects, the current status of the Registrants' regulatory matters. Completed Regulatory Matters APSC Proceedings Arkansas 2022 Formula Rate Plan Filing In October 2022, OG&E filed its fifth evaluation report under its Formula Rate Plan, and on February 1, 2023, OG&E and the APSC Staff filed a non-unanimous joint settlement agreement, which included an annual electric revenue increase of $ 9.6 million. The Arkansas Attorney General and the Arkansas Valley Electric Consumers agreed not to oppose the settlement. On March 2, 2023, the APSC issued a final order approving the non-unanimous settlement agreement, and new rates became effective April 1, 2023. OCC Proceedings 2021 Oklahoma Fuel Prudency On July 1, 2022, the OCC Public Utility Division Staff filed their application initiating the review of the 2021 fuel adjustment clause and prudence review. On February 21, 2023, a Joint Stipulation and Settlement Agreement was filed, and OG&E filed its testimony in support of such agreement. The stipulating parties, which include the OCC Public Utility Division Staff and the Oklahoma Attorney General, agreed that: (i) OG&E's practices, policies and judgment for fuel procurement during 2021 were prudent; (ii) OG&E's power purchase costs and expenses, monthly fuel filings and processes and fuel-related investments and decisions for 2021 were fair, just and reasonable and (iii) OG&E exercised prudent judgement pertaining to all such matters and that the electric generation, purchased power and fuel procurement expenses were prudently incurred. Further, the stipulating parties agreed to certain revisions of the fuel clause adjustment tariff, including a revised semi-annual fuel clause adjustment factor redetermination process which will be subject to the OCC Public Utility Division approval or denial. On April 20, 2023, the OCC issued a final order approving the Joint Stipulation and Settlement agreement, declaring that the electric generation, purchase power and fuel procurement practices, policies, judgment and fuel purchase costs and expenses incurred for the calendar year 2021 are approved as prudent, fair, just and reasonable. SPP Proceedings Planning Reserve Margin and Performance Based Accreditation On July 26, 2022, the SPP Board of Directors approved a planning reserve margin increase from 12 percent to 15 percent that each load serving entity, such as OG&E, must maintain. This change is effective for the summer of 2023. OG&E has secured short-term bilateral contracts for the capacity needed to satisfy the 2023 requirements brought about by the increase to the SPP’s planning reserve margin. Pending Regulatory Matters Various proceedings pending before state or federal regulatory agencies are described below. Unless stated otherwise, the Registrants cannot predict when the regulatory agency will act or what action the regulatory agency will take. The Registrants' financial results are dependent in part on timely and constructive decisions by the regulatory agencies that set OG&E's rates. APSC Proceedings Horseshoe Lake Modernization Plan On July 12, 2023, OG&E filed an application at the APSC seeking authorization to commence construction of two hydrogen-capable combustion turbines totaling 448 megawatts at its existing Horseshoe Lake generating facility. The Horseshoe Lake project is expected to cost approximately $ 331 million, excluding financing costs and property taxes, and the new generating units are expected to be placed into service in late 2026. Arkansas law requires a public utility to seek approval from the APSC to commence construction of a power-generating facility located outside the boundaries of the state of Arkansas. FERC Proceedings Order for Sponsored Transmission Upgrades within SPP Under Attachment Z2 of the SPP Open Access Transmission Tariff, costs of participant-funded, or "sponsored," transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. The SPP Tariff required the SPP to charge for these upgrades beginning in 2008, but the SPP did not begin charging its customers for these upgrades until 2016 due to information system limitations. At that time, the SPP sought a waiver of a time limitation in its tariff that otherwise would have prevented it from waiting until 2016 to bill for the 2008 through 2015 period. The FERC granted the waiver, and the SPP then billed OG&E as a user for these Z2 charges while simultaneously crediting OG&E as a sponsor of Z2 transmission upgrades, resulting in OG&E being a net recipient of sponsored upgrade credits. The majority of these net credits were refunded to customers through OG&E's various rate riders that include SPP activity with the remaining amounts retained by OG&E. Several companies that were net payers of Z2 charges sought rehearing of the FERC's 2016 order approving the waiver and then appealed it. While that appeal was pending, the FERC obtained a remand and then reversed itself and ruled that the SPP tariff provision that prohibited the 2008 through 2015 charges could not be waived. It ordered the SPP to develop a plan to refund the payments but not to implement the refunds until further ordered to do so. In response, in April 2019, OG&E filed a request for rehearing at the FERC. The next month, it also filed a Complaint at the FERC against the SPP contending that the SPP and not OG&E should bear the cost of any refunds resulting from the SPP's tariff violation and that SPP’s actions also violated its contracts with OG&E. In February 2020, the FERC denied OG&E's request for rehearing but did not consider SPP's refund plan. No date for payment of refunds was established. In August 2021, the U.S. Court of Appeals for the District of Columbia Circuit denied OG&E's petition for review of the FERC's order denying the waiver and requiring refunds. After denying rehearing of its ruling, the court of appeals returned the matter in November 2021 to the FERC for further proceedings in accordance with its opinion. The FERC has not acted on that remand. If the FERC proceeds to order refunds in full, OG&E estimates it would be required to refund $ 13.0 million, which is net of amounts paid to other utilities for upgrades and would be subject to interest at the FERC-approved rate. The SPP has stated in filings with the FERC both before and after the court of appeals decision that there are considerable complexities in implementing the refunds that will have to be resolved before they can be paid. Payment of refunds would shift recovery of these upgrade credits to future periods. The SPP filed a report on January 4, 2022 confirming that administering refunds would be complex and could take years unless the SPP is allowed to make certain simplifying assumptions. The SPP also urged that all pending complaint proceedings, including OG&E's complaint and three similar complaints against the SPP, be resolved before any refund process is ordered to begin. OG&E and other parties filed responses to the SPP report, and the matter remains pending at the FERC. Of the $ 13.0 million, the Registrants would be impacted by $ 5.0 million in expense that initially benefited the Registrants in 2016, and OG&E customers would incur a net impact of $ 8.0 million in expense through rider mechanisms or the FERC formula rate. As of June 30, 2023 , the Registrants have reserved $ 13.0 million plus estimated interest for a potential refund. In November 2022, the FERC issued an order denying OG&E's complaint against the SPP. It also issued orders granting the other three complaints against the SPP in part but awarded no relief. All four complainants timely sought rehearing of these orders. The FERC denied the rehearing petitions on June 27, 2023, and OG&E and the other complainants have filed appeals from the rehearing denials and the original denials. The U.S. Court of Appeals for the Eighth Circuit has set a briefing schedule for the consolidated appeals. The FERC will likely seek an extension of that schedule, and briefing will likely be completed in any case by the end of 2023. In June 2020, the FERC approved, effective July 1, 2020, an SPP proposal to eliminate Attachment Z2 revenue crediting and replace it with a different rate mechanism that would provide project sponsors, such as OG&E, the same level of recovery. This elimination of the Attachment Z2 revenue crediting would only prospectively impact OG&E and its recovery of any future upgrade costs that it may incur as a project sponsor subsequent to July 2020. All of the existing projects that are eligible to receive revenue credits under Attachment Z2 will remain eligible, which includes the $ 13.0 million that is at issue in the remand from OG&E's appeal and in OG&E's complaint proceeding. OCC Proceedings Oklahoma Retail Electric Supplier Certified Territory Act Causes As previously disclosed, several rural electric cooperative electricity suppliers filed complaints with the OCC alleging that OG&E, because it was providing service to large loads in another supplier's territory, had violated the Oklahoma Retail Electric Supplier Certified Territory Act. OG&E believes it is lawfully serving customers under specific exemptions under this act that allow it to serve customers having a load of one megawatt or greater. There were five complaint cases initiated at the OCC, and the OCC issued decisions on each of them. The OCC ruled in favor of the electric cooperatives in three of those cases under statutory interpretation and ruled in favor of OG&E in two of those cases under injunctive theory. All five of those cases were appealed to the Oklahoma Supreme Court. On April 4, 2023, the Oklahoma Supreme Court issued its opinion which vacated the OCC's injunctions with respect to four of the cases and held that the Oklahoma Retail Electric Supplier Certified Territory Act does not limit the mechanism by which OG&E may provide service to large loads in another supplier's territory pursuant to the one megawatt exception. The one pending legal issue left for the Oklahoma Supreme Court to resolve is a statutory interpretation on how a supplier calculates "connected load for initial full operation" for purposes of the exemption under the act. If the Oklahoma Supreme Court ultimately were to find that the customers being served in this single case are not exempted from the Oklahoma Retail Electric Supplier Certified Territory Act, OG&E would have to evaluate the recoverability of some plant investments made to serve these customers and may also be required to reimburse the certified territory supplier in this case for an amount of lost revenue. Such amounts would not be expected to be material to the Registrants' results of operations. Horseshoe Lake Modernization Plan - OCC Approval Filing On May 31, 2023, OG &E filed an application at the OCC seeking approval for the cost associated with the purchase and installation of two hydrogen-capable combustion turbines totaling 448 megawatts at its existing Horseshoe Lake generating facility. The Horseshoe Lake project is expected to cos t approximately $ 331 million, excluding financing costs and property taxes, and the new generating units are expected to be placed into service in late 2026. A hearing on the merits is expected to be held in October 2023. 2022 Oklahoma Fuel Prudency On June 29, 2023, the Public Utility Division Staff filed their application initiating the review of the 2022 fuel adjustment clause and prudence review. OG&E expects to file its Minimum Filing Requirements and Supporting Testimony by August 29, 2023. SPP Proceedings Planning Reserve Margin and Performance Based Accreditation In July 2022, the SPP Board of Directors approved a new unit accreditation methodology for conventional generation which requires submittal to and approval from the FERC prior to becoming effective. As a result, OG&E is currently evaluating its plan to fill the incremental capacity needs brought about by this policy change. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization OGE Energy is a holding company whose primary investment provides electricity in Oklahoma and western Arkansas. OGE Energy's electric company operations are conducted through its wholly-owned subsidiary, OG&E, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas and are reported through OGE Energy's electric company business segment. OG&E's rates 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 and is the largest electric company in Oklahoma, with a franchised service territory that includes Fort Smith, Arkansas and the surrounding communities. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business. The accounts of OGE Energy and its wholly-owned subsidiaries, including OG&E, are included in OGE Energy's condensed consolidated financial statements. All intercompany transactions and balances are eliminated in such consolidation. During 2022, OGE Energy accounted for its investment in Energy Transfer as an investment in equity securities, as further discussed below, and reported the Energy Transfer investment, along with legacy Enable seconded employee pension and postretirement costs, through OGE Energy's natural gas midstream operations segment. As of the end of September 2022, OGE Energy had sold all of its Energy Transfer limited partner units. Therefore, beginning in 2023, OGE Energy no longer has a natural gas operations reporting segment. Prior to OGE Energy's sale of all Energy Transfer limited partner units, the investment in Energy Transfer's equity securities was held through wholly-owned subsidiaries and ultimately OGE Holdings. |
Basis of Presentation | Basis of Presentation The condensed financial statements included herein have been prepared by the Registrants, 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 Registrants believe 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 financial position of the Registrants at June 30, 2023 and December 31, 2022, the results of the Registrants' operations for the three and six months ended June 30, 2023 and 2022 and the Registrants' cash flows for the three and six months ended June 30, 2023 and 2022 have been included and are of a normal, recurring nature except as otherwise disclosed. Management also has evaluated the impact of events occurring after June 30, 2023 up to the date of issuance of these condensed financial statements, and these statements contain all necessary adjustments and disclosures resulting from that evaluation. Due to seasonal fluctuations and other factors, the Registrants' operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any future period. The condensed financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto included in the Registrants' 2022 Form 10-K . |
Accounting Records | 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 incurred 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 incurred costs and obligations as regulatory assets or liabilities if, based on regulatory orders or other available evidence, it is probable that the costs or obligations will be included in amounts allowable for recovery or refund in future rates. The following table presents a summary of OG&E's regulatory assets and liabilities. June 30, December 31, (In millions) 2023 2022 REGULATORY ASSETS Current: Oklahoma fuel clause under recoveries $ 177.9 $ 474.3 Arkansas fuel clause under recoveries 20.4 40.6 Oklahoma Energy Efficiency Rider under recoveries (A) 3.1 7.7 Other (A) 8.2 4.7 Total current regulatory assets $ 209.6 $ 527.3 Non-current: Oklahoma deferred storm expenses $ 254.5 $ 206.3 Benefit obligations regulatory asset 98.1 119.7 Pension tracker 81.9 57.2 Arkansas Winter Storm Uri costs 74.9 78.2 Sooner Dry Scrubbers 17.7 18.1 Arkansas deferred pension expenses 13.2 12.3 Unamortized loss on reacquired debt 7.6 8.0 COVID-19 impacts 7.3 7.7 Frontier Plant deferred expenses 4.4 5.2 Other 14.9 11.6 Total non-current regulatory assets $ 574.5 $ 524.3 REGULATORY LIABILITIES Current: SPP cost tracker over recovery (B) $ 6.3 $ 3.0 Other (B) 1.8 2.5 Total current regulatory liabilities $ 8.1 $ 5.5 Non-current: Income taxes refundable to customers, net $ 866.3 $ 894.7 Accrued removal obligations, net 231.9 250.5 Other 1.8 1.9 Total non-current regulatory liabilities $ 1,100.0 $ 1,147.1 (A) Included in Other Current Assets in the condensed balance sheets. (B) Included in Other Current Liabilities in the condensed 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 or liabilities, which could have significant financial effects. |
Allowance for Uncollectible Accounts Receivable | Allowance for Uncollectible Accounts Receivable Customer balances are generally written off if not collected within six months after the final billing date. The allowance for uncollectible accounts receivable for OG&E is generally calculated by multiplying the last six months of electric revenue by the provision rate, which is based on a 12-month historical average of actual balances written off and is adjusted for current conditions and supportable forecasts as necessary. To the extent the historical collection rates, when incorporating forecasted conditions, are not representative of future collections, there could be an effect on the amount of uncollectible expense recognized. Also, a portion of the uncollectible provision related to fuel within the Oklahoma jurisdiction is being recovered through the fuel adjustment clause. The allowance for uncollectible accounts receivable is a reduction to Accounts Receivable in the condensed balance sheets and is included in Other Operation and Maintenance Expense in the condensed statements of income. New business customers are required to provide a security deposit in the form of cash, bond or irrevocable letter of credit that is refunded when the account is closed. New residential customers whose outside credit scores indicate an elevated risk are required to provide a security deposit that is refunded based on customer protection rules defined by the OCC and the APSC. The payment behavior of all existing customers is continuously monitored, and, if the payment behavior indicates sufficient risk within the meaning of the applicable utility regulation, customers will be required to provide a security deposit. |
Related Party Transactions | Related Party Transactions OGE Energy charges operating costs to OG&E based on several factors, and operating costs directly related to OG&E are assigned as such. Operating costs incurred for the benefit of OG&E are allocated either as overhead based primarily on labor costs or using the "Distrigas" method, which is a three-factor formula that uses an equal weighting of payroll, net operating revenues and gross property, plant and equipment. OGE Energy adopted this method as a result of a recommendation by the OCC Staff and believes this method provides a reasonable basis for allocating common expenses. OGE Energy charged operating costs to OG&E of $ 35.8 million and $ 33.2 million during the three months ended June 30, 2023 and 2022 , respectively, and $ 73.4 million and $ 66.1 million during the six months ended June 30, 2023 and 2022 , respectively. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables present changes in the components of accumulated other comprehensive income (loss) attributable to OGE Energy during the six months ended June 30, 2023 and 2022. All amounts below are presented net of tax. (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Total Balance at December 31, 2022 $ ( 18.5 ) $ 6.6 $ ( 11.9 ) Amounts reclassified from accumulated other comprehensive income (loss) 0.6 ( 0.1 ) 0.5 Settlement cost 1.1 — 1.1 Balance at June 30, 2023 $ ( 16.8 ) $ 6.5 $ ( 10.3 ) (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Total Balance at December 31, 2021 $ ( 26.1 ) $ 1.3 $ ( 24.8 ) Amounts reclassified from accumulated other comprehensive income 0.6 — 0.6 Settlement cost 8.1 — 8.1 Balance at June 30, 2022 $ ( 17.4 ) $ 1.3 $ ( 16.1 ) The following table presents significant amounts reclassified out of accumulated other comprehensive income (loss) attributable to OGE Energy by the respective line items in net income during the three and six months ended June 30, 2023 and 2022. Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Amortization of Pension Plan and Restoration of Retirement Income Plan items: Actuarial losses $ ( 0.3 ) $ ( 0.4 ) $ ( 0.6 ) $ ( 0.8 ) (A) Prior service cost — — ( 0.1 ) ( 0.1 ) (A) Settlement cost ( 0.3 ) ( 0.9 ) ( 1.4 ) ( 10.5 ) (A) ( 0.6 ) ( 1.3 ) ( 2.1 ) ( 11.4 ) Income Before Taxes ( 0.1 ) ( 0.4 ) ( 0.4 ) ( 2.7 ) Income Tax Expense $ ( 0.5 ) $ ( 0.9 ) $ ( 1.7 ) $ ( 8.7 ) Net Income Amortization of postretirement benefit plans items: Actuarial gains $ — $ — $ 0.1 $ — (A) — — 0.1 — Income Before Taxes — — — — Income Tax Expense $ — $ — $ 0.1 $ — Net Income Total reclassifications for the period, net of tax $ ( 0.5 ) $ ( 0.9 ) $ ( 1.6 ) $ ( 8.7 ) Net Income (A) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 10 for additional information). |
Investment in Equity Securities of Energy Transfer | Investment in Equity Securities of Energy Transfer As of the end of September 2022, OGE Energy had sold all of its Energy Transfer limited partner units. Prior to exiting this investment, OGE Energy accounted for its investment in Energy Transfer's equity securities as an equity investment with a readily determinable fair value under ASC 321, "Investments - Equity Securities." For the three and six months ended June 30, 2022, OGE Energy recognized a pre-tax unrealized loss of $ 46.3 million and a pre-tax unrealized gain of $ 67.0 million, respectively, related to its investment in Energy Transfer's equity securities, as detailed below. (In millions) Three Months Six Months Gain (loss) on equity securities $ ( 39.6 ) $ 242.7 Net gain recognized on equity securities sold 6.7 175.7 Unrealized gain (loss) on equity securities sold $ ( 46.3 ) $ 67.0 During the three and six months ended June 30, 2022, respectively, OGE Energy received distributions of $ 13.3 million and $ 30.0 million from Energy Transfer, which are presented within Other Income in OGE Energy's 2022 condensed consolidated income statement. |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | The classification of the Registrants' 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). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Regulatory Assets and Liabilities | The following table presents a summary of OG&E's regulatory assets and liabilities. June 30, December 31, (In millions) 2023 2022 REGULATORY ASSETS Current: Oklahoma fuel clause under recoveries $ 177.9 $ 474.3 Arkansas fuel clause under recoveries 20.4 40.6 Oklahoma Energy Efficiency Rider under recoveries (A) 3.1 7.7 Other (A) 8.2 4.7 Total current regulatory assets $ 209.6 $ 527.3 Non-current: Oklahoma deferred storm expenses $ 254.5 $ 206.3 Benefit obligations regulatory asset 98.1 119.7 Pension tracker 81.9 57.2 Arkansas Winter Storm Uri costs 74.9 78.2 Sooner Dry Scrubbers 17.7 18.1 Arkansas deferred pension expenses 13.2 12.3 Unamortized loss on reacquired debt 7.6 8.0 COVID-19 impacts 7.3 7.7 Frontier Plant deferred expenses 4.4 5.2 Other 14.9 11.6 Total non-current regulatory assets $ 574.5 $ 524.3 REGULATORY LIABILITIES Current: SPP cost tracker over recovery (B) $ 6.3 $ 3.0 Other (B) 1.8 2.5 Total current regulatory liabilities $ 8.1 $ 5.5 Non-current: Income taxes refundable to customers, net $ 866.3 $ 894.7 Accrued removal obligations, net 231.9 250.5 Other 1.8 1.9 Total non-current regulatory liabilities $ 1,100.0 $ 1,147.1 (A) Included in Other Current Assets in the condensed balance sheets. (B) Included in Other Current Liabilities in the condensed balance sheets. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present changes in the components of accumulated other comprehensive income (loss) attributable to OGE Energy during the six months ended June 30, 2023 and 2022. All amounts below are presented net of tax. (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Total Balance at December 31, 2022 $ ( 18.5 ) $ 6.6 $ ( 11.9 ) Amounts reclassified from accumulated other comprehensive income (loss) 0.6 ( 0.1 ) 0.5 Settlement cost 1.1 — 1.1 Balance at June 30, 2023 $ ( 16.8 ) $ 6.5 $ ( 10.3 ) (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Total Balance at December 31, 2021 $ ( 26.1 ) $ 1.3 $ ( 24.8 ) Amounts reclassified from accumulated other comprehensive income 0.6 — 0.6 Settlement cost 8.1 — 8.1 Balance at June 30, 2022 $ ( 17.4 ) $ 1.3 $ ( 16.1 ) |
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Income | The following table presents significant amounts reclassified out of accumulated other comprehensive income (loss) attributable to OGE Energy by the respective line items in net income during the three and six months ended June 30, 2023 and 2022. Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Amortization of Pension Plan and Restoration of Retirement Income Plan items: Actuarial losses $ ( 0.3 ) $ ( 0.4 ) $ ( 0.6 ) $ ( 0.8 ) (A) Prior service cost — — ( 0.1 ) ( 0.1 ) (A) Settlement cost ( 0.3 ) ( 0.9 ) ( 1.4 ) ( 10.5 ) (A) ( 0.6 ) ( 1.3 ) ( 2.1 ) ( 11.4 ) Income Before Taxes ( 0.1 ) ( 0.4 ) ( 0.4 ) ( 2.7 ) Income Tax Expense $ ( 0.5 ) $ ( 0.9 ) $ ( 1.7 ) $ ( 8.7 ) Net Income Amortization of postretirement benefit plans items: Actuarial gains $ — $ — $ 0.1 $ — (A) — — 0.1 — Income Before Taxes — — — — Income Tax Expense $ — $ — $ 0.1 $ — Net Income Total reclassifications for the period, net of tax $ ( 0.5 ) $ ( 0.9 ) $ ( 1.6 ) $ ( 8.7 ) Net Income (A) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 10 for additional information). |
Unrealized Gain (Loss) on Investment | As of the end of September 2022, OGE Energy had sold all of its Energy Transfer limited partner units. Prior to exiting this investment, OGE Energy accounted for its investment in Energy Transfer's equity securities as an equity investment with a readily determinable fair value under ASC 321, "Investments - Equity Securities." For the three and six months ended June 30, 2022, OGE Energy recognized a pre-tax unrealized loss of $ 46.3 million and a pre-tax unrealized gain of $ 67.0 million, respectively, related to its investment in Energy Transfer's equity securities, as detailed below. (In millions) Three Months Six Months Gain (loss) on equity securities $ ( 39.6 ) $ 242.7 Net gain recognized on equity securities sold 6.7 175.7 Unrealized gain (loss) on equity securities sold $ ( 46.3 ) $ 67.0 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenues from Contract with Customers [Abstract] | |
Disaggregation of Revenue | The following table presents OG&E's revenues from contracts with customers disaggregated by customer classification. OG&E's operating revenues disaggregated by customer classification can be found in "OG&E (Electric Company) Results of Operations" within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." Three Months Ended Six Months Ended (In millions) 2023 2022 2023 2022 Residential $ 216.3 $ 289.3 $ 421.8 $ 516.1 Commercial 155.5 193.4 289.9 321.5 Industrial 51.7 81.4 103.6 138.8 Oilfield 46.6 79.0 94.0 132.2 Public authorities and street light 52.5 71.1 97.6 119.1 System sales revenues 522.6 714.2 1,006.9 1,227.7 Provision for tax refund 0.6 ( 2.1 ) 2.0 ( 2.7 ) Integrated market 18.8 43.0 31.5 65.8 Transmission 36.1 32.9 71.3 68.7 Other 11.1 3.0 22.1 9.6 Revenues from contracts with customers $ 589.2 $ 791.0 $ 1,133.8 $ 1,369.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amount and fair value of the Registrants' financial instruments at June 30, 2023 and December 31, 2022, as well as the classification level within the fair value hierarchy. June 30, December 31, (In millions) Carrying Amount Fair Carrying Amount Fair Classification Long-term Debt (including Long-term Debt due within one year): OGE Energy Senior Notes $ — $ — $ 499.9 $ 491.2 Level 2 OGE Energy Term Loan $ 49.9 $ 50.0 $ 49.8 $ 50.0 Level 2 OG&E Senior Notes $ 4,144.5 $ 3,469.3 $ 3,854.2 $ 3,477.1 Level 2 OG&E Industrial Authority Bonds $ 135.4 $ 135.4 $ 135.4 $ 135.4 Level 2 OG&E Tinker Debt $ 9.2 $ 7.2 $ 9.3 $ 7.3 Level 3 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Schedule of Pre-tax Compensation Expense and Related Income Tax Benefit | The following table presents the Registrants' pre-tax compensation expense and related income tax benefit for the three and six months ended June 30, 2023 and 2022 related to performance units and restricted stock units for the Registrants' employees. OGE Energy OG&E Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Performance units $ 2.3 $ 1.8 $ 4.5 $ 3.6 $ 0.6 $ 0.5 $ 1.1 $ 1.1 Restricted stock units 1.0 0.5 1.8 1.0 0.3 0.2 0.4 0.4 Total compensation expense $ 3.3 $ 2.3 $ 6.3 $ 4.6 $ 0.9 $ 0.7 $ 1.5 $ 1.5 Income tax benefit $ 0.8 $ 0.6 $ 1.5 $ 1.2 $ 0.2 $ 0.2 $ 0.3 $ 0.4 |
Common Equity (Tables)
Common Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | The following table presents the calculation of basic and diluted earnings per share for OGE Energy. Three Months Ended Six Months Ended June 30, June 30, (In millions, except per share data) 2023 2022 2023 2022 Net income $ 88.4 $ 73.1 $ 126.7 $ 352.6 Average common shares outstanding: Basic average common shares outstanding 200.3 200.2 200.3 200.2 Effect of dilutive securities: Contingently issuable shares (performance and restricted stock units) 0.5 0.5 0.5 0.4 Diluted average common shares outstanding 200.8 200.7 200.8 200.6 Basic earnings per average common share $ 0.44 $ 0.37 $ 0.63 $ 1.76 Diluted earnings per average common share $ 0.44 $ 0.36 $ 0.63 $ 1.76 Anti-dilutive shares excluded from earnings per share calculation — — — — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | The following table presents information about these bonds, which can be tendered at the option of the holder during the next 12 months. Series Date Due Amount (In millions) 1.85 % - 4.45 % Garfield Industrial Authority, January 1, 2025 $ 47.0 1.85 % - 4.30 % Muskogee Industrial Authority, January 1, 2025 32.4 1.85 % - 4.45 % Muskogee Industrial Authority, June 1, 2027 56.0 Total (redeemable during next 12 months) $ 135.4 |
Short-Term Debt and Credit Fa_2
Short-Term Debt and Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Short-Term Debt [Abstract] | |
Schedule of Line of Credit Facilities | The following table presents information regarding the Registrants' revolving credit agreements at June 30, 2023. Entity Aggregate Amount Weighted-Average Expiration (In millions) OGE Energy (B) $ 550.0 $ 418.1 5.49 % (F) December 17, 2027 (G) OGE Energy (C) 50.0 — — % (F) May 24, 2025 OG&E (D)(E) 550.0 0.4 1.15 % (F) December 17, 2027 (G) Total $ 1,150.0 $ 418.5 5.48 % (A) Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at June 30, 2023 . (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) OGE Energy has a $ 100.0 million floating rate unsecured three-year credit agreement, of which $ 50.0 million is considered a revolving loan and $ 50.0 million is considered a term loan. (D) 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. (E) OG&E has an intercompany borrowing agreement with OGE Energy whereby OG&E has access to up to $ 450.0 million of OGE Energy's revolving credit amount. This agreement has a termination date of December 17, 2027. At June 30, 2023 , there were no intercompany borrowings under this agreement. (F) Represents the weighted-average interest rate for the outstanding borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit. (G) In December 2022, the Registrants each entered into an amendment to their credit facility that extended the term of each credit facility for one year, until December 2027. Further, each credit facility amendment gave each of the Registrants the option of extending such commitments for up to two additional one-year periods. |
Retirement Plans and Postreti_2
Retirement Plans and Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following tables present the net periodic benefit cost components, before consideration of capitalized amounts, of OGE Energy's Pension Plan, Restoration of Retirement Income Plan and postretirement benefit plans that are included in the condensed financial statements. Service cost is presented within Other Operation and Maintenance Expense, and the remaining net periodic benefit cost components as listed in the following tables are presented within Other Net Periodic Benefit Income (Expense) in the statements of income. OG&E recovers specific amounts of pension and postretirement medical costs in rates approved in its Oklahoma rate reviews. In accordance with approved orders, OG&E defers the difference between actual pension and postretirement medical expenses and the amount approved in its last Oklahoma rate review as a regulatory asset or regulatory liability. These amounts have been recorded in the Pension tracker in the regulatory assets and liabilities table in Note 1 and within Other Net Periodic Benefit Income (Expense) in the statements of income. Pension Plan Restoration of Retirement Three Months Ended Six Months Ended Three Months Ended Six Months Ended OGE Energy June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 1.3 $ 1.7 $ 2.7 $ 3.9 $ 0.2 $ 0.2 $ 0.5 $ 0.5 Interest cost 3.9 4.3 7.9 7.7 0.1 0.1 0.1 0.1 Expected return on plan assets ( 4.2 ) ( 6.2 ) ( 8.2 ) ( 13.0 ) — — — — Amortization of net loss 2.0 2.3 4.2 4.2 — 0.1 — 0.1 Amortization of unrecognized prior service cost (A) — — — — 0.1 — 0.2 0.1 Settlement cost 1.2 2.8 19.4 16.0 — 0.2 — 0.2 Net periodic benefit cost $ 4.2 $ 4.9 $ 26.0 $ 18.8 $ 0.4 $ 0.6 $ 0.8 $ 1.0 (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. Pension Plan Restoration of Retirement Three Months Ended Six Months Ended Three Months Ended Six Months Ended OG&E June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 1.1 $ 1.4 $ 2.2 $ 3.1 $ — $ — $ — $ — Interest cost 3.2 3.3 6.3 5.9 — — — — Expected return on plan assets ( 3.3 ) ( 4.7 ) ( 6.5 ) ( 10.0 ) — — — — Amortization of net loss 1.7 1.9 3.6 3.5 — — — — Settlement cost 0.8 2.1 18.0 5.7 — — — — Total net periodic benefit cost 3.5 4.0 23.6 8.2 — — — — Plus: Amount allocated from OGE Energy 0.4 0.4 2.0 2.2 0.3 0.3 0.7 0.7 Net periodic benefit cost $ 3.9 $ 4.4 $ 25.6 $ 10.4 $ 0.3 $ 0.3 $ 0.7 $ 0.7 In addition to the net periodic benefit cost amounts recognized, as presented in the tables above, for the Pension and Restoration of Retirement Income Plans during the three and six months ended June 30, 2023 and 2022, the Registrants recognized the following: Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Change in regulatory asset related to pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 3.9 $ 0.4 $ 24.1 $ 2.3 Deferral of pension expense related to pension settlement charges included in the above line item: Oklahoma jurisdiction (A) $ 0.8 $ 2.0 $ 17.5 $ 6.7 Arkansas jurisdiction (A) $ 0.1 $ 0.2 $ 1.6 $ 0.6 (A) Included in the pension regulatory asset in each jurisdiction, as presented in the regulatory assets and liabilities table in Note 1. OGE Energy OG&E Postretirement Benefit Plans Postretirement Benefit Plans Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ — $ 0.1 $ — $ 0.1 $ — $ 0.1 Interest cost 1.3 0.9 2.6 1.8 1.0 0.6 2.0 1.3 Expected return on plan assets ( 0.4 ) ( 0.5 ) ( 0.8 ) ( 0.9 ) ( 0.4 ) ( 0.4 ) ( 0.8 ) ( 0.8 ) Amortization of net (gain) loss — 0.2 ( 0.1 ) 0.7 — 0.3 — 0.8 Amortization of unrecognized prior service cost (A) — ( 0.9 ) — ( 1.9 ) — ( 0.9 ) — ( 1.8 ) Total net periodic benefit cost 0.9 ( 0.3 ) 1.7 ( 0.2 ) 0.6 ( 0.3 ) 1.2 ( 0.4 ) Plus: Amount allocated from OGE Energy 0.2 — 0.3 — Net periodic benefit cost (income) $ 0.9 $ ( 0.3 ) $ 1.7 $ ( 0.2 ) $ 0.8 $ ( 0.3 ) $ 1.5 $ ( 0.4 ) (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. In addition to the net periodic benefit cost or income amounts recognized, as presented in the table above, for the postretirement benefit plans for the three and six months ended June 30, 2023 and 2022, the Registrants recognized the following: Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Change in regulatory asset or liability related to postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 1.1 $ 0.1 $ 2.2 $ ( 0.2 ) (A) Included in the pension regulatory asset or liability in each jurisdiction, as presented in the regulatory assets and liabilities table in Note 1. |
Schedule of Capitalized Pension and Postretirement Cost [Table Text Block] | The following table presents the amount of net periodic benefit cost capitalized and attributable to each of the Registrants for OGE Energy's Pension Plan and postretirement benefit plans for the three and six months ended June 30, 2023 and 2022. OGE Energy OG&E Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Capitalized portion of net periodic pension benefit cost $ 0.5 $ 0.7 $ 1.1 $ 1.5 $ 0.5 $ 0.5 $ 1.0 $ 1.2 Capitalized portion of net periodic postretirement benefit cost $ 0.1 $ — $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 |
Report of Business Segments (Ta
Report of Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of OGE Energy's Business Segments | The following tables present the results of OGE Energy's business segments for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, 2023 Electric Company Other Eliminations Total (In millions) Operating revenues $ 605.0 $ — $ — $ 605.0 Fuel, purchased power and direct transmission expense 181.8 — — 181.8 Other operation and maintenance 128.6 ( 0.3 ) — 128.3 Depreciation and amortization 124.1 — — 124.1 Taxes other than income 23.5 0.9 — 24.4 Operating income (loss) 147.0 ( 0.6 ) — 146.4 Other income 13.2 4.4 ( 3.1 ) 14.5 Interest expense 52.1 8.7 ( 3.1 ) 57.7 Income tax expense (benefit) 16.2 ( 1.4 ) — 14.8 Net income (loss) $ 91.9 $ ( 3.5 ) $ — $ 88.4 Total assets $ 12,492.9 $ 686.8 $ ( 575.1 ) $ 12,604.6 Three Months Ended June 30, 2022 Electric Company Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 803.7 $ — $ — $ — $ 803.7 Fuel, purchased power and direct transmission expense 393.3 — — — 393.3 Other operation and maintenance 118.3 0.5 ( 0.7 ) — 118.1 Depreciation and amortization 111.6 — — — 111.6 Taxes other than income 23.3 0.1 0.7 — 24.1 Operating income (loss) 157.2 ( 0.6 ) — — 156.6 Loss on equity securities — ( 39.6 ) — — ( 39.6 ) Other income (expense) ( 0.3 ) 12.4 — ( 0.4 ) 11.7 Interest expense 39.8 — 3.0 ( 0.4 ) 42.4 Income tax expense (benefit) 16.4 ( 8.9 ) 5.7 — 13.2 Net income (loss) $ 100.7 $ ( 18.9 ) $ ( 8.7 ) $ — $ 73.1 Total assets $ 12,317.2 $ 401.7 $ 751.9 $ ( 632.8 ) $ 12,838.0 Six Months Ended June 30, 2023 Electric Company Other Eliminations Total (In millions) Operating revenues $ 1,162.2 $ — $ — $ 1,162.2 Fuel, purchased power and direct transmission expense 382.4 — — 382.4 Other operation and maintenance 260.1 ( 1.4 ) — 258.7 Depreciation and amortization 245.3 — — 245.3 Taxes other than income 50.6 2.3 — 52.9 Operating income (loss) 223.8 ( 0.9 ) — 222.9 Other income 28.5 8.9 ( 6.5 ) 30.9 Interest expense 97.8 14.2 ( 6.5 ) 105.5 Income tax expense (benefit) 22.8 ( 1.2 ) — 21.6 Net income (loss) $ 131.7 $ ( 5.0 ) $ — $ 126.7 Total assets $ 12,492.9 $ 686.8 $ ( 575.1 ) $ 12,604.6 Six Months Ended June 30, 2022 Electric Company Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 1,393.0 $ — $ — $ — $ 1,393.0 Fuel, purchased power and direct transmission expense 649.0 — — — 649.0 Other operation and maintenance 233.8 1.2 ( 1.9 ) — 233.1 Depreciation and amortization 219.0 — — — 219.0 Taxes other than income 50.1 0.1 2.0 — 52.2 Operating income (loss) 241.1 ( 1.3 ) ( 0.1 ) — 239.7 Gain on equity securities — 242.7 — — 242.7 Other income 0.4 21.1 — ( 0.5 ) 21.0 Interest expense 78.0 — 5.0 ( 0.5 ) 82.5 Income tax expense (benefit) 23.8 51.3 ( 6.8 ) — 68.3 Net income $ 139.7 $ 211.2 $ 1.7 $ — $ 352.6 Total assets $ 12,317.2 $ 401.7 $ 751.9 $ ( 632.8 ) $ 12,838.0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Fuel clause under recoveries | $ 198.3 | $ 514.9 | |
Regulatory Assets, Current | 209.6 | 527.3 | |
Regulatory Assets, Noncurrent | 574.5 | 524.3 | |
Regulatory Liability, Current | 8.1 | 5.5 | |
Regulatory Liability, Noncurrent | 1,100 | 1,147.1 | |
OKLAHOMA [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Fuel clause under recoveries | 177.9 | 474.3 | |
ARKANSAS [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Fuel clause under recoveries | 20.4 | 40.6 | |
SPP Cost Tracker Over Recovery [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Current | [1] | 6.3 | 3 |
Other Regulatory Liabilities [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Current | [1] | 1.8 | 2.5 |
Regulatory Liability, Noncurrent | 1.8 | 1.9 | |
Income taxes recoverable from customers, net [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Noncurrent | 866.3 | 894.7 | |
Accrued removal obligations [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Noncurrent | 231.9 | 250.5 | |
Pension tracker [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 81.9 | 57.2 | |
Oklahoma Energy Efficiency Rider Under Recovery [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Current | [2] | 3.1 | 7.7 |
Deferred storm expenses [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 254.5 | 206.3 | |
Benefit obligations regulatory asset [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 98.1 | 119.7 | |
Winter Storm Uri costs [Member] | ARKANSAS [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 74.9 | 78.2 | |
Dry Scrubber Regulatory Asset [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 17.7 | 18.1 | |
Deferred Pension Expenses [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 13.2 | 12.3 | |
Unamortized loss on reacquired debt [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 7.6 | 8 | |
Other Regulatory Assets [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Current | [2] | 8.2 | 4.7 |
Regulatory Assets, Noncurrent | 14.9 | 11.6 | |
COVID-19 Deferred Expenses [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 7.3 | 7.7 | |
Deferred Plant Expense [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | $ 4.4 | $ 5.2 | |
[1] Included in Other Current Liabilities in the condensed balance sheets. Included in Other Current Assets in the condensed balance sheets. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 35.8 | $ 33.2 | $ 73.4 | $ 66.1 |
Distributions received | 13.3 | 30 | ||
OGE Energy [Member] | ||||
Pre-tax unrealized gain on investment | $ 46.3 | $ 67 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (10.3) | $ (16.1) | $ (10.3) | $ (16.1) | $ (11.9) | $ (24.8) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.5 | 0.9 | 1.6 | 8.7 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.5 | 0.6 | ||||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Pension Plan [Member] | ||||||
Accumulated other comprehensive loss, net of tax | (16.8) | (17.4) | (16.8) | (17.4) | (18.5) | (26.1) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.6 | 0.6 | ||||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Other Postretirement Benefits Plan [Member] | ||||||
Accumulated other comprehensive loss, net of tax | $ 6.5 | $ 1.3 | 6.5 | 1.3 | $ 6.6 | $ 1.3 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.1) | 0 | ||||
Settlement Cost [Member] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.1 | 8.1 | ||||
Settlement Cost [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Pension Plan [Member] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.1 | 8.1 | ||||
Settlement Cost [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Other Postretirement Benefits Plan [Member] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Amount Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ (0.5) | $ (0.9) | $ (1.6) | $ (8.7) | |
Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | [1] | (0.3) | (0.4) | (0.6) | (0.8) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | [1] | 0 | 0 | (0.1) | (0.1) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | [1] | (0.3) | (0.9) | (1.4) | (10.5) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (0.6) | (1.3) | (2.1) | (11.4) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (0.1) | (0.4) | (0.4) | (2.7) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (0.5) | (0.9) | (1.7) | (8.7) | |
Other Postretirement Benefits Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | [1] | 0 | 0 | (0.1) | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0.1 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 0 | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | $ 0 | $ 0 | $ 0.1 | $ 0 | |
[1] These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 10 for additional information). |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary Of Unrealized Gain (Loss) On Investment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Debt and Equity Securities, Gain (Loss) [Abstract] | ||
Gain (loss) on equity securities | $ (39.6) | $ 242.7 |
Net gain recognized on equity securities sold | 6.7 | 175.7 |
Unrealized gain (loss) on equity securities sold | $ (46.3) | $ 67 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 589.2 | $ 791 | $ 1,133.8 | $ 1,369.1 |
Provision for Rate Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0.6 | (2.1) | 2 | (2.7) |
Integrated market | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 18.8 | 43 | 31.5 | 65.8 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 36.1 | 32.9 | 71.3 | 68.7 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 11.1 | 3 | 22.1 | 9.6 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 216.3 | 289.3 | 421.8 | 516.1 |
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 155.5 | 193.4 | 289.9 | 321.5 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 51.7 | 81.4 | 103.6 | 138.8 |
Oilfield | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 46.6 | 79 | 94 | 132.2 |
Public Authority and Street Light | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 52.5 | 71.1 | 97.6 | 119.1 |
System Sales Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 522.6 | $ 714.2 | $ 1,006.9 | $ 1,227.7 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instrument Measured at Fair Value On A Recurring Basis and Carrying Amount and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
OGE Energy Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | $ 0 | $ 499.9 |
Long-Term Debt, Fair Value | 0 | 491.2 |
OGE Energy Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 49.9 | 49.8 |
Long-Term Debt, Fair Value | 50 | 50 |
OG&E Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 4,144.5 | 3,854.2 |
Long-Term Debt, Fair Value | 3,469.3 | 3,477.1 |
OG&E Industrial Authority Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 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] | ||
Total long-term debt | 9.2 | 9.3 |
Long-Term Debt, Fair Value | $ 7.2 | $ 7.3 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Pre-tax Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | $ 3.3 | $ 2.3 | $ 6.3 | $ 4.6 |
Income tax benefit | 0.8 | 0.6 | 1.5 | 1.2 |
OG&E [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | 0.9 | 0.7 | 1.5 | 1.5 |
Income tax benefit | 0.2 | 0.2 | 0.3 | 0.4 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | 1 | 0.5 | 1.8 | 1 |
Restricted Stock Units (RSUs) [Member] | OG&E [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | 0.3 | 0.2 | 0.4 | 0.4 |
Total Shareholder Return [Member] | Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | 2.3 | 1.8 | 4.5 | 3.6 |
Total Shareholder Return [Member] | Performance Units [Member] | OG&E [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | $ 0.6 | $ 0.5 | $ 1.1 | $ 1.1 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
New common stock shares issued | 82,321 |
Treasury Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
New common stock shares issued | 2,371 |
Total Shareholder Return [Member] | Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based payment award non option equity instruments granted | 213,442 |
Average grant date fair Value | $ / shares | $ 43.74 |
Total Shareholder Return [Member] | Performance Units [Member] | OG&E [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based payment award non option equity instruments granted | 65,069 |
Average grant date fair Value | $ / shares | $ 43.74 |
Total Shareholder Return [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based payment award non option equity instruments granted | 114,926 |
Average grant date fair Value | $ / shares | $ 37.52 |
Total Shareholder Return [Member] | Restricted Stock Units (RSUs) [Member] | OG&E [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based payment award non option equity instruments granted | 35,034 |
Average grant date fair Value | $ / shares | $ 37.52 |
Common Equity - Automatic Divid
Common Equity - Automatic Dividend Reinvestment and Stock Purchase Plan - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Stock Issued During Period, Shares, New Issues | 82,321 | |
Automatic Dividend Reinvestment and Stock Purchase Plan [Member] | ||
Stock Issued During Period, Shares, New Issues | 0 | 0 |
Common Equity - Schedule of Ear
Common Equity - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Income | $ 88.4 | $ 38.3 | $ 73.1 | $ 279.5 | $ 126.7 | $ 352.6 |
Basic average common shares outstanding | 200.3 | 200.2 | 200.3 | 200.2 | ||
Contingently issuable shares (performance and restricted stock units) | 0.5 | 0.5 | 0.5 | 0.4 | ||
Diluted average common shares outstanding | 200.8 | 200.7 | 200.8 | 200.6 | ||
Basic earnings per average common share | $ 0.44 | $ 0.37 | $ 0.63 | $ 1.76 | ||
Diluted earnings per average common share | $ 0.44 | $ 0.36 | $ 0.63 | $ 1.76 | ||
Anti-dilutive shares excluded from earnings per share calculation | 0 | 0 | 0 | 0 | ||
Retained Earnings [Member] | ||||||
Net Income | $ 88.4 | $ 38.3 | $ 73.1 | $ 279.5 | $ 126.7 | $ 352.6 |
Long-Term Debt (Additional Info
Long-Term Debt (Additional Information) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | ||
Debt Instrument [Line Items] | |||
Percent of Principal Amount Subject to Optional Tender | 100% | ||
Term Loan [Member] | Series Due May 24, 2025 [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 6.125% | 6.125% | |
Term Loan [Member] | Series Due May 24, 2025 [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 5.875% | 5.375% | |
OGE Energy [Member] | |||
Debt Instrument [Line Items] | |||
Maturity | Dec. 17, 2027 | [1],[2] | |
OGE Energy [Member] | Series Due May 26, 2023 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 500 | $ 500 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.703% | 0.703% | |
Maturity Date | May 26, 2023 | ||
OGE Energy [Member] | Series Due May 24, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 100 | $ 100 | |
OGE Energy [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity | May 24, 2025 | [3] | |
OGE Energy [Member] | Term Loan [Member] | Series Due May 24, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 50 | $ 50 | |
OGE Energy [Member] | Credit Facility [Member] | Series Due May 24, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 50 | $ 50 | |
Og and E [Member] | |||
Debt Instrument [Line Items] | |||
Maturity | Dec. 17, 2027 | [1],[4],[5] | |
Og and E [Member] | Senior Notes due January 15, 2033 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 450 | $ 450 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | 5.40% | |
Maturity Date | Jan. 15, 2033 | ||
Og and E [Member] | Series Due May 26, 2023 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 500 | $ 500 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.553% | 0.553% | |
Maturity Date | May 26, 2023 | ||
Og and E [Member] | Senior Notes Due April 1 2053 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 350 | $ 350 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 5.60% | |
Maturity Date | Apr. 01, 2053 | ||
[1] In December 2022, the Registrants each entered into an amendment to their credit facility that extended the term of each credit facility for one year, until December 2027. Further, each credit facility amendment gave each of the Registrants the option of extending such commitments for up to two additional one-year periods. 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. OGE Energy has a $ 100.0 million floating rate unsecured three-year credit agreement, of which $ 50.0 million is considered a revolving loan and $ 50.0 million is considered a term loan. OG&E has an intercompany borrowing agreement with OGE Energy whereby OG&E has access to up to $ 450.0 million of OGE Energy's revolving credit amount. This agreement has a termination date of December 17, 2027. At June 30, 2023 , there were no intercompany borrowings under this agreement. 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. |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt Instruments (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Garfield Industrial Authority Bond [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Maturity Date | Jan. 01, 2025 |
Muskogee Industrial Authority Bond Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Maturity Date | Jan. 01, 2025 |
Muskogee Industrial Authority Bond Due 2027 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Maturity Date | Jun. 01, 2027 |
Redeemable during the next 12 months | |
Debt Instrument [Line Items] | |
Long-term Debt | $ 135.4 |
OG&E [Member] | Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | |
Debt Instrument [Line Items] | |
Long term debt | 47 |
OG&E [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Long term debt | 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 | $ 56 |
Minimum [Member] | Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.85% |
Minimum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.85% |
Minimum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2027 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.85% |
Maximum [Member] | Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.45% |
Maximum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.30% |
Maximum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2027 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.45% |
Short-Term Debt and Credit Fa_3
Short-Term Debt and Credit Facilities - Additional Information (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Short-term debt | $ 418,100,000 | $ 0 |
OG&E [Member] | ||
Line of Credit Facility [Line Items] | ||
Short-term debt | 0 | $ 0 |
Short Term Borrowing Capacity That Has Regulatory Approval | $ 1,000,000,000 |
Short-Term Debt and Credit Fa_4
Short-Term Debt and Credit Facilities - Schedule of Line of Credit Facilities (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) | ||
Line of Credit Facility [Line Items] | ||
Aggregate Commitment | $ 1,150 | |
Line of Credit Outstanding, Amount | $ 418.5 | [1] |
Weighted - Average Interest Rate | 5.48% | |
OGE Energy [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 550 | [2] |
Line of Credit Outstanding, Amount | $ 418.1 | [1],[2] |
Weighted - Average Interest Rate | 5.49% | [2],[3] |
Maturity | Dec. 17, 2027 | [2],[4] |
OGE Energy [Member] | Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 50 | [5] |
Line of Credit Outstanding, Amount | $ 0 | [1],[5] |
Weighted - Average Interest Rate | 0% | [3],[5] |
Maturity | May 24, 2025 | [5] |
OG&E [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 550 | [6],[7] |
Letters of Credit Outstanding, Amount | $ 0.4 | [1],[6],[7] |
Weighted - Average Interest Rate | 1.15% | [3],[6],[7] |
Maturity | Dec. 17, 2027 | [4],[6],[7] |
[1] Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at June 30, 2023 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. Represents the weighted-average interest rate for the outstanding borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit. In December 2022, the Registrants each entered into an amendment to their credit facility that extended the term of each credit facility for one year, until December 2027. Further, each credit facility amendment gave each of the Registrants the option of extending such commitments for up to two additional one-year periods. OGE Energy has a $ 100.0 million floating rate unsecured three-year credit agreement, of which $ 50.0 million is considered a revolving loan and $ 50.0 million is considered a term loan. OG&E has an intercompany borrowing agreement with OGE Energy whereby OG&E has access to up to $ 450.0 million of OGE Energy's revolving credit amount. This agreement has a termination date of December 17, 2027. At June 30, 2023 , there were no intercompany borrowings under this agreement. 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. |
Short-Term Debt and Credit Fa_5
Short-Term Debt and Credit Facilities - Schedule of Line of Credit Facilities (Parenthetical) (Details) | Jun. 30, 2023 USD ($) |
Line of Credit Facility [Line Items] | |
Outstanding Intercompany Borrowings | $ 0 |
Og and E [Member] | |
Line of Credit Facility [Line Items] | |
Intercompany Borrowing Agreement - Maximum Borrowing Capacity | 450,000,000 |
OGE Energy [Member] | Series Due May 24, 2025 [Member] | |
Line of Credit Facility [Line Items] | |
Long term debt | 100,000,000 |
OGE Energy [Member] | Credit Facility [Member] | Series Due May 24, 2025 [Member] | |
Line of Credit Facility [Line Items] | |
Long term debt | 50,000,000 |
OGE Energy [Member] | Term Loan [Member] | Series Due May 24, 2025 [Member] | |
Line of Credit Facility [Line Items] | |
Long term debt | $ 50,000,000 |
Retirement Plans and Postreti_3
Retirement Plans and Postretirement Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||||||
Pension Plan [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||
Service cost | $ 1.3 | $ 1.7 | $ 2.7 | $ 3.9 | |||||
Interest cost | 3.9 | 4.3 | 7.9 | 7.7 | |||||
Expected return on plan assets | (4.2) | (6.2) | (8.2) | (13) | |||||
Amortization of net (gain) loss | 2 | 2.3 | 4.2 | 4.2 | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | [1] | 0 | [2] | 0 | [2] | 0 | [2] | |
Settlement cost | 1.2 | 2.8 | 19.4 | 16 | |||||
Total net periodic benefit cost | 4.2 | 4.9 | 26 | 18.8 | |||||
Capitalized portion of net periodic pension benefit cost | 0.5 | 0.7 | 1.1 | 1.5 | |||||
Other Pension Plan [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||
Service cost | 0.2 | 0.2 | 0.5 | 0.5 | |||||
Interest cost | 0.1 | 0.1 | 0.1 | 0.1 | |||||
Expected return on plan assets | 0 | 0 | 0 | 0 | |||||
Amortization of net (gain) loss | 0 | 0.1 | 0 | 0.1 | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | [2] | 0.1 | 0 | 0.2 | 0.1 | ||||
Settlement cost | 0 | 0.2 | 0 | 0.2 | |||||
Total net periodic benefit cost | 0.4 | 0.6 | 0.8 | 1 | |||||
Postretirement Benefit Plan [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||
Service cost | 0 | 0 | 0 | 0.1 | |||||
Interest cost | 1.3 | 0.9 | 2.6 | 1.8 | |||||
Expected return on plan assets | (0.4) | (0.5) | (0.8) | (0.9) | |||||
Amortization of net (gain) loss | 0 | 0.2 | (0.1) | 0.7 | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | [1] | (0.9) | [1] | 0 | [2] | (1.9) | [2] | |
Total net periodic benefit cost | 0.9 | (0.3) | 1.7 | (0.2) | |||||
Net periodic benefit cost (income) | 0.9 | (0.3) | 1.7 | (0.2) | |||||
Capitalized portion of net periodic pension benefit cost | 0.1 | 0 | 0.1 | 0.1 | |||||
OG&E [Member] | Pension Plan [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||
Service cost | 1.1 | 1.4 | 2.2 | 3.1 | |||||
Interest cost | 3.2 | 3.3 | 6.3 | 5.9 | |||||
Expected return on plan assets | (3.3) | (4.7) | (6.5) | (10) | |||||
Amortization of net (gain) loss | 1.7 | 1.9 | 3.6 | 3.5 | |||||
Settlement cost | 0.8 | 2.1 | 18 | 5.7 | |||||
Total net periodic benefit cost | 3.5 | 4 | 23.6 | 8.2 | |||||
Net periodic benefit cost (income) | 3.9 | 4.4 | 25.6 | 10.4 | |||||
Capitalized portion of net periodic pension benefit cost | 0.5 | 0.5 | 1 | 1.2 | |||||
Amount Attributable to Parent | 0.4 | 0.4 | 2 | 2.2 | |||||
OG&E [Member] | Other Pension Plan [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||
Service cost | 0 | 0 | 0 | 0 | |||||
Interest cost | 0 | 0 | 0 | 0 | |||||
Expected return on plan assets | 0 | 0 | 0 | 0 | |||||
Amortization of net (gain) loss | 0 | 0 | 0 | 0 | |||||
Settlement cost | 0 | 0 | 0 | 0 | |||||
Total net periodic benefit cost | 0 | 0 | 0 | 0 | |||||
Net periodic benefit cost (income) | 0.3 | 0.3 | 0.7 | 0.7 | |||||
Amount Attributable to Parent | 0.3 | 0.3 | 0.7 | 0.7 | |||||
OG&E [Member] | Postretirement Benefit Plan [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||
Service cost | 0 | 0.1 | 0 | 0.1 | |||||
Interest cost | 1 | 0.6 | 2 | 1.3 | |||||
Expected return on plan assets | (0.4) | (0.4) | (0.8) | (0.8) | |||||
Amortization of net (gain) loss | 0 | 0.3 | 0 | 0.8 | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | [2] | 0 | (0.9) | 0 | (1.8) | ||||
Total net periodic benefit cost | 0.6 | (0.3) | 1.2 | (0.4) | |||||
Net periodic benefit cost (income) | 0.8 | (0.3) | 1.5 | (0.4) | |||||
Capitalized portion of net periodic pension benefit cost | 0.1 | 0.1 | 0.1 | 0.1 | |||||
Amount Attributable to Parent | 0.2 | 0 | 0.3 | 0 | |||||
OKLAHOMA | Pension Plan [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||
Settlement cost | 0.8 | [3] | 2 | [3] | 17.5 | [4] | 6.7 | [4] | |
Change in regulatory asset related to pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) | 3.9 | [3] | 0.4 | [3] | 24.1 | [4] | 2.3 | [4] | |
OKLAHOMA | Postretirement Benefit Plan [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||
Change in regulatory asset related to pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) | [4] | 1.1 | 0.1 | 2.2 | (0.2) | ||||
ARKANSAS | Pension Plan [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||
Settlement cost | $ 0.1 | [3] | $ 0.2 | [3] | $ 1.6 | [4] | $ 0.6 | [4] | |
[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. 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. Included in the pension regulatory asset in each jurisdiction, as presented in the regulatory assets and liabilities table in Note 1. Included in the pension regulatory asset or liability in each jurisdiction, as presented in the regulatory assets and liabilities table in Note 1. |
Retirement Plans and Postreti_4
Retirement Plans and Postretirement Benefit Plans - Schedule of Capitalized Pension and Postretirement Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Capitalized portion of net periodic pension benefit cost | $ 0.5 | $ 0.7 | $ 1.1 | $ 1.5 |
Pension Plan [Member] | OG&E [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Capitalized portion of net periodic pension benefit cost | 0.5 | 0.5 | 1 | 1.2 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Capitalized portion of net periodic pension benefit cost | 0.1 | 0 | 0.1 | 0.1 |
Other Postretirement Benefits Plan [Member] | OG&E [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Capitalized portion of net periodic pension benefit cost | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Report of Business Segments - A
Report of Business Segments - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 Segment | |
Segment Reporting Information [Line Items] | |
Number of reporting segments | 1 |
Number of operating segments | 1 |
Report of Business Segments (De
Report of Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||||
Operating revenues | $ 605 | $ 803.7 | $ 1,162.2 | $ 1,393 | |||
Fuel, purchased power and direct transmission expense | 181.8 | 393.3 | 382.4 | 649 | |||
Other operation and maintenance | 128.3 | 118.1 | 258.7 | 233.1 | |||
Depreciation and amortization | 124.1 | 111.6 | 245.3 | 219 | |||
Taxes other than income | 24.4 | 24.1 | 52.9 | 52.2 | |||
OPERATING INCOME | 146.4 | 156.6 | 222.9 | 239.7 | |||
Gain (loss) on equity securities | 0 | (39.6) | 0 | 242.7 | |||
Other income | 14.5 | 11.7 | 30.9 | 21 | |||
Interest expense | 57.7 | 42.4 | 105.5 | 82.5 | |||
Income tax expense (benefit) | 14.8 | 13.2 | 21.6 | 68.3 | |||
Net income (loss) | 88.4 | $ 38.3 | 73.1 | $ 279.5 | 126.7 | 352.6 | |
Total assets | 12,604.6 | 12,838 | 12,604.6 | 12,838 | $ 12,544.7 | ||
Eliminations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 0 | 0 | 0 | 0 | |||
Fuel, purchased power and direct transmission expense | 0 | 0 | 0 | 0 | |||
Other operation and maintenance | 0 | 0 | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||
Taxes other than income | 0 | 0 | 0 | 0 | |||
OPERATING INCOME | 0 | 0 | 0 | 0 | |||
Gain (loss) on equity securities | 0 | 0 | |||||
Other income | (3.1) | (0.4) | (6.5) | (0.5) | |||
Interest expense | (3.1) | (0.4) | (6.5) | (0.5) | |||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |||
Net income (loss) | 0 | 0 | 0 | 0 | |||
Total assets | (575.1) | (632.8) | (575.1) | (632.8) | |||
Electrics Company [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 605 | 803.7 | 1,162.2 | 1,393 | |||
Fuel, purchased power and direct transmission expense | 181.8 | 393.3 | 382.4 | 649 | |||
Other operation and maintenance | 128.6 | 118.3 | 260.1 | 233.8 | |||
Depreciation and amortization | 124.1 | 111.6 | 245.3 | 219 | |||
Taxes other than income | 23.5 | 23.3 | 50.6 | 50.1 | |||
OPERATING INCOME | 147 | 157.2 | 223.8 | 241.1 | |||
Gain (loss) on equity securities | 0 | 0 | |||||
Other income | 13.2 | (0.3) | 28.5 | 0.4 | |||
Interest expense | 52.1 | 39.8 | 97.8 | 78 | |||
Income tax expense (benefit) | 16.2 | 16.4 | 22.8 | 23.8 | |||
Net income (loss) | 91.9 | 100.7 | 131.7 | 139.7 | |||
Total assets | 12,492.9 | 12,317.2 | 12,492.9 | 12,317.2 | |||
Natural Gas Midstream Operations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 0 | 0 | |||||
Fuel, purchased power and direct transmission expense | 0 | 0 | |||||
Other operation and maintenance | 0.5 | 1.2 | |||||
Depreciation and amortization | 0 | 0 | |||||
Taxes other than income | 0.1 | 0.1 | |||||
OPERATING INCOME | (0.6) | (1.3) | |||||
Gain (loss) on equity securities | (39.6) | 242.7 | |||||
Other income | 12.4 | 21.1 | |||||
Interest expense | 0 | 0 | |||||
Income tax expense (benefit) | (8.9) | 51.3 | |||||
Net income (loss) | (18.9) | 211.2 | |||||
Total assets | 401.7 | 401.7 | |||||
Other Operations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 0 | 0 | 0 | 0 | |||
Fuel, purchased power and direct transmission expense | 0 | 0 | 0 | 0 | |||
Other operation and maintenance | (0.3) | (0.7) | (1.4) | (1.9) | |||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||
Taxes other than income | 0.9 | 0.7 | 2.3 | 2 | |||
OPERATING INCOME | (0.6) | 0 | (0.9) | (0.1) | |||
Gain (loss) on equity securities | 0 | 0 | |||||
Other income | 4.4 | 0 | 8.9 | 0 | |||
Interest expense | 8.7 | 3 | 14.2 | 5 | |||
Income tax expense (benefit) | (1.4) | 5.7 | (1.2) | (6.8) | |||
Net income (loss) | (3.5) | (8.7) | (5) | 1.7 | |||
Total assets | $ 686.8 | $ 751.9 | $ 686.8 | $ 751.9 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Subsequent Event [Member] $ in Millions | 1 Months Ended |
Jul. 31, 2023 USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Damages sought, description | In July 2023, OG&E was named, along with its contractor, as a defendant in a lawsuit filed by an apartment owner and its insurance companies seeking in excess of $60.0 million in damages related to a fire at an apartment building under construction in Oklahoma City. OG&E disputes the claims in the lawsuit and intends to vigorously defend this action. If OG&E was ultimately deemed liable for damages in connection with this incident, OG&E believes its existing insurance policies will cover its costs, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have. Due to the uncertain and preliminary nature of this litigation, the outcome cannot be predicted, and OG&E is unable to provide a range of possible loss in this matter. |
Damage from Fire [Member] | |
Long-term Purchase Commitment [Line Items] | |
Damages sought | $ 60 |
Rate Matters and Regulation - A
Rate Matters and Regulation - Additional Information (Details) $ in Millions | 6 Months Ended | ||
Jul. 12, 2023 USD ($) Turbine Megawattsday | May 31, 2023 USD ($) Megawattsday Turbine | Jun. 30, 2023 USD ($) | |
Estimated Refund to SPP | $ 13 | ||
ARKANSAS [Member] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | 9.6 | ||
Horseshoe Lake [Member] | |||
Number of hydrogen capable combustion turbines | Turbine | 2 | ||
Current energy generation capacity | Megawattsday | 448 | ||
Approximate construction cost of turbines excluding financing costs and property taxes | $ 331 | ||
Horseshoe Lake [Member] | Subsequent Event [Member] | |||
Number of hydrogen capable combustion turbines | Turbine | 2 | ||
Current energy generation capacity | Megawattsday | 448 | ||
Approximate construction cost of turbines excluding financing costs and property taxes | $ 331 | ||
Impact to Company [Member] | |||
Estimated Refund to SPP | 5 | ||
Customer Impact [Member] | |||
Estimated Refund to SPP | $ 8 |