Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Entity Registrant Name | OGE ENERGY CORP. | ||
Entity Central Index Key | 0001021635 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Incorporation, State or Country Code | OK | ||
Entity Tax Identification Number | 73-1481638 | ||
Entity Address, Address Line One | 321 North Harvey | ||
Entity Address, Address Line Two | P.O. Box 321 | ||
Trading Symbol | OGE | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
City Area Code | 405 | ||
Local Phone Number | 553-3000 | ||
Entity Address, State or Province | OK | ||
Entity Address, Postal Zip Code | 73101-0321 | ||
Entity File Number | 1-12579 | ||
Title of 12(b) Security | Common Stock | ||
Entity Address, City or Town | Oklahoma City | ||
Share Price | $ 35.91 | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Document Type | 10-K | ||
Entity Common Stock, Shares Outstanding | 200,330,340 | 200,287,364 | |
Entity Public Float | $ 7,192,319,241 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE The Proxy Statement for OGE Energy Corp.'s 2024 annual meeting of shareowners is incorporated by reference into Part III of this Form 10-K. This combined Form 10-K represents separate filings by OGE Energy Corp. and Oklahoma Gas and Electric Company. Information contained herein related to an individual registrant is filed by such registrant on its own behalf. Oklahoma Gas and Electric Company makes no representations as to the information relating to OGE Energy Corp.'s other operations. Oklahoma Gas and Electric Company meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and is therefore filing this form with the reduced disclosure format permitted by General Instruction I(2). | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Oklahoma City, Oklahoma | ||
OG&E [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | OKLAHOMA GAS AND ELECTRIC COMPANY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Tax Identification Number | 73-0382390 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 1-1097 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Common Stock, Shares Outstanding | 40,378,745 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Oklahoma City, Oklahoma |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from contracts with customers | $ 2,607.3 | $ 3,304.2 | $ 3,588.7 |
Other revenues | 67 | 71.5 | 65 |
Operating revenues | 2,674.3 | 3,375.7 | 3,653.7 |
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 911.7 | 1,662.4 | 2,127.6 |
OPERATING EXPENSES | |||
Other operation and maintenance | 502.6 | 501.4 | 463.1 |
Depreciation and amortization | 506.6 | 460.9 | 416 |
Taxes other than income | 103.2 | 101.5 | 102.8 |
Operating expenses | 1,112.4 | 1,063.8 | 981.9 |
OPERATING INCOME | 650.2 | 649.5 | 544.2 |
OTHER INCOME (EXPENSE) | |||
Allowance for equity funds used during construction | 19.4 | 6.9 | 6.7 |
Other net periodic benefit income (expense) | 5.6 | (12.9) | (6.1) |
Gain (loss) on equity securities (Note 1) | 0 | 282.1 | (8.6) |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 169.8 |
Gain on Enable/Energy Transfer transaction, net | 0 | 0 | 344.4 |
Other income | 48.2 | 74.6 | 26.3 |
Other expense | (29) | (44.6) | (39.9) |
Net other income | 44.2 | 306.1 | 492.6 |
INTEREST EXPENSE | |||
Interest on long-term debt | 205 | 162.1 | 154.8 |
Allowance for borrowed funds used during construction | (7.1) | (4) | (3.5) |
Interest on short-term debt and other interest charges | 23.5 | 8.2 | 7 |
Interest expense | 221.4 | 166.3 | 158.3 |
INCOME BEFORE TAXES | 473 | 789.3 | 878.5 |
INCOME TAX EXPENSE | 56.2 | 123.6 | 141.2 |
NET INCOME | $ 416.8 | $ 665.7 | $ 737.3 |
BASIC AVERAGE COMMON SHARES OUTSTANDING | 200.3 | 200.2 | 200.1 |
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 200.9 | 200.8 | 200.3 |
BASIC EARNINGS PER AVERAGE COMMON SHARE | $ 2.08 | $ 3.33 | $ 3.68 |
DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ 2.07 | $ 3.32 | $ 3.68 |
Other comprehensive income, net of tax | $ 4.7 | $ 12.9 | $ 7.3 |
Comprehensive income | 421.5 | 678.6 | 744.6 |
OG&E [Member] | |||
Revenues from contracts with customers | 2,607.3 | 3,304.2 | 3,558.7 |
Other revenues | 67 | 71.5 | 65 |
Operating revenues | 2,674.3 | 3,375.7 | 3,653.7 |
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 911.7 | 1,662.4 | 2,127.6 |
OPERATING EXPENSES | |||
Other operation and maintenance | 505 | 491.9 | 464.7 |
Depreciation and amortization | 506.6 | 460.9 | 416 |
Taxes other than income | 99.4 | 98 | 99.3 |
Operating expenses | 1,111 | 1,050.8 | 980 |
OPERATING INCOME | 651.6 | 662.5 | 546.1 |
OTHER INCOME (EXPENSE) | |||
Allowance for equity funds used during construction | 19.4 | 6.9 | 6.7 |
Other net periodic benefit income (expense) | 6.5 | 1.2 | (4.3) |
Other income | 23.9 | 6.5 | 7.1 |
Other expense | (6.3) | (3.4) | (1.8) |
Net other income | 43.5 | 11.2 | 7.7 |
INTEREST EXPENSE | |||
Interest on long-term debt | 200.4 | 157.4 | 152.7 |
Allowance for borrowed funds used during construction | (7.1) | (4) | (3.5) |
Interest on short-term debt and other interest charges | 6.6 | 4.4 | 2.8 |
Interest expense | 199.9 | 157.8 | 152 |
INCOME BEFORE TAXES | 495.2 | 515.9 | 401.8 |
INCOME TAX EXPENSE | 68.8 | 76.4 | 41.8 |
NET INCOME | 426.4 | 439.5 | 360 |
Other comprehensive income, net of tax | 0 | 0 | 0 |
Comprehensive income | $ 426.4 | $ 439.5 | $ 360 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 416.8 | $ 665.7 | $ 737.3 |
Pension Plan and Restoration of Retirement Income Plan: | |||
Amortization of prior service cost, net of tax of $0.1, $0.1 and $0.0, respectively | 0.2 | 0.2 | 0.1 |
Amortization of deferred net loss, net of tax of $0.2, $0.2 and $0.9, respectively | 0.9 | 1.4 | 1.6 |
Net gain (loss) arising during the period, net of tax of $1.0, ($2.4) and $0.0, respectively | 3.3 | (7.6) | 1.4 |
Prior service cost arising during the period, net of tax of $0.0, $0.0 and ($0.3), respectively | 0 | 0 | (1.1) |
Settlement cost, net of tax of $0.4, $4.3 and $2.7, respectively | 1.2 | 13.6 | 6 |
Postretirement benefit plans: | |||
Amortization of prior service credit, net of tax of $0.0, ($0.1) and ($0.4), respectively | 0 | (0.2) | (1.4) |
Amortization of deferred net (gain) loss, net of tax of ($0.1), $0.0 and $0.0, respectively | (0.1) | 0 | 0.1 |
Net gain (loss) arising during the period, net of tax of ($0.2), $1.7 and ($0.2), respectively | (0.8) | 5.5 | (0.7) |
Other comprehensive gain from unconsolidated affiliates, net of tax $0.0, $0.0 and $0.3, respectively | 0 | 0 | 1.3 |
Other comprehensive income, net of tax | 4.7 | 12.9 | 7.3 |
Comprehensive income | $ 421.5 | $ 678.6 | $ 744.6 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Postretirement plans: | |||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | $ 0.3 |
Pension Plans [Member] | |||
Pension Plan and Restoration of Retirement Income Plan: | |||
Amortization of prior service cost, net of tax of $0.1, $0.1 and $0.0, respectively | 0.1 | 0.1 | 0 |
Amortization of deferred net loss, net of tax of $0.2, $0.2 and $0.9, respectively | 0.2 | 0.2 | 0.9 |
Net gain (loss) arising during the period, net of tax of $1.0, ($2.4) and $0.0, respectively | 1 | (2.4) | 0 |
Prior service cost arising during the period, net of tax of $0.0, $0.0 and ($0.3), respectively | 0 | 0 | (0.3) |
Settlement cost, net of tax of $0.4, $4.3 and $2.7, respectively | 0.4 | 4.3 | 2.7 |
Other Postretirement Benefits Plan [Member] | |||
Postretirement plans: | |||
Amortization of prior service credit, net of tax of $0.0, ($0.1) and ($0.4), respectively | 0 | (0.1) | (0.4) |
Amortization of deferred net (gain) loss, net of tax of ($0.1), $0.0 and $0.0, respectively | (0.1) | 0 | 0 |
Net gain (loss) arising during the period, net of tax of ($0.2), $1.7 and ($0.2), respectively | $ (0.2) | $ 1.7 | $ (0.2) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 416.8 | $ 665.7 | $ 737.3 |
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | |||
Depreciation and amortization | 506.6 | 460.9 | 416 |
Deferred income taxes and other tax credits, net | 11.6 | (154) | 125.9 |
(Gain) loss on investment in equity securities (Note 1) | 0 | (282.1) | 8.6 |
Gain on Enable/Energy Transfer transaction (Note 1) | 0 | 0 | (353) |
Equity in earnings of unconsolidated affiliates | 0 | 0 | (169.8) |
Distributions from unconsolidated affiliates | 0 | 0 | 73.4 |
Allowance for equity funds used during construction | (19.4) | (6.9) | (6.7) |
Stock-based compensation expense | 13.1 | 9.7 | 9.8 |
Regulatory assets | (92.1) | 702.2 | (874.9) |
Regulatory liabilities | (12.2) | (9.1) | 12.2 |
Other assets | 0 | 18.9 | (9.8) |
Other liabilities | 5 | (6.6) | (8.1) |
Change in certain current assets and liabilities: | |||
Accounts receivable and accrued unbilled revenues, net | 42.8 | (97) | (1.9) |
Income taxes receivable | 2.5 | (18.1) | 5.5 |
Fuel, materials and supplies inventories | (122.8) | (130.1) | (3.4) |
Fuel recoveries | 535.4 | (363) | (180.5) |
Other current assets | 44.6 | (30.2) | (22.7) |
Accounts payable | (136.3) | 155.4 | 7.5 |
Other current liabilities | 36.7 | 36.7 | 4.7 |
Net cash provided from (used in) operating activities | 1,232.3 | 952.4 | (229.9) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures (less allowance for equity funds used during construction) | (1,178.2) | (1,050.9) | (778.5) |
Proceeds from Sale of Equity Securities, FV-NI | 0 | 1,067.2 | 0 |
Cash received in Enable/Energy Transfer transaction (Note 1) | 0 | 0 | 35 |
Cost of removal and other | (93.9) | (112.7) | (89) |
Net cash used in investing activities | (1,272.1) | (96.4) | (832.5) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 788.3 | 49.3 | 997.8 |
Payment of long-term debt | (1,000.1) | (0.1) | (0.1) |
Increase (decrease) in short-term debt | 499.2 | (486.9) | 391.9 |
Dividends paid on common stock | (333.2) | (329.3) | (324.9) |
Cash paid for employee equity-based compensation and expense of common stock | (2.3) | (0.9) | (3.4) |
Net cash (used in) provided from financing activities | (48.1) | (767.9) | 1,061.3 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (87.9) | 88.1 | (1.1) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 88.1 | 0 | 1.1 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 0.2 | 88.1 | 0 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Interest (net of interest capitalized) | 202.4 | 164 | 156.4 |
Income taxes (net of income tax refunds) | 41.5 | 276 | 8.7 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Power plant long-term service agreement | 0.7 | 0.8 | 2.4 |
Noncash or Part Noncash Acquisition, Investments Acquired | 0 | 0 | 793.7 |
OG&E [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 426.4 | 439.5 | 360 |
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | |||
Depreciation and amortization | 506.6 | 460.9 | 416 |
Deferred income taxes and other tax credits, net | 15.4 | 220.5 | 44.6 |
Allowance for equity funds used during construction | (19.4) | (6.9) | (6.7) |
Stock-based compensation expense | 3.1 | 2.9 | 2.2 |
Regulatory assets | (92.1) | 702.2 | (874.9) |
Regulatory liabilities | (12.2) | (9.1) | 12.2 |
Other assets | 4.7 | 0 | (2.2) |
Other liabilities | 0.3 | (5.6) | (11.2) |
Change in certain current assets and liabilities: | |||
Accounts receivable and accrued unbilled revenues, net | 42.1 | (96.6) | (3) |
Fuel, materials and supplies inventories | (122.8) | (130.1) | (3.4) |
Fuel recoveries | 535.4 | (363) | (180.5) |
Other current assets | 51.1 | (30.1) | (21.4) |
Accounts payable | (131.1) | 135.8 | (11) |
Income taxes payable - parent | 9.4 | 8 | 0.7 |
Other current liabilities | 34.6 | 19.3 | 3.3 |
Net cash provided from (used in) operating activities | 1,251.5 | 1,347.7 | (275.3) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures (less allowance for equity funds used during construction) | (1,178.2) | (1,050.9) | (778.5) |
Cost of removal | (91) | (109.3) | (83.4) |
Net cash used in investing activities | (1,269.2) | (1,160.2) | (861.9) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Changes In advances with parent | 229.2 | (187.4) | 372.5 |
Capital contribution from OGE Energy | 0 | 0 | 530 |
Proceeds from long-term debt | 788.8 | 0 | 499.8 |
Payment of long-term debt | (500.1) | (0.1) | (0.1) |
Dividends paid on common stock | (500) | 0 | (265) |
Net cash (used in) provided from financing activities | 17.9 | (187.5) | 1,137.2 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0.2 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 0.2 | 0 | 0 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Interest (net of interest capitalized) | 180.7 | 154.6 | 148.9 |
Income taxes (net of income tax refunds) | 44.2 | (152.6) | (3.2) |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Power plant long-term service agreement | $ 0.7 | $ 0.8 | $ 2.4 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest costs capitalized | $ 7.1 | $ 4 | $ 3.5 |
OG&E [Member] | |||
Interest costs capitalized | $ 7.1 | $ 4 | $ 3.5 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 0.2 | $ 88.1 |
Accounts receivable | 208.8 | 250.1 |
Accrued unbilled revenues | 72.7 | 74.2 |
Income taxes receivable | 18.2 | 20.7 |
Fuel inventories | 158.5 | 108.8 |
Materials and supplies, at average cost | 254.3 | 180.5 |
Fuel clause under recoveries | 0 | 514.9 |
Other | 58.8 | 103.5 |
Total current assets | 771.5 | 1,340.8 |
OTHER PROPERTY AND INVESTMENTS | ||
Other | 114 | 105.8 |
Total other property and investments | 114 | 105.8 |
PROPERTY, PLANT AND EQUIPMENT | ||
In service | 15,588.2 | 14,695.2 |
Construction work in progress | 522.2 | 436.1 |
Total property, plant and equipment | 16,110.4 | 15,131.3 |
Less: accumulated depreciation | 4,809.4 | 4,584.5 |
Net property, plant and equipment | 11,301 | 10,546.8 |
DEFERRED CHARGES AND OTHER ASSETS | ||
Regulatory assets | 577.6 | 524.3 |
Other | 26.6 | 27 |
Total deferred charges and other assets | 604.2 | 551.3 |
TOTAL ASSETS | 12,790.7 | 12,544.7 |
CURRENT LIABILITIES | ||
Short-term debt | 499.2 | 0 |
Accounts payable | 276.4 | 448.9 |
Dividends payable | 83.8 | 82.9 |
Customer deposits | 103.5 | 88.8 |
Accrued taxes | 47.6 | 54 |
Accrued interest | 57.4 | 41.1 |
Accrued compensation | 46.8 | 37 |
Long-term debt due within one year | 0 | 999.9 |
Fuel clause over recoveries | 20.5 | 0 |
Other | 44 | 49.6 |
Total current liabilities | 1,179.2 | 1,802.2 |
LONG-TERM DEBT | 4,340.5 | 3,548.7 |
DEFERRED CREDITS AND OTHER LIABILITIES | ||
Accrued benefit obligations | 172.7 | 176.9 |
Deferred income taxes | 1,300.8 | 1,233.5 |
Deferred investment tax credits | 11.3 | 12 |
Regulatory liabilities | 1,061.6 | 1,147.1 |
Other | 213 | 210.9 |
Total deferred credits and other liabilities | 2,759.4 | 2,780.4 |
Total liabilities | 8,279.1 | 8,131.3 |
COMMITMENTS AND CONTINGENCIES (NOTE 13) | ||
STOCKHOLDERS' EQUITY | ||
Common stockholders' equity | 1,145.1 | 1,134.5 |
Retained earnings | 3,373.7 | 3,290.9 |
Accumulated other comprehensive loss, net of tax | (7.2) | (11.9) |
Treasury stock, at cost | 0 | (0.1) |
Total stockholders' equity | 4,511.6 | 4,413.4 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 12,790.7 | 12,544.7 |
OG&E [Member] | ||
CURRENT ASSETS | ||
Cash and cash equivalents | 0.2 | 0 |
Accounts receivable | 208.8 | 249.4 |
Accrued unbilled revenues | 72.7 | 74.2 |
Advances to parent | 0 | 91 |
Fuel inventories | 158.5 | 108.8 |
Materials and supplies, at average cost | 254.3 | 180.5 |
Fuel clause under recoveries | 0 | 514.9 |
Other | 46.7 | 97.8 |
Total current assets | 741.2 | 1,316.6 |
OTHER PROPERTY AND INVESTMENTS | ||
Total other property and investments | 4.6 | 4.4 |
PROPERTY, PLANT AND EQUIPMENT | ||
In service | 15,582.1 | 14,689.1 |
Construction work in progress | 522.2 | 436.1 |
Total property, plant and equipment | 16,104.3 | 15,125.2 |
Less: accumulated depreciation | 4,809.4 | 4,584.5 |
Net property, plant and equipment | 11,294.9 | 10,540.7 |
DEFERRED CHARGES AND OTHER ASSETS | ||
Regulatory assets | 577.6 | 524.3 |
Other | 24.3 | 24.5 |
Total deferred charges and other assets | 601.9 | 548.8 |
TOTAL ASSETS | 12,642.6 | 12,410.5 |
CURRENT LIABILITIES | ||
Accounts payable | 228.5 | 395.8 |
Advances from parent | 147.7 | 0 |
Customer deposits | 103.5 | 88.8 |
Accrued taxes | 47.2 | 46.5 |
Accrued interest | 56.6 | 40.8 |
Accrued compensation | 37 | 27.8 |
Long-term debt due within one year | 0 | 500 |
Fuel clause over recoveries | 20.5 | 0 |
Other | 43.6 | 49.3 |
Total current liabilities | 684.6 | 1,149 |
LONG-TERM DEBT | 4,290.6 | 3,498.9 |
DEFERRED CREDITS AND OTHER LIABILITIES | ||
Accrued benefit obligations | 96.2 | 98.3 |
Deferred income taxes | 1,340.8 | 1,271.1 |
Deferred investment tax credits | 11.3 | 12 |
Regulatory liabilities | 1,061.6 | 1,147.1 |
Other | 182.8 | 188.9 |
Total deferred credits and other liabilities | 2,692.7 | 2,717.4 |
Total liabilities | 7,667.9 | 7,365.3 |
COMMITMENTS AND CONTINGENCIES (NOTE 13) | ||
STOCKHOLDERS' EQUITY | ||
Common stockholders' equity | 1,577.7 | 1,574.6 |
Retained earnings | 3,397 | 3,470.6 |
Total stockholders' equity | 4,974.7 | 5,045.2 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 12,642.6 | $ 12,410.5 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for credit loss | $ 2.2 | $ 1.9 |
OG&E [Member] | ||
Accounts receivable, allowance for credit loss | $ 2.2 | $ 1.9 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITALIZATION - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Common Stock, Value | $ 2 | $ 2 |
Premium on common stock | 1,143.1 | 1,132.5 |
Retained earnings | 3,373.7 | 3,290.9 |
Accumulated other comprehensive loss, net of tax | (7.2) | (11.9) |
Treasury Stock, Value | 0 | (0.1) |
Total stockholders' equity | 4,511.6 | 4,413.4 |
Unamortized debt expense | (27.9) | (22.2) |
Unamortized discount | (11.2) | (8.9) |
Total long-term debt | 4,340.5 | 4,548.6 |
Less: long-term debt due within one year | 0 | (999.9) |
Total long-term debt (excluding long-term debt due within one year) | 4,340.5 | 3,548.7 |
Total capitalization (including long-term debt due within one year) | 8,852.1 | 8,962 |
Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Common Stock, Value | 100.9 | 100.9 |
Premium on common stock | 1,476.8 | 1,473.7 |
Retained earnings | 3,397 | 3,470.6 |
Total stockholders' equity | 4,974.7 | 5,045.2 |
Unamortized debt expense | (27.8) | (21.9) |
Unamortized discount | (11.2) | (8.9) |
Total long-term debt | 4,290.6 | 3,998.9 |
Less: long-term debt due within one year | 0 | (500) |
Total long-term debt (excluding long-term debt due within one year) | 4,290.6 | 3,498.9 |
Total capitalization (including long-term debt due within one year) | 9,265.3 | 9,044.1 |
Senior Notes [Member] | Series Due May 26, 2023 [Member] | OGE Energy [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 0 | 500 |
Senior Notes [Member] | Series Due May 26, 2023 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 0 | 500 |
Senior Notes [Member] | Series Due July 15, 2027 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 125 | 125 |
Senior Notes [Member] | Series Due April 15, 2028 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 100 | 100 |
Senior Notes [Member] | Series Due August 15, 2028 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 400 | 400 |
Senior Notes [Member] | Series Due March 15, 2030 | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 300 | 300 |
Senior Notes [Member] | Series Due April 1, 2030 | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 300 | 300 |
Senior Notes [Member] | Series Due January 15, 2033 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 450 | 0 |
Senior Notes [Member] | Series Due January 15, 2036 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 110 | 110 |
Senior Notes [Member] | Series Due February 1, 2038 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 200 | 200 |
Senior Notes [Member] | Series Due June 1, 2040 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 250 | 250 |
Senior Notes [Member] | Series Due May 15, 2041 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 250 | 250 |
Senior Notes [Member] | Series Due May 1, 2043 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 250 | 250 |
Senior Notes [Member] | Series Due March 15, 2044 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 250 | 250 |
Senior Notes [Member] | Series Due December 15, 2044 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 250 | 250 |
Senior Notes [Member] | Series due April 1, 2047 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 300 | 300 |
Senior Notes [Member] | Series due August 15, 2047 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 300 | 300 |
Senior Notes [Member] | Series Due April 1, 2053 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 350 | 0 |
Term Loan [Member] | Due May 24, 2025 | OGE Energy [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 50 | 50 |
Long-term Debt [Member] | Due August 31, 2062 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 9.2 | 9.3 |
Debentures Subject to Mandatory Redemption [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total long-term debt | 135.4 | |
Debentures Subject to Mandatory Redemption [Member] | Garfield Industrial Authority Bond [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 47 | 47 |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2025 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 32.4 | 32.4 |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2027 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 56 | $ 56 |
CONSOLIDATED STATEMENTS OF CA_3
CONSOLIDATED STATEMENTS OF CAPITALIZATION (Parenthetical) - $ / shares shares in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 450 | 450 |
Common Stock, Shares, Outstanding | 200.3 | 200.2 |
Treasury Stock, Common, Shares | 0 | 0 |
Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 2.5 | $ 2.5 |
Common Stock, Shares Authorized | 100 | 100 |
Common Stock, Shares, Outstanding | 40.4 | 40.4 |
Garfield Industrial Authority Bond [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
Garfield Industrial Authority Bond [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
Muskogee Industrial Authority Bond Due 2025 [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
Muskogee Industrial Authority Bond Due 2025 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
Muskogee Industrial Authority Bond Due 2027 [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 01, 2027 | |
Muskogee Industrial Authority Bond Due 2027 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 01, 2027 | |
Senior Notes [Member] | Series Due May 26, 2023 [Member] | OGE Energy [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.703% | |
Debt Instrument, Maturity Date | May 26, 2023 | |
Senior Notes [Member] | Series Due May 26, 2023 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.553% | |
Debt Instrument, Maturity Date | May 26, 2023 | |
Senior Notes [Member] | Series Due July 15, 2027 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.65% | |
Debt Instrument, Maturity Date | Jul. 15, 2027 | |
Senior Notes [Member] | Series Due April 15, 2028 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
Debt Instrument, Maturity Date | Apr. 15, 2028 | |
Senior Notes [Member] | Series due August 15, 2028 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |
Debt Instrument, Maturity Date | Aug. 15, 2028 | |
Senior Notes [Member] | Series Due March 15, 2030 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |
Debt Instrument, Maturity Date | Mar. 15, 2030 | |
Senior Notes [Member] | Series Due April 1, 2030 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |
Debt Instrument, Maturity Date | Apr. 01, 2030 | |
Senior Notes [Member] | Series Due January 15, 2033 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | |
Debt Instrument, Maturity Date | Jan. 15, 2033 | |
Senior Notes [Member] | Series Due January 15, 2036 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
Debt Instrument, Maturity Date | Jan. 15, 2036 | |
Senior Notes [Member] | Series Due February 1, 2038 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | |
Debt Instrument, Maturity Date | Feb. 01, 2038 | |
Senior Notes [Member] | Series Due June 1, 2040 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.85% | |
Debt Instrument, Maturity Date | Jun. 01, 2040 | |
Senior Notes [Member] | Series Due May 15, 2041 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
Debt Instrument, Maturity Date | May 15, 2041 | |
Senior Notes [Member] | Series due May 1, 2043 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | |
Debt Instrument, Maturity Date | May 01, 2043 | |
Senior Notes [Member] | Series due March 15, 2044 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | |
Debt Instrument, Maturity Date | Mar. 15, 2044 | |
Senior Notes [Member] | Series due December 15, 2044 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |
Debt Instrument, Maturity Date | Dec. 15, 2044 | |
Senior Notes [Member] | Series due April 1, 2047 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |
Debt Instrument, Maturity Date | Apr. 01, 2047 | |
Senior Notes [Member] | Series due August 15, 2047 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
Debt Instrument, Maturity Date | Aug. 15, 2047 | |
Senior Notes [Member] | Series Due April 1, 2053 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |
Debt Instrument, Maturity Date | Apr. 01, 2053 | |
Term Loan [Member] | Due May 24, 2025 | OGE Energy [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Maturity Date | May 24, 2025 | |
Term Loan [Member] | Due May 24, 2025 | OGE Energy [Member] | Minimum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |
Term Loan [Member] | Due May 24, 2025 | OGE Energy [Member] | Maximum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |
Long-term Debt [Member] | Due August 31, 2062 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |
Debt Instrument, Maturity Date | Aug. 31, 2062 | |
Debentures Subject to Mandatory Redemption [Member] | Garfield Industrial Authority Bond [Member] | Minimum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | |
Debentures Subject to Mandatory Redemption [Member] | Garfield Industrial Authority Bond [Member] | Maximum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Debentures Subject to Mandatory Redemption [Member] | Garfield Industrial Authority Bond [Member] | Og and E [Member] | Minimum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | |
Debentures Subject to Mandatory Redemption [Member] | Garfield Industrial Authority Bond [Member] | Og and E [Member] | Maximum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2025 [Member] | Minimum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2025 [Member] | Maximum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2025 [Member] | Og and E [Member] | Minimum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2025 [Member] | Og and E [Member] | Maximum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2027 [Member] | Minimum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2027 [Member] | Maximum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2027 [Member] | Og and E [Member] | Minimum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | |
Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority Bond Due 2027 [Member] | Og and E [Member] | Maximum [Member] | ||
Schedule of Capitalization, Long-Term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | OG&E [Member] | Common Stock | Common Stock OG&E [Member] | Premium on Common Stock | Premium on Common Stock OG&E [Member] | Retained Earnings | Retained Earnings OG&E [Member] | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
Balance at Dec. 31, 2020 | $ 3,631.8 | $ 3,975.6 | $ 2 | $ 100.9 | $ 1,122.6 | $ 938.6 | $ 2,544.6 | $ 2,936.1 | $ (32.1) | $ (5.3) |
Common Stock, Shares, Outstanding at Dec. 31, 2020 | 200.1 | 40.4 | ||||||||
Treasury Stock, Common, Shares at Dec. 31, 2020 | 0.1 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 737.3 | 360 | $ 0 | $ 0 | 0 | 0 | 737.3 | 360 | 0 | $ 0 |
Net income, Number of Shares | 0 | 0 | 0 | |||||||
Other comprehensive income, net of tax, Number of Shares | 0 | 0 | ||||||||
Other comprehensive income, net of tax | 7.3 | 0 | $ 0 | 0 | 0 | 7.3 | $ 0 | |||
Dividends declared on common stock, Number of Shares | 0 | 0 | 0 | |||||||
Dividends declared on common stock | (326.5) | (265) | $ 0 | $ 0 | 0 | 0 | (326.5) | (265) | 0 | $ 0 |
Capital contribution from OGE Energy | 530 | $ 0 | 530 | 0 | ||||||
Capital contribution from OGE Energy, Number of Shares | 0 | |||||||||
Stock-based compensation, Number of Shares | 0 | 0 | (0.1) | |||||||
Stock-based compensation | 6.4 | 2.2 | $ 0 | $ 0 | 1.2 | 2.2 | 0 | 0 | 0 | $ 5.2 |
Balance at Dec. 31, 2021 | 4,056.3 | 4,602.8 | $ 2 | $ 100.9 | 1,123.8 | 1,470.8 | 2,955.4 | 3,031.1 | (24.8) | $ (0.1) |
Common Stock, Shares, Outstanding at Dec. 31, 2021 | 200.1 | 40.4 | ||||||||
Treasury Stock, Common, Shares at Dec. 31, 2021 | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 665.7 | 439.5 | $ 0 | $ 0 | 0 | 0 | 665.7 | 439.5 | 0 | $ 0 |
Net income, Number of Shares | 0 | 0 | 0 | |||||||
Other comprehensive income, net of tax, Number of Shares | 0 | 0 | ||||||||
Other comprehensive income, net of tax | 12.9 | 0 | $ 0 | 0 | 0 | 12.9 | $ 0 | |||
Dividends declared on common stock, Number of Shares | 0 | 0 | ||||||||
Dividends declared on common stock | (330.2) | $ 0 | 0 | (330.2) | 0 | $ 0 | ||||
Stock-based compensation, Number of Shares | 0.1 | 0 | ||||||||
Stock-based compensation | 8.7 | 2.9 | $ 0 | $ 0 | 8.7 | 2.9 | 0 | 0 | 0 | $ 0 |
Balance at Dec. 31, 2022 | $ 4,413.4 | $ 5,045.2 | $ 2 | $ 100.9 | 1,132.5 | 1,473.7 | 3,290.9 | 3,470.6 | (11.9) | $ (0.1) |
Common Stock, Shares, Outstanding at Dec. 31, 2022 | 200.2 | 40.4 | 200.2 | 40.4 | ||||||
Treasury Stock, Common, Shares at Dec. 31, 2022 | 0 | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | $ 416.8 | $ 426.4 | $ 0 | $ 0 | 0 | 0 | 416.8 | 426.4 | 0 | $ 0 |
Net income, Number of Shares | 0 | 0 | 0 | |||||||
Other comprehensive income, net of tax, Number of Shares | 0 | 0 | ||||||||
Other comprehensive income, net of tax | 4.7 | 0 | $ 0 | 0 | 0 | 4.7 | $ 0 | |||
Dividends declared on common stock, Number of Shares | 0 | 0 | 0 | |||||||
Dividends declared on common stock | (334) | (500) | $ 0 | $ 0 | 0 | 0 | (334) | (500) | 0 | $ 0 |
Stock-based compensation, Number of Shares | 0.1 | 0 | 0 | |||||||
Stock-based compensation | 10.7 | 3.1 | $ 0 | $ 0 | 10.6 | 3.1 | 0 | 0 | 0 | $ 0.1 |
Balance at Dec. 31, 2023 | $ 4,511.6 | $ 4,974.7 | $ 2 | $ 100.9 | $ 1,143.1 | $ 1,476.8 | $ 3,373.7 | $ 3,397 | $ (7.2) | $ 0 |
Common Stock, Shares, Outstanding at Dec. 31, 2023 | 200.3 | 40.4 | 200.3 | 40.4 | ||||||
Treasury Stock, Common, Shares at Dec. 31, 2023 | 0 | 0 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 1.6646 | $ 1.6482 | $ 1.625 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 416.8 | $ 665.7 | $ 737.3 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Sign ificant 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 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 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 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. 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 electric company, 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. December 31 (In millions) 2023 2022 REGULATORY ASSETS Current: Oklahoma Energy Efficiency Rider under recoveries (A) $ 3.8 $ 7.7 Oklahoma fuel clause under recoveries — 474.3 Arkansas fuel clause under recoveries — 40.6 Other (A) 2.7 4.7 Total current regulatory assets $ 6.5 $ 527.3 Non-current: Oklahoma deferred storm expenses $ 261.1 $ 206.3 Pension tracker 91.9 57.2 Benefit obligations regulatory asset 89.4 119.7 Arkansas Winter Storm Uri costs 71.0 78.2 Sooner Dry Scrubbers 17.2 18.1 Arkansas deferred pension expenses 12.7 12.3 Unamortized loss on reacquired debt 7.2 8.0 COVID-19 impacts 6.8 7.7 Oklahoma SAP S/4 HANA deferred expenses 6.0 0.7 Frontier Plant deferred expenses 3.6 5.2 Other 10.7 10.9 Total non-current regulatory assets $ 577.6 $ 524.3 REGULATORY LIABILITIES Current: Oklahoma fuel clause over recoveries $ 15.6 $ — SPP cost tracker over recovery (B) 10.4 3.0 Arkansas fuel clause over recoveries 4.9 — Other (B) 2.3 2.5 Total current regulatory liabilities $ 33.2 $ 5.5 Non-current: Income taxes refundable to customers, net $ 838.0 $ 894.7 Accrued removal obligations, net 222.0 250.5 Other 1.6 1.9 Total non-current regulatory liabilities $ 1,061.6 $ 1,147.1 (A) Included in Other Current Assets in the balance sheets. (B) Included in Other Current Liabilities in the balance sheets. OG&E recovers program costs related to the Energy Efficiency Program in Oklahoma through the Energy Efficiency Rider, which operates on a three-year program cycle. The current program cycle, which runs through 2024, includes recovery of (i) energy efficiency program costs, (ii) lost revenues associated with certain achieved energy efficiency and demand savings, (iii) performance-based incentives and (iv) costs associated with research and development investments. OG&E includes in expense any Oklahoma storm-related operation and maintenance expenses up to $ 2.7 million annually and defers to a regulatory asset any additional expenses incurred over $ 2.7 million. OG&E typically recovers the amounts deferred each year over a five to ten year period in accordance with historical practice. 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 regulatory asset in the table above and are being recovered over a 15 year period. The benefit obligations regulatory asset is comprised of expenses recorded which are probable of future recovery and that have not yet been recognized as components of net periodic benefit cost, including net loss and prior service cost. These expenses are recorded as a regulatory asset, as OG&E historically has recovered and currently recovers pension and postretirement benefit plan expense in its electric rates. If, in the future, the regulatory bodies indicate a change in policy related to the recovery of pension and postretirement benefit plan expenses, this could cause the benefit obligations regulatory asset balance to be reclassified to accumulated other comprehensive income. The following table presents a summary of the components of the benefit obligations regulatory asset. December 31 (In millions) 2023 2022 Pension Plan and Restoration of Retirement Income Plan: Net loss $ 75.9 $ 110.0 Postretirement Benefit Plans: Net loss 13.5 9.7 Total $ 89.4 $ 119.7 In February 2021, Winter Storm Uri resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices in OG&E's service territory. In January 2023, the APSC ordered OG&E to amortize the deferred costs in a regulatory asset balance over 10 years using a weighted average cost of capital as a carrying charge. As approved by the OCC, OG&E deferred the non-fuel incremental operation and maintenance expenses, depreciation, debt cost associated with the capital investment and related ad valorem taxes for the Dry Scrubbers at Sooner Units 1 and 2 as a regulatory asset, and these costs are being recovered over 25 years. Arkansas includes a certain level of pension expense in base rates. When the Pension Plan experiences a settlement, which represents an acceleration of future pension costs, OG&E defers to a regulatory asset the Arkansas jurisdictional portion of each settlement, which historically has been recovered from customers over the average life of the remaining plan participants. A portion of these settlements is being recovered in current rates, and recovery of additional amounts will be requested as additional settlements occur. For additional information related to settlements, see Note 11. Unamortized loss on reacquired debt is comprised of unamortized debt issuance costs related to the early retirement of OG&E's long-term debt. These amounts are recorded in interest expense and are being amortized over the term of the long-term debt which replaced the previous long-term debt. The unamortized loss on reacquired debt is recovered as a part of OG&E's cost of capital. In response to the COVID-19 pandemic, the OCC and APSC issued orders allowing OG&E to defer certain expenses related to its COVID-19 response, such as incremental expenses that were related to the suspension of or delay in disconnection of service and additional expenses associated with ensuring the continuity of electric utility service. As approved by the OCC, OG&E is recovering the Oklahoma jurisdictional portion of these costs over five years. As approved by the OCC, OG&E established a regulatory asset to defer the Oklahoma jurisdictional portion of operation and maintenance costs associated with OG&E's SAP S/4 HANA enterprise resource planning system project. These costs will be included for consideration in a future rate proceeding. OG&E deferred to a regulatory asset the Oklahoma jurisdictional portion of costs, including non-fuel operation and maintenance expenses, depreciation, taxes other than income taxes and a return on capital, for its investment in the Frontier plant. As approved by the OCC, OG&E is recovering these costs over a five year period. Fuel clause under and over recoveries are generated from OG&E's customers when OG&E's cost of fuel either exceeds or is less than the amount billed to its customers, respectively. OG&E's fuel recovery clauses are designed to smooth the impact of fuel price volatility on customers' bills. As a result, OG&E under recovers fuel costs in periods of rising fuel prices above the baseline charge for fuel and over recovers fuel costs when prices decline below the baseline charge for fuel. Provisions in the fuel clauses are intended to allow OG&E to amortize under and over recovery balances. OG&E recovers certain SPP costs related to base plan charges from its customers and refunds certain SPP revenues received to its customers in Oklahoma through the SPP cost tracker and in Arkansas through the transmission cost recovery rider. Income taxes refundable to customers, net, primarily represents the reduction in accumulated deferred income taxes that resulted from the reduction in the federal income tax rate as part of the Tax Cuts and Jobs Act of 2017 as well as other state tax rate changes, partially offset by income taxes recoverable from customers primarily related to the equity component of the allowance for funds used during construction. These net liabilities will be returned to customers in varying amounts over approximately 80 years, and the assets will be amortized over the estimated remaining life of the assets to which they relate, as the temporary differences that generated the income tax benefits turn-around. Accrued removal obligations, net represents asset removal costs previously recovered from ratepayers. 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. Use of Estimates In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes to these assumptions and estimates could have a material effect on the Registrants' financial statements. However, the Registrants believe they have taken reasonable positions where assumptions and estimates are used in order to minimize the negative financial impact to the Registrants that could result if actual results vary from the assumptions and estimates. In management's opinion, the areas where the most significant judgment is exercised include the determination of pension and postretirement plan assumptions, income taxes, contingency reserves, and regulatory assets and liabilities. Cash and Cash Equivalents For purposes of the financial statements, the Registrants consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. These investments are carried at cost, which approximates fair value. 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 balance sheets and is included in Other Operation and Maintenance Expense in the statements of income. The allowance for uncollectible accounts receivable was $ 2.2 million and $ 1.9 million at December 31, 2023 and 2022, respectively. 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. Fuel Inventories Fuel inventories for the generation of electricity consist of coal, natural gas, oil and alternative fuel. OG&E uses the weighted-average cost method of accounting for inventory that is physically added to or withdrawn from storage or stockpiles. OG&E held $ 158.5 million and $ 108.8 million of fuel inventory at December 31, 2023 and 2022 , respectively. Property, Plant and Equipment All property, plant and equipment is recorded at cost. Newly constructed plant is added to plant balances at cost which includes contracted services, direct labor, materials, overhead, transportation costs and the allowance for funds used during construction. Replacements of units of property are capitalized as plant. For assets that belong to a common plant account, the replaced plant is removed from plant balances, and the cost of such property net of any salvage proceeds is charged to Accumulated Depreciation. For assets that do not belong to a common plant account, the replaced plant is removed from plant balances with the related accumulated depreciation, and the remaining balance net of any salvage proceeds is recorded as a loss in the statements of income as Other Expense. Repair and replacement of minor items of property are included in the statements of income as Other Operation and Maintenance Expense. The following tables present OG&E's ownership interest in the jointly-owned McClain Plant and the jointly-owned Redbud Plant, and, as disclosed below, only OG&E's ownership interest is reflected in the property, plant and equipment and accumulated depreciation balances in these tables. The owners of the remaining interests in the McClain Plant and the Redbud Plant are responsible for providing their own financing of capital expenditures. Also, only OG&E's proportionate interests of any direct expenses of the McClain Plant and the Redbud Plant, such as fuel, maintenance expense and other operating expenses, are included in the applicable financial statement captions in the statements of income. December 31, 2023 (In millions) Percentage Ownership Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment McClain Plant (A) 77 % $ 265.4 $ 129.2 $ 136.2 Redbud Plant (A)(B) 51 % $ 548.9 $ 245.5 $ 303.4 (A) Construction work in progress was $ 0.3 million and $ 2.0 million for the McClain and Redbud Plants, respectively. (B) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 83.8 million. December 31, 2022 (In millions) Percentage Ownership Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment McClain Plant (A) 77 % $ 261.9 $ 119.4 $ 142.5 Redbud Plant (A)(B) 51 % $ 542.1 $ 225.2 $ 316.9 (A) Construction work in progress was $ 0.7 million and $ 1.5 million for the McClain and Redbud Plants, respectively. (B) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 78.3 million. The following tables present the Registrants' major classes of property, plant and equipment and related accumulated depreciation. December 31, 2023 (In millions) Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment OG&E: Distribution assets $ 6,290.1 $ 1,564.3 $ 4,725.8 Electric generation assets (A) 5,295.9 2,081.0 3,214.9 Transmission assets (B) 3,306.7 707.6 2,599.1 Intangible plant 568.5 219.8 348.7 Other property and equipment 643.1 236.7 406.4 OG&E property, plant and equipment 16,104.3 4,809.4 11,294.9 Non-OG&E property, plant and equipment 6.1 — 6.1 Total OGE Energy property, plant and equipment $ 16,110.4 $ 4,809.4 $ 11,301.0 (A) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 83.8 million. (B) This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.1 million. December 31, 2022 (In millions) Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment OG&E: Distribution assets $ 5,781.3 $ 1,527.1 $ 4,254.2 Electric generation assets (A) 5,188.1 1,982.7 3,205.4 Transmission assets (B) 3,180.5 667.9 2,512.6 Intangible plant 384.0 193.6 190.4 Other property and equipment 591.3 213.2 378.1 OG&E property, plant and equipment 15,125.2 4,584.5 10,540.7 Non-OG&E property, plant and equipment 6.1 — 6.1 Total OGE Energy property, plant and equipment $ 15,131.3 $ 4,584.5 $ 10,546.8 (A) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 78.3 million. (B) This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.0 million. OG&E's unamortized computer software costs, included in intangible plant above, were $ 203.1 million and $ 143.2 million at December 31, 2023 and 2022 , respectively. OG&E's amortization expense for computer software costs was $ 33.4 million, $ 23.5 million and $ 18.1 million for the years ended December 31, 2023, 2022 and 2021 , respectively. Depreciation and Amortization Depreciation expense was $ 421.6 million, $ 388.5 million and $ 361.5 million for the years ended December 31, 2023, 2022 and 2021 , respectively. The provision for depreciation, which was 2.8 percent, 2.7 percent and 2.6 percent of the average depreciable utility plant for 2023, 2022 and 2021 , respectively, is calculated using the straight-line method over the estimated service life of the associated assets. Depreciation is provided at the unit level for production plant and at the account or sub-account level for all other plant and is based on the average life group method. In 2024, the provision for depreciation is projected to be 2.8 percent of the average depreciable utility plant. Amortization of intangible assets is calculated using the straight-line method. Of the remaining amortizable intangible plant balance at December 31, 2023 , 45.7 percent will be amortized over 6.7 years, 43.7 percent will be amortized over 13.8 years, 10.2 percent will be amortized over 15.0 years, and the remaining 0.4 percent will be amortized over 22.4 years. Amortization of plant acquisition adjustments is provided on a straight-line basis over the estimated remaining service life of the acquired assets. Plant acquisition adjustments include $ 148.3 million for the Redbud Plant, which is being amortized over a 27 year life, and $ 3.3 million for certain transmission substation facilities in OG&E's service territory, which is being amortized over a 37 to 59 - year period. Asset Retirement Obligations OG&E has asset retirement obligations primarily associated with the removal of company-owned wind turbines on leased land, as well as the removal of asbestos from certain power generating stations. OG&E has recorded asset retirement obligations that are being accreted over their respective lives ranging from two to 68 y ears . Asset retirement obligations are included in Other Deferred Credits and Other Liabilities in the Registrants' balance sheets. The following table presents changes to OG&E's asset retirement obligations during the years ended December 31, 2023 and 2022. (In millions) 2023 2022 Balance at January 1 $ 78.3 $ 80.2 Accretion expense 0.7 0.6 Liabilities settled (A) — ( 2.5 ) Revisions in estimated cash flows (B) 2.3 — Balance at December 31 $ 81.3 $ 78.3 (A) Asset retirement obligations were settled for asbestos removal at OG&E's generating facilities. (B) Assumptions changed related to the estimated timing and estimated cost of the removal of asbestos at OG&E's generating facilities. Accruals for environmental costs are recognized when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Costs are charged to expense or deferred as a regulatory asset based on expected recovery from customers in future rates, if they relate to the remediation of conditions caused by past operations or if they are not expected to mitigate or prevent contamination from future operations. Where environmental expenditures relate to facilities currently in use, such as pollution control equipment, the costs may be capitalized and depreciated over the future service periods. Estimated remediation costs are recorded at undiscounted amounts, independent of any insurance or rate recovery, based on prior experience, assessments and current technology. Accrued obligations are regularly adjusted as environmental assessments and estimates are revised and remediation efforts proceed. For sites where OG&E has been designated as one of several potentially responsible parties, the amount accrued represents OG&E's estimated share of the cost. OG&E had $ 27.5 million and $ 24.2 million in accrued environmental liabilities at December 31, 2023 and 2022 , respectively, which are included in OG&E's asset retirement obligation s. Allowance for Funds Used During Construction Allowance for funds used during construction, a non-cash item, is reflected as an increase to Net Other Income and a reduction to Interest Expense in the statements of income and as an increase to Construction Work in Progress in the balance sheets. Allowance for funds used during construction is calculated according to the FERC requirements for the imputed cost of equity and borrowed funds. Allowance for funds used during construction rates, compounded semi-annually, were 7.0 percent, 4.8 percent and 7.4 percent for the years ended December 31, 2023, 2022 and 2021 , respectively. Collection of Sales Tax In the normal course of its operations, OG&E collects sales tax from its customers. OG&E records a current liability for sales taxes when it bills its customers and eliminates this liability when the taxes are remitted to the appropriate governmental authorities. OG&E excludes the sales tax collected from its operating revenues. Revenue Recognition General OG&E recognizes revenue from electric sales when power is delivered to customers. The performance obligation to deliver electricity is generally created and satisfied simultaneously, and the provisions of the regulatory-approved tariff determine the charges OG&E may bill the customer, payment due date and other pertinent rights and obligations of both parties. OG&E measures its customers' metered usage and sends bills to its customers throughout each month. As a result, there is a significant amount of customers' electricity consumption that has not been billed at the end of each month. OG&E accrues an estimate of the revenues for electric sales delivered since the latest billings. Unbilled revenue is presented in Accrued Unbilled Revenues in the balance sheets and in Revenues from Contracts with Customers in the statements of income based on estimates of usage and prices during the period. The estimates that management uses in this calculation could vary from the actual amounts to be paid by customers. Integrated Market and Transmission OG&E currently owns and operates transmission and generation facilities as part of a vertically integrated utility. OG&E is a member of the SPP regional transmission organization and has transferred operational authority, but not ownership, of OG&E's transmission facilities to the SPP. The SPP has implemented FERC-approved regional day-ahead and real-time markets for energy and operating services, as well as associated transmission congestion rights. Collectively, the three markets operate together under the global name, SPP Integrated Marketplace. OG&E represents owned and contracted generation assets and customer load in the SPP Integrated Marketplace for the sole benefit of its customers. OG&E has not participated in the SPP Integrated Marketplace for any speculative trading activities. OG&E records the SPP Integrated Marketplace transactions as sales or purchases per FERC Order 668, which requires that purchases and sales be recorded on a net basis for each settlement period of the SPP Integrated Marketplace. Purchases and sales are based on the fixed transaction price determined by the market at the time of the purchase or sale and the MWh quantity purchased or sold. These results are reported as Revenues from Contracts with Customers or Fuel, Purchased Power and Direct Transmission Expense in the statements of income. OG&E's revenues, expenses, assets and liabilities may be adversely affected by changes in the organization, operating and regulation by the FERC or the SPP. OG&E's transmission revenues are generated by the use of OG&E's transmission network by the SPP, which operates the network, on behalf of other transmission owners. OG&E recognizes revenue on the sale of transmission service to its customers over time as the service is provided in the amount OG&E has a right to invoice. Transmission service to the SPP is billed monthly based on a fixed transaction price determined by OG&E's FERC-approved formula transmission rates along with other SPP-specific charges and the megawatt quantity reserved. Other Revenues Other Revenues in the statements of income is comprised of certain rider revenue that includes alternative revenue measures as defined in ASC 980, "Regulated Operations," which details two types of alternative revenue programs. The first type adjusts billings for the effects of weather abnormalities or broad external factors or to compensate OG&E for demand-side management initiatives (i.e., no-growth plans and similar conservation efforts). The second type provides for additional billings (i.e., incentive awards) for the achievement of certain objectives, such as reducing costs, reaching specified milestones or demonstratively improving customer service. Once the specific events permitting billing of the additional revenues under either program type have been completed, OG&E recognizes the additional revenues if (i) the program is established by an order from OG&E's regulatory commission that allows for automatic adjustment of future rates; (ii) the amount of additional revenues for the period is objectively determinable and is probable of recovery; and (iii) the additional revenues will be collected within 24 months following the end of the annual period in which they are recognized. Fuel Adjustment Clauses The actual cost of fuel used in electric generation and certain purchased power costs are generally recoverable from OG&E's customers through fuel adjustment clauses. The fuel adjustment clauses are subject to periodic review by the OCC and the APSC. Leases The Registrants evaluate all contracts under ASC 842 to determine if the contract is or contains a lease and to determine classification as an operating or finance lease. If a lease is identified, the Registrants recognize a right-of-use asset and a lease liability in their balance sheets. The Registrants recognize and measure a lease liability when they conclude the contract contains an identified asset that the Registrants control through having the right to obtain substantially all of the economic benefits and the right to direct the use of the identified asset. The liability is equal to the present value of lease payments, and the asset is based on the liability, subject to adjustment, such as for initial direct costs. Further, the Registrants utilize an incremental borrowing rate for purposes of measuring lease liabilities, if the discount rate is not implicit in the lease. To calculate the incremental borrowing rate, the Registrants start with a current pricing report for their senior unsecured notes, which indicates rates for periods reflective of the lease term, and adjust for the effects of collateral to arrive at the secured incremental borrowing rate. As permitted by ASC 842, the Registrants made an accounting policy election to not apply the balance sheet recognition requirements to short-term leases and to not separate lease components from non-lease components when recognizing and measuring lease liabilities. For income statement purposes, the Registrants record operating lease expense on a straight-line basis. 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 tax return of OGE Energy. 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 company property have been deferred and will be amortized to income over the life of the related property. The Registrants use the asset and liability method of accounting for income taxes. Under this method, a deferred tax asset or liability is recognized for the estimated future tax effects attributable to temporary differences between the financial statement basis and the tax basis of assets and liabilities as well as tax credit carry forwards and net operating loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period of the change. The Registrants recog nize interest related to unrecognized tax benefits in Interest Expense and recognize penalties in Other Expense in the statements of income. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent the Registrants believe they will not be realized. Accrued Vacation The Registrants accrue vacation pay monthly by establishing a liability for vacation earned. Vacation may be taken as earned and is charged against the liability. At the end of each year, the liability represents the amount of vacation earned but not taken. 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 |
Accounting Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Pronouncement [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 was 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. In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, "Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures." The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Registrants are currently evaluating the impact of adopting this standard on their financial statements. In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures." The amendments in this update require public entities on an annual basis to (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. Further, the amendments require entities to disclose on an annual basis income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The standard is effective January 1, 2025, and early adoption is permitted. The Registrants are currently evaluating the impact of adopting this standard on their financial statements. 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 | 12 Months Ended |
Dec. 31, 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 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." Year Ended December 31, (In millions) 2023 2022 2021 Residential $ 1,008.6 $ 1,272.6 $ 1,309.1 Commercial 674.6 803.3 749.1 Industrial 229.6 317.3 323.1 Oilfield 207.8 304.3 312.8 Public authorities and street light 228.5 291.6 284.4 System sales revenues 2,349.1 2,989.1 2,978.5 Provision for rate refund 2.0 ( 1.2 ) — Integrated market 71.6 163.8 468.9 Transmission 143.0 131.7 140.2 Other 41.6 20.8 1.1 Revenues from contracts with customers $ 2,607.3 $ 3,304.2 $ 3,588.7 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Based on their evaluation of all contracts under ASC 842, as described in Note 1, the Registrants concluded they have operating lease obligations as described below. OG&E Railcar Lease Agreement Effective February 1, 2024, OG&E renewed its February 1, 2019 railcar lease agreement for 770 rotary gondola railcars to transport coal from Wyoming to OG&E's coal-fired generation units. Rental payments are charged to fuel expense and are recoverable through OG&E's fuel adjustment clauses. On February 1, 2029, OG&E has the option to either purchase the railcars at a stipulated fair market value or renew the lease. If OG&E chooses not to purchase the railcars or renew the lease agreement, it would be responsible for the difference between the actual fair value of the railcars and the stipulated fair market value, up to a maximum of $ 3.2 million. OG&E holds an additional railcar lease agreement for 135 rotary gondola railcars to transport coal with a term of October 1, 2022 to December 31, 2025. OG&E Wind Farm Land Lease Agreements OG&E has operating leases related to land for OG&E's Centennial, OU Spirit and Crossroads wind farms with terms of nine to 13 years remaining, depending on the lease . The Centennial lease has rent escalations which increase annually based on the Consumer Price Index. While lease liabilities are not remeasured as a result of changes to the Consumer Price Index, changes to the Consumer Price Index are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The OU Spirit and Crossroads leases each have rent escalations which increase after five and 10 years. Although the leases are cancellable, OG&E is required to make annual lease payments as long as the wind turbines are located on the land. OG&E does not expect to terminate the leases until the wind turbines reach the end of their useful life. Financial Statement Information and Maturity Analysis of Lease Liabilities The following tables present amounts recognized for operating leases in the Registrants' statements of income, statements of cash flows and balance sheets and supplemental information related to those amounts recognized. OGE Energy OG&E Year Ended December 31, Year Ended December 31, (In millions) 2023 2022 2021 2023 2022 2021 Operating lease cost $ 6.4 $ 5.9 $ 6.3 $ 6.4 $ 5.9 $ 5.7 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 5.2 $ 5.3 $ 6.3 $ 5.2 $ 5.3 $ 5.7 Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 1.5 $ — $ — $ 1.5 $ — OGE Energy OG&E (Dollars in millions) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Right-of-use assets at period end (A) $ 25.9 $ 30.2 $ 25.9 $ 30.2 Operating lease liabilities at period end (B) $ 30.5 $ 34.8 $ 30.5 $ 34.8 Operating lease weighted-average remaining lease term (in years) 11.4 11.6 11.4 11.6 Operating lease weighted-average discount rate 4.0 % 4.0 % 4.0 % 4.0 % (A) Included in Property, Plant and Equipment in the Registrants' balance sheets. (B) Included in Other Deferred Credits and Other Liabilities in the Registrants' balance sheets. The following table presents a maturity analysis of the Registrants' operating lease liabilities. Future minimum operating lease payments as of December 31: OGE Energy OG&E (In millions) 2024 $ 3.7 $ 3.7 2025 3.5 3.5 2026 3.0 3.0 2027 3.0 3.0 2028 3.1 3.1 Thereafter 22.6 22.6 Total future minimum lease payments 38.9 38.9 Less: Imputed interest 8.4 8.4 Present value of net minimum lease payments $ 30.5 $ 30.5 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5 . 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). The Registrants had no financial instruments measured at fair value on a recurring basis at December 31, 2023 and 2022. The following table presents the carrying amount and fair value of the Registrants' financial instruments at December 31, 2023 and 2022, as well as the classification level within the fair value hierarchy. 2023 2022 December 31 (In millions) Carrying Fair Carrying 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 $ 4,146.0 $ 3,922.3 $ 3,854.2 $ 3,477.1 Level 2 OG&E Industrial Authority Bonds $ 135.4 $ 135.4 $ 135.4 $ 135.4 Level 2 Tinker Debt $ 9.2 $ 7.1 $ 9.3 $ 7.3 Level 3 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 6 . Stock-Based Compensation In 2022, OGE Energy adopted, and its shareholders approved, the 2022 Stock Incentive Plan. The 2022 Stock Incentive Plan replaced the 2013 Stock Incentive Plan, and no further awards will be granted under the 2013 Stock Incentive Plan. Under the 2022 Stock Incentive Plan, restricted stock, restricted stock units, stock options, stock appreciation rights and performance units may be granted to officers, directors and other key employees of OGE Energy and its subsidiaries, including OG&E. OGE Energy has authorized the issuance of up to 8,417,755 shares under the 2022 Stock Incentive Plan. The following table presents the Registrants' pre-tax compensation expense and related income tax benefit for the years ended December 31, 2023, 2022 and 2021 related to performance units and restricted stock units for the Registrants' employees. OGE Energy OG&E Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Performance units $ 9.3 $ 7.2 $ 7.5 $ 2.2 $ 2.2 $ 1.8 Restricted stock units 3.8 2.5 2.3 0.9 0.7 0.4 Total compensation expense $ 13.1 $ 9.7 $ 9.8 $ 3.1 $ 2.9 $ 2.2 Income tax benefit $ 3.2 $ 2.3 $ 2.5 $ 0.7 $ 0.7 $ 0.6 During the year ended December 31, 2021 , 154,523 shares of treasury stock were used to satisfy payouts of earned performance units and restricted stock unit grants to the Registrants' employees pursuant to OGE Energy's 2013 Stock Incentive Plan. During the year ended December 31, 2022, OGE Energy issued 27,278 shares of new common stock pursuant to OGE Energy's 2013 Stock Incentive Plan and issued an immaterial amount of treasury stock to satisfy payouts of restricted stock unit grants to the Registrants' employees. During the year ended December 31, 2023, OGE Energy issued 82,321 shares of new common stock pursuant to OGE Energy's 2013 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. Performance Units Under the Stock Incentive Plan, OGE Energy has issued performance units which represent the value of one share of OGE Energy's common stock. The performance units provide for accelerated vesting if there is a change in control (as defined in the Stock Incentive Plan). Each performance unit is subject to forfeiture if the recipient terminates employment with OGE Energy or a subsidiary prior to the end of the primarily three-year award cycle for any reason other than death, disability or retirement. In the event of death, disability or retirement, a participant will receive a prorated payment based on such participant's number of full months of service during the award cycle, further adjusted based on the achievement of the performance goals during the award cycle. The Registrants estimate expected forfeitures in accounting for performance unit compensation expense. The performance units granted are contingently awarded and will be payable in shares of OGE Energy's common stock subject to the condition that the number of performance units, if any, earned by the employees upon the expiration of a primarily three-year award cycle (i.e., three-year cliff vesting period) is dependent on OGE Energy's total shareholder return ranking relative to a peer group of companies. These performance units are classified as equity in the balance sheets. If there is no or only a partial payout for the performance units at the end of the award cycle, the unearned performance units are cancelled. Payout requires approval of the Compensation Committee of OGE Energy's Board of Directors. Payouts, if any, are all made in common stock and are considered made when the payout is approved by the Compensation Committee. The fair value of the performance units was estimated on the grant date using a lattice-based valuation model that factors in information, including the expected dividend yield, expected price volatility, risk-free interest rate and the probable outcome of the market condition, over the expected life of the performance units. Compensation expense for the performance units is a fixed amount determined at the grant date fair value and is recognized over the primarily three-year award cycle regardless of whether performance units are awarded at the end of the award cycle. Dividends are accrued on a quarterly basis pending achievement of payout criteria and are included in the fair value calculations. Expected price volatility is based on the historical volatility of OGE Energy's common stock for the past three years and is simulated using the Geometric Brownian Motion process. The risk-free interest rate for the performance unit grants is based on the three-year U.S. Treasury yield curve in effect at the time of the grant. The expected life of the units is based on the non-vested period since inception of the award cycle. There are no post-vesting restrictions related to OGE Energy's performance units. The following table presents the number of performance units granted and the assumptions used to calculate the grant date fair value of the performance units. OGE Energy OG&E 2023 2022 2021 2023 2022 2021 Number of units granted 213,442 216,437 249,909 65,069 60,923 68,720 Fair value of units granted $ 43.74 $ 41.10 $ 38.14 $ 43.74 $ 41.10 $ 38.14 Expected dividend yield 4.2 % 4.8 % 4.7 % 4.2 % 4.8 % 4.7 % Expected price volatility 31.0 % 29.0 % 29.0 % 31.0 % 29.0 % 29.0 % Risk-free interest rate 4.47 % 1.71 % 0.22 % 4.47 % 1.71 % 0.22 % Expected life of units (in years) 2.85 2.85 2.84 2.85 2.85 2.85 Restricted Stock Units Under the Stock Incentive Plan, OGE Energy has issued restricted stock units to certain existing non-officer employees as well as other executives upon hire to attract and retain individuals to be competitive in the marketplace. The restricted stock units vest primarily in a three-year award cycle (i.e., three-year cliff vesting period). Prior to vesting, each restricted stock unit is subject to forfeiture if the recipient ceases to render substantial services to OGE Energy or a subsidiary. These restricted stock units may not be sold, assigned, transferred or pledged and are subject to a risk of forfeiture. The fair value of the restricted stock units was based on the closing market price of OGE Energy's common stock on the grant date. Compensation expense for the restricted stock units is a fixed amount determined at the grant date fair value and is recognized as services are rendered by employees over a primarily three-year vesting period. Also, for those restricted stock units that vest in one-third annual increments over a three-year cycle, OGE Energy treats its restricted stock units as multiple separate awards by recording compensation expense separately for each tranche whereby a substantial portion of the expense is recognized in the earlier years in the requisite service period. Dividends will only be paid on restricted stock unit awards that vest; therefore, only the present value of dividends expected to vest are included in the fair value calculations. The expected life of the restricted stock units is based on the non-vested period since inception of the primarily three-year award cycle. There are no post-vesting restrictions related to OGE Energy's restricted stock units. The following table presents the number of restricted stock units granted and the grant date fair value. OGE Energy OG&E 2023 2022 2021 2023 2022 2021 Restricted stock units granted 114,926 116,539 89,197 35,034 32,804 22,911 Fair value of restricted stock units granted $ 37.52 $ 35.72 $ 31.11 $ 37.52 $ 35.72 $ 30.91 Performance Units and Restricted Stock Units Activity The following tables present a summary of the activity for the Registrants' performance units and restricted stock units for the year ended December 31, 2023. The table designated as "OGE Energy" below includes the OG&E standalone activity, as OGE Energy represents consolidated results. OGE Energy Performance Units Restricted Stock Units (Dollars in millions) Number Aggregate Intrinsic Value Number Aggregate Intrinsic Value Units/shares outstanding at 12/31/22 608,375 189,483 Granted 213,442 (A) 114,926 Converted ( 161,690 ) (B) $ 3.7 N/A Vested N/A ( 76,664 ) $ 2.7 Forfeited ( 8,009 ) ( 4,599 ) Units/shares outstanding at 12/31/23 652,118 $ 28.8 223,146 $ 7.8 Units/shares fully vested at 12/31/23 234,672 (C) $ 12.7 N/A N/A OG&E Performance Units Restricted Stock Units (Dollars in millions) Number Aggregate Intrinsic Value Number Aggregate Intrinsic Value Units/shares outstanding at 12/31/22 170,623 52,759 Granted 65,069 (A) 35,034 Converted ( 44,550 ) (B) $ 1.0 N/A Vested N/A ( 20,265 ) $ 0.7 Forfeited ( 5,889 ) ( 2,725 ) Employee migration ( 1,416 ) (D) ( 559 ) (D) Units/shares outstanding at 12/31/23 183,837 $ 8.0 64,244 $ 2.2 Units/shares fully vested at 12/31/23 63,506 (C) $ 3.4 N/A N/A (A) For performance units, this represents the target number of performance units granted. Actual number of performance units earned, if any, is dependent upon performance and may range from zero percent to 200 percent of the target. (B) These amounts represent performance units that vested at December 31, 2022, which were settled in February 2023. (C) These amounts represent performance units that vested at December 31, 2023. Actual expected amounts to be paid out in 2024 will differ based on the percentage at which the performance metric was met and are dependent upon Compensation Committee approval. (D) Due to certain employees transferring between OG&E and OGE Energy. The following tables present a summary of the activity for the Registrants' non-vested performance units and restricted stock units for the year ended December 31, 2023. The table designated as "OGE Energy" below includes the OG&E standalone activity, as OGE Energy represents consolidated results. OGE Energy Performance Units Restricted Stock Units Number Weighted-Average Number Weighted-Average Units/shares non-vested at 12/31/22 446,685 $ 39.53 189,483 $ 33.75 Granted 213,442 (A) $ 43.74 114,926 $ 37.52 Vested ( 234,672 ) $ 38.14 ( 76,664 ) $ 30.95 Forfeited ( 8,009 ) $ 40.66 ( 4,599 ) $ 34.52 Units/shares non-vested at 12/31/23 417,446 $ 42.44 223,146 $ 36.64 OG&E Performance Units Restricted Stock Units Number Weighted-Average Number Weighted-Average Units/shares non-vested at 12/31/22 126,073 $ 39.53 52,759 $ 33.78 Granted 65,069 (A) $ 43.74 35,034 $ 37.52 Vested ( 63,506 ) $ 38.14 ( 20,265 ) $ 30.91 Forfeited ( 5,889 ) $ 40.92 ( 2,725 ) $ 35.17 Employee migration ( 1,416 ) (B) $ 38.36 ( 559 ) (B) $ 32.25 Units/shares non-vested at 12/31/23 120,331 $ 42.49 64,244 $ 36.68 (A) For performance units, this represents the target number of performance units granted. Actual number of performance units earned, if any, is dependent upon performance and may range from zero percent to 200 percent of the target. (B) Due to certain employees transferring between OG&E and OGE Energy. Fair Value of Vested Performance Units and Restricted Stock Units The following table presents a summary of the Registrants' fair value for vested performance units and restricted stock units. OGE Energy OG&E Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Performance units $ 9.0 $ 6.2 $ 8.1 $ 2.4 $ 1.7 $ 2.3 Restricted stock units $ 2.4 $ 2.1 $ 2.2 $ 0.6 $ 0.5 $ 0.5 Unrecognized Compensation Cost The following table presents a summary of the Registrants' unrecognized compensation cost for non-vested performance units and restricted stock units and the weighted-average periods over which the compensation cost is expected to be recognized. OGE Energy OG&E December 31, 2023 Unrecognized (In millions) Weighted Average (In years) Unrecognized (In millions) Weighted Average (In years) Performance units $ 8.3 1.68 $ 2.4 1.70 Restricted stock units 3.6 1.67 1.1 1.69 Total unrecognized compensation cost $ 11.9 $ 3.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 7 . Income Taxes Income Tax Expense (Benefit) The following table presents the components of income tax expense (benefit). OGE Energy OG&E Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Provision (benefit) for current income taxes: Federal $ 46.1 $ 250.8 $ 16.4 $ 48.9 $ ( 141.2 ) $ ( 9.0 ) State ( 2.2 ) 28.8 1.7 3.7 ( 0.9 ) 9.0 Total provision (benefit) for current income taxes 43.9 279.6 18.1 52.6 ( 142.1 ) — Provision (benefit) for deferred income taxes, net: Federal 18.1 ( 110.8 ) 133.1 18.8 219.9 58.3 State ( 5.8 ) ( 45.2 ) ( 10.0 ) ( 2.6 ) ( 1.4 ) ( 16.5 ) Total provision (benefit) for deferred income taxes, net 12.3 ( 156.0 ) 123.1 16.2 218.5 41.8 Total income tax expense $ 56.2 $ 123.6 $ 141.2 $ 68.8 $ 76.4 $ 41.8 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 2020. 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 company property have been deferred and will be amortized to income over the life of the related property. Oklahoma investment tax credits are also earned on investments in electric generating facilities which further reduce OG&E's effective tax rate. The following table presents a reconciliation of the statutory tax rates to the effective income tax rate. OGE Energy OG&E Year Ended December 31 2023 2022 2021 2023 2022 2021 Statutory federal tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax ( 1.3 ) ( 1.0 ) 0.9 0.3 ( 0.4 ) ( 1.4 ) Stock-based compensation 0.1 — 0.1 — — — Executive compensation limitation 0.2 0.1 0.1 — — — Amortization of net unfunded deferred taxes ( 7.0 ) ( 3.2 ) ( 2.1 ) ( 6.7 ) ( 5.0 ) ( 4.6 ) Federal renewable energy credit (A) — — ( 2.0 ) — — ( 4.4 ) Remeasurement of state deferred taxes due to Energy Transfer merger — — ( 1.1 ) — — — Remeasurement of state deferred tax liabilities — ( 0.6 ) ( 0.6 ) — — — 401(k) dividends ( 0.3 ) ( 0.2 ) ( 0.2 ) — — — Other ( 0.8 ) ( 0.4 ) — ( 0.7 ) ( 0.8 ) ( 0.2 ) Effective income tax rate 11.9 % 15.7 % 16.1 % 13.9 % 14.8 % 10.4 % (A) Represents credits primarily associated with the production from OG&E's wind farms. The deferred tax provisions are recognized as costs in the ratemaking process by the commissions having jurisdiction over the rates charged by OG&E. The following table presents the components of Deferred Income Taxes at December 31, 2023 and 2022. OGE Energy OG&E December 31 (In millions) 2023 2022 2023 2022 Deferred income tax liabilities, net: Accelerated depreciation and other property related differences $ 1,753.8 $ 1,714.5 $ 1,753.8 $ 1,714.5 Regulatory assets 67.6 54.8 67.6 54.7 Pension Plan 21.8 18.0 37.9 35.4 Corporate owned life insurance 2.6 2.4 — — Bond redemption-unamortized costs 1.4 1.6 1.4 1.6 Income taxes recoverable from customers, net ( 202.7 ) ( 216.7 ) ( 202.7 ) ( 216.7 ) State tax credits ( 228.8 ) ( 221.2 ) ( 213.5 ) ( 208.5 ) Regulatory liabilities ( 54.4 ) ( 60.8 ) ( 54.4 ) ( 60.8 ) Asset retirement obligations ( 19.7 ) ( 18.8 ) ( 19.7 ) ( 18.8 ) Postretirement medical and life insurance benefits ( 20.8 ) ( 19.2 ) ( 14.0 ) ( 12.7 ) Accrued liabilities ( 13.2 ) ( 11.2 ) ( 5.5 ) ( 7.3 ) Deferred federal investment tax credits ( 2.7 ) ( 2.9 ) ( 2.7 ) ( 2.9 ) Accrued vacation ( 1.4 ) ( 1.4 ) ( 1.4 ) ( 1.1 ) Uncollectible accounts ( 0.5 ) ( 0.5 ) ( 0.4 ) ( 0.5 ) Other ( 2.2 ) ( 5.1 ) ( 5.6 ) ( 5.8 ) Total deferred income tax liabilities, net $ 1,300.8 $ 1,233.5 $ 1,340.8 $ 1,271.1 As of December 31, 2023 , the Registrants have classified $ 14.7 million of unrecognized tax benefits as a reduction of deferred tax assets recorded. Management is currently unaware of any issues under review that could result in significant additional payments, accruals or other material deviation from this amount. The following table presents a reconciliation of the Registrants' total gross unrecognized tax benefits as of the years ended December 31, 2023, 2022 and 2021. (In millions) 2023 2022 2021 Balance at January 1 $ 20.7 $ 22.4 $ 21.9 Tax positions related to current year: Additions 7.9 — 1.7 Reductions — ( 1.7 ) ( 1.2 ) Balance at December 31 $ 28.6 $ 20.7 $ 22.4 The Registrants recognize tax benefits from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. The tax benefits in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized on settlement. In 2023, the Registrants recorded a $ 7.9 million reserve related to a state tax position taken associated with the sale of Energy Transfer units. Where applicable, the Registrants classify income tax-related interest and penalties as interest expense and other expense, respectively. During the years ended December 31, 2023, 2022 and 2021 , there were no income tax-related interest or penalties recorded with regard to uncertain tax positions. As of December 31, 2023, 2022 and 2021 , there were $ 22.6 million, $ 16.4 million and $ 18.1 million, respectively, of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate. The following table presents a summary of the Registrants' tax credits carried forward as deferred tax assets. Under current law, the Registrants expect future taxable income will be sufficient to utilize all credits before they begin to expire after 2028. OGE Energy OG&E (In millions) Carry Forward Amount Deferred Tax Asset Carry Forward Amount Deferred Tax Asset Earliest Expiration Date State tax credits: Oklahoma investment tax credits $ 259.1 $ 204.7 $ 239.8 $ 189.4 N/A Oklahoma capital investment board credits $ 12.8 $ 12.8 $ 12.8 $ 12.8 N/A Oklahoma zero emission tax credits $ 16.0 $ 11.3 $ 16.0 $ 11.3 2028 N/A - not applicable In connection with its investment in Energy Transfer during 2022, OGE Energy anticipated operating losses in various state jurisdictions. As discussed in Note 1, OGE Energy has fully disposed of its investment in Energy Transfer, and it does not expect future taxable income in these states. Therefore, as of December 31, 2022, OGE Energy recorded a valuation allowance of $ 2.7 million, which eliminated the related deferred tax asset balance. During 2023, OGE Energy received final information which resulted in taxable income instead of operating losses for tax year 2022. The valuation allowance originally recorded in 2022 was eliminated when the final 2022 tax returns were filed in 2023. |
Common Equity
Common Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Equity | 8 . Common Equity OGE Energy 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 in 2023. Under the terms of the Automatic Dividend Reinvestment and Stock Purchase Plan, OGE Energy may, from time to time, issue new shares to satisfy purchases under the plan or have shares purchased on the open market. At December 31, 2023 , there were 4,899,178 shares of unissued common stock reserved for issuance under OGE Energy's Automatic Dividend Reinvestment and Stock Purchase Plan. Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to OGE Energy by the weighted-average number of 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. (In millions except per share data) 2023 2022 2021 Net income $ 416.8 $ 665.7 $ 737.3 Average common shares outstanding: Basic average common shares outstanding 200.3 200.2 200.1 Effect of dilutive securities: Contingently issuable shares (performance and restricted stock units) 0.6 0.6 0.2 Diluted average common shares outstanding 200.9 200.8 200.3 Basic earnings per average common share $ 2.08 $ 3.33 $ 3.68 Diluted earnings per average common share $ 2.07 $ 3.32 $ 3.68 Anti-dilutive shares excluded from earnings per share calculation — — — Dividend Restrictions OGE Energy's Certificate of Incorporation places restrictions on the amount of common stock dividends it can pay when preferred stock is outstanding. Before OGE Energy can pay any dividends on its common stock, the holders of any of its preferred stock that may be outstanding are entitled to receive their dividends at the respective rates as may be provided for the shares of their series. As there is no preferred stock outstanding, that restriction did not place any effective limit on OGE Energy's ability to pay dividends to its shareholders. OGE Energy utilizes dividends from OG&E to pay dividends to its shareholders. Pursuant to the leverage restriction in OGE Energy's revolving credit agreement, OGE Energy must maintain a percentage of debt to total capitalization at a level that does not exceed 70 percent. The payment of cash dividends indirectly results in an increase in the percentage of debt to total capitalization, which results in the restriction of approximately $ 930.9 million of OGE Energy's retained earnings from being paid out in dividends. Accordingly, approximately $ 2.4 billion of OGE Energy's retained earnings as of December 31, 2023 are unrestricted for the payment of dividends. OG&E There were no new shares of OG&E common stock issued in 2023, 2022 or 2021 . Dividend Restrictions Pursuant to the Federal Power Act, OG&E is restricted from paying dividends from its capital accounts. Dividends are paid from retained earnings. Pursuant to the leverage restriction in OG&E's revolving credit agreement, OG&E must maintain a percentage of debt to total capitalization at a level that does not exceed 65 percent. The payment of cash dividends indirectly results in an increase in the percentage of debt to total capitalization, which results in the restriction of approximately $ 733.3 million of OG&E's retained earnings from being paid out in dividends. Accordingly, approximately $ 2.7 billion of OG&E's retained earnings as of December 31, 2023 are unrestricted for the payment of dividends. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
Long-Term Debt | 9 . Long-Term Debt A summary of the Registrants' long-term debt is included in the statements of capitalization. At December 31, 2023, the Registrants were in compliance with all of their debt agreements. Maturities of OGE Energy's consolidated long-term debt during the next five years consist of $ 129.4 million in 2025, $ 181.0 million in 2027 and $ 500.0 million in 2028. Maturities of OG&E's long-term debt during the next five years consist of $ 79.4 million in 2025, $ 181.0 million in 2027 and $ 500.0 million in 2028. All other long-term debt of the Registrants matures after 2028. The Registrants have previously incurred costs related to debt refinancing. Unamortized loss on reacquired debt is classified as a Non-Current Regulatory Asset in the balance sheets. Unamortized debt expense and unamortized premium and discount on long-term debt are classified as Long-Term Debt in the balance sheets and are being amortized over the life of the respective debt. In January 2023, OG&E issued $ 450.0 million of 5.40 percent Senior Notes due January 15, 2033 , and in 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 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. For the year ended December 31, 2023, the interest rate for the $ 50.0 million drawn on the term loan under this credit agreement ranged from 5.375 percent to 6.375 percent. For additional information related to this credit agreement, see Note 10. 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 Registrants repaid each of the $ 500.0 million Senior Notes that matured on May 26, 2023 . 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 % — 4.75 % Garfield Industrial Authority, January 1, 2025 $ 47.0 1.85 % — 4.60 % Muskogee Industrial Authority, January 1, 2025 32.4 1.85 % — 4.75 % 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 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 | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt [Abstract] | |
Short-Term Debt and Credit Facilities | 1 0. 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. The following table presents information regarding the Registrants' revolving credit agreements at December 31, 2023. Entity Aggregate Commitment Amount Outstanding (A) Weighted-Average Interest Rate Expiration (In millions) OGE Energy (B) $ 550.0 $ 499.2 5.78 % (F) December 18, 2028 (G) OGE Energy (C) 50.0 — — (F) May 24, 2025 OG&E (D)(E) 550.0 0.4 1.20 % (F) December 18, 2028 (G) Total $ 1,150.0 $ 499.6 5.77 % (A) Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at December 31, 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. The credit agreement, under certain circumstances, may be increased to a maximum commitment limit of $ 135.0 million and includes a maximum leverage ratio of 0.65 to 1.0. The other covenants under this credit agreement are substantially the same as OGE Energy's existing $ 550.0 million revolving credit agreement. (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 18, 2028 . At December 31, 2023 , there was $ 85.1 million in intercompany borrowings under this agreement. At December 31, 2023 , OG&E had $ 147.7 million in advances from parent. (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 entered into an amendment to their credit facility that gave each of the Registrants the option of extending such commitments for up to two additional one-year periods. On December 18, 2023, the Registrants utilized the first extension option for an additional one-year period extending the term until December 2028. OGE Energy's credit facility has a financial covenant requiring that OGE Energy maintains a maximum debt to capitalization ratio of 70 percent, as defined in such facility. OG&E's credit facility has a financial covenant requiring that OG&E maintains a maximum debt to capitalization ratio of 65 percent, as defined in such facility. The Registrants' facilities each also contain covenants which restrict the respective borrower and certain of its subsidiaries in respect of, among other things, mergers and consolidations, sales of all or substantially all assets, incurrence of liens and transactions with affiliates. The Registrants' facilities are each subject to acceleration upon the occurrence of any default, including, among others, payment defaults on such facilities, breach of representations, warranties and covenants, acceleration of indebtedness (other than intercompany and non-recourse indebtedness) of $ 100.0 million or more in the aggregate, change of control (as defined in each such facility), nonpayment of uninsured judgments in excess of $ 100.0 million and the occurrence of certain Employee Retirement Income Security Act and bankruptcy events, subject where applicable to specified cure 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 beginnin g January 1, 2023 and ending December 31, 2024. |
Retirement Plans and Postretire
Retirement Plans and Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Retirement Plans and Postretirement Benefit Plans | 1 1. Retirement Plans and Postretirement Benefit Plans OGE Energy sponsors defined benefit pension plans, 401(k) savings plans and other postretirement plans covering certain employees of the Registrants. Pension Plan and Restoration of Retirement Income Plan OGE Energy periodically makes contributions to the Pension Plan considering information such as net periodic pension expense and funded status from OGE Energy's actuarial consultants. Such contributions are intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. OGE Energy did not make a contribution to its Pension Plan during 2023 and 2022 but does expect to make a $ 10.0 million contribution to its Pension Plan in 2024. Any additional contribution to the Pension Plan during 2024 would be a discretionary contribution, anticipated to be in the form of cash, and is not required to satisfy the minimum regulatory funding requirement specified by the Employee Retirement Income Security Act of 1974, as amended. OGE Energy could be required to make additional contributions if the value of its pension trust and postretirement benefit plan trust assets are adversely impacted by a major market disruption in the future. 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 2023, 2022 and 2021, the Registrants experienced an increase in both the number of employees electing to retire and the amount of lump sum payments paid to such 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. OGE Energy provides a Restoration of Retirement Income Plan to those participants in OGE Energy's Pension Plan whose benefits are subject to certain limitations of the Code. Participants in the Restoration of Retirement Income Plan receive the same benefits that they would have received under OGE Energy's Pension Plan in the absence of limitations imposed by the federal tax laws. The Restoration of Retirement Income Plan is intended to be an unfunded plan. OG&E's employees participate in OGE Energy's Pension Plan and Restoration of Retirement Income Plan. Obligations and Funded Status The details of the funded status of OGE Energy's Pension Plan, the Restoration of Retirement Income Plan and the postretirement benefit plans and the amounts included in the balance sheets for 2023 and 2022 are included in the following tables. These amounts have been recorded in Accrued Benefit Obligations with the offset in Accumulated Other Comprehensive Loss (except OG&E's portion, which is recorded as a regulatory asset as discussed in Note 1) in the balance sheets. The amounts in Accumulated Other Comprehensive Loss and those recorded as a regulatory asset represent a net periodic benefit cost to be recognized in the statements of income in future periods. The benefit obligation for OGE Energy's Pension Plan and the Restoration of Retirement Income Plan represents the projected benefit obligation, while the benefit obligation for the postretirement benefit plans represents the accumulated postretirement benefit obligation. The accumulated postretirement benefit obligation for OGE Energy's Pension Plan and Restoration of Retirement Income Plan differs from the projected benefit obligation in that the former includes no assumption about future compensation levels. OGE Energy OG&E Pension Plan Restoration of Retirement Pension Plan Restoration of Retirement December 31 (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Change in benefit obligation Beginning obligations $ 358.5 $ 502.9 $ 5.8 $ 5.9 $ 288.5 $ 363.2 $ 0.5 $ 0.5 Service cost 5.4 7.6 1.0 1.1 4.4 6.2 — — Interest cost 15.9 15.7 0.3 0.2 12.6 12.1 — — Plan settlements ( 62.8 ) ( 95.8 ) ( 1.4 ) ( 1.5 ) ( 57.7 ) ( 38.8 ) ( 0.7 ) — Actuarial losses (gains) 0.8 ( 56.9 ) ( 0.2 ) 0.1 2.7 ( 41.3 ) 0.2 — Benefits paid ( 14.1 ) ( 15.0 ) — — ( 11.9 ) ( 12.9 ) — — Ending obligations $ 303.7 $ 358.5 $ 5.5 $ 5.8 $ 238.6 $ 288.5 $ — $ 0.5 Change in plans' assets Beginning fair value $ 293.0 $ 486.0 $ — $ — $ 238.9 $ 353.0 $ — $ — Actual return on plans' assets 27.6 ( 82.2 ) — — 22.1 ( 62.4 ) — — Employer contributions — — 1.4 0.2 — — 0.7 — Plan settlements ( 62.8 ) ( 95.8 ) ( 1.4 ) ( 0.2 ) ( 57.7 ) ( 38.8 ) ( 0.7 ) — Benefits paid ( 14.1 ) ( 15.0 ) — — ( 11.9 ) ( 12.9 ) — — Ending fair value $ 243.7 $ 293.0 $ — $ — $ 191.4 $ 238.9 $ — $ — Funded status at end of year $ ( 60.0 ) $ ( 65.5 ) $ ( 5.5 ) $ ( 5.8 ) $ ( 47.2 ) $ ( 49.6 ) $ — $ ( 0.5 ) Accumulated postretirement benefit obligation $ 289.5 $ 342.7 $ 4.9 $ 4.8 $ 226.5 $ 275.2 $ — $ 0.4 For the year ended December 31, 2023, actuarial losses were primarily due to more lump sum payouts than expected, partially offset by demographic experience. For the year ended December 31, 2022, Pension Plan actuarial gains were primarily due to significantly higher discount rates, partially offset by demographic experience and a larger than expected amount of early 2023 lump sum payouts. OGE Energy OG&E Postretirement Benefit Plans Postretirement Benefit Plans December 31 (In millions) 2023 2022 2023 2022 Change in benefit obligation Beginning obligations $ 101.9 $ 137.3 $ 76.4 $ 102.4 Service cost 0.1 0.2 0.1 0.1 Interest cost 5.2 3.5 3.9 2.7 Participants' contributions 3.4 3.5 2.4 2.4 Actuarial losses (gains) 4.9 ( 29.1 ) 4.0 ( 21.0 ) Benefits paid ( 12.2 ) ( 13.5 ) ( 9.5 ) ( 10.2 ) Ending obligations $ 103.3 $ 101.9 $ 77.3 $ 76.4 Change in plans' assets Beginning fair value $ 32.8 $ 44.3 $ 29.8 $ 39.9 Actual return on plans' assets 1.9 ( 8.2 ) 1.7 ( 7.4 ) Employer contributions 6.8 6.7 5.2 5.1 Participants' contributions 3.4 3.5 2.4 2.4 Benefits paid ( 12.2 ) ( 13.5 ) ( 9.5 ) ( 10.2 ) Ending fair value $ 32.7 $ 32.8 $ 29.6 $ 29.8 Funded status at end of year $ ( 70.6 ) $ ( 69.1 ) $ ( 47.7 ) $ ( 46.6 ) 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 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. OGE Energy Pension Plan Restoration of Retirement Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Service cost $ 5.4 $ 7.6 $ 11.2 $ 1.0 $ 1.1 $ 0.8 I nter e st cost 15.9 15.7 13.3 0.3 0.2 0.1 Expected return on plan assets ( 16.2 ) ( 25.4 ) ( 34.1 ) — — — Amortizatio n of net loss 8.0 8.9 9.4 — 0.2 0.2 Amortization of unrecognized prior service cost (A) — — — 0.3 0.2 0.1 Settlement cost 21.8 30.6 41.3 0.5 0.3 2.1 Total net periodic benefit cost 34.9 37.4 41.1 2.1 2.0 3.3 Less: Amount paid by unconsolidated affiliates — — ( 0.2 ) — — 0.1 Net periodic benefit cost $ 34.9 $ 37.4 $ 41.3 $ 2.1 $ 2.0 $ 3.2 (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. OG&E Pension Plan Restoration of Retirement Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Service cost $ 4.4 $ 6.2 $ 7.7 $ — $ — $ — Inte r est cost 12.6 12.1 9.7 — — — Expected return on plan assets ( 12.9 ) ( 19.6 ) ( 24.7 ) — — — Amortization of net loss 6.9 7.4 7.0 — — 0.1 Settlement cost 20.4 12.9 33.1 0.4 — 1.6 Total net periodic benefit cost 31.4 19.0 32.8 0.4 — 1.7 Plus: Amount allocated from OGE Energy 3.0 5.2 6.5 1.7 1.5 1.5 Net periodic benefit cost $ 34.4 $ 24.2 $ 39.3 $ 2.1 $ 1.5 $ 3.2 In addition to the net periodic benefit cost amounts recognized, as presented in the table above, for the Pension and Restoration of Retirement Income Plans in 2023, 2022 and 2021, the Registrants recognized the following: Year Ended December 31 (In millions) 2023 2022 2021 Change in pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 33.3 $ 15.2 $ 23.0 Deferral of pension expense related to pension settlement charges included in the above line item: Oklahoma jurisdiction (A) $ 20.1 $ 15.4 $ 37.9 Arkansas jurisdiction (A) $ 1.9 $ 1.4 $ 3.5 (A) Included in the pension regulatory asset in each jurisdiction, as indicated in the regulatory assets and liabilities table in Note 1. OGE Energy OG&E Postretirement Benefit Plans Postretirement Benefit Plans Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Service cost $ 0.1 $ 0.2 $ 0.2 $ 0.1 $ 0.1 $ 0.1 Interest cost 5.2 3.5 3.4 3.9 2.7 2.6 Expected return on plan assets ( 1.7 ) ( 1.8 ) ( 1.8 ) ( 1.6 ) ( 1.6 ) ( 1.7 ) Amortization of net loss ( 0.2 ) 1.5 2.8 — 1.5 2.7 Amortization of unrecognized prior service cost (A) — ( 3.8 ) ( 6.9 ) — ( 3.6 ) ( 5.0 ) Total net periodic benefit cost (income) 3.4 ( 0.4 ) ( 2.3 ) 2.4 ( 0.9 ) ( 1.3 ) Less: Amount paid by unconsolidated affiliates (B) — — ( 0.5 ) Plus: Amount allocated from OGE Energy (B) 0.5 — ( 0.5 ) Net periodic benefit cost (income) $ 3.4 $ ( 0.4 ) $ ( 1.8 ) $ 2.9 $ ( 0.9 ) $ ( 1.8 ) (A) Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. (B) "Amount paid by unconsolidated affiliates" is only applicable to OGE Energy. "Amount allocated from OGE Energy" is only applicable to OG&E. In addition to the net periodic benefit cost or income amounts recognized, as presented in the table above, for the postretirement benefit plans in 2023, 2022 and 2021, the Registrants recognized the following: Year Ended December 31 (In millions) 2023 2022 2021 Change in postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 4.4 $ 0.6 $ ( 0.4 ) (A) Included in the pension regulatory asset, as indicated 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 in 2023, 2022 and 2021. OGE Energy OG&E (In millions) 2023 2022 2021 2023 2022 2021 Capitalized portion of net periodic pension benefit cost $ 2.2 $ 3.0 $ 3.4 $ 1.9 $ 2.5 $ 2.9 Capitalized portion of net periodic postretirement benefit cost $ 0.1 $ 0.2 $ 0.2 $ 0.1 $ 0.1 $ 0.1 Rate Assumptions Pension Plan and Postretirement Year Ended December 31 2023 2022 2021 2023 2022 2021 Assumptions to determine benefit obligations: Discount rate 5.40 % 5.45 % 2.75 % 5.35 % 5.40 % 2.80 % Rate of compensation increase 4.20 % 4.20 % 4.20 % N/A N/A N/A Interest crediting rate 3.50 % 3.50 % 3.50 % N/A N/A N/A Assumptions to determine net periodic benefit cost: Discount rate 5.45 % 4.01 % 2.63 % 5.40 % 2.80 % 2.45 % Expected return on plan assets 7.00 % 7.00 % 7.00 % 4.00 % 4.00 % 4.00 % Rate of compensation increase 4.20 % 4.20 % 4.20 % N/A N/A N/A Interest crediting rate 3.50 % 3.50 % 3.50 % N/A N/A N/A N/A - not applicable The discount rate used to compute the present value of plan liabilities is based generally on rates of high-grade corporate bonds with maturities similar to the average period over which benefits will be paid. The discount rate used to determine net benefit cost for the current year is the same discount rate used to determine the benefit obligation as of the previous year's balance sheet date, unless a plan settlement occurs during the current year that requires an updated discount rate for net periodic cost measurement. For 2023 and 2022, the Pension Plan discount rates used to determine net periodic benefit cost are disclosed on a weighted-average basis. The overall expected rate of return on plan assets assumption is used in determining net periodic benefit cost. The rate of return on plan assets assumption is the average long-term rate of earnings expected on the funds currently invested and to be invested for the purpose of providing benefits specified by the Pension Plan or postretirement benefit plans. This assumption is reexamined at least annually and updated as necessary. The rate of return on plan assets assumption reflects a combination of historical return analysis, forward-looking return expectations and the plans' current and expected asset allocation. The assumed health care cost trend rates have a significant effect on the amounts reported for postretirement medical benefit plans. Future health care cost trend rates are assumed to be 6.75 percent in 2024 with the rates trending downward to 4.50 percent by 2033. Pension Plan Pension Plan Investments, Policies and Strategies The Pension Plan assets are held in a trust which follows an investment policy and strategy designed to reduce the funded status volatility of the Plan by utilizing liability driven investing. The purpose of liability-driven investing is to structure the asset portfolio to more closely resemble the pension liability and thereby more effectively hedge against changes in the liability. The investment policy follows a glide path approach that shifts a higher portfolio weighting to fixed income as the Plan's funded status increases. The following table presents the targeted fixed income and equity allocations at different funded status levels. Projected Benefit Obligation Funded Status Thresholds <90% 95% 100% 105% 110% 115% 120% Fixed income 50 % 58 % 65 % 73 % 80 % 85 % 90 % Equity 50 % 42 % 35 % 27 % 20 % 15 % 10 % Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % Within the portfolio's overall allocation to equities, the funds are allocated according to the guidelines in the following table. Asset Class Target Allocation Minimum Maximum Domestic Large Cap Equity 40 % 35 % 60 % Domestic Mid-Cap Equity 15 % 5 % 25 % Domestic Small-Cap Equity 25 % 5 % 30 % International Equity 20 % 10 % 30 % OGE Energy has retained an investment consultant responsible for the general investment oversight, analysis, monitoring investment guideline compliance and providing quarterly reports to certain of the Registrants' members and OGE Energy's Investment Committee. The various investment managers used by the trust operate within the general operating objectives as established in the investment policy and within the specific guidelines established for each investment manager's respective portfolio. The portfolio is rebalanced at least on an annual basis to bring the asset allocations of various managers in line with the target asset allocation listed above. More frequent rebalancing may occur if there are dramatic price movements in the financial markets which may cause the trust's exposure to any asset class to exceed or fall below the established allowable guidelines. To evaluate the progress of the portfolio, investment performance is reviewed quarterly. It is, however, expected that performance goals will be met over a full market cycle, normally defined as a three- to five-year period. Analysis of performance is within the context of the prevailing investment environment and the advisors' investment style. The goal of the trust is to provide a rate of return consistently from three percent to five percent over the rate of inflation (as measured by the national Consumer Price Index) on a fee adjusted basis over a typical market cycle of no less than three years and no more than five years. Each investment manager is expected to outperform its respective benchmark. The following table presents a list of each asset class utilized with appropriate comparative benchmark(s) each manager is evaluated against and the focus of the asset class. Asset Class Comparative Benchmark(s) Focus of Asset Class Active Duration Fixed Income (A)(B) Bloomberg Barclays Aggregate - Maximize risk-adjusted performance while providing long bond exposure managed according to the manager's forecast on interest rates. Long Duration Fixed Income (A)(B) Duration blended Barclays Long Government/Credit & Barclays Universal - Maximize risk-adjusted performance. Equity Index (B)(C) Standard & Poor's 500 Index - Focus on replicating the performance of the S&P 500 Index. Mid-Cap Equity (B)(C) Russell Midcap Index - Focus on undervalued stocks expected to earn average return and pay out higher than average dividends. International Equity (D) Morgan Stanley Capital International ACWI ex-U.S. - Invest in non-dollar denominated equity securities. (A) Investment grades are by Moody's Investors Service, S&P Global Ratings or Fitch Ratings. (B) The purchase of any of OGE Energy's equity, debt or other securities is prohibited. (C) No more than five percent can be invested in any one stock at the time of purchase and no more than 10 percent after accounting for price appreciation. Options or financial futures may not be purchased unless prior approval from OGE Energy's Investment Committee is received. The purchase of securities on margin, securities lending, private placement purchases and venture capital purchases are prohibited. The aggregate positions in any company may not exceed one percent of the fair market value of its outstanding stock. (D) The manager of this asset class is required to operate under certain restrictions including regional constraints, diversification requirements and percentage of U.S. securities. All securities are freely traded on a recognized stock exchange, and there are no over-the-counter derivatives. The following investment categories are excluded: options (other than traded currency options), commodities, futures (other than currency futures or currency hedging), short sales/margin purchases, private placements, unlisted securities and real estate (but not real estate shares). Pension Plan Investments The following tables present the Pension Plan's investments that are measured at fair value on a recurring basis at December 31, 2023 and 2022 . There were no Level 3 investments held by the Pension Plan at December 31, 2023 and 2022. (In millions) December 31, 2023 Level 1 Level 2 Net Asset Value (A) Common stocks $ 56.9 $ 56.9 $ — $ — U.S. Treasury notes and bonds (B) 42.4 42.4 — — Mortgage- and asset-backed securities 22.0 — 22.0 — Corporate fixed income and other securities 54.6 — 54.6 — Commingled fund (C) 13.8 — — 13.8 Foreign government bonds 0.2 — 0.2 — U.S. municipal bonds 0.3 — 0.3 — Money market fund 1.3 — — 1.3 Mutual funds 55.3 55.3 — — Preferred stocks 1.0 1.0 — — U.S. Treasury futures: Cash collateral 0.3 0.3 — — Forward contracts: Receivable (foreign currency) 0.1 — 0.1 — Total Pension Plan investments 248.2 $ 155.9 $ 77.2 $ 15.1 Interest and dividends receivable 1.4 Receivable from broker for securities sold 8.3 Payable to broker for securities purchased ( 14.2 ) Total OGE Energy Pension Plan assets $ 243.7 Pension Plan investments attributable to affiliates ( 52.3 ) Total OG&E Pension Plan assets $ 191.4 (In millions) December 31, 2022 Level 1 Level 2 Net Asset Value (A) Common stocks $ 71.9 $ 71.9 $ — $ — U.S. Treasury notes and bonds (B) 44.6 44.6 — — Mortgage- and asset-backed securities 26.2 — 26.2 — Corporate fixed income and other securities 65.5 — 65.5 — Commingled fund (C) 18.2 — — 18.2 Foreign government bonds 0.5 — 0.5 — U.S. municipal bonds 0.9 — 0.9 — Money market fund 5.9 — — 5.9 Mutual fund 60.4 60.4 — — Preferred stocks 1.5 1.5 — — U.S. Treasury futures: Cash collateral 0.3 0.3 — — Forward contracts: Receivable (foreign currency) 0.1 — 0.1 — Total Pension Plan investments 296.0 $ 178.7 $ 93.2 $ 24.1 Interest and dividends receivable 1.6 Receivable from broker for securities sold 20.6 Payable to broker for securities purchased ( 25.2 ) Total OGE Energy Pension Plan assets $ 293.0 Pension Plan investments attributable to affiliates ( 54.1 ) Total OG&E Pension Plan assets $ 238.9 (A) GAAP allows the measurement of certain investments that do not have a readily determinable fair value at the net asset value. These investments do not consider the observability of inputs; therefore, they are not included within the fair value hierarchy. (B) This category represents U.S. Treasury notes and bonds with a Moody's Investors Service rating of Aaa and Government Agency Bonds with a Moody's Investors Service rating of A1 or higher. (C) This category represents units of participation in a commingled fund that primarily invested in stocks of international companies and emerging markets. As defined in the fair value hierarchy, Level 1 inputs are quoted prices in active markets for identical unrestricted assets or liabilities that are accessible by the Pension Plan 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 Plan's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Expected Benefit Payments The following table presents the benefit payments the Registrants expect to pay related to the Pension Plan and Restoration of Retirement Income Plan. These expected benefits are based on the same assumptions used to measure OGE Energy's benefit obligation at the end of the year and include benefits attributable to estimated future employee service. (In millions) OGE Energy OG&E 2024 $ 44.4 $ 35.4 2025 $ 28.1 $ 22.2 2026 $ 27.9 $ 22.4 2027 $ 34.2 $ 21.1 2028 $ 28.0 $ 21.0 2029-2033 $ 122.7 $ 96.3 Postretirement Benefit Plans In addition to providing pension benefits, OGE Energy provides certain medical and life insurance benefits for eligible retired members. Regular, full-time, active employees hired prior to February 1, 2000 whose age and years of credited service total or exceed 80 or have attained at least age 55 with 10 or more years of service at the time of retirement are entitled to postretirement medical benefits, while employees hired on or after February 1, 2000 are not entitled to postretirement medical benefits. Eligible retirees must contribute such amount as OGE Energy specifies from time to time toward the cost of coverage for postretirement benefits. The benefits are subject to deductibles, co-payment provisions and other limitations. OG&E charges postretirement benefit costs to expense and includes an annual amount as a component of the cost-of-service in future ratemaking proceedings. OGE Energy's contribution to the medical costs for pre-65 aged eligible retirees are fixed at the 2011 level, and OGE Energy covers future annual medical inflationary cost increases up to five percent. Increases in excess of five percent annually are covered by the pre-65 aged retiree in the form of premium increases. OGE Energy provides Medicare-eligible retirees and their Medicare-eligible spouses an annual fixed contribution to an OGE Energy-sponsored health reimbursement arrangement. Medicare-eligible retirees are able to purchase individual insurance policies supplemental to Medicare through a third-party administrator and use their health reimbursement arrangement funds for reimbursement of medical premiums and other eligible medical expenses. Postretirement Plans Investments The following tables present the postretirement benefit plans' investments that are measured at fair value on a recurring basis at December 31, 2023 and 2022 . There were no Level 2 investments held by the postretirement benefit plans at December 31, 2023 and 2022. (In millions) December 31, 2023 Level 1 Level 3 Group retiree medical insurance contract $ 16.8 $ — $ 16.8 Mutual funds 15.9 15.9 — Total OGE Energy plan investments $ 32.7 $ 15.9 $ 16.8 Plan investments attributable to affiliates ( 3.1 ) Total OG&E plan investments $ 29.6 (In millions) December 31, 2022 Level 1 Level 3 Group retiree medical insurance contract $ 21.6 $ — $ 21.6 Mutual funds 11.2 11.2 — Total OGE Energy plan investments $ 32.8 $ 11.2 $ 21.6 Plan investments attributable to affiliates ( 3.0 ) Total OG&E plan investments $ 29.8 The group retiree medical insurance contract invests in a pool of common stocks, bonds and money market accounts, of which a significant portion is comprised of mortgage-backed securities. The unobservable input included in the valuation of the contract includes the approach for determining the allocation of the postretirement benefit plans' pro-rata share of the total assets in the contract. The following table presents a reconciliation of the postretirement benefit plans' investments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Year Ended December 31 (In millions) 2023 Group retiree medical insurance contract: Beginning balance $ 21.6 Claims paid ( 4.5 ) Realized losses ( 0.9 ) Investment fees ( 0.1 ) Interest income 0.7 Ending balance $ 16.8 Medicare Prescription Drug, Improvement and Modernization Act of 2003 The Medicare Prescription Drug, Improvement and Modernization Act of 2003 expanded coverage for prescription drugs. The following table presents the gross benefit payments the Registrants expect to pay related to the postretirement benefit plans, including prescription drug benefits. (In millions) OGE Energy OG&E 2024 $ 13.9 $ 10.5 2025 $ 11.5 $ 8.6 2026 $ 10.9 $ 8.0 2027 $ 9.9 $ 7.4 2028 $ 9.0 $ 6.8 2029-2033 $ 36.9 $ 27.8 Post-Employment Benefit Plan Disabled employees receiving benefits from OGE Energy's Group Long-Term Disability Plan are entitled to continue participating in OGE Energy's Medical Plan along with their dependents. The post-employment benefit obligation represents the actuarial present value of estimated future medical benefits that are attributed to employee service rendered prior to the date as of which such information is presented. The obligation also includes future medical benefits expected to be paid to current employees participating in the Group Long-Term Disability Plan and their dependents, as defined in OGE Energy's Medical Plan. The post-employment benefit obligation is determined by an actuary on a basis similar to the accumulated postretirement benefit obligation. The estimated future medical benefits are projected to grow with expected future medical cost trend rates and are discounted for interest at the discount rate and for the probability that the participant will discontinue receiving benefits from OGE Energy's Group Long-Term Disability Plan due to death, recovery from disability or eligibility for retiree medical benefits. OGE Energy's post-employment benefit obligation was $ 1.7 million and $ 1.8 million at December 31, 2023 and 2022 , respectively, of which $ 1.3 million and $ 1.3 million, respectively, was OG&E's portion of the obligation. 401(k) Plan OGE Energy provides a 401(k) Plan, and each regular full-time employee of OGE Energy or a participating affiliate is eligible to participate in the 401(k) Plan immediately upon hire. All other employees of OGE Energy or a participating affiliate are eligible to become participants in the 401(k) Plan after completing one year of service as defined in the 401(k) Plan. Participants may contribute each pay period any whole percentage between two percent and 75 percent of their compensation, as defined in the 401(k) Plan, for that pay period. Participants who have reached age 50 before the close of a year are allowed to make additional contributions referred to as "Catch-Up Contributions," subject to certain limitations of the Code. Participants may designate, at their discretion, all or any portion of their contributions as: (i) a before-tax contribution under Section 401(k) of the Code subject to the limitations thereof, (ii) a contribution made on a non-Roth after-tax basis or (iii) a Roth contribution. The 401(k) Plan also includes an eligible automatic contribution arrangement and provides for a qualified default investment alternative consistent with the U.S. Department of Labor regulations. Participants may elect, in accordance with the 401(k) Plan procedures, to have their future salary deferral rate to be automatically increased annually on a date and in an amount as specified by the participant in such election. For employees hired or rehired on or after December 1, 2009, OGE Energy contributes to the 401(k) Plan, on behalf of each participant, 200 percent of the participant's contributions up to five percent of compensation. No OGE Energy contributions are made with respect to a participant's Catch-Up Contributions, rollover contributions or with respect to a participant's contributions based on overtime payments, pay-in-lieu of overtime for exempt personnel, special lump-sum recognition awards and lump-sum merit awards included in compensation for determining the amount of participant contributions. Once made, OGE Energy's contribution may be directed to any available investment option in the 401(k) Plan. OGE Energy match contributions vest over a three-year period. After two years of service, participants become 20 percent vested in their OGE Energy contribution account and become fully vested on completing three years of service. In addition, participants fully vest when they are eligible for normal or early retirement under the Pension Plan requirements, in the event of their termination due to death or permanent disability or upon attainment of age 65 while employed by OGE Energy or its affiliates. OGE Energy contributed $ 19.6 million, $ 17.1 million and $ 15.4 million in 2023, 2022 and 2021 , respectively, to the 401(k) Plan, of which $ 16.0 million, $ 13.9 million and $ 12.0 million, respectively, related to OG&E. Deferred Compensation Plan OGE Energy provides a nonqualified deferred compensation plan which is intended to be an unfunded plan. The plan's primary purpose is to provide a tax-deferred capital accumulation vehicle for a select group of management, highly compensated employees and non-employee members of OGE Energy's Board of Directors and to supplement such employees' 401(k) Plan contributions as well as offering this plan to be competitive in the marketplace. Eligible employees who enroll in the plan have the following deferral options: (i) eligible employees may elect to defer up to a maximum of 70 percent of base salary and 100 percent of annual bonus awards or (ii) eligible employees may elect a deferral percentage of base salary and bonus awards based on the deferral percentage elected for a year under the 401(k) Plan with such deferrals to start when maximum deferrals to the qualified 401(k) Plan have been made because of limitations in that plan. Eligible directors who enroll in the plan may elect to defer up to a maximum of 100 percent of directors' meeting fees and annual retainers. OGE Energy matches employee (but not non-employee director) deferrals to make up for any match lost in the 401(k) Plan because of deferrals to the deferred compensat |
Report of Business Segments
Report of Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Report of Business Segments | 1 2. 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. Prior to the Enable and Energy Transfer merger closing on December 2, 2021, OGE Energy's natural gas midstream operations segment included its equity method investment in Enable. 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 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 years ended December 31, 2023, 2022 and 2021. 2023 Electric Company Other Eliminations Total (In millions) Operating revenues $ 2,674.3 $ — $ — $ 2,674.3 Fuel, purchased power and direct transmission expense 911.7 — — 911.7 Other operation and maintenance 505.0 ( 2.4 ) — 502.6 Depreciation and amortization 506.6 — — 506.6 Taxes other than income 99.4 3.8 — 103.2 Operating income (loss) 651.6 ( 1.4 ) — 650.2 Other income 43.5 8.1 ( 7.4 ) 44.2 Interest expense 199.9 28.9 ( 7.4 ) 221.4 Income tax expense (benefit) 68.8 ( 12.6 ) — 56.2 Net income (loss) $ 426.4 $ ( 9.6 ) $ — $ 416.8 Total assets $ 12,642.6 $ 301.1 $ ( 153.0 ) $ 12,790.7 Capital expenditures $ 1,178.2 $ — $ — $ 1,178.2 2022 Electric Company Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 3,375.7 $ — $ — $ — $ 3,375.7 Fuel, purchased power and direct transmission expense 1,662.4 — — — 1,662.4 Other operation and maintenance 491.9 12.6 ( 3.1 ) — 501.4 Depreciation and amortization 460.9 — — — 460.9 Taxes other than income 98.0 0.1 3.4 — 101.5 Operating income (loss) 662.5 ( 12.7 ) ( 0.3 ) — 649.5 Gain on equity securities — 282.1 — — 282.1 Other income 11.2 10.0 4.9 ( 2.1 ) 24.0 Interest expense 157.8 — 10.6 ( 2.1 ) 166.3 Income tax expense (benefit) 76.4 48.1 ( 0.9 ) — 123.6 Net income (loss) $ 439.5 $ 231.3 $ ( 5.1 ) $ — $ 665.7 Total assets $ 12,410.5 $ 1.2 $ 683.7 $ ( 550.7 ) $ 12,544.7 Capital expenditures $ 1,050.9 $ — $ — $ — $ 1,050.9 2021 Electric Company Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 3,653.7 $ — $ — $ — $ 3,653.7 Fuel, purchased power and direct transmission expense 2,127.6 — — — 2,127.6 Other operation and maintenance 464.7 1.6 ( 3.2 ) — 463.1 Depreciation and amortization 416.0 — — — 416.0 Taxes other than income 99.3 0.2 3.3 — 102.8 Operating income (loss) 546.1 ( 1.8 ) ( 0.1 ) — 544.2 Equity in earnings of unconsolidated affiliates — 169.8 — — 169.8 Gain on Enable/Energy Transfer transaction, net — 344.4 — — 344.4 Other income (expense) 7.7 ( 26.4 ) ( 2.0 ) ( 0.9 ) ( 21.6 ) Interest expense 152.0 — 7.2 ( 0.9 ) 158.3 Income tax expense (benefit) 41.8 101.0 ( 1.6 ) — 141.2 Net income (loss) $ 360.0 $ 385.0 $ ( 7.7 ) $ — $ 737.3 Total assets $ 11,688.0 $ 786.6 $ 350.3 $ ( 218.5 ) $ 12,606.4 Capital expenditures $ 778.5 $ — $ — $ — $ 778.5 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 3. Commitments and Contingencies Purchase Obligations and Commitments The following table presents the Registrants' future purchase obligations and commitments estimated for the next five years. (In millions) 2024 2025 2026 2027 2028 Total Purchase obligations and commitments: Minimum purchase commitments $ 118.4 $ 100.5 $ 69.7 $ 56.9 $ 46.6 $ 392.1 Estimated wind power purchase commitments 56.6 56.9 57.3 57.8 58.4 287.0 Capacity commitments 32.4 33.0 40.2 41.4 — 147.0 Long-term service agreement commitments 14.8 16.6 16.6 9.9 3.0 60.9 Generation capacity construction commitments 126.5 137.8 38.3 — — 302.6 Total purchase obligations and commitments $ 348.7 $ 344.8 $ 222.1 $ 166.0 $ 108.0 $ 1,189.6 OG&E Minimum Purchase Commitments OG&E has coal contracts for purchases through December 31, 2025. OG&E may also purchase coal through spot purchases on an as-needed basis. As a participant in the SPP Integrated Marketplace, OG&E purchases its natural gas supply through short-term agreements. OG&E relies on a combination of natural gas base load agreements and call agreements, whereby OG&E has the right but not the obligation to purchase a defined quantity of natural gas, combined with day and intra-day purchases to meet the demands of the SPP Integrated Marketplace. OG&E has natural gas transportation service contracts with Energy Transfer, ONEOK, Inc. and Southern Star, which grant these companies the responsibility of delivering natural gas to OG&E's generating facilities. The contracts with Energy Transfer end in December 2024 and December 2038; the contracts with ONEOK, Inc. end in December 2024 and August 2037; and the contract with Southern Star ends in December 2024. OG&E Estimated Wind Power Purchase Commitments The following table presents OG&E's wind purchased power contracts. Company Location Original Term of Expiration of MWs CPV Keenan Woodward County, OK 20 years 2030 152.0 Edison Mission Energy Dewey County, OK 20 years 2031 130.0 NextEra Energy Blackwell, OK 20 years 2032 60.0 The following table presents a summary of OG&E's wind power purchases for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31 (In millions) 2023 2022 2021 CPV Keenan $ 23.0 $ 25.8 $ 27.3 Edison Mission Energy 20.5 24.9 21.7 NextEra Energy 5.3 7.3 6.8 Total wind power purchased $ 48.8 $ 58.0 $ 55.8 OG&E Capacity Commitments In 2022, the SPP approved an increase in the planning reserve margin from 12 percent to 15 percent. Due to near-term generation requirements, in 2023, OG&E entered into short-term power purchase agreements to meet the additional capacity needs in each of the years between 2024 and 2027. OG&E Long-Term Service Agreement Commitments OG&E has a long-term parts and service maintenance contract for the upkeep of the McClain Plant. In May 2013, a new contract was signed that is expected to run for the earlier of 128,000 factored-fired hours or 4,800 factored-fired starts. Based on historical usage and current expectations for future usage, this contract is expected to run until 2035. The contract requires payments based on both a fixed and variable cost component, depending on how much the McClain Plant is used. OG&E has a long-term parts and service maintenance contract for the upkeep of the Redbud Plant. In March 2013, the contract was amended to extend the contract coverage for an additional 24,000 factored-fired hours resulting in a maximum of the earlier of 144,000 factored-fired hours or 4,500 factored-fired starts. Based on historical usage and current expectations for future usage, this contract is expected to run until 2032. The contract requires payments based on both a fixed and variable cost component, depending on how much the Redbud Plant is used. OG&E Generation Capacity Construction Commitments OG&E has various generation capacity construction projects, such as plans to install two combustion turbines totaling 448 megawatts at its existing Horseshoe Lake generating facility. The new generating units are expected to be placed into service in late 2026. 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 the Registrants' 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 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, 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 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. Several additional defendants have also been named. 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 | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Rate Matters and Regulation | 1 4. Rate Matters and Regulation Regulation and Rates OG&E's retail electric tariffs are regulated by the OCC in Oklahoma and by the APSC in Arkansas. The issuance of certain securities by OG&E is also regulated by the OCC and the APSC. OG&E's transmission activities, short-term borrowing authorization and accounting practices are subject to the jurisdiction of the FERC. The Secretary of the U.S. Department of Energy has jurisdiction over some of OG&E's facilities and operations. In 2023, 86 percent of OG&E's electric revenue was subject to the jurisdiction of the OCC, eight percent to the APSC and six percent to the FERC. The OCC and the APSC require that, among other things, (i) OGE Energy permits the OCC and the APSC access to the books and records of OGE Energy and its affiliates relating to transactions with OG&E; (ii) OGE Energy employ accounting and other procedures and controls to protect against subsidization of non-utility activities by OG&E's customers; and (iii) OGE Energy refrain from pledging OG&E assets or income for affiliate transactions. In addition, the FERC has access to the books and records of OGE Energy and its affiliates as the FERC deems relevant to costs incurred by OG&E or necessary or appropriate for the protection of utility customers with respect to the FERC jurisdictional rates. 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. Horseshoe Lake Modernization Plan On July 12, 2023, OG&E filed an application at the APSC seeking authorization to commence construction of two 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. The APSC Staff filed direct testimony on September 15, 2023 recommending that the APSC grant OG&E approval to construct the combustion turbines, subject to a prudence review in a future proceeding. On October 16, 2023, the APSC issued an order which states that OG&E has complied with applicable Arkansas law and may commence construction of the Horseshoe Lake generating facility. 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 the OCC approved the Settlement Agreement on April 20, 2023. The Settlement Agreement provides 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 judgment 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. Pursuant to the Settlement Agreement, OG&E submitted new fuel factors to the OCC on October 10, 2023 and met with stakeholders on October 12, 2023. This adjustment was estimated to result in an average monthly residential bill decrease of approximately $ 21 beginning November 1, 2023. Horseshoe Lake Modernization Plan 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 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. On November 21, 2023, the OCC approved a non-unanimous, non-contested Joint Stipulation and Settlement Agreement that was entered into by OG&E and certain intervenors, which allows for recovery of the jurisdictional portion of expenses up to $ 275 million, plus financing costs and property taxes, related to this project through a recovery mechanism when the new generating units are placed into service. In accordance with the settlement agreement, OG&E is required to file a general rate review to include the new generating units in base rates no later than one year after the implementation of the recovery mechanism. SPP Proceedings Planning Reserve Margin 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 was effective for the summer of 2023. OG&E 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 2023 Formula Rate Plan Filing On October 2, 2023, OG&E filed its final evaluation report under its Formula Rate Plan, including a request to increase its Arkansas retail revenues by $ 4.7 million. On December 28, 2023, the APSC Staff filed testimony recommending an annual electric revenue increase of $ 3.5 million. No other party filed testimony responsive to OG&E's proposed rate adjustment. On January 30, 2024, OG&E and the APSC Staff filed an uncontested joint settlement agreement, which included an annual electric revenue increase of $ 3.5 million. The APSC is expected to issue a final order in this matter in March 2024, with new rates to be effective April 1, 2024. Capacity Power Purchase Agreement Cost Recovery On October 4, 2023, OG&E filed an application at the APSC seeking approval of a methodology for recovery of capacity costs associated with short-term power purchase agreements entered into to meet capacity needs in each of the years between 2023 and 2027. On December 29, 2023, the Administrative Law Judge issued an order authorizing OG&E to defer to a regulatory asset its capacity costs associated with short-term power purchase agreements for 2023, along with a carrying charge at the commission-approved customer deposit interest rate. The order requires OG&E and the parties to the case to develop a procedural schedule to address treatment for any expenses beyond the calendar year 2023. 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 December 31, 2023, the Registrants' reserve remains at $ 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. On June 27, 2023, the FERC made final its orders granting in part complaints filed against the SPP by OG&E and three other project sponsors (or groups thereof) on claims arising from the SPP’s failure to implement Attachment Z2 so that project sponsors could be paid as required under the tariff, but awarding no relief. OG&E and the other complainants have appealed to the U.S. Court of Appeals for the Eighth Circuit, where the matter has been briefed and is awaiting the scheduling of oral argument. It will likely be decided by the summer of 2024. 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. 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 filed its minimum filing requirements and supporting testimony on August 29, 2023. The OCC Staff filed testimony on January 19, 2024 recommending that the OCC find OG&E's 2022 fuel costs prudent. 2023 Oklahoma General Rate Review On December 29, 2023, OG&E filed a general rate review in Oklahoma seeking a rate increase of $ 332.5 million and a 10.5 percent return on equity based on a common equity percentage of 53.50 percent. The rate review seeks recovery of $ 1.3 billion of net capital investment since the last general rate review. A hearing on the merits is scheduled for June 17, 2024. SPP Proceedings Resource Capacity 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. On March 2, 2023, the FERC rejected the SPP’s proposed capacity accreditation methodology for wind and solar generators. Following the FERC’s rejection, the SPP began an extensive review of both the methodology proposed for thermal resources which had not yet been submitted to the FERC, and the accreditation methodology for wind and solar generators. These methodologies were reviewed and approved by both the Regional State Committee and the SPP Board of Directors in late October 2023 and will be submitted to the FERC for approval. If approved by the FERC, both methodologies are expected to be effective in 2026 and may contribute to OG&E’s incremental capacity needs. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II - Valuation and Qualifying Accounts Additions Description Balance at Beginning of Period Charged to Costs and Expenses Deductions (A) Balance at End of Period (in millions) Balance at December 31, 2021 Reserve for Uncollectible Accounts $ 2.6 $ 3.2 $ 3.4 $ 2.4 Balance at December 31, 2022 Reserve for Uncollectible Accounts $ 2.4 $ 2.8 $ 3.3 $ 1.9 Balance at December 31, 2023 Reserve for Uncollectible Accounts $ 1.9 $ 5.7 $ 5.4 $ 2.2 (A) Uncollectible accounts receivable written off, net of recoveries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 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 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 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. |
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 electric company, 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. December 31 (In millions) 2023 2022 REGULATORY ASSETS Current: Oklahoma Energy Efficiency Rider under recoveries (A) $ 3.8 $ 7.7 Oklahoma fuel clause under recoveries — 474.3 Arkansas fuel clause under recoveries — 40.6 Other (A) 2.7 4.7 Total current regulatory assets $ 6.5 $ 527.3 Non-current: Oklahoma deferred storm expenses $ 261.1 $ 206.3 Pension tracker 91.9 57.2 Benefit obligations regulatory asset 89.4 119.7 Arkansas Winter Storm Uri costs 71.0 78.2 Sooner Dry Scrubbers 17.2 18.1 Arkansas deferred pension expenses 12.7 12.3 Unamortized loss on reacquired debt 7.2 8.0 COVID-19 impacts 6.8 7.7 Oklahoma SAP S/4 HANA deferred expenses 6.0 0.7 Frontier Plant deferred expenses 3.6 5.2 Other 10.7 10.9 Total non-current regulatory assets $ 577.6 $ 524.3 REGULATORY LIABILITIES Current: Oklahoma fuel clause over recoveries $ 15.6 $ — SPP cost tracker over recovery (B) 10.4 3.0 Arkansas fuel clause over recoveries 4.9 — Other (B) 2.3 2.5 Total current regulatory liabilities $ 33.2 $ 5.5 Non-current: Income taxes refundable to customers, net $ 838.0 $ 894.7 Accrued removal obligations, net 222.0 250.5 Other 1.6 1.9 Total non-current regulatory liabilities $ 1,061.6 $ 1,147.1 (A) Included in Other Current Assets in the balance sheets. (B) Included in Other Current Liabilities in the balance sheets. OG&E recovers program costs related to the Energy Efficiency Program in Oklahoma through the Energy Efficiency Rider, which operates on a three-year program cycle. The current program cycle, which runs through 2024, includes recovery of (i) energy efficiency program costs, (ii) lost revenues associated with certain achieved energy efficiency and demand savings, (iii) performance-based incentives and (iv) costs associated with research and development investments. OG&E includes in expense any Oklahoma storm-related operation and maintenance expenses up to $ 2.7 million annually and defers to a regulatory asset any additional expenses incurred over $ 2.7 million. OG&E typically recovers the amounts deferred each year over a five to ten year period in accordance with historical practice. 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 regulatory asset in the table above and are being recovered over a 15 year period. The benefit obligations regulatory asset is comprised of expenses recorded which are probable of future recovery and that have not yet been recognized as components of net periodic benefit cost, including net loss and prior service cost. These expenses are recorded as a regulatory asset, as OG&E historically has recovered and currently recovers pension and postretirement benefit plan expense in its electric rates. If, in the future, the regulatory bodies indicate a change in policy related to the recovery of pension and postretirement benefit plan expenses, this could cause the benefit obligations regulatory asset balance to be reclassified to accumulated other comprehensive income. The following table presents a summary of the components of the benefit obligations regulatory asset. December 31 (In millions) 2023 2022 Pension Plan and Restoration of Retirement Income Plan: Net loss $ 75.9 $ 110.0 Postretirement Benefit Plans: Net loss 13.5 9.7 Total $ 89.4 $ 119.7 In February 2021, Winter Storm Uri resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices in OG&E's service territory. In January 2023, the APSC ordered OG&E to amortize the deferred costs in a regulatory asset balance over 10 years using a weighted average cost of capital as a carrying charge. As approved by the OCC, OG&E deferred the non-fuel incremental operation and maintenance expenses, depreciation, debt cost associated with the capital investment and related ad valorem taxes for the Dry Scrubbers at Sooner Units 1 and 2 as a regulatory asset, and these costs are being recovered over 25 years. Arkansas includes a certain level of pension expense in base rates. When the Pension Plan experiences a settlement, which represents an acceleration of future pension costs, OG&E defers to a regulatory asset the Arkansas jurisdictional portion of each settlement, which historically has been recovered from customers over the average life of the remaining plan participants. A portion of these settlements is being recovered in current rates, and recovery of additional amounts will be requested as additional settlements occur. For additional information related to settlements, see Note 11. Unamortized loss on reacquired debt is comprised of unamortized debt issuance costs related to the early retirement of OG&E's long-term debt. These amounts are recorded in interest expense and are being amortized over the term of the long-term debt which replaced the previous long-term debt. The unamortized loss on reacquired debt is recovered as a part of OG&E's cost of capital. In response to the COVID-19 pandemic, the OCC and APSC issued orders allowing OG&E to defer certain expenses related to its COVID-19 response, such as incremental expenses that were related to the suspension of or delay in disconnection of service and additional expenses associated with ensuring the continuity of electric utility service. As approved by the OCC, OG&E is recovering the Oklahoma jurisdictional portion of these costs over five years. As approved by the OCC, OG&E established a regulatory asset to defer the Oklahoma jurisdictional portion of operation and maintenance costs associated with OG&E's SAP S/4 HANA enterprise resource planning system project. These costs will be included for consideration in a future rate proceeding. OG&E deferred to a regulatory asset the Oklahoma jurisdictional portion of costs, including non-fuel operation and maintenance expenses, depreciation, taxes other than income taxes and a return on capital, for its investment in the Frontier plant. As approved by the OCC, OG&E is recovering these costs over a five year period. Fuel clause under and over recoveries are generated from OG&E's customers when OG&E's cost of fuel either exceeds or is less than the amount billed to its customers, respectively. OG&E's fuel recovery clauses are designed to smooth the impact of fuel price volatility on customers' bills. As a result, OG&E under recovers fuel costs in periods of rising fuel prices above the baseline charge for fuel and over recovers fuel costs when prices decline below the baseline charge for fuel. Provisions in the fuel clauses are intended to allow OG&E to amortize under and over recovery balances. OG&E recovers certain SPP costs related to base plan charges from its customers and refunds certain SPP revenues received to its customers in Oklahoma through the SPP cost tracker and in Arkansas through the transmission cost recovery rider. Income taxes refundable to customers, net, primarily represents the reduction in accumulated deferred income taxes that resulted from the reduction in the federal income tax rate as part of the Tax Cuts and Jobs Act of 2017 as well as other state tax rate changes, partially offset by income taxes recoverable from customers primarily related to the equity component of the allowance for funds used during construction. These net liabilities will be returned to customers in varying amounts over approximately 80 years, and the assets will be amortized over the estimated remaining life of the assets to which they relate, as the temporary differences that generated the income tax benefits turn-around. Accrued removal obligations, net represents asset removal costs previously recovered from ratepayers. 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. |
Use of Estimates | Use of Estimates In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes to these assumptions and estimates could have a material effect on the Registrants' financial statements. However, the Registrants believe they have taken reasonable positions where assumptions and estimates are used in order to minimize the negative financial impact to the Registrants that could result if actual results vary from the assumptions and estimates. In management's opinion, the areas where the most significant judgment is exercised include the determination of pension and postretirement plan assumptions, income taxes, contingency reserves, and regulatory assets and liabilities. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the financial statements, the Registrants consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. These investments are carried at cost, which approximates fair value. |
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 balance sheets and is included in Other Operation and Maintenance Expense in the statements of income. The allowance for uncollectible accounts receivable was $ 2.2 million and $ 1.9 million at December 31, 2023 and 2022, respectively. 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. |
Fuel Inventories | Fuel Inventories Fuel inventories for the generation of electricity consist of coal, natural gas, oil and alternative fuel. OG&E uses the weighted-average cost method of accounting for inventory that is physically added to or withdrawn from storage or stockpiles. OG&E held $ 158.5 million and $ 108.8 million of fuel inventory at December 31, 2023 and 2022 , respectively. |
Property, Plant and Equipment | Property, Plant and Equipment All property, plant and equipment is recorded at cost. Newly constructed plant is added to plant balances at cost which includes contracted services, direct labor, materials, overhead, transportation costs and the allowance for funds used during construction. Replacements of units of property are capitalized as plant. For assets that belong to a common plant account, the replaced plant is removed from plant balances, and the cost of such property net of any salvage proceeds is charged to Accumulated Depreciation. For assets that do not belong to a common plant account, the replaced plant is removed from plant balances with the related accumulated depreciation, and the remaining balance net of any salvage proceeds is recorded as a loss in the statements of income as Other Expense. Repair and replacement of minor items of property are included in the statements of income as Other Operation and Maintenance Expense. The following tables present OG&E's ownership interest in the jointly-owned McClain Plant and the jointly-owned Redbud Plant, and, as disclosed below, only OG&E's ownership interest is reflected in the property, plant and equipment and accumulated depreciation balances in these tables. The owners of the remaining interests in the McClain Plant and the Redbud Plant are responsible for providing their own financing of capital expenditures. Also, only OG&E's proportionate interests of any direct expenses of the McClain Plant and the Redbud Plant, such as fuel, maintenance expense and other operating expenses, are included in the applicable financial statement captions in the statements of income. December 31, 2023 (In millions) Percentage Ownership Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment McClain Plant (A) 77 % $ 265.4 $ 129.2 $ 136.2 Redbud Plant (A)(B) 51 % $ 548.9 $ 245.5 $ 303.4 (A) Construction work in progress was $ 0.3 million and $ 2.0 million for the McClain and Redbud Plants, respectively. (B) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 83.8 million. December 31, 2022 (In millions) Percentage Ownership Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment McClain Plant (A) 77 % $ 261.9 $ 119.4 $ 142.5 Redbud Plant (A)(B) 51 % $ 542.1 $ 225.2 $ 316.9 (A) Construction work in progress was $ 0.7 million and $ 1.5 million for the McClain and Redbud Plants, respectively. (B) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 78.3 million. The following tables present the Registrants' major classes of property, plant and equipment and related accumulated depreciation. December 31, 2023 (In millions) Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment OG&E: Distribution assets $ 6,290.1 $ 1,564.3 $ 4,725.8 Electric generation assets (A) 5,295.9 2,081.0 3,214.9 Transmission assets (B) 3,306.7 707.6 2,599.1 Intangible plant 568.5 219.8 348.7 Other property and equipment 643.1 236.7 406.4 OG&E property, plant and equipment 16,104.3 4,809.4 11,294.9 Non-OG&E property, plant and equipment 6.1 — 6.1 Total OGE Energy property, plant and equipment $ 16,110.4 $ 4,809.4 $ 11,301.0 (A) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 83.8 million. (B) This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.1 million. December 31, 2022 (In millions) Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment OG&E: Distribution assets $ 5,781.3 $ 1,527.1 $ 4,254.2 Electric generation assets (A) 5,188.1 1,982.7 3,205.4 Transmission assets (B) 3,180.5 667.9 2,512.6 Intangible plant 384.0 193.6 190.4 Other property and equipment 591.3 213.2 378.1 OG&E property, plant and equipment 15,125.2 4,584.5 10,540.7 Non-OG&E property, plant and equipment 6.1 — 6.1 Total OGE Energy property, plant and equipment $ 15,131.3 $ 4,584.5 $ 10,546.8 (A) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 78.3 million. (B) This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.0 million. OG&E's unamortized computer software costs, included in intangible plant above, were $ 203.1 million and $ 143.2 million at December 31, 2023 and 2022 , respectively. OG&E's amortization expense for computer software costs was $ 33.4 million, $ 23.5 million and $ 18.1 million for the years ended December 31, 2023, 2022 and 2021 , respectively. |
Depreciation and Amortization | Depreciation and Amortization Depreciation expense was $ 421.6 million, $ 388.5 million and $ 361.5 million for the years ended December 31, 2023, 2022 and 2021 , respectively. The provision for depreciation, which was 2.8 percent, 2.7 percent and 2.6 percent of the average depreciable utility plant for 2023, 2022 and 2021 , respectively, is calculated using the straight-line method over the estimated service life of the associated assets. Depreciation is provided at the unit level for production plant and at the account or sub-account level for all other plant and is based on the average life group method. In 2024, the provision for depreciation is projected to be 2.8 percent of the average depreciable utility plant. Amortization of intangible assets is calculated using the straight-line method. Of the remaining amortizable intangible plant balance at December 31, 2023 , 45.7 percent will be amortized over 6.7 years, 43.7 percent will be amortized over 13.8 years, 10.2 percent will be amortized over 15.0 years, and the remaining 0.4 percent will be amortized over 22.4 years. Amortization of plant acquisition adjustments is provided on a straight-line basis over the estimated remaining service life of the acquired assets. Plant acquisition adjustments include $ 148.3 million for the Redbud Plant, which is being amortized over a 27 year life, and $ 3.3 million for certain transmission substation facilities in OG&E's service territory, which is being amortized over a 37 to 59 - year period. |
Asset Retirement Obligations | Asset Retirement Obligations OG&E has asset retirement obligations primarily associated with the removal of company-owned wind turbines on leased land, as well as the removal of asbestos from certain power generating stations. OG&E has recorded asset retirement obligations that are being accreted over their respective lives ranging from two to 68 y ears . Asset retirement obligations are included in Other Deferred Credits and Other Liabilities in the Registrants' balance sheets. The following table presents changes to OG&E's asset retirement obligations during the years ended December 31, 2023 and 2022. (In millions) 2023 2022 Balance at January 1 $ 78.3 $ 80.2 Accretion expense 0.7 0.6 Liabilities settled (A) — ( 2.5 ) Revisions in estimated cash flows (B) 2.3 — Balance at December 31 $ 81.3 $ 78.3 (A) Asset retirement obligations were settled for asbestos removal at OG&E's generating facilities. (B) Assumptions changed related to the estimated timing and estimated cost of the removal of asbestos at OG&E's generating facilities. |
Environmental Costs | Accruals for environmental costs are recognized when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Costs are charged to expense or deferred as a regulatory asset based on expected recovery from customers in future rates, if they relate to the remediation of conditions caused by past operations or if they are not expected to mitigate or prevent contamination from future operations. Where environmental expenditures relate to facilities currently in use, such as pollution control equipment, the costs may be capitalized and depreciated over the future service periods. Estimated remediation costs are recorded at undiscounted amounts, independent of any insurance or rate recovery, based on prior experience, assessments and current technology. Accrued obligations are regularly adjusted as environmental assessments and estimates are revised and remediation efforts proceed. For sites where OG&E has been designated as one of several potentially responsible parties, the amount accrued represents OG&E's estimated share of the cost. OG&E had $ 27.5 million and $ 24.2 million in accrued environmental liabilities at December 31, 2023 and 2022 , respectively, which are included in OG&E's asset retirement obligation s. |
Allowance for Funds Used During Construction | Allowance for Funds Used During Construction Allowance for funds used during construction, a non-cash item, is reflected as an increase to Net Other Income and a reduction to Interest Expense in the statements of income and as an increase to Construction Work in Progress in the balance sheets. Allowance for funds used during construction is calculated according to the FERC requirements for the imputed cost of equity and borrowed funds. Allowance for funds used during construction rates, compounded semi-annually, were 7.0 percent, 4.8 percent and 7.4 percent for the years ended December 31, 2023, 2022 and 2021 , respectively. |
Collection of Sales Tax | Collection of Sales Tax In the normal course of its operations, OG&E collects sales tax from its customers. OG&E records a current liability for sales taxes when it bills its customers and eliminates this liability when the taxes are remitted to the appropriate governmental authorities. OG&E excludes the sales tax collected from its operating revenues. |
Revenue Recognition | Revenue Recognition General OG&E recognizes revenue from electric sales when power is delivered to customers. The performance obligation to deliver electricity is generally created and satisfied simultaneously, and the provisions of the regulatory-approved tariff determine the charges OG&E may bill the customer, payment due date and other pertinent rights and obligations of both parties. OG&E measures its customers' metered usage and sends bills to its customers throughout each month. As a result, there is a significant amount of customers' electricity consumption that has not been billed at the end of each month. OG&E accrues an estimate of the revenues for electric sales delivered since the latest billings. Unbilled revenue is presented in Accrued Unbilled Revenues in the balance sheets and in Revenues from Contracts with Customers in the statements of income based on estimates of usage and prices during the period. The estimates that management uses in this calculation could vary from the actual amounts to be paid by customers. Integrated Market and Transmission OG&E currently owns and operates transmission and generation facilities as part of a vertically integrated utility. OG&E is a member of the SPP regional transmission organization and has transferred operational authority, but not ownership, of OG&E's transmission facilities to the SPP. The SPP has implemented FERC-approved regional day-ahead and real-time markets for energy and operating services, as well as associated transmission congestion rights. Collectively, the three markets operate together under the global name, SPP Integrated Marketplace. OG&E represents owned and contracted generation assets and customer load in the SPP Integrated Marketplace for the sole benefit of its customers. OG&E has not participated in the SPP Integrated Marketplace for any speculative trading activities. OG&E records the SPP Integrated Marketplace transactions as sales or purchases per FERC Order 668, which requires that purchases and sales be recorded on a net basis for each settlement period of the SPP Integrated Marketplace. Purchases and sales are based on the fixed transaction price determined by the market at the time of the purchase or sale and the MWh quantity purchased or sold. These results are reported as Revenues from Contracts with Customers or Fuel, Purchased Power and Direct Transmission Expense in the statements of income. OG&E's revenues, expenses, assets and liabilities may be adversely affected by changes in the organization, operating and regulation by the FERC or the SPP. OG&E's transmission revenues are generated by the use of OG&E's transmission network by the SPP, which operates the network, on behalf of other transmission owners. OG&E recognizes revenue on the sale of transmission service to its customers over time as the service is provided in the amount OG&E has a right to invoice. Transmission service to the SPP is billed monthly based on a fixed transaction price determined by OG&E's FERC-approved formula transmission rates along with other SPP-specific charges and the megawatt quantity reserved. Other Revenues Other Revenues in the statements of income is comprised of certain rider revenue that includes alternative revenue measures as defined in ASC 980, "Regulated Operations," which details two types of alternative revenue programs. The first type adjusts billings for the effects of weather abnormalities or broad external factors or to compensate OG&E for demand-side management initiatives (i.e., no-growth plans and similar conservation efforts). The second type provides for additional billings (i.e., incentive awards) for the achievement of certain objectives, such as reducing costs, reaching specified milestones or demonstratively improving customer service. Once the specific events permitting billing of the additional revenues under either program type have been completed, OG&E recognizes the additional revenues if (i) the program is established by an order from OG&E's regulatory commission that allows for automatic adjustment of future rates; (ii) the amount of additional revenues for the period is objectively determinable and is probable of recovery; and (iii) the additional revenues will be collected within 24 months following the end of the annual period in which they are recognized. |
Fuel Adjustment Clauses | Fuel Adjustment Clauses The actual cost of fuel used in electric generation and certain purchased power costs are generally recoverable from OG&E's customers through fuel adjustment clauses. The fuel adjustment clauses are subject to periodic review by the OCC and the APSC. |
Leases | Leases The Registrants evaluate all contracts under ASC 842 to determine if the contract is or contains a lease and to determine classification as an operating or finance lease. If a lease is identified, the Registrants recognize a right-of-use asset and a lease liability in their balance sheets. The Registrants recognize and measure a lease liability when they conclude the contract contains an identified asset that the Registrants control through having the right to obtain substantially all of the economic benefits and the right to direct the use of the identified asset. The liability is equal to the present value of lease payments, and the asset is based on the liability, subject to adjustment, such as for initial direct costs. Further, the Registrants utilize an incremental borrowing rate for purposes of measuring lease liabilities, if the discount rate is not implicit in the lease. To calculate the incremental borrowing rate, the Registrants start with a current pricing report for their senior unsecured notes, which indicates rates for periods reflective of the lease term, and adjust for the effects of collateral to arrive at the secured incremental borrowing rate. As permitted by ASC 842, the Registrants made an accounting policy election to not apply the balance sheet recognition requirements to short-term leases and to not separate lease components from non-lease components when recognizing and measuring lease liabilities. For income statement purposes, the Registrants record operating lease expense on a straight-line basis. |
Income Taxes | 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 tax return of OGE Energy. 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 company property have been deferred and will be amortized to income over the life of the related property. The Registrants use the asset and liability method of accounting for income taxes. Under this method, a deferred tax asset or liability is recognized for the estimated future tax effects attributable to temporary differences between the financial statement basis and the tax basis of assets and liabilities as well as tax credit carry forwards and net operating loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period of the change. The Registrants recog nize interest related to unrecognized tax benefits in Interest Expense and recognize penalties in Other Expense in the statements of income. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent the Registrants believe they will not be realized. |
Accrued Vacation | Accrued Vacation The Registrants accrue vacation pay monthly by establishing a liability for vacation earned. Vacation may be taken as earned and is charged against the liability. At the end of each year, the liability represents the amount of vacation earned but not taken. |
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 $ 148.3 million, $ 135.5 million and $ 139.3 million during the years ended December 31, 2023, 2022 and 2021, respectively. In 2023 and 2021, OG&E declared $ 500.0 million and $ 265.0 million of dividends to OGE Energy, respectively. In 2022, OG&E declared no dividends to OGE Energy. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents changes in the components of accumulated other comprehensive income (loss) attributable to OGE Energy during 2023 and 2022. All amounts below are presented net of tax. Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans (In millions) Net Gain (Loss) Prior Service Cost (Credit) Net Gain (Loss) Prior Service Cost (Credit) Total Balance at December 31, 2021 $ ( 24.9 ) $ ( 1.2 ) $ 1.1 $ 0.2 $ ( 24.8 ) Other comprehensive income (loss) before reclassifications ( 7.6 ) — 5.5 — ( 2.1 ) Amounts reclassified from accumulated other comprehensive income (loss) 1.4 0.2 — ( 0.2 ) 1.4 Settlement cost 13.6 — — — 13.6 Net current period other comprehensive income (loss) 7.4 0.2 5.5 ( 0.2 ) 12.9 Balance at December 31, 2022 ( 17.5 ) ( 1.0 ) 6.6 — ( 11.9 ) Other comprehensive income (loss) before reclassifications 3.3 — ( 0.8 ) — 2.5 Amounts reclassified from accumulated other comprehensive income (loss) 0.9 0.2 ( 0.1 ) — 1.0 Settlement cost 1.2 — — — 1.2 Net current period other comprehensive income (loss) 5.4 0.2 ( 0.9 ) — 4.7 Balance at December 31, 2023 $ ( 12.1 ) $ ( 0.8 ) $ 5.7 $ — $ ( 7.2 ) The following table presents significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items in net income during the years ended December 31, 2023 and 2022. Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in Year Ended December 31, (In millions) 2023 2022 Amortization of Pension Plan and Restoration of Retirement Income Plan items: Actuarial losses $ ( 1.1 ) $ ( 1.6 ) (A) Prior service cost ( 0.3 ) ( 0.3 ) (A) Settlement cost ( 1.6 ) ( 17.9 ) (A) ( 3.0 ) ( 19.8 ) Income Before Taxes ( 0.7 ) ( 4.6 ) Income Tax Expense $ ( 2.3 ) $ ( 15.2 ) Net Income Amortization of postretirement benefit plans items: Prior service credit $ — $ 0.3 (A) Actuarial gains 0.2 — (A) 0.2 0.3 Income Before Taxes 0.1 0.1 Income Tax Expense $ 0.1 $ 0.2 Net Income Total reclassifications for the period, net of tax $ ( 2.2 ) $ ( 15.0 ) Net Income (A) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 11 for additional information). |
Investment in Unconsolidated Affiliates and Related Party Transactions | Investment in Unconsolidated Affiliates and Related Party Transactions (Enable) On December 2, 2021, Energy Transfer completed its acquisition of Enable, and as part of the transaction, Energy Transfer also acquired the general partner interests of Enable from OGE Energy and CenterPoint for cash consideration. OGE Energy accounted for its investment in Enable as an equity method investment until the merger with Energy Transfer closed on December 2, 2021. As a result of the transaction, OGE Energy recorded a pre-tax gain of $ 344.4 million, which contemplates the December 2, 2021 fair value of the Energy Transfer securities, the December 2, 2021 balance of OGE Energy's equity method investment in Enable, the $ 35.0 million cash payment received as part of the transaction ($ 5.0 million from Energy Transfer and $ 30.0 million from CenterPoint), the accumulated other comprehensive loss impact of OGE Energy's share of Enable's interest rate derivative losses and OGE Energy's transaction costs of $ 8.6 million. Further discussion of the transaction can be found in OGE Energy's 2021 Form 10-K . OGE Energy considered distributions received from Enable which did not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and were classified as operating activities in the statements of cash flows. Distributions received from Enable were $ 73.4 million during the year ended December 31, 2021. In this Form 10-K, Enable activity is included for the relevant portion of OGE Energy's 2021 information presented through December 2, 2021. The below information is provided for prior year context. The following table presents a reconciliation of OGE Energy's equity in earnings of unconsolidated affiliates for the period of January 1, 2021 through December 2, 2021. (In millions) Enable net income used to calculate OGE Energy's equity in earnings $ 470.0 OGE Energy's percent ownership at period end 25.5 % OGE Energy's portion of Enable net income $ 119.8 Amortization of basis difference and dilution recognition (A) 50.0 Equity in earnings of unconsolidated affiliates $ 169.8 (A) Includes loss on dilution, net of proportional basis difference recognition. Related Party Transactions - OGE Energy and Enable Prior to December 2, 2021, OGE Energy charged operating costs to Enable based on several factors, and operating costs directly related to Enable were assigned as such. Further, OGE Energy and Enable were parties to several agreements whereby OGE Energy provided specified support services to Enable, such as certain information technology, payroll and benefits administration. Under these agreements, OGE Energy charged operating costs to Enable of $ 0.3 million for the period of January 1, 2021 through December 2, 2021. OGE Energy also provided retirement benefits and retiree health care benefits to employees previously seconded to Enable. OGE Energy billed Enable for reimbursement of $ 12.2 million in 2021 for employment costs under the former seconding agreement. As of a result of the merger between Enable and Energy Transfer, the seconding agreement was terminated, and those employees were no longer employed by OGE Energy. If lump sum payments were made to those employees previously seconded to Enable, OGE Energy would recognize a settlement or curtailment of the pension/retiree health care charges, which would increase expense at OGE Energy by $ 4.1 million. Settlement and curtailment charges associated with the employees previously seconded to Enable are not reimbursable to OGE Energy. Related Party Transactions - OG&E and Enable Enable provided gas transportation services to OG&E pursuant to agreements that granted Enable the responsibility of delivering natural gas to OG&E's generating facilities and performing an imbalance service. Upon the closing of the merger between Enable and Energy Transfer, these contracts were assumed by Energy Transfer. The following table presents summarized related party transactions between OG&E and Enable during the period of January 1, 2021 through December 2, 2021. (In millions) Operating revenues: Electricity to power electric compression assets $ 13.3 Fuel, purchased power and direct transmission expense: Natural gas transportation services $ 32.7 Natural gas sales $ ( 33.5 ) |
Investment in Equity Securities of Energy Transfer | Investment in Equity Securities of Energy Transfer For the period of December 2, 2021 through September 30, 2022, 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." As of the end of September 2022, OGE Energy sold all of its 95.4 million Energy Transfer limited partner units, resulting in pre-tax net proceeds of $ 1,067.2 million. Prior to exiting its Energy Transfer investment, OGE Energy presented the Energy Transfer equity securities at fair value in its balance sheet. OGE Energy presented realized gains and losses of the equity securities, as well as dividend income from the investment, within the Other Income (Expense) section in its 2022 and 2021 statements of income, as appropriate. During the year ended December 31, 2022, OGE Energy recognized a gain of $ 282.1 million related to its investment in Energy Transfer's equity securities. Due to OGE Energy's sale of all Energy Transfer limited partner units, at December 31, 2022, there was no unrecognized gain or loss related to the investment. For the period between December 2, 2021 and December 31, 2021, OGE Energy had an unrealized loss of $ 8.6 million related to its investment in Energy Transfer's equity securities. During the year ended December 31, 2022, OGE Energy received distributions of $ 34.0 million from Energy Transfer, which are presented within Other Income in OGE Energy's 2022 consolidated statements of income. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation. The Registrants changed the classification of removal costs related to long-lived assets in their 2022 and 2021 cash flow statements to conform with current year presentation. The 2022 and 2021 reclassifications of $ 109.3 million and $ 83.4 million, respectively, from Regulatory Liabilities in Net Cash Provided from/Used in Operating Activities to Cost of Removal and Other in Net Cash Used in Investing Activities did not impact previously reported Net Change in Cash and Cash Equivalents. |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Policies) | 12 Months Ended |
Dec. 31, 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) | 12 Months Ended |
Dec. 31, 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. December 31 (In millions) 2023 2022 REGULATORY ASSETS Current: Oklahoma Energy Efficiency Rider under recoveries (A) $ 3.8 $ 7.7 Oklahoma fuel clause under recoveries — 474.3 Arkansas fuel clause under recoveries — 40.6 Other (A) 2.7 4.7 Total current regulatory assets $ 6.5 $ 527.3 Non-current: Oklahoma deferred storm expenses $ 261.1 $ 206.3 Pension tracker 91.9 57.2 Benefit obligations regulatory asset 89.4 119.7 Arkansas Winter Storm Uri costs 71.0 78.2 Sooner Dry Scrubbers 17.2 18.1 Arkansas deferred pension expenses 12.7 12.3 Unamortized loss on reacquired debt 7.2 8.0 COVID-19 impacts 6.8 7.7 Oklahoma SAP S/4 HANA deferred expenses 6.0 0.7 Frontier Plant deferred expenses 3.6 5.2 Other 10.7 10.9 Total non-current regulatory assets $ 577.6 $ 524.3 REGULATORY LIABILITIES Current: Oklahoma fuel clause over recoveries $ 15.6 $ — SPP cost tracker over recovery (B) 10.4 3.0 Arkansas fuel clause over recoveries 4.9 — Other (B) 2.3 2.5 Total current regulatory liabilities $ 33.2 $ 5.5 Non-current: Income taxes refundable to customers, net $ 838.0 $ 894.7 Accrued removal obligations, net 222.0 250.5 Other 1.6 1.9 Total non-current regulatory liabilities $ 1,061.6 $ 1,147.1 (A) Included in Other Current Assets in the balance sheets. Included in Other Current Liabilities in the balance sheets. |
Summary of Components of Benefit Obligation | The following table presents a summary of the components of the benefit obligations regulatory asset. December 31 (In millions) 2023 2022 Pension Plan and Restoration of Retirement Income Plan: Net loss $ 75.9 $ 110.0 Postretirement Benefit Plans: Net loss 13.5 9.7 Total $ 89.4 $ 119.7 |
Schedule of Jointly Owned Utility Plants | The following tables present OG&E's ownership interest in the jointly-owned McClain Plant and the jointly-owned Redbud Plant, and, as disclosed below, only OG&E's ownership interest is reflected in the property, plant and equipment and accumulated depreciation balances in these tables. The owners of the remaining interests in the McClain Plant and the Redbud Plant are responsible for providing their own financing of capital expenditures. Also, only OG&E's proportionate interests of any direct expenses of the McClain Plant and the Redbud Plant, such as fuel, maintenance expense and other operating expenses, are included in the applicable financial statement captions in the statements of income. December 31, 2023 (In millions) Percentage Ownership Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment McClain Plant (A) 77 % $ 265.4 $ 129.2 $ 136.2 Redbud Plant (A)(B) 51 % $ 548.9 $ 245.5 $ 303.4 (A) Construction work in progress was $ 0.3 million and $ 2.0 million for the McClain and Redbud Plants, respectively. (B) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 83.8 million. December 31, 2022 (In millions) Percentage Ownership Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment McClain Plant (A) 77 % $ 261.9 $ 119.4 $ 142.5 Redbud Plant (A)(B) 51 % $ 542.1 $ 225.2 $ 316.9 (A) Construction work in progress was $ 0.7 million and $ 1.5 million for the McClain and Redbud Plants, respectively. (B) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 78.3 million. |
Summary of Property Plant and Equipment | The following tables present the Registrants' major classes of property, plant and equipment and related accumulated depreciation. December 31, 2023 (In millions) Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment OG&E: Distribution assets $ 6,290.1 $ 1,564.3 $ 4,725.8 Electric generation assets (A) 5,295.9 2,081.0 3,214.9 Transmission assets (B) 3,306.7 707.6 2,599.1 Intangible plant 568.5 219.8 348.7 Other property and equipment 643.1 236.7 406.4 OG&E property, plant and equipment 16,104.3 4,809.4 11,294.9 Non-OG&E property, plant and equipment 6.1 — 6.1 Total OGE Energy property, plant and equipment $ 16,110.4 $ 4,809.4 $ 11,301.0 (A) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 83.8 million. (B) This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.1 million. December 31, 2022 (In millions) Total Property, Plant and Equipment Accumulated Depreciation Net Property, Plant and Equipment OG&E: Distribution assets $ 5,781.3 $ 1,527.1 $ 4,254.2 Electric generation assets (A) 5,188.1 1,982.7 3,205.4 Transmission assets (B) 3,180.5 667.9 2,512.6 Intangible plant 384.0 193.6 190.4 Other property and equipment 591.3 213.2 378.1 OG&E property, plant and equipment 15,125.2 4,584.5 10,540.7 Non-OG&E property, plant and equipment 6.1 — 6.1 Total OGE Energy property, plant and equipment $ 15,131.3 $ 4,584.5 $ 10,546.8 (A) This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 78.3 million. (B) This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.0 million. |
Schedule of Change in Asset Retirement Obligation | The following table presents changes to OG&E's asset retirement obligations during the years ended December 31, 2023 and 2022. (In millions) 2023 2022 Balance at January 1 $ 78.3 $ 80.2 Accretion expense 0.7 0.6 Liabilities settled (A) — ( 2.5 ) Revisions in estimated cash flows (B) 2.3 — Balance at December 31 $ 81.3 $ 78.3 (A) Asset retirement obligations were settled for asbestos removal at OG&E's generating facilities. (B) Assumptions changed related to the estimated timing and estimated cost of the removal of asbestos at OG&E's generating facilities. |
Summary of Accumulated Other Comprehensive Income (Loss) (Details) | The following table presents changes in the components of accumulated other comprehensive income (loss) attributable to OGE Energy during 2023 and 2022. All amounts below are presented net of tax. Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans (In millions) Net Gain (Loss) Prior Service Cost (Credit) Net Gain (Loss) Prior Service Cost (Credit) Total Balance at December 31, 2021 $ ( 24.9 ) $ ( 1.2 ) $ 1.1 $ 0.2 $ ( 24.8 ) Other comprehensive income (loss) before reclassifications ( 7.6 ) — 5.5 — ( 2.1 ) Amounts reclassified from accumulated other comprehensive income (loss) 1.4 0.2 — ( 0.2 ) 1.4 Settlement cost 13.6 — — — 13.6 Net current period other comprehensive income (loss) 7.4 0.2 5.5 ( 0.2 ) 12.9 Balance at December 31, 2022 ( 17.5 ) ( 1.0 ) 6.6 — ( 11.9 ) Other comprehensive income (loss) before reclassifications 3.3 — ( 0.8 ) — 2.5 Amounts reclassified from accumulated other comprehensive income (loss) 0.9 0.2 ( 0.1 ) — 1.0 Settlement cost 1.2 — — — 1.2 Net current period other comprehensive income (loss) 5.4 0.2 ( 0.9 ) — 4.7 Balance at December 31, 2023 $ ( 12.1 ) $ ( 0.8 ) $ 5.7 $ — $ ( 7.2 ) |
Reclassified Out of Accumulated Other Comprehensive Income (Loss) | The following table presents significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items in net income during the years ended December 31, 2023 and 2022. Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in Year Ended December 31, (In millions) 2023 2022 Amortization of Pension Plan and Restoration of Retirement Income Plan items: Actuarial losses $ ( 1.1 ) $ ( 1.6 ) (A) Prior service cost ( 0.3 ) ( 0.3 ) (A) Settlement cost ( 1.6 ) ( 17.9 ) (A) ( 3.0 ) ( 19.8 ) Income Before Taxes ( 0.7 ) ( 4.6 ) Income Tax Expense $ ( 2.3 ) $ ( 15.2 ) Net Income Amortization of postretirement benefit plans items: Prior service credit $ — $ 0.3 (A) Actuarial gains 0.2 — (A) 0.2 0.3 Income Before Taxes 0.1 0.1 Income Tax Expense $ 0.1 $ 0.2 Net Income Total reclassifications for the period, net of tax $ ( 2.2 ) $ ( 15.0 ) Net Income (A) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 11 for additional information). |
Reconciliation of Equity in Earnings (Losses) of Unconsolidated Affiliates | The following table presents a reconciliation of OGE Energy's equity in earnings of unconsolidated affiliates for the period of January 1, 2021 through December 2, 2021. (In millions) Enable net income used to calculate OGE Energy's equity in earnings $ 470.0 OGE Energy's percent ownership at period end 25.5 % OGE Energy's portion of Enable net income $ 119.8 Amortization of basis difference and dilution recognition (A) 50.0 Equity in earnings of unconsolidated affiliates $ 169.8 (A) Includes loss on dilution, net of proportional basis difference recognition. |
Schedule of Related Party Transactions | The following table presents summarized related party transactions between OG&E and Enable during the period of January 1, 2021 through December 2, 2021. (In millions) Operating revenues: Electricity to power electric compression assets $ 13.3 Fuel, purchased power and direct transmission expense: Natural gas transportation services $ 32.7 Natural gas sales $ ( 33.5 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 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 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." Year Ended December 31, (In millions) 2023 2022 2021 Residential $ 1,008.6 $ 1,272.6 $ 1,309.1 Commercial 674.6 803.3 749.1 Industrial 229.6 317.3 323.1 Oilfield 207.8 304.3 312.8 Public authorities and street light 228.5 291.6 284.4 System sales revenues 2,349.1 2,989.1 2,978.5 Provision for rate refund 2.0 ( 1.2 ) — Integrated market 71.6 163.8 468.9 Transmission 143.0 131.7 140.2 Other 41.6 20.8 1.1 Revenues from contracts with customers $ 2,607.3 $ 3,304.2 $ 3,588.7 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Financial Statement Information of Lease Liabilities | The following tables present amounts recognized for operating leases in the Registrants' statements of income, statements of cash flows and balance sheets and supplemental information related to those amounts recognized. OGE Energy OG&E Year Ended December 31, Year Ended December 31, (In millions) 2023 2022 2021 2023 2022 2021 Operating lease cost $ 6.4 $ 5.9 $ 6.3 $ 6.4 $ 5.9 $ 5.7 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 5.2 $ 5.3 $ 6.3 $ 5.2 $ 5.3 $ 5.7 Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 1.5 $ — $ — $ 1.5 $ — OGE Energy OG&E (Dollars in millions) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Right-of-use assets at period end (A) $ 25.9 $ 30.2 $ 25.9 $ 30.2 Operating lease liabilities at period end (B) $ 30.5 $ 34.8 $ 30.5 $ 34.8 Operating lease weighted-average remaining lease term (in years) 11.4 11.6 11.4 11.6 Operating lease weighted-average discount rate 4.0 % 4.0 % 4.0 % 4.0 % (A) Included in Property, Plant and Equipment in the Registrants' balance sheets. (B) Included in Other Deferred Credits and Other Liabilities in the Registrants' balance sheets. |
Schedule of Maturity Analysis of Operating Lease Liabilities | The following table presents a maturity analysis of the Registrants' operating lease liabilities. Future minimum operating lease payments as of December 31: OGE Energy OG&E (In millions) 2024 $ 3.7 $ 3.7 2025 3.5 3.5 2026 3.0 3.0 2027 3.0 3.0 2028 3.1 3.1 Thereafter 22.6 22.6 Total future minimum lease payments 38.9 38.9 Less: Imputed interest 8.4 8.4 Present value of net minimum lease payments $ 30.5 $ 30.5 |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Reconciliation of Equity in Earnings (Losses) of Unconsolidated Affiliates | The following table presents a reconciliation of OGE Energy's equity in earnings of unconsolidated affiliates for the period of January 1, 2021 through December 2, 2021. (In millions) Enable net income used to calculate OGE Energy's equity in earnings $ 470.0 OGE Energy's percent ownership at period end 25.5 % OGE Energy's portion of Enable net income $ 119.8 Amortization of basis difference and dilution recognition (A) 50.0 Equity in earnings of unconsolidated affiliates $ 169.8 (A) Includes loss on dilution, net of proportional basis difference recognition. |
Schedule of Related Party Transactions [Table Text Block] | The following table presents summarized related party transactions between OG&E and Enable during the period of January 1, 2021 through December 2, 2021. (In millions) Operating revenues: Electricity to power electric compression assets $ 13.3 Fuel, purchased power and direct transmission expense: Natural gas transportation services $ 32.7 Natural gas sales $ ( 33.5 ) |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The following table presents summarized related party transactions between OG&E and Enable during the period of January 1, 2021 through December 2, 2021. (In millions) Operating revenues: Electricity to power electric compression assets $ 13.3 Fuel, purchased power and direct transmission expense: Natural gas transportation services $ 32.7 Natural gas sales $ ( 33.5 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 2022, as well as the classification level within the fair value hierarchy. 2023 2022 December 31 (In millions) Carrying Fair Carrying 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 $ 4,146.0 $ 3,922.3 $ 3,854.2 $ 3,477.1 Level 2 OG&E Industrial Authority Bonds $ 135.4 $ 135.4 $ 135.4 $ 135.4 Level 2 Tinker Debt $ 9.2 $ 7.1 $ 9.3 $ 7.3 Level 3 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 related to performance units and restricted stock units for the Registrants' employees. OGE Energy OG&E Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Performance units $ 9.3 $ 7.2 $ 7.5 $ 2.2 $ 2.2 $ 1.8 Restricted stock units 3.8 2.5 2.3 0.9 0.7 0.4 Total compensation expense $ 13.1 $ 9.7 $ 9.8 $ 3.1 $ 2.9 $ 2.2 Income tax benefit $ 3.2 $ 2.3 $ 2.5 $ 0.7 $ 0.7 $ 0.6 |
Schedule of Performance Units Granted and Assumptions Used to Calculate Grant Date Fair Value of Performance Units | The following table presents the number of performance units granted and the assumptions used to calculate the grant date fair value of the performance units. OGE Energy OG&E 2023 2022 2021 2023 2022 2021 Number of units granted 213,442 216,437 249,909 65,069 60,923 68,720 Fair value of units granted $ 43.74 $ 41.10 $ 38.14 $ 43.74 $ 41.10 $ 38.14 Expected dividend yield 4.2 % 4.8 % 4.7 % 4.2 % 4.8 % 4.7 % Expected price volatility 31.0 % 29.0 % 29.0 % 31.0 % 29.0 % 29.0 % Risk-free interest rate 4.47 % 1.71 % 0.22 % 4.47 % 1.71 % 0.22 % Expected life of units (in years) 2.85 2.85 2.84 2.85 2.85 2.85 |
Schedule of Restricted Stock Units Granted and Grant Date Fair Value | The following table presents the number of restricted stock units granted and the grant date fair value. OGE Energy OG&E 2023 2022 2021 2023 2022 2021 Restricted stock units granted 114,926 116,539 89,197 35,034 32,804 22,911 Fair value of restricted stock units granted $ 37.52 $ 35.72 $ 31.11 $ 37.52 $ 35.72 $ 30.91 |
Schedule of Activity for Performance Units and Restricted Stock Units | The following tables present a summary of the activity for the Registrants' performance units and restricted stock units for the year ended December 31, 2023. The table designated as "OGE Energy" below includes the OG&E standalone activity, as OGE Energy represents consolidated results. OGE Energy Performance Units Restricted Stock Units (Dollars in millions) Number Aggregate Intrinsic Value Number Aggregate Intrinsic Value Units/shares outstanding at 12/31/22 608,375 189,483 Granted 213,442 (A) 114,926 Converted ( 161,690 ) (B) $ 3.7 N/A Vested N/A ( 76,664 ) $ 2.7 Forfeited ( 8,009 ) ( 4,599 ) Units/shares outstanding at 12/31/23 652,118 $ 28.8 223,146 $ 7.8 Units/shares fully vested at 12/31/23 234,672 (C) $ 12.7 N/A N/A OG&E Performance Units Restricted Stock Units (Dollars in millions) Number Aggregate Intrinsic Value Number Aggregate Intrinsic Value Units/shares outstanding at 12/31/22 170,623 52,759 Granted 65,069 (A) 35,034 Converted ( 44,550 ) (B) $ 1.0 N/A Vested N/A ( 20,265 ) $ 0.7 Forfeited ( 5,889 ) ( 2,725 ) Employee migration ( 1,416 ) (D) ( 559 ) (D) Units/shares outstanding at 12/31/23 183,837 $ 8.0 64,244 $ 2.2 Units/shares fully vested at 12/31/23 63,506 (C) $ 3.4 N/A N/A (A) For performance units, this represents the target number of performance units granted. Actual number of performance units earned, if any, is dependent upon performance and may range from zero percent to 200 percent of the target. (B) These amounts represent performance units that vested at December 31, 2022, which were settled in February 2023. (C) These amounts represent performance units that vested at December 31, 2023. Actual expected amounts to be paid out in 2024 will differ based on the percentage at which the performance metric was met and are dependent upon Compensation Committee approval. (D) Due to certain employees transferring between OG&E and OGE Energy. |
Summary of Activity for Non-vested Performance Units and Restricted Stock Units | The following tables present a summary of the activity for the Registrants' non-vested performance units and restricted stock units for the year ended December 31, 2023. The table designated as "OGE Energy" below includes the OG&E standalone activity, as OGE Energy represents consolidated results. OGE Energy Performance Units Restricted Stock Units Number Weighted-Average Number Weighted-Average Units/shares non-vested at 12/31/22 446,685 $ 39.53 189,483 $ 33.75 Granted 213,442 (A) $ 43.74 114,926 $ 37.52 Vested ( 234,672 ) $ 38.14 ( 76,664 ) $ 30.95 Forfeited ( 8,009 ) $ 40.66 ( 4,599 ) $ 34.52 Units/shares non-vested at 12/31/23 417,446 $ 42.44 223,146 $ 36.64 OG&E Performance Units Restricted Stock Units Number Weighted-Average Number Weighted-Average Units/shares non-vested at 12/31/22 126,073 $ 39.53 52,759 $ 33.78 Granted 65,069 (A) $ 43.74 35,034 $ 37.52 Vested ( 63,506 ) $ 38.14 ( 20,265 ) $ 30.91 Forfeited ( 5,889 ) $ 40.92 ( 2,725 ) $ 35.17 Employee migration ( 1,416 ) (B) $ 38.36 ( 559 ) (B) $ 32.25 Units/shares non-vested at 12/31/23 120,331 $ 42.49 64,244 $ 36.68 (A) For performance units, this represents the target number of performance units granted. Actual number of performance units earned, if any, is dependent upon performance and may range from zero percent to 200 percent of the target. (B) Due to certain employees transferring between OG&E and OGE Energy. |
Summary of Fair Value for Vested Performance Units and Restricted Stock Units | The following table presents a summary of the Registrants' fair value for vested performance units and restricted stock units. OGE Energy OG&E Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Performance units $ 9.0 $ 6.2 $ 8.1 $ 2.4 $ 1.7 $ 2.3 Restricted stock units $ 2.4 $ 2.1 $ 2.2 $ 0.6 $ 0.5 $ 0.5 |
Summary of Unrecognized Compensation Cost and Weighted-average Periods Over which Compensation Cost is Expected to be Recognized | The following table presents a summary of the Registrants' unrecognized compensation cost for non-vested performance units and restricted stock units and the weighted-average periods over which the compensation cost is expected to be recognized. OGE Energy OG&E December 31, 2023 Unrecognized (In millions) Weighted Average (In years) Unrecognized (In millions) Weighted Average (In years) Performance units $ 8.3 1.68 $ 2.4 1.70 Restricted stock units 3.6 1.67 1.1 1.69 Total unrecognized compensation cost $ 11.9 $ 3.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax expense (benefit). OGE Energy OG&E Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Provision (benefit) for current income taxes: Federal $ 46.1 $ 250.8 $ 16.4 $ 48.9 $ ( 141.2 ) $ ( 9.0 ) State ( 2.2 ) 28.8 1.7 3.7 ( 0.9 ) 9.0 Total provision (benefit) for current income taxes 43.9 279.6 18.1 52.6 ( 142.1 ) — Provision (benefit) for deferred income taxes, net: Federal 18.1 ( 110.8 ) 133.1 18.8 219.9 58.3 State ( 5.8 ) ( 45.2 ) ( 10.0 ) ( 2.6 ) ( 1.4 ) ( 16.5 ) Total provision (benefit) for deferred income taxes, net 12.3 ( 156.0 ) 123.1 16.2 218.5 41.8 Total income tax expense $ 56.2 $ 123.6 $ 141.2 $ 68.8 $ 76.4 $ 41.8 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the statutory tax rates to the effective income tax rate. OGE Energy OG&E Year Ended December 31 2023 2022 2021 2023 2022 2021 Statutory federal tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax ( 1.3 ) ( 1.0 ) 0.9 0.3 ( 0.4 ) ( 1.4 ) Stock-based compensation 0.1 — 0.1 — — — Executive compensation limitation 0.2 0.1 0.1 — — — Amortization of net unfunded deferred taxes ( 7.0 ) ( 3.2 ) ( 2.1 ) ( 6.7 ) ( 5.0 ) ( 4.6 ) Federal renewable energy credit (A) — — ( 2.0 ) — — ( 4.4 ) Remeasurement of state deferred taxes due to Energy Transfer merger — — ( 1.1 ) — — — Remeasurement of state deferred tax liabilities — ( 0.6 ) ( 0.6 ) — — — 401(k) dividends ( 0.3 ) ( 0.2 ) ( 0.2 ) — — — Other ( 0.8 ) ( 0.4 ) — ( 0.7 ) ( 0.8 ) ( 0.2 ) Effective income tax rate 11.9 % 15.7 % 16.1 % 13.9 % 14.8 % 10.4 % (A) Represents credits primarily associated with the production from OG&E's wind farms. |
Schedule of Deferred Tax Assets and Liabilities | The following table presents the components of Deferred Income Taxes at December 31, 2023 and 2022. OGE Energy OG&E December 31 (In millions) 2023 2022 2023 2022 Deferred income tax liabilities, net: Accelerated depreciation and other property related differences $ 1,753.8 $ 1,714.5 $ 1,753.8 $ 1,714.5 Regulatory assets 67.6 54.8 67.6 54.7 Pension Plan 21.8 18.0 37.9 35.4 Corporate owned life insurance 2.6 2.4 — — Bond redemption-unamortized costs 1.4 1.6 1.4 1.6 Income taxes recoverable from customers, net ( 202.7 ) ( 216.7 ) ( 202.7 ) ( 216.7 ) State tax credits ( 228.8 ) ( 221.2 ) ( 213.5 ) ( 208.5 ) Regulatory liabilities ( 54.4 ) ( 60.8 ) ( 54.4 ) ( 60.8 ) Asset retirement obligations ( 19.7 ) ( 18.8 ) ( 19.7 ) ( 18.8 ) Postretirement medical and life insurance benefits ( 20.8 ) ( 19.2 ) ( 14.0 ) ( 12.7 ) Accrued liabilities ( 13.2 ) ( 11.2 ) ( 5.5 ) ( 7.3 ) Deferred federal investment tax credits ( 2.7 ) ( 2.9 ) ( 2.7 ) ( 2.9 ) Accrued vacation ( 1.4 ) ( 1.4 ) ( 1.4 ) ( 1.1 ) Uncollectible accounts ( 0.5 ) ( 0.5 ) ( 0.4 ) ( 0.5 ) Other ( 2.2 ) ( 5.1 ) ( 5.6 ) ( 5.8 ) Total deferred income tax liabilities, net $ 1,300.8 $ 1,233.5 $ 1,340.8 $ 1,271.1 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table presents a reconciliation of the Registrants' total gross unrecognized tax benefits as of the years ended December 31, 2023, 2022 and 2021. (In millions) 2023 2022 2021 Balance at January 1 $ 20.7 $ 22.4 $ 21.9 Tax positions related to current year: Additions 7.9 — 1.7 Reductions — ( 1.7 ) ( 1.2 ) Balance at December 31 $ 28.6 $ 20.7 $ 22.4 |
Summary of Tax Credit Carryforwards | The following table presents a summary of the Registrants' tax credits carried forward as deferred tax assets. Under current law, the Registrants expect future taxable income will be sufficient to utilize all credits before they begin to expire after 2028. OGE Energy OG&E (In millions) Carry Forward Amount Deferred Tax Asset Carry Forward Amount Deferred Tax Asset Earliest Expiration Date State tax credits: Oklahoma investment tax credits $ 259.1 $ 204.7 $ 239.8 $ 189.4 N/A Oklahoma capital investment board credits $ 12.8 $ 12.8 $ 12.8 $ 12.8 N/A Oklahoma zero emission tax credits $ 16.0 $ 11.3 $ 16.0 $ 11.3 2028 N/A - not applicable |
Common Equity (Tables)
Common Equity (Tables) | 12 Months Ended |
Dec. 31, 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. (In millions except per share data) 2023 2022 2021 Net income $ 416.8 $ 665.7 $ 737.3 Average common shares outstanding: Basic average common shares outstanding 200.3 200.2 200.1 Effect of dilutive securities: Contingently issuable shares (performance and restricted stock units) 0.6 0.6 0.2 Diluted average common shares outstanding 200.9 200.8 200.3 Basic earnings per average common share $ 2.08 $ 3.33 $ 3.68 Diluted earnings per average common share $ 2.07 $ 3.32 $ 3.68 Anti-dilutive shares excluded from earnings per share calculation — — — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | 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 % — 4.75 % Garfield Industrial Authority, January 1, 2025 $ 47.0 1.85 % — 4.60 % Muskogee Industrial Authority, January 1, 2025 32.4 1.85 % — 4.75 % 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) | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt [Abstract] | |
Schedule of Line of Credit Facilities | The following table presents information regarding the Registrants' revolving credit agreements at December 31, 2023. Entity Aggregate Commitment Amount Outstanding (A) Weighted-Average Interest Rate Expiration (In millions) OGE Energy (B) $ 550.0 $ 499.2 5.78 % (F) December 18, 2028 (G) OGE Energy (C) 50.0 — — (F) May 24, 2025 OG&E (D)(E) 550.0 0.4 1.20 % (F) December 18, 2028 (G) Total $ 1,150.0 $ 499.6 5.77 % (A) Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at December 31, 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. The credit agreement, under certain circumstances, may be increased to a maximum commitment limit of $ 135.0 million and includes a maximum leverage ratio of 0.65 to 1.0. The other covenants under this credit agreement are substantially the same as OGE Energy's existing $ 550.0 million revolving credit agreement. (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 18, 2028 . At December 31, 2023 , there was $ 85.1 million in intercompany borrowings under this agreement. At December 31, 2023 , OG&E had $ 147.7 million in advances from parent. (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 entered into an amendment to their credit facility that gave each of the Registrants the option of extending such commitments for up to two additional one-year periods. On December 18, 2023, the Registrants utilized the first extension option for an additional one-year period extending the term until December 2028. |
Retirement Plans and Postreti_2
Retirement Plans and Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Plans and Postretirement Benefit Plans [Abstract] | |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The details of the funded status of OGE Energy's Pension Plan, the Restoration of Retirement Income Plan and the postretirement benefit plans and the amounts included in the balance sheets for 2023 and 2022 are included in the following tables. These amounts have been recorded in Accrued Benefit Obligations with the offset in Accumulated Other Comprehensive Loss (except OG&E's portion, which is recorded as a regulatory asset as discussed in Note 1) in the balance sheets. The amounts in Accumulated Other Comprehensive Loss and those recorded as a regulatory asset represent a net periodic benefit cost to be recognized in the statements of income in future periods. The benefit obligation for OGE Energy's Pension Plan and the Restoration of Retirement Income Plan represents the projected benefit obligation, while the benefit obligation for the postretirement benefit plans represents the accumulated postretirement benefit obligation. The accumulated postretirement benefit obligation for OGE Energy's Pension Plan and Restoration of Retirement Income Plan differs from the projected benefit obligation in that the former includes no assumption about future compensation levels. OGE Energy OG&E Pension Plan Restoration of Retirement Pension Plan Restoration of Retirement December 31 (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Change in benefit obligation Beginning obligations $ 358.5 $ 502.9 $ 5.8 $ 5.9 $ 288.5 $ 363.2 $ 0.5 $ 0.5 Service cost 5.4 7.6 1.0 1.1 4.4 6.2 — — Interest cost 15.9 15.7 0.3 0.2 12.6 12.1 — — Plan settlements ( 62.8 ) ( 95.8 ) ( 1.4 ) ( 1.5 ) ( 57.7 ) ( 38.8 ) ( 0.7 ) — Actuarial losses (gains) 0.8 ( 56.9 ) ( 0.2 ) 0.1 2.7 ( 41.3 ) 0.2 — Benefits paid ( 14.1 ) ( 15.0 ) — — ( 11.9 ) ( 12.9 ) — — Ending obligations $ 303.7 $ 358.5 $ 5.5 $ 5.8 $ 238.6 $ 288.5 $ — $ 0.5 Change in plans' assets Beginning fair value $ 293.0 $ 486.0 $ — $ — $ 238.9 $ 353.0 $ — $ — Actual return on plans' assets 27.6 ( 82.2 ) — — 22.1 ( 62.4 ) — — Employer contributions — — 1.4 0.2 — — 0.7 — Plan settlements ( 62.8 ) ( 95.8 ) ( 1.4 ) ( 0.2 ) ( 57.7 ) ( 38.8 ) ( 0.7 ) — Benefits paid ( 14.1 ) ( 15.0 ) — — ( 11.9 ) ( 12.9 ) — — Ending fair value $ 243.7 $ 293.0 $ — $ — $ 191.4 $ 238.9 $ — $ — Funded status at end of year $ ( 60.0 ) $ ( 65.5 ) $ ( 5.5 ) $ ( 5.8 ) $ ( 47.2 ) $ ( 49.6 ) $ — $ ( 0.5 ) Accumulated postretirement benefit obligation $ 289.5 $ 342.7 $ 4.9 $ 4.8 $ 226.5 $ 275.2 $ — $ 0.4 For the year ended December 31, 2023, actuarial losses were primarily due to more lump sum payouts than expected, partially offset by demographic experience. For the year ended December 31, 2022, Pension Plan actuarial gains were primarily due to significantly higher discount rates, partially offset by demographic experience and a larger than expected amount of early 2023 lump sum payouts. OGE Energy OG&E Postretirement Benefit Plans Postretirement Benefit Plans December 31 (In millions) 2023 2022 2023 2022 Change in benefit obligation Beginning obligations $ 101.9 $ 137.3 $ 76.4 $ 102.4 Service cost 0.1 0.2 0.1 0.1 Interest cost 5.2 3.5 3.9 2.7 Participants' contributions 3.4 3.5 2.4 2.4 Actuarial losses (gains) 4.9 ( 29.1 ) 4.0 ( 21.0 ) Benefits paid ( 12.2 ) ( 13.5 ) ( 9.5 ) ( 10.2 ) Ending obligations $ 103.3 $ 101.9 $ 77.3 $ 76.4 Change in plans' assets Beginning fair value $ 32.8 $ 44.3 $ 29.8 $ 39.9 Actual return on plans' assets 1.9 ( 8.2 ) 1.7 ( 7.4 ) Employer contributions 6.8 6.7 5.2 5.1 Participants' contributions 3.4 3.5 2.4 2.4 Benefits paid ( 12.2 ) ( 13.5 ) ( 9.5 ) ( 10.2 ) Ending fair value $ 32.7 $ 32.8 $ 29.6 $ 29.8 Funded status at end of year $ ( 70.6 ) $ ( 69.1 ) $ ( 47.7 ) $ ( 46.6 ) |
Schedule of Defined Benefit Plans Disclosures | 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 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. OGE Energy Pension Plan Restoration of Retirement Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Service cost $ 5.4 $ 7.6 $ 11.2 $ 1.0 $ 1.1 $ 0.8 I nter e st cost 15.9 15.7 13.3 0.3 0.2 0.1 Expected return on plan assets ( 16.2 ) ( 25.4 ) ( 34.1 ) — — — Amortizatio n of net loss 8.0 8.9 9.4 — 0.2 0.2 Amortization of unrecognized prior service cost (A) — — — 0.3 0.2 0.1 Settlement cost 21.8 30.6 41.3 0.5 0.3 2.1 Total net periodic benefit cost 34.9 37.4 41.1 2.1 2.0 3.3 Less: Amount paid by unconsolidated affiliates — — ( 0.2 ) — — 0.1 Net periodic benefit cost $ 34.9 $ 37.4 $ 41.3 $ 2.1 $ 2.0 $ 3.2 (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. OG&E Pension Plan Restoration of Retirement Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Service cost $ 4.4 $ 6.2 $ 7.7 $ — $ — $ — Inte r est cost 12.6 12.1 9.7 — — — Expected return on plan assets ( 12.9 ) ( 19.6 ) ( 24.7 ) — — — Amortization of net loss 6.9 7.4 7.0 — — 0.1 Settlement cost 20.4 12.9 33.1 0.4 — 1.6 Total net periodic benefit cost 31.4 19.0 32.8 0.4 — 1.7 Plus: Amount allocated from OGE Energy 3.0 5.2 6.5 1.7 1.5 1.5 Net periodic benefit cost $ 34.4 $ 24.2 $ 39.3 $ 2.1 $ 1.5 $ 3.2 In addition to the net periodic benefit cost amounts recognized, as presented in the table above, for the Pension and Restoration of Retirement Income Plans in 2023, 2022 and 2021, the Registrants recognized the following: Year Ended December 31 (In millions) 2023 2022 2021 Change in pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 33.3 $ 15.2 $ 23.0 Deferral of pension expense related to pension settlement charges included in the above line item: Oklahoma jurisdiction (A) $ 20.1 $ 15.4 $ 37.9 Arkansas jurisdiction (A) $ 1.9 $ 1.4 $ 3.5 (A) Included in the pension regulatory asset in each jurisdiction, as indicated in the regulatory assets and liabilities table in Note 1. OGE Energy OG&E Postretirement Benefit Plans Postretirement Benefit Plans Year Ended December 31 (In millions) 2023 2022 2021 2023 2022 2021 Service cost $ 0.1 $ 0.2 $ 0.2 $ 0.1 $ 0.1 $ 0.1 Interest cost 5.2 3.5 3.4 3.9 2.7 2.6 Expected return on plan assets ( 1.7 ) ( 1.8 ) ( 1.8 ) ( 1.6 ) ( 1.6 ) ( 1.7 ) Amortization of net loss ( 0.2 ) 1.5 2.8 — 1.5 2.7 Amortization of unrecognized prior service cost (A) — ( 3.8 ) ( 6.9 ) — ( 3.6 ) ( 5.0 ) Total net periodic benefit cost (income) 3.4 ( 0.4 ) ( 2.3 ) 2.4 ( 0.9 ) ( 1.3 ) Less: Amount paid by unconsolidated affiliates (B) — — ( 0.5 ) Plus: Amount allocated from OGE Energy (B) 0.5 — ( 0.5 ) Net periodic benefit cost (income) $ 3.4 $ ( 0.4 ) $ ( 1.8 ) $ 2.9 $ ( 0.9 ) $ ( 1.8 ) (A) Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. (B) "Amount paid by unconsolidated affiliates" is only applicable to OGE Energy. "Amount allocated from OGE Energy" is only applicable to OG&E. In addition to the net periodic benefit cost or income amounts recognized, as presented in the table above, for the postretirement benefit plans in 2023, 2022 and 2021, the Registrants recognized the following: Year Ended December 31 (In millions) 2023 2022 2021 Change in postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 4.4 $ 0.6 $ ( 0.4 ) (A) Included in the pension regulatory asset, as indicated in the regulatory assets and liabilities table in Note 1. |
Schedule of Capitalized Pension and Postretirement Cost | 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 in 2023, 2022 and 2021. OGE Energy OG&E (In millions) 2023 2022 2021 2023 2022 2021 Capitalized portion of net periodic pension benefit cost $ 2.2 $ 3.0 $ 3.4 $ 1.9 $ 2.5 $ 2.9 Capitalized portion of net periodic postretirement benefit cost $ 0.1 $ 0.2 $ 0.2 $ 0.1 $ 0.1 $ 0.1 |
Schedule of Assumptions Used | Rate Assumptions Pension Plan and Postretirement Year Ended December 31 2023 2022 2021 2023 2022 2021 Assumptions to determine benefit obligations: Discount rate 5.40 % 5.45 % 2.75 % 5.35 % 5.40 % 2.80 % Rate of compensation increase 4.20 % 4.20 % 4.20 % N/A N/A N/A Interest crediting rate 3.50 % 3.50 % 3.50 % N/A N/A N/A Assumptions to determine net periodic benefit cost: Discount rate 5.45 % 4.01 % 2.63 % 5.40 % 2.80 % 2.45 % Expected return on plan assets 7.00 % 7.00 % 7.00 % 4.00 % 4.00 % 4.00 % Rate of compensation increase 4.20 % 4.20 % 4.20 % N/A N/A N/A Interest crediting rate 3.50 % 3.50 % 3.50 % N/A N/A N/A N/A - not applicable |
Projected Benefit Obligation Funded Status Thresholds | The Pension Plan assets are held in a trust which follows an investment policy and strategy designed to reduce the funded status volatility of the Plan by utilizing liability driven investing. The purpose of liability-driven investing is to structure the asset portfolio to more closely resemble the pension liability and thereby more effectively hedge against changes in the liability. The investment policy follows a glide path approach that shifts a higher portfolio weighting to fixed income as the Plan's funded status increases. The following table presents the targeted fixed income and equity allocations at different funded status levels. Projected Benefit Obligation Funded Status Thresholds <90% 95% 100% 105% 110% 115% 120% Fixed income 50 % 58 % 65 % 73 % 80 % 85 % 90 % Equity 50 % 42 % 35 % 27 % 20 % 15 % 10 % Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % |
Pension Plan Equity Asset Allocation Table | Within the portfolio's overall allocation to equities, the funds are allocated according to the guidelines in the following table. Asset Class Target Allocation Minimum Maximum Domestic Large Cap Equity 40 % 35 % 60 % Domestic Mid-Cap Equity 15 % 5 % 25 % Domestic Small-Cap Equity 25 % 5 % 30 % International Equity 20 % 10 % 30 % |
Schedule of Allocation of Plan Assets | The following tables present the postretirement benefit plans' investments that are measured at fair value on a recurring basis at December 31, 2023 and 2022 . There were no Level 2 investments held by the postretirement benefit plans at December 31, 2023 and 2022. (In millions) December 31, 2023 Level 1 Level 3 Group retiree medical insurance contract $ 16.8 $ — $ 16.8 Mutual funds 15.9 15.9 — Total OGE Energy plan investments $ 32.7 $ 15.9 $ 16.8 Plan investments attributable to affiliates ( 3.1 ) Total OG&E plan investments $ 29.6 (In millions) December 31, 2022 Level 1 Level 3 Group retiree medical insurance contract $ 21.6 $ — $ 21.6 Mutual funds 11.2 11.2 — Total OGE Energy plan investments $ 32.8 $ 11.2 $ 21.6 Plan investments attributable to affiliates ( 3.0 ) Total OG&E plan investments $ 29.8 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table presents a reconciliation of the postretirement benefit plans' investments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Year Ended December 31 (In millions) 2023 Group retiree medical insurance contract: Beginning balance $ 21.6 Claims paid ( 4.5 ) Realized losses ( 0.9 ) Investment fees ( 0.1 ) Interest income 0.7 Ending balance $ 16.8 |
Schedule of Expected Benefit Payments | The following table presents the benefit payments the Registrants expect to pay related to the Pension Plan and Restoration of Retirement Income Plan. These expected benefits are based on the same assumptions used to measure OGE Energy's benefit obligation at the end of the year and include benefits attributable to estimated future employee service. (In millions) OGE Energy OG&E 2024 $ 44.4 $ 35.4 2025 $ 28.1 $ 22.2 2026 $ 27.9 $ 22.4 2027 $ 34.2 $ 21.1 2028 $ 28.0 $ 21.0 2029-2033 $ 122.7 $ 96.3 The Medicare Prescription Drug, Improvement and Modernization Act of 2003 expanded coverage for prescription drugs. The following table presents the gross benefit payments the Registrants expect to pay related to the postretirement benefit plans, including prescription drug benefits. (In millions) OGE Energy OG&E 2024 $ 13.9 $ 10.5 2025 $ 11.5 $ 8.6 2026 $ 10.9 $ 8.0 2027 $ 9.9 $ 7.4 2028 $ 9.0 $ 6.8 2029-2033 $ 36.9 $ 27.8 |
Defined Benefit Plan, Plan Assets, Category | The following tables present the Pension Plan's investments that are measured at fair value on a recurring basis at December 31, 2023 and 2022 . There were no Level 3 investments held by the Pension Plan at December 31, 2023 and 2022. (In millions) December 31, 2023 Level 1 Level 2 Net Asset Value (A) Common stocks $ 56.9 $ 56.9 $ — $ — U.S. Treasury notes and bonds (B) 42.4 42.4 — — Mortgage- and asset-backed securities 22.0 — 22.0 — Corporate fixed income and other securities 54.6 — 54.6 — Commingled fund (C) 13.8 — — 13.8 Foreign government bonds 0.2 — 0.2 — U.S. municipal bonds 0.3 — 0.3 — Money market fund 1.3 — — 1.3 Mutual funds 55.3 55.3 — — Preferred stocks 1.0 1.0 — — U.S. Treasury futures: Cash collateral 0.3 0.3 — — Forward contracts: Receivable (foreign currency) 0.1 — 0.1 — Total Pension Plan investments 248.2 $ 155.9 $ 77.2 $ 15.1 Interest and dividends receivable 1.4 Receivable from broker for securities sold 8.3 Payable to broker for securities purchased ( 14.2 ) Total OGE Energy Pension Plan assets $ 243.7 Pension Plan investments attributable to affiliates ( 52.3 ) Total OG&E Pension Plan assets $ 191.4 (In millions) December 31, 2022 Level 1 Level 2 Net Asset Value (A) Common stocks $ 71.9 $ 71.9 $ — $ — U.S. Treasury notes and bonds (B) 44.6 44.6 — — Mortgage- and asset-backed securities 26.2 — 26.2 — Corporate fixed income and other securities 65.5 — 65.5 — Commingled fund (C) 18.2 — — 18.2 Foreign government bonds 0.5 — 0.5 — U.S. municipal bonds 0.9 — 0.9 — Money market fund 5.9 — — 5.9 Mutual fund 60.4 60.4 — — Preferred stocks 1.5 1.5 — — U.S. Treasury futures: Cash collateral 0.3 0.3 — — Forward contracts: Receivable (foreign currency) 0.1 — 0.1 — Total Pension Plan investments 296.0 $ 178.7 $ 93.2 $ 24.1 Interest and dividends receivable 1.6 Receivable from broker for securities sold 20.6 Payable to broker for securities purchased ( 25.2 ) Total OGE Energy Pension Plan assets $ 293.0 Pension Plan investments attributable to affiliates ( 54.1 ) Total OG&E Pension Plan assets $ 238.9 (A) GAAP allows the measurement of certain investments that do not have a readily determinable fair value at the net asset value. These investments do not consider the observability of inputs; therefore, they are not included within the fair value hierarchy. (B) This category represents U.S. Treasury notes and bonds with a Moody's Investors Service rating of Aaa and Government Agency Bonds with a Moody's Investors Service rating of A1 or higher. (C) This category represents units of participation in a commingled fund that primarily invested in stocks of international companies and emerging markets. |
Report of Business Segments (Ta
Report of Business Segments (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023, 2022 and 2021. 2023 Electric Company Other Eliminations Total (In millions) Operating revenues $ 2,674.3 $ — $ — $ 2,674.3 Fuel, purchased power and direct transmission expense 911.7 — — 911.7 Other operation and maintenance 505.0 ( 2.4 ) — 502.6 Depreciation and amortization 506.6 — — 506.6 Taxes other than income 99.4 3.8 — 103.2 Operating income (loss) 651.6 ( 1.4 ) — 650.2 Other income 43.5 8.1 ( 7.4 ) 44.2 Interest expense 199.9 28.9 ( 7.4 ) 221.4 Income tax expense (benefit) 68.8 ( 12.6 ) — 56.2 Net income (loss) $ 426.4 $ ( 9.6 ) $ — $ 416.8 Total assets $ 12,642.6 $ 301.1 $ ( 153.0 ) $ 12,790.7 Capital expenditures $ 1,178.2 $ — $ — $ 1,178.2 2022 Electric Company Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 3,375.7 $ — $ — $ — $ 3,375.7 Fuel, purchased power and direct transmission expense 1,662.4 — — — 1,662.4 Other operation and maintenance 491.9 12.6 ( 3.1 ) — 501.4 Depreciation and amortization 460.9 — — — 460.9 Taxes other than income 98.0 0.1 3.4 — 101.5 Operating income (loss) 662.5 ( 12.7 ) ( 0.3 ) — 649.5 Gain on equity securities — 282.1 — — 282.1 Other income 11.2 10.0 4.9 ( 2.1 ) 24.0 Interest expense 157.8 — 10.6 ( 2.1 ) 166.3 Income tax expense (benefit) 76.4 48.1 ( 0.9 ) — 123.6 Net income (loss) $ 439.5 $ 231.3 $ ( 5.1 ) $ — $ 665.7 Total assets $ 12,410.5 $ 1.2 $ 683.7 $ ( 550.7 ) $ 12,544.7 Capital expenditures $ 1,050.9 $ — $ — $ — $ 1,050.9 2021 Electric Company Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 3,653.7 $ — $ — $ — $ 3,653.7 Fuel, purchased power and direct transmission expense 2,127.6 — — — 2,127.6 Other operation and maintenance 464.7 1.6 ( 3.2 ) — 463.1 Depreciation and amortization 416.0 — — — 416.0 Taxes other than income 99.3 0.2 3.3 — 102.8 Operating income (loss) 546.1 ( 1.8 ) ( 0.1 ) — 544.2 Equity in earnings of unconsolidated affiliates — 169.8 — — 169.8 Gain on Enable/Energy Transfer transaction, net — 344.4 — — 344.4 Other income (expense) 7.7 ( 26.4 ) ( 2.0 ) ( 0.9 ) ( 21.6 ) Interest expense 152.0 — 7.2 ( 0.9 ) 158.3 Income tax expense (benefit) 41.8 101.0 ( 1.6 ) — 141.2 Net income (loss) $ 360.0 $ 385.0 $ ( 7.7 ) $ — $ 737.3 Total assets $ 11,688.0 $ 786.6 $ 350.3 $ ( 218.5 ) $ 12,606.4 Capital expenditures $ 778.5 $ — $ — $ — $ 778.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure | The following table presents the Registrants' future purchase obligations and commitments estimated for the next five years. (In millions) 2024 2025 2026 2027 2028 Total Purchase obligations and commitments: Minimum purchase commitments $ 118.4 $ 100.5 $ 69.7 $ 56.9 $ 46.6 $ 392.1 Estimated wind power purchase commitments 56.6 56.9 57.3 57.8 58.4 287.0 Capacity commitments 32.4 33.0 40.2 41.4 — 147.0 Long-term service agreement commitments 14.8 16.6 16.6 9.9 3.0 60.9 Generation capacity construction commitments 126.5 137.8 38.3 — — 302.6 Total purchase obligations and commitments $ 348.7 $ 344.8 $ 222.1 $ 166.0 $ 108.0 $ 1,189.6 |
Schedule of Wind Purchased Power | The following table presents OG&E's wind purchased power contracts. Company Location Original Term of Expiration of MWs CPV Keenan Woodward County, OK 20 years 2030 152.0 Edison Mission Energy Dewey County, OK 20 years 2031 130.0 NextEra Energy Blackwell, OK 20 years 2032 60.0 The following table presents a summary of OG&E's wind power purchases for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31 (In millions) 2023 2022 2021 CPV Keenan $ 23.0 $ 25.8 $ 27.3 Edison Mission Energy 20.5 24.9 21.7 NextEra Energy 5.3 7.3 6.8 Total wind power purchased $ 48.8 $ 58.0 $ 55.8 |
Schedule II (Tables)
Schedule II (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | Additions Description Balance at Beginning of Period Charged to Costs and Expenses Deductions (A) Balance at End of Period (in millions) Balance at December 31, 2021 Reserve for Uncollectible Accounts $ 2.6 $ 3.2 $ 3.4 $ 2.4 Balance at December 31, 2022 Reserve for Uncollectible Accounts $ 2.4 $ 2.8 $ 3.3 $ 1.9 Balance at December 31, 2023 Reserve for Uncollectible Accounts $ 1.9 $ 5.7 $ 5.4 $ 2.2 (A) Uncollectible accounts receivable written off, net of recoveries. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Fuel clause under recoveries | $ 0 | $ 514.9 | |
Regulatory Assets, Current | 6.5 | 527.3 | |
Regulatory Assets, Noncurrent | 577.6 | 524.3 | |
Regulatory Liability, Current | 33.2 | 5.5 | |
Regulatory Liability, Noncurrent | 1,061.6 | 1,147.1 | |
OKLAHOMA [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Fuel clause under recoveries | 0 | 474.3 | |
ARKANSAS [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Fuel clause under recoveries | 0 | 40.6 | |
SPP Cost Tracker Over Recoveries [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Current | [1] | 10.4 | 3 |
Oklahoma fuel clause over recoveries [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Current | 15.6 | 0 | |
Arkansas fuel clause over recoveries [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Current | 4.9 | 0 | |
Income taxes recoverable from customers, net [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Noncurrent | 838 | 894.7 | |
Accrued removal obligations [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Noncurrent | 222 | 250.5 | |
Pension tracker [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 91.9 | 57.2 | |
Other Regulatory Liabilities [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liability, Current | [1] | 2.3 | 2.5 |
Regulatory Liability, Noncurrent | 1.6 | 1.9 | |
Oklahoma Energy Efficiency Rider Under Recovery [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Current | [2] | 3.8 | 7.7 |
Benefit obligations regulatory asset [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 89.4 | 119.7 | |
Deferred storm expenses [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 261.1 | 206.3 | |
Unamortized loss on reacquired debt [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 7.2 | 8 | |
Deferred Pension Expenses [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 12.7 | 12.3 | |
Dry Scrubber Regulatory Asset [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 17.2 | 18.1 | |
Other Regulatory Assets [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Current | [2] | 2.7 | 4.7 |
Regulatory Assets, Noncurrent | 10.7 | 10.9 | |
Deferred Plant Expense [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 3.6 | 5.2 | |
COVID-19 Deferred Expenses [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 6.8 | 7.7 | |
SAP S/4 HANA Deferred Expenses [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | 6 | 0.7 | |
Winter Storm Uri costs [Member] | ARKANSAS [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets, Noncurrent | $ 71 | $ 78.2 | |
[1] Included in Other Current Liabilities in the balance sheets. Included in Other Current Assets in the balance sheets. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) shares in Millions | 1 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 02, 2021 | Dec. 31, 2021 | Sep. 30, 2022 | Dec. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Storm and Property Reserve Deficiency, Current | $ 2,700,000 | ||||||
Allowance for Doubtful Accounts Receivable | $ 2,200,000 | $ 1,900,000 | |||||
Provision for Depreciation Rate | 2.80% | 2.70% | 2.60% | ||||
Depreciation expense | $ 421,600,000 | $ 388,500,000 | $ 361,500,000 | ||||
Projected provision for depreciation in next fiscal year | 2.80% | ||||||
Percent Of Intangible Plant Balance Amortizable | 45.70% | ||||||
Percent Of Intangible Plant Balance Amortizable Three | 10.20% | ||||||
Percent of Intangible Plant Balance Amortizable | 43.70% | ||||||
Amortization of intangible assets, period | 6 years 8 months 12 days | ||||||
Amortization of Intangible Assets, Period | 13 years 9 months 18 days | ||||||
Amortization of Intangible Assets, Period | 15 years | ||||||
Amortization of Intangible Assets, Period | 22 years 4 months 24 days | ||||||
Percent of Intangible Plant Balance Amortizable Thereafter | 0.40% | ||||||
Accrued Environmental Loss Contingencies, Noncurrent | $ 27,500,000 | $ 24,200,000 | |||||
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | ||||||
Public Utilities, Allowance for Funds Used During Construction, Rate | 7% | 4.80% | 7.40% | ||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 148,300,000 | $ 135,500,000 | $ 139,300,000 | ||||
Equity Securities Sold During Period | 95.4 | ||||||
Proceeds from Sales of Equity Securities | $ 1,067,200,000 | ||||||
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI | 282,100,000 | ||||||
Distributions received | 34,000,000 | 73,400,000 | |||||
Equity in earnings of unconsolidated affiliates | $ 169,800,000 | 0 | 0 | 169,800,000 | |||
Gain (Loss) on Disposition of Assets | 0 | 0 | 344,400,000 | ||||
Proceeds from Sales of Assets, Investing Activities | $ 35,000,000 | ||||||
Fees paid from disposition of assets | 8,600,000 | ||||||
Expected Settlement Charge | 4,100,000 | ||||||
Gas Transmission Equipment [Member] | |||||||
Amount of Acquisition Adjustments | $ 3,300,000 | ||||||
Gas Transmission Equipment [Member] | Minimum [Member] | |||||||
Amortization of intangible assets, period | 37 years | ||||||
Gas Transmission Equipment [Member] | Maximum [Member] | |||||||
Amortization of intangible assets, period | 59 years | ||||||
Redbud Plant [Member] | |||||||
Amortization of intangible assets, period | 27 years | ||||||
Amount of Acquisition Adjustments | $ 148,300,000 | 148,300,000 | |||||
OG&E [Member] | |||||||
Allowance for Doubtful Accounts Receivable | 2,200,000 | 1,900,000 | |||||
Capitalized Computer Software, Gross | 203,100,000 | 143,200,000 | |||||
Capitalized Computer Software, Amortization | $ 33,400,000 | 23,500,000 | 18,100,000 | ||||
OG&E [Member] | Minimum [Member] | |||||||
Asset Retirement Obligations Accreted, Period | 2 years | ||||||
OG&E [Member] | Maximum [Member] | |||||||
Asset Retirement Obligations Accreted, Period | 68 years | ||||||
OGE Energy [Member] | |||||||
Unrealized Gain (Loss) on Investments | $ (8,600,000) | 0 | |||||
Gain (Loss) on Disposition of Assets | 344,400,000 | ||||||
OGE Energy [Member] | Retained Earnings [Member] | |||||||
Dividends, Common Stock | $ 500,000,000 | 265,000,000 | |||||
OGE Energy [Member] | Enable Midstream Partners [Member] | Operating Costs Charged [Member] | |||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 300,000 | ||||||
OGE Energy [Member] | Enable Midstream Partners [Member] | Employment Costs [Member] | |||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 12,200,000 | ||||||
Energy Transfer | |||||||
Proceeds from Sales of Assets, Investing Activities | 5,000,000 | ||||||
CenterPoint [Member] | |||||||
Proceeds from Sales of Assets, Investing Activities | $ 30,000,000 | ||||||
Public Utilities, Inventory, Fuel [Member] | |||||||
Fuel inventories | $ 158,500,000 | $ 108,800,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Components of Benefit Obligation (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Regulatory Asset, Noncurrent | $ 577.6 | $ 524.3 |
Pension Plan [Member] | Defined Benefit Plans Income Loss [Member] | ||
Components of Benefit Obligation Regulatory Asset | 75.9 | 110 |
Other Postretirement Benefits Plan [Member] | Defined Benefit Plans Income Loss [Member] | ||
Components of Benefit Obligation Regulatory Asset | 13.5 | 9.7 |
Benefit obligations regulatory asset [Member] | ||
Regulatory Asset, Noncurrent | $ 89.4 | $ 119.7 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Jointly Owned Utility Plants (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | ||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 16,110.4 | $ 15,131.3 | ||
Accumulated Depreciation | 4,809.4 | 4,584.5 | ||
Net property, plant and equipment | $ 11,301 | $ 10,546.8 | ||
McClain Plant [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 77% | [1] | 77% | [2] |
Property, Plant and Equipment, Gross | $ 265.4 | [1] | $ 261.9 | [2] |
Accumulated Depreciation | 129.2 | [1] | 119.4 | [2] |
Net property, plant and equipment | $ 136.2 | [1] | $ 142.5 | [2] |
Redbud Plant [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 51% | [1],[3] | 51% | [2],[4] |
Property, Plant and Equipment, Gross | $ 548.9 | [1],[3] | $ 542.1 | [2],[4] |
Accumulated Depreciation | 245.5 | [1],[3] | 225.2 | [2],[4] |
Net property, plant and equipment | 303.4 | [1],[3] | 316.9 | [2],[4] |
OGE Energy [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 6.1 | 6.1 | ||
Accumulated Depreciation | 0 | 0 | ||
Net property, plant and equipment | 6.1 | 6.1 | ||
OG&E [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 16,104.3 | 15,125.2 | ||
Accumulated Depreciation | 4,809.4 | 4,584.5 | ||
Net property, plant and equipment | 11,294.9 | 10,540.7 | ||
OG&E [Member] | Total Property Plant and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 16,104.3 | 15,125.2 | ||
Accumulated Depreciation | 4,809.4 | 4,584.5 | ||
Net property, plant and equipment | 11,294.9 | 10,540.7 | ||
OG&E [Member] | Electric Transmission and Distribution [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 6,290.1 | 5,781.3 | ||
Accumulated Depreciation | 1,564.3 | 1,527.1 | ||
Net property, plant and equipment | 4,725.8 | 4,254.2 | ||
OG&E [Member] | Electric Generation Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 5,295.9 | [5] | 5,188.1 | [6] |
Accumulated Depreciation | 2,081 | [5] | 1,982.7 | [6] |
Net property, plant and equipment | 3,214.9 | [5] | 3,205.4 | [6] |
OG&E [Member] | Electric Transmission [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 3,306.7 | [7] | 3,180.5 | [8] |
Accumulated Depreciation | 707.6 | [7] | 667.9 | [8] |
Net property, plant and equipment | 2,599.1 | [7] | 2,512.6 | [8] |
OG&E [Member] | Finite-Lived Intangible Assets, Major Class Name [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 568.5 | 384 | ||
Accumulated Depreciation | 219.8 | 193.6 | ||
Net property, plant and equipment | 348.7 | 190.4 | ||
OG&E [Member] | Property, Plant and Equipment, Other Types [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 643.1 | 591.3 | ||
Accumulated Depreciation | 236.7 | 213.2 | ||
Net property, plant and equipment | $ 406.4 | $ 378.1 | ||
[1] Construction work in progress was $ 0.3 million and $ 2.0 million for the McClain and Redbud Plants, respectively. Construction work in progress was $ 0.7 million and $ 1.5 million for the McClain and Redbud Plants, respectively. This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 83.8 million. This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 78.3 million. This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 83.8 million. This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 78.3 million. This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.1 million. This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.0 million. |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Property - Summary of OG&E's Ownership Interest in Jointly-owned Plant (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
McClain Plant [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | $ 0.3 | $ 0.7 |
Redbud Plant [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 2 | 1.5 |
Amount of Acquisition Adjustments | 148.3 | 148.3 |
Public Utilities, Property, Plant and Equipment, Amount of Acquisition Adjustments, Related Accumulated Depreciation | $ 83.8 | $ 78.3 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Property - Summary of Property Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 16,110.4 | $ 15,131.3 | ||
Accumulated Depreciation | 4,809.4 | 4,584.5 | ||
Net property, plant and equipment | 11,301 | 10,546.8 | ||
OG&E [Member] | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 16,104.3 | 15,125.2 | ||
Accumulated Depreciation | 4,809.4 | 4,584.5 | ||
Net property, plant and equipment | 11,294.9 | 10,540.7 | ||
OG&E [Member] | Electric Generation Equipment [Member] | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 5,295.9 | [1] | 5,188.1 | [2] |
Accumulated Depreciation | 2,081 | [1] | 1,982.7 | [2] |
Net property, plant and equipment | 3,214.9 | [1] | 3,205.4 | [2] |
OG&E [Member] | Electric Transmission [Member] | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 3,306.7 | [3] | 3,180.5 | [4] |
Accumulated Depreciation | 707.6 | [3] | 667.9 | [4] |
Net property, plant and equipment | 2,599.1 | [3] | 2,512.6 | [4] |
OG&E [Member] | Finite-Lived Intangible Assets, Major Class Name [Member] | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 568.5 | 384 | ||
Accumulated Depreciation | 219.8 | 193.6 | ||
Net property, plant and equipment | 348.7 | 190.4 | ||
OG&E [Member] | Property, Plant and Equipment, Other Types [Member] | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 643.1 | 591.3 | ||
Accumulated Depreciation | 236.7 | 213.2 | ||
Net property, plant and equipment | 406.4 | 378.1 | ||
OG&E [Member] | Total Property Plant and Equipment [Member] | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 16,104.3 | 15,125.2 | ||
Accumulated Depreciation | 4,809.4 | 4,584.5 | ||
Net property, plant and equipment | 11,294.9 | 10,540.7 | ||
OGE Energy [Member] | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 6.1 | 6.1 | ||
Accumulated Depreciation | 0 | 0 | ||
Net property, plant and equipment | $ 6.1 | $ 6.1 | ||
[1] This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 83.8 million. This amount includes a plant acquisition adjustment of $ 148.3 million and accumulated amortization of $ 78.3 million. This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.1 million. This amount includes a plant acquisition adjustment of $ 3.3 million and accumulated amortization of $ 1.0 million. |
Summary of Significant Accou_10
Summary of Significant Accounting Policies Property - Summary of Property Plant and Equipment (Parenthetical) (Details) - OG&E [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Electric Generation Equipment [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Amount of Acquisition Adjustments | $ 148.3 | $ 148.3 |
Public Utilities, Property, Plant and Equipment, Amount of Acquisition Adjustments, Related Accumulated Depreciation | 83.8 | 78.3 |
Electric Transmission [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Amount of Acquisition Adjustments | 3.3 | 3.3 |
Public Utilities, Property, Plant and Equipment, Amount of Acquisition Adjustments, Related Accumulated Depreciation | $ 1.1 | $ 1 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Summary of Changes to Asset Retirement Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at January 1 | $ 78.3 | $ 80.2 | |
Accretion expense | 0.7 | 0.6 | |
Liabilities settled | [1] | 0 | (2.5) |
Revisions in estimated cash flows | [2] | 2.3 | 0 |
Balance at December 31 | $ 81.3 | $ 78.3 | |
[1] (A) Asset retirement obligations were settled for asbestos removal at OG&E's generating facilities. (B) Assumptions changed related to the estimated timing and estimated cost of the removal of asbestos at OG&E's generating facilities. |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Summary of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated other comprehensive income (loss) | $ (11.9) | $ (24.8) | |
Other comprehensive income (loss) before reclassifications | 2.5 | (2.1) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1 | 1.4 | |
Settlement cost | 1.2 | 13.6 | $ 6 |
Net current period other comprehensive income (loss) | 4.7 | 12.9 | 7.3 |
Accumulated other comprehensive income (loss) | (7.2) | (11.9) | (24.8) |
Accumulated other comprehensive loss, net of tax | (7.2) | (11.9) | |
Net current period other comprehensive income (loss) | 4.7 | 12.9 | 7.3 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net current period other comprehensive income (loss) | 0 | ||
Defined Benefit Plans Income Loss [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated other comprehensive income (loss) | (17.5) | (24.9) | |
Other comprehensive income (loss) before reclassifications | 3.3 | (7.6) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.9 | 1.4 | |
Net current period other comprehensive income (loss) | 5.4 | 7.4 | |
Accumulated other comprehensive income (loss) | (12.1) | (17.5) | (24.9) |
Defined Benefit Plans Income Loss [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated other comprehensive income (loss) | 6.6 | 1.1 | |
Other comprehensive income (loss) before reclassifications | (0.8) | 5.5 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.1) | 0 | |
Net current period other comprehensive income (loss) | (0.9) | 5.5 | |
Accumulated other comprehensive income (loss) | 5.7 | 6.6 | 1.1 |
Defined Benefit Plan Prior Service Cost [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated other comprehensive income (loss) | (1) | (1.2) | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | 0.2 | |
Net current period other comprehensive income (loss) | 0.2 | 0.2 | |
Accumulated other comprehensive income (loss) | (0.8) | (1) | (1.2) |
Defined Benefit Plan Prior Service Cost [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated other comprehensive income (loss) | 0 | 0.2 | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (0.2) | |
Net current period other comprehensive income (loss) | (0.2) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | $ 0.2 |
Settlement Cost [Member] | Defined Benefit Plans Income Loss [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Settlement cost | 1.2 | 13.6 | |
Settlement Cost [Member] | Defined Benefit Plan Prior Service Cost [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Settlement cost | 0 | 0 | |
Settlement Cost [Member] | Defined Benefit Plan Prior Service Cost [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Settlement cost | $ 0 | $ 0 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies Summary of Significant Accounting Policies Reclassifications (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Prior Period Reclassification Adjustment | $ 109.3 | $ 83.4 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Summary of Amount Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ (2.2) | $ (15) | |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | [1] | (1.1) | (1.6) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | [1] | (0.3) | (0.3) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | [1] | (1.6) | (17.9) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (3) | (19.8) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (0.7) | (4.6) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (2.3) | (15.2) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | [1] | (0.3) | (0.3) |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | [1] | 0.2 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | [1] | 0 | 0.3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0.2 | 0.3 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 0.1 | 0.1 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.1 | 0.2 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | [1] | $ 0 | $ 0.3 |
[1] These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 11 for additional information). |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Reconciliation of Equity in Earnings (Losses) of Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | |||
Dec. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Net income (loss) | $ 416.8 | $ 665.7 | $ 737.3 | ||
Proportionate Unconsolidated Affiliate Net Income | $ 119.8 | ||||
Amortization of basis difference and dilution recognition | [1] | 50 | |||
Equity in earnings of unconsolidated affiliates | $ 169.8 | $ 0 | $ 0 | $ 169.8 | |
OGE Holdings [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 25.50% | ||||
Equity Method Investment Nonconsolidated Investees [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in earnings of unconsolidated affiliates | $ 470 | ||||
[1] Includes loss on dilution, net of proportional basis difference recognition. |
Summary of Significant Accou_16
Summary of Significant Accounting Policies Property - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | ||
Dec. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||
Operating revenues | $ 2,674.3 | $ 3,375.7 | $ 3,653.7 | |
Og and E [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating revenues | $ 2,674.3 | $ 3,375.7 | $ 3,653.7 | |
Og and E [Member] | Enable Midstream Partners [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating revenues | $ 13.3 | |||
Og and E [Member] | Enable Midstream Partners [Member] | Natural Gas Transportation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Purchases from Related Party | 32.7 | |||
Og and E [Member] | Enable Midstream Partners [Member] | Natural Gas Sales [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Purchases and Sales from Related Party | $ (33.5) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | $ 2,607.3 | $ 3,304.2 | $ 3,588.7 |
Provision for Rate Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 2 | (1.2) | 0 |
Integrated Market | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 71.6 | 163.8 | 468.9 |
Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 143 | 131.7 | 140.2 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 41.6 | 20.8 | 1.1 |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 1,008.6 | 1,272.6 | 1,309.1 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 674.6 | 803.3 | 749.1 |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 229.6 | 317.3 | 323.1 |
Oilfield | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 207.8 | 304.3 | 312.8 |
Public Authority and Street Light | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 228.5 | 291.6 | 284.4 |
System Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | $ 2,349.1 | $ 2,989.1 | $ 2,978.5 |
Leases - Additional Information
Leases - Additional Information (Details) | Dec. 31, 2023 USD ($) |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Contingent Liability | $ 3,200,000 |
Minimum [Member] | OG&E Wind Farm Land Lease Agreements [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease, term of contract | 9 years |
Maximum [Member] | OG&E Wind Farm Land Lease Agreements [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease, term of contract | 13 years |
Leases - Schedule of Financial
Leases - Schedule of Financial Statement Information of Lease Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating Leased Assets [Line Items] | ||||
Operating lease cost | $ 6.4 | $ 5.9 | $ 6.3 | |
Operating cash flows for operating leases | 5.2 | 5.3 | 6.3 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 1.5 | 0 | |
Right-of-use assets at period end | [1] | $ 25.9 | $ 30.2 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | ||
Operating lease liabilities at period end | [2] | $ 30.5 | $ 34.8 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities, Other than Long-Term Debt, Noncurrent | Liabilities, Other than Long-Term Debt, Noncurrent | ||
Operating lease weighted-average remaining lease term (in years) | 11 years 4 months 24 days | 11 years 7 months 6 days | ||
Operating lease weighted-average discount rate | 4% | 4% | ||
OG&E [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating lease cost | $ 6.4 | $ 5.9 | 5.7 | |
Operating cash flows for operating leases | 5.2 | 5.3 | 5.7 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 1.5 | $ 0 | |
Right-of-use assets at period end | [1] | $ 25.9 | $ 30.2 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | ||
Operating lease liabilities at period end | [2] | $ 30.5 | $ 34.8 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities, Other than Long-Term Debt, Noncurrent | Liabilities, Other than Long-Term Debt, Noncurrent | ||
Operating lease weighted-average remaining lease term (in years) | 11 years 4 months 24 days | 11 years 7 months 6 days | ||
Operating lease weighted-average discount rate | 4% | 4% | ||
[1] Included in Property, Plant and Equipment in the Registrants' balance sheets. Included in Other Deferred Credits and Other Liabilities in the Registrants' balance sheets. |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Leased Assets [Line Items] | |||
2024 | $ 3.7 | ||
2025 | 3.5 | ||
2026 | 3 | ||
2027 | 3 | ||
2028 | 3.1 | ||
Thereafter | 22.6 | ||
Total future minimum lease payments | 38.9 | ||
Less: Imputed interest | 8.4 | ||
Present value of net minimum lease payments | [1] | 30.5 | $ 34.8 |
OG&E [Member] | |||
Operating Leased Assets [Line Items] | |||
2024 | 3.7 | ||
2025 | 3.5 | ||
2026 | 3 | ||
2027 | 3 | ||
2028 | 3.1 | ||
Thereafter | 22.6 | ||
Total future minimum lease payments | 38.9 | ||
Less: Imputed interest | 8.4 | ||
Present value of net minimum lease payments | [1] | $ 30.5 | $ 34.8 |
[1] Included in Other Deferred Credits and Other Liabilities in the Registrants' balance sheets. |
Investment in Unconsolidated _2
Investment in Unconsolidated Affiliate (Details) - USD ($) $ / shares in Units, $ in Millions | 11 Months Ended | 12 Months Ended | ||||
Dec. 02, 2021 | Dec. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Distributions received | $ 34 | $ 73.4 | ||||
Equity in earnings (losses) of unconsolidated affiliates | $ 169.8 | $ 0 | 0 | 169.8 | ||
Share Price | $ 35.91 | |||||
Gain (Loss) on Disposition of Assets | $ 0 | $ 0 | $ 344.4 | |||
Proceeds from Sales of Assets, Investing Activities | $ 35 | |||||
Fees paid from disposition of assets | 8.6 | |||||
OGE Energy [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | 344.4 | |||||
CenterPoint [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from Sales of Assets, Investing Activities | 30 | |||||
Energy Transfer | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from Sales of Assets, Investing Activities | $ 5 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial instruments measured at fair value | $ 0 | $ 0 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | $ 4,340.5 | $ 4,548.6 |
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 | 4,146 | 3,854.2 |
Long-Term Debt, Fair Value | 3,922.3 | 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 |
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 | $ 7.1 | $ 7.3 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |||
Number of Shares Authorized | 8,417,755 | ||
Number of treasury stock used | 2,371 | 154,523 | |
New common stock shares issued | 82,321 | 27,278 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Pre-tax Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $ 13.1 | $ 9.7 | $ 9.8 |
Income tax benefit | 3.2 | 2.3 | 2.5 |
OG&E [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 3.1 | 2.9 | 2.2 |
Income tax benefit | 0.7 | 0.7 | 0.6 |
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 9.3 | 7.2 | 7.5 |
Performance Units [Member] | OG&E [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 2.2 | 2.2 | 1.8 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 3.8 | 2.5 | 2.3 |
Restricted Stock Units (RSUs) [Member] | OG&E [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $ 0.9 | $ 0.7 | $ 0.4 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Units Total Shareholder Return Valuation Assumptions (Details) - Total Shareholder Return [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 213,442 | 216,437 | 249,909 |
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 43.74 | $ 41.1 | $ 38.14 |
Expected Dividend Rate | 4.20% | 4.80% | 4.70% |
Expected Volatility Rate | 31% | 29% | 29% |
Risk Free Interest Rate | 4.47% | 1.71% | 0.22% |
Expected Term | 2 years 10 months 6 days | 2 years 10 months 6 days | 2 years 10 months 2 days |
Og and E [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 65,069 | 60,923 | 68,720 |
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 43.74 | $ 41.1 | $ 38.14 |
Expected Dividend Rate | 4.20% | 4.80% | 4.70% |
Expected Volatility Rate | 31% | 29% | 29% |
Risk Free Interest Rate | 4.47% | 1.71% | 0.22% |
Expected Term | 2 years 10 months 6 days | 2 years 10 months 6 days | 2 years 10 months 6 days |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Valuation Assumptions (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 114,926 | 116,539 | 89,197 |
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 37.52 | $ 35.72 | $ 31.11 |
Og and E [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 35,034 | 32,804 | 22,911 |
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 37.52 | $ 35.72 | $ 30.91 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share-based Compensation, Activity (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity Instruments Other than Options, Forfeited in Period | (8,009) | |||
Total Shareholder Return [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 213,442 | 216,437 | 249,909 | |
Total Shareholder Return [Member] | Og and E [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 65,069 | 60,923 | 68,720 | |
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 608,375 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | [1] | 213,442 | ||
Equity Instruments Other than Options, Converted in Period | [2] | (161,690) | ||
Equity Instruments Other than Options, Vested in Period | (234,672) | |||
Equity Instruments Other than Options, Forfeited in Period | (8,009) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 652,118 | 608,375 | ||
Awards Other than Options, Fully Vested | [3] | 234,672 | ||
Equity Instruments Other than Options, Converted, Aggregrate Intrinsic Value | $ 3.7 | |||
Equity Instruments Other than Options, Outstanding, Aggregrate Intrinsic Value | 28.8 | |||
Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 12.7 | |||
Performance Units [Member] | Og and E [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 170,623 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | [1] | 65,069 | ||
Equity Instruments Other than Options, Converted in Period | [2] | (44,550) | ||
Equity Instruments Other than Options, Vested in Period | (63,506) | |||
Equity Instruments Other than Options, Forfeited in Period | (5,889) | |||
Equity Other Than Options, Employee Migration | [4] | (1,416) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 183,837 | 170,623 | ||
Awards Other than Options, Fully Vested | [3] | 63,506 | ||
Equity Instruments Other than Options, Converted, Aggregrate Intrinsic Value | $ 1 | |||
Equity Instruments Other than Options, Outstanding, Aggregrate Intrinsic Value | 8 | |||
Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 3.4 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 189,483 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 114,926 | 116,539 | 89,197 | |
Equity Instruments Other than Options, Vested in Period | (76,664) | |||
Equity Instruments Other than Options, Forfeited in Period | (4,599) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 223,146 | 189,483 | ||
Equity Instruments Other than Options, Vested, Aggregrate Intrinsic Value | $ 2.7 | |||
Equity Instruments Other than Options, Outstanding, Aggregrate Intrinsic Value | $ 7.8 | |||
Restricted Stock [Member] | Og and E [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 52,759 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 35,034 | 32,804 | 22,911 | |
Equity Instruments Other than Options, Vested in Period | (20,265) | |||
Equity Instruments Other than Options, Forfeited in Period | (2,725) | |||
Equity Other Than Options, Employee Migration | [4] | (559) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 64,244 | 52,759 | ||
Equity Instruments Other than Options, Vested, Aggregrate Intrinsic Value | $ 0.7 | |||
Equity Instruments Other than Options, Outstanding, Aggregrate Intrinsic Value | $ 2.2 | |||
[1] For performance units, this represents the target number of performance units granted. Actual number of performance units earned, if any, is dependent upon performance and may range from zero percent to 200 percent of the target. These amounts represent performance units that vested at December 31, 2022, which were settled in February 2023. These amounts represent performance units that vested at December 31, 2023. Actual expected amounts to be paid out in 2024 will differ based on the percentage at which the performance metric was met and are dependent upon Compensation Committee approval. Due to certain employees transferring between OG&E and OGE Energy. |
Stock-Based Compensation - Sh_2
Stock-Based Compensation - Share-based Compensation, Activity (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum payout range | 0% |
Maximum payout range | 200% |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Nonvested Share Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity Instruments Other than Options, Forfeited in Period | (8,009) | |||
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 446,685 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | [1] | 213,442 | ||
Equity Instruments Other than Options, Vested in Period | (234,672) | |||
Equity Instruments Other than Options, Forfeited in Period | (8,009) | |||
Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 417,446 | 446,685 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 39.53 | |||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 43.74 | |||
Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 38.14 | |||
Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 40.66 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 42.44 | $ 39.53 | ||
Performance Units [Member] | Og and E [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 126,073 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | [1] | 65,069 | ||
Equity Instruments Other than Options, Vested in Period | (63,506) | |||
Equity Instruments Other than Options, Forfeited in Period | (5,889) | |||
Equity Other Than Options, Employee Migration | [2] | (1,416) | ||
Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 120,331 | 126,073 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 39.53 | |||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 43.74 | |||
Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 38.14 | |||
Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 40.92 | |||
Equity Other Than Options, Employee Migration, Weighted Average Grant Date Fair Value | 38.36 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 42.49 | $ 39.53 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 189,483 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 114,926 | 116,539 | 89,197 | |
Equity Instruments Other than Options, Vested in Period | (76,664) | |||
Equity Instruments Other than Options, Forfeited in Period | (4,599) | |||
Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 223,146 | 189,483 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 33.75 | |||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 37.52 | $ 35.72 | $ 31.11 | |
Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 30.95 | |||
Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 34.52 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 36.64 | $ 33.75 | ||
Restricted Stock [Member] | Og and E [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 52,759 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 35,034 | 32,804 | 22,911 | |
Equity Instruments Other than Options, Vested in Period | (20,265) | |||
Equity Instruments Other than Options, Forfeited in Period | (2,725) | |||
Equity Other Than Options, Employee Migration | [2] | (559) | ||
Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 64,244 | 52,759 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 33.78 | |||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 37.52 | $ 35.72 | $ 30.91 | |
Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 30.91 | |||
Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 35.17 | |||
Equity Other Than Options, Employee Migration, Weighted Average Grant Date Fair Value | 32.25 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 36.68 | $ 33.78 | ||
[1] For performance units, this represents the target number of performance units granted. Actual number of performance units earned, if any, is dependent upon performance and may range from zero percent to 200 percent of the target. Due to certain employees transferring between OG&E and OGE Energy. |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Nonvested Share Activity (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum payout range | 0% |
Maximum payout range | 200% |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Vested Performance Units and Restricted Stock (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value of Vested Performance Units and Restricted Stock | $ 9 | $ 6.2 | $ 8.1 |
Performance Units [Member] | Og and E [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value of Vested Performance Units and Restricted Stock | 2.4 | 1.7 | 2.3 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value of Vested Performance Units and Restricted Stock | 2.4 | 2.1 | 2.2 |
Restricted Stock [Member] | Og and E [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value of Vested Performance Units and Restricted Stock | $ 0.6 | $ 0.5 | $ 0.5 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Compensation Cost Not yet Recognized | $ 11.9 |
Og and E [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Compensation Cost Not yet Recognized | 3.5 |
Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Compensation Cost Not yet Recognized | $ 8.3 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 4 days |
Performance Units [Member] | Og and E [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Compensation Cost Not yet Recognized | $ 2.4 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Compensation Cost Not yet Recognized | $ 3.6 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 1 day |
Restricted Stock [Member] | Og and E [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Compensation Cost Not yet Recognized | $ 1.1 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 8 days |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ 46.1 | $ 250.8 | $ 16.4 |
Current State and Local Tax Expense (Benefit) | (2.2) | 28.8 | 1.7 |
Current Income Tax Expense (Benefit) | 43.9 | 279.6 | 18.1 |
Deferred Federal Income Tax Expense (Benefit) | 18.1 | (110.8) | 133.1 |
Deferred State and Local Income Tax Expense (Benefit) | (5.8) | (45.2) | (10) |
Deferred Income Tax Expense (Benefit) | 12.3 | (156) | 123.1 |
Income Tax Expense | 56.2 | 123.6 | 141.2 |
Og and E [Member] | |||
Income Taxes [Line Items] | |||
Current Federal Tax Expense (Benefit) | 48.9 | (141.2) | (9) |
Current State and Local Tax Expense (Benefit) | 3.7 | (0.9) | 9 |
Current Income Tax Expense (Benefit) | 52.6 | (142.1) | 0 |
Deferred Federal Income Tax Expense (Benefit) | 18.8 | 219.9 | 58.3 |
Deferred State and Local Income Tax Expense (Benefit) | (2.6) | (1.4) | (16.5) |
Deferred Income Tax Expense (Benefit) | 16.2 | 218.5 | 41.8 |
Income Tax Expense | $ 68.8 | $ 76.4 | $ 41.8 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Taxes [Line Items] | ||||
Statutory federal tax rate | 21% | 21% | 21% | |
State income taxes, net of federal income tax benefit | (1.30%) | (1.00%) | 0.90% | |
Stock-based compensation | 0.10% | 0% | 0.10% | |
Executive compensation limitation | 0.20% | 0.10% | 0.10% | |
Amortization of net unfunded deferred taxes | (7.00%) | (3.20%) | (2.10%) | |
Federal renewable energy credit | [1] | 0% | 0% | (2.00%) |
Remeasurement of state deferred taxes due to Energy Transfer merger | 0% | 0% | (1.10%) | |
Remeasurement of state deferred tax liabilities | 0% | (0.60%) | (0.60%) | |
401(k) dividends | (0.30%) | (0.20%) | (0.20%) | |
Other | (0.80%) | (0.40%) | 0% | |
Effective income tax rate | 11.90% | 15.70% | 16.10% | |
Og and E [Member] | ||||
Income Taxes [Line Items] | ||||
Statutory federal tax rate | 21% | 21% | 21% | |
State income taxes, net of federal income tax benefit | 0.30% | (0.40%) | (1.40%) | |
Stock-based compensation | 0% | 0% | 0% | |
Executive compensation limitation | 0% | 0% | 0% | |
Amortization of net unfunded deferred taxes | (6.70%) | (5.00%) | (4.60%) | |
Federal renewable energy credit | [1] | 0% | 0% | (4.40%) |
Remeasurement of state deferred taxes due to Energy Transfer merger | 0% | 0% | 0% | |
Remeasurement of state deferred tax liabilities | 0% | 0% | 0% | |
401(k) dividends | 0% | 0% | 0% | |
Other | (0.70%) | (0.80%) | (0.20%) | |
Effective income tax rate | 13.90% | 14.80% | 10.40% | |
[1] Represents credits primarily associated with the production from OG&E's wind farms. |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes [Line Items] | ||
Accelerated depreciation and other property related differences | $ 1,753.8 | $ 1,714.5 |
Regulatory assets | 67.6 | 54.8 |
Pension Plan | 21.8 | 18 |
Corporate owned life insurance | 2.6 | 2.4 |
Bond redemption-unamortized costs | 1.4 | 1.6 |
Income taxes recoverable from customers, net | (202.7) | (216.7) |
State tax credits | (228.8) | (221.2) |
Regulatory liabilities | (54.4) | (60.8) |
Asset retirement obligations | (19.7) | (18.8) |
Postretirement medical and life insurance benefits | (20.8) | (19.2) |
Accrued liabilities | (13.2) | (11.2) |
Deferred federal investment tax credits | (2.7) | (2.9) |
Accrued vacation | (1.4) | (1.4) |
Uncollectible accounts | (0.5) | (0.5) |
Other | (2.2) | (5.1) |
Deferred Income Tax Liabilities, Net, Total | 1,300.8 | 1,233.5 |
Og and E [Member] | ||
Income Taxes [Line Items] | ||
Accelerated depreciation and other property related differences | 1,753.8 | 1,714.5 |
Regulatory assets | 67.6 | 54.7 |
Pension Plan | 37.9 | 35.4 |
Corporate owned life insurance | 0 | 0 |
Bond redemption-unamortized costs | 1.4 | 1.6 |
Income taxes recoverable from customers, net | (202.7) | (216.7) |
State tax credits | (213.5) | (208.5) |
Regulatory liabilities | (54.4) | (60.8) |
Asset retirement obligations | (19.7) | (18.8) |
Postretirement medical and life insurance benefits | (14) | (12.7) |
Accrued liabilities | (5.5) | (7.3) |
Deferred federal investment tax credits | (2.7) | (2.9) |
Accrued vacation | (1.4) | (1.1) |
Uncollectible accounts | (0.4) | (0.5) |
Other | (5.6) | (5.8) |
Deferred Income Tax Liabilities, Net, Total | $ 1,340.8 | $ 1,271.1 |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Line Items] | ||||
Reserve related to state tax position | $ 7,900,000 | |||
Unrecognized Tax Benefits | 28,600,000 | $ 20,700,000 | $ 22,400,000 | $ 21,900,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | 0 | |
Og and E [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized Tax Benefits | 22,600,000 | 16,400,000 | $ 18,100,000 | |
Deferred Tax Asset [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized Tax Benefits | $ 14,700,000 | |||
Deferred Tax Asset [Member] | OGE Energy [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 2,700,000 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 20.7 | $ 22.4 | $ 21.9 |
Additions | 7.9 | 0 | 1.7 |
Reductions | 0 | (1.7) | (1.2) |
Unrecognized Tax Benefits, Ending Balance | $ 28.6 | $ 20.7 | $ 22.4 |
Income Taxes - Summary of Tax C
Income Taxes - Summary of Tax Credit Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes [Line Items] | ||
State tax credits | $ (228.8) | $ (221.2) |
Og and E [Member] | ||
Income Taxes [Line Items] | ||
State tax credits | (213.5) | $ (208.5) |
Oklahoma investment tax credits [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Amount | 259.1 | |
State tax credits | 204.7 | |
Oklahoma investment tax credits [Member] | Og and E [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Amount | 239.8 | |
State tax credits | 189.4 | |
Oklahoma capital investment board credits [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Amount | 12.8 | |
State tax credits | 12.8 | |
Oklahoma capital investment board credits [Member] | Og and E [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Amount | 12.8 | |
State tax credits | 12.8 | |
Oklahoma zero emission tax credits [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Amount | 16 | |
State tax credits | 11.3 | |
Oklahoma zero emission tax credits [Member] | Og and E [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Amount | 16 | |
State tax credits | $ 11.3 |
Common Equity - Automatic Divid
Common Equity - Automatic Dividend Reinvestment and Stock Purchase Plan (Additional Information) (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Issued During Period, Shares, New Issues | 82,321 | 27,278 |
Automatic Dividend Reinvestment and Stock Purchase Plan [Member] | ||
Stock Issued During Period, Shares, New Issues | 0 | |
Shares Held in Reserve Related to Dividend Reinvestment Plan and Stock Purchase Plan | 4,899,178 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income attributable to OGE Energy | $ 416.8 | $ 665.7 | $ 737.3 |
Basic Average Common Shares Outstanding | 200.3 | 200.2 | 200.1 |
Contingently Issuable Shares (Performance and Restricted Stock Units) | 0.6 | 0.6 | 0.2 |
Diluted Average Common Shares Outstanding | 200.9 | 200.8 | 200.3 |
Basic earnings per average common share | $ 2.08 | $ 3.33 | $ 3.68 |
Diluted earnings per average common share | $ 2.07 | $ 3.32 | $ 3.68 |
Anti-dilutive shares excluded from earnings per share calculation | 0 | 0 | 0 |
Retained Earnings [Member] | |||
Net income attributable to OGE Energy | $ 416.8 | $ 665.7 | $ 737.3 |
Common Equity - Dividends Restr
Common Equity - Dividends Restriction (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Preferred Stock, Shares Outstanding | 0 | ||
Stock Issued During Period, Shares, New Issues | 82,321 | 27,278 | |
OGE Energy [Member] | |||
Retained Earnings, Restricted | $ 930.9 | ||
Retained Earnings, Unrestricted | $ 2,400 | ||
OGE Energy [Member] | Maximum [Member] | |||
Ratio of Consolidated Debt to Consolidated Capitalization | 70% | ||
Og and E [Member] | |||
Ratio of Consolidated Debt to Consolidated Capitalization | 65% | ||
Retained Earnings, Restricted | $ 733.3 | ||
Retained Earnings, Unrestricted | $ 2,700 | ||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 0 |
Long-Term Debt (Additional Info
Long-Term Debt (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | ||||||
Percent of Principal Amount Subject to Optional Tender | 100% | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,150 | |||||
Term Loan [Member] | Series Due May 24, 2025 [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |||||
Term Loan [Member] | Series Due May 24, 2025 [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||||
OG&E [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-Term Debt, Maturity, Year Two | $ 79.4 | |||||
Long-Term Debt, Maturity, Year Four | 181 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 500 | |||||
Line of Credit Facility, Current Borrowing Capacity | [1],[2] | $ 550 | ||||
Maturity | [1],[2],[3] | Dec. 18, 2028 | ||||
OGE Energy [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-Term Debt, Maturity, Year Two | $ 129.4 | |||||
Long-Term Debt, Maturity, Year Four | 181 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 500 | |||||
Line of Credit Facility, Current Borrowing Capacity | [4] | $ 550 | ||||
Maturity | [3],[4] | Dec. 18, 2028 | ||||
OGE Energy [Member] | Series Due May 24, 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt | $ 100 | |||||
OGE Energy [Member] | Credit Facility [Member] | Series Due May 24, 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt | 50 | |||||
OGE Energy [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | [5] | $ 50 | ||||
Maturity | [5] | May 24, 2025 | ||||
OGE Energy [Member] | Term Loan [Member] | Series Due May 24, 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt | $ 50 | |||||
Senior Notes [Member] | OG&E [Member] | Series Due August 15, 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt | $ 400 | $ 400 | ||||
Senior Notes [Member] | OG&E [Member] | Senior Notes due January 15, 2033 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt | $ 450 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | |||||
Debt Instrument, Maturity Date | Jan. 15, 2033 | |||||
Senior Notes [Member] | OG&E [Member] | Senior Notes Due April 1 2053 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt | $ 350 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |||||
Debt Instrument, Maturity Date | Apr. 01, 2053 | |||||
Senior Notes [Member] | OG&E [Member] | Series Due May 26, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt | $ 0 | 500 | $ 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.553% | 0.553% | ||||
Debt Instrument, Maturity Date | May 26, 2023 | |||||
Senior Notes [Member] | OGE Energy [Member] | Series Due May 26, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt | $ 0 | $ 500 | $ 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.703% | 0.703% | ||||
Debt Instrument, Maturity Date | May 26, 2023 | |||||
[1] 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 18, 2028 . At December 31, 2023 , there was $ 85.1 million in 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. In December 2022, the Registrants entered into an amendment to their credit facility that gave each of the Registrants the option of extending such commitments for up to two additional one-year periods. On December 18, 2023, the Registrants utilized the first extension option for an additional one-year period extending the term until December 2028. 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. The credit agreement, under certain circumstances, may be increased to a maximum commitment limit of $ 135.0 million and includes a maximum leverage ratio of 0.65 to 1.0. The other covenants under this credit agreement are substantially the same as OGE Energy's existing $ 550.0 million revolving credit agreement. |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 4,340.5 | $ 4,548.6 |
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] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 4,290.6 | 3,998.9 |
OG&E [Member] | Garfield Industrial Authority Bond [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
OG&E [Member] | Muskogee Industrial Authority Bond Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
OG&E [Member] | Muskogee Industrial Authority Bond Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 01, 2027 | |
OG&E [Member] | Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 47 | 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 | 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 | $ 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% | |
Minimum [Member] | OG&E [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] | OG&E [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] | OG&E [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 | 4.75% | |
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 | 4.60% | |
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 | 4.75% | |
Maximum [Member] | OG&E [Member] | Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Maximum [Member] | OG&E [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | |
Maximum [Member] | OG&E [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% |
Short-Term Debt and Credit Fa_3
Short-Term Debt and Credit Facilities - Additional Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||
Short-term debt | $ 499,200,000 | $ 0 | |
Acceleration of Indebtedness of Credit Facility | 100,000,000 | ||
Nonpayment of Uninsured Judgments | 100,000,000 | ||
Outstanding Intercompany Borrowings | 85,100,000 | ||
OGE Energy [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | [1] | $ 550,000,000 | |
OGE Energy [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Ratio of Consolidated Debt to Consolidated Capitalization | 70% | ||
OG&E [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | [2],[3] | $ 550,000,000 | |
Short Term Borrowing Capacity That Has Regulatory Approval | $ 1,000,000,000 | ||
Ratio of Consolidated Debt to Consolidated Capitalization | 65% | ||
[1] This bank facility is available to back up OGE Energy's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. 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 18, 2028 . At December 31, 2023 , there was $ 85.1 million in 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_4
Short-Term Debt and Credit Facilities - Schedule of Line of Credit Facilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Line of Credit Facility [Line Items] | ||
Aggregate Commitment | $ 1,150 | |
Line of Credit Outstanding, Amount | $ 499.6 | [1] |
Weighted - Average Interest Rate | 5.77% | [2] |
OGE Energy [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 550 | [3] |
Line of Credit Outstanding, Amount | $ 499.2 | [1],[3] |
Weighted - Average Interest Rate | 5.78% | [2],[3] |
Maturity | Dec. 18, 2028 | [3],[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% | [2],[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 | 1.20% | [2],[6],[7] |
Maturity | Dec. 18, 2028 | [4],[6],[7] |
[1] Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at December 31, 2023 Represents the weighted-average interest rate for the outstanding borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit. 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. In December 2022, the Registrants entered into an amendment to their credit facility that gave each of the Registrants the option of extending such commitments for up to two additional one-year periods. On December 18, 2023, the Registrants utilized the first extension option for an additional one-year period extending the term until December 2028. 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. The credit agreement, under certain circumstances, may be increased to a maximum commitment limit of $ 135.0 million and includes a maximum leverage ratio of 0.65 to 1.0. The other covenants under this credit agreement are substantially the same as OGE Energy's existing $ 550.0 million revolving credit agreement. 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 18, 2028 . At December 31, 2023 , there was $ 85.1 million in 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) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Line of Credit Facility [Line Items] | |||
Outstanding Intercompany Borrowings | $ 85,100,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,150,000,000 | ||
Og and E [Member] | |||
Line of Credit Facility [Line Items] | |||
Intercompany Borrowing Agreement - Maximum Borrowing Capacity | $ 450,000,000 | ||
Credit facility termination date | [1],[2],[3] | Dec. 18, 2028 | |
Line of Credit Facility, Current Borrowing Capacity | [2],[3] | $ 550,000,000 | |
Advances from parent | $ 147,700,000 | $ 0 | |
OGE Energy [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility termination date | [1],[4] | Dec. 18, 2028 | |
Line of Credit Facility, Current Borrowing Capacity | [4] | $ 550,000,000 | |
OGE Energy [Member] | Series Due May 24, 2025 [Member] | |||
Line of Credit Facility [Line Items] | |||
Long term debt | 100,000,000 | ||
OGE Energy [Member] | Series due August 15, 2028 [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 135,000,000 | ||
Debt Instrument Maximum Leverage Ratio | 0.65 | ||
Credit Facility [Member] | OGE Energy [Member] | Series Due May 24, 2025 [Member] | |||
Line of Credit Facility [Line Items] | |||
Long term debt | $ 50,000,000 | ||
Term Loan [Member] | OGE Energy [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility termination date | [5] | May 24, 2025 | |
Line of Credit Facility, Current Borrowing Capacity | [5] | $ 50,000,000 | |
Term Loan [Member] | OGE Energy [Member] | Series Due May 24, 2025 [Member] | |||
Line of Credit Facility [Line Items] | |||
Long term debt | $ 50,000,000 | ||
[1] In December 2022, the Registrants entered into an amendment to their credit facility that gave each of the Registrants the option of extending such commitments for up to two additional one-year periods. On December 18, 2023, the Registrants utilized the first extension option for an additional one-year period extending the term until December 2028. 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 18, 2028 . At December 31, 2023 , there was $ 85.1 million in 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. 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. The credit agreement, under certain circumstances, may be increased to a maximum commitment limit of $ 135.0 million and includes a maximum leverage ratio of 0.65 to 1.0. The other covenants under this credit agreement are substantially the same as OGE Energy's existing $ 550.0 million revolving credit agreement. |
Retirement Plans and Postreti_3
Retirement Plans and Postretirement Benefit Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer expected contribution | $ 10,000,000 | ||
Ultimate Health Care Cost Trend Rate | 4.50% | ||
Postemployment Benefits Liability | $ 1,700,000 | $ 1,800,000 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 200% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5% | ||
Defined Contribution Plan, Cost | $ 19,600,000 | 17,100,000 | $ 15,400,000 |
Maximum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of increase in annual medical inflation cost | 5% | ||
Og and E [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Postemployment Benefits Liability | $ 1,300,000 | 1,300,000 | |
Defined Contribution Plan, Cost | 16,000,000 | 13,900,000 | 12,000,000 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contributions | $ 6,800,000 | 6,700,000 | |
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.75% | ||
Fair Value of Plan Assets | $ 32,700,000 | 32,800,000 | 44,300,000 |
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 16,800,000 | 21,600,000 | |
Other Postretirement Benefits Plan [Member] | Og and E [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contributions | 5,200,000 | 5,100,000 | |
Fair Value of Plan Assets | 29,600,000 | 29,800,000 | 39,900,000 |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contributions | 0 | 0 | |
Fair Value of Plan Assets | 243,700,000 | 293,000,000 | $ 486,000,000 |
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Retirement Plans and Postreti_4
Retirement Plans and Postretirement Benefit Plans - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, Beginning | $ 358.5 | $ 502.9 | |
Service cost | 5.4 | 7.6 | |
Interest cost | 15.9 | 15.7 | |
Plan settlements | (62.8) | (95.8) | |
Actuarial losses (gains) | 0.8 | (56.9) | |
Benefits paid | (14.1) | (15) | |
Benefit Obligation, Ending | 303.7 | 358.5 | $ 502.9 |
Pension Plans [Member] | Og and E [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, Beginning | 288.5 | 363.2 | |
Service cost | 4.4 | 6.2 | |
Interest cost | 12.6 | 12.1 | |
Plan settlements | (57.7) | (38.8) | |
Actuarial losses (gains) | 2.7 | (41.3) | |
Benefits paid | (11.9) | (12.9) | |
Benefit Obligation, Ending | 238.6 | 288.5 | 363.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets, Beginning | 238.9 | 353 | |
Actual return on plans' assets | 22.1 | (62.4) | |
Employer contributions | 0 | 0 | |
Plan settlements | (57.7) | (38.8) | |
Benefits paid | (11.9) | (12.9) | |
Fair Value of Plan Assets, Ending | 191.4 | 238.9 | 353 |
Funded status at end of year | (47.2) | (49.6) | |
Accumulated Benefit Obligation | 226.5 | 275.2 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | 5.4 | 7.6 | 11.2 |
Interest cost | 15.9 | 15.7 | 13.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets, Beginning | 293 | 486 | |
Actual return on plans' assets | 27.6 | (82.2) | |
Employer contributions | 0 | 0 | |
Plan settlements | (62.8) | (95.8) | |
Benefits paid | (14.1) | (15) | |
Fair Value of Plan Assets, Ending | 243.7 | 293 | 486 |
Funded status at end of year | (60) | (65.5) | |
Accumulated Benefit Obligation | 289.5 | 342.7 | |
Pension Plans, Defined Benefit [Member] | Og and E [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | 4.4 | 6.2 | 7.7 |
Interest cost | 12.6 | 12.1 | 9.7 |
Restoration of Retirement Income Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, Beginning | 5.8 | 5.9 | |
Service cost | 1 | 1.1 | 0.8 |
Interest cost | 0.3 | 0.2 | 0.1 |
Plan settlements | (1.4) | (1.5) | |
Actuarial losses (gains) | (0.2) | 0.1 | |
Benefits paid | 0 | 0 | |
Benefit Obligation, Ending | 5.5 | 5.8 | 5.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets, Beginning | 0 | 0 | |
Actual return on plans' assets | 0 | 0 | |
Employer contributions | 1.4 | 0.2 | |
Plan settlements | (1.4) | (0.2) | |
Benefits paid | 0 | 0 | |
Fair Value of Plan Assets, Ending | 0 | 0 | 0 |
Funded status at end of year | (5.5) | (5.8) | |
Accumulated Benefit Obligation | 4.9 | 4.8 | |
Restoration of Retirement Income Plan [Member] | Og and E [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, Beginning | 0.5 | 0.5 | |
Service cost | 0 | 0 | 0 |
Interest cost | 0 | 0 | 0 |
Plan settlements | (0.7) | 0 | |
Actuarial losses (gains) | 0.2 | 0 | |
Benefits paid | 0 | 0 | |
Benefit Obligation, Ending | 0 | 0.5 | 0.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets, Beginning | 0 | 0 | |
Actual return on plans' assets | 0 | 0 | |
Employer contributions | 0.7 | 0 | |
Plan settlements | (0.7) | 0 | |
Benefits paid | 0 | 0 | |
Fair Value of Plan Assets, Ending | 0 | 0 | 0 |
Funded status at end of year | 0 | (0.5) | |
Accumulated Benefit Obligation | 0 | 0.4 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, Beginning | 101.9 | 137.3 | |
Service cost | 0.1 | 0.2 | 0.2 |
Interest cost | 5.2 | 3.5 | 3.4 |
Participants' contributions | 3.4 | 3.5 | |
Actuarial losses (gains) | 4.9 | (29.1) | |
Benefits paid | (12.2) | (13.5) | |
Benefit Obligation, Ending | 103.3 | 101.9 | 137.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets, Beginning | 32.8 | 44.3 | |
Actual return on plans' assets | 1.9 | (8.2) | |
Employer contributions | 6.8 | 6.7 | |
Participants' contributions | 3.4 | 3.5 | |
Benefits paid | (12.2) | (13.5) | |
Fair Value of Plan Assets, Ending | 32.7 | 32.8 | 44.3 |
Accumulated Benefit Obligation | 70.6 | 69.1 | |
Other Postretirement Benefits Plan [Member] | Og and E [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, Beginning | 76.4 | 102.4 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 3.9 | 2.7 | 2.6 |
Participants' contributions | 2.4 | 2.4 | |
Actuarial losses (gains) | 4 | (21) | |
Benefits paid | (9.5) | (10.2) | |
Benefit Obligation, Ending | 77.3 | 76.4 | 102.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets, Beginning | 29.8 | 39.9 | |
Actual return on plans' assets | (1.7) | (7.4) | |
Employer contributions | 5.2 | 5.1 | |
Participants' contributions | 2.4 | 2.4 | |
Benefits paid | (9.5) | (10.2) | |
Fair Value of Plan Assets, Ending | 29.6 | 29.8 | $ 39.9 |
Accumulated Benefit Obligation | $ 47.7 | $ 46.6 |
Retirement Plans and Postreti_5
Retirement Plans and Postretirement Benefit Plans - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $ 5.4 | $ 7.6 | $ 11.2 | |||
Interest cost | $ 15.9 | $ 15.7 | $ 13.3 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Expected return on plan assets | $ (16.2) | $ (25.4) | $ (34.1) | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Amortization of net loss | $ 8 | $ 8.9 | $ 9.4 | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Amortization of unrecognized prior service cost | [1] | $ 0 | $ 0 | $ 0 | ||
Settlement cost | 21.8 | 30.6 | 41.3 | |||
Total net periodic benefit cost (income) | 34.9 | 37.4 | 41.1 | |||
Less: Amount paid by unconsolidated affiliates | 0 | 0 | (0.2) | |||
Net periodic benefit cost (income) | 34.9 | 37.4 | 41.3 | |||
Pension Plan [Member] | Oklahoma Jurisdiction | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement cost | [2] | 20.1 | 15.4 | 37.9 | ||
Change in pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction | [2] | 33.3 | 15.2 | 23 | ||
Pension Plan [Member] | Arkansas Jurisdiction | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement cost | 1.9 | [2] | 1.4 | 3.5 | [2] | |
Pension Plan [Member] | Og and E [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 4.4 | 6.2 | 7.7 | |||
Interest cost | $ 12.6 | $ 12.1 | $ 9.7 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Expected return on plan assets | $ (12.9) | $ (19.6) | $ (24.7) | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Amortization of net loss | $ 6.9 | $ 7.4 | $ 7 | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Settlement cost | $ 20.4 | $ 12.9 | $ 33.1 | |||
Total net periodic benefit cost (income) | 31.4 | 19 | 32.8 | |||
Amount Attributable to Parent | 3 | 5.2 | 6.5 | |||
Net periodic benefit cost (income) | 34.4 | 24.2 | 39.3 | |||
Other Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 1 | 1.1 | 0.8 | |||
Interest cost | $ 0.3 | $ 0.2 | $ 0.1 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Expected return on plan assets | $ 0 | $ 0 | $ 0 | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Amortization of net loss | $ 0 | $ 0.2 | $ 0.2 | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Amortization of unrecognized prior service cost | [1] | $ 0.3 | $ 0.2 | $ 0.1 | ||
Settlement cost | 0.5 | 0.3 | 2.1 | |||
Total net periodic benefit cost (income) | 2.1 | 2 | 3.3 | |||
Less: Amount paid by unconsolidated affiliates | 0 | 0 | 0.1 | |||
Net periodic benefit cost (income) | 2.1 | 2 | 3.2 | |||
Other Pension Plan [Member] | Og and E [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 0 | 0 | 0 | |||
Interest cost | $ 0 | $ 0 | $ 0 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Expected return on plan assets | $ 0 | $ 0 | $ 0 | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Amortization of net loss | $ 0 | $ 0 | $ 0.1 | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Settlement cost | $ 0.4 | $ 0 | $ 1.6 | |||
Total net periodic benefit cost (income) | 0.4 | 0 | 1.7 | |||
Amount Attributable to Parent | 1.7 | 1.5 | 1.5 | |||
Net periodic benefit cost (income) | 2.1 | 1.5 | 3.2 | |||
Other Postretirement Benefits Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 0.1 | 0.2 | 0.2 | |||
Interest cost | $ 5.2 | $ 3.5 | $ 3.4 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Expected return on plan assets | $ (1.7) | $ (1.8) | $ (1.8) | |||
Amortization of net loss | $ (0.2) | $ 1.5 | $ 2.8 | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Amortization of unrecognized prior service cost | [3] | $ 0 | $ (3.8) | $ (6.9) | ||
Total net periodic benefit cost (income) | 3.4 | (0.4) | (2.3) | |||
Less: Amount paid by unconsolidated affiliates | [4] | 0 | 0 | (0.5) | ||
Net periodic benefit cost (income) | 3.4 | (0.4) | (1.8) | |||
Other Postretirement Benefits Plan [Member] | Oklahoma Jurisdiction | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Change in pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction | [5] | 4.4 | 0.6 | (0.4) | ||
Other Postretirement Benefits Plan [Member] | Og and E [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 0.1 | 0.1 | 0.1 | |||
Interest cost | $ 3.9 | $ 2.7 | $ 2.6 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Expected return on plan assets | $ (1.6) | $ (1.6) | $ (1.7) | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Amortization of net loss | $ 0 | $ 1.5 | $ 2.7 | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | |||
Amortization of unrecognized prior service cost | [3] | $ 0 | $ (3.6) | $ (5) | ||
Total net periodic benefit cost (income) | 2.4 | (0.9) | (1.3) | |||
Amount Attributable to Parent | [4] | 0.5 | 0 | (0.5) | ||
Net periodic benefit cost (income) | $ 2.9 | $ (0.9) | $ (1.8) | |||
[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. Included in the pension regulatory asset in each jurisdiction, as indicated in the regulatory assets and liabilities table in Note 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. "Amount paid by unconsolidated affiliates" is only applicable to OGE Energy. "Amount allocated from OGE Energy" is only applicable to OG&E. Included in the pension regulatory asset, as indicated in the regulatory assets and liabilities table in Note 1. |
Retirement Plans and Postreti_6
Retirement Plans and Postretirement Benefit Plans - Schedule of Capitalized Pension and Postretirement Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Capitalized Portion of Net Periodic Benefit Cost | $ 2.2 | $ 3 | $ 3.4 |
Pension Plan [Member] | Og and E [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Capitalized Portion of Net Periodic Benefit Cost | 1.9 | 2.5 | 2.9 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Capitalized Portion of Net Periodic Benefit Cost | 0.1 | 0.2 | 0.2 |
Other Postretirement Benefits Plan [Member] | Og and E [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Capitalized Portion of Net Periodic Benefit Cost | $ 0.1 | $ 0.1 | $ 0.1 |
Retirement Plans and Postreti_7
Retirement Plans and Postretirement Benefit Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.40% | 5.45% | 2.75% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.20% | 4.20% | 4.20% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 3.50% | 3.50% | 3.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.45% | 4.01% | 2.63% |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7% | 7% | 7% |
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.20% | 4.20% | 4.20% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 3.50% | 3.50% | 3.50% |
Postretirement Benefit Plans [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.35% | 5.40% | 2.80% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.40% | 2.80% | 2.45% |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4% | 4% | 4% |
Retirement Plans and Postreti_8
Retirement Plans and Postretirement Benefit Plans - Projected Benefit Obligation Funded Status Thresholds (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Less Than 90% [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 50% |
Projected Benefit Obligation Funded Status Thresholds Equity | 50% |
Projected Benefit Obligation Funded Status Thresholds | 100% |
95% [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 58% |
Projected Benefit Obligation Funded Status Thresholds Equity | 42% |
Projected Benefit Obligation Funded Status Thresholds | 100% |
100% [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 65% |
Projected Benefit Obligation Funded Status Thresholds Equity | 35% |
Projected Benefit Obligation Funded Status Thresholds | 100% |
105% [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 73% |
Projected Benefit Obligation Funded Status Thresholds Equity | 27% |
Projected Benefit Obligation Funded Status Thresholds | 100% |
110% [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 80% |
Projected Benefit Obligation Funded Status Thresholds Equity | 20% |
Projected Benefit Obligation Funded Status Thresholds | 100% |
115% [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 85% |
Projected Benefit Obligation Funded Status Thresholds Equity | 15% |
Projected Benefit Obligation Funded Status Thresholds | 100% |
120% [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 90% |
Projected Benefit Obligation Funded Status Thresholds Equity | 10% |
Projected Benefit Obligation Funded Status Thresholds | 100% |
Domestic All-Cap/Large Cap Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40% |
Domestic All-Cap/Large Cap Equity [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35% |
Domestic All-Cap/Large Cap Equity [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60% |
Domestic Mid-Cap Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15% |
Domestic Mid-Cap Equity [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% |
Domestic Mid-Cap Equity [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25% |
Domestic Small-Cap Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25% |
Domestic Small-Cap Equity [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% |
Domestic Small-Cap Equity [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30% |
International Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20% |
International Equity [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% |
International Equity [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30% |
Retirement Plans and Postreti_9
Retirement Plans and Postretirement Benefit Plans - Defined Benefit Plan, Plan Assets, Category (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | ||
U.S. common stocks [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | $ 56.9 | $ 71.9 | ||
U.S. treasury notes and bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | [1] | 42.4 | 44.6 | |
Mortgage-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 22 | 26.2 | ||
Corporate fixed income and other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 54.6 | 65.5 | ||
Commingled fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | [2] | 13.8 | 18.2 | |
Foreign government bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0.2 | 0.5 | ||
Municipal Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0.3 | 0.9 | ||
Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 1.3 | 5.9 | ||
Interest and dividends receivable [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 1.4 | 1.6 | ||
Payable to broker for securities purchased [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | (14.2) | (25.2) | ||
Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 55.3 | 60.4 | ||
Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 1 | 1.5 | ||
Cash Collateral [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0.3 | 0.3 | ||
Receivable (foreign currency) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0.1 | 0.1 | ||
Receivable from broker for securities sold [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 8.3 | 20.6 | ||
Total Plan investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 248.2 | 296 | ||
Plan Assets Attributable to Affiliates | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | (52.3) | (54.1) | ||
Total Plan assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 243.7 | 293 | ||
Total Plan assets [Member] | Og and E [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 191.4 | 238.9 | ||
Fair Value, Inputs, Level 1 [Member] | U.S. common stocks [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 56.9 | 71.9 | ||
Fair Value, Inputs, Level 1 [Member] | U.S. treasury notes and bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | [1] | 42.4 | 44.6 | |
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Corporate fixed income and other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Commingled fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | [2] | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign government bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 55.3 | 60.4 | ||
Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 1 | 1.5 | ||
Fair Value, Inputs, Level 1 [Member] | Cash Collateral [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0.3 | 0.3 | ||
Fair Value, Inputs, Level 1 [Member] | Receivable (foreign currency) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Total Plan investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 155.9 | 178.7 | ||
Fair Value, Inputs, Level 2 [Member] | U.S. common stocks [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | U.S. treasury notes and bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | [1] | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 22 | 26.2 | ||
Fair Value, Inputs, Level 2 [Member] | Corporate fixed income and other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 54.6 | 65.5 | ||
Fair Value, Inputs, Level 2 [Member] | Commingled fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | [2] | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Foreign government bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0.2 | 0.5 | ||
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0.3 | 0.9 | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Cash Collateral [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Receivable (foreign currency) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0.1 | 0.1 | ||
Fair Value, Inputs, Level 2 [Member] | Total Plan investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 77.2 | 93.2 | ||
Net Asset Value [Member] | U.S. common stocks [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Net Asset Value [Member] | U.S. treasury notes and bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | [1] | 0 | 0 | [3] |
Net Asset Value [Member] | Mortgage-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Net Asset Value [Member] | Corporate fixed income and other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Net Asset Value [Member] | Commingled fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | [2] | 13.8 | 18.2 | [3] |
Net Asset Value [Member] | Foreign government bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Net Asset Value [Member] | Municipal Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Net Asset Value [Member] | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 1.3 | 5.9 | [3] | |
Net Asset Value [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Net Asset Value [Member] | Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Net Asset Value [Member] | Cash Collateral [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Net Asset Value [Member] | Receivable (foreign currency) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Net Asset Value [Member] | Total Plan investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | $ 15.1 | $ 24.1 | [3] | |
[1] This category represents U.S. Treasury notes and bonds with a Moody's Investors Service rating of Aaa and Government Agency Bonds with a Moody's Investors Service rating of A1 or higher. This category represents units of participation in a commingled fund that primarily invested in stocks of international companies and emerging markets. GAAP allows the measurement of certain investments that do not have a readily determinable fair value at the net asset value. These investments do not consider the observability of inputs; therefore, they are not included within the fair value hierarchy. |
Retirement Plans and Postret_10
Retirement Plans and Postretirement Benefit Plans - Schedule of Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Future Benefit Payments, Next Twelve Months | $ 44.4 |
Expected Future Benefit Payments, Year Two | 28.1 |
Expected Future Benefit Payments, Year Three | 27.9 |
Expected Future Benefit Payments, Year Four | 34.2 |
Expected Future Benefit Payments, Year Five | 28 |
Expected Future Benefit Payments, Five Fiscal Years Thereafter | 122.7 |
Og and E [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Future Benefit Payments, Next Twelve Months | 35.4 |
Expected Future Benefit Payments, Year Two | 22.2 |
Expected Future Benefit Payments, Year Three | 22.4 |
Expected Future Benefit Payments, Year Four | 21.1 |
Expected Future Benefit Payments, Year Five | 21 |
Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 96.3 |
Retirement Plans and Postret_11
Retirement Plans and Postretirement Benefit Plans - Schedule of Allocation of Plan Assets (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | $ 32.7 | $ 32.8 | $ 44.3 |
Og and E [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 29.6 | 29.8 | $ 39.9 |
Group Retiree Medical Insurance Contract [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 16.8 | 21.6 | |
Mutual fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 15.9 | 11.2 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 15.9 | 11.2 | |
Fair Value, Inputs, Level 1 [Member] | Group Retiree Medical Insurance Contract [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mutual fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 15.9 | 11.2 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 16.8 | 21.6 | |
Fair Value, Inputs, Level 3 [Member] | Group Retiree Medical Insurance Contract [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 16.8 | 21.6 | |
Fair Value, Inputs, Level 3 [Member] | Mutual fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 32.7 | 32.8 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | OGE Energy [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | (3.1) | (3) | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Og and E [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | $ 29.6 | $ 29.8 |
Retirement Plans and Postret_12
Retirement Plans and Postretirement Benefit Plans - Summary of Reconciliation of Postretirement Benefit Plans Investments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Level 3 Asset Value, Beginning of Period | $ 21.6 |
Claims paid | (4.5) |
Realized losses | (0.9) |
Investment fees | (0.1) |
Interest income | 0.7 |
Level 3 Asset Value, End of Period | $ 16.8 |
Retirement Plans and Postret_13
Retirement Plans and Postretirement Benefit Plans - Summary of Gross Benefit Payments Registrants Expect to Pay (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Postretirement Plan, Expected Future Benefit Payments, Next Twelve Months | $ 13.9 |
Postretirement Plan, Expected Future Benefit Payments, Year Two | 11.5 |
Postretirement Plan, Expected Future Benefit Payments, Year Three | 10.9 |
Postretirement Plan, Expected Future Benefit Payments in Year Four | 9.9 |
Postretirement Plan, Expected Future Benefit Payments, Year Five | 9 |
Postretirement Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 36.9 |
Og and E [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Postretirement Plan, Expected Future Benefit Payments, Next Twelve Months | 10.5 |
Postretirement Plan, Expected Future Benefit Payments, Year Two | 8.6 |
Postretirement Plan, Expected Future Benefit Payments, Year Three | 8 |
Postretirement Plan, Expected Future Benefit Payments in Year Four | 7.4 |
Postretirement Plan, Expected Future Benefit Payments, Year Five | 6.8 |
Postretirement Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 27.8 |
Report of Business Segments - S
Report of Business Segments - Summary of OGE Energy's Business Segments (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | ||
Dec. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 2,674.3 | $ 3,375.7 | $ 3,653.7 | |
Fuel, purchased power and direct transmission expense | 911.7 | 1,662.4 | 2,127.6 | |
Other operation and maintenance | 502.6 | 501.4 | 463.1 | |
Depreciation and amortization | 506.6 | 460.9 | 416 | |
Taxes other than income | 103.2 | 101.5 | 102.8 | |
OPERATING INCOME | 650.2 | 649.5 | 544.2 | |
Equity in earnings of unconsolidated affiliates | $ 169.8 | 0 | 0 | 169.8 |
Gain on Enable/Energy Transfer transaction, net | 0 | 0 | 344.4 | |
Gain on equity securities | 0 | 282.1 | (8.6) | |
Other income (expense) | 44.2 | 24 | (21.6) | |
Interest expense | 221.4 | 166.3 | 158.3 | |
Income tax expense (benefit) | 56.2 | 123.6 | 141.2 | |
Net income (loss) | 416.8 | 665.7 | 737.3 | |
Total assets | 12,790.7 | 12,544.7 | 12,606.4 | |
Capital expenditures | 1,178.2 | 1,050.9 | 778.5 | |
Operating Segments [Member] | Electric Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 2,674.3 | 3,375.7 | 3,653.7 | |
Fuel, purchased power and direct transmission expense | 911.7 | 1,662.4 | 2,127.6 | |
Other operation and maintenance | 505 | 491.9 | 464.7 | |
Depreciation and amortization | 506.6 | 460.9 | 416 | |
Taxes other than income | 99.4 | 98 | 99.3 | |
OPERATING INCOME | 651.6 | 662.5 | 546.1 | |
Equity in earnings of unconsolidated affiliates | 0 | |||
Gain on Enable/Energy Transfer transaction, net | 0 | |||
Gain on equity securities | 0 | |||
Other income (expense) | 43.5 | 11.2 | 7.7 | |
Interest expense | 199.9 | 157.8 | 152 | |
Income tax expense (benefit) | 68.8 | 76.4 | 41.8 | |
Net income (loss) | 426.4 | 439.5 | 360 | |
Total assets | 12,642.6 | 12,410.5 | 11,688 | |
Capital expenditures | 1,178.2 | 1,050.9 | 778.5 | |
Operating Segments [Member] | 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 | 12.6 | 1.6 | ||
Depreciation and amortization | 0 | 0 | ||
Taxes other than income | 0.1 | 0.2 | ||
OPERATING INCOME | (12.7) | (1.8) | ||
Equity in earnings of unconsolidated affiliates | 169.8 | |||
Gain on Enable/Energy Transfer transaction, net | 344.4 | |||
Gain on equity securities | 282.1 | |||
Other income (expense) | 10 | (26.4) | ||
Interest expense | 0 | 0 | ||
Income tax expense (benefit) | 48.1 | 101 | ||
Net income (loss) | 231.3 | 385 | ||
Total assets | 1.2 | 786.6 | ||
Capital expenditures | 0 | 0 | ||
Operating Segments [Member] | Other Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 0 | 0 | 0 | |
Fuel, purchased power and direct transmission expense | 0 | 0 | 0 | |
Other operation and maintenance | (2.4) | (3.1) | (3.2) | |
Depreciation and amortization | 0 | 0 | 0 | |
Taxes other than income | 3.8 | 3.4 | 3.3 | |
OPERATING INCOME | (1.4) | (0.3) | (0.1) | |
Equity in earnings of unconsolidated affiliates | 0 | |||
Gain on Enable/Energy Transfer transaction, net | 0 | |||
Gain on equity securities | 0 | |||
Other income (expense) | 8.1 | 4.9 | (2) | |
Interest expense | 28.9 | 10.6 | 7.2 | |
Income tax expense (benefit) | (12.6) | (0.9) | (1.6) | |
Net income (loss) | (9.6) | (5.1) | (7.7) | |
Total assets | 301.1 | 683.7 | 350.3 | |
Capital expenditures | 0 | 0 | 0 | |
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 0 | 0 | 0 | |
Fuel, purchased power and direct transmission expense | 0 | 0 | 0 | |
Other operation and maintenance | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | |
Taxes other than income | 0 | 0 | 0 | |
OPERATING INCOME | 0 | 0 | 0 | |
Equity in earnings of unconsolidated affiliates | 0 | |||
Gain on Enable/Energy Transfer transaction, net | 0 | |||
Gain on equity securities | 0 | |||
Other income (expense) | (7.4) | (2.1) | (0.9) | |
Interest expense | (7.4) | (2.1) | (0.9) | |
Income tax expense (benefit) | 0 | 0 | 0 | |
Net income (loss) | 0 | 0 | 0 | |
Total assets | (153) | (550.7) | (218.5) | |
Capital expenditures | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Segment Turbine Megawattsday | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | ||||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ | $ 48.8 | $ 58 | $ 55.8 | |
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. Several additional defendants have also been named. 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] | ||||
Loss Contingencies [Line Items] | ||||
Damages sought | $ | $ 60 | |||
CPV Keenan [Member] | ||||
Loss Contingencies [Line Items] | ||||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ | 23 | 25.8 | 27.3 | |
Edison Mission Energy [Member] | ||||
Loss Contingencies [Line Items] | ||||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ | 20.5 | 24.9 | 21.7 | |
NextEra Energy [Member] | ||||
Loss Contingencies [Line Items] | ||||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ | $ 5.3 | $ 7.3 | $ 6.8 | |
OG&E long-term service agreement commitments [Member] | McClain Plant [Member] | ||||
Loss Contingencies [Line Items] | ||||
Factored-Fired Hours | Segment | 128,000 | |||
Factored-Fired Starts | Segment | 4,800 | |||
OG&E long-term service agreement commitments [Member] | Redbud Plant [Member] | ||||
Loss Contingencies [Line Items] | ||||
Factored-Fired Hours | Segment | 144,000 | |||
Factored-Fired Starts | Segment | 4,500 | |||
Additional Factored-Fired Hours | Segment | 24,000 | |||
OG&E Generation Capacity Construction Commitments [Member] | Horseshoe Lake [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of hydrogen capable combustion turbines | Turbine | 2 | |||
Current energy generation capacity | Megawattsday | 448 |
Commitments and Contingencies_2
Commitments and Contingencies - Unrecorded Unconditional Purchase Obligations Disclosure (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Loss Contingencies [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | $ 348.7 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 344.8 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 222.1 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 166 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 108 |
Unrecorded Unconditional Purchase Obligation, Total | 1,189.6 |
OG&E minimum fuel purchase commitments [Member] | |
Loss Contingencies [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 118.4 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 100.5 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 69.7 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 56.9 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 46.6 |
Unrecorded Unconditional Purchase Obligation, Total | 392.1 |
OG&E Estimated Wind Purchase Commitments [Member] | |
Loss Contingencies [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 56.6 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 56.9 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 57.3 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 57.8 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 58.4 |
Unrecorded Unconditional Purchase Obligation, Total | 287 |
OG&E Capacity Commitments [Member] | |
Loss Contingencies [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 32.4 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 33 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 40.2 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 41.4 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0 |
Unrecorded Unconditional Purchase Obligation, Total | 147 |
OG&E long-term service agreement commitments [Member] | |
Loss Contingencies [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 14.8 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 16.6 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 16.6 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 9.9 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 3 |
Unrecorded Unconditional Purchase Obligation, Total | 60.9 |
OG&E Generation Capacity Construction Commitments [Member] | |
Loss Contingencies [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 126.5 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 137.8 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 38.3 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 0 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0 |
Unrecorded Unconditional Purchase Obligation, Total | $ 302.6 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Wind Purchased Power (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ 48.8 | $ 58 | $ 55.8 |
CPV Keenan [Member] | |||
Loss Contingencies [Line Items] | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | 23 | 25.8 | 27.3 |
Edison Mission Energy [Member] | |||
Loss Contingencies [Line Items] | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | 20.5 | 24.9 | 21.7 |
NextEra Energy [Member] | |||
Loss Contingencies [Line Items] | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ 5.3 | $ 7.3 | $ 6.8 |
Rate Matters and Regulation - A
Rate Matters and Regulation - Additional Information (Details) | 12 Months Ended | ||||||||||
Jan. 30, 2024 USD ($) | Dec. 29, 2023 USD ($) | Dec. 28, 2023 USD ($) | Nov. 21, 2023 USD ($) | Oct. 02, 2023 USD ($) | Jul. 12, 2023 USD ($) Turbine Megawattsday | May 31, 2023 USD ($) Megawattsday Turbine | Feb. 01, 2023 USD ($) | Dec. 31, 2023 USD ($) | Nov. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Estimated Refund to SPP | $ 13,000,000 | ||||||||||
Regulatory assets | 577,600,000 | $ 524,300,000 | |||||||||
Requested Recovery of Capital Investment | 1,300,000,000 | ||||||||||
Settlement Agreement [Member] | |||||||||||
Approximate deduction in average monthly residential bill expected | $ 21 | ||||||||||
Impact to Company [Member] | |||||||||||
Estimated Refund to SPP | 5,000,000 | ||||||||||
Customer Impact [Member] | |||||||||||
Estimated Refund to SPP | $ 8,000,000 | ||||||||||
Oklahoma Corporation Commission [Member] | |||||||||||
OG&E's Jurisdictional Revenues | 86% | ||||||||||
Arkansas Public Service Commission [Member] | |||||||||||
OG&E's Jurisdictional Revenues | 8% | ||||||||||
Increase (decrease) in revenue requirement rose amount | $ 3,500,000 | $ 3,500,000 | |||||||||
Federal Energy Regulatory Commission [Member] | |||||||||||
OG&E's Jurisdictional Revenues | 6% | ||||||||||
OKLAHOMA | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 332,500,000 | ||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.50% | ||||||||||
Common Equity Percentage which ROE is based | 53.50% | ||||||||||
ARKANSAS | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 4,700,000 | $ 9,600,000 | |||||||||
Horseshoe Lake [Member] | |||||||||||
Number of hydrogen capable combustion turbines | Turbine | 2 | 2 | |||||||||
Current energy generation capacity | Megawattsday | 448 | 448 | |||||||||
Approximate construction cost of turbines excluding financing costs and property taxes | $ 331,000,000 | $ 331,000,000 | |||||||||
Recovery of jurisdictional portion of expenses plus financing costs and property taxes | $ 275,000,000 | ||||||||||
Winter Storm Uri Costs [Member] | ARKANSAS | |||||||||||
Regulatory assets | $ 71,000,000 | $ 78,200,000 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Beginning Balance | $ 1.9 | $ 2.4 | $ 2.6 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 5.7 | 2.8 | 3.2 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [1] | 5.4 | 3.3 | 3.4 |
Valuation Allowances and Reserves, Ending Balance | $ 2.2 | $ 1.9 | $ 2.4 | |
[1] Uncollectible accounts receivable written off, net of recoveries. |