Oklahoma | 73-1481638 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
Title of each class | Name of each exchange on which registered |
Common Stock | New York Stock Exchange |
Large accelerated filer þ | Accelerated filer o |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Emerging growth company o |
Page | |
Abbreviation | Definition |
2017 Tax Act | Tax Cuts and Jobs Act of 2017 |
401(k) Plan | Qualified defined contribution retirement plan |
ALJ | Administrative Law Judge |
APSC | Arkansas Public Service Commission |
ArcLight group | Bronco Midstream Holdings, LLC and Bronco Midstream Holdings II, LLC, collectively |
ASC | FASB Accounting Standards Codification |
ASU | FASB Accounting Standards Update |
AVEC | Arkansas Valley Electric Cooperative Corporation |
Bbl/d | Barrels per day |
Bcf | Billion cubic feet |
Bcf/d | Billion cubic feet per day |
Btu | British thermal unit |
CSAPR | Cross-State Air Pollution Rule |
CenterPoint | CenterPoint Energy Resources Corp., wholly-owned subsidiary of CenterPoint Energy, Inc. |
CO2 | Carbon dioxide |
Code | Internal Revenue Code of 1986 |
Company | OGE Energy, collectively with its subsidiaries |
Dry Scrubbers | Dry flue gas desulfurization units with spray dryer absorber |
Dth/d | Dekatherm per day |
ECP | Environmental Compliance Plan |
EGT | Enable Gas Transmission, LLC, a wholly-owned subsidiary of Enable that operates a 5,900-mile interstate pipeline that provides natural gas transportation and storage services to customers principally in the Anadarko, Arkoma and Ark-La-Tex basins in Oklahoma, Texas, Arkansas, Louisiana and Kansas |
Enable | Enable Midstream Partners, LP, partnership between OGE Energy, the ArcLight group and CenterPoint Energy, Inc. formed to own and operate the midstream businesses of OGE Energy and CenterPoint |
Enogex Holdings | Enogex Holdings LLC, the parent company of Enogex LLC and a majority-owned subsidiary of OGE Holdings, LLC (prior to May 1, 2013) |
Enogex LLC | Enogex LLC, collectively with its subsidiaries (effective June 30, 2013, the name was changed to Enable Oklahoma Intrastate Transmission, LLC) |
EOIT | Enable Oklahoma Intrastate Transmission, LLC formerly Enogex LLC, a wholly-owned subsidiary of Enable that operates a 2,200-mile intrastate pipeline that provides natural gas transportation and storage services to customers in Oklahoma |
EPA | U.S. Environmental Protection Agency |
FASB | Financial Accounting Standards Board |
Federal Clean Water Act | Federal Water Pollution Control Act of 1972, as amended |
FERC | Federal Energy Regulatory Commission |
FIP | Federal Implementation Plan |
GAAP | Accounting principles generally accepted in the U.S. |
IRP | Integrated Resource Plan |
kV | Kilovolt |
LDC | Local distribution company involved in the delivery of natural gas to consumers within a specific geographic area |
MATS | Mercury and Air Toxics Standards |
MBbl/d | Thousand barrels per day |
MMBtu | Million British thermal unit |
MMcf/d | Million cubic feet per day |
MRT | Enable Mississippi River Transmission, LLC, a wholly owned subsidiary of Enable that operates a 1,700-mile interstate pipeline that provides natural gas transportation and storage services principally in Texas, Arkansas, Louisiana, Missouri and Illinois |
Mustang Modernization Plan | The construction of seven new, efficient combustion turbines with generating capability of 462 MWs |
MW | Megawatt |
MWh | Megawatt-hour |
NAAQS | National Ambient Air Quality Standards |
NERC | North American Electric Reliability Corporation |
NGL | Natural gas liquid |
NOX | Nitrogen oxide |
OCC | Oklahoma Corporation Commission |
OG&E | Oklahoma Gas and Electric Company, wholly-owned subsidiary of OGE Energy |
OGE Holdings | OGE Enogex Holdings LLC, wholly-owned subsidiary of OGE Energy, parent company of Enogex Holdings and 25.7 percent owner of Enable Midstream Partners |
OSHA | Federal Occupational Safety and Health Act of 1970 |
Pension Plan | Qualified defined benefit retirement plan |
Ppb | Parts per billion |
QF | Qualified cogeneration facility |
QF contracts | Contracts with QFs and small power production producers |
Regional Haze Rule | The EPA's Regional Haze Rule |
Restoration of Retirement Income Plan | Supplemental retirement plan to the Pension Plan |
SESH | Southeast Supply Header, LLC |
SIP | State Implementation Plan |
SO2 | Sulfur dioxide |
SPP | Southwest Power Pool |
Stock Incentive Plan | 2013 Stock Incentive Plan |
System sales | Sales to OG&E's customers |
TBtu/d | Trillion British thermal units per day |
U.S. | United States of America |
• | general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and their impact on capital expenditures; |
• | the ability of the Company and its subsidiaries to access the capital markets and obtain financing on favorable terms as well as inflation rates and monetary fluctuations; |
• | the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel costs, operating costs, transmission costs and deferred expenditures; |
• | prices and availability of electricity, coal, natural gas and NGLs; |
• | the timing and extent of changes in commodity prices, particularly natural gas and NGLs, the competitive effects of the available pipeline capacity in the regions Enable serves and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines; |
• | the timing and extent of changes in the supply of natural gas, particularly supplies available for gathering by Enable's gathering and processing business and transporting by Enable's interstate pipelines, including the impact of natural gas and NGLs prices on the level of drilling and production activities in the regions Enable serves; |
• | business conditions in the energy and natural gas midstream industries, including the demand for natural gas, NGLs, crude oil and midstream services; |
• | competitive factors including the extent and timing of the entry of additional competition in the markets served by the Company; |
• | the impact on demand for our services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; |
• | technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; |
• | factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; |
• | availability and prices of raw materials for current and future construction projects; |
• | the effect of retroactive pricing of transactions in the SPP markets or adjustments in market pricing mechanisms by the SPP; |
• | federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; |
• | environmental laws, safety laws or other regulations that may impact the cost of operations or restrict or change the way the Company operates its facilities; |
• | changes in accounting standards, rules or guidelines; |
• | the discontinuance of accounting principles for certain types of rate-regulated activities; |
• | the cost of protecting assets against, or damage due to, terrorism or cyberattacks and other catastrophic events; |
• | creditworthiness of suppliers, customers and other contractual parties; |
• | social attitudes regarding the utility, natural gas and power industries; |
• | identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; |
• | increased pension and healthcare costs; |
• | costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters, including, but not limited to, those described in this Form 10-K; |
• | difficulty in making accurate assumptions and projections regarding future revenues and costs associated with the Company's equity investment in Enable that the Company does not control; and |
• | other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission, including those listed in "Item 1A. Risk Factors." |
• | providing exceptional customer experiences by continuing to improve customer interfaces, tools, products and services that deliver high customer satisfaction and operating productivity; |
• | providing safe, reliable energy to the communities and customers we serve, with a particular focus on enhancing the value of the grid by improving distribution grid reliability by reducing the frequency and duration of customer interruptions and leveraging previous grid technology investments; |
• | having strong regulatory and legislative relationships for the long-term benefit of our customers, investors and members; |
• | continuing to grow a zero-injury culture and deliver top-quartile safety results; |
• | complying with the EPA's Regional Haze Rule requirements; |
• | ensuring we have the necessary mix of generation resources to meet the long-term needs of our customers; and |
• | continuing focus on operational excellence and efficiencies in order to protect the customer bill. |
Year Ended December 31 | 2017 | 2017 vs. 2016 | 2016 | 2016 vs. 2015 | 2015 |
System sales - (Millions of MWh) | 26.3 | (2.2)% | 26.9 | (1.1)% | 27.2 |
OKLAHOMA GAS AND ELECTRIC COMPANY | |||||||||
CERTAIN OPERATING STATISTICS | |||||||||
Year Ended December 31 | 2017 | 2016 | 2015 | ||||||
ELECTRIC ENERGY (Millions of MWh) | |||||||||
Generation (exclusive of station use) | 18.5 | 21.4 | 20.9 | ||||||
Purchased | 11.0 | 9.6 | 9.2 | ||||||
Total generated and purchased | 29.5 | 31.0 | 30.1 | ||||||
OG&E use, free service and losses | (1.4 | ) | (1.1 | ) | (1.2 | ) | |||
Electric energy sold | 28.1 | 29.9 | 28.9 | ||||||
ELECTRIC ENERGY SOLD (Millions of MWh) | |||||||||
Residential | 8.8 | 9.3 | 9.2 | ||||||
Commercial | 7.6 | 7.6 | 7.4 | ||||||
Industrial | 3.6 | 3.6 | 3.6 | ||||||
Oilfield | 3.2 | 3.2 | 3.4 | ||||||
Public authorities and street light | 3.1 | 3.2 | 3.1 | ||||||
Sales for resale | — | — | 0.5 | ||||||
System sales | 26.3 | 26.9 | 27.2 | ||||||
Integrated market | 1.8 | 3.0 | 1.7 | ||||||
Total sales | 28.1 | 29.9 | 28.9 | ||||||
ELECTRIC OPERATING REVENUES (In millions) | |||||||||
Residential | $ | 884.1 | $ | 951.9 | $ | 896.5 | |||
Commercial | 588.3 | 573.7 | 535.0 | ||||||
Industrial | 200.6 | 194.6 | 190.6 | ||||||
Oilfield | 159.5 | 156.9 | 162.8 | ||||||
Public authorities and street light | 208.0 | 204.3 | 194.2 | ||||||
Sales for resale | 0.2 | 0.3 | 21.7 | ||||||
System sales revenues | 2,040.7 | 2,081.7 | 2,000.8 | ||||||
Provision for rate refund | 26.8 | (33.6 | ) | — | |||||
Integrated market | 23.5 | 49.3 | 48.6 | ||||||
Other | 170.1 | 161.8 | 147.5 | ||||||
Total operating revenues | $ | 2,261.1 | $ | 2,259.2 | $ | 2,196.9 | |||
ACTUAL NUMBER OF ELECTRIC CUSTOMERS (At end of period) | |||||||||
Residential | 719,441 | 712,467 | 705,294 | ||||||
Commercial | 96,098 | 94,790 | 93,401 | ||||||
Industrial | 2,795 | 2,831 | 2,872 | ||||||
Oilfield | 6,415 | 6,469 | 6,328 | ||||||
Public authorities and street light | 17,081 | 17,025 | 16,880 | ||||||
Sales for resale | — | — | 1 | ||||||
Total customers | 841,830 | 833,582 | 824,776 | ||||||
AVERAGE RESIDENTIAL CUSTOMER SALES | |||||||||
Average annual revenue | $ | 1,234.92 | $ | 1,342.88 | $ | 1,278.51 | |||
Average annual use (kilowatt-hour) | 12,324 | 13,105 | 13,062 | ||||||
Average price per kilowatt-hour (cents) | 10.02 | 10.25 | 9.79 |
Year Ended December 31 (In cents/Kilowatt-Hour) | 2017 | 2016 | 2015 | 2014 | 2013 |
Natural gas | 2.821 | 2.488 | 2.529 | 4.506 | 3.905 |
Coal | 2.069 | 2.213 | 2.187 | 2.152 | 2.273 |
Total fuel | 2.211 | 2.199 | 2.196 | 2.752 | 2.784 |
Company | Location | Term of Contract | Expiration of Contract | 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 |
FPL Energy | Woodward, OK | 15 years | 2018 | 50.0 |
Fee-Based | ||||||||||||
Demand/Commitment/Guaranteed Return | Volume Dependent | Commodity-Based | Total | |||||||||
Year Ended December 31, 2017 | ||||||||||||
Gathering and processing segment | 27 | % | 46 | % | 27 | % | 100 | % | ||||
Transportation and storage segment | 88 | % | 8 | % | 4 | % | 100 | % | ||||
Partnership weighted average | 50 | % | 32 | % | 18 | % | 100 | % |
Asset/Basin | Approximate Length (Miles) | Approximate Compression (Horsepower) | Average Gathered Volume (TBtu/d) | Number of Processing Plants | Processing Capacity (MMcf/d) | NGLs Produced (MBbl/d) | |||||
Anadarko Basin | 8,200 | 758,000 | 1.81 | 11 | 1,845 | 76.37 | |||||
Arkoma Basin | 3,000 | 133,500 | 0.55 | 1 | 60 | 4.79 | |||||
Ark-La-Tex Basin(A) | 1,800 | 160,200 | 1.20 | 3 | 645 | 8.95 | |||||
Total | 13,000 | 1,051,700 | 3.56 | 15 | 2,550 | 90.11 |
(A) | Ark-La-Tex Basin assets also include 14,500 Bbl/d of fractionation capacity and 6,300 Bbl/d of ethane pipeline capacity, which are not listed in the table. |
Anadarko Basin | Arkoma Basin | Ark-La-Tex Basin | Williston Basin (B) | Total | ||||||
Percentage of gathering and processing gross margin attributable to gathering contracts with minimum volume commitments | — | % | 7 | % | 18 | % | 2 | % | 27 | % |
Percentage attributable to shortfall payments (A) | — | % | 80 | % | 39 | % | — | % | 47 | % |
Volume commitment-weighted average remaining contract term (in years) | — | 5.9 | 2.1 | 11.2 | 3.7 |
(A) | Represents the percentage of gathering and processing gross margin from gathering contracts with minimum volume commitments that were attributable to shortfall payments. |
(B) | Under the Williston Basin contracts, if the customer ships in excess of the minimum volume, this volume commitment could end before the expiration of the contract term. |
Anadarko Basin | Arkoma Basin | Ark-La-Tex Basin | Williston Basin | Total | ||||||
Gross acreage dedication (in millions) | 5.0 | 1.7 | 0.8 | 0.2 | 7.7 | |||||
Volume-weighted average remaining contract term (in years) | 6.1 | 2.3 | 5.4 | 11.9 | 5.5 |
Asset | Length (Miles) | Compression (Horsepower) | Average Throughput (TBtu/d) | Transportation Capacity (Bcf/d) (A) | Transportation Firm Contracted Capacity (Bcf/d) (B) | Storage Capacity (Bcf) | Storage Firm Contracted Capacity (Bcf/d) | |||||||
EGT | 5,900 | 382,600 | 2.4 | 6.5 | 4.58 | 30.5 | 22.92 | |||||||
MRT | 1,600 | 119,700 | 0.8 | 1.7 | 1.63 | 31.5 | 28.77 | |||||||
EOIT | 2,200 | 218,900 | 1.9 | (C) | — | (C) | — | 24.0 | 11.5 | |||||
Subtotal | 9,700 | 721,200 | 5.1 | 8.2 | 6.21 | 86.0 | 63.19 | |||||||
SESH | 290 | 107,800 | — | (E) | 1.1 | (D) | — | (E) | — | (E) | — | (E) | ||
Total | 9,990 | 829,000 | 5.1 | 9.3 | 6.21 | 86.0 | 63.19 |
(A) | Actual volumes transported per day may be less than total firm contracted capacity based on demand. |
(B) | Includes contracts with Enable's affiliates and subsidiaries. |
(C) | Enable's EOIT pipeline system is a web-like configuration with multidirectional flow capabilities between numerous receipt and delivery points, which limits Enable's ability to determine an overall system capacity. During the year ended December 31, 2017, the peak daily throughput was 2.3 TBtu/d or, on a volumetric basis, 2.3 Bcf/d. |
(D) | SESH has 1.09 Bcf/d of transportation capacity from Perryville, Louisiana to its endpoint in Mobile County, Alabama. |
(In millions) | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||
Transmission (A) | $ | 90 | $ | 50 | $ | 50 | $ | 50 | $ | 50 | |||||
Distribution: | |||||||||||||||
Oklahoma | 215 | 165 | 165 | 165 | 165 | ||||||||||
Arkansas | 10 | 20 | 50 | 60 | 60 | ||||||||||
Generation | 55 | 130 | 95 | 75 | 75 | ||||||||||
Other | 50 | 25 | 25 | 25 | 25 | ||||||||||
Total Transmission, Distribution, Generation and Other | 420 | 390 | 385 | 375 | 375 | ||||||||||
Projects: | |||||||||||||||
Environmental - Dry Scrubbers (B) | 95 | 20 | — | — | — | ||||||||||
Combustion turbines - Mustang | 35 | — | — | — | — | ||||||||||
Environmental - natural gas conversion (B) | 35 | 15 | — | — | — | ||||||||||
Allowance of funds used during construction and ad valorem taxes | 40 | — | — | — | — | ||||||||||
Grid modernization, reliability, resiliency, technology and other | — | 200 | 190 | 280 | 180 | ||||||||||
Total Projects | 205 | 235 | 190 | 280 | 180 | ||||||||||
Total | $ | 625 | $ | 625 | $ | 575 | $ | 655 | $ | 555 |
(A) | Future transmission capital expenditures include the following: |
Project Type | Project Description | Estimated Cost (In millions) | Projected In-Service Date |
Integrated Transmission Project | 126 miles of transmission line from OG&E's Woodward District Extra High Voltage substation to OG&E's Cimarron substation and construction of the Mathewson substation on this transmission line. $150.0 million has been spent prior to 2018. | $158 | First quarter 2018 |
(B) | Represent capital costs associated with OG&E’s ECP to comply with the EPA’s Regional Haze Rule. More detailed discussion regarding the Regional Haze Rule and OG&E’s ECP can be found in Note 14 in "Item 8. Financial Statements and Supplementary Data" and in "Environmental Laws and Regulations" in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." |
Name | Age | Title |
Sean Trauschke | 50 | Chairman of the Board, President and Chief Executive Officer - OGE Energy Corp. |
E. Keith Mitchell | 55 | Chief Operating Officer - OG&E |
Stephen E. Merrill | 53 | Chief Financial Officer - OGE Energy Corp. |
Scott Forbes (A) | 60 | Controller and Chief Accounting Officer - OGE Energy Corp. |
Patricia D. Horn | 59 | Vice President - Governance and Corporate Secretary - OGE Energy Corp. |
Jean C. Leger, Jr. | 59 | Vice President - Utility Operations - OG&E |
Kenneth R. Grant | 53 | Vice President- Sales and Marketing - OG&E |
Cristina F. McQuistion | 53 | Vice President - Chief Information Officer - OG&E |
Jerry A. Peace | 55 | Vice President- Integrated Resource Planning and Development - OG&E |
Sarah R. Stafford (A) | 36 | Accounting Research Officer - OGE Energy Corp. |
William H. Sultemeier | 50 | General Counsel - OGE Energy Corp. |
Charles B. Walworth | 43 | Treasurer - OGE Energy Corp. |
Name | Business Experience | |
Sean Trauschke | 2015 - Present: | Chairman of the Board, President and Chief Executive Officer of OGE Energy Corp. |
2014 - 2015: | President of OGE Energy Corp. | |
2013 - 2014: | Vice President and Chief Financial Officer of OGE Energy Corp. | |
E. Keith Mitchell | 2015 - Present: | Chief Operating Officer of OG&E |
2013 - 2015: | Executive Vice President and Chief Operating Officer of Enable Midstream Partners, LP | |
2013: | President and Chief Operating Officer of Enogex Holdings; President of Enogex LLC | |
Stephen E. Merrill | 2014 - Present: | Chief Financial Officer of OGE Energy Corp. |
2013 - 2014: | Executive Vice President of Finance and Chief Administrative Officer of Enable Midstream Partners, LP | |
2013: | Chief Operating Officer of Enogex LLC | |
Scott Forbes | 2013 - Present: | Controller and Chief Accounting Officer of OGE Energy Corp. |
Patricia D. Horn | 2014 - Present: | Vice President - Governance and Corporate Secretary of OGE Energy Corp. |
2013 - 2014: | Vice President - Governance, Environmental and Corporate Secretary of OGE Energy Corp. | |
Jean C. Leger, Jr. | 2013 - Present: | Vice President - Utility Operations of OG&E |
Kenneth R. Grant | 2016 - Present: | Vice President - Sales and Marketing of OG&E |
2015: | Vice President Marketing and Product Development of OG&E | |
2013 - 2015: | Managing Director Tech Solutions & Ops of OG&E | |
2013: | Managing Director Customer Solutions of OG&E | |
Cristina F. McQuistion | 2017 - Present: | Vice President - Chief Information Officer of OG&E |
2016 - 2017: | Vice President - Chief Information Officer and Utility Strategy of OG&E | |
2014 - 2015: | Vice President - Strategic Planning, Performance Improvement and Chief Information Officer of OG&E | |
2013 - 2014: | Vice President - Strategic Planning, Performance Improvement and Chief Information Officer of OGE Energy Corp. and OG&E | |
Jerry A. Peace | 2016 - Present: | Vice President - Integrated Resource Planning and Development of OG&E |
2014 - 2015: | Chief Generation Planning and Procurement Officer of OG&E | |
2013 - 2014: | Chief Risk Officer of OGE Energy Corp. | |
Sarah R. Stafford (A) | 2016 - Present: | Accounting Research Officer of OGE Energy Corp. |
2013 - 2016: | Senior Manager - Ernst & Young, LLP | |
William H. Sultemeier | 2017 - Present: | General Counsel of OGE Energy Corp. |
2016: | Partner - Jones Day | |
2013-2015: | Shareholder - Greenberg Traurig, LLP | |
Charles B. Walworth | 2014 - Present: | Treasurer of OGE Energy Corp. |
2013 - 2014: | Assistant Treasurer of OGE Energy Corp. |
• | increased prices for fuel and fuel transportation as existing contracts expire; |
• | facility shutdowns due to a breakdown or failure of equipment or processes or interruptions in fuel supply; |
• | operator error or safety related stoppages; |
• | disruptions in the delivery of electricity; and |
• | catastrophic events such as fires, explosions, tornadoes, floods, earthquakes or other similar occurrences. |
• | the ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired or the financing may not be available on favorable terms; |
• | a portion of cash flows will be required to make interest payments on the debt, reducing the funds that would otherwise be available for operations and future business opportunities; and |
• | our debt levels may limit our flexibility in responding to changing business and economic conditions. |
• | the fees and gross margins it realizes with respect to the volume of natural gas, NGLs and crude oil that it handles; |
• | the prices of, levels of production of, and demand for natural gas, NGLs and crude oil; |
• | the volume of natural gas, NGLs and crude oil it gathers, compresses, treats, dehydrates, processes, fractionates, transports and stores; |
• | the relationship among prices for natural gas, NGLs and crude oil; |
• | cash calls and settlements of hedging positions; |
• | margin requirements on open price risk management assets and liabilities; |
• | the level of competition from other companies offering midstream services; |
• | adverse effects of governmental and environmental regulation; |
• | the level of its operation and maintenance expenses and general and administrative costs; and |
• | prevailing economic conditions. |
• | the level and timing of capital expenditures it makes; |
• | the cost of acquisitions; |
• | its debt service requirements and other liabilities; |
• | fluctuations in working capital needs; |
• | its ability to borrow funds and access capital markets; |
• | restrictions contained in its debt agreements; |
• | the amount of cash reserves established by its general partner; |
• | distributions paid on its Series A Preferred Units; and |
• | other business risks affecting its cash levels. |
• | the availability and cost of capital; |
• | prevailing and projected commodity prices, including the prices of natural gas, NGLs and crude oil; |
• | demand for natural gas, NGLs and crude oil; |
• | levels of reserves; |
• | geological considerations; |
• | environmental or other governmental regulations, including the availability of drilling permits and the regulation of hydraulic fracturing; and |
• | the availability of drilling rigs and other costs of production and equipment. |
• | joint venture partners may share certain approval rights over major decisions; |
• | joint venture partners may not pay their share of the obligations, leaving Enable liable for the liabilities created as a result of those unpaid obligations; |
• | possible inability to control the amount of cash it will receive from the joint venture; |
• | it may incur liabilities as a result of an action taken by its joint venture partners; |
• | it may be required to devote significant management time to the requirements of and matters relating to the joint ventures; |
• | its insurance policies may not fully cover loss or damage incurred by both them and its joint venture partners in certain circumstances; |
• | its joint venture partners may be in a position to take actions contrary to its instructions or requests or contrary to its policies or objectives; and |
• | disputes between them and its joint venture partners may result in delays, litigation or operational impasses. |
• | damage to pipelines and plants, related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires, earthquakes and other natural disasters, acts of terrorism and actions by third parties; |
• | inadvertent damage from construction, vehicles, farm and utility equipment; |
• | leaks of natural gas, NGLs, crude oil and other hydrocarbons or losses of natural gas, NGLs and crude oil as a result of the malfunction of equipment or facilities; |
• | ruptures, fires and explosions; and |
• | other hazards that could also result in personal injury and loss of life, pollution and suspension of operations. |
• | acquired businesses or assets may not produce revenues, earnings or cash flow at anticipated levels; |
• | acquired businesses or assets could have environmental, permitting or other problems for which contractual protections prove inadequate; |
• | it may assume liabilities that were not disclosed to it, that exceed its estimates, or for which its rights to indemnification from the seller are limited; |
• | it may be unable to integrate acquired businesses successfully and realize anticipated economic, operational and other benefits in a timely manner, which could result in substantial costs and delays or other operational, technical or financial problems; and |
• | acquisitions, or the pursuit of acquisitions, could disrupt its ongoing businesses, distract management, divert resources and make it difficult to maintain its current business standards, controls and procedures. |
• | the ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired or the financing may not be available on favorable terms, if at all; |
• | a portion of cash flows will be required to make interest payments on the debt, reducing the funds that would otherwise be available for operations, future business opportunities and distributions; |
• | the debt level will make Enable more vulnerable to competitive pressures or a downturn in the business or the economy generally; and |
• | the debt level may limit flexibility in responding to changing business and economic conditions. |
• | permit its subsidiaries to incur or guarantee additional debt; |
• | incur or permit to exist certain liens on assets; |
• | dispose of assets; |
• | merge or consolidate with another company or engage in a change of control; |
• | enter into transactions with affiliates on non-arm’s length terms; and |
• | change the nature of its business. |
• | rates, operating terms, conditions of service and service contracts; |
• | certification and construction of new facilities; |
• | extension or abandonment of services and facilities or expansion of existing facilities; |
• | maintenance of accounts and records; |
• | acquisition and disposition of facilities; |
• | initiation and discontinuation of services; |
• | depreciation and amortization policies; |
• | conduct and relationship with certain affiliates; |
• | market manipulation in connection with interstate sales, purchases or natural gas transportation; and |
• | various other matters. |
• | perform ongoing assessments of pipeline integrity; |
• | develop a baseline plan to prioritize the assessment of a covered pipeline segment; |
• | identify and characterize applicable threats that could impact a high consequence area; |
• | improve data collection, integration, and analysis; |
• | repair and remediate pipelines as necessary; and |
• | implement preventive and mitigating action. |
• | Enable's existing unitholders’ proportionate ownership interest in Enable will decrease; |
• | the amount of distributable cash flow on each unit may decrease; |
• | because the amount payable to holders of incentive distribution rights is based on a percentage of the total distributable cash flow, the distributions to holders of incentive distribution rights will increase even if the per unit distribution on common units remains the same; |
• | the ratio of taxable income to distributions may increase; |
• | the relative voting strength of each previously outstanding unit may be diminished; and |
• | the market price of the common units may decline. |
2017 Capacity Factor (A) | Unit Capability (MW) | Station Capability (MW) | ||||||||||
Year Installed | Fuel Capability | |||||||||||
Station & Unit | Unit Design Type | |||||||||||
Seminole | 1 | 1971 | Steam-Turbine | Gas | 6.0 | % | 434 | |||||
2 | 1973 | Steam-Turbine | Gas | 8.0 | % | 430 | ||||||
3 | 1975 | Steam-Turbine | Gas/Oil | 8.5 | % | 456 | 1,320 | |||||
Muskogee | 4 | 1977 | Steam-Turbine | Coal | 49.2 | % | 493 | |||||
5 | 1978 | Steam-Turbine | Coal | 36.8 | % | 498 | ||||||
6 | 1984 | Steam-Turbine | Coal | 55.5 | % | 518 | 1,509 | |||||
Sooner | 1 | 1979 | Steam-Turbine | Coal | 39.0 | % | 520 | |||||
2 | 1980 | Steam-Turbine | Coal | 38.2 | % | 519 | 1,039 | |||||
Horseshoe Lake | 6 | 1958 | Steam-Turbine | Gas/Oil | 4.1 | % | 167 | |||||
7 | 1963 | Combined Cycle | Gas/Oil | 4.5 | % | 214 | ||||||
8 | 1969 | Steam-Turbine | Gas | 3.5 | % | 397 | ||||||
9 | 2000 | Combustion-Turbine | Gas | 9.7 | % | 45 | ||||||
10 | 2000 | Combustion-Turbine | Gas | 9.6 | % | 43 | 866 | |||||
Redbud (B) | 1 | 2003 | Combined Cycle | Gas | 51.0 | % | 153 | |||||
2 | 2003 | Combined Cycle | Gas | 45.1 | % | 153 | ||||||
3 | 2003 | Combined Cycle | Gas | 48.5 | % | 154 | ||||||
4 | 2003 | Combined Cycle | Gas | 42.9 | % | 153 | 613 | |||||
Mustang (C) | 5A | 1971 | Combustion-Turbine | Gas/Jet Fuel | 0.5 | % | 33 | |||||
5B | 1971 | Combustion-Turbine | Gas/Jet Fuel | 0.5 | % | 32 | ||||||
8 | 2017 | Combustion-Turbine | Gas | — | % | 60 | 125 | |||||
McClain (D) | 1 | 2001 | Combined Cycle | Gas | 80.5 | % | 380 | 380 | ||||
Total Generating Capability (all stations, excluding renewable) | 5,852 | |||||||||||
Renewable | 2017 Capacity Factor (A) | Unit Capability (MW) | Station Capability (MW) | |||||||||
Year Installed | Number of Units | Fuel Capability | ||||||||||
Station | Location | |||||||||||
Crossroads | 2011 | Canton, OK | 98 | Wind | 40.9 | % | 2.3 | 228 | ||||
Centennial | 2007 | Laverne, OK | 80 | Wind | 23.3 | % | 1.5 | 120 | ||||
OU Spirit | 2009 | Woodward, OK | 44 | Wind | 34.8 | % | 2.3 | 101 | ||||
Mustang | 2015 | Oklahoma City, OK | 90 | Solar | 22.5 | % | — | 3 | ||||
Total Generating Capability (renewable) | 452 |
(A) | 2017 Capacity Factor = 2017 Net Actual Generation / (2017 Net Maximum Capacity (Nameplate Rating in MWs) x Period Hours (8,760 Hours)) |
(B) | Represents OG&E's 51 percent ownership interest in the Redbud Plant. |
(C) | On December 31, 2017, Mustang units 3 and 4 were retired. On December 30, 2017, Mustang unit 8, the first of seven efficient combustion turbines installed as part of the Mustang Modernization Plan, was placed in service. The Company expects units 6, 7, 9, 10, 11 and 12 to be placed in service at various times during the first quarter of 2018. |
(D) | Represents OG&E's 77 percent ownership interest in the McClain Plant. |
Dividend Paid | Price | ||||||||
2017 | High | Low | |||||||
First Quarter | $ | 0.3025 | $ | 37.41 | $ | 32.85 | |||
Second Quarter | 0.3025 | 37.25 | 33.45 | ||||||
Third Quarter | 0.3025 | 36.67 | 33.95 | ||||||
Fourth Quarter | 0.3325 | 37.32 | 32.60 | ||||||
2016 | |||||||||
First Quarter | $ | 0.2750 | $ | 28.74 | $ | 23.37 | |||
Second Quarter | 0.2750 | 32.75 | 27.27 | ||||||
Third Quarter | 0.2750 | 33.10 | 29.91 | ||||||
Fourth Quarter | 0.3025 | 34.23 | 29.57 |
Year Ended December 31 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||
SELECTED FINANCIAL DATA | |||||||||||||||
(In millions, except per share data) | |||||||||||||||
Results of Operations Data (A) | |||||||||||||||
Operating revenues | $ | 2,261.1 | $ | 2,259.2 | $ | 2,196.9 | $ | 2,453.1 | $ | 2,867.7 | |||||
Cost of sales | 897.6 | 880.1 | 865.0 | 1,106.6 | 1,428.9 | ||||||||||
Operating expenses | 853.2 | 875.8 | 850.7 | 809.7 | 885.3 | ||||||||||
Operating income | 510.3 | 503.3 | 481.2 | 536.8 | 553.5 | ||||||||||
Equity in earnings of unconsolidated affiliates | 131.2 | 101.8 | 15.5 | 172.6 | 101.9 | ||||||||||
Allowance for equity funds used during construction | 39.7 | 14.2 | 8.3 | 4.2 | 6.6 | ||||||||||
Other income | 46.4 | 26.0 | 27.0 | 17.8 | 31.8 | ||||||||||
Other expense | 14.1 | 16.9 | 14.3 | 14.4 | 22.2 | ||||||||||
Interest expense | 143.8 | 142.1 | 149.0 | 148.4 | 147.5 | ||||||||||
Income tax (benefit) expense | (49.3 | ) | 148.1 | 97.4 | 172.8 | 130.3 | |||||||||
Net income | 619.0 | 338.2 | 271.3 | 395.8 | 393.8 | ||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | — | 6.2 | ||||||||||
Net income attributable to OGE Energy | $ | 619.0 | $ | 338.2 | $ | 271.3 | $ | 395.8 | $ | 387.6 | |||||
Basic earnings per average common share attributable to OGE Energy common shareholders | $ | 3.10 | $ | 1.69 | $ | 1.36 | $ | 1.99 | $ | 1.96 | |||||
Diluted earnings per average common share attributable to OGE Energy common shareholders | $ | 3.10 | $ | 1.69 | $ | 1.36 | $ | 1.98 | $ | 1.94 | |||||
Dividends declared per common share | $ | 1.27000 | $ | 1.15500 | $ | 1.05000 | $ | 0.95000 | $ | 0.85125 | |||||
Balance Sheet Data (at period end) | |||||||||||||||
Property, plant and equipment, net | $ | 8,339.9 | $ | 7,696.2 | $ | 7,322.4 | $ | 6,979.9 | $ | 6,672.8 | |||||
Total assets | $ | 10,412.7 | $ | 9,939.6 | $ | 9,580.6 | $ | 9,509.9 | $ | 9,120.5 | |||||
Long-term debt | $ | 2,999.4 | $ | 2,630.5 | $ | 2,738.8 | $ | 2,737.4 | $ | 2,385.9 | |||||
Total stockholders' equity | $ | 3,851.1 | $ | 3,443.8 | $ | 3,326.0 | $ | 3,244.4 | $ | 3,037.1 | |||||
Capitalization Ratios (B) | |||||||||||||||
Stockholders' equity | 56.2 | % | 56.7 | % | 54.7 | % | 54.1 | % | 55.9 | % | |||||
Long-term debt | 43.8 | % | 43.3 | % | 45.3 | % | 45.9 | % | 44.1 | % | |||||
Ratio of Earnings to Fixed Charges (C) | |||||||||||||||
Ratio of earnings to fixed charges | 4.42 | 4.41 | 4.12 | 4.49 | 3.98 |
(A) | In May 2013, Enable was formed to own and operate the midstream businesses of OGE Energy and CenterPoint. OGE Energy accounts for its interest in Enable using the equity method of accounting subsequent to the formation of Enable. Prior to May 1, 2013, OGE Energy consolidated the results of Enogex LLC. |
(B) | Capitalization ratios = [Total stockholders' equity / (Total stockholders' equity + Long-term debt + Long-term debt due within one year)] and [(Long-term debt + Long-term debt due within one year) / (Total stockholders' equity + Long-term debt + Long-term debt due within one year)]. |
(C) | For purposes of computing the ratio of earnings to fixed charges, (i) earnings consist of income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates, plus distributed equity income plus fixed charges, less allowance for borrowed funds used during construction and other capitalized interest and (ii) fixed charges consist of interest on long-term debt, related amortization, interest on short-term borrowings and a calculated portion of rents considered to be interest. |
• | providing exceptional customer experiences by continuing to improve customer interfaces, tools, products and services that deliver high customer satisfaction and operating productivity; |
• | providing safe, reliable energy to the communities and customers we serve, with a particular focus on enhancing the value of the grid by improving distribution grid reliability by reducing the frequency and duration of customer interruptions and leveraging previous grid technology investments; |
• | having strong regulatory and legislative relationships for the long-term benefit of our customers, investors and members; |
• | continuing to grow a zero-injury culture and deliver top-quartile safety results; |
• | complying with the EPA's Regional Haze Rule requirements; |
• | ensuring we have the necessary mix of generation resources to meet the long-term needs of our customers; and |
• | continuing focus on operational excellence and efficiencies in order to protect the customer bill. |
• | an increase in net income at OGE Holdings of $271.5 million, or $1.36 per diluted share of the Company's common stock, primarily due to an income tax benefit of $245.2 million as a result of the 2017 Tax Act and an increase of equity in earnings of Enable; and |
• | an increase in net income at OG&E of $21.4 million, or $0.11 per diluted share of the Company's common stock, primarily due to higher net other income and lower depreciation and amortization expense as a result of the March 2017 OCC rate order mandating a reduction in depreciation rates, partially offset by higher income tax expense, higher operation and maintenance expense and lower gross margin primarily due to milder weather; partially offset by |
• | an increase in net loss of other operations of $12.1 million, or $0.06 per diluted share of the Company's common stock, primarily due to income tax expense of $10.5 million as a result of the 2017 Tax Act. |
• | an increase in net income at OGE Holdings of $44.3 million, or $0.22 per diluted share of the Company's common stock, primarily due to the goodwill impairment adjustment at Enable in September 2015, partially offset by higher income tax expense due to higher pre-tax operating income and a change in state tax rates; |
• | an increase in net income at OG&E of $15.2 million, or $0.07 per diluted share of the Company's common stock, primarily due to an increase in gross margin related to warmer summer weather and increased wholesale transmission revenues and an increase in other income. Partially offsetting these items was an increase in other operation and maintenance expense, an increase in depreciation expense due to additional assets being placed in service and an increase in income tax expense; and |
• | an increase in net income of other operations of $7.4 million, or $0.04 per diluted share of the Company's common stock, primarily due to charges in 2015 associated with pre-construction expenditures for cancelled new office space to consolidate Oklahoma City personnel and a decrease in depreciation, partially offset by an increase in interest expense. |
• | normal weather patterns are experienced for the remainder of the year; |
• | gross margin on revenues of approximately $1.380 billion to $1.390 billion based on sales growth of approximately one percent on a weather-adjusted basis; |
• | operating expenses of approximately $927 million to $937 million, with operation and maintenance expenses comprising approximately 53 percent of the total; |
• | interest expense of approximately $152 million to $155 million which assumes an $11 million allowance for borrowed funds used during construction reduction to interest expense and assumes a debt refinancing of $250 million in the second half of 2018; |
• | other income of approximately $33 million including approximately $21 million of allowance for equity funds used during construction; |
• | assumes a regulatory asset for the Dry Scrubbers for approximately $9 million, or $0.03 per share; |
• | an effective tax rate of approximately 10.9 percent; |
• | new rates take effect in Oklahoma by August 1, 2018; and |
• | every 25 basis point change in the allowed Oklahoma return on equity equates to a change of approximately $8 million in revenue. |
• | approximately 200 million average diluted shares outstanding; |
• | an effective tax rate of approximately 14 percent; and |
• | a $0.00 to $0.01 or up to $2 million loss at OGE Energy (holding company) due to interest expense. |
Reconciliation of Gross Margin to Revenue | |||
(In millions) | Twelve Months Ended December 31, 2018 (A) | ||
Operating revenues | $ | 1,932 | |
Cost of sales | 547 | ||
Gross margin | $ | 1,385 |
(A) | Based on the midpoint of OG&E earnings guidance for 2018. |
Year Ended December 31, | |||||||||
(In millions except per share data) | 2017 | 2016 | 2015 | ||||||
Net income | $ | 619.0 | $ | 338.2 | $ | 271.3 | |||
Basic average common shares outstanding | 199.7 | 199.7 | 199.6 | ||||||
Diluted average common shares outstanding | 200.0 | 199.9 | 199.6 | ||||||
Basic earnings per average common share | $ | 3.10 | $ | 1.69 | $ | 1.36 | |||
Diluted earnings per average common share | $ | 3.10 | $ | 1.69 | $ | 1.36 | |||
Dividends declared per common share | $ | 1.27000 | $ | 1.15500 | $ | 1.05000 |
Year Ended December 31, | |||||||||
(In millions) | 2017 | 2016 | 2015 | ||||||
Net income (loss): | |||||||||
OG&E (Electric Utility) | $ | 305.5 | $ | 284.1 | $ | 268.9 | |||
OGE Holdings (Natural Gas Midstream Operations) (A) | 325.2 | 53.7 | 9.4 | ||||||
Other operations (B) | (11.7 | ) | 0.4 | (7.0 | ) | ||||
Consolidated net income | $ | 619.0 | $ | 338.2 | $ | 271.3 |
(A) | The Company recorded an income tax benefit of $245.2 million during the fourth quarter of 2017 due to the Company remeasuring deferred taxes at OGE Holdings, as a result of the 2017 Tax Act. See Note 7 in "Item 8. Financial Statements and Supplementary Data" for further discussion of the effects of the 2017 Tax Act. The Company recorded a $108.4 million pre-tax charge during the third quarter of 2015 for its share of Enable's goodwill impairment, as adjusted for the basis differences. See Note 3 in "Item 8. Financial Statements and Supplementary Data" for further discussion of the goodwill impairment. |
(B) | The Company recorded an income tax expense of $10.5 million during the fourth quarter of 2017 due to the Company remeasuring deferred taxes at OGE Energy (holding company), as a result of the 2017 Tax Act. Other operations primarily includes the operations of the holding company and consolidating eliminations. |
Year Ended December 31 (Dollars in millions) | 2017 | 2016 | 2015 | ||||||
Operating revenues | $ | 2,261.1 | $ | 2,259.2 | $ | 2,196.9 | |||
Cost of sales | 897.6 | 880.1 | 865.0 | ||||||
Other operation and maintenance | 486.1 | 469.8 | 444.5 | ||||||
Depreciation and amortization | 280.9 | 316.4 | 299.9 | ||||||
Taxes other than income | 84.8 | 84.0 | 87.1 | ||||||
Operating income | 511.7 | 508.9 | 500.4 | ||||||
Allowance for equity funds used during construction | 39.7 | 14.2 | 8.3 | ||||||
Other income | 36.6 | 16.4 | 13.3 | ||||||
Other expense | 2.3 | 2.9 | 1.6 | ||||||
Interest expense | 138.4 | 138.1 | 146.7 | ||||||
Income tax expense | 141.8 | 114.4 | 104.8 | ||||||
Net income | $ | 305.5 | $ | 284.1 | $ | 268.9 | |||
Operating revenues by classification: | |||||||||
Residential | $ | 884.1 | $ | 951.9 | $ | 896.5 | |||
Commercial | 588.3 | 573.7 | 535.0 | ||||||
Industrial | 200.6 | 194.6 | 190.6 | ||||||
Oilfield | 159.5 | 156.9 | 162.8 | ||||||
Public authorities and street light | 208.0 | 204.3 | 194.2 | ||||||
Sales for resale | 0.2 | 0.3 | 21.7 | ||||||
System sales revenues | 2,040.7 | 2,081.7 | 2,000.8 | ||||||
Provision for rate refund | 26.8 | (33.6 | ) | — | |||||
Integrated market | 23.5 | 49.3 | 48.6 | ||||||
Other | 170.1 | 161.8 | 147.5 | ||||||
Total operating revenues | $ | 2,261.1 | $ | 2,259.2 | $ | 2,196.9 | |||
Reconciliation of gross margin to revenue | |||||||||
Operating revenues | $ | 2,261.1 | $ | 2,259.2 | $ | 2,196.9 | |||
Cost of sales | 897.6 | 880.1 | 865.0 | ||||||
Gross margin | $ | 1,363.5 | $ | 1,379.1 | $ | 1,331.9 | |||
MWh sales by classification (In millions) | |||||||||
Residential | 8.8 | 9.3 | 9.2 | ||||||
Commercial | 7.6 | 7.6 | 7.4 | ||||||
Industrial | 3.6 | 3.6 | 3.6 | ||||||
Oilfield | 3.2 | 3.2 | 3.4 | ||||||
Public authorities and street light | 3.1 | 3.2 | 3.1 | ||||||
Sales for resale | — | — | 0.5 | ||||||
System sales | 26.3 | 26.9 | 27.2 | ||||||
Integrated market | 1.8 | 3.0 | 1.7 | ||||||
Total sales | 28.1 | 29.9 | 28.9 | ||||||
Number of customers | 841,830 | 833,582 | 824,776 | ||||||
Weighted-average cost of energy per kilowatt-hour (In cents) | |||||||||
Natural gas | 2.821 | 2.488 | 2.529 | ||||||
Coal | 2.069 | 2.213 | 2.187 | ||||||
Total fuel | 2.211 | 2.199 | 2.196 | ||||||
Total fuel and purchased power | 3.049 | 2.842 | 2.874 | ||||||
Degree days (A) | |||||||||
Heating - Actual | 2,877 | 2,800 | 3,038 | ||||||
Heating - Normal | 3,349 | 3,349 | 3,349 | ||||||
Cooling - Actual | 1,944 | 2,247 | 2,071 | ||||||
Cooling - Normal | 2,092 | 2,092 | 2,092 |
(A) | Degree days are calculated as follows: The high and low degrees of a particular day are added together and then averaged. If the calculated average is above 65 degrees, then the difference between the calculated average and 65 is expressed as cooling degree days, with each degree of difference equaling one cooling degree day. If the calculated average is below 65 degrees, then the difference between the calculated average and 65 is expressed as heating degree days, with each degree of difference equaling one heating degree day. The daily calculations are then totaled for the particular reporting period. |
(In millions) | Change | ||
Weather (price and quantity) (A) | $ | (15.1 | ) |
Price variance (B) | (13.9 | ) | |
Wholesale transmission revenue | (8.1 | ) | |
New customer growth | 14.2 | ||
Non-residential demand and related revenues | 5.0 | ||
Industrial and oilfield sales | 2.2 | ||
Other | 0.1 | ||
Change in gross margin | $ | (15.6 | ) |
(A) | Cooling degree days decreased approximately 13 percent in 2017. |
(B) | Decreased primarily due to additional reserves for rate refunds in both Oklahoma and Arkansas, as well as riders moving to base rates in the March 2017 OCC rate order. |
(In millions) | Change | ||
Fuel expense (A) | $ | (61.5 | ) |
Purchased power costs: | |||
Purchases from SPP (B) | 74.4 | ||
Wind | 0.2 | ||
Cogeneration | (9.5 | ) | |
Transmission expense (C) | 13.9 | ||
Change in cost of sales | $ | 17.5 |
(A) | Decrease in fuel expense was primarily due to decreased utilization of company-owned generation. |
(B) | Increase in the cost of purchases from the SPP was due to an increase of 26.8 percent in MWh purchased and an increase of 16.2 percent in cost per MWhs purchased. The increase in cost per MWh purchased was due to an increase in fuel prices and higher grid congestion costs during 2017. |
(C) | Increase in transmission-related charges was primarily due to higher SPP charges for the base plan projects of other utilities. |
(In millions) | Change | ||
Vegetation management | $ | 14.5 | |
Other | 9.2 | ||
Capitalized labor (A) | (7.4 | ) | |
Change in other operation and maintenance expense | $ | 16.3 |
(A) | Increased during 2017 primarily due to more storm costs exceeding the $2.7 million OCC-allowed threshold, which were moved to a regulatory asset, as well as mutual assistance, which was provided in the aftermath of Hurricanes Harvey and Irma. |
(In millions) | Change | ||
Interim rate increase - Oklahoma (A) | $ | 39.0 | |
Reserve for rate refund (A) | (33.7 | ) | |
Wholesale transmission revenue (B) | 20.3 | ||
Price variance (C) | 18.1 | ||
Quantity variance (primarily weather) | 13.1 | ||
New customer growth | 3.2 | ||
Non-residential demand and related revenues | 0.6 | ||
Expiration of AVEC contract (D) | (9.7 | ) | |
Other | (3.7 | ) | |
Change in gross margin | $ | 47.2 |
(A) | As discussed in Note 14 in "Item 8. Financial Statements and Supplementary Data," on July 1, 2016, OG&E implemented an annual interim rate increase of $69.5 million. Interim rates are subject to refund of any amount recovered in excess of the rates ultimately approved by the OCC in the general rate case. |
(B) | Increased primarily due to the SPP's settlement of revenue credits related to the Windspeed Transmission line for the years 2008 through August 2016. Other increases include a recovery of the base plan projects in the SPP formula rate for 2015 and 2016. |
(C) | Increased primarily due to the reversal of a reserve for gas transportation charges in addition to the pricing impact of weather related sales. |
(D) | On June 30, 2015, the wholesale power contract with AVEC expired. |
(In millions) | Change | ||
Fuel expense (A) | $ | 12.2 | |
Purchased power costs: | |||
Purchases from SPP (B) | (12.3 | ) | |
Wind | — | ||
Cogeneration | — | ||
Transmission expense (C) | 15.2 | ||
Change in cost of sales | $ | 15.1 |
(A) | Increased primarily due to higher volumes of natural gas used partially offset by lower natural gas prices. In 2016, OG&E's fuel mix was 48.0 percent coal, 45.3 percent natural gas and 6.7 percent wind. In 2015, OG&E's fuel mix was 49.0 percent coal, 44.0 percent natural gas and seven percent wind. |
(B) | Decreased primarily due to a decrease in purchases from the SPP. |
(C) | Increased primarily due to higher SPP charges for the base plan projects of other utilities and SPP charges for the Windspeed Transmission line for the years 2008 through August 2016. |
(In millions) | Change | ||
Salaries and wages (A) | $ | 10.4 | |
Contract professional services (B) | 8.7 | ||
Corporate allocations and overheads (C) | 8.1 | ||
Other | (1.9 | ) | |
Change in other operation and maintenance expense | $ | 25.3 |
(A) | Increased primarily due to increases in incentive compensation, pension expense, annual salaries and medical/dental expense, partially offset by a decrease in overtime. |
(B) | Increased primarily due to increased consulting costs associated with demand side management programs. |
(C) | Increased primarily due to additional direct support in information technology, facility direct support, strategy and marketing support. |
Year Ended December 31, | |||||||||
(In millions) | 2017 | 2016 | 2015 | ||||||
Operating revenues | $ | — | $ | — | $ | — | |||
Cost of sales | — | — | — | ||||||
Other operation and maintenance | 0.3 | 7.7 | 7.5 | ||||||
Depreciation and amortization | — | — | — | ||||||
Taxes other than income | 1.0 | — | — | ||||||
Operating loss | (1.3 | ) | (7.7 | ) | (7.5 | ) | |||
Equity in earnings of unconsolidated affiliates (A) | 131.2 | 101.8 | 15.5 | ||||||
Other income | 0.1 | 0.1 | 0.4 | ||||||
Income before taxes | 130.0 | 94.2 | 8.4 | ||||||
Income tax (benefit) expense (B) | (195.2 | ) | 40.5 | (1.0 | ) | ||||
Net income attributable to OGE Holdings | $ | 325.2 | $ | 53.7 | $ | 9.4 |
(A) | The Company recorded a $108.4 million pre-tax charge during the third quarter of 2015 for its share of Enable's goodwill impairment, as adjusted for the basis difference. See Note 3 in "Item 8. Financial Statements and Supplementary Data" for further discussion of the goodwill impairment. |
(B) | Includes an income tax benefit of $245.2 million due to the remeasurement of deferred taxes, as a result of the 2017 Tax Act. |
Year Ended December 31, | |||||||||
(In millions) | 2017 | 2016 | 2015 | ||||||
Enable net income (loss) | $ | 400.3 | $ | 289.5 | $ | (752.0 | ) | ||
Distributions senior to limited partners | — | (9.1 | ) | — | |||||
Differences due to timing of OGE Energy and Enable accounting close | — | (12.2 | ) | 12.1 | |||||
Enable net income (loss) used to calculate OGE Energy's equity in earnings | $ | 400.3 | $ | 268.2 | $ | (739.9 | ) | ||
OGE Energy's percent ownership at period end | 25.7 | % | 25.7 | % | 26.3 | % | |||
OGE Energy's portion of Enable net income (loss) | $ | 102.7 | $ | 70.7 | $ | (194.4 | ) | ||
Impairments recognized by Enable associated with OGE Energy's basis differences | — | 2.6 | 178.4 | ||||||
OGE Energy's share of Enable net income (loss) | 102.7 | 73.3 | (16.0 | ) | |||||
Amortization of basis difference | 11.3 | 11.6 | 13.5 | ||||||
Elimination of Enable fair value step up | 17.2 | 16.9 | 18.0 | ||||||
Equity in earnings of unconsolidated affiliates | $ | 131.2 | $ | 101.8 | $ | 15.5 |
(In millions) | |||
Basis difference as of December 31, 2016 | $ | 743.7 | |
Change in Enable basis difference | (1.0 | ) | |
Amortization of basis difference | (11.3 | ) | |
Elimination of Enable fair value step up | (17.2 | ) | |
Basis difference as of December 31, 2017 | $ | 714.2 |
Year Ended December 31, | |||||||||
(In millions) | 2017 | 2016 | 2015 | ||||||
Operating revenues | $ | 2,803 | $ | 2,272 | $ | 2,418 | |||
Cost of natural gas and NGLs | 1,381 | 1,017 | 1,097 | ||||||
Operating income (loss) | 528 | 385 | (712 | ) | |||||
Net income (loss) | 400 | 290 | (752 | ) |
Year Ended December 31, | ||||||
2017 | 2016 | 2015 | ||||
Gathered volumes - TBtu/d | 3.56 | 3.13 | 3.14 | |||
Transportation volumes - TBtu/d | 5.04 | 4.88 | 4.97 | |||
Natural gas processed volumes - TBtu/d | 1.96 | 1.80 | 1.78 | |||
NGLs sold - MBbl/d (A)(B) | 92.21 | 78.16 | 75.55 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||||||||||||||
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | $ Change | % Change | $ Change | % Change | ||||||||||||
Net cash provided from operating activities | $ | 784.5 | $ | 644.7 | $ | 867.1 | $ | 139.8 | 21.7 | % | $ | (222.4 | ) | (25.6 | )% | ||||
Net cash used in investing activities | (821.9 | ) | (620.4 | ) | (500.1 | ) | (201.5 | ) | 32.5 | % | (120.3 | ) | 24.1 | % | |||||
Net cash provided from (used in) financing activities | 51.5 | (99.2 | ) | (297.3 | ) | 150.7 | * | 198.1 | (66.6 | )% |
(In millions) | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||
Transmission (A) | $ | 90 | $ | 50 | $ | 50 | $ | 50 | $ | 50 | |||||
Distribution: | |||||||||||||||
Oklahoma | 215 | 165 | 165 | 165 | 165 | ||||||||||
Arkansas | 10 | 20 | 50 | 60 | 60 | ||||||||||
Generation | 55 | 130 | 95 | 75 | 75 | ||||||||||
Other | 50 | 25 | 25 | 25 | 25 | ||||||||||
Total Transmission, Distribution, Generation and Other | 420 | 390 | 385 | 375 | 375 | ||||||||||
Projects: | |||||||||||||||
Environmental - Dry Scrubbers (B) | 95 | 20 | — | — | — | ||||||||||
Combustion turbines - Mustang | 35 | — | — | — | — | ||||||||||
Environmental - natural gas conversion (B) | 35 | 15 | — | — | — | ||||||||||
Allowance of funds used during construction and ad valorem taxes | 40 | — | — | — | — | ||||||||||
Grid modernization, reliability, resiliency, technology and other | — | 200 | 190 | 280 | 180 | ||||||||||
Total Projects | 205 | 235 | 190 | 280 | 180 | ||||||||||
Total | $ | 625 | $ | 625 | $ | 575 | $ | 655 | $ | 555 |
(A) | Future transmission capital expenditures include the following: |
Project Type | Project Description | Estimated Cost (In millions) | Projected In-Service Date |
Integrated Transmission Project | 126 miles of transmission line from OG&E's Woodward District Extra High Voltage substation to OG&E's Cimarron substation and construction of the Mathewson substation on this transmission line. $150.0 million has been spent prior to 2018. | $158 | First quarter 2018 |
(B) | Represent capital costs associated with OG&E’s ECP to comply with the EPA’s Regional Haze Rule. More detailed discussion regarding the Regional Haze Rule and OG&E’s ECP can be found in Note 14 in "Item 8. Financial Statements and Supplementary Data" and in "Environmental Laws and Regulations" in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." |
(In millions) | 2018 | 2019-2020 | 2021-2022 | After 2022 | Total | ||||||||||
Maturities of long-term debt (A) | $ | 250.1 | $ | 250.2 | $ | 0.2 | $ | 2,529.6 | $ | 3,030.1 | |||||
Operating lease obligations: | |||||||||||||||
Railcars | 1.7 | 20.9 | — | — | 22.6 | ||||||||||
Wind farm land leases | 2.5 | 5.4 | 5.8 | 40.6 | 54.3 | ||||||||||
Noncancellable operating lease | 0.6 | — | — | — | 0.6 | ||||||||||
Total operating lease obligations | 4.8 | 26.3 | 5.8 | 40.6 | 77.5 | ||||||||||
Other purchase obligations and commitments: | |||||||||||||||
Cogeneration capacity and fixed operation and maintenance payments | 72.8 | 118.5 | 94.9 | 1.6 | 287.8 | ||||||||||
Expected cogeneration energy payments | 35.7 | 71.5 | 75.4 | 0.9 | 183.5 | ||||||||||
Minimum fuel purchase commitments | 139.8 | 60.8 | 49.2 | 382.7 | 632.5 | ||||||||||
Expected wind purchase commitments | 58.7 | 113.4 | 115.1 | 505.0 | 792.2 | ||||||||||
Long-term service agreement commitments | 7.9 | 44.3 | 4.8 | 123.1 | 180.1 | ||||||||||
Mustang Modernization expenditures | 24.9 | — | — | — | 24.9 | ||||||||||
Environmental compliance plan expenditures | 63.0 | 9.1 | — | — | 72.1 | ||||||||||
Total other purchase obligations and commitments | 402.8 | 417.6 | 339.4 | 1,013.3 | 2,173.1 | ||||||||||
Total contractual obligations | 657.7 | 694.1 | 345.4 | 3,583.5 | 5,280.7 | ||||||||||
Amounts recoverable through fuel adjustment clause (B) | (235.9 | ) | (266.6 | ) | (239.7 | ) | (888.6 | ) | (1,630.8 | ) | |||||
Total contractual obligations, net | $ | 421.8 | $ | 427.5 | $ | 105.7 | $ | 2,694.9 | $ | 3,649.9 |
(A) | Maturities of the Company's long-term debt during the next five years consist of $250.1 million, $250.1 million, $0.1 million, $0.1 million and $0.1 million in 2018, 2019, 2020, 2021 and 2022, respectively. |
(B) | Includes expected recoveries of costs incurred for OG&E's railcar operating lease obligations, OG&E's expected cogeneration energy payments, OG&E's minimum fuel purchase commitments and OG&E's expected wind purchase commitments. |
Pension Plan | Restoration of Retirement Income Plan | Postretirement Benefit Plans | ||||||||||||||||
December 31 (In millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Benefit obligations | $ | 687.5 | $ | 672.2 | $ | 8.1 | $ | 7.0 | $ | 149.4 | $ | 215.9 | ||||||
Fair value of plan assets | 635.3 | 595.9 | — | — | 50.2 | 53.1 | ||||||||||||
Funded status at end of year | $ | (52.2 | ) | $ | (76.3 | ) | $ | (8.1 | ) | $ | (7.0 | ) | $ | (99.2 | ) | $ | (162.8 | ) |
Moody’s Investors Services | Standard & Poor's Ratings Services | Fitch Ratings | |
OG&E Senior Notes | A1 | A- | A+ |
OGE Energy Senior Notes | A3 | BBB+ | A- |
OGE Energy Commercial Paper | P2 | A2 | F2 |
Change | Impact on Funded Status | |
Actual plan asset returns | +/- 1 percent | +/- $6.4 million |
Discount rate | +/- 0.25 percent | +/- $12.9 million |
Contributions | +/- $10 million | +/- $10.0 million |
Year Ended December 31 (Dollars in millions) | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | 12/31/17 Fair Value | ||||||||||||||||
Fixed-rate debt (A): | ||||||||||||||||||||||||
Principal amount | $ | 250.1 | $ | 250.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 2,394.2 | $ | 2,894.7 | $ | 3,252.6 | ||||||||
Weighted-average interest rate | 6.35 | % | 8.25 | % | 3.77 | % | 3.77 | % | 3.77 | % | 4.90 | % | 5.31 | % | ||||||||||
Variable-rate debt (B): | ||||||||||||||||||||||||
Principal amount | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 135.4 | $ | 135.4 | $ | 135.4 | ||||||||
Weighted-average interest rate | — | % | — | % | — | % | — | % | — | % | 1.82 | % | 1.82 | % |
(A) | Prior to or when these debt obligations mature, the Company may refinance all or a portion of such debt at then-existing market interest rates which may be more or less than the interest rates on the maturing debt. |
(B) | A hypothetical change of 100 basis points in the underlying variable interest rate incurred by the Company would change interest expense by $1.4 million annually. |
Year Ended December 31 (In millions except per share data) | 2017 | 2016 | 2015 | ||||||
OPERATING REVENUES | $ | 2,261.1 | $ | 2,259.2 | $ | 2,196.9 | |||
COST OF SALES | 897.6 | 880.1 | 865.0 | ||||||
OPERATING EXPENSES | |||||||||
Other operation and maintenance | 480.3 | 465.6 | 451.6 | ||||||
Depreciation and amortization | 283.5 | 322.6 | 307.9 | ||||||
Taxes other than income | 89.4 | 87.6 | 91.2 | ||||||
Total operating expenses | 853.2 | 875.8 | 850.7 | ||||||
OPERATING INCOME | 510.3 | 503.3 | 481.2 | ||||||
OTHER INCOME (EXPENSE) | |||||||||
Equity in earnings of unconsolidated affiliates | 131.2 | 101.8 | 15.5 | ||||||
Allowance for equity funds used during construction | 39.7 | 14.2 | 8.3 | ||||||
Other income | 46.4 | 26.0 | 27.0 | ||||||
Other expense | (14.1 | ) | (16.9 | ) | (14.3 | ) | |||
Net other income | 203.2 | 125.1 | 36.5 | ||||||
INTEREST EXPENSE | |||||||||
Interest on long-term debt | 153.6 | 143.2 | 147.8 | ||||||
Allowance for borrowed funds used during construction | (18.0 | ) | (7.5 | ) | (4.2 | ) | |||
Interest on short-term debt and other interest charges | 8.2 | 6.4 | 5.4 | ||||||
Interest expense | 143.8 | 142.1 | 149.0 | ||||||
INCOME BEFORE TAXES | 569.7 | 486.3 | 368.7 | ||||||
INCOME TAX (BENEFIT) EXPENSE | (49.3 | ) | 148.1 | 97.4 | |||||
NET INCOME | $ | 619.0 | $ | 338.2 | $ | 271.3 | |||
BASIC AVERAGE COMMON SHARES OUTSTANDING | 199.7 | 199.7 | 199.6 | ||||||
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 200.0 | 199.9 | 199.6 | ||||||
BASIC EARNINGS PER AVERAGE COMMON SHARE | $ | 3.10 | $ | 1.69 | $ | 1.36 | |||
DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ | 3.10 | $ | 1.69 | $ | 1.36 | |||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 1.27000 | $ | 1.15500 | $ | 1.05000 |
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
Net income | $ | 619.0 | $ | 338.2 | $ | 271.3 | |||
Other comprehensive income (loss), net of tax: | |||||||||
Pension Plan and Restoration of Retirement Income Plan: | |||||||||
Amortization of deferred net loss, net of tax of $1.4, $1.7 and $2.2, respectively | 2.5 | 2.8 | 2.5 | ||||||
Amortization of prior service cost, net of tax of $0.0, $0.0 and $0.0, respectively | (0.1 | ) | — | — | |||||
Net gain (loss) arising during the period, net of tax of $0.2, ($0.6) and ($5.8), respectively | 0.4 | (0.7 | ) | (9.5 | ) | ||||
Settlement cost, net of tax of $1.4, $3.2 and $2.9, respectively | 2.2 | 5.0 | 4.6 | ||||||
Postretirement Benefit Plans: | |||||||||
Amortization of prior service cost, net of tax of ($0.3), ($1.0) and ($1.1), respectively | (0.6 | ) | (1.5 | ) | (1.8 | ) | |||
Amortization of deferred net loss, net of tax of $0.0, $0.0 and $0.8, respectively | — | — | 1.2 | ||||||
Prior service cost arising during the period, net of tax of $4.0, $0.0 and $0.0, respectively | 6.3 | — | — | ||||||
Net (loss) gain arising during the period, net of tax of ($0.2), $0.1 and $5.6, respectively | (0.6 | ) | 0.2 | 9.3 | |||||
Settlement cost, net of tax of $0.2, $0.0 and $0.0, respectively | 0.5 | — | — | ||||||
Other comprehensive income, net of tax | 10.6 | 5.8 | 6.3 | ||||||
Comprehensive income | $ | 629.6 | $ | 344.0 | $ | 277.6 |
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net income | $ | 619.0 | $ | 338.2 | $ | 271.3 | |||
Adjustments to reconcile net income to net cash provided from operating activities: | |||||||||
Depreciation and amortization | 283.5 | 322.6 | 307.9 | ||||||
Deferred income taxes and investment tax credits, net | (50.0 | ) | 153.8 | 102.6 | |||||
Equity in earnings of unconsolidated affiliates | (131.2 | ) | (101.8 | ) | (15.5 | ) | |||
Distributions from unconsolidated affiliates | 131.2 | 102.3 | 94.1 | ||||||
Allowance for equity funds used during construction | (39.7 | ) | (14.2 | ) | (8.3 | ) | |||
Stock-based compensation | 9.1 | 4.7 | 7.6 | ||||||
Regulatory assets | 3.7 | (21.4 | ) | (9.1 | ) | ||||
Regulatory liabilities | (3.7 | ) | (11.8 | ) | (27.5 | ) | |||
Other assets | (0.7 | ) | 15.4 | 10.4 | |||||
Other liabilities | (65.5 | ) | (18.9 | ) | 8.6 | ||||
Change in certain current assets and liabilities: | |||||||||
Accounts receivable and accrued unbilled revenues, net | (21.8 | ) | (6.9 | ) | 21.6 | ||||
Income taxes receivable | 13.6 | (2.2 | ) | (1.2 | ) | ||||
Fuel, materials and supplies inventories | (3.6 | ) | 32.4 | (56.5 | ) | ||||
Fuel recoveries | 53.0 | (112.6 | ) | 129.6 | |||||
Other current assets | 27.2 | (26.2 | ) | (17.2 | ) | ||||
Accounts payable | 27.1 | (45.1 | ) | 30.9 | |||||
Other current liabilities | (66.7 | ) | 36.4 | 17.8 | |||||
Net cash provided from operating activities | 784.5 | 644.7 | 867.1 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Capital expenditures (less allowance for equity funds used during construction) | (824.1 | ) | (660.1 | ) | (547.8 | ) | |||
Investment in unconsolidated affiliates | (8.5 | ) | — | — | |||||
Return of capital - equity method investments | 10.0 | 38.8 | 45.2 | ||||||
Proceeds from sale of assets | 0.7 | 0.9 | 2.5 | ||||||
Net cash used in investing activities | (821.9 | ) | (620.4 | ) | (500.1 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Proceeds from long-term debt | 592.1 | — | — | ||||||
Issuance (expense) of common stock | (0.1 | ) | — | 7.2 | |||||
(Decrease) increase in short-term debt | (67.8 | ) | 236.2 | (98.0 | ) | ||||
Payment of long-term debt | (225.1 | ) | (110.2 | ) | (0.2 | ) | |||
Dividends paid on common stock | (247.6 | ) | (225.1 | ) | (204.6 | ) | |||
Other | — | (0.1 | ) | (1.7 | ) | ||||
Net cash provided from (used in) financing activities | 51.5 | (99.2 | ) | (297.3 | ) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 14.1 | (74.9 | ) | 69.7 | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 0.3 | 75.2 | 5.5 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 14.4 | $ | 0.3 | $ | 75.2 |
December 31 (In millions) | 2017 | 2016 | ||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | $ | 14.4 | $ | 0.3 | ||
Accounts receivable, less reserve of $1.5 and $1.5, respectively | 188.7 | 173.0 | ||||
Accounts receivable - unconsolidated affiliates | 1.9 | 2.5 | ||||
Accrued unbilled revenues | 66.5 | 59.7 | ||||
Income taxes receivable | 5.8 | 19.4 | ||||
Fuel inventories | 84.3 | 79.8 | ||||
Materials and supplies, at average cost | 80.8 | 81.7 | ||||
Fuel clause under recoveries | — | 51.3 | ||||
Other | 54.6 | 81.8 | ||||
Total current assets | 497.0 | 549.5 | ||||
OTHER PROPERTY AND INVESTMENTS | ||||||
Investment in unconsolidated affiliates | 1,160.4 | 1,158.6 | ||||
Other | 76.7 | 73.6 | ||||
Total other property and investments | 1,237.1 | 1,232.2 | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||||
In service | 11,041.2 | 10,690.0 | ||||
Construction work in progress | 867.5 | 495.1 | ||||
Total property, plant and equipment | 11,908.7 | 11,185.1 | ||||
Less accumulated depreciation | 3,568.8 | 3,488.9 | ||||
Net property, plant and equipment | 8,339.9 | 7,696.2 | ||||
DEFERRED CHARGES AND OTHER ASSETS | ||||||
Regulatory assets | 283.0 | 404.8 | ||||
Other | 55.7 | 56.9 | ||||
Total deferred charges and other assets | 338.7 | 461.7 | ||||
TOTAL ASSETS | $ | 10,412.7 | $ | 9,939.6 |
December 31 (In millions) | 2017 | 2016 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
CURRENT LIABILITIES | ||||||
Short-term debt | $ | 168.4 | $ | 236.2 | ||
Accounts payable | 230.4 | 205.4 | ||||
Dividends payable | 66.4 | 60.4 | ||||
Customer deposits | 80.7 | 77.7 | ||||
Accrued taxes | 44.5 | 41.3 | ||||
Accrued interest | 44.0 | 40.4 | ||||
Accrued compensation | 35.9 | 45.1 | ||||
Long-term debt due within one year | 249.8 | 224.7 | ||||
Fuel clause over recoveries | 1.7 | — | ||||
Other | 28.7 | 96.0 | ||||
Total current liabilities | 950.5 | 1,027.2 | ||||
LONG-TERM DEBT | 2,749.6 | 2,405.8 | ||||
DEFERRED CREDITS AND OTHER LIABILITIES | ||||||
Accrued benefit obligations | 192.7 | 274.8 | ||||
Deferred income taxes | 1,227.8 | 2,334.5 | ||||
Regulatory liabilities | 1,283.4 | 299.7 | ||||
Other | 157.6 | 153.8 | ||||
Total deferred credits and other liabilities | 2,861.5 | 3,062.8 | ||||
Total liabilities | 6,561.6 | 6,495.8 | ||||
COMMITMENTS AND CONTINGENCIES (NOTE 13) | ||||||
STOCKHOLDERS' EQUITY | ||||||
Common stockholders' equity | 1,114.8 | 1,105.8 | ||||
Retained earnings | 2,759.5 | 2,367.3 | ||||
Accumulated other comprehensive loss, net of tax | (23.2 | ) | (29.3 | ) | ||
Total stockholders' equity | 3,851.1 | 3,443.8 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 10,412.7 | $ | 9,939.6 |
December 31 (In millions) | 2017 | 2016 | |||||
STOCKHOLDERS' EQUITY | |||||||
Common stock, par value $0.01 per share; authorized 450.0 shares; and outstanding 199.7 shares and 199.7 shares, respectively | $ | 2.0 | $ | 2.0 | |||
Premium on common stock | 1,112.8 | 1,103.8 | |||||
Retained earnings | 2,759.5 | 2,367.3 | |||||
Accumulated other comprehensive loss, net of tax | (23.2 | ) | (29.3 | ) | |||
Total stockholders' equity | 3,851.1 | 3,443.8 | |||||
LONG-TERM DEBT | |||||||
SERIES | DUE DATE | ||||||
Senior Notes - OGE Energy | |||||||
1.87% | Variable Senior Notes, Series Due November 24, 2017 | — | 100.0 | ||||
Senior Notes - OG&E | |||||||
6.50% | Senior Notes, Series Due July 15, 2017 | — | 125.0 | ||||
6.35% | Senior Notes, Series Due September 1, 2018 | 250.0 | 250.0 | ||||
8.25% | Senior Notes, Series Due January 15, 2019 | 250.0 | 250.0 | ||||
6.65% | Senior Notes, Series Due July 15, 2027 | 125.0 | 125.0 | ||||
6.50% | Senior Notes, Series Due April 15, 2028 | 100.0 | 100.0 | ||||
5.75% | Senior Notes, Series Due January 15, 2036 | 110.0 | 110.0 | ||||
6.45% | Senior Notes, Series Due February 1, 2038 | 200.0 | 200.0 | ||||
5.85% | Senior Notes, Series Due June 1, 2040 | 250.0 | 250.0 | ||||
5.25% | Senior Notes, Series Due May 15, 2041 | 250.0 | 250.0 | ||||
3.90% | Senior Notes, Series Due May 1, 2043 | 250.0 | 250.0 | ||||
4.55% | Senior Notes, Series Due March 15, 2044 | 250.0 | 250.0 | ||||
4.00% | Senior Notes, Series Due December 15, 2044 | 250.0 | 250.0 | ||||
4.15% | Senior Notes, Series Due April 1, 2047 | 300.0 | — | ||||
3.85% | Senior Notes, Series Due August 15, 2047 | 300.0 | — | ||||
3.70% | Tinker Debt, Due August 31, 2062 | 9.7 | 9.9 | ||||
Other Bonds - OG&E | |||||||
0.65% - 1.86% | Garfield Industrial Authority, January 1, 2025 | 47.0 | 47.0 | ||||
0.65% - 1.80% | Muskogee Industrial Authority, January 1, 2025 | 32.4 | 32.4 | ||||
0.66% - 1.80% | Muskogee Industrial Authority, June 1, 2027 | 56.0 | 56.0 | ||||
Unamortized debt expense | (20.8 | ) | (15.5 | ) | |||
Unamortized discount | (9.9 | ) | (9.3 | ) | |||
Total long-term debt | 2,999.4 | 2,630.5 | |||||
Less: long-term debt due within one year | (249.8 | ) | (224.7 | ) | |||
Total long-term debt (excluding debt due within one year) | 2,749.6 | 2,405.8 | |||||
Total capitalization (including long-term debt due within one year) | $ | 6,850.5 | $ | 6,074.3 |
(In millions) | Shares Outstanding | Common Stock | Premium on Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | |||||||||||
Balance at December 31, 2014 | 199.4 | $ | 2.0 | $ | 1,085.6 | $ | 2,198.2 | $ | (41.4 | ) | $ | 3,244.4 | |||||
Net income | — | — | — | 271.3 | — | 271.3 | |||||||||||
Other comprehensive income, net of tax | — | — | — | — | 6.3 | 6.3 | |||||||||||
Dividends declared on common stock | — | — | — | (209.7 | ) | — | (209.7 | ) | |||||||||
Issuance of common stock | 0.2 | — | 7.2 | — | — | 7.2 | |||||||||||
Stock-based compensation | 0.1 | — | 6.5 | — | — | 6.5 | |||||||||||
Balance at December 31, 2015 | 199.7 | $ | 2.0 | $ | 1,099.3 | $ | 2,259.8 | $ | (35.1 | ) | $ | 3,326.0 | |||||
Net income | — | — | — | 338.2 | — | 338.2 | |||||||||||
Other comprehensive income, net of tax | — | — | — | — | 5.8 | 5.8 | |||||||||||
Dividends declared on common stock | — | — | — | (230.7 | ) | — | (230.7 | ) | |||||||||
Stock-based compensation | — | — | 4.5 | — | — | 4.5 | |||||||||||
Balance at December 31, 2016 | 199.7 | $ | 2.0 | $ | 1,103.8 | $ | 2,367.3 | $ | (29.3 | ) | $ | 3,443.8 | |||||
Net income | — | — | — | 619.0 | — | 619.0 | |||||||||||
Cumulative effect of change in accounting principles | — | — | — | 26.8 | (4.5 | ) | 22.3 | ||||||||||
Other comprehensive income, net of tax | — | — | — | — | 10.6 | 10.6 | |||||||||||
Dividends declared on common stock | — | — | — | (253.6 | ) | — | (253.6 | ) | |||||||||
Expense of common stock | — | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||
Stock-based compensation | — | — | 9.1 | — | — | 9.1 | |||||||||||
Balance at December 31, 2017 | 199.7 | $ | 2.0 | $ | 1,112.8 | $ | 2,759.5 | $ | (23.2 | ) | $ | 3,851.1 |
1. | Summary of Significant Accounting Policies |
December 31 (In millions) | 2017 | 2016 | ||||
Regulatory Assets | ||||||
Current: | ||||||
Oklahoma demand program rider under recovery (A) | $ | 31.6 | $ | 51.0 | ||
SPP cost tracker under recovery (A) | 7.7 | 10.0 | ||||
Fuel clause under recoveries | — | 51.3 | ||||
Other (A) | 1.5 | 9.5 | ||||
Total current regulatory assets | $ | 40.8 | $ | 121.8 | ||
Non-current: | ||||||
Benefit obligations regulatory asset | $ | 177.2 | $ | 232.6 | ||
Deferred storm expenses | 42.2 | 35.7 | ||||
Smart Grid | 32.8 | 43.2 | ||||
Unamortized loss on reacquired debt | 12.3 | 13.4 | ||||
Income taxes recoverable from customers, net | — | 62.3 | ||||
Other | 18.5 | 17.6 | ||||
Total non-current regulatory assets | $ | 283.0 | $ | 404.8 | ||
Regulatory Liabilities | ||||||
Current: | ||||||
Fuel clause over recoveries | $ | 1.7 | $ | — | ||
Other (B) | 2.2 | 12.3 | ||||
Total current regulatory liabilities | $ | 3.9 | $ | 12.3 | ||
Non-current: | ||||||
Income taxes refundable to customers, net | $ | 955.5 | $ | — | ||
Accrued removal obligations, net | 288.4 | 262.8 | ||||
Pension tracker | 32.3 | 35.5 | ||||
Other | 7.2 | 1.4 | ||||
Total non-current regulatory liabilities | $ | 1,283.4 | $ | 299.7 |
(A) | Included in Other Current Assets on the Consolidated Balance Sheets. |
(B) | Included in Other Current Liabilities on the Consolidated Balance Sheets. |
December 31 (In millions) | 2017 | 2016 | ||||
Pension Plan and Restoration of Retirement Income Plan: | ||||||
Net loss | $ | 172.4 | $ | 199.9 | ||
Postretirement Benefit Plans: | ||||||
Net loss | 33.6 | 32.7 | ||||
Prior service cost | (28.8 | ) | — | |||
Total | $ | 177.2 | $ | 232.6 |
(In millions) | |||
Pension Plan and Restoration of Retirement Income Plan: | |||
Net loss | $ | 12.5 | |
Postretirement Benefit Plans: | |||
Net loss | 4.0 | ||
Prior service cost | (6.1 | ) | |
Total | $ | 10.4 |
December 31, 2017 (In millions) | Percentage Ownership | Total Property, Plant and Equipment | Accumulated Depreciation | Net Property, Plant and Equipment | |||||||
McClain Plant (A) | 77 | % | $ | 226.8 | $ | 71.4 | $ | 155.4 | |||
Redbud Plant (A)(B) | 51 | % | $ | 496.6 | $ | 136.0 | $ | 360.6 |
(A) | Construction work in progress was $0.4 million and $7.8 million for the McClain and Redbud Plants, respectively. |
(B) | This amount includes a plant acquisition adjustment of $148.3 million and accumulated amortization of $50.8 million. |
December 31, 2016 (In millions) | Percentage Ownership | Total Property, Plant and Equipment | Accumulated Depreciation | Net Property, Plant and Equipment | |||||||
McClain Plant (A) | 77 | % | $ | 234.2 | $ | 72.3 | $ | 161.9 | |||
Redbud Plant (A)(B) | 51 | % | $ | 489.0 | $ | 121.0 | $ | 368.0 |
(A) | Construction work in progress was $0.2 million and $1.8 million for the McClain and Redbud Plants, respectively. |
(B) | This amount includes a plant acquisition adjustment of $148.3 million and accumulated amortization of $45.3 million. |
December 31, 2017 (In millions) | Total Property, Plant and Equipment | Accumulated Depreciation | Net Property, Plant and Equipment | ||||||
OGE Energy (holding company): | |||||||||
Property, plant and equipment | $ | 6.1 | $ | — | $ | 6.1 | |||
OGE Energy property, plant and equipment | 6.1 | — | 6.1 | ||||||
OG&E: | |||||||||
Distribution assets | 4,057.1 | 1,259.1 | 2,798.0 | ||||||
Electric generation assets (A) | 4,475.0 | 1,493.5 | 2,981.5 | ||||||
Transmission assets (B) | 2,767.7 | 506.5 | 2,261.2 | ||||||
Intangible plant | 181.8 | 135.8 | 46.0 | ||||||
Other property and equipment | 421.0 | 173.9 | 247.1 | ||||||
OG&E property, plant and equipment | 11,902.6 | 3,568.8 | 8,333.8 | ||||||
Total property, plant and equipment | $ | 11,908.7 | $ | 3,568.8 | $ | 8,339.9 |
(A) | This amount includes a plant acquisition adjustment of $148.3 million and accumulated amortization of $50.8 million. |
(B) | This amount includes a plant acquisition adjustment of $3.3 million and accumulated amortization of $0.6 million. |
December 31, 2016 (In millions) | Total Property, Plant and Equipment | Accumulated Depreciation | Net Property, Plant and Equipment | ||||||
OGE Energy (holding company): | |||||||||
Property, plant and equipment | $ | 117.7 | $ | 103.3 | $ | 14.4 | |||
OGE Energy property, plant and equipment | 117.7 | 103.3 | 14.4 | ||||||
OG&E: | |||||||||
Distribution assets | 3,896.2 | 1,221.5 | 2,674.7 | ||||||
Electric generation assets (A) | 4,155.9 | 1,493.3 | 2,662.6 | ||||||
Transmission assets (B) | 2,548.8 | 481.3 | 2,067.5 | ||||||
Intangible plant | 85.0 | 43.9 | 41.1 | ||||||
Other property and equipment | 381.5 | 145.6 | 235.9 | ||||||
OG&E property, plant and equipment | 11,067.4 | 3,385.6 | 7,681.8 | ||||||
Total property, plant and equipment | $ | 11,185.1 | $ | 3,488.9 | $ | 7,696.2 |
(A) | This amount includes a plant acquisition adjustment of $148.3 million and accumulated amortization of $45.3 million. |
(B) | This amount includes a plant acquisition adjustment of $3.3 million and accumulated amortization of $0.6 million. |
December 31 (In millions) | 2017 | 2016 | ||||
OGE Energy (holding company) | $ | — | $ | 1.0 | ||
OG&E | 37.5 | 36.5 | ||||
Total | $ | 37.5 | $ | 37.5 |
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
OGE Energy (holding company) | $ | 0.2 | $ | 1.4 | $ | 2.0 | |||
OG&E | 8.8 | 8.0 | 6.9 | ||||||
Total | $ | 9.0 | $ | 9.4 | $ | 8.9 |
(In millions) | 2017 | 2016 | ||||
Balance at January 1 | $ | 69.6 | $ | 63.3 | ||
Accretion expense | 3.1 | 2.8 | ||||
Revisions in estimated cash flows (A) | 2.4 | 3.6 | ||||
Liabilities settled | — | (0.1 | ) | |||
Balance at December 31 | $ | 75.1 | $ | 69.6 |
(A) | Assumptions changed related to the estimated timing of asbestos abatement and estimated cost of ash pond removal at two of OG&E's generating facilities. |
Pension Plan and Restoration of Retirement Income Plan | Postretirement Benefit Plans | ||||||||||||||
(In millions) | Net income (loss) | Prior service cost | Net income (loss) | Prior service cost | Total | ||||||||||
Balance at December 31, 2015 | $ | (39.2 | ) | $ | 0.1 | $ | 2.5 | $ | 1.5 | $ | (35.1 | ) | |||
Other comprehensive income (loss) before reclassifications | (0.7 | ) | — | 0.2 | — | (0.5 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2.8 | — | — | (1.5 | ) | 1.3 | |||||||||
Settlement cost | 5.0 | — | — | — | 5.0 | ||||||||||
Net current period other comprehensive income (loss) | 7.1 | — | 0.2 | (1.5 | ) | 5.8 | |||||||||
Balance at December 31, 2016 | (32.1 | ) | 0.1 | 2.7 | — | (29.3 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 0.4 | — | (0.6 | ) | 6.3 | 6.1 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2.5 | (0.1 | ) | — | (0.6 | ) | 1.8 | ||||||||
Cumulative effect of change in accounting principle | (5.7 | ) | — | (0.1 | ) | 1.3 | (4.5 | ) | |||||||
Settlement cost | 2.2 | — | 0.5 | — | 2.7 | ||||||||||
Net current period other comprehensive income (loss) | (0.6 | ) | (0.1 | ) | (0.2 | ) | 7.0 | 6.1 | |||||||
Balance at December 31, 2017 | $ | (32.7 | ) | $ | — | $ | 2.5 | $ | 7.0 | $ | (23.2 | ) |
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Consolidated Statements of Comprehensive Income | |||||
Year Ended December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Amortization of Pension Plan and Restoration of Retirement Income Plan items: | |||||||
Actuarial losses (A) | $ | (3.9 | ) | $ | (4.5 | ) | Other Operation and Maintenance Expense |
Prior service cost | 0.1 | — | Other Operation and Maintenance Expense | ||||
Settlement (A) | (3.6 | ) | (8.2 | ) | Other Operation and Maintenance Expense | ||
(7.4 | ) | (12.7 | ) | Income Before Taxes | |||
(2.8 | ) | (4.9 | ) | Income Tax (Benefit) Expense | |||
$ | (4.6 | ) | $ | (7.8 | ) | Net Income | |
Amortization of postretirement benefit plan items: | |||||||
Prior service cost | $ | 0.9 | $ | 2.5 | Other Operation and Maintenance Expense | ||
Settlement (A) | (0.7 | ) | — | Other Operation and Maintenance Expense | |||
0.2 | 2.5 | Income Before Taxes | |||||
0.1 | 1.0 | Income Tax (Benefit) Expense | |||||
$ | 0.1 | $ | 1.5 | Net Income | |||
Total reclassifications for the period | $ | (4.5 | ) | $ | (6.3 | ) | Net Income |
(A) | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost (see Note 11 for additional information). |
(In millions) | |||
Pension Plan and Restoration of Retirement Income Plan: | |||
Net loss | $ | (3.7 | ) |
Prior service cost | (0.1 | ) | |
Postretirement Benefit Plans: | |||
Prior service cost | 2.3 | ||
Total, net of tax | $ | (1.5 | ) |
2. | Accounting Pronouncements |
• | All of the tax effects related to share-based payments at settlement (or expiration) should be recorded through the income statement. Previously, tax benefits in excess of compensation cost, or windfalls, were recorded in equity, and tax deficiencies, or shortfalls, were recorded in equity to the extent of previous windfalls and then to the income statement. Under the new guidance, the windfall tax benefit is recorded when it arises, subject to normal valuation allowance considerations. This change is required to be applied on a modified retrospective basis, with a cumulative effect adjustment |
• | Employee taxes paid when an employer withholds shares for tax-withholding purposes should be classified as a financing activity in the statement of cash flows, and this change should be applied retrospectively. As a result of the adoption, the Company reclassified shares withheld for employee taxes of $0.1 million and $1.7 million in 2016 and 2015, respectively, from operating activities to financing activities in the Consolidated Statements of Cash Flows. Going forward, shares withheld for employee taxes will be classified as a financing activity within the statement of cash flows. |
• | A policy election between recognizing forfeited awards as they occur or estimating the number of awards expected to be forfeited should be made and disclosed. The Company will continue to estimate forfeitures in accounting for stock-based compensation. |
3. | Investment in Unconsolidated Affiliate and Related Party Transactions |
Year Ended December 31, | |||||||||
(In millions) | 2017 | 2016 | 2015 | ||||||
Operating revenues: | |||||||||
Electricity to power electric compression assets | $ | 14.0 | $ | 11.5 | $ | 13.8 | |||
Cost of sales: | |||||||||
Natural gas transportation services | $ | 35.0 | $ | 35.0 | $ | 35.0 | |||
Natural gas purchases (sales) | (2.1 | ) | 11.2 | 7.6 |
Balance Sheet | December 31, | |||||
(In millions) | 2017 | 2016 | ||||
Current assets | $ | 416 | $ | 396 | ||
Non-current assets | 11,177 | 10,816 | ||||
Current liabilities | 1,279 | 362 | ||||
Non-current liabilities | 2,660 | 3,056 |
Income Statement | Year Ended December 31, | ||||||||
(In millions) | 2017 | 2016 | 2015 | ||||||
Operating revenues | $ | 2,803 | $ | 2,272 | $ | 2,418 | |||
Cost of natural gas and NGLs | 1,381 | 1,017 | 1,097 | ||||||
Operating income (loss) | 528 | 385 | (712 | ) | |||||
Net income (loss) | 400 | 290 | (752 | ) |
Year Ended December 31, | |||||||||
(In millions) | 2017 | 2016 | 2015 | ||||||
Enable net income (loss) | $ | 400.3 | $ | 289.5 | $ | (752.0 | ) | ||
Distributions senior to limited partners | — | (9.1 | ) | — | |||||
Differences due to timing of OGE Energy and Enable accounting close | — | (12.2 | ) | 12.1 | |||||
Enable net income (loss) used to calculate OGE Energy's equity in earnings | $ | 400.3 | $ | 268.2 | $ | (739.9 | ) | ||
OGE Energy's percent ownership at period end | 25.7 | % | 25.7 | % | 26.3 | % | |||
OGE Energy's portion of Enable net income (loss) | $ | 102.7 | $ | 70.7 | $ | (194.4 | ) | ||
Impairments recognized by Enable associated with OGE Energy's basis differences | — | 2.6 | 178.4 | ||||||
OGE Energy's share of Enable net income (loss) | 102.7 | 73.3 | (16.0 | ) | |||||
Amortization of basis difference | 11.3 | 11.6 | 13.5 | ||||||
Elimination of Enable fair value step up | 17.2 | 16.9 | 18.0 | ||||||
Equity in earnings of unconsolidated affiliates | $ | 131.2 | $ | 101.8 | $ | 15.5 |
(In millions) | ||||
Basis difference as of December 31, 2016 | $ | 743.7 | ||
Change in Enable basis difference | (1.0 | ) | ||
Amortization of basis difference | (11.3 | ) | ||
Elimination of Enable fair value step up | (17.2 | ) | ||
Basis difference as of December 31, 2017 | $ | 714.2 |
4. | Fair Value Measurements |
2017 | 2016 | |||||||||||
December 31 (In millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||
Long-term Debt (including Long-term Debt due within one year): | ||||||||||||
Senior Notes | $ | 2,854.3 | $ | 3,242.8 | $ | 2,385.5 | $ | 2,657.2 | ||||
OG&E Industrial Authority Bonds | 135.4 | 135.4 | 135.4 | 135.4 | ||||||||
Tinker Debt | 9.7 | 9.8 | 9.9 | 11.3 | ||||||||
OGE Energy Senior Notes | — | — | 99.7 | 99.9 |
5. | Stock-Based Compensation |
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
Performance units: | |||||||||
Total shareholder return | $ | 7.6 | $ | 4.5 | $ | 7.6 | |||
Earnings per share | 1.4 | — | 0.7 | ||||||
Total performance units | 9.0 | 4.5 | 8.3 | ||||||
Restricted stock | 0.1 | 0.1 | 0.1 | ||||||
Total compensation expense | 9.1 | 4.6 | 8.4 | ||||||
Less: Amount paid by unconsolidated affiliates | — | — | 0.5 | ||||||
Net compensation expense | $ | 9.1 | $ | 4.6 | $ | 7.9 | |||
Income tax benefit | $ | 3.5 | $ | 1.8 | $ | 3.1 |
2017 | 2016 | 2015 | |||||||
Number of units granted | 260,570 | 284,211 | 264,454 | ||||||
Fair value of units granted | $ | 41.77 | $ | 20.97 | $ | 31.02 | |||
Expected dividend yield | 3.8 | % | 3.5 | % | 2.6 | % | |||
Expected price volatility | 19.9 | % | 19.8 | % | 16.9 | % | |||
Risk-free interest rate | 1.44 | % | 0.88 | % | 0.91 | % | |||
Expected life of units (in years) | 2.80 | 2.84 | 2.85 |
2017 | 2016 | 2015 | |||||||
Number of units granted | 86,857 | 94,735 | 88,156 | ||||||
Fair value of units granted | $ | 34.83 | $ | 26.64 | $ | 33.99 |
2017 | 2016 | 2015 | |||||||
Shares of restricted stock granted | 3,145 | 1,881 | 958 | ||||||
Fair value of restricted stock granted | $ | 34.96 | $ | 29.27 | $ | 26.11 |
Performance Units | |||||||||||||||||
Total Shareholder Return | Earnings Per Share | Restricted Stock | |||||||||||||||
(Dollars in millions) | Number of Units | Aggregate Intrinsic Value | Number of Units | Aggregate Intrinsic Value | Number of Shares | Aggregate Intrinsic Value | |||||||||||
Units/shares outstanding at 12/31/16 | 664,045 | 221,350 | 4,912 | ||||||||||||||
Granted | 260,570 | (A) | 86,857 | (A) | 3,145 | ||||||||||||
Converted | (185,214 | ) | (B) | $ | — | (61,742 | ) | (B) | $ | — | N/A | ||||||
Vested | N/A | N/A | (3,815 | ) | $ | 0.1 | |||||||||||
Forfeited | (14,850 | ) | (4,947 | ) | — | ||||||||||||
Units/shares outstanding at 12/31/17 | 724,551 | $ | 2.4 | 241,518 | $ | 7.2 | 4,242 | $ | 0.1 | ||||||||
Units/shares fully vested at 12/31/17 | 201,431 | $ | — | 67,148 | $ | 1.2 |
(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, 2016 which were settled in February 2017. |
Performance Units | |||||||||||||||||
Total Shareholder Return | Earnings Per Share | Restricted Stock | |||||||||||||||
Number of Units | Weighted-Average Grant Date Fair Value | Number of Units | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Units/shares non-vested at 12/31/16 | 478,831 | $ | 25.16 | 159,608 | $ | 29.71 | 4,912 | $ | 31.29 | ||||||||
Granted | 260,570 | (A) | $ | 41.77 | 86,857 | (A) | $ | 34.83 | 3,145 | $ | 34.96 | ||||||
Vested | (201,431 | ) | $ | 31.18 | (67,148 | ) | $ | 33.99 | (3,815 | ) | $ | 31.71 | |||||
Forfeited | (14,850 | ) | $ | 31.01 | (4,947 | ) | $ | 31.12 | — | $ | — | ||||||
Units/shares non-vested at 12/31/17 | 523,120 | $ | 30.96 | 174,370 | $ | 30.58 | 4,242 | $ | 33.58 | ||||||||
Units/shares expected to vest | 492,446 | (B) | 164,148 | (B) | 4,242 |
(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) | The intrinsic value of the performance units based on total shareholder return and earnings per share is $2.3 million and $5.7 million, respectively. |
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
Performance units: | |||||||||
Total shareholder return | $ | 6.3 | $ | 6.4 | $ | 8.5 | |||
Earnings per share | 1.2 | — | — | ||||||
Restricted stock | 0.1 | 0.1 | 0.2 |
December 31, 2017 | Unrecognized Compensation Cost (In millions) | Weighted Average to be Recognized (In years) | ||
Performance units: | ||||
Total shareholder return | $ | 8.5 | 1.75 | |
Earnings per share | 2.6 | 1.67 | ||
Total performance units | 11.1 | |||
Restricted stock | 0.1 | 1.34 | ||
Total | $ | 11.2 |
6. | Supplemental Cash Flow Information |
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||
Power plant long-term service agreement | $ | 2.6 | $ | 39.5 | $ | 2.3 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||
Cash paid during the period for: | |||||||||
Interest (net of interest capitalized) (A) | $ | 139.6 | $ | 141.9 | $ | 145.4 | |||
Income taxes (net of income tax refunds) | (16.0 | ) | (5.9 | ) | (3.4 | ) |
(A) | Net of interest capitalized of $18.0 million, $7.5 million and $4.2 million in 2017, 2016 and 2015, respectively. |
7. | Income Taxes |
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
Provision (benefit) for current income taxes: | |||||||||
Federal | $ | 4.9 | $ | — | $ | — | |||
State | (4.2 | ) | (5.7 | ) | (5.2 | ) | |||
Total provision (benefit) for current income taxes | 0.7 | (5.7 | ) | (5.2 | ) | ||||
(Benefit) provision for deferred income taxes, net: | |||||||||
Federal | (75.9 | ) | 126.0 | 98.8 | |||||
State | 26.0 | 28.0 | 4.5 | ||||||
Total (benefit) provision for deferred income taxes, net | (49.9 | ) | 154.0 | 103.3 | |||||
Deferred federal investment tax credits, net | (0.1 | ) | (0.2 | ) | (0.7 | ) | |||
Total income tax (benefit) expense | $ | (49.3 | ) | $ | 148.1 | $ | 97.4 |
Year Ended December 31 | 2017 | 2016 | 2015 | |||
Statutory federal tax rate | 35.0 | % | 35.0 | % | 35.0 | % |
Federal deferred tax revaluation | (41.2 | ) | — | — | ||
Federal renewable energy credit (A) | (4.8 | ) | (6.8 | ) | (8.9 | ) |
401(k) dividends | (0.5 | ) | (0.6 | ) | (0.7 | ) |
Federal investment tax credits, net | (0.1 | ) | (0.8 | ) | (0.2 | ) |
Other | (0.1 | ) | 0.1 | 0.3 | ||
State income taxes, net of federal income tax benefit | 2.0 | 1.9 | 0.1 | |||
Amortization of net unfunded deferred taxes | 0.7 | 0.7 | 0.9 | |||
Remeasurement of state deferred tax liabilities | 0.4 | 0.9 | (0.8 | ) | ||
Uncertain tax positions | — | 0.1 | 0.7 | |||
Effective income tax rate | (8.6 | )% | 30.5 | % | 26.4 | % |
(A) | Represents credits associated with the production from OG&E's wind farms. |
December 31 (In millions) | 2017 | 2016 | ||||
Deferred income tax liabilities, net: | ||||||
Accelerated depreciation and other property related differences | $ | 1,449.6 | $ | 2,103.2 | ||
Investment in Enable Midstream Partners | 441.7 | 657.3 | ||||
Regulatory asset | 18.9 | 34.4 | ||||
Company Pension Plan | 11.5 | 16.5 | ||||
Bond redemption-unamortized costs | 2.6 | 4.3 | ||||
Derivative instruments | 1.6 | 2.2 | ||||
Income taxes (recoverable from) refundable to customers, net | (244.3 | ) | 24.1 | |||
Federal tax credits | (218.5 | ) | (220.6 | ) | ||
State tax credits | (141.7 | ) | (112.2 | ) | ||
Postretirement medical and life insurance benefits | (25.2 | ) | (48.9 | ) | ||
Net operating losses | (21.1 | ) | (31.7 | ) | ||
Asset retirement obligations | (19.2 | ) | (24.5 | ) | ||
Regulatory liabilities | (16.8 | ) | (34.6 | ) | ||
Accrued liabilities | (7.4 | ) | (16.1 | ) | ||
Accrued vacation | (2.1 | ) | (3.5 | ) | ||
Other | (0.9 | ) | (14.0 | ) | ||
Deferred federal investment tax credits | (0.5 | ) | (0.8 | ) | ||
Uncollectible accounts | (0.4 | ) | (0.6 | ) | ||
Total deferred income tax liabilities, net | $ | 1,227.8 | $ | 2,334.5 |
(In millions) | 2017 | 2016 | 2015 | ||||||
Balance at January 1 | $ | 20.7 | $ | 20.2 | $ | 16.1 | |||
Tax positions related to current year: | |||||||||
Additions | — | 0.5 | 4.1 | ||||||
Balance at December 31 | $ | 20.7 | $ | 20.7 | $ | 20.2 |
(In millions) | Carry Forward Amount | Deferred Tax Asset | Earliest Expiration Date | ||||
State operating loss | $ | 472.1 | $ | 21.1 | 2030 | ||
Federal tax credits | 218.5 | 218.5 | 2029 | ||||
State tax credits: | |||||||
Oklahoma investment tax credits | 144.1 | 113.8 | N/A | ||||
Oklahoma capital investment board credits | 8.5 | 8.5 | N/A | ||||
Oklahoma zero emission tax credits | 24.1 | 19.4 | 2020 |
8. | Common Equity |
(In millions except per share data) | 2017 | 2016 | 2015 | ||||||
Net income | $ | 619.0 | $ | 338.2 | $ | 271.3 | |||
Average common shares outstanding: | |||||||||
Basic average common shares outstanding | 199.7 | 199.7 | 199.6 | ||||||
Effect of dilutive securities: | |||||||||
Contingently issuable shares (performance and restricted stock units) | 0.3 | 0.2 | — | ||||||
Diluted average common shares outstanding | 200.0 | 199.9 | 199.6 | ||||||
Basic earnings per average common share | $ | 3.10 | $ | 1.69 | $ | 1.36 | |||
Diluted earnings per average common share | $ | 3.10 | $ | 1.69 | $ | 1.36 | |||
Anti-dilutive shares excluded from earnings per share calculation | — | — | — |
9. | Long-Term Debt |
SERIES | DATE DUE | AMOUNT | ||||
(In millions) | ||||||
0.65% | - | 1.86% | Garfield Industrial Authority, January 1, 2025 | $ | 47.0 | |
0.65% | - | 1.80% | Muskogee Industrial Authority, January 1, 2025 | 32.4 | ||
0.66% | - | 1.80% | Muskogee Industrial Authority, June 1, 2027 | 56.0 | ||
Total (redeemable during next 12 months) | $ | 135.4 |
10. | Short-Term Debt and Credit Facilities |
Aggregate | Amount | Weighted-Average | |||||||||
Entity | Commitment | Outstanding (A) | Interest Rate | Expiration | |||||||
(In millions) | |||||||||||
OGE Energy (B) | $ | 450.0 | $ | 168.4 | 1.62 | % | (D) | March 8, 2022 | |||
OG&E (C) | 450.0 | 0.3 | 0.95 | % | (D) | March 8, 2022 | |||||
Total | $ | 900.0 | $ | 168.7 | 1.62 | % |
(A) | Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at December 31, 2017. |
(B) | This bank facility is available to back up the Company's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. |
(C) | This bank facility is available to back up OG&E's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. |
(D) | Represents the weighted-average interest rate for the outstanding borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit. |
11. | Retirement Plans and Postretirement Benefit Plans |
Pension Plan | Restoration of Retirement Income Plan | Postretirement Benefit Plans | ||||||||||||||||
December 31 (In millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Change in benefit obligation | ||||||||||||||||||
Beginning obligations | $ | 672.2 | $ | 680.0 | $ | 7.0 | $ | 25.1 | $ | 215.9 | $ | 225.3 | ||||||
Service cost | 15.5 | 15.8 | 0.3 | 0.3 | 0.6 | 0.8 | ||||||||||||
Interest cost | 26.2 | 25.5 | 0.3 | 0.4 | 7.2 | 9.5 | ||||||||||||
Plan settlements | (50.2 | ) | — | — | (20.6 | ) | (28.1 | ) | — | |||||||||
Plan amendments | — | — | — | — | (39.6 | ) | — | |||||||||||
Participants' contributions | — | — | — | — | 3.5 | 3.6 | ||||||||||||
Actuarial losses (gains) | 38.6 | 4.7 | 0.7 | 1.8 | 5.6 | (7.6 | ) | |||||||||||
Benefits paid | (14.8 | ) | (53.8 | ) | (0.2 | ) | — | (15.7 | ) | (15.7 | ) | |||||||
Ending obligations | $ | 687.5 | $ | 672.2 | $ | 8.1 | $ | 7.0 | $ | 149.4 | $ | 215.9 | ||||||
Change in plans' assets | ||||||||||||||||||
Beginning fair value | $ | 595.9 | $ | 581.7 | $ | — | $ | — | $ | 53.1 | $ | 55.3 | ||||||
Actual return on plans' assets | 84.4 | 48.0 | — | — | 2.8 | 2.0 | ||||||||||||
Employer contributions | 20.0 | 20.0 | 0.2 | 20.6 | 34.6 | 7.9 | ||||||||||||
Plan settlements | (50.2 | ) | — | — | (20.6 | ) | (28.1 | ) | — | |||||||||
Participants' contributions | — | — | — | — | 3.5 | 3.6 | ||||||||||||
Benefits paid | (14.8 | ) | (53.8 | ) | (0.2 | ) | — | (15.7 | ) | (15.7 | ) | |||||||
Ending fair value | $ | 635.3 | $ | 595.9 | $ | — | $ | — | $ | 50.2 | $ | 53.1 | ||||||
Funded status at end of year | $ | (52.2 | ) | $ | (76.3 | ) | $ | (8.1 | ) | $ | (7.0 | ) | $ | (99.2 | ) | $ | (162.8 | ) |
Pension Plan | Restoration of Retirement Income Plan | Postretirement Benefit Plans | |||||||||||||||||||||||||
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
Service cost | $ | 15.5 | $ | 15.8 | $ | 16.1 | $ | 0.3 | $ | 0.3 | $ | 1.3 | $ | 0.6 | $ | 0.8 | $ | 1.5 | |||||||||
Interest cost | 26.2 | 25.5 | 26.1 | 0.3 | 0.4 | 0.7 | 7.2 | 9.5 | 10.3 | ||||||||||||||||||
Expected return on plan assets | (42.6 | ) | (41.5 | ) | (46.0 | ) | — | — | — | (2.2 | ) | (2.3 | ) | (2.4 | ) | ||||||||||||
Amortization of net loss | 17.4 | 16.5 | 18.0 | 0.4 | 0.7 | 0.6 | 2.0 | 2.6 | 13.9 | ||||||||||||||||||
Amortization of unrecognized prior service cost (A) | (0.1 | ) | (0.1 | ) | 0.4 | 0.1 | 0.1 | 0.1 | (3.5 | ) | (8.8 | ) | (16.5 | ) | |||||||||||||
Settlement | 15.3 | — | 21.7 | — | 8.6 | — | 0.6 | — | — | ||||||||||||||||||
Total net periodic benefit cost | 31.7 | 16.2 | 36.3 | 1.1 | 10.1 | 2.7 | 4.7 | 1.8 | 6.8 | ||||||||||||||||||
Less: Amount paid by unconsolidated affiliates | 4.3 | 5.1 | 4.2 | — | 0.3 | 0.1 | 0.3 | 0.2 | 1.3 | ||||||||||||||||||
Net periodic benefit cost (B) | $ | 27.4 | $ | 11.1 | $ | 32.1 | $ | 1.1 | $ | 9.8 | $ | 2.6 | $ | 4.4 | $ | 1.6 | $ | 5.5 |
(A) | Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. |
(B) | In addition to the $32.9 million, $22.5 million and $40.2 million of net periodic benefit cost recognized in 2017, 2016 and 2015, respectively, OG&E recognized the following: |
• | a change in pension expense in 2017, 2016 and 2015 of $(2.3) million, $9.9 million and $(3.1) million, respectively, to maintain the allowable amount to be recovered for pension expense in the Oklahoma jurisdiction, which are included in the Pension tracker regulatory asset or liability (see Note 1); |
• | an increase in postretirement medical expense in 2017, 2016 and 2015 of $6.2 million, $7.9 million and $5.8 million, respectively, to maintain the allowable amount to be recovered for postretirement medical expense in the Oklahoma jurisdiction which are included in the Pension tracker regulatory asset or liability (see Note 1); and |
• | a deferral of pension expense in 2017, 2016 and 2015 of $1.1 million, $0.1 million and $1.9 million related to the Arkansas jurisdictional portion of the pension settlement charge of $15.3 million, $8.6 million and $21.7 million, respectively. |
(In millions) | 2017 | 2016 | 2015 | ||||||
Capitalized portion of net periodic pension benefit cost | $ | 4.4 | $ | 4.0 | $ | 5.0 | |||
Capitalized portion of net periodic postretirement benefit cost | 1.2 | 0.8 | 1.9 |
Pension Plan and Restoration of Retirement Income Plan | Postretirement Benefit Plans | |||||||||||
Year Ended December 31 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||
Discount rate | 3.60 | % | 4.00 | % | 4.00 | % | 3.70 | % | 4.20 | % | 4.25 | % |
Rate of return on plans' assets | 7.50 | % | 7.50 | % | 7.50 | % | 4.00 | % | 4.00 | % | 4.00 | % |
Compensation increases | 4.20 | % | 4.20 | % | 4.20 | % | N/A | N/A | N/A | |||
Assumed health care cost trend: | ||||||||||||
Initial trend | N/A | N/A | N/A | 7.50 | % | 6.75 | % | 6.10 | % | |||
Ultimate trend rate | N/A | N/A | N/A | 4.50 | % | 4.50 | % | 4.50 | % | |||
Ultimate trend year | N/A | N/A | N/A | 2030 | 2026 | 2026 |
ONE-PERCENTAGE POINT INCREASE | |||||||||
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
Effect on aggregate of the service and interest cost components | $ | — | $ | — | $ | — | |||
Effect on accumulated postretirement benefit obligations | 0.1 | 0.2 | 0.2 |
ONE-PERCENTAGE POINT DECREASE | |||||||||
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
Effect on aggregate of the service and interest cost components | $ | — | $ | — | $ | 0.1 | |||
Effect on accumulated postretirement benefit obligations | 0.3 | 0.7 | 0.7 |
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% |
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% |
Asset Class | Comparative Benchmark(s) |
Active Duration Fixed Income | Bloomberg Barclays Aggregate |
Long Duration Fixed Income | Duration blended Barclays Long Government/Credit & Barclays Universal |
Equity Index | Standard & Poor's 500 Index |
Mid-Cap Equity | Russell Midcap Index |
Russell Midcap Value Index | |
Small-Cap Equity | Russell 2000 Index |
Russell 2000 Value Index | |
International Equity | Morgan Stanley Capital Investment ACWI ex-U.S. |
(In millions) | December 31, 2017 | Level 1 | Level 2 | Net Asset Value (A) | ||||||||
Common stocks | $ | 225.9 | $ | 225.9 | $ | — | $ | — | ||||
U.S. Treasury notes and bonds (B) | 169.7 | 169.7 | — | — | ||||||||
Mortgage- and asset-backed securities | 43.4 | — | 43.4 | — | ||||||||
Corporate fixed income and other securities | 153.8 | — | 153.8 | — | ||||||||
Commingled fund (C) | 29.9 | — | — | 29.9 | ||||||||
Foreign government bonds | 4.0 | — | 4.0 | — | ||||||||
U.S. municipal bonds | 1.2 | — | 1.2 | — | ||||||||
Money market fund | 4.3 | — | — | 4.3 | ||||||||
Mutual fund | 7.8 | 7.8 | — | — | ||||||||
Futures: | ||||||||||||
U.S. Treasury futures (receivable) | 13.4 | — | 13.4 | — | ||||||||
U.S. Treasury futures (payable) | (11.4 | ) | — | (11.4 | ) | — | ||||||
Cash collateral | 0.3 | 0.3 | — | — | ||||||||
Forward contracts: | ||||||||||||
Receivable (foreign currency) | 0.1 | — | 0.1 | — | ||||||||
Total Pension Plan investments | $ | 642.4 | $ | 403.7 | $ | 204.5 | $ | 34.2 | ||||
Receivable from broker for securities sold | — | |||||||||||
Interest and dividends receivable | 3.2 | |||||||||||
Payable to broker for securities purchased | (10.3 | ) | ||||||||||
Total Pension Plan assets | $ | 635.3 |
(In millions) | December 31, 2016 | Level 1 | Level 2 | Net Asset Value (A) | ||||||||
Common stocks | $ | 237.1 | $ | 237.1 | $ | — | $ | — | ||||
U.S. Treasury notes and bonds (B) | 122.3 | 122.3 | — | — | ||||||||
Mortgage-backed securities | 59.2 | — | 59.2 | — | ||||||||
Corporate fixed income and other securities | 137.6 | — | 137.6 | — | ||||||||
Commingled fund (C) | 23.8 | — | — | 23.8 | ||||||||
Foreign government bonds | 5.2 | — | 5.2 | — | ||||||||
U.S. municipal bonds | 1.9 | — | 1.9 | — | ||||||||
Money market fund | 2.2 | — | — | 2.2 | ||||||||
Mutual fund | 9.0 | 9.0 | — | — | ||||||||
Futures: | ||||||||||||
U.S. Treasury futures (receivable) | 10.7 | — | 10.7 | — | ||||||||
U.S. Treasury futures (payable) | (2.3 | ) | — | (2.3 | ) | — | ||||||
Cash collateral | 0.3 | 0.3 | — | — | ||||||||
Forward contracts: | ||||||||||||
Receivable (foreign currency) | 0.2 | — | 0.2 | — | ||||||||
Total Pension Plan investments | $ | 607.2 | $ | 368.7 | $ | 212.5 | $ | 26.0 | ||||
Receivable from broker for securities sold | — | |||||||||||
Interest and dividends receivable | 3.0 | |||||||||||
Payable to broker for securities purchased | (14.3 | ) | ||||||||||
Total Pension Plan assets | $ | 595.9 |
(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 Services rating of Aaa and Government Agency Bonds with a Moody's Investors Services 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. |
(In millions) | December 31, 2017 | Level 1 | Level 3 | ||||||
Group retiree medical insurance contract | $ | 40.2 | $ | — | $ | 40.2 | |||
Mutual funds investment: | |||||||||
U.S. equity investments | 9.5 | 9.5 | — | ||||||
Cash | 0.5 | 0.5 | — | ||||||
Total plan investments | $ | 50.2 | $ | 10.0 | $ | 40.2 |
(In millions) | December 31, 2016 | Level 1 | Level 3 | ||||||
Group retiree medical insurance contract | $ | 44.7 | $ | — | $ | 44.7 | |||
Mutual funds investment: | |||||||||
U.S. equity investments | 8.1 | 8.1 | — | ||||||
Money market funds investment | 0.3 | 0.3 | — | ||||||
Total plan investments | $ | 53.1 | $ | 8.4 | $ | 44.7 |
Year Ended December 31 (In millions) | 2017 | ||
Group retiree medical insurance contract: | |||
Beginning balance | $ | 44.7 | |
Interest income | 0.8 | ||
Dividend income | 0.5 | ||
Net unrealized gains related to instruments held at the reporting date | 0.3 | ||
Claims paid | (5.9 | ) | |
Realized losses | (0.1 | ) | |
Investment fees | (0.1 | ) | |
Ending balance | $ | 40.2 |
(In millions) | Gross Projected Postretirement Benefit Payments | ||
2018 | $ | 11.4 | |
2019 | 11.5 | ||
2020 | 11.6 | ||
2021 | 11.6 | ||
2022 | 11.7 | ||
After 2022 | 48.6 |
(In millions) | Projected Benefit Payments | ||
2018 | $ | 65.6 | |
2019 | 62.0 | ||
2020 | 63.4 | ||
2021 | 62.3 | ||
2022 | 61.1 | ||
After 2022 | 285.0 |
12. | Report of Business Segments |
2017 | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | ||||||||||
(In millions) | |||||||||||||||
Operating revenues | $ | 2,261.1 | $ | — | $ | — | $ | — | $ | 2,261.1 | |||||
Cost of sales | 897.6 | — | — | — | 897.6 | ||||||||||
Other operation and maintenance | 486.1 | 0.3 | (6.1 | ) | — | 480.3 | |||||||||
Depreciation and amortization | 280.9 | — | 2.6 | — | 283.5 | ||||||||||
Taxes other than income | 84.8 | 1.0 | 3.6 | — | 89.4 | ||||||||||
Operating income (loss) | 511.7 | (1.3 | ) | (0.1 | ) | — | 510.3 | ||||||||
Equity in earnings of unconsolidated affiliates | — | 131.2 | — | — | 131.2 | ||||||||||
Other income (expense) | 74.0 | 0.1 | (1.2 | ) | (0.9 | ) | 72.0 | ||||||||
Interest expense | 138.4 | — | 6.3 | (0.9 | ) | 143.8 | |||||||||
Income tax expense (benefit) (A) | 141.8 | (195.2 | ) | 4.1 | — | (49.3 | ) | ||||||||
Net income (loss) | $ | 305.5 | $ | 325.2 | $ | (11.7 | ) | $ | — | $ | 619.0 | ||||
Investment in unconsolidated affiliates | $ | — | $ | 1,151.9 | $ | 8.5 | $ | — | $ | 1,160.4 | |||||
Total assets | $ | 9,255.6 | $ | 1,155.3 | $ | 109.1 | $ | (107.3 | ) | $ | 10,412.7 | ||||
Capital expenditures | $ | 824.1 | $ | — | $ | — | $ | — | $ | 824.1 |
2016 | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | ||||||||||
(In millions) | |||||||||||||||
Operating revenues | $ | 2,259.2 | $ | — | $ | — | $ | — | $ | 2,259.2 | |||||
Cost of sales | 880.1 | — | — | — | 880.1 | ||||||||||
Other operation and maintenance | 469.8 | 7.7 | (11.9 | ) | — | 465.6 | |||||||||
Depreciation and amortization | 316.4 | — | 6.2 | — | 322.6 | ||||||||||
Taxes other than income | 84.0 | — | 3.6 | — | 87.6 | ||||||||||
Operating income (loss) | 508.9 | (7.7 | ) | 2.1 | — | 503.3 | |||||||||
Equity in earnings of unconsolidated affiliates | — | 101.8 | — | — | 101.8 | ||||||||||
Other income (expense) | 27.7 | 0.1 | (4.3 | ) | (0.2 | ) | 23.3 | ||||||||
Interest expense | 138.1 | — | 4.2 | (0.2 | ) | 142.1 | |||||||||
Income tax expense (benefit) | 114.4 | 40.5 | (6.8 | ) | — | 148.1 | |||||||||
Net income | $ | 284.1 | $ | 53.7 | $ | 0.4 | $ | — | $ | 338.2 | |||||
Investment in unconsolidated affiliates | $ | — | $ | 1,158.6 | $ | — | $ | — | $ | 1,158.6 | |||||
Total assets | $ | 8,669.4 | $ | 1,521.6 | $ | 89.0 | $ | (340.4 | ) | $ | 9,939.6 | ||||
Capital expenditures | $ | 660.1 | $ | — | $ | — | $ | — | $ | 660.1 |
2015 | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | ||||||||||
(In millions) | |||||||||||||||
Operating revenues | $ | 2,196.9 | $ | — | $ | — | $ | — | $ | 2,196.9 | |||||
Cost of sales | 865.0 | — | — | — | 865.0 | ||||||||||
Other operation and maintenance | 444.5 | 7.5 | (0.4 | ) | — | 451.6 | |||||||||
Depreciation and amortization | 299.9 | — | 8.0 | — | 307.9 | ||||||||||
Taxes other than income | 87.1 | — | 4.1 | — | 91.2 | ||||||||||
Operating income (loss) | 500.4 | (7.5 | ) | (11.7 | ) | — | 481.2 | ||||||||
Equity in earnings of unconsolidated affiliates (A) | — | 15.5 | — | — | 15.5 | ||||||||||
Other income (expense) | 20.0 | 0.4 | 0.9 | (0.3 | ) | 21.0 | |||||||||
Interest expense | 146.7 | — | 2.6 | (0.3 | ) | 149.0 | |||||||||
Income tax expense (benefit) | 104.8 | (1.0 | ) | (6.4 | ) | — | 97.4 | ||||||||
Net income (loss) | $ | 268.9 | $ | 9.4 | $ | (7.0 | ) | $ | — | $ | 271.3 | ||||
Investment in unconsolidated affiliates | $ | — | $ | 1,194.4 | $ | — | $ | — | $ | 1,194.4 | |||||
Total assets | $ | 8,525.5 | $ | 1,439.5 | $ | 174.6 | $ | (559.0 | ) | $ | 9,580.6 | ||||
Capital expenditures | $ | 551.6 | $ | — | $ | (3.8 | ) | $ | — | $ | 547.8 |
(A) | The Company recorded a $108.4 million pre-tax charge during the third quarter of 2015 for its share of Enable's goodwill impairment, as adjusted for the basis difference. See Note 3 for further discussion of the goodwill impairment. |
13. | Commitments and Contingencies |
Year Ended December 31 (In millions) | 2018 | 2019 | 2020 | 2021 | 2022 | After 2022 | Total | ||||||||||||||
Operating lease obligations: | |||||||||||||||||||||
Railcars | $ | 1.7 | $ | 20.9 | $ | — | $ | — | $ | — | $ | — | $ | 22.6 | |||||||
Wind farm land leases | 2.5 | 2.5 | 2.9 | 2.9 | 2.9 | 40.6 | 54.3 | ||||||||||||||
Noncancellable operating lease | 0.6 | — | — | — | — | — | 0.6 | ||||||||||||||
Total operating lease obligations | $ | 4.8 | $ | 23.4 | $ | 2.9 | $ | 2.9 | $ | 2.9 | $ | 40.6 | $ | 77.5 |
(In millions) | 2018 | 2019 | 2020 | 2021 | 2022 | Total | ||||||||||||
Other purchase obligations and commitments: | ||||||||||||||||||
Cogeneration capacity and fixed operation and maintenance payments | $ | 72.8 | $ | 65.3 | $ | 53.2 | $ | 49.5 | $ | 45.4 | $ | 286.2 | ||||||
Expected cogeneration energy payments | 35.7 | 35.6 | 35.9 | 37.1 | 38.3 | 182.6 | ||||||||||||
Minimum fuel purchase commitments | 139.8 | 36.2 | 24.6 | 24.6 | 24.6 | 249.8 | ||||||||||||
Expected wind purchase commitments | 58.7 | 56.5 | 56.9 | 57.3 | 57.8 | 287.2 | ||||||||||||
Long-term service agreement commitments | 7.9 | 41.9 | 2.4 | 2.4 | 2.4 | 57.0 | ||||||||||||
Mustang Modernization expenditures | 24.9 | — | — | — | — | 24.9 | ||||||||||||
Environmental compliance plan expenditures | 63.0 | 8.9 | 0.2 | — | — | 72.1 | ||||||||||||
Total other purchase obligations and commitments | $ | 402.8 | $ | 244.4 | $ | 173.2 | $ | 170.9 | $ | 168.5 | $ | 1,159.8 |
Company | Location | Term of Contract | Expiration of Contract | 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 |
FPL Energy | Woodward, OK | 15 years | 2018 | 50.0 |
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | ||||||
CPV Keenan | $ | 29.0 | $ | 29.2 | $ | 26.7 | |||
Edison Mission Energy | 22.1 | 21.1 | 19.7 | ||||||
NextEra Energy | 7.4 | 7.3 | 7.0 | ||||||
FPL Energy | 2.6 | 3.4 | 3.2 | ||||||
Total wind power purchased | $ | 61.1 | $ | 61.0 | $ | 56.6 |
14. | Rate Matters and Regulation |
15. | Quarterly Financial Data (Unaudited) |
Quarter Ended (In millions, except per share data) | March 31 | June 30 | September 30 | December 31 | Total | |||||||||||
Operating revenues | 2017 | $ | 456.0 | $ | 586.4 | $ | 716.8 | $ | 501.9 | $ | 2,261.1 | |||||
2016 | $ | 433.1 | $ | 551.4 | $ | 743.9 | $ | 530.8 | $ | 2,259.2 | ||||||
Operating income | 2017 | $ | 43.8 | $ | 143.5 | $ | 243.3 | $ | 79.7 | $ | 510.3 | |||||
2016 | $ | 37.9 | $ | 125.9 | $ | 257.3 | $ | 82.2 | $ | 503.3 | ||||||
Net income | 2017 | $ | 36.0 | $ | 104.8 | $ | 183.4 | $ | 294.8 | $ | 619.0 | |||||
2016 | $ | 25.2 | $ | 71.5 | $ | 183.6 | $ | 57.9 | $ | 338.2 | ||||||
Basic earnings per average common share (A) | 2017 | $ | 0.18 | $ | 0.52 | $ | 0.92 | $ | 1.48 | $ | 3.10 | |||||
2016 | $ | 0.13 | $ | 0.35 | $ | 0.92 | $ | 0.29 | $ | 1.69 | ||||||
Diluted earnings per average common share (A) | 2017 | $ | 0.18 | $ | 0.52 | $ | 0.92 | $ | 1.48 | $ | 3.10 | |||||
2016 | $ | 0.13 | $ | 0.35 | $ | 0.92 | $ | 0.29 | $ | 1.69 |
(A) | Due to the impact of dilution on the earnings per share calculation, quarterly earnings per share amounts may not add to the total. |
/s/ Ernst & Young LLP | ||
/s/ Sean Trauschke | /s/ Scott Forbes | |
Sean Trauschke, Chairman of the Board, President | Scott Forbes, Controller | |
and Chief Executive Officer | and Chief Accounting Officer | |
/s/ Stephen E. Merrill | ||
Stephen E. Merrill | ||
Chief Financial Officer |
/s/ Ernst & Young LLP | ||
(i) | The following Consolidated Financial Statements are included in Part II, Item 8 of this Annual Report: |
• | Consolidated Statements of Income for the years ended December 31, 2017, 2016 and 2015 |
• | Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015 |
• | Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015 |
• | Consolidated Balance Sheets at December 31, 2017 and 2016 |
• | Consolidated Statements of Capitalization at December 31, 2017 and 2016 |
• | Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2017, 2016 and 2015 |
• | Notes to Consolidated Financial Statements |
• | Report of Independent Registered Public Accounting Firm (Audit of Financial Statements) |
• | Management's Report on Internal Control Over Financial Reporting |
• | Report of Independent Registered Public Accounting Firm (Audit of Internal Control over Financial Reporting) |
(ii) | The financial statements and Notes to Consolidated Financial Statements of Enable Midstream Partners, LP, required pursuant to Rule 3-09 of Regulation S-X are filed as Exhibit 99.02 |
• | Schedule II - Valuation and Qualifying Accounts |
Exhibit No. | Description |
101.INS | XBRL Instance Document. |
101.SCH | XBRL Taxonomy Schema Document. |
101.PRE | XBRL Taxonomy Presentation Linkbase Document. |
101.LAB | XBRL Taxonomy Label Linkbase Document. |
101.CAL | XBRL Taxonomy Calculation Linkbase Document. |
101.DEF | XBRL Definition Linkbase Document. |
* Represents executive compensation plans and arrangements. |
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, 2015 | ||||||||||||
Reserve for Uncollectible Accounts | $ | 1.6 | $ | 2.4 | $ | 2.6 | $ | 1.4 | ||||
Balance at December 31, 2016 | ||||||||||||
Reserve for Uncollectible Accounts | $ | 1.4 | $ | 2.5 | $ | 2.4 | $ | 1.5 | ||||
Balance at December 31, 2017 | ||||||||||||
Reserve for Uncollectible Accounts | $ | 1.5 | $ | 2.6 | $ | 2.6 | $ | 1.5 |
(A) | Uncollectible accounts receivable written off, net of recoveries. |
OGE ENERGY CORP. | |||
(Registrant) | |||
By /s/ | Sean Trauschke | ||
Sean Trauschke | |||
Chairman of the Board, President | |||
and Chief Executive Officer |
Signature | Title | Date | |
/s/ Sean Trauschke | |||
Sean Trauschke | Principal Executive | ||
Officer and Director; | February 21, 2018 | ||
/s/ Stephen E. Merrill | |||
Stephen E. Merrill | Principal Financial Officer; | February 21, 2018 | |
/s/ Scott Forbes | |||
Scott Forbes | Principal Accounting Officer. | February 21, 2018 | |
Frank A. Bozich | Director; | ||
James H. Brandi | Director; | ||
Peter D. Clarke | Director; | ||
Luke R. Corbett | Director; | ||
David L. Hauser | Director; | ||
Kirk Humphreys | Director; | ||
Robert O. Lorenz | Director; | ||
Judy R. McReynolds | Director; | ||
J. Michael Sanner | Director; | ||
Sheila G. Talton | Director; |
/s/ Sean Trauschke | |||
By Sean Trauschke (attorney-in-fact) | February 21, 2018 |
Executive Officer | 2018 Base Salary |
Sean Trauschke, Chairman, President and Chief Executive Officer | $959,500 |
Stephen E. Merrill, Chief Financial Officer | $466,620 |
E. Keith Mitchell, Chief Operating Officer of OG&E | $503,609 |
William H. Sultemeier, General Counsel | $425,600 |
Paul Renfrow, Vice President, Public Affairs and Corporate Administration (A) | $— |
Year Ended December 31 (In millions) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||
Earnings: | |||||||||||||||
Pre-tax income (A) | $ | 438.5 | $ | 384.5 | $ | 353.2 | $ | 396.0 | $ | 422.2 | |||||
Add: Fixed charges | 164.0 | 152.0 | 156.3 | 153.9 | 157.2 | ||||||||||
Distributions received from equity method investment | 141.2 | 141.2 | 139.3 | 143.7 | 51.7 | ||||||||||
Subtotal | 743.7 | 677.7 | 648.8 | 693.6 | 631.1 | ||||||||||
Subtract: | |||||||||||||||
Allowance for borrowed funds used during construction | 18.0 | 7.5 | 4.2 | 2.4 | 3.4 | ||||||||||
Other capitalized interest | — | — | — | — | 2.0 | ||||||||||
Total earnings | 725.7 | 670.2 | 644.6 | 691.2 | 625.7 | ||||||||||
Fixed Charges: | |||||||||||||||
Interest on long-term debt | 153.6 | 143.2 | 147.8 | 144.6 | 147.6 | ||||||||||
Interest on short-term debt and other interest charges | 8.2 | 6.4 | 5.4 | 6.2 | 5.3 | ||||||||||
Calculated interest on leased property | 2.2 | 2.4 | 3.1 | 3.1 | 4.3 | ||||||||||
Total fixed charges | $ | 164.0 | $ | 152.0 | $ | 156.3 | $ | 153.9 | $ | 157.2 | |||||
Ratio of Earnings to Fixed Charges | 4.42 | 4.41 | 4.12 | 4.49 | 3.98 |
Name of Subsidiary | Jurisdiction of Incorporation | Percentage of Ownership |
Oklahoma Gas and Electric Company | Oklahoma | 100.0 |
OGE Enogex Holdings LLC | Delaware | 100.0 |
/s/ Ernst & Young LLP | ||
/s/ Deloitte & Touche LLP |
Houston, Texas |
February 21, 2018 |
Sean Trauschke, Chairman, Principal Executive Officer and Director | /s/ | Sean Trauschke |
Frank A. Bozich, Director | /s/ | Frank A. Bozich |
James H. Brandi, Director | /s/ | James H. Brandi |
Peter D. Clarke, Director | /s/ | Peter D. Clarke |
Luke R. Corbett, Director | /s/ | Luke R. Corbett |
David L. Hauser, Director | /s/ | David L. Hauser |
Kirk Humphreys, Director | /s/ | Kirk Humphreys |
Robert O. Lorenz, Director | /s/ | Robert O. Lorenz |
Judy R. McReynolds, Director | /s/ | Judy R. McReynolds |
J. Michael Sanner, Director | /s/ | J. Michael Sanner |
Sheila G. Talton, Director | /s/ | Sheila G. Talton |
Stephen E. Merrill, Principal Financial Officer | /s/ | Stephen E. Merrill |
Scott Forbes, Principal Accounting Officer | /s/ | Scott Forbes |
STATE OF OKLAHOMA | ) | |
) | SS | |
COUNTY OF OKLAHOMA | ) |
/s/ Kelly Hamilton-Coyer |
By: Kelly Hamilton-Coyer |
Notary Public |
/s/ Sean Trauschke | |
Sean Trauschke | |
Chairman of the Board, President and Chief Executive Officer |
/s/ Stephen E. Merrill | |
Stephen E. Merrill | |
Chief Financial Officer |
/s/ Sean Trauschke | ||
Sean Trauschke | ||
Chairman of the Board, President and Chief Executive Officer |
/s/ Stephen E. Merrill | ||
Stephen E. Merrill | ||
Chief Financial Officer |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions, except per unit data) | |||||||||||
Revenues (including revenues from affiliates (Note 14)): | |||||||||||
Product sales | $ | 1,653 | $ | 1,172 | $ | 1,334 | |||||
Service revenue | 1,150 | 1,100 | 1,084 | ||||||||
Total Revenues | 2,803 | 2,272 | 2,418 | ||||||||
Cost and Expenses (including expenses from affiliates (Note 14)): | |||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately) | 1,381 | 1,017 | 1,097 | ||||||||
Operation and maintenance | 369 | 367 | 419 | ||||||||
General and administrative | 95 | 98 | 103 | ||||||||
Depreciation and amortization | 366 | 338 | 318 | ||||||||
Impairments (Note 8, Note 12) | — | 9 | 1,134 | ||||||||
Taxes other than income taxes | 64 | 58 | 59 | ||||||||
Total Cost and Expenses | 2,275 | 1,887 | 3,130 | ||||||||
Operating Income (Loss) | 528 | 385 | (712 | ) | |||||||
Other Income (Expense): | |||||||||||
Interest expense (including expenses from affiliates (Note 14)) | (120 | ) | (99 | ) | (90 | ) | |||||
Equity in earnings of equity method affiliate | 28 | 28 | 29 | ||||||||
Other, net | — | — | 2 | ||||||||
Total Other Income (Expense) | (92 | ) | (71 | ) | (59 | ) | |||||
Income (Loss) Before Income Taxes | 436 | 314 | (771 | ) | |||||||
Income tax expense (benefit) | (1 | ) | 1 | — | |||||||
Net Income (Loss) | $ | 437 | $ | 313 | $ | (771 | ) | ||||
Less: Net income (loss) attributable to noncontrolling interest | 1 | 1 | (19 | ) | |||||||
Net Income (Loss) Attributable to Limited Partners | $ | 436 | $ | 312 | $ | (752 | ) | ||||
Less: Series A Preferred Unit distributions (Note 5) | 36 | 22 | — | ||||||||
Net Income (Loss) Attributable to Common and Subordinated Units (Note 4) | $ | 400 | $ | 290 | $ | (752 | ) | ||||
Basic earnings (loss) per unit (Note 4) | |||||||||||
Common units | $ | 0.92 | $ | 0.69 | $ | (1.78 | ) | ||||
Subordinated units | $ | 0.93 | $ | 0.68 | $ | (1.78 | ) | ||||
Diluted earnings (loss) per unit (Note 4) | |||||||||||
Common units | $ | 0.92 | $ | 0.69 | $ | (1.78 | ) | ||||
Subordinated units | $ | 0.93 | $ | 0.68 | $ | (1.78 | ) |
December 31, | |||||||
2017 | 2016 | ||||||
(In millions, except units) | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 5 | $ | 6 | |||
Restricted cash | 14 | 17 | |||||
Accounts receivable, net | 277 | 249 | |||||
Accounts receivable—affiliated companies | 18 | 13 | |||||
Inventory | 40 | 41 | |||||
Gas imbalances | 37 | 41 | |||||
Other current assets | 25 | 29 | |||||
Total current assets | 416 | 396 | |||||
Property, Plant and Equipment: | |||||||
Property, plant and equipment | 12,079 | 11,567 | |||||
Less accumulated depreciation and amortization | 1,724 | 1,424 | |||||
Property, plant and equipment, net | 10,355 | 10,143 | |||||
Other Assets: | |||||||
Intangible assets, net | 451 | 306 | |||||
Goodwill | 12 | — | |||||
Investment in equity method affiliate | 324 | 329 | |||||
Other | 35 | 38 | |||||
Total other assets | 822 | 673 | |||||
Total Assets | $ | 11,593 | $ | 11,212 | |||
Current Liabilities: | |||||||
Accounts payable | $ | 263 | $ | 181 | |||
Accounts payable—affiliated companies | 3 | 3 | |||||
Short-term debt | 405 | — | |||||
Current portion of long-term debt | 450 | — | |||||
Taxes accrued | 32 | 30 | |||||
Gas imbalances | 12 | 35 | |||||
Accrued compensation | 32 | 37 | |||||
Customer deposits | 34 | 31 | |||||
Other | 48 | 45 | |||||
Total current liabilities | 1,279 | 362 | |||||
Other Liabilities: | |||||||
Accumulated deferred income taxes, net | 6 | 10 | |||||
Regulatory liabilities | 21 | 19 | |||||
Other | 38 | 34 | |||||
Total other liabilities | 65 | 63 | |||||
Long-Term Debt | 2,595 | 2,993 | |||||
Commitments and Contingencies (Note 15) | |||||||
Partners’ Equity: | |||||||
Series A Preferred Units (14,520,000 issued and outstanding at December 31, 2017 and December 31, 2016, respectively) | 362 | 362 | |||||
Common units (432,584,080 issued and outstanding at December 31, 2017 and 224,535,454 issued and outstanding at December 31, 2016, respectively) | 7,280 | 3,737 | |||||
Subordinated units (0 issued and outstanding at December 31, 2017 and 207,855,430 issued and outstanding at December 31, 2016, respectively) | — | 3,683 | |||||
Noncontrolling interest | 12 | 12 | |||||
Total Partners’ Equity | 7,654 | 7,794 | |||||
Total Liabilities and Partners’ Equity | $ | 11,593 | $ | 11,212 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | $ | 437 | $ | 313 | $ | (771 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 366 | 338 | 318 | ||||||||
Deferred income taxes | (3 | ) | 2 | (1 | ) | ||||||
Impairments | — | 9 | 1,134 | ||||||||
Loss on sale/retirement of assets | 7 | 17 | 5 | ||||||||
Equity in earnings of equity method affiliate | (28 | ) | (28 | ) | (29 | ) | |||||
Return on investment of equity method affiliate | 28 | 28 | 34 | ||||||||
Equity-based compensation | 15 | 13 | 9 | ||||||||
Amortization of debt costs and discount (premium) | (2 | ) | (3 | ) | (2 | ) | |||||
Changes in other assets and liabilities: | |||||||||||
Accounts receivable, net | (23 | ) | (4 | ) | 9 | ||||||
Accounts receivable—affiliated companies | (5 | ) | 8 | 6 | |||||||
Inventory | 1 | 12 | 10 | ||||||||
Gas imbalance assets | 4 | (18 | ) | 22 | |||||||
Other current assets | 4 | 6 | 2 | ||||||||
Other assets | 1 | (1 | ) | (4 | ) | ||||||
Accounts payable | 54 | (34 | ) | — | |||||||
Accounts payable—affiliated companies | — | (6 | ) | (29 | ) | ||||||
Gas imbalance liabilities | (23 | ) | 10 | 12 | |||||||
Other current liabilities | (4 | ) | 45 | 6 | |||||||
Other liabilities | 5 | 14 | (5 | ) | |||||||
Net cash provided by operating activities | 834 | 721 | 726 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (416 | ) | (383 | ) | (869 | ) | |||||
Acquisitions, net of cash acquired | (298 | ) | — | (80 | ) | ||||||
Proceeds from sale of assets | 1 | 1 | 3 | ||||||||
Proceeds from insurance | 2 | — | — | ||||||||
Return of investment in equity method affiliate | 5 | 15 | 8 | ||||||||
Investment in equity method affiliate | — | — | (8 | ) | |||||||
Net cash used in investing activities | (706 | ) | (367 | ) | (946 | ) | |||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from long-term debt, net of issuance costs | 691 | — | 450 | ||||||||
Proceeds from revolving credit facility | 1,200 | 1,734 | 585 | ||||||||
Repayment of revolving credit facility | (1,836 | ) | (1,408 | ) | (275 | ) | |||||
Increase (decrease) in short-term debt | 405 | (236 | ) | (17 | ) | ||||||
Repayment of notes payable—affiliated companies | — | (363 | ) | — | |||||||
Proceeds from issuance of common units | — | 137 | — | ||||||||
Proceeds from issuance of Series A Preferred Units, net of issuance costs | — | 362 | — | ||||||||
Distributions | (590 | ) | (561 | ) | (531 | ) | |||||
Cash taxes paid for employee equity-based compensation | (2 | ) | — | — | |||||||
Net cash provided by (used in) financing activities | (132 | ) | (335 | ) | 212 | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (4 | ) | 19 | (8 | ) | ||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 23 | 4 | 12 | ||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 19 | $ | 23 | $ | 4 |
Series A Preferred Units | Common Units | Subordinated Units | Noncontrolling Interest | Total Partners’ Equity | ||||||||||||||||||||||||
Units | Value | Units | Value | Units | Value | Value | Value | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Balance as of December 31, 2014 | — | $ | — | 214 | $ | 4,353 | 208 | $ | 4,439 | $ | 31 | $ | 8,823 | |||||||||||||||
Net loss | — | — | — | (379 | ) | — | (373 | ) | (19 | ) | (771 | ) | ||||||||||||||||
Issuance of common units upon interest acquisition of SESH | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||
Distributions | — | — | — | (270 | ) | — | (261 | ) | — | (531 | ) | |||||||||||||||||
Equity-based compensation, net of units for employee taxes | — | — | — | 9 | — | — | — | 9 | ||||||||||||||||||||
Balance as of December 31, 2015 | — | $ | — | 214 | $ | 3,714 | 208 | $ | 3,805 | $ | 12 | $ | 7,531 | |||||||||||||||
Net income | — | 22 | — | 147 | — | 143 | 1 | 313 | ||||||||||||||||||||
Issuance of Series A Preferred Units | 15 | 362 | — | — | — | — | — | 362 | ||||||||||||||||||||
Issuance of common units | — | — | 10 | 137 | — | — | — | 137 | ||||||||||||||||||||
Distributions | — | (22 | ) | — | (274 | ) | — | (265 | ) | (1 | ) | (562 | ) | |||||||||||||||
Equity-based compensation, net of units for employee taxes | — | — | — | 13 | — | — | — | 13 | ||||||||||||||||||||
Balance as of December 31, 2016 | 15 | $ | 362 | 224 | $ | 3,737 | 208 | $ | 3,683 | $ | 12 | $ | 7,794 | |||||||||||||||
Net income | — | 36 | — | 266 | — | 134 | 1 | 437 | ||||||||||||||||||||
Conversion of subordinated units | — | — | 208 | 3,619 | (208 | ) | (3,619 | ) | — | — | ||||||||||||||||||
Distributions | — | (36 | ) | — | (355 | ) | — | (198 | ) | (1 | ) | (590 | ) | |||||||||||||||
Equity-based compensation, net of units for employee taxes | — | — | 1 | 13 | — | — | — | 13 | ||||||||||||||||||||
Balance as of December 31, 2017 | 15 | $ | 362 | 433 | $ | 7,280 | — | $ | — | $ | 12 | $ | 7,654 |
December 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Materials and supplies | $ | 29 | $ | 30 | |||
Natural gas and natural gas liquids inventories | 11 | 11 | |||||
Total | $ | 40 | $ | 41 |
• | Natural gas and natural gas liquids purchase arrangements - For certain arrangements within our gathering and processing segment, the Partnership purchases and controls the entire hydrocarbon stream at the point of receipt. Under Topic 606, these arrangements are considered supplier contracts rather than contracts with customers. Therefore, upon adoption of Topic 606, the gathering and processing fees for these arrangements that were previously recognized as Service revenue under Topic 605 will now be recognized as reductions to Cost of natural gas and natural gas liquids. |
• | Percent-of-proceeds and percent-of-liquids processing arrangements - Under percent-of-proceeds and percent-of-liquids arrangements within our gathering and processing segment, we have recognized the value of natural gas and natural gas liquids received in our purchase cost within Cost of natural gas and natural gas liquids. Under Topic 606, the Partnership will recognize the value of the natural gas and NGLs received as Service revenue and as an increase to Cost of natural gas and natural gas liquids when the natural gas or NGLs are sold and Product sales are recognized. |
• | Keep-whole arrangements - Under keep-whole arrangements within our gathering and processing segment, the Partnership recognized the value of NGLs received in Product revenue and the value of the thermally equivalent quantity of natural gas provided in our purchase cost within Cost of natural gas and natural gas liquids. Under Topic 606, the Partnership will recognize the value of the NGLs received less the value of the thermal equivalent volume of natural gas provided as Service revenue and as an increase to Cost of natural gas and natural gas liquids when the NGLs are sold and Product sales are recognized. |
• | Fixed fuel arrangements - Under certain gathering arrangements within our gathering and processing segment as well as under certain transportation arrangements within our transportation and storage segment we receive a fixed amount of fuel regardless of actual fuel usage. Historically, revenue for fuel in excess of actual usage was recognized when such fuel was received, and additional revenue was recognized when such fuel was sold. Under Topic 606, fuel in excess of actual usage will be treated as a byproduct obtained through the fulfillment of a contract, and the Partnership will recognize revenue at the time the excess fuel is sold. This will result in a reduction of Product sales and a corresponding reduction in Cost of natural gas and natural gas liquids. |
Purchase price allocation (in millions): | |||
Assets acquired: | |||
Accounts receivable | $ | 5 | |
Property, plant and equipment | 111 | ||
Intangibles | 176 | ||
Goodwill | 12 | ||
Liabilities assumed: | |||
Current liabilities | 6 | ||
Total identifiable net assets | $ | 298 |
Purchase price allocation (in millions): | |||
Property, plant and equipment | $ | 51 | |
Intangibles | 10 | ||
Goodwill | 19 | ||
Total | $ | 80 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions, except per unit data) | |||||||||||
Net income (loss) | $ | 437 | $ | 313 | $ | (771 | ) | ||||
Net income (loss) attributable to noncontrolling interest | 1 | 1 | (19 | ) | |||||||
Series A Preferred Unit distributions | 36 | 22 | — | ||||||||
General partner interest in net income | — | — | — | ||||||||
Net income (loss) available to common and subordinated unitholders | $ | 400 | $ | 290 | $ | (752 | ) | ||||
Net income (loss) allocable to common units | $ | 273 | $ | 148 | $ | (381 | ) | ||||
Net income (loss) allocable to subordinated units | 127 | 142 | (371 | ) | |||||||
Net income (loss) available to common and subordinated unitholders | $ | 400 | $ | 290 | $ | (752 | ) | ||||
Net income (loss) allocable to common units | $ | 273 | $ | 148 | $ | (381 | ) | ||||
Dilutive effect of Series A Preferred Unit distribution | — | — | — | ||||||||
Diluted net income (loss) allocable to common units | 273 | 148 | (381 | ) | |||||||
Diluted net income (loss) allocable to subordinated units | 127 | 142 | (371 | ) | |||||||
Total | $ | 400 | $ | 290 | $ | (752 | ) | ||||
Basic weighted average number of outstanding | |||||||||||
Common units (1) | 296 | 216 | 214 | ||||||||
Subordinated units | 137 | 208 | 208 | ||||||||
Total | 433 | 424 | 422 | ||||||||
Basic earnings (loss) per unit | |||||||||||
Common units | $ | 0.92 | $ | 0.69 | $ | (1.78 | ) | ||||
Subordinated units | $ | 0.93 | $ | 0.68 | $ | (1.78 | ) | ||||
Basic weighted average number of outstanding common units | 296 | 216 | 214 | ||||||||
Dilutive effect of Series A Preferred Units | — | — | — | ||||||||
Dilutive effect of performance units | 1 | — | — | ||||||||
Diluted weighted average number of outstanding common units | 297 | 216 | 214 | ||||||||
Diluted weighted average number of outstanding subordinated units | 137 | 208 | 208 | ||||||||
Total | 434 | 424 | 422 | ||||||||
Diluted earnings (loss) per unit | |||||||||||
Common units | $ | 0.92 | $ | 0.69 | $ | (1.78 | ) | ||||
Subordinated units | $ | 0.93 | $ | 0.68 | $ | (1.78 | ) |
(1) | Basic weighted average number of outstanding common units for the year ended December 31, 2017 includes approximately one million time-based phantom units. |
Quarter Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | ||||||||
December 31, 2017 (1) | February 20, 2018 | February 27, 2018 | $ | 0.318 | $ | 138 | ||||||
September 30, 2017 | November 14, 2017 | November 21, 2017 | $ | 0.318 | $ | 138 | ||||||
June 30, 2017 | August 22, 2017 | August 29, 2017 | $ | 0.318 | $ | 138 | ||||||
March 31, 2017 | May 23, 2017 | May 30, 2017 | $ | 0.318 | $ | 137 | ||||||
December 31, 2016 | February 21, 2017 | February 28, 2017 | $ | 0.318 | $ | 137 | ||||||
September 30, 2016 | November 14, 2016 | November 22, 2016 | $ | 0.318 | $ | 134 | ||||||
June 30, 2016 | August 16, 2016 | August 23, 2016 | $ | 0.318 | $ | 134 | ||||||
March 31, 2016 | May 6, 2016 | May 13, 2016 | $ | 0.318 | $ | 134 | ||||||
December 31, 2015 | February 2, 2016 | February 12, 2016 | $ | 0.318 | $ | 134 | ||||||
September 30, 2015 | November 3, 2015 | November 13, 2015 | $ | 0.318 | $ | 134 | ||||||
June 30, 2015 | August 3, 2015 | August 13, 2015 | $ | 0.316 | $ | 134 | ||||||
March 31, 2015 | May 5, 2015 | May 15, 2015 | $ | 0.3125 | $ | 132 |
(1) | The board of directors of Enable GP declared this $0.318 per common unit cash distribution on February 9, 2018, to be paid on February 27, 2018, to common unitholders of record at the close of business on February 20, 2018. |
Quarter Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | ||||||||
December 31, 2017 (1) | February 9, 2018 | February 15, 2018 | $ | 0.625 | $ | 9 | ||||||
September 30, 2017 | October 31, 2017 | November 14, 2017 | $ | 0.625 | $ | 9 | ||||||
June 30, 2017 | July 31, 2017 | August 14, 2017 | $ | 0.625 | $ | 9 | ||||||
March 31, 2017 | May 2, 2017 | May 12, 2017 | $ | 0.625 | $ | 9 | ||||||
December 31, 2016 | February 10, 2017 | February 15, 2017 | $ | 0.625 | $ | 9 | ||||||
September 30, 2016 | November 1, 2016 | November 14, 2016 | $ | 0.625 | $ | 9 | ||||||
June 30, 2016 | August 2, 2016 | August 12, 2016 | $ | 0.625 | $ | 9 | ||||||
March 31, 2016 (2) | May 6, 2016 | May 13, 2016 | $ | 0.2917 | $ | 4 |
(1) | The board of directors of Enable GP declared this $0.625 per Series A Preferred Unit cash distribution on February 9, 2018, which was paid on February 15, 2018 to Series A Preferred unitholders of record at the close of business on February 9, 2018. |
(2) | The prorated quarterly distribution for the Series A Preferred Units is for a partial period beginning on February 18, 2016, and ending on March 31, 2016, which equates to $0.625 per unit on a full-quarter basis or $2.50 per unit on an annualized basis. |
• | rank senior to the Partnership’s common units with respect to the payment of distributions and distribution of assets upon liquidation, dissolution and winding up; |
• | have no stated maturity; |
• | are not subject to any sinking fund; and |
• | will remain outstanding indefinitely unless repurchased or redeemed by the Partnership or converted into its common units in connection with a change of control. |
Weighted Average Useful Lives (Years) | December 31, | ||||||||
2017 | 2016 | ||||||||
(In millions) | |||||||||
Property, plant and equipment, gross: | |||||||||
Gathering and Processing | 36 | $ | 7,322 | $ | 6,987 | ||||
Transportation and Storage | 34 | 4,538 | 4,498 | ||||||
Construction work-in-progress | 219 | 82 | |||||||
Total | $ | 12,079 | $ | 11,567 | |||||
Accumulated depreciation: | |||||||||
Gathering and Processing | 865 | 681 | |||||||
Transportation and Storage | 859 | 743 | |||||||
Total accumulated depreciation | 1,724 | 1,424 | |||||||
Property, plant and equipment, net | $ | 10,355 | $ | 10,143 |
December 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Customer relationships: | |||||||
Total intangible assets (1) | $ | 581 | $ | 405 | |||
Accumulated amortization | 130 | 99 | |||||
Net intangible assets | $ | 451 | $ | 306 |
(1) | See Note 3 for discussion of the acquisition of Align Midstream, LLC during the year ended December 31, 2017. |
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
(In millions) | |||||||||||||||||||
Expected amortization of intangible assets | $ | 45 | $ | 45 | $ | 45 | $ | 45 | $ | 45 |
Gathering and Processing | Transportation and Storage | Total | |||||||||
(in millions) | |||||||||||
Balance as of December 31, 2014 | $ | 489 | $ | 579 | $ | 1,068 | |||||
Monarch Acquisition (1) | 19 | — | 19 | ||||||||
Goodwill impairment | (508 | ) | (579 | ) | (1,087 | ) | |||||
Balance as of December 31, 2015 | $ | — | $ | — | $ | — | |||||
Balance as of December 31, 2016 | $ | — | $ | — | $ | — | |||||
Align Acquisition (1) | 12 | — | 12 | ||||||||
Balance as of December 31, 2017 | $ | 12 | $ | — | $ | 12 |
(1) | See Note 3 for further discussion. |
(In millions) | |||
Balance as of December 31, 2014 | $ | 348 | |
Interest acquisition of SESH | 1 | ||
Equity in earnings of equity method affiliate | 29 | ||
Contributions to equity method affiliate | 8 | ||
Distributions from equity method affiliate (1) | (42 | ) | |
Balance as of December 31, 2015 | 344 | ||
Equity in earnings of equity method affiliate | 28 | ||
Distributions from equity method affiliate (1) | (43 | ) | |
Balance as of December 31, 2016 | $ | 329 | |
Equity in earnings of equity method affiliate | 28 | ||
Distributions from equity method affiliate (1) | (33 | ) | |
Balance as of December 31, 2017 | $ | 324 |
(1) | Distributions from equity method affiliate includes a $28 million, $28 million and $34 million return on investment and a $5 million, $15 million and $8 million return of investment for the years ended December 31, 2017, 2016 and 2015, respectively. |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
SESH | $ | 28 | $ | 28 | $ | 29 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
SESH | $ | 33 | $ | 43 | $ | 42 |
December 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Balance Sheet Data: | |||||||
Current assets | $ | 32 | $ | 31 | |||
Property, plant and equipment, net | 1,093 | 1,110 | |||||
Total assets | $ | 1,125 | $ | 1,141 | |||
Current liabilities | $ | 14 | $ | 18 | |||
Long-term debt | 397 | 397 | |||||
Members’ equity | 714 | 726 | |||||
Total liabilities and members’ equity | $ | 1,125 | $ | 1,141 | |||
Reconciliation: | |||||||
Investment in SESH | $ | 324 | $ | 329 | |||
Less: Capitalized interest on investment in SESH | (1 | ) | (1 | ) | |||
Add: Basis differential, net of amortization | 34 | 35 | |||||
The Partnership’s share of members’ equity | $ | 357 | $ | 363 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Income Statement Data: | |||||||||||
Revenues | $ | 113 | $ | 115 | $ | 115 | |||||
Operating income | $ | 72 | $ | 73 | $ | 71 | |||||
Net income | $ | 54 | $ | 55 | $ | 57 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||
Outstanding Principal | Premium (Discount)(1) | Total Debt | Outstanding Principal | Premium (Discount)(1) | Total Debt | ||||||||||||||
(In millions) | |||||||||||||||||||
Commercial Paper | 405 | — | 405 | — | — | — | |||||||||||||
Revolving Credit Facility | — | — | — | 636 | — | 636 | |||||||||||||
2015 Term Loan Agreement | 450 | — | 450 | 450 | — | 450 | |||||||||||||
2019 Notes | 500 | — | 500 | 500 | — | 500 | |||||||||||||
2024 Notes | 600 | — | 600 | 600 | (1 | ) | 599 | ||||||||||||
2027 Notes | 700 | (3 | ) | 697 | — | — | — | ||||||||||||
2044 Notes | 550 | — | 550 | 550 | — | 550 | |||||||||||||
EOIT Senior Notes | 250 | 13 | 263 | 250 | 18 | 268 | |||||||||||||
Total debt | 3,455 | 10 | 3,465 | 2,986 | 17 | 3,003 | |||||||||||||
Less: Short-term debt (2) | 405 | — | |||||||||||||||||
Less: Current portion of long-term debt | 450 | — | |||||||||||||||||
Less: Unamortized debt expense (3) | 15 | 10 | |||||||||||||||||
Total long-term debt | $ | 2,595 | $ | 2,993 |
(1) | Unamortized premium (discount) on long-term debt is amortized over the life of the respective debt. |
(2) | Short-term debt includes $405 million of commercial paper as of December 31, 2017. There was no commercial paper outstanding as of December 31, 2016. |
(3) | As of December 31, 2017 and 2016, there was an additional $3 million and $5 million, respectively, of unamortized debt expense related to the Revolving Credit Facility included in Other long-term assets, not included above. Unamortized debt expense is amortized over the life of the respective debt. |
2018 | $ | 855 | |
2019 | 500 | ||
2020 | 250 | ||
2021 | — | ||
2022 | — | ||
Thereafter | 1,850 |
• | NGL put options, NGL futures and swaps, and WTI crude oil futures and swaps for condensate sales are used to manage the Partnership’s NGL and condensate exposure associated with its processing agreements; |
• | natural gas futures and swaps are used to manage the Partnership’s natural gas exposure associated with its gathering, processing and transportation and storage assets; and |
• | natural gas futures and swaps, natural gas options and natural gas commodity purchases and sales are used to manage the Partnership’s natural gas exposure associated with its storage and transportation contracts and asset management activities. |
December 31, 2017 | December 31, 2016 | ||||||||||
Gross Notional Volume | |||||||||||
Purchases | Sales | Purchases | Sales | ||||||||
Natural gas— TBtu (1) | |||||||||||
Financial fixed futures/swaps | 17 | 13 | 2 | 29 | |||||||
Financial basis futures/swaps | 17 | 17 | 2 | 30 | |||||||
Physical purchases/sales | 1 | 37 | 1 | 25 | |||||||
Crude oil (for condensate)— MBbl (2) | |||||||||||
Financial futures/swaps | — | 564 | — | 540 | |||||||
Natural gas liquids— MBbl (3) | |||||||||||
Financial futures/swaps | — | 1,615 | 60 | 1,133 |
(1) | As of December 31, 2017, 67.7% of the natural gas contracts have durations of one year or less, 16.1% have durations of more than one year and less than two years and 16.2% have durations of more than two years. As of December 31, 2016, 100.0% of the natural gas contracts had durations of one year or less. |
(2) | As of December 31, 2017 and 2016, 100% of the crude oil (for condensate) contracts have durations of one year or less. |
(3) | As of December 31, 2017 and 2016, 100.0% of the natural gas liquid contracts have durations of one year or less. |
December 31, 2017 | December 31, 2016 | ||||||||||||||||
Fair Value | |||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||
(In millions) | |||||||||||||||||
Natural gas | |||||||||||||||||
Financial futures/swaps | Other Current | $ | 5 | $ | 4 | $ | 2 | $ | 22 | ||||||||
Physical purchases/sales | Other Current | 3 | — | — | 1 | ||||||||||||
Crude oil (for condensate) | |||||||||||||||||
Financial futures/swaps | Other Current | — | 4 | — | 3 | ||||||||||||
Natural gas liquids | |||||||||||||||||
Financial futures/swaps | Other Current | 1 | 5 | — | 8 | ||||||||||||
Total gross derivatives (1) | $ | 9 | $ | 13 | $ | 2 | $ | 34 |
(1) | See Note 12 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Consolidated Balance Sheets as of December 31, 2017 and 2016. |
Amounts Recognized in Income | |||||||||||
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Natural gas financial futures/swaps gains (losses) | $ | 20 | $ | (19 | ) | $ | 26 | ||||
Natural gas physical purchases/sales gains (losses) | 9 | (7 | ) | (9 | ) | ||||||
Crude oil (for condensate) financial futures/swaps gains (losses) | (1 | ) | (4 | ) | 12 | ||||||
Natural gas liquids financial futures/swaps gains (losses) | (9 | ) | (13 | ) | 10 | ||||||
Total | $ | 19 | $ | (43 | ) | $ | 39 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Change in fair value of derivatives | $ | 28 | $ | (60 | ) | $ | (8 | ) | |||
Realized gain (loss) on derivatives | (9 | ) | 17 | 47 | |||||||
Gain (loss) on derivative activity | $ | 19 | $ | (43 | ) | $ | 39 |
December 31, 2017 | December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Debt | |||||||||||||||
Revolving Credit Facility (Level 2) (1) | $ | — | $ | — | $ | 636 | $ | 636 | |||||||
2015 Term Loan Agreement (Level 2) | 450 | 450 | 450 | 450 | |||||||||||
2019 Notes (Level 2) | 500 | 497 | 500 | 490 | |||||||||||
2024 Notes (Level 2) | 600 | 602 | 599 | 564 | |||||||||||
2027 Notes (Level 2) | 697 | 712 | — | — | |||||||||||
2044 Notes (Level 2) | 550 | 550 | 550 | 467 | |||||||||||
EOIT Senior Notes (Level 2) | 263 | 265 | 268 | 260 |
(1) | Borrowing capacity is effectively reduced by our borrowings outstanding under the commercial paper program. $405 million and zero of commercial paper was outstanding as of December 31, 2017 and 2016, respectively. |
December 31, 2017 | Commodity Contracts | Gas Imbalances (1) | |||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | ||||||||||||
(In millions) | |||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 5 | $ | 3 | $ | — | $ | — | |||||||
Significant other observable inputs (Level 2) | 4 | 5 | 27 | 12 | |||||||||||
Unobservable inputs (Level 3) | — | 5 | — | — | |||||||||||
Total fair value | 9 | 13 | 27 | 12 | |||||||||||
Netting adjustments | (5 | ) | (5 | ) | — | — | |||||||||
Total | $ | 4 | $ | 8 | $ | 27 | $ | 12 |
December 31, 2016 | Commodity Contracts | Gas Imbalances (1) | |||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | ||||||||||||
(In millions) | |||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 2 | $ | 22 | $ | — | $ | — | |||||||
Significant other observable inputs (Level 2) | — | 4 | 41 | 30 | |||||||||||
Unobservable inputs (Level 3) | — | 8 | — | — | |||||||||||
Total fair value | 2 | 34 | 41 | 30 | |||||||||||
Netting adjustments | — | — | — | — | |||||||||||
Total | $ | 2 | $ | 34 | $ | 41 | $ | 30 |
(1) | The Partnership uses the market approach to fair value its gas imbalance assets and liabilities at individual, or where appropriate an average of, current market indices applicable to the Partnership’s operations, not to exceed net realizable value. Gas imbalances held by EOIT are valued using an average of the Inside FERC Gas Market Report for Panhandle Eastern Pipe Line Co. (Texas, Oklahoma Mainline), ONEOK (Oklahoma) and ANR Pipeline (Oklahoma) indices. There were no netting adjustments as of December 31, 2017 and 2016. |
(2) | Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $10 million and zero at December 31, 2017 and 2016, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. |
(3) | Gas imbalance liabilities exclude fuel reserves for over retained fuel due to shippers of zero and $5 million at December 31, 2017 and 2016, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. |
Commodity Contracts | |||
Natural gas liquids financial futures/swaps | |||
(In millions) | |||
Balance as of December 31, 2015 | $ | 4 | |
Losses included in earnings | (13 | ) | |
Settlements | 1 | ||
Transfers out of Level 3 | — | ||
Balance as of December 31, 2016 | (8 | ) | |
Losses included in earnings | (9 | ) | |
Settlements | 12 | ||
Transfers out of Level 3 | — | ||
Balance as of December 31, 2017 | $ | (5 | ) |
December 31, 2017 | |||||
Product Group | Fair Value | Forward Curve Range | |||
(In millions) | (Per gallon) | ||||
Natural gas liquids | $ | (5 | ) | $0.267 - $1.090 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash Payments: | |||||||||||
Interest, net of capitalized interest | $ | 114 | $ | 105 | $ | 85 | |||||
Income taxes, net of refunds | — | — | 1 | ||||||||
Non-cash transactions: | |||||||||||
Accounts payable related to capital expenditures | 39 | 18 | 52 | ||||||||
Issuance of common units upon interest acquisition of SESH (Note 9) | — | — | 1 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Cash and cash equivalents | $ | 5 | $ | 6 | |||
Restricted cash | 14 | 17 | |||||
Cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows | $ | 19 | $ | 23 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Gas transportation and storage service revenue — CenterPoint Energy | $ | 110 | $ | 110 | $ | 110 | |||||
Natural gas product sales — CenterPoint Energy | 6 | 1 | 7 | ||||||||
Gas transportation and storage service revenue — OGE Energy | 35 | 36 | 37 | ||||||||
Natural gas product sales — OGE Energy | 2 | 12 | 8 | ||||||||
Total revenues — affiliated companies | $ | 153 | $ | 159 | $ | 162 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Cost of natural gas purchases — CenterPoint Energy | $ | 1 | $ | — | $ | 2 | |||||
Cost of natural gas purchases — OGE Energy | 19 | 14 | 15 | ||||||||
Total cost of natural gas purchases — affiliated companies | $ | 20 | $ | 14 | $ | 17 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Corporate Services — CenterPoint Energy | $ | 3 | $ | 6 | $ | 15 | |||||
Operating Lease — CenterPoint Energy | 1 | — | — | ||||||||
Seconded Employee Costs — OGE Energy | 31 | 29 | 35 | ||||||||
Corporate Services — OGE Energy | 3 | 5 | 11 | ||||||||
Total seconded employee, corporate services and operating lease expense | $ | 38 | $ | 40 | $ | 61 |
Year Ended December 31, | |||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | After 2022 | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Noncancellable operating leases | $ | 10 | $ | 3 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 17 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Provision (benefit) for current income taxes | |||||||||||
Federal | $ | 1 | $ | (1 | ) | $ | — | ||||
State | 1 | — | 1 | ||||||||
Total provision (benefit) for current income taxes | 2 | (1 | ) | 1 | |||||||
Provision (benefit) for deferred income taxes, net | |||||||||||
Federal | $ | (2 | ) | 3 | $ | — | |||||
State | (1 | ) | (1 | ) | (1 | ) | |||||
Total provision (benefit) for deferred income taxes, net | (3 | ) | 2 | (1 | ) | ||||||
Total income tax expense (benefit) | $ | (1 | ) | $ | 1 | $ | — |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Income (loss) before income taxes | $ | 436 | $ | 314 | $ | (771 | ) | ||||
Federal statutory rate | — | % | — | % | — | % | |||||
Expected federal income tax expense | — | — | — | ||||||||
Increase in tax expense (benefit) resulting from: | |||||||||||
State income taxes, net of federal income tax | (1 | ) | 1 | — | |||||||
Total | (1 | ) | 1 | — | |||||||
Total income tax expense (benefit) | $ | (1 | ) | $ | 1 | $ | — | ||||
Effective tax rate | (0.2 | )% | 0.3 | % | — | % |
December 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Deferred tax assets: | |||||||
Non-current: | |||||||
Accrued bonuses | $ | 17 | $ | — | |||
Total non-current deferred tax assets | 17 | — | |||||
Total deferred tax assets | 17 | — | |||||
Deferred tax liabilities: | |||||||
Non-current: | |||||||
Depreciation | 5 | 7 | |||||
Intercompany management fee | 18 | 3 | |||||
Total non-current deferred tax liabilities | 23 | 10 | |||||
Accumulated deferred income taxes, net | $ | 6 | $ | 10 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In millions) | |||||||||||
Performance units | $ | 10 | $ | 9 | $ | 3 | |||||
Restricted units | 2 | 3 | 7 | ||||||||
Phantom units | 3 | 1 | 1 | ||||||||
Total equity-based compensation expense | $ | 15 | $ | 13 | $ | 11 |
2017 | 2016 | 2015 | ||||||||
Number of units granted | 468,626 | 1,235,429 | 501,474 | |||||||
Fair value of units granted | $ | 19.27 | $10.42 - $27.77 | $ | 16.59 | |||||
Expected price volatility | 47.3 | % | 43.2% - 46.0% | 27.6 | % | |||||
Risk-free interest rate | 1.57 | % | 0.86% - 0.90% | 0.99 | % | |||||
Expected life of units (in years) | 3 | 3 | 3 |
2017 | 2016 | 2015 | |||||||
Phantom units granted | 392,338 | 653,286 | 9,817 | ||||||
Fair value of phantom units granted | $15.44 - $16.93 | $8.12 - $15.30 | $ | 12.70 |
2015 | ||
Restricted units granted to the Partnership’s employees | 279,677 | |
Fair value of restricted units granted | $16.75 - $19.18 |
2017 | 2016 | 2015 | |||||||||
Common units granted | 16,653 | 14,914 | 17,384 | ||||||||
Fair value of common units granted | $ | 15.03 | $ | 15.35 | $ | 11.12 |
Performance Units | Restricted Stock | Phantom Units | ||||||||||||||||||
Number of Units | Weighted Average Grant-Date Fair Value, Per Unit | Number of Units | Weighted Average Grant-Date Fair Value, Per Unit | Number of Units | Weighted Average Grant-Date Fair Value, Per Unit | |||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||
Units outstanding at 12/31/2016 | 1,969,107 | $ | 15.27 | 392,995 | $ | 20.74 | 643,604 | $ | 8.49 | |||||||||||
Granted (1) | 468,626 | 19.27 | — | — | 392,338 | 16.24 | ||||||||||||||
Vested (2)(3) | (341,507 | ) | 29.29 | (160,485 | ) | 24.86 | (21,704 | ) | 13.12 | |||||||||||
Forfeited | (55,819 | ) | 14.63 | (10,076 | ) | 18.74 | (26,858 | ) | 11.45 | |||||||||||
Units outstanding at 12/31/2017 | 2,040,407 | 13.86 | 222,434 | 17.87 | 987,380 | 11.38 |
(1) | For performance units, this represents the target number of performance units granted. The actual number of performance units earned, if any, is dependent upon performance and may range from 0 percent to 200 percent of the target. |
(2) | Performance units vested as of December 31, 2017 include 334,682 units from the 2014 annual grant, which vested on June 1, 2017 and paid out at 91.5% of target, or 306,170 units, based on the level of achievement of a performance goal established by the Board of Directors over the performance period. |
(3) | Performance units outstanding as of December 31, 2017 include 402,586 units from the 2015 annual grant, which were approved by the Board of Directors in 2015. The results of the performance units were certified by the Compensation Committee in February 2018, at a 200% payout based on the level of achievement of a performance goal established by the Board of Directors over a performance period of January 1, 2015 through December 31, 2017. The increase in outstanding units for a payout percentage of an amount other than 100% is not reflected above until the vesting date. |
December 31, 2017 | |||||||||||
Performance Units | Restricted Stock | Phantom Units | |||||||||
(In millions) | |||||||||||
Aggregate intrinsic value of units vested | $ | 5 | $ | 2 | $ | — | |||||
Fair value of units vested | 10 | 4 | — |
December 31, 2017 | |||||
Unrecognized Compensation Cost (In millions) | Weighted Average to be Recognized (In years) | ||||
Performance Units | $ | 13 | 1.29 | ||
Restricted Units | 1 | 0.43 | |||
Phantom Units | 6 | 1.58 | |||
Total | $ | 20 |
Year Ended December 31, 2017 | Gathering and Processing | Transportation and Storage (1) | Eliminations | Total | |||||||||||
(In millions) | |||||||||||||||
Product sales | $ | 1,538 | $ | 621 | $ | (506 | ) | $ | 1,653 | ||||||
Service revenue | 632 | 525 | (7 | ) | 1,150 | ||||||||||
Total Revenues (2) | 2,170 | 1,146 | (513 | ) | 2,803 | ||||||||||
Cost of natural gas and natural gas liquids | 1,285 | 604 | (508 | ) | 1,381 | ||||||||||
Operation and maintenance, General and administrative | 289 | 179 | (4 | ) | 464 | ||||||||||
Depreciation and amortization | 232 | 134 | — | 366 | |||||||||||
Taxes other than income tax | 37 | 27 | — | 64 | |||||||||||
Operating income | $ | 327 | $ | 202 | $ | (1 | ) | $ | 528 | ||||||
Total assets | $ | 9,079 | $ | 5,616 | $ | (3,102 | ) | $ | 11,593 | ||||||
Capital expenditures | $ | 601 | $ | 113 | $ | — | $ | 714 |
Year Ended December 31, 2016 | Gathering and Processing | Transportation and Storage (1) | Eliminations | Total | |||||||||||
(In millions) | |||||||||||||||
Product sales | $ | 1,081 | $ | 479 | $ | (388 | ) | $ | 1,172 | ||||||
Service revenue | 559 | 545 | (4 | ) | 1,100 | ||||||||||
Total Revenues (2) | 1,640 | 1,024 | (392 | ) | 2,272 | ||||||||||
Cost of natural gas and natural gas liquids | 915 | 492 | (390 | ) | 1,017 | ||||||||||
Operation and maintenance, General and administrative | 276 | 191 | (2 | ) | 465 | ||||||||||
Depreciation and amortization | 212 | 126 | — | 338 | |||||||||||
Impairments | 9 | — | — | 9 | |||||||||||
Taxes other than income tax | 32 | 26 | — | 58 | |||||||||||
Operating income | $ | 196 | $ | 189 | $ | — | $ | 385 | |||||||
Total assets | $ | 7,453 | $ | 4,963 | $ | (1,204 | ) | $ | 11,212 | ||||||
Capital expenditures | $ | 312 | $ | 71 | $ | — | $ | 383 |
Year Ended December 31, 2015 | Gathering and Processing | Transportation and Storage (1) | Eliminations | Total | |||||||||||
(In millions) | |||||||||||||||
Product sales | $ | 1,118 | $ | 590 | $ | (374 | ) | $ | 1,334 | ||||||
Service revenue | 545 | 542 | (3 | ) | 1,084 | ||||||||||
Total Revenues (2) | 1,663 | 1,132 | (377 | ) | 2,418 | ||||||||||
Cost of natural gas and natural gas liquids | 908 | 565 | (376 | ) | 1,097 | ||||||||||
Operation and maintenance, General and administrative | 293 | 230 | (1 | ) | 522 | ||||||||||
Depreciation and amortization | 195 | 123 | — | 318 | |||||||||||
Impairments | 543 | 591 | — | 1,134 | |||||||||||
Taxes other than income tax | 30 | 29 | — | 59 | |||||||||||
Operating loss | $ | (306 | ) | $ | (406 | ) | $ | — | $ | (712 | ) | ||||
Total Assets | $ | 7,536 | $ | 4,976 | $ | (1,286 | ) | $ | 11,226 | ||||||
Capital expenditures | $ | 839 | $ | 110 | $ | — | $ | 949 |
(1) | Equity in earnings of equity method affiliate is included in Other Income (Expense) on the Consolidated Statements of Income, and is not included in the table above. See Note 9 for discussion regarding ownership interest in SESH and related equity earnings included in the transportation and storage segment for the years ended December 31, 2017, 2016 and 2015. |
(2) | The Partnership had no external customers accounting for 10% or more of revenues in periods shown. See Note 14 for revenues from affiliated companies. |
Quarters Ended | |||||||||||||||
March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | ||||||||||||
(in millions, except per unit data) | |||||||||||||||
Total Revenues | $ | 666 | $ | 626 | $ | 705 | $ | 806 | |||||||
Cost of natural gas and natural gas liquids | 308 | 279 | 349 | 445 | |||||||||||
Operating income | 140 | 122 | 137 | 129 | |||||||||||
Net income | 120 | 96 | 113 | 108 | |||||||||||
Net income attributable to limited partners | 120 | 95 | 113 | 108 | |||||||||||
Net income attributable to common and subordinated units | 111 | 86 | 104 | 99 | |||||||||||
Basic earnings per unit | |||||||||||||||
Common units | $ | 0.26 | $ | 0.20 | $ | 0.24 | $ | 0.23 | |||||||
Subordinated units (1) | $ | 0.25 | $ | 0.20 | $ | 0.24 | $ | — | |||||||
Diluted earnings per unit | |||||||||||||||
Common units | $ | 0.26 | $ | 0.20 | $ | 0.24 | $ | 0.23 | |||||||
Subordinated units (1) | $ | 0.25 | $ | 0.20 | $ | 0.24 | $ | — | |||||||
Quarters Ended | |||||||||||||||
March 31, 2016 | June 30, 2016 | September 30, 2016 | December 31, 2016 | ||||||||||||
(in millions, except per unit data) | |||||||||||||||
Total Revenues | $ | 509 | $ | 529 | $ | 620 | $ | 614 | |||||||
Cost of natural gas and natural gas liquids | 195 | 254 | 268 | 300 | |||||||||||
Operating income | 103 | 57 | 139 | 86 | |||||||||||
Net income | 86 | 39 | 119 | 69 | |||||||||||
Net income attributable to limited partners | 86 | 39 | 119 | 68 | |||||||||||
Net income attributable to common and subordinated units | 86 | 35 | 110 | 59 | |||||||||||
Basic earnings per unit | |||||||||||||||
Common Units | $ | 0.21 | $ | 0.08 | $ | 0.26 | $ | 0.14 | |||||||
Subordinated units | $ | 0.20 | $ | 0.08 | $ | 0.26 | $ | 0.14 | |||||||
Diluted earnings per unit | |||||||||||||||
Common Units | $ | 0.19 | $ | 0.08 | $ | 0.26 | $ | 0.14 | |||||||
Subordinated units | $ | 0.20 | $ | 0.08 | $ | 0.26 | $ | 0.14 |
(1) | See Note 5 for discussion of the conversion of the subordinated units. |
Document and Entity Information Document - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Jun. 30, 2017 |
|
Document Information [Line Items] | ||
Entity Registrant Name | OGE ENERGY CORP. | |
Entity Central Index Key | 0001021635 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 199,706,104 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 6,947,712,180 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Net income | $ 619.0 | $ 338.2 | $ 271.3 |
Pension Plan and Restoration of Retirement Income Plan: | |||
Amortization of deferred net loss, net of tax of $1.4, $1.7 and $2.2, respectively | 2.5 | 2.8 | 2.5 |
Amortization of prior service cost, net of tax of $0.0, $0.0 and $0.0, respectively | (0.1) | 0.0 | 0.0 |
Net gain (loss) arising during the period, net of tax of $0.2, ($0.6) and ($5.8), respectively | 0.4 | (0.7) | (9.5) |
Settlement cost, net of tax of $1.4, $3.2 and $2.9, respectively | 2.2 | 5.0 | 4.6 |
Postretirement Benefit Plans: | |||
Amortization of prior service cost, net of tax of ($0.3), ($1.0) and ($1.1), respectively | (0.6) | (1.5) | (1.8) |
Amortization of deferred net loss, net of tax of $0.0, $0.0 and $0.8, respectively | 0.0 | 0.0 | 1.2 |
Prior service cost arising during the period, net of tax of $4.0, $0.0 and $0.0, respectively | 6.3 | 0.0 | 0.0 |
Net (loss) gain arising during the period, net of tax of ($0.2), $0.1 and $5.6, respectively | (0.6) | 0.2 | 9.3 |
Settlement cost, net of tax of $0.2, $0.0 and $0.0, respectively | 0.5 | 0.0 | 0.0 |
Other comprehensive income, net of tax | 10.6 | 5.8 | 6.3 |
Comprehensive income | $ 629.6 | $ 344.0 | $ 277.6 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Parenthetical - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Pension Plan and Restoration of Retirement Income Plan: | |||
Amortization of deferred net loss, net of tax of $1.4, $1.7 and $2.2, respectively | $ 1.4 | $ 1.7 | $ 2.2 |
Net gain (loss) arising during the period, net of tax of $0.2, ($0.6) and ($5.8), respectively | 0.2 | (0.6) | (5.8) |
Amortization of prior service cost, net of tax of $0.0, $0.0 and $0.0, respectively | 0.0 | 0.0 | 0.0 |
Settlement cost, net of tax of $1.4, $3.2 and $2.9, respectively | 1.4 | 3.2 | 2.9 |
Postretirement plans: | |||
Settlement cost, net of tax of $0.2, $0.0 and $0.0, respectively | 0.2 | 0.0 | 0.0 |
Prior service cost arising during the period, net of tax of $4.0, $0.0 and $0.0, respectively | 4.0 | 0.0 | 0.0 |
Amortization of deferred net loss, net of tax of $0.0, $0.0 and $0.8, respectively | 0.0 | 0.0 | 0.8 |
Net (loss) gain arising during the period, net of tax of ($0.2), $0.1 and $5.6, respectively | (0.2) | 0.1 | 5.6 |
Amortization of prior service cost, net of tax of ($0.3), ($1.0) and ($1.1), respectively | (0.3) | (1.0) | (1.1) |
Amortization of deferred interest rate swap hedging losses, net of tax of $0, $0 and $0.0, respectively | $ 0.0 | $ 0.0 | $ 0.0 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 619.0 | $ 338.2 | $ 271.3 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Depreciation and amortization | 283.5 | 322.6 | 307.9 |
Deferred income taxes and investment tax credits, net | (50.0) | 153.8 | 102.6 |
Equity in earnings of unconsolidated affiliates | (131.2) | (101.8) | (15.5) |
Distributions from unconsolidated affiliates | 131.2 | 102.3 | 94.1 |
Allowance for equity funds used during construction | (39.7) | (14.2) | (8.3) |
Stock-based compensation | 9.1 | 4.7 | 7.6 |
Regulatory assets | 3.7 | (21.4) | (9.1) |
Regulatory liabilities | (3.7) | (11.8) | (27.5) |
Other assets | (0.7) | 15.4 | 10.4 |
Other liabilities | (65.5) | (18.9) | 8.6 |
Change in certain current assets and liabilities: | |||
Accounts receivable and accrued unbilled revenues, net | (21.8) | (6.9) | 21.6 |
Income taxes receivable | 13.6 | (2.2) | (1.2) |
Fuel, materials and supplies inventories | (3.6) | 32.4 | (56.5) |
Fuel recoveries | 53.0 | (112.6) | 129.6 |
Other current assets | 27.2 | (26.2) | (17.2) |
Accounts payable | 27.1 | (45.1) | 30.9 |
Other current liabilities | (66.7) | 36.4 | 17.8 |
Net cash provided from operating activities | 784.5 | 644.7 | 867.1 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures (less allowance for equity funds used during construction) | (824.1) | (660.1) | (547.8) |
Return of capital - equity method investments | 10.0 | 38.8 | 45.2 |
Proceeds from sale of assets | 0.7 | 0.9 | 2.5 |
Investment in unconsolidated affiliates | (8.5) | 0.0 | 0.0 |
Net cash used in investing activities | (821.9) | (620.4) | (500.1) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 592.1 | 0.0 | 0.0 |
Issuance (expense) of common stock | (0.1) | 0.0 | 7.2 |
Dividends paid on common stock | (247.6) | (225.1) | (204.6) |
Other | 0.0 | (0.1) | (1.7) |
Payment of long-term debt | (225.1) | (110.2) | (0.2) |
(Decrease) increase in short-term debt | (67.8) | 236.2 | (98.0) |
Net cash provided from (used in) financing activities | 51.5 | (99.2) | (297.3) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 14.1 | (74.9) | 69.7 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 0.3 | 75.2 | 5.5 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 14.4 | $ 0.3 | $ 75.2 |
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
CURRENT ASSETS | ||
Cash and cash equivalents | $ 14.4 | $ 0.3 |
Accounts receivable, less reserve of $1.5 and $1.5, respectively | 188.7 | 173.0 |
Accounts receivable - unconsolidated affiliates | 1.9 | 2.5 |
Accrued unbilled revenues | 66.5 | 59.7 |
Income taxes receivable | 5.8 | 19.4 |
Fuel inventories | 84.3 | 79.8 |
Materials and supplies, at average cost | 80.8 | 81.7 |
Fuel clause under recoveries | 0.0 | 51.3 |
Other | 54.6 | 81.8 |
Total current assets | 497.0 | 549.5 |
OTHER PROPERTY AND INVESTMENTS | ||
Investment in unconsolidated affiliates | 1,160.4 | 1,158.6 |
Other | 76.7 | 73.6 |
Total other property and investments | 1,237.1 | 1,232.2 |
PROPERTY, PLANT AND EQUIPMENT | ||
In service | 11,041.2 | 10,690.0 |
Construction work in progress | 867.5 | 495.1 |
Total property, plant and equipment | 11,908.7 | 11,185.1 |
Less accumulated depreciation | 3,568.8 | 3,488.9 |
Net property, plant and equipment | 8,339.9 | 7,696.2 |
DEFERRED CHARGES AND OTHER ASSETS | ||
Regulatory assets | 283.0 | 404.8 |
Other | 55.7 | 56.9 |
Total deferred charges and other assets | 338.7 | 461.7 |
TOTAL ASSETS | 10,412.7 | 9,939.6 |
CURRENT LIABILITIES | ||
Short-term debt | 168.4 | 236.2 |
Accounts payable | 230.4 | 205.4 |
Dividends payable | 66.4 | 60.4 |
Customer deposits | 80.7 | 77.7 |
Accrued taxes | 44.5 | 41.3 |
Accrued interest | 44.0 | 40.4 |
Accrued compensation | 35.9 | 45.1 |
Long-term debt due within one year | 249.8 | 224.7 |
Fuel clause over recoveries | 1.7 | 0.0 |
Other | 28.7 | 96.0 |
Total current liabilities | 950.5 | 1,027.2 |
LONG-TERM DEBT | 2,749.6 | 2,405.8 |
DEFERRED CREDITS AND OTHER LIABILITIES | ||
Accrued benefit obligations | 192.7 | 274.8 |
Deferred income taxes | 1,227.8 | 2,334.5 |
Regulatory liabilities | 1,283.4 | 299.7 |
Other | 157.6 | 153.8 |
Total deferred credits and other liabilities | 2,861.5 | 3,062.8 |
Total liabilities | 6,561.6 | 6,495.8 |
COMMITMENTS AND CONTINGENCIES (NOTE 13) | ||
STOCKHOLDERS' EQUITY | ||
Common stockholders' equity | 1,114.8 | 1,105.8 |
Retained earnings | 2,759.5 | 2,367.3 |
Accumulated other comprehensive loss, net of tax | (23.2) | (29.3) |
Total stockholders' equity | 3,851.1 | 3,443.8 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 10,412.7 | $ 9,939.6 |
CONSOLIDATED BALANCE SHEETS Parenthetical - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Allowance for Doubtful Accounts Receivable | $ 1.5 | $ 1.5 |
CONSOLIDATED STATEMENTS OF CAPITALIZATION - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Common stock, par value $0.01 per share; authorized 450.0 shares; and outstanding 199.7 shares and 199.7 shares, respectively | $ 2.0 | $ 2.0 |
Premium on common stock | 1,112.8 | 1,103.8 |
Retained earnings | 2,759.5 | 2,367.3 |
Accumulated other comprehensive loss, net of tax | (23.2) | (29.3) |
Total stockholders' equity | 3,851.1 | 3,443.8 |
Unamortized debt expense | (20.8) | (15.5) |
Total long-term debt | 2,999.4 | 2,630.5 |
Less: long-term debt due within one year | (249.8) | (224.7) |
Total long-term debt (excluding debt due within one year) | 2,749.6 | 2,405.8 |
Total capitalization (including long-term debt due within one year) | 6,850.5 | 6,074.3 |
Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Unamortized discount | (9.9) | (9.3) |
Senior Notes [Member] | Series Due November 24, 2017 [Member] | OGE Energy [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 0.0 | 100.0 |
Debt Instrument, Interest Rate, Stated Percentage | 1.87% | |
Senior Notes [Member] | Series Due July 15, 2017 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 0.0 | 125.0 |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
Senior Notes [Member] | Series Due September 1, 2018 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 250.0 | 250.0 |
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | |
Senior Notes [Member] | Series Due January 15, 2019 [Member] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 250.0 | 250.0 |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |
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 | $ 125.0 | 125.0 |
Debt Instrument, Interest Rate, Stated Percentage | 6.65% | |
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 | $ 100.0 | 100.0 |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
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 | $ 110.0 | 110.0 |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
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 | $ 200.0 | 200.0 |
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | |
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 | $ 250.0 | 250.0 |
Debt Instrument, Interest Rate, Stated Percentage | 5.85% | |
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 | $ 250.0 | 250.0 |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
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 | $ 250.0 | 250.0 |
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | |
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 | $ 250.0 | 250.0 |
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | |
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 | $ 250.0 | 250.0 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |
Senior Notes [Member] | Series due August 15, 2047 [Member] [Domain] | Og and E [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 300.0 | 0.0 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
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 | $ 300.0 | 0.0 |
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |
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 | $ 9.7 | 9.9 |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
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 | 47.0 | 47.0 |
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 | $ 56.0 | $ 56.0 |
CONSOLIDATED STATEMENTS OF CAPITALIZATION (Parenthetical) - $ / shares shares in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 450.0 | 450.0 |
Common Stock, Shares, Outstanding | 199.7 | 199.7 |
Garfield Industrial Authority, January 1, 2025 [Member] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
Muskogee Industrial Authority, Janaury 1, 2025 [Member] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
Muskogee Industrial Authority, June 1, 2027 [Member] | ||
Debt Instrument, Maturity Date | Jun. 01, 2027 | |
Senior Notes [Member] | Series Due November 24, 2017 [Member] | OGE Energy [Member] | ||
Debt Instrument, Maturity Date | Nov. 24, 2017 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.87% | |
Senior Notes [Member] | Series Due January 15, 2016 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | ||
Senior Notes [Member] | Series Due July 15, 2017 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Jul. 15, 2017 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
Senior Notes [Member] | Series Due September 1, 2018 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Sep. 01, 2018 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | |
Senior Notes [Member] | Series Due January 15, 2019 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Jan. 15, 2019 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |
Senior Notes [Member] | Series Due July 15, 2027 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Jul. 15, 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.65% | |
Senior Notes [Member] | Series Due April 15, 2028 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Apr. 15, 2028 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
Senior Notes [Member] | Series Due January 15, 2036 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Jan. 15, 2036 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
Senior Notes [Member] | Series Due February 1, 2038 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Feb. 01, 2038 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | |
Senior Notes [Member] | Series Due June 1, 2040 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Jun. 01, 2040 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.85% | |
Senior Notes [Member] | Series Due May 15, 2041 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | May 15, 2041 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
Senior Notes [Member] | Series Due May 1, 2043 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | May 01, 2043 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | |
Senior Notes [Member] | Series Due March 15, 2044 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Mar. 15, 2044 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | |
Senior Notes [Member] | Series Due December 15, 2044 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Dec. 15, 2044 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |
Senior Notes [Member] | Series due April 1, 2047 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Apr. 01, 2047 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |
Senior Notes [Member] | Series due August 15, 2047 [Member] [Domain] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Aug. 15, 2047 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
Long-term Debt [Member] | Due August 31, 2062 [Member] | OG&E [Member] | ||
Debt Instrument, Maturity Date | Aug. 31, 2062 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
Minimum [Member] | Debentures Subject to Mandatory Redemption [Member] | Garfield Industrial Authority, January 1, 2025 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.65% | |
Minimum [Member] | Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority, Janaury 1, 2025 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.65% | |
Minimum [Member] | Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority, June 1, 2027 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.66% | |
Maximum [Member] | Debentures Subject to Mandatory Redemption [Member] | Garfield Industrial Authority, January 1, 2025 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.86% | |
Maximum [Member] | Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority, Janaury 1, 2025 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.80% | |
Maximum [Member] | Debentures Subject to Mandatory Redemption [Member] | Muskogee Industrial Authority, June 1, 2027 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.80% |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Premium on Common Stock |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
---|---|---|---|---|---|
Common Stock, Shares, Outstanding | 199.4 | ||||
Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0.0 | ||||
Balance at Dec. 31, 2014 | $ 3,244.4 | $ 2.0 | $ 1,085.6 | $ 2,198.2 | $ (41.4) |
Comprehensive income (loss) | |||||
Net income | 271.3 | $ 0.0 | 0.0 | 271.3 | 0.0 |
Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0.0 | ||||
Other comprehensive income, net of tax | 6.3 | $ 0.0 | 0.0 | 0.0 | 6.3 |
Dividends, Common Stock, Cash, Number of Shares | 0.0 | ||||
Dividends declared on common stock | (209.7) | $ 0.0 | 0.0 | (209.7) | 0.0 |
Stock Issued During Period, Shares, New Issues | 0.2 | ||||
Expense of common stock | 7.2 | $ 0.0 | 7.2 | 0.0 | 0.0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0.1 | ||||
Stock-based compensation | 6.5 | $ 0.0 | 6.5 | 0.0 | 0.0 |
Balance at Dec. 31, 2015 | 3,326.0 | $ 2.0 | 1,099.3 | 2,259.8 | (35.1) |
Common Stock, Shares, Outstanding | 199.7 | ||||
Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0.0 | ||||
Comprehensive income (loss) | |||||
Net income | 338.2 | $ 0.0 | 0.0 | 338.2 | 0.0 |
Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0.0 | ||||
Other comprehensive income, net of tax | 5.8 | $ 0.0 | 0.0 | 0.0 | 5.8 |
Dividends, Common Stock, Cash, Number of Shares | 0.0 | ||||
Dividends declared on common stock | (230.7) | $ 0.0 | 0.0 | (230.7) | 0.0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0.0 | ||||
Stock-based compensation | 4.5 | $ 0.0 | 4.5 | 0.0 | 0.0 |
Balance at Dec. 31, 2016 | $ 3,443.8 | $ 2.0 | 1,103.8 | 2,367.3 | (29.3) |
Common Stock, Shares, Outstanding | 199.7 | 199.7 | |||
Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0.0 | ||||
Comprehensive income (loss) | |||||
Net income | $ 619.0 | $ 0.0 | 0.0 | 619.0 | 0.0 |
Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification, Number of Shares | 0.0 | ||||
Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0.0 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 22.3 | $ 0.0 | 0.0 | 26.8 | (4.5) |
Other comprehensive income, net of tax | 10.6 | $ 0.0 | 0.0 | 0.0 | 10.6 |
Dividends, Common Stock, Cash, Number of Shares | 0.0 | ||||
Dividends declared on common stock | (253.6) | $ 0.0 | 0.0 | (253.6) | 0.0 |
Expense of common stock | (0.1) | $ 0.0 | (0.1) | 0.0 | 0.0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0.0 | ||||
Stock Issued During Period, Value, New Issues, Number of Shares | 0.0 | ||||
Stock-based compensation | 9.1 | $ 0.0 | 9.1 | 0.0 | 0.0 |
Balance at Dec. 31, 2017 | $ 3,851.1 | $ 2.0 | $ 1,112.8 | $ 2,759.5 | $ (23.2) |
Common Stock, Shares, Outstanding | 199.7 | 199.7 |
Summary of Significant Accounting Policies |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Summary of Significant Accounting Policies Organization The Company is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas primarily in the south central U.S. The Company conducts these activities through two business segments: (i) electric utility and (ii) natural gas midstream operations. The accounts of the Company and its wholly owned subsidiaries are included in the consolidated financial statements. All intercompany transactions and balances are eliminated in consolidation. The Company generally uses the equity method of accounting for investments where its ownership interest is between 20 percent and 50 percent and it lacks the power to direct activities that most significantly impact economic performance. The electric utility segment generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas. Its operations are conducted through OG&E and are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory and is a wholly owned subsidiary of the Company. OG&E is the largest electric utility in Oklahoma, and its franchised service territory 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 natural gas midstream operations segment represents the Company's investment in Enable through wholly owned subsidiaries and ultimately OGE Holdings. Enable is engaged in the business of gathering, processing, transporting and storing natural gas. Enable's natural gas gathering and processing assets are strategically located in four states and serve natural gas production from shale developments in the Anadarko, Arkoma and Ark-La-Tex basins. Enable also owns an emerging crude oil gathering business in the Bakken Shale formation, principally located in the Williston Basin of North Dakota. Enable's natural gas transportation and storage assets extend from western Oklahoma and the Texas Panhandle to Alabama and from Louisiana to Illinois. Enable was formed effective May 1, 2013 by the Company, the ArcLight group and CenterPoint to own and operate the midstream businesses of the Company and CenterPoint. In the formation transaction, the Company and the ArcLight group contributed Enogex LLC to Enable, and the Company deconsolidated its previously held investment in Enogex Holdings and acquired an equity interest in Enable. The Company determined that its contribution of Enogex LLC to Enable met the requirements of being in substance real estate and was recorded at historical cost. The general partner of Enable is equally controlled by the Company and CenterPoint, who each have 50 percent management ownership. Based on the 50/50 management ownership, with neither company having control, the Company began accounting for its interest in Enable using the equity method of accounting. The Company charges operating costs to OG&E and Enable based on several factors. Operating costs directly related to OG&E and Enable are assigned as such. Operating costs incurred for the benefit of OG&E and Enable are allocated either as overhead based primarily on labor costs or using the "Distrigas" method. The "Distrigas" method is a three-factor formula that uses an equal weighting of payroll, net operating revenues and gross property, plant and equipment. The Company adopted this method in January 1996 as a result of a recommendation by the OCC Staff. The Company believes this method provides a reasonable basis for allocating common expenses. Use of Estimates In preparing the Consolidated 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 Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Changes to these assumptions and estimates could have a material effect on the Company's Consolidated Financial Statements. However, the Company believes it has taken reasonable positions where assumptions and estimates are used in order to minimize the negative financial impact to the Company that could result if actual results vary from the assumptions and estimates. In management's opinion, the areas of the Company where the most significant judgment is exercised includes the determination of Pension Plan assumptions, income taxes, contingency reserves, asset retirement obligations and depreciable lives of property, plant and equipment. For the electric utility segment, significant judgment is also exercised in the determination of regulatory assets and liabilities and unbilled revenues. Cash and Cash Equivalents For purposes of the Consolidated Financial Statements, the Company considers 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 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. To the extent the historical collection rates 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 on the Consolidated Balance Sheets and is included in the Other Operation and Maintenance Expense on the Consolidated Statements of Income. The allowance for uncollectible accounts receivable was $1.5 million at both December 31, 2017 and 2016. 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. Investment in Unconsolidated Affiliate The Company's investment in Enable is considered to be a variable interest entity because the owners of the equity at risk in this entity have disproportionate voting rights in relation to their obligations to absorb the entity's expected losses or to receive its expected residual returns. However, the Company is not considered the primary beneficiary of Enable since it does not have the power to direct the activities that are considered most significant to the economic performance of Enable. The Company accounts for its investment in Enable using the equity method of accounting. Under the equity method, the investment will be adjusted each period for contributions made, distributions received and the Company's share of the investee's comprehensive income as adjusted for basis differences. The Company's maximum exposure to loss related to Enable is limited to the Company's equity investment in Enable at December 31, 2017 as presented in Note 12. The Company evaluates its equity method investments for impairment when events or changes in circumstances indicate there is a loss in value of the investment that is other than a temporary decline. The Company considers distributions received from Enable which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and are classified as operating activities in the Consolidated Statements of Cash Flows. The Company considers distributions received from Enable in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment and are classified as investing activities in the Consolidated Statements of Cash Flows. 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 Consolidated Statements of Income and as an increase to Construction Work in Progress in the Consolidated 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 8.2 percent, 8.2 percent and 8.1 percent for the years ended December 31, 2017, 2016 and 2015, 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. OG&E reads its customers' meters 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 on the Consolidated Balance Sheets and in Operating Revenues on the Consolidated 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. SPP Purchases and Sales 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. These results are reported as Operating Revenues or Cost of Sales in the Consolidated Financial Statements. OG&E revenues, expenses, assets and liabilities may be adversely affected by changes in the organization, operating and regulation by the FERC or the SPP. Fuel Adjustment Clauses The actual cost of fuel used in electric generation and certain purchased power costs are passed through to OG&E's customers through fuel adjustment clauses. The fuel adjustment clauses are subject to periodic review by the OCC and the APSC. Income Taxes The Company files consolidated income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Income taxes are generally allocated to each company in the affiliated group based on its stand-alone taxable income or loss. Federal investment tax credits previously claimed on electric utility property have been deferred and are being amortized to income over the life of the related property. The Company uses 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 Company recognizes interest related to unrecognized tax benefits in Interest Expense and recognizes penalties in Other Expense in the Consolidated Statements of Income. On December 22, 2017, President Trump signed the 2017 Tax Act into law, significantly changing U.S. corporate income tax laws. The 2017 Tax Act reduces the corporate federal tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. See Note 7 for further discussion of the effects of the 2017 Tax Act. Accrued Vacation The Company accrues 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. 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. The Company had $17.1 million and $13.9 million in accrued environmental liabilities at December 31, 2017 and 2016, respectively, which are included in the Company's asset retirement obligations. |
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Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) The following tables summarize changes in the components of accumulated other comprehensive loss attributable to OGE Energy during 2016 and 2017. All amounts below are presented net of tax.
The following table summarizes significant amounts reclassified out of accumulated other comprehensive loss by the respective line items in net income during the years ended December 31, 2017 and 2016.
The amounts in accumulated other comprehensive loss (gain) at December 31, 2017 that are expected to be recognized into earnings in 2018 are as follows:
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Asset Retirement Obligation Disclosure [Text Block] | 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. The Company has recorded asset retirement obligations that are being accreted over their respective lives ranging from three to 74 years. The following table summarizes changes to the Company's asset retirement obligations during the years ended December 31, 2017 and 2016.
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Property, Plant and Equipment Disclosure [Text Block] | 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 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 Consolidated Statements of Income as Other Expense. Repair and replacement of minor items of property are included in the Consolidated Statements of Income as Other Operation and Maintenance Expense. The tables below 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 Consolidated Statements of Income.
The Company's property, plant and equipment and related accumulated depreciation are divided into the following major classes:
The following table summarizes the Company's unamortized computer software costs included in intangible plant above.
The following table summarizes the Company's amortization expense for computer software costs.
Depreciation and Amortization The provision for depreciation, which was 2.5 percent and 3.0 percent of the average depreciable utility plant for 2017 and 2016, respectively, is calculated using the straight-line method over the estimated service life of the utility 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 2018, the provision for depreciation is projected to be 2.7 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, 2017, 98.6 percent will be amortized over 10.4 years with the remaining 1.4 percent of the intangible plant balance at December 31, 2017 being amortized over 23.7 years. Amortization of plant acquisition adjustments is provided on a straight-line basis over the estimated remaining service life of the acquired asset. 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 are being amortized over a 37 to 59 year period. |
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Property, Plant and Equipment [Table Text Block] | The Company's property, plant and equipment and related accumulated depreciation are divided into the following major classes:
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Inventory Disclosure [Text Block] | Fuel Inventories Fuel inventories for the generation of electricity consist of coal, natural gas and oil. OG&E uses the weighted-average cost method of accounting for inventory that is physically added to or withdrawn from storage or stockpiles. The amount of fuel inventory was $84.3 million and $82.4 million at December 31, 2017 and 2016, respectively. Effective May 1, 2014, the gas storage services agreement with Enable was terminated. As a result of this contract termination, approximately 5.3 Bcf of cushion gas owned by OG&E and stored on the Enable system is being directed to OG&E's power plants over a five-year period during peak time of June 1 to August 31 at a rate of 11,500 MMBtu/day for a total of 1.06 Bcf per year. In 2014, approximately $11.0 million of cushion gas was reclassified from Plant-in-Service to Other Deferred Assets, representing natural gas in storage that will be removed from storage over four years. As of December 31, 2017, the remaining balance of cushion gas of $2.8 million is included in Fuel Inventories. |
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Summary of Significant Accounting Policies [Text Block] | Accounting Records The accounting records of OG&E are maintained in accordance with the Uniform System of Accounts prescribed by the FERC and adopted by the OCC and the APSC. Additionally, OG&E, as a regulated utility, is subject to accounting principles for certain types of rate-regulated activities, which provide that certain 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 is a summary of OG&E's regulatory assets and liabilities:
OG&E recovers program costs related to the Demand and Energy Efficiency Program. An extension of the demand program rider was approved in January 2016, which allows for the recovery through December 2018 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 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. Fuel clause under recoveries are generated from under recoveries from OG&E's customers when OG&E's cost of fuel exceeds the amount billed to its customers. Fuel clause over recoveries are generated from over recoveries from OG&E's customers when the amount billed to its customers exceeds OG&E's cost of fuel. 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. 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 had historically 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 is a summary of the components of the benefit obligations regulatory asset:
The following amounts in the benefit obligations regulatory asset at December 31, 2017 are expected to be recognized as components of net periodic benefit cost in 2018:
OG&E includes in expense any Oklahoma storm-related operation and maintenance expenses up to $2.7 million annually and defers any additional expenses incurred over $2.7 million. OG&E expects to recover the amounts deferred each year over a five-year period in accordance with historical practice. OG&E previously recovered the cost of system-wide deployment of smart grid technology and implementing the smart grid pilot program through a rider. Costs not included in the rider are the incremental costs for web portal access, education and home energy reports, which are capped at $6.9 million, and the stranded costs associated with OG&E's analog electric meters, which have been replaced by smart meters. These incremental and stranded costs were accumulated during the smart grid deployment and have been included in the Smart Grid asset in the regulatory assets and liabilities table above. As approved in the recent Oklahoma rate case effective May 1, 2017, these costs are now being recovered over a six year period. 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 expenses 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. Income taxes refundable to customers, net, represent the reduction in accumulated deferred income taxes resulting from the reduction in the federal income tax rate, as part of the 2017 Tax Act. These amounts will be returned to customers in varying amounts over approximately 80 years. Currently, those amounts are shown net of income taxes recoverable from customers, which represents income tax benefits previously used to reduce OG&E's revenues, are treated as regulatory assets and are being amortized over the estimated remaining life of the assets to which they relate. These amounts are being recovered in rates as the temporary differences that generated the income tax benefit turn around. Accrued removal obligations, net represent asset retirement costs previously recovered from ratepayers for other than legal obligations. OG&E recovers specific amounts of pension and postretirement medical costs in rates approved in its Oklahoma rate cases. 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 case as a regulatory asset or regulatory liability. These amounts have been recorded in the Pension tracker regulatory liability in the regulatory assets and liabilities table above. Management continuously monitors the future recoverability of regulatory assets. When, in management's judgment, future recovery becomes impaired, the amount of the regulatory asset is adjusted, as appropriate. If OG&E were required to discontinue the application of accounting principles for certain types of rate-regulated activities for some or all of its operations, it could result in writing off the related regulatory assets, which could have significant financial effects. |
Accounting Pronouncements |
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New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Accounting Pronouncements Revenue from Contracts with Customers. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 2017. The Company has assessed the effect of this new guidance on its tariff-based sales, bundled arrangements and alternative revenue programs and is not aware of any issues that would have a material impact on the timing of revenue recognition. The new standard will not have a material impact on the Company's results of operations and financial position but will change the income statement presentation of revenues and require new disclosures. The Company adopted the new standard beginning in the first quarter of 2018 utilizing the modified retrospective transition method. Leases. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." The main difference between current lease accounting and Topic 842 is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under current accounting guidance. Lessees, such as the Company, will need to recognize a right-of-use asset and a lease liability for virtually all of their leases, other than leases that meet the definition of a short-term lease. The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, Topic 842 retains a dual model, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense, while finance leases will result in a front-loaded expense pattern, similar to current capital leases. Classification of operating and finance leases will be based on criteria that are largely similar to those applied in current lease guidance but without the explicit thresholds. The new guidance is effective for fiscal years beginning after December 2018. The new guidance must be adopted using a modified retrospective transition method and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company has started evaluating its current lease contracts. The Company has not quantified the impact on its Consolidated Financial Statements, but it anticipates an increase in the recognition of right-of-use assets and lease liabilities. In January 2018, the FASB issued ASU 2018-01, "Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842," which is an amendment to ASU 2016-02. Land easements (also commonly referred to as rights of way) represent the right to use, access or cross another entity's land for a specified purpose. This new guidance permits an entity to elect a transitional practical expedient, to be applied consistently, to not evaluate under Topic 842 land easements that exist or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under ASC 840, "Leases." Once Topic 842 is adopted, an entity is required to apply Topic 842 prospectively to all new (or modified) land easements to determine whether the arrangement should be accounted for as a lease. ASU 2018-01 is effective for fiscal years beginning after December 2018. The Company intends to elect this practical expedient during its adoption of Topic 842. Employee Share-based Payment Accounting. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," which amends ASC Topic 718, "Compensation - Stock Compensation." ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The Company adopted this standard in the first quarter of 2017. The new guidance, among other requirements, requires the following.
Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. In May 2017, the FASB issued ASU 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The new guidance is designed to improve the reporting of pension and other postretirement benefit costs by bifurcating the components of net benefit expense between those that are attributed to compensation for service and those that are not. The service cost component of benefit expense will continue to be presented within operating income, but entities will now be required to present the other components of benefit expense as non-operating within the income statement. Additionally, the new guidance only permits the capitalization of the service cost component of net benefit expense. The accounting change is required to be applied on a retrospective basis for the presentation of components of net benefit cost and on a prospective basis for the capitalization of only the service cost component of net benefit costs. The new guidance is effective for annual periods beginning after December 2017, including interim periods within those annual periods. Early adoption is permitted, subject to certain conditions. The Company believes that the impact of the change in capitalization of only the service cost component of net periodic benefit costs will be immaterial from current practice. The Company adopted the new guidance beginning in the first quarter of 2018. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" that permits a reclassification from accumulated other comprehensive income to retained earnings of the stranded tax effects resulting from application of the new federal corporate income tax rate, resulting from the 2017 Tax Act. Prior to ASU 2018-02, GAAP required the remeasurement of deferred tax assets and liabilities as a result of a change in tax laws or rates to be presented in net income from continuing operations. Adjusting temporary differences originally recorded to accumulated other comprehensive income through continuing operations resulted in a disproportionate effect lodged in accumulated other comprehensive income. Under ASU 2018-02, entities are permitted, but not required, to reclassify from accumulated other comprehensive income to retained earnings those stranded tax effects resulting from the 2017 Tax Act. ASU 2018-02 is effective for all entities for fiscal years beginning after December 2018 and interim periods within those fiscal years. Early adoption is permitted. The amendments would be applied either at the beginning of the period of adoption or retrospectively to each period in which the effect of the change in the federal corporate income tax rate is recognized. The Company adopted the new standard for the year ended December 31, 2017. As a result of the adoption, the Company reclassified $4.5 million of deferred tax assets from accumulated other comprehensive income to retained earnings in the Consolidated Balance Sheets. |
Investment in Unconsolidated Affiliate and Related Party Transactions |
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Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Investment in Unconsolidated Affiliate and Related Party Transactions On March 14, 2013, the Company entered into a Master Formation Agreement with the ArcLight group and CenterPoint pursuant to which the Company, the ArcLight group and CenterPoint, agreed to form Enable to own and operate the midstream businesses of the Company and CenterPoint that was initially structured as a private limited partnership. This transaction closed on May 1, 2013. Pursuant to the Master Formation Agreement, the Company and the ArcLight group indirectly contributed 100 percent of the equity interests in Enogex LLC to Enable. The Company determined that its contribution of Enogex LLC to Enable met the requirements of being in substance real estate and was recorded at historical cost. The general partner of Enable is equally controlled by the Company and CenterPoint, who each have 50 percent management ownership. Based on the 50/50 management ownership, with neither company having control, the Company deconsolidated its interest in Enogex Holdings and began accounting for its interest in Enable using the equity method of accounting. In April 2014, Enable completed an initial public offering of 25.0 million common units resulting in Enable becoming a publicly traded Master Limited Partnership. At December 31, 2017, the Company owned 111.0 million common units, or 25.7 percent, of Enable's outstanding common units. Prior to August 30, 2017, of the Company's 111.0 million common units, 68.2 million units were subordinated. The subordination period began on the closing date of Enable’s initial public offering and extended until the first business day following the distributions of available cash from operating surplus on each of the outstanding common units and subordinated units equal to or exceeding $1.15 per unit (the annualized minimum quarterly distribution) for each of the three consecutive, non-overlapping four-quarter periods immediately preceding June 30, 2017. On August 30, 2017, the first day following the payment of the cash distribution for common and subordinated units for the second quarter of 2017, the subordination period expired for the Company's 68.2 million subordinated units. On February 9, 2018, Enable announced a quarterly dividend distribution of $0.31800 per unit on its outstanding common units, which is unchanged from the previous quarter. If cash distributions to Enable’s unitholders exceed $0.330625 per unit in any quarter, the general partner will receive increasing percentages, up to 50 percent, of the cash Enable distributes in excess of that amount. The Company is entitled to 60 percent of those "incentive distributions." In certain circumstances, the general partner has the right to reset the minimum quarterly distribution and the target distribution levels at which the incentive distributions receive increasing percentages to higher levels based on Enable’s cash distributions at the time of the exercise of this reset election. Distributions received from Enable were $141.2 million, $141.2 million and $139.3 million during the years ended December 31, 2017, 2016 and 2015, respectively. In 2016, CenterPoint Energy, Inc. announced that it was evaluating strategic alternatives for its investment in Enable. On July 18, 2016, CenterPoint Energy, Inc. and its wholly owned subsidiary, CenterPoint, provided notice to the Company of CenterPoint Energy Inc.’s solicitation of offers from unrelated third parties to acquire all or any portion of the common units and subordinated units of Enable owned by CenterPoint and all of the membership interests of the general partner of Enable owned by CenterPoint. This notice also constituted a notice pursuant to the right of first offer held by the Company under the Partnership Agreement and the Third Amended and Restated Limited Liability Company Agreement of the general partner. Under the terms of the right of first offer, the Company has 30 days from receipt of a notice from CenterPoint Energy Inc. to make an offer to buy all of CenterPoint’s membership interests in the general partner and all or any portion of CenterPoint's common units and subordinated units. On August 17, 2016, the Company submitted to CenterPoint Energy Inc. a proposal to acquire, in conjunction with a third party, all of CenterPoint's membership interests in the general partner of Enable and all of the common units and subordinated units of Enable owned by CenterPoint. In accordance with the Enable partnership Agreement, CenterPoint Energy Inc. had 30 days after the proposal was submitted to accept the Company's right of first offer proposal. The Company did not receive a reply from CenterPoint Energy Inc. within the required timeframe. On January 16, 2017, CenterPoint Energy, Inc. and its wholly owned subsidiary, CenterPoint, provided a second notice to the Company of CenterPoint Energy Inc.'s solicitation of offers from unrelated third parties to acquire all or any portion of the common units and subordinated units of Enable owned by CenterPoint and all of the membership interests of the general partner of Enable owned by CenterPoint Energy Inc. On February 15, 2017, under the terms of right of first offer, the Company submitted to CenterPoint Energy Inc. another proposal to acquire, in conjunction with a third party, all of CenterPoint's membership interests in the general partner of Enable and all of the common units and subordinated units of Enable owned by CenterPoint. The Company did not receive a reply from CenterPoint Energy Inc. within the required timeframe. On July 15, 2017, CenterPoint Energy, Inc. and its wholly owned subsidiary, CenterPoint, provided a third notice to the Company of CenterPoint Energy Inc.'s solicitation of offers from unrelated third parties to acquire all or any portion of the common units and subordinated units of Enable owned by CenterPoint and all of the membership interests of the general partner of Enable owned by CenterPoint. On August 14, 2017, under the terms of right of first offer, the Company submitted to CenterPoint Energy Inc. another proposal to acquire, in conjunction with a third party, all of CenterPoint's membership interests in the general partner of Enable and all of the common units and subordinated units of Enable owned by CenterPoint. On December 1, 2017, CenterPoint Energy, Inc. and its wholly owned subsidiary, CenterPoint, announced that late-stage discussions regarding a transaction involving CenterPoint's interest in Enable terminated because parties could not reach agreement on a mutually acceptable transaction. The Company cannot predict what future actions CenterPoint will take, if any, associated with their ownership interest in Enable. Related Party Transactions - the Company and Enable Operating costs charged and related party transactions between the Company and its affiliate, Enable, are discussed below. In connection with the formation of Enable, the Company and Enable entered into a Services Agreement, Employee Transition Agreement and other agreements whereby the Company agreed to provide certain support services to Enable such as accounting, legal, risk management and treasury functions for an initial term ending on April 30, 2016. As of December 31, 2015, Enable terminated all support services except certain information technology, payroll and benefits administration. The remaining services automatically extended for another year on May 1, 2017. Under these agreements, the Company charged operating costs to Enable of $2.3 million, $4.7 million and $12.4 million for December 31, 2017, 2016 and 2015, respectively. The Company charges operating costs to OG&E and Enable based on several factors. Operating costs directly related to OG&E and Enable are assigned as such. Operating costs incurred for the benefit of OG&E and Enable are allocated either as overhead based primarily on labor costs or using the "Distrigas" method. The Company agreed to provide seconded employees to Enable to support its operations for an initial term ending on December 31, 2014. In October 2014, CenterPoint, the Company and Enable agreed to continue the secondment to Enable for 192 employees that participate in the Company's defined benefit and retirement plans. The Company billed Enable for reimbursement of $29.5 million, $28.7 million and $32.7 million in 2017, 2016 and 2015, respectively, under the Transitional Seconding Agreement for employment costs. If the seconding agreement was terminated, and those employees were no longer employed by the Company, and lump sum payments were made to those employees, the Company would recognize a settlement or curtailment of the pension/retiree health care charges, which would increase expense at the Company by approximately $14.6 million. Settlement and curtailment charges associated with the Enable seconded employees are not reimbursable to the Company by Enable. The seconding agreement can be terminated by mutual agreement of the Company and Enable or solely by the Company upon 120 day notice. The Company had accounts receivable from Enable of $2.0 million and $2.7 million as of December 31, 2017 and 2016, respectively, for amounts billed for transitional services, including the cost of seconded employees. Related Party Transactions - OG&E and Enable OG&E entered into a contract with Enable to provide transportation services effective May 1, 2014. This transportation agreement grants Enable the responsibility of delivering natural gas to OG&E’s generating facilities and performing an imbalance service. With this imbalance service, in accordance with the cash-out provision of the contract, OG&E purchases gas from Enable when Enable’s deliveries exceed OG&E’s pipeline receipts. Enable purchases gas from OG&E when OG&E’s pipeline receipts exceed Enable’s deliveries. In 2016, OG&E entered into an additional gas transportation services contract with Enable which will be effective upon the conversion of units 4 and 5 at Muskogee from coal to gas. The following table summarizes related party transactions between OG&E and Enable during the years ended December 31, 2017, 2016 and 2015.
Summarized Financial Information of Enable Summarized unaudited financial information for 100 percent of Enable is presented below as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015.
The formation of Enable was considered a business combination, and CenterPoint was the acquirer of Enogex Holdings for accounting purposes. Under this method, the fair value of the consideration paid by CenterPoint for Enogex Holdings is allocated to the assets acquired and liabilities assumed on May 1, 2013 based on their fair value. Enogex Holdings' assets, liabilities and equity have accordingly been adjusted to estimated fair value as of May 1, 2013, resulting in an increase to Enable's equity of $2.2 billion. Due to the contribution of Enogex LLC to Enable meeting the requirements of being in substance real estate and thus recording the initial investment at historical cost, the effects of the amortization and depreciation expense associated with the fair value adjustments on Enable's results of operations have been eliminated in the Company's recording of its equity in earnings of Enable. The Company recorded equity in earnings of unconsolidated affiliates of $131.2 million, $101.8 million and $15.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. Equity in earnings of unconsolidated affiliates includes the Company's share of Enable earnings adjusted for the amortization of the basis difference of the Company's original investment in Enogex LLC and its underlying equity in the net assets of Enable and is also adjusted for the elimination of the Enogex Holdings fair value adjustments. The basis difference is being amortized over approximately 30 years, the average life of the assets to which the basis difference is attributed. Equity in earnings of unconsolidated affiliates is also adjusted for the elimination of the Enogex Holdings fair value adjustments, as described below. The following table reconciles OGE Energy's equity in earnings of its unconsolidated affiliates for the years ended December 31, 2017 and 2016.
The difference between OGE Energy's investment in Enable and its underlying equity in the net assets of Enable was $714.2 million as of December 31, 2017. The basis difference is being amortized over approximately 30 years, beginning in May 2013. The following table reconciles the basis difference in Enable from December 31, 2016 to December 31, 2017.
2015 Goodwill Impairment. Enable tests its goodwill for impairment annually on October 1, or more frequently if events or changes in circumstances indicated that the carrying value of goodwill may not be recoverable. Beginning in the fourth quarter of 2014 and continuing into 2015, the crude oil and natural gas industry was impacted by significant commodity price declines, which resulted in decreased producer activity in certain regions in which Enable operates. Based on the decline in producer activity and the forecasted impact on future periods, in addition to an increase in the weighted average cost of capital, Enable determined that the impact on its forecasted operating profits and cash flows for its gathering and processing and transportation and storage segments for the next five years would be significantly reduced. As a result, when Enable performed its annual goodwill impairment analysis as of October 1, 2015, it determined that the goodwill for the gathering and processing and transportation and storage reporting units was completely impaired in the amount of $1.086 billion as of September 30, 2015 and wrote off all of its goodwill in the third quarter of 2015. Accordingly, the Company recorded a $108.4 million pre-tax charge in the third quarter of 2015 for its share of the goodwill impairment, as adjusted for the basis differences. |
Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements The classification of the Company's fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to quoted prices in active markets for identical unrestricted assets or liabilities (Level 1) and the lowest priority given to unobservable inputs (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels defined in the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical unrestricted assets or liabilities that are accessible at the measurement date. Level 2 inputs are inputs other than quoted prices in active markets included within Level 1 that are either directly or indirectly observable at the reporting date for the asset or liability for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 inputs are prices or valuation techniques for the asset or liability that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The Company had no financial instruments measured at fair value on a recurring basis at December 31, 2017 and 2016. The fair value of the Company's long-term debt is based on quoted market prices and estimates of current rates available for similar issues with similar maturities and is classified as Level 2 in the fair value hierarchy with the exception of the Tinker Debt whose fair value is based on calculating the net present value of the monthly payments discounted by the Company's current borrowing rate and is classified as Level 3 in the fair value hierarchy. The following table summarizes the fair value and carrying amount of the Company's financial instruments at December 31, 2017 and 2016.
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Stock Based Compensation |
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Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation In 2013, the Company adopted, and its shareholders approved, the Stock Incentive Plan. Under the 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 the Company and its subsidiaries. The Company has authorized the issuance of up to 7,400,000 shares under the Stock Incentive Plan. The following table summarizes the Company's pre-tax compensation expense and related income tax benefit for the years ended December 31, 2017, 2016 and 2015 related to the Company's performance units and restricted stock.
The Company has issued new shares to satisfy restricted stock grants and payouts of earned performance units. In 2017, 2016 and 2015, there were 2,298 shares, 2,100 shares and 82,046 shares, respectively, of new common stock issued pursuant to the Company's Stock Incentive Plan related to restricted stock grants (net of forfeitures) and payouts of earned performance units. In 2017, there were 146 shares of restricted stock returned to the Company to satisfy tax liabilities. Performance Units Under the Stock Incentive Plan, the Company has issued performance units which represent the value of one share of the Company'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 the Company 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 performance units granted based on total shareholder return are contingently awarded and will be payable in shares of the Company'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 the Company's total shareholder return ranking relative to a peer group of companies. The performance units granted based on earnings per share are contingently awarded and will be payable in shares of the Company's common stock based on the Company's earnings per share growth over a primarily three-year award cycle (i.e., three-year cliff vesting period) compared to a target set at the time of the grant by the Compensation Committee of the Company's Board of Directors. All of these performance units are classified as equity in the Consolidated 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 the Company'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. Performance Units – Total Shareholder Return The fair value of the performance units based on total shareholder return 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 were not accrued or paid for awards prior to February 2014 and were therefore not included in the fair value calculation. Beginning with the February 2014 performance unit awards, dividends are accrued on a quarterly basis pending achievement of payout criteria and were therefore included in the fair value calculations. Expected price volatility is based on the historical volatility of the Company's common stock for the past three years and was 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 the Company's performance units based on total shareholder return. The number of performance units granted based on total shareholder return and the assumptions used to calculate the grant date fair value of the performance units based on total shareholder return are shown in the following table.
Performance Units – Earnings Per Share The fair value of the performance units based on earnings per share is based on grant date fair value which is equivalent to the price of one share of the Company's common stock on the date of grant. The fair value of performance units based on earnings per share varies as the number of performance units that will vest is based on the grant date fair value of the units and the probable outcome of the performance condition. The Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable. As a result, the compensation expense recognized for these performance units can vary from period to period. There are no post-vesting restrictions related to the Company's performance units based on earnings per share. The number of performance units granted based on earnings per share and the grant date fair value are shown in the following table.
Restricted Stock Under the Stock Incentive Plan, the Company issued restricted stock 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 vests in one-third annual increments. Prior to vesting, each share of restricted stock is subject to forfeiture if the recipient ceases to render substantial services to the Company or a subsidiary for any reason other than death, disability or retirement. These shares may not be sold, assigned, transferred or pledged and are subject to a risk of forfeiture. The fair value of the restricted stock was based on the closing market price of the Company's common stock on the grant date. Compensation expense for the restricted stock 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, the Company treats its restricted stock 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 are accrued and paid during the vesting period on restricted stock granted prior to July 2014; therefore, dividends are included in the fair value calculation for such restricted stock granted prior to July 2014. For restricted stock granted after July 2014, dividends will only be paid on restricted stock awards that vest. Accordingly, for restricted stock granted after July 2014, only the present value of dividends expected to vest are included in the fair value calculations. The expected life of the restricted stock is based on the non-vested period since inception of the primarily three-year award cycle. There are no post-vesting restrictions related to the Company's restricted stock. The number of shares of restricted stock granted and the grant date fair value are shown in the following table.
A summary of the activity for the Company's performance units and restricted stock at December 31, 2017 and changes in 2017 are shown in the following table.
A summary of the activity for the Company's non-vested performance units and restricted stock at December 31, 2017 and changes in 2017 are shown in the following table.
Fair Value of Vested Performance Units and Restricted Stock A summary of the Company's fair value for its vested performance units and restricted stock is shown in the following table.
Unrecognized Compensation Cost A summary of the Company's unrecognized compensation cost for its non-vested performance units and restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table.
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Supplemental Cash Flow Information |
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Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information The following table discloses information about investing and financing activities that affected recognized assets and liabilities but did not result in cash receipts or payments. Cash paid for interest, net of interest capitalized, and cash paid for income taxes, net of income tax refunds are also disclosed in the table.
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Income Taxes |
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Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes 2017 Tax Act On December 22, 2017, President Trump signed the 2017 Tax Act into law, significantly changing U.S. corporate income tax laws. The 2017 Tax Act reduces the corporate federal tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. Among other things, the 2017 Tax Act repeals the alternative minimum tax regime for tax years beginning after December 31, 2017. For tax years beginning in 2018, 2019 and 2020, the alternative minimum tax credit carryforward can be utilized to offset regular tax with any remaining alternative minimum tax carryforwards eligible for a refund of 50 percent. Any remaining alternative minimum tax credit carryforwards will become fully refundable beginning in the 2021 tax year. The 2017 Tax Act also limits a taxpayer’s ability to utilize net operating loss carryforwards to 80 percent of taxable income. Additionally, net operating losses arising after 2017 can be carried forward indefinitely, but carryback is generally prohibited. Net operating losses generated in tax years beginning before January 1, 2018 will not be subject to the taxable income limitation and will continue to have a two year carryback and 20 year carryforward period. The 2017 Tax Act allows companies to expense 100 percent of the cost of qualified property placed in service after September 27, 2017 and before January 1, 2023 (an additional year is provided for certain property with longer production periods). The 100 percent expense provision is phased down by 20 percent per calendar year beginning in 2023 (i.e., 80 percent, 60 percent, 40 percent and 20 percent for calendar years 2023 through 2026, respectively), with normal depreciation rules applicable after that. The phase out begins in 2024 for certain property with longer production periods. Companies can elect not to immediately expense qualified assets. The 2017 Tax Act limits deductions for net interest expense to 30 percent of adjusted taxable income. The 2017 Tax Act repeals deductions for qualified domestic production activities, entertainment, amusement or recreation expenses, membership dues for clubs and expenses incurred for the use of facilities in connection with these items. The 2017 Tax Act retains the $1 million limitation on deductible compensation to covered employees. However, it eliminates the current exception for performance-based compensation and expands the definition of covered employees to include the chief financial officer. The new executive compensation limitations are effective in 2018, with certain transition rules. During 2017, the Company fully utilized all remaining federal net operating losses and alternative minimum tax credits. Changes made by the 2017 Tax Act related to alternative minimum tax and net operating loss utilization are not expected to have a material impact on the Company in the future. For regulated entities, such as OG&E, provisions in the 2017 Tax Act provide for unrestricted deduction of interest expense in lieu of full expensing of qualified property. Full expensing of qualified property will be available with regard to the Company's non-regulated investments, and the Company currently does not believe the interest expense limitations on non-regulated debt will have a significant impact. The Company will see some impact from other provisions related to non-deductible expenses, but those items are not expected to be material with respect to 2018. ASC 740, "Income Taxes," requires deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Therefore, at December 31, 2017, the Company remeasured deferred taxes based upon the new 21 percent tax rate. For entities subject to ASC 980, "Accounting for Regulated Entities," such as OG&E, those entities are required to recognize a regulatory liability for the decrease in taxes payable for the change in tax rates that are expected to be returned to customers through future rates and to recognize a regulatory asset for the increase in taxes receivable for the change in tax rates that are expected to be recovered from customers through future rates. As a result of remeasuring existing deferred taxes at the lower 21 percent tax rate, the Company reduced net deferred income tax liabilities by $1.273 billion, reduced income tax expense by $234.7 million and increased regulatory liabilities, net by $1.038 billion. Staff Accounting Bulletin No. 118 On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the 2017 Tax Act. The Company has recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in its Consolidated Financial Statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued and actions the Company may take as a result of the 2017 Tax Act. Any subsequent adjustment to these amounts will be recorded to adjust the initial recognition of tax reform in the quarter of 2018 when the analysis is complete. The items comprising income tax (benefit) expense are as follows:
The Company files consolidated income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal tax examinations by tax authorities for years prior to 2014 or state and local tax examinations by tax authorities for years prior to 2013. Income taxes are generally allocated to each company in the affiliated group based on its stand-alone taxable income or loss. Federal investment tax credits previously claimed on electric utility property have been deferred and are being amortized to income over the life of the related property. OG&E earns both federal and Oklahoma state tax credits associated with production from its wind farms and earns Oklahoma state tax credits associated with its investments in electric generating facilities which reduce the Company's effective tax rate. The following schedule reconciles the statutory tax rates to the effective income tax rate:
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 components of Deferred Income Taxes at December 31, 2017 and 2016 were as follows:
As of December 31, 2017, the Company has classified $16.4 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. Following is a reconciliation of the Company’s total gross unrecognized tax benefits as of the years ended December 31, 2017, 2016 and 2015.
As of December 31, 2017, 2016 and 2015, there were $16.4 million, $13.5 million and $13.2 million of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate. Where applicable, the Company classifies income tax-related interest and penalties as interest expense and other expense, respectively. During the year ended December 31, 2017, there were no income tax-related interest or penalties recorded with regard to uncertain tax positions. The Company sustained federal and state tax operating losses through 2012 caused primarily by bonus depreciation and other book versus tax temporary differences. As a result, the Company had accrued federal and state income tax benefits carrying into 2017. During 2017, the remaining federal net operating loss was utilized. State operating losses are being carried forward for utilization in future years. In addition to the tax operating losses, the Company was unable to utilize the various tax credits that were generated during these years. These tax losses and credits are being carried as deferred tax assets and will be utilized in future periods. Under current law, the Company anticipates future taxable income will be sufficient to utilize remaining losses and credits before they begin to expire. The following table summarizes these carry forwards:
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Common Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity Automatic Dividend Reinvestment and Stock Purchase Plan The Company issued no shares of common stock under its Automatic Dividend Reinvestment and Stock Purchase Plan in 2017. The Company may, from time to time, issue shares under its Automatic Dividend Reinvestment and Stock Purchase Plan or purchase shares traded on the open market. At December 31, 2017, there were 4,774,442 shares of unissued common stock reserved for issuance under the Company's Automatic Dividend Reinvestment and Stock Purchase Plan. Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted average number of the Company's common shares outstanding during the period. In the calculation of diluted earnings per share, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for the Company consist of performance units and restricted stock. Basic and diluted earnings per share for the Company were calculated as follows:
Dividend Restrictions The Company’s Certificate of Incorporation places restrictions on the amount of common stock dividends it can pay when preferred stock is outstanding. As there is no preferred stock outstanding, that restriction did not place any effective limit on the Company’s ability to pay dividends to its shareholders. Pursuant to the leverage restriction in the Company’s revolving credit agreement, the Company 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 $605.3 million of the Company’s retained earnings from being paid out in dividends. Accordingly, approximately $2.2 billion of the Company’s retained earnings as of December 31, 2017 are unrestricted for the payment of dividends. The Company utilizes receipts from its equity investment in Enable and dividends from OG&E to pay dividends to its shareholders. Enable’s partnership agreement requires that it distribute all "available cash," as defined as cash on hand at the end of a quarter after the payment of expenses and the establishment of cash reserves and cash on hand resulting from working capital borrowings made after the end of the quarter. 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 also 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 $600.1 million of OG&E’s retained earnings from being paid out in dividends. Accordingly, approximately $1.8 billion of OG&E’s retained earnings as of December 31, 2017 are unrestricted for the payment of dividends. |
Long-Term Debt |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt A summary of the Company's long-term debt is included in the Consolidated Statements of Capitalization. At December 31, 2017, the Company was in compliance with all of its debt agreements. OG&E Industrial Authority Bonds OG&E has tax-exempt pollution control bonds with optional redemption provisions that allow the holders to request repayment of the bonds on any business day. The bonds, which can be tendered at the option of the holder during the next 12 months, are as follows:
All of these bonds are subject to an optional tender at the request of the holders, at 100 percent of the principal amount, together with accrued and unpaid interest to the date of purchase. The bond holders, on any business day, can request repayment of the bond by delivering an irrevocable notice to the tender agent stating the principal amount of the bond, payment instructions for the purchase price and the business day the bond is to be purchased. The repayment option may only be exercised by the holder of a bond for the principal amount. When a tender notice has been received by the trustee, a third party remarketing agent for the bonds will attempt to remarket any bonds tendered for purchase. This process occurs once per week. Since the original issuance of these series of bonds in 1995 and 1997, the remarketing agent has successfully remarketed all tendered bonds. If the remarketing agent is unable to remarket any such bonds, OG&E is obligated to repurchase such unremarketed bonds. As OG&E has both the intent and ability to refinance the bonds on a long-term basis and such ability is supported by an ability to consummate the refinancing, the bonds are classified as Long-Term Debt in the Company's Consolidated Financial Statements. OG&E believes that it has sufficient liquidity to meet these obligations. Long-Term Debt Maturities Maturities of the Company's long-term debt during the next five years consist of $250.1 million, $250.1 million, $0.1 million, $0.1 million and $0.1 million in 2018, 2019, 2020, 2021 and 2022, respectively. The Company has previously incurred costs related to debt refinancing. Unamortized loss on reacquired debt is classified as a Non-Current Regulatory Asset. Unamortized debt expense and unamortized premium and discount on long-term debt are classified as Long-Term Debt in the Consolidated Balance Sheets and are being amortized over the life of the respective debt. Issuance of Long-Term Debt In March 2017, OG&E issued $300.0 million of 4.15 percent senior notes due April 1, 2047. The proceeds from the issuance were used for general corporate purposes, including to repay short-term debt, to repay borrowings under the revolving credit facility, to fund the payment of OG&E's $125.0 million of 6.5 percent senior notes that matured on July 15, 2017 and to fund ongoing capital expenditures and working capital. In August 2017, OG&E issued $300.0 million of 3.85 percent senior notes due August 15, 2047. The proceeds from the issuance were used for general corporate purposes, including to repay short-term debt, to repay borrowings under the revolving credit facility and to fund ongoing capital expenditures and working capital. |
Short-Term Debt and Credit Facilities |
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Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt and Credit Facilities | Short-Term Debt and Credit Facilities On March 8, 2017, the Company and OG&E each entered into new $450.0 million unsecured five-year revolving credit facilities to replace existing facilities. Each of these new facilities is scheduled to terminate on March 8, 2022. However, the Company and OG&E have the right to request an extension of the revolving credit facility termination date under their respective facility for an additional one-year period, which can be exercised up to two times. All such extension requests are subject to majority lender group approval (and only the commitments of those lenders that consent to such extension (or that agree to replace any non-consenting lender) will be extended for such additional period). Borrowings under the new facilities bear interest at rates equal to either the eurodollar base rate (reserve adjusted, if applicable), plus a margin of 0.69 percent to 1.275 percent, or an alternate base rate, plus a margin of 0.00 percent to 0.275 percent. The new facilities have a facility fee that ranges from 0.06 percent to 0.225 percent. Interest rate margins and facility fees are based on the Company's and OG&E's then-current senior unsecured credit ratings, as applicable. Each of the facilities provides for issuance of letters of credit, provided that (i) the aggregate outstanding credit exposure shall not exceed the amount of the revolving credit facility and (ii) the aggregate outstanding stated amount of letters of credit issued under such facility shall not exceed a specified maximum sublimit ($100 million for each of the Company and OG&E). Advances under the facilities may be used to refinance existing indebtedness and for working capital and general corporate purposes of the respective borrower and its subsidiaries, including commercial paper liquidity support, letters of credit, acquisitions and distributions. Each of the facilities is unsecured and, under certain circumstances, may be increased (by up to $150 million in each case for the Company and OG&E) to a maximum revolving commitment limit of $600 million. Advances of revolving loans and letters of credit under the facilities are subject to certain conditions precedent, including the accuracy of certain representations and warranties and the absence of any default or unmatured default. The Company and OG&E's facilities each have a financial covenant requiring that the respective borrower maintain a maximum debt to capitalization ratio of 65 percent, as defined in each such facility. The Company and OG&E's 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 Company and OG&E's 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 Company borrows on a short-term basis, as necessary, by the issuance of commercial paper and by borrowings under its revolving credit agreement. As of December 31, 2017, the Company had $168.4 million of short-term debt compared to $236.2 million at December 31, 2016. The following table provides information regarding the Company's revolving credit agreements at December 31, 2017.
The Company's ability to access the commercial paper market could be adversely impacted by a credit ratings downgrade or major market disruptions. Pricing grids associated with the Company's credit facilities could cause annual fees and borrowing rates to increase if an adverse rating impact occurs. The impact of any future downgrade could include an increase in the costs of the Company's short-term borrowings, but a reduction in the Company's credit ratings would not result in any defaults or accelerations. Any future downgrade could also lead to higher long-term borrowing costs and, if below investment grade, would require the Company to post collateral or letters of credit. OG&E must obtain regulatory approval from the FERC in order to borrow on a short-term basis. OG&E has the necessary regulatory approvals to incur up to $800.0 million in short-term borrowings at any one time for a two-year period beginning January 1, 2017 and ending December 31, 2018. |
Retirement Plans and Postretirement Benefit Plans |
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Retirement Plans and Postretirement Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Retirement Plans and Postretirement Benefit Plans Pension Plan and Restoration of Retirement Income Plan It is the Company's policy to fund the Pension Plan on a current basis based on the net periodic pension expense as determined by the Company'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. The Company made a $20.0 million contribution to its Pension Plan in both 2017 and 2016. The Company has not determined whether it will need to make any contributions to the Pension Plan in 2018. Any contribution to the Pension Plan during 2018 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. The Company 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 a plan year exceed the service cost and interest cost components of the organization’s net periodic pension cost. During 2017 and 2015, the Company 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. As a result, the Company recorded pension settlement charges of $15.3 million in the fourth quarter of 2017 and $21.7 million during 2015. The pension settlement charges did not increase the Company's total pension expense over time, as the charges were an acceleration of costs that otherwise would be recognized as pension expense in future periods. During the quarter ended June 30, 2016, the Company experienced a settlement of its Supplemental Executive Retirement Plan and its non-qualified Restoration of Retirement Income Plan. As a result, the Company recorded pension settlement charges of $8.6 million during 2016. The Company provides a Restoration of Retirement Income Plan to those participants in the Company'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 the Company'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. Obligations and Funded Status The following table presents the status of the Company's Pension Plan, the Restoration of Retirement Income Plan and the postretirement benefit plans for 2017 and 2016. 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 Company's Consolidated 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 Consolidated Statements of Income in future periods. The benefit obligation for the Company'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 the Company'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. The accumulated postretirement benefit obligation for the Pension Plan and the Restoration of Retirement Income Plan at December 31, 2017 was $626.9 million and $7.5 million, respectively. The accumulated postretirement benefit obligation for the Pension Plan and the Restoration of Retirement Income Plan at December 31, 2016 was $608.0 million and $6.1 million, respectively. The details of the funded status of the Pension Plan, the Restoration of Retirement Income Plan and the postretirement benefit plans and the amounts included in the Consolidated Balance Sheets are as follows:
Net Periodic Benefit Cost
Rate Assumptions
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. The overall expected rate of return on plan assets assumption was 7.50 percent in both 2017 and 2016, which was used in determining net periodic benefit cost due to recent returns on the Company's long-term investment portfolio. 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 6.50 percent in 2018 with the rates trending downward to 4.50 percent by 2026. A one-percentage point change in the assumed health care cost trend rate would have the following effects:
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 table below sets forth the targeted fixed income and equity allocations at different funded status levels.
Within the portfolio's overall allocation to equities, the funds are allocated according to the guidelines in the table below.
The Company has retained an investment consultant responsible for the general investment oversight, analysis, monitoring investment guideline compliance and providing quarterly reports to certain of the Company's members and the Company'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. Below is a list of each asset class utilized with appropriate comparative benchmark(s) each manager is evaluated against:
The fixed income managers are expected to use discretion over the asset mix of the trust assets in its efforts to maximize risk-adjusted performance. Exposure to any single issuer, other than the U.S. government, its agencies or its instrumentalities (which have no limits), is limited to five percent of the fixed income portfolio as measured by market value. At least 75 percent of the invested assets must possess an investment-grade rating at or above Baa3 or BBB- by Moody's Investors Services, Standard & Poor's Ratings Services or Fitch Ratings. The portfolio may invest up to 10 percent of the portfolio's market value in convertible bonds as long as the securities purchased meet the quality guidelines. A portfolio may invest up to 15 percent of the portfolio's market value in private placement, including 144A securities with or without registration rights and allow for futures to be traded in the portfolio. The purchase of any of the Company's equity, debt or other securities is prohibited. The domestic value equity managers focus on stocks that the manager believes are undervalued in price and earn an average or less than average return on assets and often pays out higher than average dividend payments. The domestic growth equity manager will invest primarily in growth companies which consistently experience above average growth in earnings and sales, earn a high return on assets and reinvest cash flow into existing business. The domestic mid-cap equity portfolio manager focuses on companies with market capitalizations lower than the average company traded on the public exchanges with the following characteristics: price/earnings ratio at or near the Russell Midcap Index, small dividend yield, return on equity at or near the Russell Midcap Index and an earnings per share growth rate at or near the Russell Midcap Index. The domestic small-cap equity manager will purchase shares of companies with market capitalizations lower than the average company traded on the public exchanges with the following characteristics: price/earnings ratio at or near the Russell 2000, small dividend yield, return on equity at or near the Russell 2000 and an earnings per share growth rate at or near the Russell 2000. The international global equity manager invests primarily in non-dollar denominated equity securities. Investing internationally diversifies the overall trust across the global equity markets. The manager is required to operate under certain restrictions including regional constraints, diversification requirements and percentage of U.S. securities. The Morgan Stanley Capital International All Country World ex-U.S. Index is the benchmark for comparative performance purposes. The Morgan Stanley Capital International All Country World ex-U.S. Index is a market value weighted index designed to measure the combined equity market performance of developed and emerging markets countries, excluding the U.S. All of the equities which are purchased for the international portfolio are thoroughly researched. 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). For all domestic equity investment managers, 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 of the Company's Investment Committee is received. The purchase of securities on margin is prohibited as is securities lending. Private placement or venture capital may not be purchased. All interest and dividend payments must be swept on a daily basis into a short-term money market fund for re-deployment. The purchase of any of the Company's equity, debt or other securities is prohibited. The purchase of equity or debt issues of the portfolio manager's organization is also prohibited. The aggregate positions in any company may not exceed one percent of the fair market value of its outstanding stock. Pension Plan Investments The following tables summarize the Pension Plan's investments that are measured at fair value on a recurring basis at December 31, 2017 and 2016. There were no Level 3 investments held by the Pension Plan at December 31, 2017 and 2016.
The three levels defined in the fair value hierarchy and examples of each are as follows: 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. Instruments classified as Level 1 include investments in common stocks, U.S. Treasury notes and bonds, mutual funds and cash collateral. 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. Instruments classified as Level 2 include corporate fixed income and other securities, mortgage- and asset-backed securities, U.S. municipal bonds, foreign government bonds, U.S. Treasury futures contracts and forward contracts. 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). Postretirement Benefit Plans In addition to providing pension benefits, the Company 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 the Company 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. The Company's contribution to the medical costs for pre-65 aged eligible retirees are fixed at the 2011 level, and the Company 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. The Company provides Medicare-eligible retirees and their Medicare-eligible spouses an annual fixed contribution to a Company-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. In August 2017, the Company adopted an amendment to the retiree medical plan. Effective January 1, 2018, the Company will reduce the amount of supplemental Medicare coverage for Medicare-eligible retirees, providing a fixed stipend based on current market analysis in August 2017. The Company will continue to allow those Medicare-eligible retirees to acquire coverage from a company-provided third-party administrator. The effect of these plan amendments is reflected in the Company’s December 31, 2017 Consolidated Balance Sheet as a reduction to the postretirement benefit obligation of $42.9 million. In August 2017, the Company settled the retiree life plan in its entirety and paid $26.4 million to participants in August 2017. No gain or loss was recognized upon settlement, and the effect of the settlement is reflected in the Company’s December 31, 2017 Consolidated Balance Sheet as a reduction in the Accrued Benefit Obligations of $27.9 million and related other comprehensive income and regulatory asset of $2.1 million. Postretirement Plans Investments The following tables summarize the postretirement benefit plans' investments that are measured at fair value on a recurring basis at December 31, 2017 and 2016. There were no Level 2 investments held by the postretirement benefit plans at December 31, 2017 and 2016.
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 summarizes the postretirement benefit plans' investments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
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 summarizes the gross benefit payments the Company expects to pay related to its postretirement benefit plans, including prescription drug benefits.
The following table summarizes the benefit payments the Company expects to pay related to OGE Energy's Pension Plan and Restoration of Retirement Income Plan. These expected benefits are based on the same assumptions used to measure the Company's benefit obligation at the end of the year and include benefits attributable to estimated future employee service.
Post-Employment Benefit Plan Disabled employees receiving benefits from the Company's Group Long-Term Disability Plan are entitled to continue participating in the Company'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 Company's Group Long-Term Disability Plan and their dependents, as defined in the Company'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 the Company's Group Long-Term Disability Plan due to death, recovery from disability or eligibility for retiree medical benefits. The Company's post-employment benefit obligation was $2.5 million and $2.4 million at December 31, 2017 and 2016, respectively. 401(k) Plan The Company provides a 401(k) Plan, and each regular full-time employee of the Company or a participating affiliate is eligible to participate in the 401(k) Plan immediately. All other employees of the Company 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 19 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 his or her 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, the Company 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 Company 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, the Company's contribution may be directed to any available investment option in the 401(k) Plan. The Company match contributions vest over a three-year period. After two years of service, participants become 20 percent vested in their Company 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 the Company or its affiliates. The Company contributed $13.2 million, $11.9 million and $11.6 million in 2017, 2016 and 2015, respectively, to the 401(k) Plan. Deferred Compensation Plan The Company 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 the Board of Directors of the Company 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. The Company 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 compensation plan and to allow for a match that would have been made under the 401(k) Plan on that portion of either the first six percent of total compensation or the first five percent of total compensation, depending on prior participant elections, deferred that exceeds the limits allowed in the 401(k) Plan. Matching credits vest based on years of service, with full vesting after three years or, if earlier, on retirement, disability, death, a change in control of the Company or termination of the plan. Deferrals, plus any Company match, are credited to a recordkeeping account in the participant's name. Earnings on the deferrals are indexed to the assumed investment funds selected by the participant. In 2017, those investment options included a Company Common Stock fund, whose value was determined based on the stock price of the Company's common stock. The Company accounts for the contributions related to the Company's executive officers in this plan as Accrued Benefit Obligations, and the Company accounts for the contributions related to the Company's directors in this plan as Other Deferred Credits and Other Liabilities in the Consolidated Balance Sheets. The investment associated with these contributions is accounted for as Other Property and Investments in the Consolidated Balance Sheets. The appreciation of these investments is accounted for as Other Income, and the increase in the liability under the plan is accounted for as Other Expense in the Consolidated Statements of Income. |
Report of Business Segments |
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Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Report of Business Segments | Report of Business Segments The Company reports its operations in two business segments: (i) the electric utility segment, which is engaged in the generation, transmission, distribution and sale of electric energy and (ii) natural gas midstream operations segment. Other Operations primarily includes the operations of the holding company. Intersegment revenues are recorded at prices comparable to those of unaffiliated customers and are affected by regulatory considerations. The following tables summarize the results of the Company's business segments for the years ended December 31, 2017, 2016 and 2015.
(A) The Company recorded an income tax benefit of $245.2 million and income tax expense of $10.5 million during the fourth quarter of 2017 due to the Company remeasuring deferred taxes related to the natural gas midstream operations and other operations segments, respectively, as a result of the 2017 Tax Act. See Note 7 for further discussion of the effects of the 2017 Tax Act.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Operating Lease Obligations The Company has operating lease obligations expiring at various dates, primarily for OG&E railcar leases, OG&E wind farm land leases and the Company's noncancellable operating lease. Future minimum payments for noncancellable operating leases are as follows:
Payments for operating lease obligations were $6.2 million, $9.3 million and $7.7 million for the years ended December 31, 2017, 2016 and 2015, respectively. OG&E Railcar Lease Agreement OG&E has a noncancellable operating lease with a purchase option, covering 1,243 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 recovered through OG&E's tariffs and fuel adjustment clauses. On December 17, 2015, OG&E renewed the lease agreement effective February 1, 2016. At the end of the new lease term, which is February 1, 2019, 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 and the actual fair value of the railcars is less than the stipulated fair market value, OG&E would be responsible for the difference in those values up to a maximum of $18.2 million. OG&E is also required to maintain all of the railcars it has under the operating lease. OG&E Wind Farm Land Lease Agreements OG&E has operating leases related to land for its Centennial, OU Spirit and Crossroads wind farms expiring at various dates. The Centennial lease has rent escalations which increase annually based on the Consumer Price Index. The OU Spirit and Crossroads leases 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. Noncancellable Operating Lease On August 29, 2012, the Company executed a five-year lease agreement for office space from September 1, 2013 to August 31, 2018. This lease has rent escalations which increase after five years and allows for leasehold improvements. Other Purchase Obligations and Commitments The Company's other future purchase obligations and commitments estimated for the next five years are as follows:
Public Utility Regulatory Policy Act of 1978 At December 31, 2017, OG&E has a QF contract with Oklahoma Cogeneration LLC which expires on August 31, 2019, and a QF contract with AES-Shady Point, Inc. which expires on January 15, 2023. These contracts were entered into pursuant to the Public Utility Regulatory Policy Act of 1978. Stated generally, the Public Utility Regulatory Policy Act of 1978 and the regulations thereunder promulgated by the FERC require OG&E to purchase power generated in a manufacturing process from a QF. The rate for such power to be paid by OG&E was approved by the OCC. The rate generally consists of two components: one is a rate for actual electricity purchased from the QF by OG&E, and the other is a capacity charge, which OG&E must pay the QF for having the capacity available. However, if no electrical power is made available to OG&E for a period of time (generally three months), OG&E's obligation to pay the capacity charge is suspended. The total cost of cogeneration payments is recoverable in rates from customers. For the 320 MWs AES-Shady Point, Inc. QF contract and the 120 MWs Oklahoma Cogeneration LLC QF contract, OG&E purchases 100 percent of the electricity generated by the QFs. As part of the QF contract with AES-Shady Point Inc., OG&E had the option beginning in July 2017 to provide notice to AES-Shady Point Inc. to terminate the contract in January 2018. On July 17, 2017, OG&E and AES-Shady Point, Inc. amended the agreement to allow OG&E the ability, through July 17, 2018, to provide AES-Shady Point Inc. a termination notice that would terminate the agreement on January 15, 2019. For the years ended December 31, 2017, 2016 and 2015, OG&E made total payments to cogenerators of $115.2 million, $124.8 million and $124.0 million, respectively, of which $63.0 million, $66.3 million and $69.5 million, respectively, represented capacity payments. All payments for purchased power, including cogeneration, are included in the Consolidated Statements of Income as Cost of Sales. OG&E Minimum Fuel Purchase Commitments OG&E has coal contracts for purchases through June 2018. As a participant in the SPP Integrated Marketplace, OG&E now purchases a relatively small percentage of its natural gas supply through long-term agreements. Alternatively, OG&E relies on a combination of natural gas 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 Wind Purchase Commitments OG&E owns the 120 MW Centennial, 101 MW OU Spirit and 228 MW Crossroads wind farms. OG&E's current wind power portfolio also includes purchase power contracts with the following:
The following table summarizes OG&E's wind power purchases for the years ended December 31, 2017, 2016 and 2015.
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. On December 30, 2015, the McClain Long-Term Service Agreement was amended to define the terms and conditions for the exchange of spare rotors between OG&E and General Electric International, Inc. Based on historical usage and current expectations for future usage, this contract is expected to run until 2031. 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 2029. The contract requires payments based on both a fixed and variable cost component, depending on how much the Redbud Plant is used. Enable Gas Transportation Agreement OG&E contracts with Enable for firm non-notice load following gas transportation services under a five year contract. The contract will expire in April 2019. In 2016, OG&E entered into an additional gas transportation services contract with Enable which will be effective upon the conversion of units 4 and 5 at Muskogee from coal to gas. 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 OG&E's 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 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 its 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. OG&E is managing several potentially material uncertainties about the scope and timing for the acquisition, installation and operation of additional pollution control equipment and compliance costs for a variety of the EPA rules that are being challenged in court. OG&E is unable to predict the financial impact of these matters with certainty at this time. Management continues to evaluate its compliance with existing and proposed environmental legislation and regulations and implement appropriate environmental programs in a competitive market. Air Quality Control System On September 10, 2014, OG&E executed a contract for the design, engineering and fabrication of two circulating Dry Scrubber systems to be installed at Sooner Units 1 and 2. OG&E entered into an agreement on February 9, 2015 to install the Dry Scrubber systems. The Dry Scrubbers are expected to be completed in mid to late 2018. More detail regarding the ECP can be found under the "Pending Regulatory Matters" in Note 14. Clean Power Plan On October 23, 2015, the EPA published the final Clean Power Plan that established standards of performance for CO2 emissions from existing fossil-fuel-fired power plants along with state-specific CO2 reduction standards expressed as both rate-based (lbs./MWh) and mass-based (tons/yr.) goals. However, the rule was challenged in court when it was issued, and the U.S. Supreme Court issued orders staying implementation of the Clean Power Plan on February 9, 2016 pending resolution of the court challenges. The EPA published a proposal on October 16, 2017 to repeal the Clean Power Plan. In addition, the EPA published an Advance Notice of Proposed Rulemaking seeking comments on regulatory options for replacing the Clean Power Plan. The ultimate timing and impact of these standards on OG&E's operations cannot be determined with certainty at this time, although a requirement for significant reduction of CO2 emissions from existing fossil-fuel-fired power plants ultimately could result in significant additional compliance costs that would affect the Company's future consolidated financial position, results of operations and cash flows if such costs are not recovered through regulated rates. Other In the normal course of business, the Company is confronted with issues or events that may result in a contingent liability. These generally relate to lawsuits or claims made by third parties, including governmental agencies. When appropriate, management consults with legal counsel and other experts to assess the claim. If, in management's opinion, the Company has incurred a probable loss as set forth by GAAP, an estimate is made of the loss, and the appropriate accounting entries are reflected in the Company's Consolidated Financial Statements. At the present time, based on current available information, the Company believes that any reasonably possible losses in excess of accrued amounts arising out of pending or threatened lawsuits or claims would not be quantitatively material to its financial statements and would not have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. |
Rate Matters and Regulation |
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Regulated Operations [Abstract] | |
Rate Matters and Regulation | 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 2017, 85 percent of OG&E's electric revenue was subject to the jurisdiction of the OCC, eight percent to the APSC and seven percent to the FERC. The OCC issued an order in 1996 authorizing OG&E to reorganize into a subsidiary of the Company. The order required that, among other things, (i) the Company permit the OCC access to the books and records of the Company and its affiliates relating to transactions with OG&E, (ii) the Company employ accounting and other procedures and controls to protect against subsidization of non-utility activities by OG&E's customers and (iii) the Company refrain from pledging OG&E assets or income for affiliate transactions. In addition, the Energy Policy Act of 2005 enacted the Public Utility Holding Company Act of 2005, which in turn granted to the FERC access to the books and records of the Company 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 Arkansas Rate Case Filing On August 25, 2016, OG&E filed a general rate case with the APSC. The rate filing requested a $16.5 million rate increase based on a 10.25 percent return on equity. The requested rate increase was based on a June 30, 2016 test year and included recovery of over $3.0 billion of electric infrastructure additions since the last Arkansas general rate case in 2011. The requested increase also reflected increases in operation and maintenance expenses, including vegetation management and increased recovery of depreciation and dismantlement costs. In May 2017, the APSC approved a settlement between OG&E and the staff of the APSC and other intervenors. The settlement provided for a $7.1 million annual rate increase and a 9.5 percent return on equity on a 50.0 percent equity capital structure. The settlement also provided that OG&E will be regulated under a formula rate rider, which should result in a more efficient process as the return on equity, depreciation rates and capital structure should not change from what was approved by the APSC in this settlement. The formula rate rider provides for an adjustment to rates if the earned rate of return falls outside of a plus or minus 50 basis point dead-band around the allowed return on equity. Adjustments are limited to plus or minus four percent of revenue for each rate class for the 12 months preceding the projected year. The initial term for the formula rate rider is not to exceed five years, unless additional approval is obtained from the APSC. OG&E expects to make its first filing under the Arkansas Formula Rate Rider in October 2018. Fuel Adjustment Clause Review for Calendar Year 2015 On September 8, 2016, the OCC staff filed an application to review OG&E’s fuel adjustment clause for calendar year 2015, including the prudence of OG&E’s electric generation, purchased power and fuel procurement costs. On October 12, 2017, the OCC issued an order finding that, for the calendar year 2015, OG&E's electric generation, purchased power and fuel procurement processes and costs were prudent. Oklahoma Rate Case Filing - 2015 On December 18, 2015, OG&E filed a general rate case with the OCC requesting a rate increase of $92.5 million and a 10.25 percent return on equity based on a common equity percentage of 53.0 percent. The rate case was based on a June 30, 2015 test year and included recovery of $1.6 billion of electric infrastructure additions since its last general rate case in Oklahoma. On July 1, 2016, OG&E implemented an annual interim rate increase of $69.5 million, subject to refund for amounts in excess of the rates approved by the OCC. In December 2016, the ALJ issued a report and recommendations in the case. The ALJ's recommendations included, among other things, the use of OG&E's actual capital structure of 53.0 percent equity and 47.0 percent long-term debt and a return on equity of 9.87 percent resulting in an annual increase in OG&E's revenues of $40.7 million. During February and March 2017, the OCC held hearings and, on March 20, 2017, issued an order. The order resulted in an annual net increase of approximately $8.8 million in OG&E's rates to its Oklahoma retail customers. Although the order adopted certain recommendations set forth in the ALJ report, it differed in certain key respects. The primary adjustments to the ALJ report consist of: (i) Oklahoma retail authorized rate of return on equity of 9.50 percent, (ii) depreciation expense is reduced by approximately $28.6 million from the ALJ report or $36.4 million from then current rates on an annual basis, (iii) recovery of 50.0 percent of short-term incentive compensation and no recovery of long-term incentive compensation, (iv) recovery of OG&E's requested vegetation management expenses and (v) recovery of production tax credits expiring in 2017 and air quality control systems consumable costs through the fuel adjustment clause. The order maintained OG&E's existing capital structure of 53.0 percent equity and 47.0 percent long-term debt. As a result of the March 2017 OCC rate order, OG&E recorded, in the first quarter of 2017, adjustments to depreciation expense, amortization of regulatory assets and liabilities and impacts to the fuel adjustment clause effective July 1, 2016. On May 1, 2017, OG&E implemented new rates and began refunding excess amounts that it had collected in interim rates. As of November 30, 2017, OG&E had completed the refund of $47.5 million collected in excess interim rates. Mustang Modernization Plan - Arkansas On August 15, 2017, OG&E filed for a determination with the APSC that the Mustang facility is in the public interest. The filing did not seek recovery for any costs associated with the Mustang Modernization Plan, as request for recovery of costs will take place with the first formula rate filing expected to be made in October 2018. On January 2, 2018, the APSC issued an order finding the Mustang Modernization Plan to be in the public interest. Pending Regulatory Matters Set forth below is a list of various proceedings pending before state or federal regulatory agencies. Unless stated otherwise, OG&E cannot predict when the regulatory agency will act or what action the regulatory agency will take. OG&E's financial results are dependent in part on timely and adequate decisions by the regulatory agencies that set OG&E's rates. Environmental Compliance Plan On August 6, 2014, OG&E filed an application with the OCC for approval of its plan to comply with the EPA’s MATS and Regional Haze Rule FIP while serving the best long-term interests of customers in light of future environmental uncertainties. The application sought approval of the ECP and for a recovery mechanism for the associated costs. The ECP includes installing Dry Scrubbers at Sooner Units 1 and 2 and the conversion of Muskogee Units 4 and 5 to natural gas. The application also asked the OCC to predetermine the prudence of its Mustang Modernization Plan and approval for a recovery mechanism for the associated costs. On December 2, 2015, OG&E received an order from the OCC denying its plan to comply with the environmental mandates of the Federal Clean Air Act, Regional Haze Rule and MATS. The OCC also denied OG&E's request for pre-approval of its Mustang Modernization Plan, revised depreciation rates for both the retirement of the Mustang units and the replacement combustion turbines and pre-approval of early retirement and replacement of generating units at its Mustang site, including cost recovery through a rider. On February 12, 2016, OG&E filed an application requesting the OCC to issue an order approving its decision to install Dry Scrubbers at the Sooner facility. OG&E's application did not seek approval of the costs of the Dry Scrubber project. Instead, the reasonableness of the costs would be considered after the project is completed, and OG&E seeks recovery in a general rate case. On April 28, 2016, the OCC approved the Dry Scrubber project. Two parties appealed the OCC's decision to the Oklahoma Supreme Court. The Company is unable to predict what action the Oklahoma Supreme Court may take or the timing of any such action. OG&E anticipates the total cost of Dry Scrubbers will be $542.4 million, including allowance for funds used during construction and capitalized ad valorem taxes and expects the project to be completed in mid to late 2018. As of December 31, 2017, OG&E had invested $401.3 million in the Dry Scrubbers. OG&E anticipates the total cost for the Mustang Modernization Plan will be $390.0 million, including allowance for funds used during construction and capitalized ad valorem taxes and expects the project to be completed in early 2018. As of December 31, 2017, OG&E had invested $348.4 million in the Mustang Modernization Plan. Integrated Resource Plans In October 2015, OG&E finalized the 2015 IRP and submitted it to the OCC. The 2015 IRP updated certain assumptions contained in the IRP submitted in 2014 but did not make any material changes to the ECP and other parts of the plan. Currently, OG&E is scheduled to update its IRP in Oklahoma by October 1, 2018 and in Arkansas by October 31, 2018. Demand Program Rider - Energy Efficiency Lost Net Revenues During the May 2017 implementation of new rates, OG&E reserved $5.6 million, pending resolution of a dispute with the OCC's Public Utility Division staff, regarding recovery of certain lost revenues associated with energy efficiency incurred prior to the March 2017 OCC rate order. These lost revenues are included within the total Demand Program Rider regulatory asset balance of $31.6 million as disclosed in Note 1. Fuel Adjustment Clause Review for Calendar Year 2016 On August 3, 2017, the OCC staff filed an application to review OG&E's fuel adjustment clause for calendar year 2016, including the prudence of OG&E's electric generation, purchased power and fuel procurement costs. On February 7, 2018, an intervenor filed a recommendation to disallow the Oklahoma jurisdictional portion of $3.3 million related to wind sales in the SPP. A hearing is scheduled for March 29, 2018. Oklahoma Rate Case Filing - 2018 On January 16, 2018, OG&E filed a general rate case in Oklahoma, requesting a rate increase of $1.9 million per year, assuming a 9.9 percent return on equity. The filing seeks recovery of the seven Mustang combustion turbines that are part of the Mustang Modernization Plan, requests an increase in depreciation rates to levels similar with rates in existence prior to the March 2017 OCC rate order and credits customers for the impacts of the 2017 Tax Act, enacted on December 22, 2017. On December 22, 2017, the Attorney General of Oklahoma requested that the OCC reduce the rates and charges for electric service and provide for any refund due to the customers of OG&E resulting from the 2017 Tax Act. In response, on January 4, 2018, the OCC ordered OG&E to record a reserve, beginning on January 4, 2018, to reflect the reduced federal corporate tax rate of 21 percent and the amortization of excess accumulated deferred income tax and any other tax implications of the 2017 Tax Act on an interim basis, subject to refund until utility rates are adjusted to reflect the federal tax savings and a final order is issued in OG&E's pending rate case filed on January 16, 2018. Further, the OCC ordered the amounts of any refunds of such reserves owed to customers should accrue interest at a rate equivalent to OG&E's cost of capital as previously recognized in the March 2017 OCC rate order. APSC Order - 2017 Tax Act On January 12, 2018, as a result of the 2017 Tax Act, the APSC ordered OG&E to prepare and file an analysis, within 30 days of this order, of the ratemaking effects of the 2017 Tax Act on OG&E's revenue requirement and begin, effective January 1, 2018, to book regulatory liabilities to record the current and deferred impacts of the 2017 Tax Act. The APSC will subsequently solicit comments or testimony regarding the extent of the impacts of the 2017 Tax Act and how any resulting benefits, including carrying charges, should be returned to customers. FERC - Section 206 Filing In January 2018, the Oklahoma Municipal Power Authority filed a complaint at the FERC stating that the base return on common equity used by OG&E in calculating formula transmission rates under the SPP Open Access Transmission Tariff is unjust and unreasonable and should be reduced from 10.60 percent to 7.85 percent, effective upon the date of the complaint. The Company is analyzing the potential impact of the complaint but estimates that if the FERC ultimately orders a reduction, each 25 basis point reduction in the requested return on equity would reduce the Company's SPP Open Access Transmission Tariff transmission revenues by approximately $1.5 million annually. In addition to the request to reduce the return on equity, the Oklahoma Municipal Power Authority's complaint also requests that modifications be made to OG&E's transmission formula rates to reflect the impacts of the 2017 Tax Act. Although the proceeding is in the early stages, OG&E expects to contest the reduction of its base return on equity. The Company is unable to predict what action the FERC will take in response to the Oklahoma Municipal Power Authority's complaint or the timing of such action. However, if the FERC orders revenue reductions as a result of the complaint, including refunds from the date of the complaint filing, it could have a material adverse effect on the Company's consolidated financial position, results of operations and cash flows. |
Quarterly Financial Data |
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Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) Due to the seasonal fluctuations and other factors of the Company's businesses, the operating results for interim periods are not necessarily indicative of the results that may be expected for the year. In the Company's opinion, the following quarterly financial data includes all adjustments, consisting of normal recurring adjustments, necessary to fairly present such amounts. Summarized consolidated quarterly unaudited financial data is as follows:
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Schedule II |
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Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - Valuation and Qualifying Accounts
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Summary of Significant Accounting Policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | Organization The Company is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas primarily in the south central U.S. The Company conducts these activities through two business segments: (i) electric utility and (ii) natural gas midstream operations. The accounts of the Company and its wholly owned subsidiaries are included in the consolidated financial statements. All intercompany transactions and balances are eliminated in consolidation. The Company generally uses the equity method of accounting for investments where its ownership interest is between 20 percent and 50 percent and it lacks the power to direct activities that most significantly impact economic performance. The electric utility segment generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas. Its operations are conducted through OG&E and are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory and is a wholly owned subsidiary of the Company. OG&E is the largest electric utility in Oklahoma, and its franchised service territory 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 natural gas midstream operations segment represents the Company's investment in Enable through wholly owned subsidiaries and ultimately OGE Holdings. Enable is engaged in the business of gathering, processing, transporting and storing natural gas. Enable's natural gas gathering and processing assets are strategically located in four states and serve natural gas production from shale developments in the Anadarko, Arkoma and Ark-La-Tex basins. Enable also owns an emerging crude oil gathering business in the Bakken Shale formation, principally located in the Williston Basin of North Dakota. Enable's natural gas transportation and storage assets extend from western Oklahoma and the Texas Panhandle to Alabama and from Louisiana to Illinois. |
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Public Utilities, Policy [Policy Text Block] | Accounting Records The accounting records of OG&E are maintained in accordance with the Uniform System of Accounts prescribed by the FERC and adopted by the OCC and the APSC. Additionally, OG&E, as a regulated utility, is subject to accounting principles for certain types of rate-regulated activities, which provide that certain 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. Management continuously monitors the future recoverability of regulatory assets. When, in management's judgment, future recovery becomes impaired, the amount of the regulatory asset is adjusted, as appropriate. If OG&E were required to discontinue the application of accounting principles for certain types of rate-regulated activities for some or all of its operations, it could result in writing off the related regulatory assets, which could have significant financial effects. |
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing the Consolidated 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 Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Changes to these assumptions and estimates could have a material effect on the Company's Consolidated Financial Statements. However, the Company believes it has taken reasonable positions where assumptions and estimates are used in order to minimize the negative financial impact to the Company that could result if actual results vary from the assumptions and estimates. In management's opinion, the areas of the Company where the most significant judgment is exercised includes the determination of Pension Plan assumptions, income taxes, contingency reserves, asset retirement obligations and depreciable lives of property, plant and equipment. For the electric utility segment, significant judgment is also exercised in the determination of regulatory assets and liabilities and unbilled revenues. |
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Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the Consolidated Financial Statements, the Company considers 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. |
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Allowance for Uncollectible Accounts Receivable, Policy | 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 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. To the extent the historical collection rates 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 on the Consolidated Balance Sheets and is included in the Other Operation and Maintenance Expense on the Consolidated Statements of Income. The allowance for uncollectible accounts receivable was $1.5 million at both December 31, 2017 and 2016. 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. |
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Inventory, Policy [Policy Text Block] | Fuel Inventories Fuel inventories for the generation of electricity consist of coal, natural gas and oil. OG&E uses the weighted-average cost method of accounting for inventory that is physically added to or withdrawn from storage or stockpiles. The amount of fuel inventory was $84.3 million and $82.4 million at December 31, 2017 and 2016, respectively. |
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Property, Plant and Equipment, Policy [Policy Text Block] | 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 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 Consolidated Statements of Income as Other Expense. Repair and replacement of minor items of property are included in the Consolidated Statements of Income as Other Operation and Maintenance Expense. |
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Depreciation and Amortization, Policy [Policy Text Block] | Depreciation and Amortization The provision for depreciation, which was 2.5 percent and 3.0 percent of the average depreciable utility plant for 2017 and 2016, respectively, is calculated using the straight-line method over the estimated service life of the utility 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 2018, the provision for depreciation is projected to be 2.7 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, 2017, 98.6 percent will be amortized over 10.4 years with the remaining 1.4 percent of the intangible plant balance at December 31, 2017 being amortized over 23.7 years. Amortization of plant acquisition adjustments is provided on a straight-line basis over the estimated remaining service life of the acquired asset. 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 are being amortized over a 37 to 59 year period. |
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Equity Method Investments [Policy Text Block] | Investment in Unconsolidated Affiliate The Company's investment in Enable is considered to be a variable interest entity because the owners of the equity at risk in this entity have disproportionate voting rights in relation to their obligations to absorb the entity's expected losses or to receive its expected residual returns. However, the Company is not considered the primary beneficiary of Enable since it does not have the power to direct the activities that are considered most significant to the economic performance of Enable. The Company accounts for its investment in Enable using the equity method of accounting. Under the equity method, the investment will be adjusted each period for contributions made, distributions received and the Company's share of the investee's comprehensive income as adjusted for basis differences. The Company's maximum exposure to loss related to Enable is limited to the Company's equity investment in Enable at December 31, 2017 as presented in Note 12. The Company evaluates its equity method investments for impairment when events or changes in circumstances indicate there is a loss in value of the investment that is other than a temporary decline. The Company considers distributions received from Enable which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and are classified as operating activities in the Consolidated Statements of Cash Flows. The Company considers distributions received from Enable in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment and are classified as investing activities in the Consolidated Statements of Cash Flows. |
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Asset Retirement Obligation [Policy Text Block] | 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. The Company has recorded asset retirement obligations that are being accreted over their respective lives ranging from three to 74 years. |
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Allowance for Funds Used During Construction, Policy [Policy Text Block] | 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 Consolidated Statements of Income and as an increase to Construction Work in Progress in the Consolidated 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 8.2 percent, 8.2 percent and 8.1 percent for the years ended December 31, 2017, 2016 and 2015, respectively. |
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Collection of Sales Tax, Policy [Policy Text Block] | 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. |
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Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition General OG&E recognizes revenue from electric sales when power is delivered to customers. OG&E reads its customers' meters 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 on the Consolidated Balance Sheets and in Operating Revenues on the Consolidated 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. SPP Purchases and Sales 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. These results are reported as Operating Revenues or Cost of Sales in the Consolidated Financial Statements. OG&E revenues, expenses, assets and liabilities may be adversely affected by changes in the organization, operating and regulation by the FERC or the SPP. |
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Fuel Adjustment Clauses, Policy [Policy Text Block] | Fuel Adjustment Clauses The actual cost of fuel used in electric generation and certain purchased power costs are passed through to OG&E's customers through fuel adjustment clauses. The fuel adjustment clauses are subject to periodic review by the OCC and the APSC. |
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Income Taxes, Policy [Policy Text Block] | Income Taxes The Company files consolidated income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Income taxes are generally allocated to each company in the affiliated group based on its stand-alone taxable income or loss. Federal investment tax credits previously claimed on electric utility property have been deferred and are being amortized to income over the life of the related property. The Company uses 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 Company recognizes interest related to unrecognized tax benefits in Interest Expense and recognizes penalties in Other Expense in the Consolidated Statements of Income. On December 22, 2017, President Trump signed the 2017 Tax Act into law, significantly changing U.S. corporate income tax laws. The 2017 Tax Act reduces the corporate federal tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. See Note 7 for further discussion of the effects of the 2017 Tax Act. |
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Accrued Vacation, Policy [Policy Text Block] | Accrued Vacation The Company accrues 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. |
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Environmental Costs, Policy [Policy Text Block] | 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. The Company had $17.1 million and $13.9 million in accrued environmental liabilities at December 31, 2017 and 2016, respectively, which are included in the Company's asset retirement obligations. |
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Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements The classification of the Company's fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to quoted prices in active markets for identical unrestricted assets or liabilities (Level 1) and the lowest priority given to unobservable inputs (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels defined in the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical unrestricted assets or liabilities that are accessible at the measurement date. Level 2 inputs are inputs other than quoted prices in active markets included within Level 1 that are either directly or indirectly observable at the reporting date for the asset or liability for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 inputs are prices or valuation techniques for the asset or liability that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The Company had no financial instruments measured at fair value on a recurring basis at December 31, 2017 and 2016. The fair value of the Company's long-term debt is based on quoted market prices and estimates of current rates available for similar issues with similar maturities and is classified as Level 2 in the fair value hierarchy with the exception of the Tinker Debt whose fair value is based on calculating the net present value of the monthly payments discounted by the Company's current borrowing rate and is classified as Level 3 in the fair value hierarchy. |
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Share-based Compensation, Option and Incentive Plans, Policy [Policy Text Block] | Performance Units Under the Stock Incentive Plan, the Company has issued performance units which represent the value of one share of the Company'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 the Company 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 performance units granted based on total shareholder return are contingently awarded and will be payable in shares of the Company'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 the Company's total shareholder return ranking relative to a peer group of companies. The performance units granted based on earnings per share are contingently awarded and will be payable in shares of the Company's common stock based on the Company's earnings per share growth over a primarily three-year award cycle (i.e., three-year cliff vesting period) compared to a target set at the time of the grant by the Compensation Committee of the Company's Board of Directors. All of these performance units are classified as equity in the Consolidated 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 the Company'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. Performance Units – Total Shareholder Return The fair value of the performance units based on total shareholder return 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 were not accrued or paid for awards prior to February 2014 and were therefore not included in the fair value calculation. Beginning with the February 2014 performance unit awards, dividends are accrued on a quarterly basis pending achievement of payout criteria and were therefore included in the fair value calculations. Expected price volatility is based on the historical volatility of the Company's common stock for the past three years and was 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 the Company's performance units based on total shareholder return. Restricted Stock Under the Stock Incentive Plan, the Company issued restricted stock 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 vests in one-third annual increments. Prior to vesting, each share of restricted stock is subject to forfeiture if the recipient ceases to render substantial services to the Company or a subsidiary for any reason other than death, disability or retirement. These shares may not be sold, assigned, transferred or pledged and are subject to a risk of forfeiture. The fair value of the restricted stock was based on the closing market price of the Company's common stock on the grant date. Compensation expense for the restricted stock 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, the Company treats its restricted stock 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 are accrued and paid during the vesting period on restricted stock granted prior to July 2014; therefore, dividends are included in the fair value calculation for such restricted stock granted prior to July 2014. For restricted stock granted after July 2014, dividends will only be paid on restricted stock awards that vest. Accordingly, for restricted stock granted after July 2014, only the present value of dividends expected to vest are included in the fair value calculations. The expected life of the restricted stock is based on the non-vested period since inception of the primarily three-year award cycle. There are no post-vesting restrictions related to the Company's restricted stock. Performance Units – Earnings Per Share The fair value of the performance units based on earnings per share is based on grant date fair value which is equivalent to the price of one share of the Company's common stock on the date of grant. The fair value of performance units based on earnings per share varies as the number of performance units that will vest is based on the grant date fair value of the units and the probable outcome of the performance condition. The Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable. As a result, the compensation expense recognized for these performance units can vary from period to period. There are no post-vesting restrictions related to the Company's performance units based on earnings per share. |
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Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted average number of the Company's common shares outstanding during the period. In the calculation of diluted earnings per share, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for the Company consist of performance units and restricted stock. |
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Pension and Other Postretirement Plans, Policy [Policy Text Block] | Postretirement Benefit Plans In addition to providing pension benefits, the Company 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 the Company 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. 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 Company provides a Restoration of Retirement Income Plan to those participants in the Company'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 the Company'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. Pension Plan and Restoration of Retirement Income Plan It is the Company's policy to fund the Pension Plan on a current basis based on the net periodic pension expense as determined by the Company'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. The Company made a $20.0 million contribution to its Pension Plan in both 2017 and 2016. The Company has not determined whether it will need to make any contributions to the Pension Plan in 2018. Any contribution to the Pension Plan during 2018 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. The Company 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. The three levels defined in the fair value hierarchy and examples of each are as follows: 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. Instruments classified as Level 1 include investments in common stocks, U.S. Treasury notes and bonds, mutual funds and cash collateral. 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. Instruments classified as Level 2 include corporate fixed income and other securities, mortgage- and asset-backed securities, U.S. municipal bonds, foreign government bonds, U.S. Treasury futures contracts and forward contracts. 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). |
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Postemployment Benefit Plans, Policy [Policy Text Block] | Post-Employment Benefit Plan Disabled employees receiving benefits from the Company's Group Long-Term Disability Plan are entitled to continue participating in the Company'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 Company's Group Long-Term Disability Plan and their dependents, as defined in the Company'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 the Company's Group Long-Term Disability Plan due to death, recovery from disability or eligibility for retiree medical benefits. The Company's post-employment benefit obligation was $2.5 million and $2.4 million at December 31, 2017 and 2016, respectively. |
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Plan Investments, Policies and Strategies, Policy [Policy Text Block] | 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 table below sets forth the targeted fixed income and equity allocations at different funded status levels.
Within the portfolio's overall allocation to equities, the funds are allocated according to the guidelines in the table below.
The Company has retained an investment consultant responsible for the general investment oversight, analysis, monitoring investment guideline compliance and providing quarterly reports to certain of the Company's members and the Company'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. Below is a list of each asset class utilized with appropriate comparative benchmark(s) each manager is evaluated against:
The fixed income managers are expected to use discretion over the asset mix of the trust assets in its efforts to maximize risk-adjusted performance. Exposure to any single issuer, other than the U.S. government, its agencies or its instrumentalities (which have no limits), is limited to five percent of the fixed income portfolio as measured by market value. At least 75 percent of the invested assets must possess an investment-grade rating at or above Baa3 or BBB- by Moody's Investors Services, Standard & Poor's Ratings Services or Fitch Ratings. The portfolio may invest up to 10 percent of the portfolio's market value in convertible bonds as long as the securities purchased meet the quality guidelines. A portfolio may invest up to 15 percent of the portfolio's market value in private placement, including 144A securities with or without registration rights and allow for futures to be traded in the portfolio. The purchase of any of the Company's equity, debt or other securities is prohibited. The domestic value equity managers focus on stocks that the manager believes are undervalued in price and earn an average or less than average return on assets and often pays out higher than average dividend payments. The domestic growth equity manager will invest primarily in growth companies which consistently experience above average growth in earnings and sales, earn a high return on assets and reinvest cash flow into existing business. The domestic mid-cap equity portfolio manager focuses on companies with market capitalizations lower than the average company traded on the public exchanges with the following characteristics: price/earnings ratio at or near the Russell Midcap Index, small dividend yield, return on equity at or near the Russell Midcap Index and an earnings per share growth rate at or near the Russell Midcap Index. The domestic small-cap equity manager will purchase shares of companies with market capitalizations lower than the average company traded on the public exchanges with the following characteristics: price/earnings ratio at or near the Russell 2000, small dividend yield, return on equity at or near the Russell 2000 and an earnings per share growth rate at or near the Russell 2000. The international global equity manager invests primarily in non-dollar denominated equity securities. Investing internationally diversifies the overall trust across the global equity markets. The manager is required to operate under certain restrictions including regional constraints, diversification requirements and percentage of U.S. securities. The Morgan Stanley Capital International All Country World ex-U.S. Index is the benchmark for comparative performance purposes. The Morgan Stanley Capital International All Country World ex-U.S. Index is a market value weighted index designed to measure the combined equity market performance of developed and emerging markets countries, excluding the U.S. All of the equities which are purchased for the international portfolio are thoroughly researched. 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). For all domestic equity investment managers, 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 of the Company's Investment Committee is received. The purchase of securities on margin is prohibited as is securities lending. Private placement or venture capital may not be purchased. All interest and dividend payments must be swept on a daily basis into a short-term money market fund for re-deployment. The purchase of any of the Company's equity, debt or other securities is prohibited. The purchase of equity or debt issues of the portfolio manager's organization is also prohibited. The aggregate positions in any company may not exceed one percent of the fair market value of its outstanding stock. |
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Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | 401(k) Plan The Company provides a 401(k) Plan, and each regular full-time employee of the Company or a participating affiliate is eligible to participate in the 401(k) Plan immediately. All other employees of the Company 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 19 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 his or her 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, the Company 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 Company 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, the Company's contribution may be directed to any available investment option in the 401(k) Plan. The Company match contributions vest over a three-year period. After two years of service, participants become 20 percent vested in their Company 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 the Company or its affiliates. The Company contributed $13.2 million, $11.9 million and $11.6 million in 2017, 2016 and 2015, respectively, to the 401(k) Plan. Deferred Compensation Plan The Company 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 the Board of Directors of the Company 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. The Company 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 compensation plan and to allow for a match that would have been made under the 401(k) Plan on that portion of either the first six percent of total compensation or the first five percent of total compensation, depending on prior participant elections, deferred that exceeds the limits allowed in the 401(k) Plan. Matching credits vest based on years of service, with full vesting after three years or, if earlier, on retirement, disability, death, a change in control of the Company or termination of the plan. Deferrals, plus any Company match, are credited to a recordkeeping account in the participant's name. Earnings on the deferrals are indexed to the assumed investment funds selected by the participant. In 2017, those investment options included a Company Common Stock fund, whose value was determined based on the stock price of the Company's common stock. The Company accounts for the contributions related to the Company's executive officers in this plan as Accrued Benefit Obligations, and the Company accounts for the contributions related to the Company's directors in this plan as Other Deferred Credits and Other Liabilities in the Consolidated Balance Sheets. The investment associated with these contributions is accounted for as Other Property and Investments in the Consolidated Balance Sheets. The appreciation of these investments is accounted for as Other Income, and the increase in the liability under the plan is accounted for as Other Expense in the Consolidated Statements of Income. |
Summary of Significant Accounting Policies (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets and Liabilities [Table Text Block] | The following table is a summary of OG&E's regulatory assets and liabilities:
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Components of Benefit Obligation Regulatory Asset [Table Text Block] | The following table is a summary of the components of the benefit obligations regulatory asset:
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Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | The following amounts in the benefit obligations regulatory asset at December 31, 2017 are expected to be recognized as components of net periodic benefit cost in 2018:
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Schedule of Jointly Owned Utility Plants [Table Text Block] | The tables below 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 Consolidated Statements of Income.
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Property, Plant and Equipment [Table Text Block] | The Company's property, plant and equipment and related accumulated depreciation are divided into the following major classes:
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Schedule of Unamortized Computer Software Costs [Table Text Block] | The following table summarizes the Company's unamortized computer software costs included in intangible plant above.
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Schedule of Computer Software Costs, Amortization [Table Text Block] | The following table summarizes the Company's amortization expense for computer software costs.
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Schedule of Change in Asset Retirement Obligation [Table Text Block] | The following table summarizes changes to the Company's asset retirement obligations during the years ended December 31, 2017 and 2016.
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables summarize changes in the components of accumulated other comprehensive loss attributable to OGE Energy during 2016 and 2017. All amounts below are presented net of tax.
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table summarizes significant amounts reclassified out of accumulated other comprehensive loss by the respective line items in net income during the years ended December 31, 2017 and 2016.
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The amounts in accumulated other comprehensive loss (gain) at December 31, 2017 that are expected to be recognized into earnings in 2018 are as follows:
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Investment in Unconsolidated Affiliate and Related Party Transactions (Tables) |
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Reconciliation of Basis Difference [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Basis Difference [Table Text Block] | The following table reconciles the basis difference in Enable from December 31, 2016 to December 31, 2017.
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Schedule of Related Party Transactions [Table Text Block] | The following table summarizes related party transactions between OG&E and Enable during the years ended December 31, 2017, 2016 and 2015.
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Summarized Balance Sheet Financial Information, Equity Method Investment [Table Text Block] | Summarized unaudited financial information for 100 percent of Enable is presented below as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015.
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Summarized Income Statement Financial Information, Equity Method Investment [Table Text Block] |
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Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Table Text Block] | The following table reconciles OGE Energy's equity in earnings of its unconsolidated affiliates for the years ended December 31, 2017 and 2016.
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table summarizes the fair value and carrying amount of the Company's financial instruments at December 31, 2017 and 2016.
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Stock Based Compensation (Tables) |
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Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes the Company's pre-tax compensation expense and related income tax benefit for the years ended December 31, 2017, 2016 and 2015 related to the Company's performance units and restricted stock.
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Performance Units Total Shareholder Return Valuation Assumptions [Table Text Block] | The number of performance units granted based on total shareholder return and the assumptions used to calculate the grant date fair value of the performance units based on total shareholder return are shown in the following table.
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Performance Units Earnings Per Share Valuation Assumptions [Table Text Block] | The number of performance units granted based on earnings per share and the grant date fair value are shown in the following table.
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Restricted Stock Valuation Assumptions [Table Text Block] | The number of shares of restricted stock granted and the grant date fair value are shown in the following table.
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Share-based Compensation, Activity [Table Text Block] | A summary of the activity for the Company's performance units and restricted stock at December 31, 2017 and changes in 2017 are shown in the following table.
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Schedule of Nonvested Share Activity [Table Text Block] | A summary of the activity for the Company's non-vested performance units and restricted stock at December 31, 2017 and changes in 2017 are shown in the following table.
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Fair Value of Vested Performance Units and Restricted Stock [Table Text Block] | A summary of the Company's fair value for its vested performance units and restricted stock is shown in the following table.
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Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | A summary of the Company's unrecognized compensation cost for its non-vested performance units and restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table.
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Supplemental Cash Flow Information (Tables) |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table discloses information about investing and financing activities that affected recognized assets and liabilities but did not result in cash receipts or payments. Cash paid for interest, net of interest capitalized, and cash paid for income taxes, net of income tax refunds are also disclosed in the table.
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Income Taxes (Tables) |
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Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The items comprising income tax (benefit) expense are as follows:
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following schedule reconciles the statutory tax rates to the effective income tax rate:
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of Deferred Income Taxes at December 31, 2017 and 2016 were as follows:
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Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Following is a reconciliation of the Company’s total gross unrecognized tax benefits as of the years ended December 31, 2017, 2016 and 2015.
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Summary of Tax Credit Carryforwards [Table Text Block] | The following table summarizes these carry forwards:
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Common Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and diluted earnings per share for the Company were calculated as follows:
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Long-Term Debt (Tables) |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | OG&E has tax-exempt pollution control bonds with optional redemption provisions that allow the holders to request repayment of the bonds on any business day. The bonds, which can be tendered at the option of the holder during the next 12 months, are as follows:
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Short-Term Debt and Credit Facilities (Tables) |
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Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | The following table provides information regarding the Company's revolving credit agreements at December 31, 2017.
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Retirement Plans and Postretirement Benefit Plans (Tables) |
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Retirement Plans and Postretirement Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table presents the status of the Company's Pension Plan, the Restoration of Retirement Income Plan and the postretirement benefit plans for 2017 and 2016. 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 Company's Consolidated 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 Consolidated Statements of Income in future periods. The benefit obligation for the Company'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 the Company'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. The accumulated postretirement benefit obligation for the Pension Plan and the Restoration of Retirement Income Plan at December 31, 2017 was $626.9 million and $7.5 million, respectively. The accumulated postretirement benefit obligation for the Pension Plan and the Restoration of Retirement Income Plan at December 31, 2016 was $608.0 million and $6.1 million, respectively. The details of the funded status of the Pension Plan, the Restoration of Retirement Income Plan and the postretirement benefit plans and the amounts included in the Consolidated Balance Sheets are as follows:
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Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Net Periodic Benefit Cost
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Schedule of Capitalized Pension and Postretirement Cost [Table Text Block] |
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Schedule of Assumptions Used [Table Text Block] | Rate Assumptions
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Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] |
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Projected Benefit Obligation Funded Status Thresholds [Table Text Block] | 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 table below sets forth the targeted fixed income and equity allocations at different funded status levels.
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Pension Plan Equity Asset Allocation Table [Table Text Block] | Within the portfolio's overall allocation to equities, the funds are allocated according to the guidelines in the table below.
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Schedule of Allocation of Plan Assets [Table Text Block] | The following tables summarize the Pension Plan's investments that are measured at fair value on a recurring basis at December 31, 2017 and 2016. There were no Level 3 investments held by the Pension Plan at December 31, 2017 and 2016.
The following tables summarize the postretirement benefit plans' investments that are measured at fair value on a recurring basis at December 31, 2017 and 2016. There were no Level 2 investments held by the postretirement benefit plans at December 31, 2017 and 2016.
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following table summarizes the postretirement benefit plans' investments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
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Schedule of Expected Benefit Payments [Table Text Block] | The Medicare Prescription Drug, Improvement and Modernization Act of 2003 expanded coverage for prescription drugs. The following table summarizes the gross benefit payments the Company expects to pay related to its postretirement benefit plans, including prescription drug benefits.
The following table summarizes the benefit payments the Company expects to pay related to OGE Energy's Pension Plan and Restoration of Retirement Income Plan. These expected benefits are based on the same assumptions used to measure the Company's benefit obligation at the end of the year and include benefits attributable to estimated future employee service.
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Report of Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize the results of the Company's business segments for the years ended December 31, 2017, 2016 and 2015.
(A) The Company recorded an income tax benefit of $245.2 million and income tax expense of $10.5 million during the fourth quarter of 2017 due to the Company remeasuring deferred taxes related to the natural gas midstream operations and other operations segments, respectively, as a result of the 2017 Tax Act. See Note 7 for further discussion of the effects of the 2017 Tax Act.
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Commitments and Contingencies (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum payments for noncancellable operating leases are as follows:
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Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | The Company's other future purchase obligations and commitments estimated for the next five years are as follows:
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Schedule of Wind Power Purchases [Table Text Block] | OG&E owns the 120 MW Centennial, 101 MW OU Spirit and 228 MW Crossroads wind farms. OG&E's current wind power portfolio also includes purchase power contracts with the following:
The following table summarizes OG&E's wind power purchases for the years ended December 31, 2017, 2016 and 2015.
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Quarterly Financial Data (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | In the Company's opinion, the following quarterly financial data includes all adjustments, consisting of normal recurring adjustments, necessary to fairly present such amounts. Summarized consolidated quarterly unaudited financial data is as follows:
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Schedule II (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts [Table Text Block] | SCHEDULE II - Valuation and Qualifying Accounts
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Summary of Significant Accounting Policies Regulated Operations (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Fuel clause under recoveries | $ 0.0 | $ 51.3 |
Fuel clause over recoveries | 1.7 | 0.0 |
Regulatory Assets, Current | 40.8 | 121.8 |
Regulatory Assets, Noncurrent | 283.0 | 404.8 |
Regulatory Liability, Current | 3.9 | 12.3 |
Regulatory Liability, Noncurrent | 1,283.4 | 299.7 |
Other Regulatory Liabilities [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Liability, Current | 2.2 | 12.3 |
Regulatory Liability, Noncurrent | 7.2 | 1.4 |
Income taxes recoverable from customers, net [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Liability, Noncurrent | 955.5 | 0.0 |
Accrued removal obligations [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Liability, Noncurrent | 288.4 | 262.8 |
Pension tracker [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Liability, Noncurrent | 32.3 | 35.5 |
Oklahoma demand program rider under recovery [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets, Current | 31.6 | 51.0 |
SPP cost tracker under recovery [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets, Current | 7.7 | 10.0 |
Other Regulatory Assets [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets, Current | 1.5 | 9.5 |
Regulatory Assets, Noncurrent | 18.5 | 17.6 |
Benefit obligations regulatory asset [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets, Noncurrent | 177.2 | 232.6 |
Income taxes recoverable from customers, net [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets, Noncurrent | 0.0 | 62.3 |
Smart Grid [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets, Noncurrent | 32.8 | 43.2 |
Deferred storm expenses [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets, Noncurrent | 42.2 | 35.7 |
Unamortized loss on reacquired debt [Member] | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets, Noncurrent | $ 12.3 | $ 13.4 |
Summary of Significant Accounting Policies Accounting Records (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Regulatory Assets, Current | $ 40.8 | $ 121.8 |
Regulatory Assets, Noncurrent | 283.0 | 404.8 |
Components of Net Periodic Benefit Costs to be Recognized in Next Fiscal Year | (1.5) | |
Deferred Storm and Property Reserve Deficiency, Current | 2.7 | |
Smart Grid Project [Member] | ||
Smart Grid Costs to be Recovered | 6.9 | |
Benefit Obligations [Member] | ||
Regulatory Assets, Noncurrent | 177.2 | 232.6 |
Regulatory Asset [Member] | ||
Components of Net Periodic Benefit Costs to be Recognized in Next Fiscal Year | 10.4 | |
Pension Plans, Defined Benefit [Member] | Defined Benefit Plans Income Loss [Member] | ||
Components of Benefit Obligation Regulatory Asset | 172.4 | 199.9 |
Components of Net Periodic Benefit Costs to be Recognized in Next Fiscal Year | 12.5 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Defined Benefit Plans Income Loss [Member] | ||
Components of Benefit Obligation Regulatory Asset | 33.6 | 32.7 |
Components of Net Periodic Benefit Costs to be Recognized in Next Fiscal Year | 4.0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Prior Service Cost [Member] | ||
Components of Benefit Obligation Regulatory Asset | (28.8) | $ 0.0 |
Components of Net Periodic Benefit Costs to be Recognized in Next Fiscal Year | $ (6.1) |
Summary of Significant Accounting Policies Allowance for Uncollectible Accounts Receivable (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Allowance for Doubtful Accounts Receivable | $ 1.5 | $ 1.5 |
Summary of Significant Accounting Policies Fuel Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2014 |
---|---|---|---|
Other | $ 54.6 | $ 81.8 | |
Public Utilities, Inventory, Fuel [Member] | |||
Public Utilities, Inventory | 84.3 | $ 82.4 | |
Other Assets | $ 11.0 | ||
Other | $ 2.8 |
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||||||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property, Plant and Equipment, Gross | $ 11,908.7 | $ 11,185.1 | |||||||||||||||||||
Accumulated Depreciation | 3,568.8 | 3,488.9 | |||||||||||||||||||
Net property, plant and equipment | 8,339.9 | 7,696.2 | |||||||||||||||||||
Capitalized Computer Software, Gross | 37.5 | 37.5 | |||||||||||||||||||
Capitalized Computer Software, Amortization | $ 9.0 | $ 9.4 | $ 8.9 | ||||||||||||||||||
McClain Plant [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 77.00% | [1] | 77.00% | [2] | |||||||||||||||||
Property, Plant and Equipment, Gross | $ 226.8 | [1] | $ 234.2 | [2] | |||||||||||||||||
Accumulated Depreciation | 71.4 | [1] | 72.3 | [2] | |||||||||||||||||
Net property, plant and equipment | 155.4 | [1] | 161.9 | [2] | |||||||||||||||||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | $ 0.4 | $ 0.2 | |||||||||||||||||||
Redbud Plant [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 51.00% | [1],[3] | 51.00% | [2],[4] | |||||||||||||||||
Property, Plant and Equipment, Gross | $ 496.6 | [1],[3] | $ 489.0 | [2],[4] | |||||||||||||||||
Accumulated Depreciation | 136.0 | [1],[3] | 121.0 | [2],[4] | |||||||||||||||||
Net property, plant and equipment | 360.6 | [1],[3] | 368.0 | [2],[4] | |||||||||||||||||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 7.8 | 1.8 | |||||||||||||||||||
Amount of Acquisition Adjustments | 148.3 | 148.3 | |||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Amount of Acquisition Adjustments, Related Accumulated Depreciation | 50.8 | 45.3 | |||||||||||||||||||
OGE Energy [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property, Plant and Equipment, Gross | 6.1 | 117.7 | |||||||||||||||||||
Accumulated Depreciation | 0.0 | 103.3 | |||||||||||||||||||
Net property, plant and equipment | 6.1 | 14.4 | |||||||||||||||||||
Capitalized Computer Software, Gross | 0.0 | 1.0 | |||||||||||||||||||
Capitalized Computer Software, Amortization | 0.2 | 1.4 | 2.0 | ||||||||||||||||||
OGE Energy [Member] | Total Property Plant and Equipment [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property, Plant and Equipment, Gross | 6.1 | 117.7 | |||||||||||||||||||
Accumulated Depreciation | 0.0 | 103.3 | |||||||||||||||||||
Net property, plant and equipment | 6.1 | 14.4 | |||||||||||||||||||
OG&E [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Capitalized Computer Software, Gross | 37.5 | 36.5 | |||||||||||||||||||
Capitalized Computer Software, Amortization | 8.8 | 8.0 | $ 6.9 | ||||||||||||||||||
OG&E [Member] | Total Property Plant and Equipment [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property, Plant and Equipment, Gross | 11,902.6 | 11,067.4 | |||||||||||||||||||
Accumulated Depreciation | 3,568.8 | 3,385.6 | |||||||||||||||||||
Net property, plant and equipment | 8,333.8 | 7,681.8 | |||||||||||||||||||
OG&E [Member] | Electric Transmission and Distribution [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property, Plant and Equipment, Gross | 4,057.1 | 3,896.2 | |||||||||||||||||||
Accumulated Depreciation | 1,259.1 | 1,221.5 | |||||||||||||||||||
Net property, plant and equipment | 2,798.0 | 2,674.7 | |||||||||||||||||||
OG&E [Member] | Electric Generation Equipment [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property, Plant and Equipment, Gross | 4,475.0 | [5] | 4,155.9 | [6] | |||||||||||||||||
Accumulated Depreciation | 1,493.5 | [5] | 1,493.3 | [6] | |||||||||||||||||
Net property, plant and equipment | 2,981.5 | [5] | 2,662.6 | [6] | |||||||||||||||||
Amount of Acquisition Adjustments | 148.3 | 148.3 | |||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Amount of Acquisition Adjustments, Related Accumulated Depreciation | 50.8 | 45.3 | |||||||||||||||||||
OG&E [Member] | Electric Transmission [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property, Plant and Equipment, Gross | 2,767.7 | [7] | 2,548.8 | [8] | |||||||||||||||||
Accumulated Depreciation | 506.5 | [7] | 481.3 | [8] | |||||||||||||||||
Net property, plant and equipment | 2,261.2 | [7] | 2,067.5 | [8] | |||||||||||||||||
Amount of Acquisition Adjustments | 3.3 | 3.3 | |||||||||||||||||||
Amount of Acquistion Adjustments Related Accumulated Amortization | 0.6 | 0.6 | |||||||||||||||||||
OG&E [Member] | Finite-Lived Intangible Assets, Major Class Name [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property, Plant and Equipment, Gross | 181.8 | 85.0 | |||||||||||||||||||
Accumulated Depreciation | 135.8 | 43.9 | |||||||||||||||||||
Net property, plant and equipment | 46.0 | 41.1 | |||||||||||||||||||
OG&E [Member] | Property, Plant and Equipment, Other Types [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property, Plant and Equipment, Gross | 421.0 | 381.5 | |||||||||||||||||||
Accumulated Depreciation | 173.9 | 145.6 | |||||||||||||||||||
Net property, plant and equipment | $ 247.1 | $ 235.9 | |||||||||||||||||||
|
Summary of Significant Accounting Policies Depreciation and Amortization (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Provision for Depreciation Rate | 2.50% | 3.00% |
Projected provision for depreciation in next fiscal year | 2.70% | |
Percent Of Intangible Plant Balance Amortizable | 98.60% | |
Percent of Intangible Plant Balance Amortizable Thereafter | 1.40% | |
Transmission Equipment [Member] | OG&E [Member] | ||
Amount of Acquisition Adjustments | $ 3.3 | |
Redbud Plant [Member] | ||
Amount of Acquisition Adjustments | $ 148.3 | $ 148.3 |
Summary of Significant Accounting Policies Asset Retirement Obligation (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Current Fiscal Year End Date | --12-31 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at January 1 | $ 69.6 | $ 63.3 |
Accretion expense | 3.1 | 2.8 |
Revisions in estimated cash flows | 2.4 | 3.6 |
Liabilities settled | 0.0 | (0.1) |
Balance at December 31 | $ 75.1 | $ 69.6 |
Summary of Significant Accounting Policies Allowance for Funds Used During Construction (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Public Utilities, Allowance for Funds Used During Construction, Rate | 8.20% | 8.20% | 8.10% |
Summary of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated other comprehensive (income) loss | $ (23.2) | $ (29.3) | $ (35.1) |
Other comprehensive income before reclassifications | 6.1 | (0.5) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (2.5) | (2.8) | (2.5) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1.8 | 1.3 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 22.3 | ||
Net current period other comprehensive income (loss) | 6.1 | 5.8 | |
Amounts Reclassified from Accumulated OCI, Net of Tax and Noncontrolling Interest | 4.5 | 6.3 | |
Components of Net Periodic Benefit Costs to be Recognized in Next Fiscal Year | (1.5) | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (4.6) | (7.8) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (3.9) | (4.5) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0.1 | 0.0 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Settlement Cost, before Tax | (3.6) | (8.2) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (7.4) | (12.7) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (2.8) | (4.9) | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other comprehensive income before reclassifications | 0.0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.1 | 1.5 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0.9 | 2.5 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Settlement Cost, before Tax | (0.7) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0.2 | 2.5 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 0.1 | 1.0 | |
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) | (32.7) | (32.1) | (39.2) |
Other comprehensive income before reclassifications | 0.4 | (0.7) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 2.5 | 2.8 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (5.7) | ||
Net current period other comprehensive income (loss) | (0.6) | 7.1 | |
Components of Net Periodic Benefit Costs to be Recognized in Next Fiscal Year | (3.7) | ||
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) | 2.5 | 2.7 | 2.5 |
Other comprehensive income before reclassifications | (0.6) | 0.2 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (0.1) | ||
Net current period other comprehensive income (loss) | (0.2) | 0.2 | |
AOCI Attributable to Parent [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (4.5) | ||
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) | 0.0 | 0.1 | 0.1 |
Other comprehensive income before reclassifications | 0.0 | 0.0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.1) | 0.0 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0.0 | ||
Net current period other comprehensive income (loss) | (0.1) | 0.0 | |
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) | 7.0 | 0.0 | $ 1.5 |
Other comprehensive income before reclassifications | 6.3 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.6) | (1.5) | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1.3 | ||
Net current period other comprehensive income (loss) | 7.0 | (1.5) | |
Components of Net Periodic Benefit Costs to be Recognized in Next Fiscal Year | 2.3 | ||
Settlement Cost [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 2.7 | 5.0 | |
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] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 2.2 | 5.0 | |
Settlement Cost [Member] | Defined Benefit Plans Income Loss [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.5 | 0.0 | |
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] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 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] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | $ 0.0 | |
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] | |||
Components of Net Periodic Benefit Costs to be Recognized in Next Fiscal Year | $ (0.1) |
Summary of Significant Accounting Policies Enviromental Costs (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Accrued Environmental Loss Contingencies, Noncurrent | $ 17.1 | $ 13.9 |
Accounting Pronouncements New Accounting Pronouncement (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 22.3 | ||
Reclassified Shares Withheld for Employee Taxes [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (0.1) | $ (1.7) | |
Cumulative Effect of Net Deferred Taxes [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 22.3 |
Investment in Unconsolidated Affiliate and Related Party Transactions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|---|
Apr. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
May 01, 2013 |
|
Schedule of Equity Method Investments [Line Items] | |||||||
Accounts receivable - unconsolidated affiliates | $ 1.9 | $ 2.5 | |||||
Limited Partner Units Owned | 111.0 | ||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.31800 | ||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 714.2 | 743.7 | |||||
Equity in earnings of unconsolidated affiliates | 131.2 | 101.8 | $ 15.5 | ||||
Enable Midstream Partners [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Goodwill, Impairment Loss | $ 1,086.4 | ||||||
Partners' Capital Account, Units, Sold in Public Offering | 25.0 | ||||||
Distributions received | $ 141.2 | $ 141.2 | $ 139.3 | ||||
Enogex LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of Enogex LLC Contributed | 100.00% | ||||||
Increase in fair value of net assets | $ 2,200.0 | ||||||
OGE Holdings [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 25.70% | 25.70% | 26.30% | ||||
Subordinated Units Held by Limited Partners of the LLC or LP | 68.2 | ||||||
OGE Energy [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Goodwill, Impairment Loss | $ 108.4 | $ 0.0 | $ (2.6) | $ (178.4) | |||
Percentage Share of Management Rights | 50.00% | ||||||
CenterPoint [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage Share of Management Rights | 50.00% | ||||||
Natural Gas Midstream Operations [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in earnings of unconsolidated affiliates | $ 131.2 | $ 101.8 | $ 15.5 |
Investment in Unconsolidated Affiliate and Related Party Transactions Related Party Transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Related Party Transaction [Line Items] | |||
Expected Settlement Charge | $ 14.6 | ||
Accounts receivable - unconsolidated affiliates | 1.9 | $ 2.5 | |
Og and E [Member] | Enable Midstream Partners [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 14.0 | 11.5 | $ 13.8 |
Operating Costs Charged [Member] | OGE Energy [Member] | Enable Midstream Partners [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 2.3 | 4.7 | 12.4 |
Natural Gas Transportation [Member] | Og and E [Member] | Enable Midstream Partners [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 35.0 | 35.0 | 35.0 |
Natural Gas Purchases [Member] | Og and E [Member] | Enable Midstream Partners [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | (2.1) | 11.2 | 7.6 |
Employment Costs [Member] | OGE Energy [Member] | Enable Midstream Partners [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 29.5 | 28.7 | $ 32.7 |
Excluding Fuel Purchases [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable - unconsolidated affiliates | $ 2.0 | $ 2.7 |
Investment in Unconsolidated Affiliate and Related Party Transactions Summarized Balance Sheet Information of Equity Method Investment (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Summarized Financial Information of Equity Method Investment [Line Items] | ||
Current assets | $ 416.0 | $ 396.0 |
Non-current assets | 11,177.0 | 10,816.0 |
Current liabilities | 1,279.0 | 362.0 |
Non-current liabilities | $ 2,660.0 | $ 3,056.0 |
Investment in Unconsolidated Affiliate and Related Party Transactions Summarized Income Statement of Equity Method Investment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Equity Method Investments and Joint Ventures [Abstract] | |||
Operating revenues | $ 2,803.0 | $ 2,272.0 | $ 2,418.0 |
Cost of natural gas and NGLs | 1,381.0 | 1,017.0 | 1,097.0 |
Operating income (loss) | 528.0 | 385.0 | (712.0) |
Net income (loss) | $ 400.3 | $ 289.5 | $ (752.0) |
Investment in Unconsolidated Affiliate and Related Party Transactions Reconciliation of Equity in Earnings of Unconsolidated Affiliates (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) | $ 400.3 | $ 289.5 | $ (752.0) | |
Timing Differences Related to Equity Method Investee Net Income | 0.0 | (12.2) | 12.1 | |
Net Income Used to Calculate Equity in Earnings | 400.3 | 268.2 | (739.9) | |
Proportionate Unconsolidated Affiliate Net Income | 102.7 | 70.7 | (194.4) | |
OGE Energy's share of Enable net income (loss) | 102.7 | 73.3 | (16.0) | |
Amortization of basis difference | 11.3 | 11.6 | 13.5 | |
Elimination of Enable fair value step up | 17.2 | 16.9 | 18.0 | |
Equity in earnings of unconsolidated affiliates | 131.2 | 101.8 | 15.5 | |
Natural Gas Midstream Operations [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings of unconsolidated affiliates | 131.2 | 101.8 | 15.5 | |
Preferred Partner [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 0.0 | $ (9.1) | $ 0.0 | |
OGE Holdings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 25.70% | 25.70% | 26.30% | |
OGE Energy [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Goodwill, Impairment Loss | $ (108.4) | $ 0.0 | $ 2.6 | $ 178.4 |
Investment in Unconsolidated Affiliate and Related Party Transactions Reconciliation of Basis Difference (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Reconciliation of Basis Difference [Line Items] | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 714.2 | $ 743.7 | |
Elimination of Enable fair value step up | 17.2 | $ 16.9 | $ 18.0 |
OGE Energy [Member] | |||
Reconciliation of Basis Difference [Line Items] | |||
Goodwill, Impairment Loss | $ 1.0 |
Fair Value Measurements Carrying and Fair Value Amounts (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | $ 2,999.4 | $ 2,630.5 | |
OG&E Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | 2,854.3 | 2,385.5 | |
Long-Term Debt, Fair Value | 3,242.8 | 2,657.2 | |
OG&E Industrial Authority Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | 135.4 | 135.4 | |
Long-Term Debt, Fair Value | 135.4 | 135.4 | |
OG&E Tinker Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | 9.7 | 9.9 | |
Long-Term Debt, Fair Value | 9.8 | 11.3 | |
OGE Energy Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | $ 0.0 | 99.7 | |
Long-Term Debt, Fair Value | $ 0.0 | 99.9 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ 0.0 | $ 0.0 |
Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares Authorized | 7,400,000 | |||||||
Tax Benefit from Compensation Expense | $ 3.5 | $ 1.8 | $ 3.1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Minimum payout range | 0.00% | |||||||
Maximum payout range | 200.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Total Compensation Cost Not yet Recognized | $ 11.2 | |||||||
Performance Units Related to Earnings Per Share [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 | 86,857 | 94,735 | 88,156 | |||||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 34.83 | $ 26.64 | $ 33.99 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 241,518 | 221,350 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 86,857 | 94,735 | 88,156 | |||||
Equity Instruments Other than Options, Converted in Period | (61,742) | |||||||
Equity Instruments Other than Options, Forfeited in Period | (4,947) | |||||||
Awards Other than Options, Fully Vested | 67,148 | |||||||
Equity Instruments Other than Options, Converted, Aggregrate Intrinsic Value | [1] | $ 0.0 | ||||||
Equity Instruments Other than Options, Vested in Period, Aggregate Intrinsic Value | 1.2 | |||||||
Equity Instruments Other than Options, Outstanding, Aggregrate Intrinsic Value | 7.2 | |||||||
Equity Instruments Other than Options, Fully Vested, Aggregrate Intrinsic Value | $ 5.7 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 159,608 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 86,857 | 94,735 | 88,156 | |||||
Equity Instruments Other than Options, Vested in Period | (67,148) | |||||||
Equity Instruments Other than Options, Forfeited in Period | (4,947) | |||||||
Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 174,370 | 159,608 | ||||||
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 30.58 | $ 29.71 | ||||||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 34.83 | $ 26.64 | $ 33.99 | |||||
Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 33.99 | |||||||
Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 31.12 | |||||||
Awards Other than Options, Vested and Expected to Vest, Outstanding | [2] | 164,148 | ||||||
Fair Value of Vested Performance Units and Restricted Stock | $ 1.2 | $ 0.0 | $ 0.0 | |||||
Total Compensation Cost Not yet Recognized | $ 2.6 | |||||||
Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 1 day | |||||||
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 | 260,570 | 284,211 | 264,454 | |||||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 41.77 | $ 20.97 | $ 31.02 | |||||
Expected Dividend Rate | 3.80% | 3.50% | 2.60% | |||||
Expected Volatility Rate | 19.90% | 19.80% | 16.90% | |||||
Risk Free Interest Rate | 1.44% | 0.88% | 0.91% | |||||
Expected Term | 2 years 9 months 18 days | 2 years 10 months 2 days | 2 years 10 months 6 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 724,551 | 664,045 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 260,570 | 284,211 | 264,454 | |||||
Equity Instruments Other than Options, Converted in Period | (185,214) | |||||||
Equity Instruments Other than Options, Forfeited in Period | (14,850) | |||||||
Awards Other than Options, Fully Vested | 201,431 | |||||||
Equity Instruments Other than Options, Converted, Aggregrate Intrinsic Value | [1] | $ 0.0 | ||||||
Equity Instruments Other than Options, Vested in Period, Aggregate Intrinsic Value | 0.0 | |||||||
Equity Instruments Other than Options, Outstanding, Aggregrate Intrinsic Value | 2.4 | |||||||
Equity Instruments Other than Options, Fully Vested, Aggregrate Intrinsic Value | $ 2.3 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 478,831 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 260,570 | 284,211 | 264,454 | |||||
Equity Instruments Other than Options, Vested in Period | (201,431) | |||||||
Equity Instruments Other than Options, Forfeited in Period | (14,850) | |||||||
Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 523,120 | 478,831 | ||||||
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 30.96 | $ 25.16 | ||||||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 41.77 | $ 20.97 | $ 31.02 | |||||
Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 31.18 | |||||||
Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 31.01 | |||||||
Awards Other than Options, Vested and Expected to Vest, Outstanding | [2] | 492,446 | ||||||
Fair Value of Vested Performance Units and Restricted Stock | $ 6.3 | $ 6.4 | $ 8.5 | |||||
Total Compensation Cost Not yet Recognized | $ 8.5 | |||||||
Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months | |||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Expense | $ 9.0 | 4.5 | 8.3 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Total Compensation Cost Not yet Recognized | 11.1 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Expense | $ 0.1 | $ 0.1 | $ 0.1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 3,145 | 1,881 | 958 | |||||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 34.96 | $ 29.27 | $ 26.11 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 4,242 | 4,912 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 3,145 | 1,881 | 958 | |||||
Equity Instruments Other than Options, Forfeited in Period | 0 | |||||||
Equity Instruments Other than Options, Vested in Period, Aggregate Intrinsic Value | $ 0.1 | |||||||
Equity Instruments Other than Options, Outstanding, Aggregrate Intrinsic Value | $ 0.1 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 4,912 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 3,145 | 1,881 | 958 | |||||
Equity Instruments Other than Options, Vested in Period | (3,815) | |||||||
Equity Instruments Other than Options, Forfeited in Period | 0 | |||||||
Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 4,242 | 4,912 | ||||||
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 33.58 | $ 31.29 | ||||||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 34.96 | $ 29.27 | $ 26.11 | |||||
Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 31.71 | |||||||
Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0.00 | |||||||
Awards Other than Options, Vested and Expected to Vest, Outstanding | 4,242 | |||||||
Fair Value of Vested Performance Units and Restricted Stock | $ 0.1 | $ 0.1 | $ 0.2 | |||||
Total Compensation Cost Not yet Recognized | $ 0.1 | |||||||
Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 2 days | |||||||
Stock Compensation Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Expense | $ 9.1 | 4.6 | 8.4 | |||||
Amount paid by unconsolidated affiliates | 0.0 | 0.0 | 0.5 | |||||
Compensation Expense, Net of Unconsolidated Affiliates | 9.1 | 4.6 | 7.9 | |||||
Performance Units Related to Earnings Per Share [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Expense | 1.4 | 0.0 | 0.7 | |||||
Total Shareholder Return [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Expense | $ 7.6 | $ 4.5 | $ 7.6 | |||||
Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 2,298 | 2,100 | 82,046 | |||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares Paid for Tax Withholding | 146 | |||||||
|
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||
Power plant long-term service agreement | $ 2.6 | $ 39.5 | $ 2.3 | ||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||
Interest (net of interest capitalized) | [1] | 139.6 | 141.9 | 145.4 | |
Income taxes (net of income tax refunds) | (16.0) | (5.9) | (3.4) | ||
Interest costs capitalized | $ 18.0 | $ 7.5 | $ 4.2 | ||
|
Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Reduction in net deferred income tax liability | $ 1,273.0 | |||||
Current Federal Tax Expense (Benefit) | 4.9 | $ 0.0 | $ 0.0 | |||
Current State and Local Tax Expense (Benefit) | (4.2) | (5.7) | (5.2) | |||
Current Income Tax Expense (Benefit) | 0.7 | (5.7) | (5.2) | |||
Deferred Federal Income Tax Expense (Benefit) | (75.9) | 126.0 | 98.8 | |||
Deferred State and Local Income Tax Expense (Benefit) | 26.0 | 28.0 | 4.5 | |||
Deferred Income Tax Expense (Benefit) | (49.9) | 154.0 | 103.3 | |||
Investment Tax Credit | (0.1) | (0.2) | (0.7) | |||
Income Tax Expense (Benefit) | $ (49.3) | $ 148.1 | $ 97.4 | |||
Statutory federal tax rate | 35.00% | 35.00% | 35.00% | |||
Federal deferred tax revaluation | (41.20%) | 0.00% | 0.00% | |||
Federal renewable energy credit (A) | [1] | (4.80%) | (6.80%) | (8.90%) | ||
Remeasurement of state deferred tax liabilities | 0.40% | 0.90% | (0.80%) | |||
401(k) dividends | (0.50%) | (0.60%) | (0.70%) | |||
Federal investment tax credits, net | (0.10%) | (0.80%) | (0.20%) | |||
State income taxes, net of federal income tax benefit | 2.00% | 1.90% | 0.10% | |||
Uncertain tax positions | 0.00% | 0.10% | 0.70% | |||
Amortization of net unfunded deferred taxes | 0.70% | 0.70% | 0.90% | |||
Other | (0.10%) | 0.10% | 0.30% | |||
Effective income tax rate | (8.60%) | 30.50% | 26.40% | |||
Accrued liabilities | $ (7.4) | $ (16.1) | ||||
Accrued vacation | (2.1) | (3.5) | ||||
Uncollectible accounts | (0.4) | (0.6) | ||||
Accelerated depreciation and other property related differences | 1,449.6 | 2,103.2 | ||||
Investment in Enable Midstream Partners | 441.7 | 657.3 | ||||
Regulatory asset | 18.9 | 34.4 | ||||
Income taxes (recoverable from) refundable to customers, net | (244.3) | 24.1 | ||||
Company Pension Plan | 11.5 | 16.5 | ||||
Bond redemption-unamortized costs | 2.6 | 4.3 | ||||
Derivative instruments | 1.6 | 2.2 | ||||
Federal tax credits | (218.5) | (220.6) | ||||
State tax credits | (141.7) | (112.2) | ||||
Postretirement medical and life insurance benefits | (25.2) | (48.9) | ||||
Net operating losses | (21.1) | (31.7) | ||||
Regulatory liabilities | (16.8) | (34.6) | ||||
Asset retirement obligations | (19.2) | (24.5) | ||||
Deferred federal investment tax credits | (0.5) | (0.8) | ||||
Other | (0.9) | (14.0) | ||||
Total deferred income tax liabilities, net | 1,227.8 | 2,334.5 | ||||
Unrecognized Tax Benefits | 20.7 | 20.7 | $ 20.2 | $ 16.1 | ||
Current year additions | 0.0 | 0.5 | 4.1 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0.0 | |||||
Tax Credit Carryforward, Deferred Tax Asset | 218.5 | 220.6 | ||||
Reduction in income tax expense | 234.7 | |||||
Increased Regulatory Liabilities due to Income Taxes | 1,038.0 | |||||
State operating loss [Member] | ||||||
Operating Loss Carryforwards | 472.1 | |||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 21.1 | |||||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2030 | |||||
Federal tax credits [Member] | ||||||
Federal tax credits | $ (218.5) | |||||
Tax Credit Carryforward, Amount | 218.5 | |||||
Tax Credit Carryforward, Deferred Tax Asset | $ 218.5 | |||||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2029 | |||||
Oklahoma investment tax credits [Member] | ||||||
Federal tax credits | $ (113.8) | |||||
Tax Credit Carryforward, Amount | 144.1 | |||||
Tax Credit Carryforward, Deferred Tax Asset | 113.8 | |||||
Oklahoma capital investment board credits [Member] | ||||||
Federal tax credits | (8.5) | |||||
Tax Credit Carryforward, Amount | 8.5 | |||||
Tax Credit Carryforward, Deferred Tax Asset | 8.5 | |||||
Oklahoma zero emission tax credits [Member] | ||||||
Federal tax credits | (19.4) | |||||
Tax Credit Carryforward, Amount | 24.1 | |||||
Tax Credit Carryforward, Deferred Tax Asset | $ 19.4 | |||||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2020 | |||||
OGE Energy Corp. [Member] | ||||||
Unrecognized Tax Benefits | $ 16.4 | |||||
Og and E [Member] | ||||||
Unrecognized Tax Benefits | $ 13.5 | $ 13.2 | ||||
|
Common Equity Automatic Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2015 |
|
Proceeds From Issuance of Shares Under Dividend Reinvestment Plan And Stock Purchase Plan | $ (0.1) | $ 7.2 |
Automatic Dividend Reinvestment and Stock Purchase Plan [Member] | ||
Stock Issued During Period, Shares, Dividend Reinvestment Plan and Stock Purchase Plan | 0 | |
Shares Held in Reserve Related to Dividend Reinvestment Plan and Stock Purchase Plan | 4,774,442 |
Common Equity Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
Net income attributable to OGE Energy | $ 294.8 | $ 183.4 | $ 104.8 | $ 36.0 | $ 57.9 | $ 183.6 | $ 71.5 | $ 25.2 | $ 619.0 | $ 338.2 | $ 271.3 | ||||||||||||
Basic Average Common Shares Outstanding | 199.7 | 199.7 | 199.6 | ||||||||||||||||||||
Contingently Issuable Shares (Performance and Restricted Stock Units) | 0.3 | 0.2 | 0.0 | ||||||||||||||||||||
Diluted Average Common Shares Outstanding | 200.0 | 199.9 | 199.6 | ||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||
Basic earnings per average common share attributable to OGE Energy common shareholders | $ 1.48 | [1] | $ 0.92 | [1] | $ 0.52 | [1] | $ 0.18 | [1] | $ 0.29 | [1] | $ 0.92 | [1] | $ 0.35 | [1] | $ 0.13 | [1] | $ 3.10 | [1] | $ 1.69 | [1] | $ 1.36 | ||
Diluted earnings per average common share attributable to OGE Energy common shareholders | $ 1.48 | [1] | $ 0.92 | [1] | $ 0.52 | [1] | $ 0.18 | [1] | $ 0.29 | [1] | $ 0.92 | [1] | $ 0.35 | [1] | $ 0.13 | [1] | $ 3.10 | [1] | $ 1.69 | [1] | $ 1.36 | ||
Retained Earnings [Member] | |||||||||||||||||||||||
Net income attributable to OGE Energy | $ 619.0 | $ 338.2 | $ 271.3 | ||||||||||||||||||||
|
Common Equity Dividends Restriction (Details) shares in Millions, $ in Millions |
Dec. 31, 2017
USD ($)
shares
|
---|---|
Preferred Stock, Shares Outstanding | shares | 0.0 |
Ratio of Consolidated Debt to Consolidated Capitalization | 65.00% |
OGE Energy [Member] | |
Ratio of Consolidated Debt to Consolidated Capitalization | 65.00% |
Retained Earnings, Restricted | $ 605.3 |
Retained Earnings, Unrestricted | $ 2,200.0 |
Og and E [Member] | |
Ratio of Consolidated Debt to Consolidated Capitalization | 65.00% |
Retained Earnings, Restricted | $ 600.1 |
Retained Earnings, Unrestricted | $ 1,800.0 |
Long-Term Debt (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | ||||
Total long-term debt | $ 2,999.4 | $ 2,630.5 | ||
Percent of Principal Amount Subject to Optional Tender | 100.00% | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 250.1 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 250.1 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0.1 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0.1 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 0.1 | |||
Garfield Industrial Authority, January 1, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Date Due | Jan. 01, 2025 | |||
Muskogee Industrial Authority, Janaury 1, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Date Due | Jan. 01, 2025 | |||
Muskogee Industrial Authority, June 1, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Date Due | Jun. 01, 2027 | |||
Redeemable during the next 12 months | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ 135.4 | |||
OG&E [Member] | Redeemable during the next 12 months | Garfield Industrial Authority, January 1, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | 47.0 | 47.0 | ||
OG&E [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority, Janaury 1, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | 32.4 | 32.4 | ||
OG&E [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority, June 1, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | 56.0 | 56.0 | ||
Senior Notes [Member] | OG&E [Member] | Series due April 1, 2047 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | $ 300.0 | $ 300.0 | 0.0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |||
Date Due | Apr. 01, 2047 | |||
Senior Notes [Member] | OG&E [Member] | Series Due July 15, 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | $ 125.0 | $ 0.0 | 125.0 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||
Date Due | Jul. 15, 2017 | Jul. 15, 2017 | ||
Senior Notes [Member] | OG&E [Member] | Series due August 15, 2047 [Member] [Domain] | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | $ 300.0 | $ 0.0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |||
Date Due | Aug. 15, 2047 | |||
Minimum [Member] | Redeemable during the next 12 months | Garfield Industrial Authority, January 1, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.65% | |||
Minimum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority, Janaury 1, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.65% | |||
Minimum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority, June 1, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.66% | |||
Maximum [Member] | Redeemable during the next 12 months | Garfield Industrial Authority, January 1, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.86% | |||
Maximum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority, Janaury 1, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.80% | |||
Maximum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority, June 1, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.80% |
Short-Term Debt and Credit Facilities (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Line of Credit Facility [Line Items] | ||||
Short-term debt | $ 168.4 | $ 236.2 | ||
Line of Credit Facility [Abstract] | ||||
Aggregate Commitment | 900.0 | |||
Amount Outstanding | [1] | $ 168.7 | ||
Weighted Average Interest Rate | 1.62% | |||
Maturity | Mar. 08, 2022 | |||
Ratio of Consolidated Debt to Consolidated Capitalization | 65.00% | |||
OGE Energy [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 450.0 | |||
Line of Credit Facility [Abstract] | ||||
Amount Outstanding | $ 168.4 | |||
Weighted Average Interest Rate | 1.62% | |||
Maturity | Mar. 08, 2022 | |||
Ratio of Consolidated Debt to Consolidated Capitalization | 65.00% | |||
OG&E [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 450.0 | |||
Line of Credit Facility [Abstract] | ||||
Aggregate Commitment | 600.0 | |||
Letters of Credit Outstanding, Amount | $ 0.3 | |||
Weighted Average Interest Rate | 0.95% | |||
Maturity | Mar. 08, 2022 | |||
Period For Which Regulatory Approval Has Been Given to Acquire Short Term Debt | 2 years | |||
Short Term Borrowing Capacity That Has Regulatory Approval | $ 800.0 | |||
Debt Restriction Maximum Letters of Credit | 100.0 | |||
Available Optional Increase of Borrowing Capacity in Credit Facility | $ 150.0 | |||
Ratio of Consolidated Debt to Consolidated Capitalization | 65.00% | |||
Uninsured Judgements [Member] | OGE Energy [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Acceleration of Indebtedness of Credit Facility | $ 100.0 | |||
Uninsured Judgements [Member] | OG&E [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Acceleration of Indebtedness of Credit Facility | $ 100.0 | |||
|
Retirement Plans and Postretirement Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2018 |
||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ 42.9 | ||||||||||||||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 26.4 | ||||||||||||||||
Payment for Pension Benefits | $ 20.0 | $ 20.0 | |||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 200.00% | ||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||||||||||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||||||||||
Plan settlements | (27.9) | ||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Plan settlements | (27.9) | ||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Net periodic benefit cost | $ 32.9 | 22.5 | $ 40.2 | ||||||||||||||
Plan settlements | (27.9) | ||||||||||||||||
Effect of One Percentage Point Increase on Service and Interest Cost Components | 0.0 | 0.0 | 0.0 | ||||||||||||||
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 0.1 | 0.2 | 0.2 | ||||||||||||||
Effect of One Percentage Point Decrease on Service and Interest Cost Components | 0.0 | 0.0 | 0.1 | ||||||||||||||
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 0.3 | 0.7 | 0.7 | ||||||||||||||
Expected Future Benefit Payments, Next Twelve Months | $ 65.6 | 65.6 | |||||||||||||||
Expected Future Benefit Payments, Year Two | 62.0 | 62.0 | |||||||||||||||
Expected Future Benefit Payments, Year Three | 63.4 | 63.4 | |||||||||||||||
Expected Future Benefit Payments, Year Four | 62.3 | 62.3 | |||||||||||||||
Expected Future Benefit Payments, Year Five | 61.1 | 61.1 | |||||||||||||||
Expected Future Benefit Payments, Five Fiscal Years Thereafter | 285.0 | 285.0 | |||||||||||||||
Defined Contribution Plan, Cost | 13.2 | 11.9 | 11.6 | ||||||||||||||
Net Effect of Settlement on Other Comprehensive Income and Regulatory Assets | 2.1 | ||||||||||||||||
Pension Plans [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Plan Assets, Benefits Paid | (14.8) | (53.8) | |||||||||||||||
Accumulated Benefit Obligation | 626.9 | 626.9 | 608.0 | ||||||||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||||||||||
Benefit Obligation, Beginning | 672.2 | 672.2 | 680.0 | ||||||||||||||
Service cost | 15.5 | 15.8 | 16.1 | ||||||||||||||
Interest cost | 26.2 | 25.5 | 26.1 | ||||||||||||||
Plan settlements | (50.2) | 0.0 | |||||||||||||||
Participants' contributions | 0.0 | 0.0 | |||||||||||||||
Actuarial gains (losses) | 38.6 | 4.7 | |||||||||||||||
Benefit Obligation, Ending | 687.5 | 687.5 | 672.2 | 680.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 595.9 | 595.9 | 581.7 | ||||||||||||||
Actual return on plans' assets | 84.4 | 48.0 | |||||||||||||||
Employer contributions | 20.0 | 20.0 | |||||||||||||||
Plan settlements | (50.2) | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 635.3 | 635.3 | 595.9 | 581.7 | |||||||||||||
Funded Status of Plan | (52.2) | (52.2) | (76.3) | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Service cost | 15.5 | 15.8 | 16.1 | ||||||||||||||
Interest cost | 26.2 | 25.5 | 26.1 | ||||||||||||||
Expected return on plan assets | (42.6) | (41.5) | (46.0) | ||||||||||||||
Defined Benefit Plan, Amortization of Gain (Loss) | (17.4) | (16.5) | (18.0) | ||||||||||||||
Amortization of unrecognized prior service cost | [1] | (0.1) | (0.1) | 0.4 | |||||||||||||
Settlement | $ 15.3 | 15.3 | 0.0 | 21.7 | |||||||||||||
Net periodic benefit cost | 31.7 | 16.2 | 36.3 | ||||||||||||||
Amount paid by unconsolidated affiliates | 4.3 | 5.1 | 4.2 | ||||||||||||||
Net Periodic Benefit Cost, Net of Unconsolidated Affiliates | [2] | 27.4 | 11.1 | 32.1 | |||||||||||||
Plan settlements | (50.2) | 0.0 | |||||||||||||||
Capitalized Portion of Net Periodic Benefit Cost | $ 4.4 | $ 4.0 | $ 5.0 | ||||||||||||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.60% | 3.60% | 4.00% | 4.00% | |||||||||||||
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.50% | ||||||||||||||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.20% | 4.20% | 4.20% | ||||||||||||||
Fair Value of Plan Assets, Beginning | 595.9 | $ 595.9 | $ 581.7 | ||||||||||||||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0.0 | 0.0 | |||||||||||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (14.8) | (53.8) | |||||||||||||||
Pension Plans, Defined Benefit [Member] | OKLAHOMA | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Additional Pension Expense to Meet State Requirements | (2.3) | 9.9 | $ (3.1) | ||||||||||||||
Pension Plans, Defined Benefit [Member] | ARKANSAS | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Settlement | (1.1) | (0.1) | (1.9) | ||||||||||||||
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | ||||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | ||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | ||||||||||||||||
Pension Plans, Defined Benefit [Member] | U.S. common stocks [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | $ 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 237.1 | 237.1 | |||||||||||||||
Fair Value of Plan Assets, Ending | 225.9 | 225.9 | 237.1 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 237.1 | 237.1 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | U.S. common stocks [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 237.1 | 237.1 | |||||||||||||||
Fair Value of Plan Assets, Ending | 225.9 | 225.9 | 237.1 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 237.1 | 237.1 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | U.S. common stocks [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | U.S. treasury notes and bonds [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3],[4] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [4] | 122.3 | 122.3 | ||||||||||||||
Fair Value of Plan Assets, Ending | [4] | 169.7 | 169.7 | 122.3 | |||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [4] | 122.3 | 122.3 | ||||||||||||||
Pension Plans, Defined Benefit [Member] | U.S. treasury notes and bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [4] | 122.3 | 122.3 | ||||||||||||||
Fair Value of Plan Assets, Ending | [4] | 169.7 | 169.7 | 122.3 | |||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [4] | 122.3 | 122.3 | ||||||||||||||
Pension Plans, Defined Benefit [Member] | U.S. treasury notes and bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [4] | 0.0 | 0.0 | ||||||||||||||
Fair Value of Plan Assets, Ending | [4] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [4] | 0.0 | 0.0 | ||||||||||||||
Pension Plans, Defined Benefit [Member] | Mortgage-backed securities | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 59.2 | 59.2 | |||||||||||||||
Fair Value of Plan Assets, Ending | 43.4 | 43.4 | 59.2 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 59.2 | 59.2 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Mortgage-backed securities | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Mortgage-backed securities | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 59.2 | 59.2 | |||||||||||||||
Fair Value of Plan Assets, Ending | 43.4 | 43.4 | 59.2 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 59.2 | 59.2 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Corporate fixed income and other securities [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 137.6 | 137.6 | |||||||||||||||
Fair Value of Plan Assets, Ending | 153.8 | 153.8 | 137.6 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 137.6 | 137.6 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Corporate fixed income and other securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Corporate fixed income and other securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 137.6 | 137.6 | |||||||||||||||
Fair Value of Plan Assets, Ending | 153.8 | 153.8 | 137.6 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 137.6 | 137.6 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Commingled fund [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3],[5] | 29.9 | 29.9 | 23.8 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [5] | 23.8 | 23.8 | ||||||||||||||
Fair Value of Plan Assets, Ending | [5] | 29.9 | 29.9 | 23.8 | |||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [5] | 23.8 | 23.8 | ||||||||||||||
Pension Plans, Defined Benefit [Member] | Commingled fund [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value of Plan Assets, Ending | [5] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [5] | 0.0 | 0.0 | ||||||||||||||
Pension Plans, Defined Benefit [Member] | Commingled fund [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value of Plan Assets, Ending | [5] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | [5] | 0.0 | 0.0 | ||||||||||||||
Pension Plans, Defined Benefit [Member] | Foreign government bonds [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 5.2 | 5.2 | |||||||||||||||
Fair Value of Plan Assets, Ending | 4.0 | 4.0 | 5.2 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 5.2 | 5.2 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Foreign government bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Foreign government bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 5.2 | 5.2 | |||||||||||||||
Fair Value of Plan Assets, Ending | 4.0 | 4.0 | 5.2 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 5.2 | 5.2 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Municipal bonds [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 1.9 | 1.9 | |||||||||||||||
Fair Value of Plan Assets, Ending | 1.2 | 1.2 | 1.9 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 1.9 | 1.9 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 1.9 | 1.9 | |||||||||||||||
Fair Value of Plan Assets, Ending | 1.2 | 1.2 | 1.9 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 1.9 | 1.9 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Money market funds [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 4.3 | 4.3 | 2.2 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 2.2 | 2.2 | |||||||||||||||
Fair Value of Plan Assets, Ending | 4.3 | 4.3 | 2.2 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 2.2 | 2.2 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Money market funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Money market funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Mutual fund [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 9.0 | 9.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 7.8 | 7.8 | 9.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 9.0 | 9.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Mutual fund [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 9.0 | 9.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 7.8 | 7.8 | 9.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 9.0 | 9.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Mutual fund [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Treasury futures, receivable [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 10.7 | 10.7 | |||||||||||||||
Fair Value of Plan Assets, Ending | 13.4 | 13.4 | 10.7 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 10.7 | 10.7 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Treasury futures, receivable [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Treasury futures, receivable [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 10.7 | 10.7 | |||||||||||||||
Fair Value of Plan Assets, Ending | 13.4 | 13.4 | 10.7 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 10.7 | 10.7 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Treasury futures, payable [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | (2.3) | (2.3) | |||||||||||||||
Fair Value of Plan Assets, Ending | (11.4) | (11.4) | (2.3) | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | (2.3) | (2.3) | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Treasury futures, payable [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Treasury futures, payable [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | (2.3) | (2.3) | |||||||||||||||
Fair Value of Plan Assets, Ending | (11.4) | (11.4) | (2.3) | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | (2.3) | (2.3) | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Cash collateral [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.3 | 0.3 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.3 | 0.3 | 0.3 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.3 | 0.3 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Cash collateral [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.3 | 0.3 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.3 | 0.3 | 0.3 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.3 | 0.3 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Cash collateral [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Receivable (foreign currency) [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 0.0 | 0.0 | 0.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.2 | 0.2 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.1 | 0.1 | 0.2 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.2 | 0.2 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Receivable (foreign currency) [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Receivable (foreign currency) [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.2 | 0.2 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.1 | 0.1 | 0.2 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.2 | 0.2 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Total Plan investments [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Alternative Investment, Fair Value Disclosure | [3] | 34.2 | 34.2 | 26.0 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 607.2 | 607.2 | |||||||||||||||
Fair Value of Plan Assets, Ending | 642.4 | 642.4 | 607.2 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 607.2 | 607.2 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Total Plan investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 368.7 | 368.7 | |||||||||||||||
Fair Value of Plan Assets, Ending | 403.7 | 403.7 | 368.7 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 368.7 | 368.7 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Total Plan investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 212.5 | 212.5 | |||||||||||||||
Fair Value of Plan Assets, Ending | 204.5 | 204.5 | 212.5 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 212.5 | 212.5 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Receivable from broker for securities sold [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Interest and dividends receivable [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 3.0 | 3.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 3.2 | 3.2 | 3.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 3.0 | 3.0 | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Payable to broker for securities purchased [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | (14.3) | (14.3) | |||||||||||||||
Fair Value of Plan Assets, Ending | (10.3) | (10.3) | (14.3) | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | (14.3) | (14.3) | |||||||||||||||
Pension Plans, Defined Benefit [Member] | Total Plan assets [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 595.9 | 595.9 | |||||||||||||||
Fair Value of Plan Assets, Ending | 635.3 | 635.3 | 595.9 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 595.9 | 595.9 | |||||||||||||||
Restoration of Retirement Income Plan [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Plan Assets, Benefits Paid | (0.2) | 0.0 | |||||||||||||||
Accumulated Benefit Obligation | 7.5 | 7.5 | 6.1 | ||||||||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||||||||||
Benefit Obligation, Beginning | 7.0 | 7.0 | 25.1 | ||||||||||||||
Service cost | 0.3 | 0.3 | 1.3 | ||||||||||||||
Interest cost | 0.3 | 0.4 | 0.7 | ||||||||||||||
Plan settlements | 0.0 | (20.6) | |||||||||||||||
Participants' contributions | 0.0 | 0.0 | |||||||||||||||
Actuarial gains (losses) | 0.7 | 1.8 | |||||||||||||||
Benefit Obligation, Ending | 8.1 | 8.1 | 7.0 | 25.1 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | 0.0 | ||||||||||||||
Actual return on plans' assets | 0.0 | 0.0 | |||||||||||||||
Employer contributions | 0.2 | 20.6 | |||||||||||||||
Plan settlements | 0.0 | (20.6) | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||
Funded Status of Plan | (8.1) | (8.1) | (7.0) | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Service cost | 0.3 | 0.3 | 1.3 | ||||||||||||||
Interest cost | 0.3 | 0.4 | 0.7 | ||||||||||||||
Expected return on plan assets | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Amortization of Gain (Loss) | (0.4) | (0.7) | (0.6) | ||||||||||||||
Amortization of unrecognized prior service cost | [1] | 0.1 | 0.1 | 0.1 | |||||||||||||
Settlement | 0.0 | 8.6 | 0.0 | ||||||||||||||
Net periodic benefit cost | 1.1 | 10.1 | 2.7 | ||||||||||||||
Amount paid by unconsolidated affiliates | 0.0 | 0.3 | 0.1 | ||||||||||||||
Net Periodic Benefit Cost, Net of Unconsolidated Affiliates | [2] | 1.1 | 9.8 | 2.6 | |||||||||||||
Plan settlements | 0.0 | (20.6) | |||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0.0 | 0.0 | |||||||||||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (0.2) | 0.0 | |||||||||||||||
Other Postretirement Benefits Plan [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Plan Assets, Benefits Paid | (15.7) | (15.7) | |||||||||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||||||||||
Benefit Obligation, Beginning | 215.9 | 215.9 | 225.3 | ||||||||||||||
Service cost | 0.6 | 0.8 | 1.5 | ||||||||||||||
Interest cost | 7.2 | 9.5 | 10.3 | ||||||||||||||
Plan settlements | (28.1) | 0.0 | |||||||||||||||
Participants' contributions | 3.5 | 3.6 | |||||||||||||||
Actuarial gains (losses) | 5.6 | (7.6) | |||||||||||||||
Benefit Obligation, Ending | 149.4 | 149.4 | 215.9 | 225.3 | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 53.1 | 53.1 | 55.3 | ||||||||||||||
Actual return on plans' assets | 2.8 | 2.0 | |||||||||||||||
Employer contributions | 34.6 | 7.9 | |||||||||||||||
Plan settlements | (28.1) | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 50.2 | 50.2 | 53.1 | 55.3 | |||||||||||||
Funded Status of Plan | $ (99.2) | (99.2) | (162.8) | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Service cost | 0.6 | 0.8 | 1.5 | ||||||||||||||
Interest cost | 7.2 | 9.5 | 10.3 | ||||||||||||||
Expected return on plan assets | (2.2) | (2.3) | (2.4) | ||||||||||||||
Defined Benefit Plan, Amortization of Gain (Loss) | (2.0) | (2.6) | (13.9) | ||||||||||||||
Amortization of unrecognized prior service cost | [1] | (3.5) | (8.8) | (16.5) | |||||||||||||
Settlement | 0.6 | 0.0 | 0.0 | ||||||||||||||
Net periodic benefit cost | 4.7 | 1.8 | 6.8 | ||||||||||||||
Amount paid by unconsolidated affiliates | 0.3 | 0.2 | 1.3 | ||||||||||||||
Net Periodic Benefit Cost, Net of Unconsolidated Affiliates | [2] | 4.4 | 1.6 | 5.5 | |||||||||||||
Plan settlements | (28.1) | 0.0 | |||||||||||||||
Capitalized Portion of Net Periodic Benefit Cost | $ 1.2 | $ 0.8 | $ 1.9 | ||||||||||||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.70% | 3.70% | 4.20% | 4.25% | |||||||||||||
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.00% | 4.00% | 4.00% | ||||||||||||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | 7.50% | 6.75% | 6.10% | 6.50% | ||||||||||||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||||||
Year that Rate Reaches Ultimate Trend Rate | 2030 | 2026 | 2026 | ||||||||||||||
Fair Value of Plan Assets, Beginning | 53.1 | $ 53.1 | $ 55.3 | ||||||||||||||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 3.5 | 3.6 | |||||||||||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (15.7) | (15.7) | |||||||||||||||
Other Postretirement Benefits Plan [Member] | OKLAHOMA | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Additional Postretirement Medical Expense to Meet State Requirements | 6.2 | 7.9 | $ 5.8 | ||||||||||||||
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 8.4 | 8.4 | |||||||||||||||
Fair Value of Plan Assets, Ending | $ 10.0 | 10.0 | 8.4 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 8.4 | 8.4 | |||||||||||||||
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||||||
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | 44.7 | 44.7 | |||||||||||||||
Fair Value of Plan Assets, Ending | $ 40.2 | 40.2 | 44.7 | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Fair Value of Plan Assets, Beginning | $ 44.7 | 44.7 | |||||||||||||||
Restoration of Retirement Income Plan [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0.0 | 0.0 | |||||||||||||||
Postretirement Benefit Plan [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ (39.6) | $ 0.0 | |||||||||||||||
Less Than 90% [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 50.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Equity | 50.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds | 100.00% | ||||||||||||||||
95% [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 58.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Equity | 42.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds | 100.00% | ||||||||||||||||
100% [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 65.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Equity | 35.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds | 100.00% | ||||||||||||||||
105% [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 73.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Equity | 27.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds | 100.00% | ||||||||||||||||
110% [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 80.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Equity | 20.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds | 100.00% | ||||||||||||||||
115% [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 85.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Equity | 15.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds | 100.00% | ||||||||||||||||
120% [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Fixed Income | 90.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds Equity | 10.00% | ||||||||||||||||
Projected Benefit Obligation Funded Status Thresholds | 100.00% | ||||||||||||||||
Domestic All-Cap/Large Cap Equity [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Target Plan Asset Allocations | 40.00% | 40.00% | |||||||||||||||
Domestic Mid-Cap Equity [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Target Plan Asset Allocations | 15.00% | 15.00% | |||||||||||||||
Domestic Small-Cap Equity [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Target Plan Asset Allocations | 25.00% | 25.00% | |||||||||||||||
International Equity [Member] | |||||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||||||
Target Plan Asset Allocations | 20.00% | 20.00% | |||||||||||||||
Minimum [Member] | Domestic All-Cap/Large Cap Equity [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.35 | ||||||||||||||||
Minimum [Member] | Domestic Mid-Cap Equity [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.05 | ||||||||||||||||
Minimum [Member] | Domestic Small-Cap Equity [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.05 | ||||||||||||||||
Minimum [Member] | International Equity [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.1 | ||||||||||||||||
Maximum [Member] | Domestic All-Cap/Large Cap Equity [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.6 | ||||||||||||||||
Maximum [Member] | Domestic Mid-Cap Equity [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.25 | ||||||||||||||||
Maximum [Member] | Domestic Small-Cap Equity [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.3 | ||||||||||||||||
Maximum [Member] | International Equity [Member] | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.3 | ||||||||||||||||
|
Retirement Plans and Postretirement Benefit Plans Postretirement Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2018 |
||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||||||
Plan settlements | $ (27.9) | ||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Plan settlements | (27.9) | ||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||
Net periodic benefit cost | $ 32.9 | $ 22.5 | $ 40.2 | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||
Level 3 Asset Value, Beginning of Period | 44.7 | 44.7 | |||||||||||
Interest income | 0.8 | ||||||||||||
Dividend income | 0.5 | ||||||||||||
Unrealized gains | 0.3 | ||||||||||||
Realized losses | (0.1) | ||||||||||||
Administrative expenses and charges | (0.1) | ||||||||||||
Claims paid | (5.9) | ||||||||||||
Level 3 Asset Value, End of Period | $ 40.2 | 40.2 | 44.7 | ||||||||||
Postretirement Plan, Expected Future Benefit Payments, Next Twelve Months | 11.4 | 11.4 | |||||||||||
Postretirement Plan, Expected Future Benefit Payments, Year Two | 11.5 | 11.5 | |||||||||||
Postretirement Plan, Expected Future Benefit Payments, Year Three | 11.6 | 11.6 | |||||||||||
Postretirement Plan, Expected Future Benefit Payments in Year Four | 11.6 | 11.6 | |||||||||||
Postretirement Plan, Expected Future Benefit Payments, Year Five | 11.7 | 11.7 | |||||||||||
Postretirement Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 48.6 | 48.6 | |||||||||||
Postemployment Benefits Liability | 2.5 | 2.5 | 2.4 | ||||||||||
Pension Plan [Member] | |||||||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||||||
Benefit Obligation, Beginning | 672.2 | 672.2 | 680.0 | ||||||||||
Service cost | 15.5 | 15.8 | 16.1 | ||||||||||
Interest cost | 26.2 | 25.5 | 26.1 | ||||||||||
Plan settlements | (50.2) | 0.0 | |||||||||||
Actuarial gains (losses) | 38.6 | 4.7 | |||||||||||
Benefit Obligation, Ending | 687.5 | 687.5 | 672.2 | 680.0 | |||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 595.9 | 595.9 | 581.7 | ||||||||||
Actual return on plans' assets | 84.4 | 48.0 | |||||||||||
Employer contributions | 20.0 | 20.0 | |||||||||||
Plan settlements | (50.2) | 0.0 | |||||||||||
Fair Value of Plan Assets, Ending | 635.3 | 635.3 | 595.9 | 581.7 | |||||||||
Funded Status of Plan | (52.2) | (52.2) | (76.3) | ||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||
Service cost | 15.5 | 15.8 | 16.1 | ||||||||||
Interest cost | 26.2 | 25.5 | 26.1 | ||||||||||
Expected return on plan assets | (42.6) | (41.5) | (46.0) | ||||||||||
Amortization of unrecognized prior service cost | [1] | (0.1) | (0.1) | 0.4 | |||||||||
Settlement | $ 15.3 | 15.3 | 0.0 | 21.7 | |||||||||
Net periodic benefit cost | 31.7 | 16.2 | 36.3 | ||||||||||
Amount paid by unconsolidated affiliates | 4.3 | 5.1 | 4.2 | ||||||||||
Net Periodic Benefit Cost, Net of Unconsolidated Affiliates | [2] | 27.4 | 11.1 | 32.1 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||
Capitalized Portion of Net Periodic Benefit Cost | $ 4.4 | $ 4.0 | $ 5.0 | ||||||||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.60% | 3.60% | 4.00% | 4.00% | |||||||||
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.50% | ||||||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ (14.8) | $ (53.8) | |||||||||||
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | ||||||||||||
Fair Value of Plan Assets, Ending | $ 0.0 | ||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||||||
Benefit Obligation, Beginning | 215.9 | 215.9 | 225.3 | ||||||||||
Service cost | 0.6 | 0.8 | 1.5 | ||||||||||
Interest cost | 7.2 | 9.5 | 10.3 | ||||||||||
Plan settlements | (28.1) | 0.0 | |||||||||||
Actuarial gains (losses) | 5.6 | (7.6) | |||||||||||
Benefit Obligation, Ending | $ 149.4 | 149.4 | 215.9 | 225.3 | |||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 53.1 | 53.1 | 55.3 | ||||||||||
Actual return on plans' assets | 2.8 | 2.0 | |||||||||||
Employer contributions | 34.6 | 7.9 | |||||||||||
Plan settlements | (28.1) | 0.0 | |||||||||||
Fair Value of Plan Assets, Ending | 50.2 | 50.2 | 53.1 | 55.3 | |||||||||
Funded Status of Plan | $ (99.2) | (99.2) | (162.8) | ||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||||||||
Service cost | 0.6 | 0.8 | 1.5 | ||||||||||
Interest cost | 7.2 | 9.5 | 10.3 | ||||||||||
Expected return on plan assets | (2.2) | (2.3) | (2.4) | ||||||||||
Amortization of unrecognized prior service cost | [1] | (3.5) | (8.8) | (16.5) | |||||||||
Settlement | 0.6 | 0.0 | 0.0 | ||||||||||
Net periodic benefit cost | 4.7 | 1.8 | 6.8 | ||||||||||
Amount paid by unconsolidated affiliates | 0.3 | 0.2 | 1.3 | ||||||||||
Net Periodic Benefit Cost, Net of Unconsolidated Affiliates | [2] | 4.4 | 1.6 | 5.5 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||
Capitalized Portion of Net Periodic Benefit Cost | $ 1.2 | $ 0.8 | $ 1.9 | ||||||||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.70% | 3.70% | 4.20% | 4.25% | |||||||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | 7.50% | 6.75% | 6.10% | 6.50% | ||||||||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||
Year that Rate Reaches Ultimate Trend Rate | 2030 | 2026 | 2026 | ||||||||||
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.00% | 4.00% | 4.00% | ||||||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ (15.7) | $ (15.7) | |||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Group Retiree Medical Insurance Contract [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 44.7 | 44.7 | |||||||||||
Fair Value of Plan Assets, Ending | $ 40.2 | 40.2 | 44.7 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | U.S. Equity Mutual Funds Investment [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 8.1 | 8.1 | |||||||||||
Fair Value of Plan Assets, Ending | 9.5 | 9.5 | 8.1 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Money market funds [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 0.3 | 0.3 | |||||||||||
Fair Value of Plan Assets, Ending | 0.3 | ||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Ending | 0.5 | 0.5 | |||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 8.4 | 8.4 | |||||||||||
Fair Value of Plan Assets, Ending | 10.0 | 10.0 | 8.4 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Group Retiree Medical Insurance Contract [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Equity Mutual Funds Investment [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 8.1 | 8.1 | |||||||||||
Fair Value of Plan Assets, Ending | 9.5 | 9.5 | 8.1 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Money market funds [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 0.3 | 0.3 | |||||||||||
Fair Value of Plan Assets, Ending | 0.3 | ||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Cash [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Ending | 0.5 | 0.5 | |||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 44.7 | 44.7 | |||||||||||
Fair Value of Plan Assets, Ending | 40.2 | 40.2 | 44.7 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Group Retiree Medical Insurance Contract [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 44.7 | 44.7 | |||||||||||
Fair Value of Plan Assets, Ending | 40.2 | 40.2 | 44.7 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Equity Mutual Funds Investment [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | 0.0 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Money market funds [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | 0.0 | 0.0 | |||||||||||
Fair Value of Plan Assets, Ending | 0.0 | ||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Cash [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Ending | 0.0 | 0.0 | |||||||||||
OKLAHOMA | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||
Additional Postretirement Medical Expense to Meet State Requirements | 6.2 | 7.9 | $ 5.8 | ||||||||||
Equity Funds [Member] | Pension Plan [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | [3] | 23.8 | 23.8 | ||||||||||
Fair Value of Plan Assets, Ending | [3] | 29.9 | 29.9 | 23.8 | |||||||||
Equity Funds [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | [3] | 0.0 | 0.0 | ||||||||||
Fair Value of Plan Assets, Ending | [3] | 0.0 | 0.0 | 0.0 | |||||||||
Equity Funds [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||
Fair Value of Plan Assets, Beginning | [3] | $ 0.0 | 0.0 | ||||||||||
Fair Value of Plan Assets, Ending | [3] | $ 0.0 | $ 0.0 | $ 0.0 | |||||||||
Minimum [Member] | Domestic All-Cap/Large Cap Equity [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.35 | ||||||||||||
Minimum [Member] | Domestic Mid-Cap Equity [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.05 | ||||||||||||
Minimum [Member] | Domestic Small-Cap Equity [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.05 | ||||||||||||
Minimum [Member] | International Equity [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.1 | ||||||||||||
Maximum [Member] | Domestic All-Cap/Large Cap Equity [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.6 | ||||||||||||
Maximum [Member] | Domestic Mid-Cap Equity [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.25 | ||||||||||||
Maximum [Member] | Domestic Small-Cap Equity [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.3 | ||||||||||||
Maximum [Member] | International Equity [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Defined Benefit Plan, Target Allocation Percentage | 0.3 | ||||||||||||
|
Report of Business Segments (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | $ 501.9 | $ 716.8 | $ 586.4 | $ 456.0 | $ 530.8 | $ 743.9 | $ 551.4 | $ 433.1 | $ 2,261.1 | $ 2,259.2 | $ 2,196.9 | |
Cost of sales | 897.6 | 880.1 | 865.0 | |||||||||
Other operation and maintenance | 480.3 | 465.6 | 451.6 | |||||||||
Depreciation and amortization | 283.5 | 322.6 | 307.9 | |||||||||
Taxes other than income | 89.4 | 87.6 | 91.2 | |||||||||
Operating income (loss) | 79.7 | 243.3 | 143.5 | 43.8 | 82.2 | 257.3 | 125.9 | 37.9 | 510.3 | 503.3 | 481.2 | |
Equity in earnings of unconsolidated affiliates | 131.2 | 101.8 | 15.5 | |||||||||
Other income (expense) | 72.0 | 23.3 | 21.0 | |||||||||
Interest expense | 143.8 | 142.1 | 149.0 | |||||||||
Income tax expense (benefit) (A) | (49.3) | 148.1 | 97.4 | |||||||||
NET INCOME | 294.8 | $ 183.4 | $ 104.8 | $ 36.0 | 57.9 | $ 183.6 | $ 71.5 | $ 25.2 | 619.0 | 338.2 | 271.3 | |
Investment in unconsolidated affiliates | 1,160.4 | 1,158.6 | 1,160.4 | 1,158.6 | 1,194.4 | |||||||
Total assets | 10,412.7 | 9,939.6 | 10,412.7 | 9,939.6 | 9,580.6 | |||||||
Capital expenditures | 824.1 | 660.1 | 547.8 | |||||||||
Electric Utility [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 2,261.1 | 2,259.2 | 2,196.9 | |||||||||
Cost of sales | 897.6 | 880.1 | 865.0 | |||||||||
Other operation and maintenance | 486.1 | 469.8 | 444.5 | |||||||||
Depreciation and amortization | 280.9 | 316.4 | 299.9 | |||||||||
Taxes other than income | 84.8 | 84.0 | 87.1 | |||||||||
Operating income (loss) | 511.7 | 508.9 | 500.4 | |||||||||
Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | |||||||||
Other income (expense) | 74.0 | 27.7 | 20.0 | |||||||||
Interest expense | 138.4 | 138.1 | 146.7 | |||||||||
Income tax expense (benefit) (A) | 141.8 | 114.4 | 104.8 | |||||||||
NET INCOME | 305.5 | 284.1 | 268.9 | |||||||||
Investment in unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Total assets | 9,255.6 | 8,669.4 | 9,255.6 | 8,669.4 | 8,525.5 | |||||||
Capital expenditures | 824.1 | 660.1 | 551.6 | |||||||||
Natural Gas Midstream Operations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 0.0 | 0.0 | 0.0 | |||||||||
Cost of sales | 0.0 | 0.0 | 0.0 | |||||||||
Other operation and maintenance | 0.3 | 7.7 | 7.5 | |||||||||
Depreciation and amortization | 0.0 | 0.0 | 0.0 | |||||||||
Taxes other than income | 1.0 | 0.0 | 0.0 | |||||||||
Operating income (loss) | (1.3) | (7.7) | (7.5) | |||||||||
Equity in earnings of unconsolidated affiliates | 131.2 | 101.8 | 15.5 | |||||||||
Other income (expense) | 0.1 | 0.1 | 0.4 | |||||||||
Interest expense | 0.0 | 0.0 | 0.0 | |||||||||
Income tax expense (benefit) (A) | (195.2) | 40.5 | (1.0) | |||||||||
NET INCOME | 325.2 | 53.7 | 9.4 | |||||||||
Investment in unconsolidated affiliates | 1,151.9 | 1,158.6 | 1,151.9 | 1,158.6 | 1,194.4 | |||||||
Total assets | 1,155.3 | 1,521.6 | 1,155.3 | 1,521.6 | 1,439.5 | |||||||
Capital expenditures | 0.0 | 0.0 | 0.0 | |||||||||
Other Operations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 0.0 | 0.0 | 0.0 | |||||||||
Cost of sales | 0.0 | 0.0 | 0.0 | |||||||||
Other operation and maintenance | (6.1) | (11.9) | (0.4) | |||||||||
Depreciation and amortization | 2.6 | 6.2 | 8.0 | |||||||||
Taxes other than income | 3.6 | 3.6 | 4.1 | |||||||||
Operating income (loss) | (0.1) | 2.1 | (11.7) | |||||||||
Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | |||||||||
Other income (expense) | (1.2) | (4.3) | 0.9 | |||||||||
Interest expense | 6.3 | 4.2 | 2.6 | |||||||||
Income tax expense (benefit) (A) | 4.1 | (6.8) | (6.4) | |||||||||
NET INCOME | (11.7) | 0.4 | (7.0) | |||||||||
Investment in unconsolidated affiliates | 8.5 | 0.0 | 8.5 | 0.0 | 0.0 | |||||||
Total assets | 109.1 | 89.0 | 109.1 | 89.0 | 174.6 | |||||||
Capital expenditures | 0.0 | 0.0 | (3.8) | |||||||||
Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 0.0 | 0.0 | 0.0 | |||||||||
Cost of sales | 0.0 | 0.0 | 0.0 | |||||||||
Other operation and maintenance | 0.0 | 0.0 | 0.0 | |||||||||
Depreciation and amortization | 0.0 | 0.0 | 0.0 | |||||||||
Taxes other than income | 0.0 | 0.0 | 0.0 | |||||||||
Operating income (loss) | 0.0 | 0.0 | 0.0 | |||||||||
Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | |||||||||
Other income (expense) | (0.9) | (0.2) | (0.3) | |||||||||
Interest expense | (0.9) | (0.2) | (0.3) | |||||||||
Income tax expense (benefit) (A) | 0.0 | 0.0 | 0.0 | |||||||||
NET INCOME | 0.0 | 0.0 | 0.0 | |||||||||
Investment in unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Total assets | (107.3) | $ (340.4) | (107.3) | (340.4) | (559.0) | |||||||
Capital expenditures | 0.0 | 0.0 | 0.0 | |||||||||
OGE Energy [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill, Impairment Loss | $ 108.4 | $ 0.0 | $ (2.6) | $ (178.4) | ||||||||
Tax Benefit Due to Tax Law Change [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income tax expense (benefit) (A) | 245.2 | |||||||||||
Tax Expense Due to Tax Law Change [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income tax expense (benefit) (A) | $ 10.5 |
Commitments and Contingencies (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Loss Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 4.8 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 23.4 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2.9 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 2.9 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 2.9 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 40.6 | ||
Operating Leases, Future Minimum Payments Due | 77.5 | ||
Operating Leases, Rent Expense, Net | 6.2 | $ 9.3 | $ 7.7 |
Purchase Obligation, Due in Next Twelve Months | 402.8 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 244.4 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 173.2 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 170.9 | ||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 168.5 | ||
Long-term Purchase Commitment, Amount | 1,159.8 | ||
Utilities Operating Expense, Purchased Power under Long-term Contracts | 61.1 | 61.0 | 56.6 |
OG&E Railcar Lease Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1.7 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 20.9 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 0.0 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 0.0 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 0.0 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 0.0 | ||
Operating Leases, Future Minimum Payments Due | 22.6 | ||
OG&E Wind Farm Land Lease Agreements [Member] | |||
Loss Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 2.5 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 2.5 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2.9 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 2.9 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 2.9 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 40.6 | ||
Operating Leases, Future Minimum Payments Due | 54.3 | ||
OGE Energy Building Lease [Member] | |||
Loss Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 0.6 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 0.0 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 0.0 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 0.0 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 0.0 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 0.0 | ||
Operating Leases, Future Minimum Payments Due | 0.6 | ||
OG&E cogeneration capacity and fixed operation and maintenance payments [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Obligation, Due in Next Twelve Months | 72.8 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 65.3 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 53.2 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 49.5 | ||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 45.4 | ||
Long-term Purchase Commitment, Amount | 286.2 | ||
OG&E expected cogeneration energy payments [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Obligation, Due in Next Twelve Months | 35.7 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 35.6 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 35.9 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 37.1 | ||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 38.3 | ||
Long-term Purchase Commitment, Amount | 182.6 | ||
OG&E minimum fuel purchase commitments [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Obligation, Due in Next Twelve Months | 139.8 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 36.2 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 24.6 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 24.6 | ||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 24.6 | ||
Long-term Purchase Commitment, Amount | 249.8 | ||
OG&E expected wind purchase commitments [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Obligation, Due in Next Twelve Months | 58.7 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 56.5 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 56.9 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 57.3 | ||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 57.8 | ||
Long-term Purchase Commitment, Amount | 287.2 | ||
OG&E long-term service agreement commitments [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Obligation, Due in Next Twelve Months | 7.9 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 41.9 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 2.4 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 2.4 | ||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 2.4 | ||
Long-term Purchase Commitment, Amount | 57.0 | ||
Mustang Modernization [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Obligation, Due in Next Twelve Months | 24.9 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 0.0 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 0.0 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 0.0 | ||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0.0 | ||
Long-term Purchase Commitment, Amount | 24.9 | ||
Environmental compliance plan expenditures [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Obligation, Due in Next Twelve Months | 63.0 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 8.9 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 0.2 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 0.0 | ||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0.0 | ||
Long-term Purchase Commitment, Amount | $ 72.1 | ||
Public Utility Regulatory Policy Act of 1978 [Member] | |||
Loss Contingencies [Line Items] | |||
Percentage of output purchased | 100.00% | ||
OG&E total cogeneration payments [Member] | |||
Loss Contingencies [Line Items] | |||
Long-term Purchase Commitment, Amount | $ 115.2 | 124.8 | 124.0 |
OG&E capacity payments [Member] | |||
Loss Contingencies [Line Items] | |||
Long-term Purchase Commitment, Amount | 63.0 | 66.3 | 69.5 |
CPV Keenan [Member] | |||
Loss Contingencies [Line Items] | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | 29.0 | 29.2 | 26.7 |
Edison Mission Energy [Member] | |||
Loss Contingencies [Line Items] | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | 22.1 | 21.1 | 19.7 |
FPL Energy [Member] | |||
Loss Contingencies [Line Items] | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | 2.6 | 3.4 | 3.2 |
NextEra Energy [Member] | |||
Loss Contingencies [Line Items] | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ 7.4 | $ 7.3 | $ 7.0 |
OG&E long-term service agreement commitments [Member] | McClain Plant [Member] | |||
Loss Contingencies [Line Items] | |||
Factored-Fired Hours | 128,000 | ||
Factored-Fired Starts | 4,800 | ||
OG&E long-term service agreement commitments [Member] | Redbud Plant [Member] | |||
Loss Contingencies [Line Items] | |||
Factored-Fired Hours | 144,000 | ||
Factored-Fired Starts | 4,500 | ||
Additional Factored-Fired Hours | 24,000 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Maximum | $ 18.2 |
Rate Matters and Regulation (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Public Utilities, Approved Equity Capital Structure, Percentage | 53.00% | |
Public Utilities, Approved Debt Capital Structure, Percentage | 47.00% | |
Interim Rate Refund Amount | $ 47.5 | |
Regulatory Assets, Current | 40.8 | $ 121.8 |
Recommended Disallowance for Fuel Adjustment | $ 3.3 | |
Administrative Law Judge [Member] | ||
Recommended Return on Equity | 9.87% | |
Recommended Increase (Decrease) in Revenue | $ 40.7 | |
Recommended Capital Structure, Equity Percentage | 53.00% | |
Recommended Capital Structure, Debt Percentage | 47.00% | |
Oklahoma Corporation Commission [Member] | ||
OG&E's Jurisdictional Revenues | 85.00% | |
Arkansas Public Service Commission [Member] | ||
OG&E's Jurisdictional Revenues | 8.00% | |
Federal Energy Regulatory Commission [Member] | ||
OG&E's Jurisdictional Revenues | 7.00% | |
Dry Scrubber Project [Member] | ||
Estimated Environmental Capital Costs | $ 542.4 | |
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | 401.3 | |
Mustang Modernization [Member] | ||
Estimated Environmental Capital Costs | 390.0 | |
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | $ 348.4 | |
OKLAHOMA | ||
Public Utilities, Requested Equity Capital Structure, Percentage | 53.00% | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 92.5 | |
Public Utilities, Requested Return on Equity, Percentage | 10.25% | |
Investments Since Last Rate Case | $ 1,600.0 | |
Public Utilities, Interim Rate Increase (Decrease), Amount | 69.5 | |
Interim Rate Revenue Reserved | 5.6 | |
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 8.8 | |
Public Utilities, Approved Return on Equity, Percentage | 9.50% | |
Approved Depreciation Reduction from ALJ Recommendation | $ 28.6 | |
ALJ Depreciation Recommendation | $ 36.4 | |
Approved Recovery of Short-term Incentive Comp | 50.00% | |
ARKANSAS | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 16.5 | |
Public Utilities, Requested Return on Equity, Percentage | 10.25% | |
Investments Since Last Rate Case | $ 3,000.0 | |
Settlement of Rate Increase | $ 7.1 | |
Settlement of Return on Equity, Percentage | 9.50% | |
Settlement of Equity Capital Structure, Percentage | 50.00% | |
Oklahoma demand program rider under recovery [Member] | ||
Regulatory Assets, Current | $ 31.6 | $ 51.0 |
January 16, 2018 [Member] | OKLAHOMA | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 1.9 | |
Public Utilities, Requested Return on Equity, Percentage | 9.90% | |
FERC [Member] | ||
Recommended Common Equity Percentage | 7.85% | |
Public Utilities, Approved Return on Equity, Percentage | 10.60% | |
Revenue impact of recommended change in return on common equity | $ 1.5 |
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||
Operating revenues | $ 501.9 | $ 716.8 | $ 586.4 | $ 456.0 | $ 530.8 | $ 743.9 | $ 551.4 | $ 433.1 | $ 2,261.1 | $ 2,259.2 | $ 2,196.9 | ||||||||||||
Operating income | 79.7 | 243.3 | 143.5 | 43.8 | 82.2 | 257.3 | 125.9 | 37.9 | 510.3 | 503.3 | 481.2 | ||||||||||||
Net income | $ 294.8 | $ 183.4 | $ 104.8 | $ 36.0 | $ 57.9 | $ 183.6 | $ 71.5 | $ 25.2 | $ 619.0 | $ 338.2 | $ 271.3 | ||||||||||||
Basic earnings per average common share attributable to OGE Energy common shareholders | $ 1.48 | [1] | $ 0.92 | [1] | $ 0.52 | [1] | $ 0.18 | [1] | $ 0.29 | [1] | $ 0.92 | [1] | $ 0.35 | [1] | $ 0.13 | [1] | $ 3.10 | [1] | $ 1.69 | [1] | $ 1.36 | ||
Diluted earnings per average common share attributable to OGE Energy common shareholders | $ 1.48 | [1] | $ 0.92 | [1] | $ 0.52 | [1] | $ 0.18 | [1] | $ 0.29 | [1] | $ 0.92 | [1] | $ 0.35 | [1] | $ 0.13 | [1] | $ 3.10 | [1] | $ 1.69 | [1] | $ 1.36 | ||
|
Schedule II (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Beginning Balance | $ 1.5 | $ 1.4 | $ 1.6 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | 2.6 | 2.5 | 2.4 | ||
Valuation Allowances and Reserves, Deductions | [1] | 2.6 | 2.4 | 2.6 | |
Valuation Allowances and Reserves, Ending Balance | $ 1.5 | $ 1.5 | $ 1.4 | ||
|
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