(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
☑ | Accelerated filer | ☐ | |
Non-accelerated filer | ☐ | Smaller reporting company | |
Emerging growth company | |||
Page | |
Part I - FINANCIAL INFORMATION | |
Part II - OTHER INFORMATION | |
Abbreviation | Definition |
2018 Form 10-K | Annual Report on Form 10-K for the year ended December 31, 2018 |
2017 Tax Act | Tax Cuts and Jobs Act of 2017 |
AES | AES-Shady Point, Inc. |
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 |
CenterPoint | CenterPoint Energy Resources Corp., wholly owned subsidiary of CenterPoint Energy, Inc. |
CO2 | Carbon dioxide |
Company | OGE Energy Corp., collectively with its subsidiaries |
CSAPR | Cross-State Air Pollution Rule |
Dry Scrubber | Dry flue gas desulfurization unit with spray dryer absorber |
Enable | Enable Midstream Partners, LP, a 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 July 30, 2013, the name was changed to Enable Oklahoma Intrastate Transmission, LLC) |
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. |
MATS | Mercury and Air Toxics Standards |
MBbl/d | Thousand barrels per day |
MW | Megawatt |
MWh | Megawatt-hour |
NAAQS | National Ambient Air Quality Standards |
NGLs | Natural gas liquids |
NOX | Nitrogen oxide |
OCC | Oklahoma Corporation Commission |
OG&E | Oklahoma Gas and Electric Company, wholly owned subsidiary of OGE Energy |
OGE Energy | Holding company |
OGE Holdings | OGE Enogex Holdings, LLC, wholly owned subsidiary of OGE Energy, parent company of Enogex Holdings (prior to May 1, 2013) and 25.5 percent owner of Enable |
Pension Plan | Qualified defined benefit retirement plan |
QF | Qualified cogeneration facility |
Regional Haze Rule | The EPA's Regional Haze Rule |
Restoration of Retirement Income Plan | Supplemental retirement plan to the Pension Plan |
SIP | State Implementation Plan |
SO2 | Sulfur dioxide |
SPP | Southwest Power Pool |
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-Q; |
• | 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 within "Item 1A. Risk Factors" in the Company's 2018 Form 10-K. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions, except per share data) | 2019 | 2018 | 2019 | 2018 | ||||||||
OPERATING REVENUES | ||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | ||||||||
Other revenues | ||||||||||||
Operating revenues | ||||||||||||
COST OF SALES | ||||||||||||
OPERATING EXPENSES | ||||||||||||
Other operation and maintenance | ||||||||||||
Depreciation and amortization | ||||||||||||
Taxes other than income | ||||||||||||
Operating expenses | ||||||||||||
OPERATING INCOME | ||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Equity in earnings of unconsolidated affiliates | ||||||||||||
Allowance for equity funds used during construction | ||||||||||||
Other net periodic benefit expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Other income | ||||||||||||
Other expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Net other income | ||||||||||||
INTEREST EXPENSE | ||||||||||||
Interest on long-term debt | ||||||||||||
Allowance for borrowed funds used during construction | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Interest on short-term debt and other interest charges | ||||||||||||
Interest expense | ||||||||||||
INCOME BEFORE TAXES | ||||||||||||
INCOME TAX EXPENSE | ||||||||||||
NET INCOME | $ | $ | $ | $ | ||||||||
BASIC AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||
DILUTED AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||
BASIC EARNINGS PER AVERAGE COMMON SHARE | $ | $ | $ | $ | ||||||||
DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ | $ | $ | $ | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Net income | $ | $ | $ | $ | ||||||||
Other comprehensive income, net of tax: | ||||||||||||
Pension Plan and Restoration of Retirement Income Plan: | ||||||||||||
Amortization of deferred net loss, net of tax of $0.3, $0.3, $0.8 and $0.8, respectively | ||||||||||||
Settlement cost, net of tax of $0.3, $1.1, $2.6 and $1.1, respectively | ||||||||||||
Postretirement Benefit Plans: | ||||||||||||
Amortization of prior service credit, net of tax of ($0.2), ($0.1), ($0.4) and ($0.4), respectively | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Amortization of deferred net gain, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively | ( | ) | ||||||||||
Other comprehensive loss from unconsolidated affiliates, net of tax of ($0.2), $0.0, ($0.2) and $0.0, respectively | ( | ) | ( | ) | ||||||||
Other comprehensive income, net of tax | ||||||||||||
Comprehensive income | $ | $ | $ | $ | ||||||||
Nine Months Ended September 30, | ||||||
(In millions) | 2019 | 2018 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net income | $ | $ | ||||
Adjustments to reconcile net income to net cash provided from operating activities: | ||||||
Depreciation and amortization | ||||||
Deferred income taxes and investment tax credits, net | ||||||
Equity in earnings of unconsolidated affiliates | ( | ) | ( | ) | ||
Distributions from unconsolidated affiliates | ||||||
Allowance for equity funds used during construction | ( | ) | ( | ) | ||
Stock-based compensation expense | ||||||
Regulatory assets | ( | ) | ( | ) | ||
Regulatory liabilities | ( | ) | ( | ) | ||
Other assets | ( | ) | ||||
Other liabilities | ( | ) | ||||
Change in certain current assets and liabilities: | ||||||
Accounts receivable and accrued unbilled revenues, net | ( | ) | ( | ) | ||
Fuel, materials and supplies inventories | ||||||
Fuel recoveries | ( | ) | ||||
Other current assets | ||||||
Accounts payable | ( | ) | ( | ) | ||
Other current liabilities | ( | ) | ||||
Net cash provided from operating activities | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Capital expenditures (less allowance for equity funds used during construction) | ( | ) | ( | ) | ||
Investment in unconsolidated affiliates | ( | ) | ( | ) | ||
Return of capital - unconsolidated affiliates | ||||||
Net cash used in investing activities | ( | ) | ( | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds from long-term debt | ||||||
Increase (decrease) in short-term debt | ( | ) | ||||
Payment of long-term debt | ( | ) | ( | ) | ||
Dividends paid on common stock | ( | ) | ( | ) | ||
Cash paid for employee equity-based compensation and expense of common stock | ( | ) | ( | ) | ||
Net cash provided from (used in) financing activities | ( | ) | ( | ) | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | ( | ) | ||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | $ | ||||
September 30, | December 31, | |||||
(In millions) | 2019 | 2018 | ||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | $ | $ | ||||
Accounts receivable, less reserve of $1.7 and $1.7, respectively | ||||||
Accrued unbilled revenues | ||||||
Income taxes receivable | ||||||
Fuel inventories | ||||||
Materials and supplies, at average cost | ||||||
Fuel clause under recoveries | ||||||
Other | ||||||
Total current assets | ||||||
OTHER PROPERTY AND INVESTMENTS | ||||||
Investment in unconsolidated affiliates | ||||||
Other | ||||||
Total other property and investments | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||
In service | ||||||
Construction work in progress | ||||||
Total property, plant and equipment | ||||||
Less: accumulated depreciation | ||||||
Net property, plant and equipment | ||||||
DEFERRED CHARGES AND OTHER ASSETS | ||||||
Regulatory assets | ||||||
Other | ||||||
Total deferred charges and other assets | ||||||
TOTAL ASSETS | $ | $ | ||||
September 30, | December 31, | |||||
(In millions) | 2019 | 2018 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
CURRENT LIABILITIES | ||||||
Short-term debt | $ | $ | ||||
Accounts payable | ||||||
Dividends payable | ||||||
Customer deposits | ||||||
Accrued taxes | ||||||
Accrued interest | ||||||
Accrued compensation | ||||||
Long-term debt due within one year | ||||||
Fuel clause over recoveries | ||||||
Other | ||||||
Total current liabilities | ||||||
LONG-TERM DEBT | ||||||
DEFERRED CREDITS AND OTHER LIABILITIES | ||||||
Accrued benefit obligations | ||||||
Deferred income taxes | ||||||
Deferred investment tax credits | ||||||
Regulatory liabilities | ||||||
Other | ||||||
Total deferred credits and other liabilities | ||||||
Total liabilities | ||||||
COMMITMENTS AND CONTINGENCIES (NOTE 14) | ||||||
STOCKHOLDERS' EQUITY | ||||||
Common stockholders' equity | ||||||
Retained earnings | ||||||
Accumulated other comprehensive loss, net of tax | ( | ) | ( | ) | ||
Total stockholders' equity | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | $ | ||||
(In millions) | Shares Outstanding | Common Stock | Premium on Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | |||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | ||||||||||
Net income | |||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Dividends declared on common stock ($0.3650 per share) | ( | ) | ( | ) | |||||||||||||
Stock-based compensation | ( | ) | ( | ) | |||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ||||||||||
Net income | |||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Dividends declared on common stock ($0.3650 per share) | ( | ) | ( | ) | |||||||||||||
Stock-based compensation | |||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ||||||||||
Net income | |||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Dividends declared on common stock ($0.3875 per share) | ( | ) | ( | ) | |||||||||||||
Stock-based compensation | |||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ||||||||||
Balance at December 31, 2017 | $ | $ | $ | $ | ( | ) | $ | ||||||||||
Net income | |||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Dividends declared on common stock ($0.3325 per share) | ( | ) | ( | ) | |||||||||||||
Stock-based compensation | |||||||||||||||||
Balance at March 31, 2018 | $ | $ | $ | $ | ( | ) | $ | ||||||||||
Net income | |||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Dividends declared on common stock ($0.3325 per share) | ( | ) | ( | ) | |||||||||||||
Stock-based compensation | |||||||||||||||||
Balance at June 30, 2018 | $ | $ | $ | $ | ( | ) | $ | ||||||||||
Net income | |||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Dividends declared on common stock ($0.3650 per share) | ( | ) | ( | ) | |||||||||||||
Stock-based compensation | |||||||||||||||||
Balance at September 30, 2018 | $ | $ | $ | $ | ( | ) | $ | ||||||||||
1. |
September 30, | December 31, | |||||
(In millions) | 2019 | 2018 | ||||
REGULATORY ASSETS | ||||||
Current: | ||||||
Fuel clause under recoveries | $ | $ | ||||
Production tax credit rider over credit (A) | ||||||
Oklahoma demand program rider under recovery (A) | ||||||
Other (A) | ||||||
Total current regulatory assets | $ | $ | ||||
Non-current: | ||||||
Benefit obligations regulatory asset | $ | $ | ||||
Deferred storm expenses | ||||||
Sooner Dry Scrubbers | ||||||
Smart Grid | ||||||
Unamortized loss on reacquired debt | ||||||
Arkansas deferred pension expenses | ||||||
Other | ||||||
Total non-current regulatory assets | $ | $ | ||||
REGULATORY LIABILITIES | ||||||
Current: | ||||||
Reserve for tax refund and interim surcharge (B) | $ | $ | ||||
SPP cost tracker over recovery (B) | ||||||
Oklahoma demand program rider over recovery (B) | ||||||
Fuel clause over recoveries | ||||||
Transmission cost recovery rider over recovery (B) | ||||||
Other (B) | ||||||
Total current regulatory liabilities | $ | $ | ||||
Non-current: | ||||||
Income taxes refundable to customers, net | $ | $ | ||||
Accrued removal obligations, net | ||||||
Pension tracker | ||||||
Other | ||||||
Total non-current regulatory liabilities | $ | $ | ||||
(A) | Included in Other Current Assets in the Condensed Consolidated Balance Sheets. |
(B) | Included in Other Current Liabilities in the Condensed Consolidated Balance Sheets. |
Pension Plan and Restoration of Retirement Income Plan | Postretirement Benefit Plans | |||||||||||||||||||
(In millions) | Net Gain (Loss) | Prior Service Cost (Credit) | Net Gain (Loss) | Prior Service Cost (Credit) | Other Comprehensive Loss from Unconsolidated Affiliates | Total | ||||||||||||||
Balance at December 31, 2018 | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | ||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | ( | ) | ||||||||||||||||
Settlement cost | ||||||||||||||||||||
Balance at September 30, 2019 | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||
Pension Plan and Restoration of Retirement Income Plan | Postretirement Benefit Plans | |||||||||||||||
(In millions) | Net Gain (Loss) | Prior Service Cost (Credit) | Net Gain (Loss) | Prior Service Cost (Credit) | Total | |||||||||||
Balance at December 31, 2017 | $ | ( | ) | $ | $ | $ | $ | ( | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | ||||||||||||||
Settlement cost | ||||||||||||||||
Balance at September 30, 2018 | $ | ( | ) | $ | $ | $ | $ | ( | ) | |||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Condensed Consolidated Statements of Income | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
Amortization of Pension Plan and Restoration of Retirement Income Plan items: | |||||||||||||
Actuarial losses | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | (A) |
Settlement cost | ( | ) | ( | ) | ( | ) | ( | ) | (A) | ||||
( | ) | ( | ) | ( | ) | ( | ) | Income Before Taxes | |||||
( | ) | ( | ) | ( | ) | ( | ) | Income Tax Expense | |||||
$ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | Net Income | |
Amortization of postretirement benefit plans items: | |||||||||||||
Prior service credit | $ | $ | $ | $ | (A) | ||||||||
Actuarial gains | (A) | ||||||||||||
Income Before Taxes | |||||||||||||
Income Tax Expense | |||||||||||||
$ | $ | $ | $ | Net Income | |||||||||
Total reclassifications for the period, net of tax | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | Net Income |
(A) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 12 for additional information). |
2. | Accounting Pronouncements |
• | a package of practical expedients allowing entities to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases; |
• | an option that 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"; and |
• | an option that permits an entity to elect to initially apply ASU 2016-02 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, provided that if an entity elects this additional (and optional) transition method, the entity will provide the required Topic 840 disclosures for all periods that continue to be reported under Topic 840. |
3. | Revenue Recognition |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
Residential | $ | $ | $ | $ | |||||||||
Commercial | |||||||||||||
Industrial | |||||||||||||
Oilfield | |||||||||||||
Public authorities and street light | |||||||||||||
System sales revenues | |||||||||||||
Provision for rate refund | ( | ) | ( | ) | ( | ) | |||||||
Integrated market | |||||||||||||
Transmission | |||||||||||||
Other | |||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | |||||||||
4. | Leases |
Nine Months Ended | |||
(In millions) | September 30, 2019 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | $ | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | ||
(Dollars in millions) | September 30, 2019 | ||
Right-of-use assets at period end (A) | $ | ||
Operating lease liabilities at period end (B) | $ | ||
Operating lease weighted-average remaining lease term (in years) | |||
Operating lease weighted-average discount rate | % | ||
Future minimum operating lease payments as of: (In millions) | September 30, 2019 | December 31, 2018 (C)(D) | ||||
2019 | $ | $ | ||||
2020 | ||||||
2021 | ||||||
2022 | ||||||
2023 | ||||||
Thereafter | ||||||
Total future minimum lease payments | $ | |||||
Less: Imputed interest | ||||||
Present value of net minimum lease payments | $ | |||||
(A) |
(B) |
(C) | Amounts included for comparability and accounted for in accordance with ASC 840, "Leases." |
(D) | At the end of the railcar lease term, which was February 1, 2019, OG&E had the option to either purchase the railcars at a stipulated fair market value or renew the lease. OG&E renewed the lease effective February 1, 2019. If OG&E chose not to purchase the railcars or renew the lease agreement and the actual fair value of the railcars was less than the stipulated fair market value, OG&E would have been responsible for the difference in those values up to a maximum of $ |
5. | Investment in Unconsolidated Affiliates and Related Party Transactions |
September 30, | December 31, | |||||
Balance Sheet | 2019 | 2018 | ||||
(In millions) | ||||||
Current assets | $ | $ | ||||
Non-current assets | $ | $ | ||||
Current liabilities | $ | $ | ||||
Non-current liabilities | $ | $ | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
Income Statement | 2019 | 2018 | 2019 | 2018 | ||||||||
(In millions) | ||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||
Cost of natural gas and NGLs | $ | $ | $ | $ | ||||||||
Operating income | $ | $ | $ | $ | ||||||||
Net income | $ | $ | $ | $ | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Enable net income | $ | $ | $ | $ | ||||||||
Differences due to timing of OGE Energy and Enable accounting close | ||||||||||||
Enable net income used to calculate OGE Energy's equity in earnings | $ | $ | $ | $ | ||||||||
OGE Energy's percent ownership at period end | % | % | % | % | ||||||||
OGE Energy's portion of Enable net income | $ | $ | $ | $ | ||||||||
Amortization of basis difference and dilution recognition (A) | ||||||||||||
Equity in earnings of unconsolidated affiliates | $ | $ | $ | $ | ||||||||
(In millions) | ||||
Basis difference at December 31, 2018 | $ | |||
Amortization of basis difference (A) | ( | ) | ||
Basis difference at September 30, 2019 | $ | |||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Operating revenues: | ||||||||||||
Electricity to power electric compression assets | $ | $ | $ | $ | ||||||||
Cost of sales: | ||||||||||||
Natural gas transportation services | $ | $ | $ | $ | ||||||||
Natural gas (sales) purchases | $ | ( | ) | $ | $ | ( | ) | $ | ||||
6. | Fair Value Measurements |
September 30, | December 31, | ||||||||||||
2019 | 2018 | ||||||||||||
(In millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Classification | ||||||||
Long-term Debt (including Long-term Debt due within one year): | |||||||||||||
Senior Notes | $ | $ | $ | $ | Level 2 | ||||||||
OG&E Industrial Authority Bonds | $ | $ | $ | $ | Level 2 | ||||||||
Tinker Debt | $ | $ | $ | $ | Level 3 | ||||||||
7. | Stock-Based Compensation |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Performance units: | ||||||||||||
Total shareholder return | $ | $ | $ | $ | ||||||||
Earnings per share | ||||||||||||
Total performance units | ||||||||||||
Restricted stock | ||||||||||||
Total compensation expense | $ | $ | $ | $ | ||||||||
Income tax benefit | $ | $ | $ | $ | ||||||||
8. | Income Taxes |
9. | Common Equity |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions except per share data) | 2019 | 2018 | 2019 | 2018 | ||||||||
Net income | $ | $ | $ | $ | ||||||||
Average common shares outstanding: | ||||||||||||
Basic average common shares outstanding | ||||||||||||
Effect of dilutive securities: | ||||||||||||
Contingently issuable shares (performance and restricted stock units) | ||||||||||||
Diluted average common shares outstanding | ||||||||||||
Basic earnings per average common share | $ | $ | $ | $ | ||||||||
Diluted earnings per average common share | $ | $ | $ | $ | ||||||||
Anti-dilutive shares excluded from earnings per share calculation | ||||||||||||
10. | Long-Term Debt |
Series | Date Due | Amount | ||||
(In millions) | ||||||
- | Garfield Industrial Authority, January 1, 2025 | $ | ||||
- | Muskogee Industrial Authority, January 1, 2025 | |||||
- | Muskogee Industrial Authority, June 1, 2027 | |||||
Total (redeemable during next 12 months) | $ | |||||
11. | Short-Term Debt and Credit Facilities |
Aggregate | Amount | Weighted-Average | ||||||||
Entity | Commitment | Outstanding (A) | Interest Rate | Expiration | ||||||
(In millions) | ||||||||||
OGE Energy (B) | $ | $ | % | (D) | ||||||
OG&E (C) | % | (D) | ||||||||
Total | $ | $ | % | |||||||
(A) | Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at September 30, 2019. |
(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) |
(D) |
12. | Retirement Plans and Postretirement Benefit Plans |
Pension Plan | Restoration of Retirement Income Plan | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Interest cost | |||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Amortization of net loss | |||||||||||||||||||||||||
Amortization of unrecognized prior service cost (A) | |||||||||||||||||||||||||
Settlement cost | |||||||||||||||||||||||||
Total net periodic benefit cost | |||||||||||||||||||||||||
Less: Amount paid by unconsolidated affiliates | |||||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||
(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. |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Increase (decrease) of pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) | $ | $ | $ | ( | ) | $ | ||||||
Deferral of pension expense related to pension settlement charges: | ||||||||||||
Oklahoma jurisdiction (A) | $ | $ | $ | $ | ||||||||
Arkansas jurisdiction (A) | $ | $ | $ | $ | ||||||||
(A) | Included in the Pension tracker regulatory liability for the Oklahoma jurisdiction and in the deferred pension expenses regulatory asset for the Arkansas jurisdiction (see Note 1). |
Postretirement Benefit Plans | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Service cost | $ | $ | $ | $ | ||||||||
Interest cost | ||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Amortization of net loss | ||||||||||||
Amortization of unrecognized prior service cost (A) | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Total net periodic benefit cost | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Less: Amount paid by unconsolidated affiliates | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Net periodic benefit cost | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | ||
(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. |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Increase of postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) | $ | $ | $ | $ | ||||||||
(A) |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Capitalized portion of net periodic pension benefit cost | $ | $ | $ | $ | ||||||||
Capitalized portion of net periodic postretirement benefit cost | $ | $ | $ | $ | ||||||||
13. | Report of Business Segments |
Three Months Ended September 30, 2019 | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | ||||||||||
(In millions) | |||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||
Cost of sales | |||||||||||||||
Other operation and maintenance | ( | ) | |||||||||||||
Depreciation and amortization | |||||||||||||||
Taxes other than income | |||||||||||||||
Operating income (loss) | ( | ) | |||||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||
Other income (expense) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Interest expense | ( | ) | |||||||||||||
Income tax expense | |||||||||||||||
Net income (loss) | $ | $ | $ | ( | ) | $ | $ | ||||||||
Investment in unconsolidated affiliates | $ | $ | $ | $ | $ | ||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||
Three Months Ended September 30, 2018 | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | ||||||||||
(In millions) | |||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||
Cost of sales | |||||||||||||||
Other operation and maintenance | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Taxes other than income | |||||||||||||||
Operating income (loss) | ( | ) | ( | ) | |||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||
Other income (expense) | ( | ) | ( | ) | ( | ) | |||||||||
Interest expense | ( | ) | |||||||||||||
Income tax expense | |||||||||||||||
Net income (loss) | $ | $ | $ | ( | ) | $ | $ | ||||||||
Investment in unconsolidated affiliates | $ | $ | $ | $ | $ | ||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||
Nine Months Ended September 30, 2019 | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | ||||||||||
(In millions) | |||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||
Cost of sales | |||||||||||||||
Other operation and maintenance | ( | ) | |||||||||||||
Depreciation and amortization | |||||||||||||||
Taxes other than income | |||||||||||||||
Operating income (loss) | ( | ) | ( | ) | |||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||
Other income (expense) | ( | ) | ( | ) | ( | ) | |||||||||
Interest expense | ( | ) | |||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||
Net income | $ | $ | $ | $ | $ | ||||||||||
Investment in unconsolidated affiliates | $ | $ | $ | $ | $ | ||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||
Nine Months Ended September 30, 2018 | Electric Utility | Natural Gas Midstream Operations | Other Operations | Eliminations | Total | ||||||||||
(In millions) | |||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||
Cost of sales | |||||||||||||||
Other operation and maintenance | ( | ) | |||||||||||||
Depreciation and amortization | |||||||||||||||
Taxes other than income | |||||||||||||||
Operating income (loss) | ( | ) | ( | ) | |||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||
Other income (expense) | ( | ) | ( | ) | ( | ) | |||||||||
Interest expense | ( | ) | |||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||
Net income (loss) | $ | $ | $ | ( | ) | $ | $ | ||||||||
Investment in unconsolidated affiliates | $ | $ | $ | $ | $ | ||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||
14. | Commitments and Contingencies |
15. | Rate Matters and Regulation |
• | An increase in net income at OG&E of $43.3 million, or $0.21 per diluted share of the Company's common stock, was primarily due to higher gross margin (driven primarily by favorable weather and the expiration of the cogeneration credit rider) and lower income tax expense. This increase was partially offset by higher depreciation and amortization expense due to additional assets being placed into service, higher other operation and maintenance expense and lower allowance for funds used during construction due to certain environmental projects being completed and placed into service. |
• | A decrease in net loss of other operations of $2.4 million, or $0.02 per diluted share of the Company's common stock, was primarily due to lower other operation and maintenance expense and higher other income, partially offset by higher income tax expense. |
• | An increase in net income at OGE Holdings of $0.1 million was primarily due to lower income tax expense offset by lower equity in earnings of Enable. |
• | An increase in net income at OG&E of $14.1 million, or $0.07 per diluted share of the Company's common stock, was primarily due to higher gross margin (driven primarily by favorable weather and the expiration of the cogeneration credit rider), lower income tax expense and lower interest expense. This increase was partially offset by higher depreciation and amortization expense due to additional assets being placed into service, higher other operation and maintenance expense and lower allowance for funds used during construction due to certain environmental projects being completed and placed into service. |
• | An increase in net income of other operations of $10.7 million, or $0.05 per diluted share of the Company's common stock, was primarily due to higher income tax benefit related to higher stock-based compensation payouts in 2019, higher other income and lower other operation and maintenance expense, partially offset by higher interest expense. |
• | An increase in net income at OGE Holdings of $2.6 million, or $0.01 per diluted share of the Company's common stock, was primarily due to lower income tax expense, which was driven by favorable federal and state deferred tax adjustments, and higher equity in earnings of Enable, partially offset by higher other expense due to higher pension settlement charges for seconded Enable employees. |
• | gross margin on revenues of approximately $1.446 billion to $1.449 billion and assumes normal weather for the remainder of the year; |
• | operating expenses of approximately $935 million to $939 million, with operation and maintenance expenses approximately 53 percent of the total; |
• | net interest expense of approximately $140 million to $142 million which assumes a $2.5 million allowance for borrowed funds used during construction reduction to interest expense; and |
• | an effective tax rate of approximately 5.4 percent. |
• | approximately 201 million average diluted shares outstanding; |
• | an effective tax rate of approximately 7 percent; and |
• | a $0.00 to ($0.02) or up to $4 million loss at OGE Energy due to interest expense, which is unchanged from previously issued guidance. |
(In millions) | Twelve Months Ended December 31, 2019 (A) | ||
Operating revenues | $ | 2,139 | |
Cost of sales | 691 | ||
Gross margin | $ | 1,448 | |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions except per share data) | 2019 | 2018 | 2019 | 2018 | ||||||||
Net income | $ | 250.9 | $ | 205.1 | $ | 398.2 | $ | 370.8 | ||||
Basic average common shares outstanding | 200.2 | 199.7 | 200.1 | 199.7 | ||||||||
Diluted average common shares outstanding | 200.8 | 200.6 | 200.6 | 200.4 | ||||||||
Basic earnings per average common share | $ | 1.25 | $ | 1.03 | $ | 1.99 | $ | 1.86 | ||||
Diluted earnings per average common share | $ | 1.25 | $ | 1.02 | $ | 1.98 | $ | 1.85 | ||||
Dividends declared per common share | $ | 0.38750 | $ | 0.36500 | $ | 1.11750 | $ | 1.03000 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Net income: | ||||||||||||
OG&E (Electric Utility) | $ | 227.2 | $ | 183.9 | $ | 321.3 | $ | 307.2 | ||||
OGE Holdings (Natural Gas Midstream Operations) | 28.5 | 28.4 | 76.7 | 74.1 | ||||||||
Other operations (A) | (4.8 | ) | (7.2 | ) | 0.2 | (10.5 | ) | |||||
Consolidated net income | $ | 250.9 | $ | 205.1 | $ | 398.2 | $ | 370.8 | ||||
(A) | Other operations primarily includes the operations of the holding company and consolidating eliminations. |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(Dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Operating revenues | $ | 755.4 | $ | 698.8 | $ | 1,759.1 | $ | 1,758.5 | ||||
Cost of sales | 234.0 | 244.4 | 625.3 | 663.6 | ||||||||
Other operation and maintenance | 130.0 | 121.1 | 370.3 | 352.2 | ||||||||
Depreciation and amortization | 94.1 | 81.1 | 260.8 | 240.8 | ||||||||
Taxes other than income | 22.3 | 21.9 | 66.8 | 66.2 | ||||||||
Operating income | 275.0 | 230.3 | 435.9 | 435.7 | ||||||||
Allowance for equity funds used during construction | 1.0 | 6.7 | 3.7 | 20.0 | ||||||||
Other net periodic benefit income (expense) | (0.7 | ) | 0.5 | (0.3 | ) | (9.5 | ) | |||||
Other income | 2.0 | 3.6 | 4.5 | 10.2 | ||||||||
Other expense | 2.4 | 0.6 | 3.9 | 2.0 | ||||||||
Interest expense | 38.0 | 37.8 | 103.7 | 114.3 | ||||||||
Income tax expense | 9.7 | 18.8 | 14.9 | 32.9 | ||||||||
Net income | $ | 227.2 | $ | 183.9 | $ | 321.3 | $ | 307.2 | ||||
Operating revenues by classification: | ||||||||||||
Residential | $ | 328.0 | $ | 286.4 | $ | 710.0 | $ | 714.7 | ||||
Commercial | 176.6 | 156.0 | 396.7 | 402.6 | ||||||||
Industrial | 68.1 | 68.6 | 176.0 | 179.0 | ||||||||
Oilfield | 59.4 | 53.0 | 159.5 | 142.5 | ||||||||
Public authorities and street light | 67.0 | 60.4 | 154.3 | 156.9 | ||||||||
Sales for resale | — | — | 0.1 | 0.1 | ||||||||
System sales revenues | 699.1 | 624.4 | 1,596.6 | 1,595.8 | ||||||||
Provision for rate refund | (2.3 | ) | 13.5 | (2.9 | ) | (6.2 | ) | |||||
Integrated market | 12.8 | 16.9 | 29.8 | 38.7 | ||||||||
Transmission | 36.7 | 33.2 | 112.6 | 109.2 | ||||||||
Other | 9.1 | 10.8 | 23.0 | 21.0 | ||||||||
Total operating revenues | $ | 755.4 | $ | 698.8 | $ | 1,759.1 | $ | 1,758.5 | ||||
Reconciliation of gross margin to revenue: | ||||||||||||
Operating revenues | $ | 755.4 | $ | 698.8 | $ | 1,759.1 | $ | 1,758.5 | ||||
Cost of sales | 234.0 | 244.4 | 625.3 | 663.6 | ||||||||
Gross margin | $ | 521.4 | $ | 454.4 | $ | 1,133.8 | $ | 1,094.9 | ||||
MWh sales by classification (In millions) | ||||||||||||
Residential | 3.2 | 2.9 | 7.6 | 7.6 | ||||||||
Commercial | 2.1 | 1.9 | 5.1 | 5.1 | ||||||||
Industrial | 1.2 | 1.2 | 3.4 | 3.4 | ||||||||
Oilfield | 1.2 | 1.1 | 3.5 | 3.1 | ||||||||
Public authorities and street light | 1.0 | 0.9 | 2.4 | 2.4 | ||||||||
System sales | 8.7 | 8.0 | 22.0 | 21.6 | ||||||||
Integrated market | 0.3 | 0.5 | 0.9 | 1.1 | ||||||||
Total sales | 9.0 | 8.5 | 22.9 | 22.7 | ||||||||
Number of customers | 855,904 | 846,817 | 855,904 | 846,817 | ||||||||
Weighted-average cost of energy per kilowatt-hour (In cents) | ||||||||||||
Natural gas | 1.943 | 2.158 | 2.234 | 2.328 | ||||||||
Coal | 2.025 | 2.046 | 2.005 | 2.035 | ||||||||
Total fuel | 1.857 | 2.029 | 2.002 | 2.046 | ||||||||
Total fuel and purchased power | 2.528 | 2.730 | 2.616 | 2.791 | ||||||||
Degree days (A) | ||||||||||||
Heating - Actual | — | 12 | 2,277 | 2,220 | ||||||||
Heating - Normal | 19 | 19 | 2,023 | 2,020 | ||||||||
Cooling - Actual | 1,477 | 1,265 | 1,958 | 2,051 | ||||||||
Cooling - Normal | 1,382 | 1,380 | 2,021 | 2,018 | ||||||||
(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. |
$ Change | ||||||
(In millions) | Three Months Ended | Nine Months Ended | ||||
Weather (price and quantity) (A) | $ | 36.3 | $ | 15.5 | ||
Price variance (B) | 26.3 | 12.1 | ||||
New customer growth | 3.9 | 8.6 | ||||
Other | 0.5 | 2.7 | ||||
Change in gross margin | $ | 67.0 | $ | 38.9 | ||
(A) | Increased primarily due to a 17 percent increase in cooling degree days for the three months ended September 30, 2019. While total cooling degree days did not increase for the nine months ended September 30, 2019, cooling degree days were higher for certain summer months during the period, which resulted in favorable weather impacts. |
(B) | Increased primarily due to the expiration of the cogeneration credit rider. |
$ Change | % Change | ||||||||||
(In millions) | Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||
Fuel expense (A) | $ | (16.0 | ) | $ | (28.9 | ) | (12.5 | )% | (9.7 | )% | |
Purchased power costs: | |||||||||||
Purchases from SPP (B) | 31.3 | 64.3 | 60.7 | % | 37.1 | % | |||||
Cogeneration (C) | (27.1 | ) | (66.4 | ) | (90.1 | )% | (81.9 | )% | |||
Wind (D) | 2.7 | (5.0 | ) | 24.3 | % | (11.0 | )% | ||||
Other | 0.2 | 0.2 | 3.1 | % | 3.0 | % | |||||
Transmission expense (E) | (1.5 | ) | (2.5 | ) | (8.2 | )% | (4.4 | )% | |||
Change in cost of sales | $ | (10.4 | ) | $ | (38.3 | ) | |||||
(A) | Decreased primarily due to lower fuel costs related to the generating assets utilized during the three and nine months ended September 30, 2019. |
(B) | Increased primarily due to a 59.7 percent and 37.1 percent increase in MWhs purchased for the three and nine months ended September 30, 2019, respectively. |
(C) | Decreased primarily due to the expiration of the AES cogeneration contract in January 2019 and the Oklahoma Cogeneration LLC contract in August 2019, as discussed in Note 14 within "Item 1. Financial Statements." |
(D) | Increased due to a 9.6 percent increase in MWs purchased during the three months ended September 30, 2019. Decreased due to a 20.8 percent decrease in MWs purchased during the nine months ended September 30, 2019. |
(E) | Decreased primarily due to lower SPP charges for the base plan projects of other utilities. |
$ Change | % Change | ||||||||||
(In millions) | Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||
New expenses related to River Valley power plant (A) | $ | 5.6 | $ | 7.0 | * | * | |||||
Contract technical and construction services (B) | 4.5 | 11.9 | 50.0 | % | 43.3 | % | |||||
Other | (1.2 | ) | (0.8 | ) | (1.1 | )% | — | % | |||
Change in other operation and maintenance expense | $ | 8.9 | $ | 18.1 | |||||||
(A) | Additional other operation and maintenance expenses are primarily recovered through a rider mechanism. |
(B) | Increased primarily due to additional maintenance work at power plants. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Operating revenues | $ | — | $ | — | $ | — | $ | — | ||||
Cost of sales | — | — | — | — | ||||||||
Other operation and maintenance | 0.6 | 0.5 | 1.3 | 1.1 | ||||||||
Taxes other than income | 0.1 | 0.1 | 0.4 | 0.5 | ||||||||
Operating loss | (0.7 | ) | (0.6 | ) | (1.7 | ) | (1.6 | ) | ||||
Equity in earnings of unconsolidated affiliates | 38.3 | 40.1 | 104.8 | 103.3 | ||||||||
Other expense | 0.6 | 1.2 | 8.4 | 1.2 | ||||||||
Income before taxes | 37.0 | 38.3 | 94.7 | 100.5 | ||||||||
Income tax expense | 8.5 | 9.9 | 18.0 | 26.4 | ||||||||
Net income attributable to OGE Holdings | $ | 28.5 | $ | 28.4 | $ | 76.7 | $ | 74.1 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Enable net income | $ | 123.0 | $ | 129.0 | $ | 351.0 | $ | 320.0 | ||||
Differences due to timing of OGE Energy and Enable accounting close | — | — | 0.1 | — | ||||||||
Enable net income used to calculate OGE Energy's equity in earnings | $ | 123.0 | $ | 129.0 | $ | 351.1 | $ | 320.0 | ||||
OGE Energy's percent ownership at period end | 25.5 | % | 25.6 | % | 25.5 | % | 25.6 | % | ||||
OGE Energy's portion of Enable net income | $ | 31.2 | $ | 33.0 | $ | 89.4 | $ | 82.0 | ||||
Amortization of basis difference and dilution recognition (A) | 7.1 | 7.1 | 15.4 | 21.3 | ||||||||
Equity in earnings of unconsolidated affiliates | $ | 38.3 | $ | 40.1 | $ | 104.8 | $ | 103.3 | ||||
(In millions) | |||
Basis difference at December 31, 2018 | $ | 680.3 | |
Amortization of basis difference (A) | (20.5 | ) | |
Basis difference at September 30, 2019 | $ | 659.8 | |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Reconciliation of gross margin to revenue: | ||||||||||||
Total revenues | $ | 699 | $ | 928 | $ | 2,229 | $ | 2,481 | ||||
Cost of natural gas and NGLs | 263 | 516 | 958 | 1,335 | ||||||||
Gross margin | $ | 436 | $ | 412 | $ | 1,271 | $ | 1,146 | ||||
Operating income | $ | 175 | $ | 171 | $ | 507 | $ | 436 | ||||
Net income | $ | 123 | $ | 129 | $ | 351 | $ | 320 | ||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Natural gas gathered volumes - TBtu/d | 4.47 | 4.61 | 4.54 | 4.44 | ||||
Transported volumes - TBtu/d | 5.97 | 5.40 | 6.22 | 5.49 | ||||
Natural gas processed volumes - TBtu/d (A) | 2.49 | 2.50 | 2.52 | 2.35 | ||||
NGLs sold - MBbl/d (B)(C) | 118.29 | 146.29 | 131.49 | 130.18 | ||||
Crude oil and condensate gathered volumes - MBbl/d | 132.99 | 31.87 | 120.17 | 29.11 | ||||
(A) | Includes volumes under third-party processing arrangements. |
(B) | Excludes condensate. |
(C) | NGLs sold includes volumes of NGLs withdrawn from inventory or purchased for system balancing purposes. |
Three Months Ended | Nine Months Ended | ||||||||||||
(In millions) | Income Statement Change at Enable | Impact to Company's Equity in Earnings | Income Statement Change at Enable | Impact to Company's Equity in Earnings | |||||||||
Gross margin | $ | 24.0 | $ | 6.1 | $ | 125.0 | $ | 31.9 | |||||
Operation and maintenance, General and administrative | $ | 10.0 | $ | (2.6 | ) | $ | 19.0 | $ | (4.8 | ) | |||
Depreciation and amortization | $ | 8.0 | $ | (2.0 | ) | $ | 31.0 | $ | (7.9 | ) | |||
Taxes other than income tax | $ | 2.0 | $ | (0.5 | ) | $ | 4.0 | $ | (1.0 | ) | |||
Interest expense | $ | 8.0 | $ | (2.0 | ) | $ | 33.0 | $ | (8.4 | ) | |||
Three Months Ended | Nine Months Ended | ||||||||||||
(In millions) | Income Statement Change at Enable | Impact to Company's Equity in Earnings | Income Statement Change at Enable | Impact to Company's Equity in Earnings | |||||||||
Gross margin | $ | 19.0 | $ | 4.8 | $ | 116.0 | $ | 29.6 | |||||
Depreciation and amortization | $ | 11.0 | $ | (2.8 | ) | $ | 38.0 | $ | (9.7 | ) | |||
Operating and maintenance, General and administrative | $ | 1.0 | $ | (0.3 | ) | $ | 8.0 | $ | (2.0 | ) | |||
Taxes other than income tax | $ | 1.0 | $ | (0.3 | ) | $ | 2.0 | $ | (0.5 | ) | |||
Three Months Ended | Nine Months Ended | ||||||||||||
(In millions) | Income Statement Change at Enable | Impact to Company's Equity in Earnings | Income Statement Change at Enable | Impact to Company's Equity in Earnings | |||||||||
Gross margin | $ | 3.0 | $ | 0.8 | $ | 9.0 | $ | 2.3 | |||||
Depreciation and amortization | $ | (3.0 | ) | $ | 0.8 | $ | 11.0 | $ | (2.8 | ) | |||
Operation and maintenance, General and administrative | $ | 9.0 | $ | (2.3 | ) | $ | (7.0 | ) | $ | 1.8 | |||
Taxes other than income taxes | $ | 1.0 | $ | (0.3 | ) | $ | 2.0 | $ | (0.5 | ) | |||
Nine Months Ended | |||||||||||
September 30, | 2019 vs. 2018 | ||||||||||
(Dollars in millions) | 2019 | 2018 | $ Change | % Change | |||||||
Net cash provided from operating activities (A) | $ | 418.0 | $ | 711.7 | $ | (293.7 | ) | (41.3 | )% | ||
Net cash used in investing activities (B) | $ | (482.4 | ) | $ | (413.1 | ) | $ | (69.3 | ) | 16.8 | % |
Net cash used in financing activities (C) | $ | (16.7 | ) | $ | (222.3 | ) | $ | 205.6 | (92.5 | )% | |
(A) | Decreased primarily due to decreased amounts received from customers at OG&E and an increase in vendor payments. |
(B) | Increased primarily due to the acquisition of the River Valley and Frontier power plants. |
(C) | Decreased primarily due to an increase in short-term debt, partially offset by the issuance of less long-term debt by OG&E in 2019. |
(In millions) | 2019 | 2020 | 2021 | 2022 | 2023 | Total | ||||||||||||
Transmission | $ | 50 | $ | 45 | $ | 40 | $ | 35 | $ | 35 | $ | 205 | ||||||
Oklahoma distribution | 230 | 215 | 225 | 225 | 225 | 1,120 | ||||||||||||
Arkansas distribution | 45 | 30 | 15 | 15 | 15 | 120 | ||||||||||||
Generation | 255 | 135 | 60 | 60 | 90 | 600 | ||||||||||||
Reliability, resiliency, technology and other | — | 90 | 335 | 335 | 335 | 1,095 | ||||||||||||
Other | 55 | 60 | 50 | 60 | 55 | 280 | ||||||||||||
Total | $ | 635 | $ | 575 | $ | 725 | $ | 730 | $ | 755 | $ | 3,420 | ||||||
(Dollars in millions) | September 30, 2019 | ||
Balance of outstanding supporting letters of credit | $ | 0.3 | |
Weighted-average interest rate of outstanding supporting letters of credit | 1.15 | % | |
Net available liquidity under revolving credit agreements | $ | 730.9 | |
Balance of cash and cash equivalents | $ | 13.2 | |
(Dollars in millions) | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||
Average balance of short-term debt | $ | 195.7 | $ | 270.7 | ||
Weighted-average interest rate of average balance of short-term debt | 2.45 | % | 2.70 | % | ||
Maximum month-end balance of short-term debt | $ | 247.8 | $ | 479.7 | ||
Exhibit No. | Description |
10.01* | |
31.01 | |
32.01 | |
101.INS | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL 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. |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101). |
* Represents executive compensation plans and arrangements. | |
OGE ENERGY CORP. | |
(Registrant) | |
By: | /s/ Sarah R. Stafford |
Sarah R. Stafford | |
Controller and Chief Accounting Officer | |
(On behalf of the Registrant and in her capacity as Chief Accounting Officer) | |
1.1 | “Affiliate” shall mean any corporation, partnership, joint venture, trust, association or other business enterprise which is a member of the same controlled group of corporations, trades or businesses as a Company within the meaning of Code Section 414(b) or (c); provided, however, that for purposes only of the term “Affiliate” when used in the definition of “Separation from Service” below, in applying Code Section 1563(a)(1), (2), and (3) in determining a controlled group of corporations under Code Section 414(b), the language “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in Code Section 1563(a)(1), (2), and (3), and in applying Treasury Reg. § 1.414(c)-2 for purposes of determining trades or businesses (whether or not incorporated) that are under common control for purposes of Code Section 414(c), “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in Treasury Reg. § 1.414(c)-2. |
1.2 | “Annual Incentive Compensation Plan” means the OGE Energy Corp. 2013 Annual Incentive Compensation Plan or any successor thereto, as determined by the Committee. |
1.3 | “Base Salary” means the actual base salary paid to a Participant during a month as shown in the payroll records of the Company. |
1.4 | “Beneficiary” means a Participant’s Surviving Spouse or, if none, his or her estate. |
1.5 | “Board of Directors” means the Board of Directors of OGE Energy Corp. as constituted from time to time. |
1.6 | “Code” means the Internal Revenue Code of 1986, as amended from time to time. |
1.7 | “Committee” means the Compensation Committee of the Board of Directors. |
1.8 | “Company” means OGE Energy Corp. and any of its domestic subsidiaries and divisions, as designated by the Board of Directors, and any successor of OGE Energy Corp. under the terms of Section 7.3. |
1.9 | “Company’s Pension Plan” means the OGE Energy Corp. Retirement Plan, as amended from time to time. |
1.10 | “Compensation” means, for each month of Service, the sum of (a) a Participant’s Base Salary plus (b) 1/12 of the target amount of a Participant’s annual incentive award in effect for such month under the Annual Incentive Compensation Plan (in the case of each of the preceding clauses (a) and (b), ignoring any deferral elections in effect). |
1.11 | “Effective Date” means January 1, 1993. |
1.12 | “Final Average Compensation” means the monthly average of a Participant’s Compensation for the last 36 consecutive months of Service. If a Participant does not have 36 consecutive months of Service, “Final Average Compensation” shall mean the monthly average of the Participant’s Compensation for his or her period of Service. |
1.13 | “Normal Retirement Date” means the 60th birthday of a Participant. |
1.14 | “Participant” means an employee of the Company specifically designated by the Committee to be covered under this Plan and who continues to fulfill all requirements for participation. |
1.15 | “Plan” means the Supplemental Executive Retirement Plan as herein set forth and as it may be amended from time to time. |
1.16 | “Service” means the period of time commencing upon the later to occur of a Participant’s commencement of employment or January 1, 2019 and ending upon the Participant’s Separation from Service. |
1.17 | “Separation from Service” means in respect of a Participant, any termination of employment with the Company employing the Participant and all its Affiliates due to retirement, death, Total and Permanent Disability or other reason; provided, however, that, no Separation from Service for reasons other than death shall be deemed to occur for purposes of the Plan while the Participant is on military leave, sick leave, or other bona fide leave of absence that does not exceed six months or, if longer, the period during which the Participant’s right to reemployment with the Company or its Affiliates is provided either under applicable statute or by contract; and provided further that, if the period of leave exceeds six months and the Participant does not retain a right to reemployment under an applicable statute or by contract, a Separation from Service will be deemed to have occurred on the first day following such six-month period. Whether or when a Separation from Service has occurred for purposes of the Plan shall be determined based on the meaning of “separation from service” under Code Section 409A and the regulations promulgated thereunder and, accordingly, shall be based on whether the facts and circumstances indicate that the Company employing the Participant and its Affiliates and the Participant reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the Participant will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than 20% of the average level of bona fide services performed (whether as an employee or independent contractor) over the immediately preceding 36-month period (or the full period of services to such Company and its Affiliates if the Participant has been providing services to the Company and its Affiliates less than 36 months). A Participant shall be presumed for this purpose to have a Separation from Service where the level of bona fide services decreases to a level equal to 20% or less of such average level of services. |
1.18 | “Specified Employee” means, during the 12-month period beginning on April 1st of 2005 or of any subsequent calendar year, an employee of a Participant’s employing Company or its Affiliates who met the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code (applied in accordance with the regulations thereunder and without regard to Code Section 416(i)(5)) for being a “key employee” at any time during |
1.19 | “Surviving Spouse” means the spouse to whom the Participant is lawfully married at the time of his or her death. |
(a) | Upon a vested Participant’s Separation from Service on or after his or her Normal Retirement Date for reasons other than death, the Company shall pay retirement benefits to the Participant in such amount and at such time as hereinafter described. Benefits payable upon the death of a Participant are described in Article 3. |
(b) | Subject to Section 2.3 relating to delay in payment for Specified Employees and Section 5.1 relating to the form of payment, the normal retirement benefit payable to a Participant in monthly amounts during his or her lifetime and commencing as of the first day of the month coincident with or next following his or her Separation from Service (but subject to Section 7.10) shall equal 1.32% of the Participant’s Final Average Compensation multiplied by his or her years of Service (or portions thereof). |
2.2 | Disability Retirement Benefits |
(a) | Subject to Section 2.3 relating to delay in payment for Specified Employees and Section 5.1 relating to the form of payment, a Participant who has a Separation from Service by reason of being Totally and Permanently Disabled shall be entitled to benefits under this Plan equal to 1.32% of the Participant’s Final Average Compensation as of the date of Total and Permanent Disability multiplied by his or her years of Service (or portions thereof) as of the date of Total and Permanent Disability. |
(b) | Disability retirement benefits to which Participants are entitled under this Section 2.2 shall commence as of the first day of the month coincident with or next following the date of the Participant’s Separation from Service, but subject to Section 7.10. |
2.3 | Delay in Payment for Specified Employees |
3.1 | Upon the death of a Participant while employed by the Company prior to his or her commencement of benefits under this Plan, the Participant’s Beneficiary shall receive, within 90 days following the Participant’s death, but subject to Section 7.10, a lump sum payment which is the actuarial equivalent as of the day before the date of the Participant’s death of a single life annuity payable to the Participant, commencing as of the day before the date of the Participant’s death (calculated without regard to the Participant’s death) and equal to 1.32% of the Participant’s Final Average Compensation as of the day before the date of the Participant’s death multiplied by the Participant’s years of Service (or portions thereof) as of the day before the date of the Participant’s death. |
3.2 | The benefits provided in this Article 3 shall be in addition to any pre- or post-retirement life insurance benefits under the Company’s insurance programs. |
3.3 | Except as provided in Sections 2.3 and 3.1, no other death benefits shall be payable under this Plan on the death of a Participant, whether or not vested. |
4.1 | Subject to the provisions of Section 7.2 of this Plan, a Participant shall be considered to have a vested right in his or her retirement benefits under this Plan upon the first to occur of the following while employed by the Company: his or her Normal Retirement Date, death or Total and Permanent Disability. Subject to Section 4.2, in the event that a Participant terminates employment prior to the occurrence of any of the foregoing events, he or she shall forfeit his or her rights to retirement benefits under this Plan. |
4.2 | By written action of the Committee and in its sole discretion, the vesting requirements specified in Section 4.1 of the Plan may be partially or fully waived for a specified Participant on such terms as the Committee may determine. |
5.1 | Benefits under this Plan shall be payable in the form of a lump sum payment which is the actuarial equivalent as of the time described in Section 2.1(b) or 2.2(b), as applicable, of the monthly amount of benefit determined under Article 2 to which the Participant is entitled if such monthly amount were payable in the form of a single life annuity for the life of the Participant commencing at the time described in Section 2.1(b) or 2.2(b), as applicable. |
5.2 | Unfunded Plan. The undertakings of the Company herein constitute an unsecured promise of the Company to make the payments as provided in the Plan. This Plan is unfunded and no current beneficial interest in any asset of the Company shall accrue to any Participant or other person under the terms of this Plan. All Participants shall be entitled to the benefits provided by the Plan. It is the intent of the Company that the total cost of providing the benefits under this Plan will be borne by the Company. |
6.1 | Authority of Administrator. The Committee shall have sole and absolute discretionary power and authority to interpret, construe and administer this Plan, to adopt appropriate procedures and to make all decisions, including deciding all questions of fact, necessary or proper in its judgment to carry out the terms of this Plan. The Committee’s interpretation and construction hereof, and actions hereunder, including any valuation of the amount or recipient of the payments to be made thereunder, shall be binding and conclusive on all persons for all purposes. The Company’s Chief Accounting Officer, shall act as the Committee’s agent in administering this Plan. Neither the Company, or its officers, employees or directors, nor the Committee or any member thereof shall be liable to any person for any action taken or omitted in connection with the interpretation and administration of this Plan. |
6.2 | Duty to Furnish Information. Each Participant shall furnish to the Committee such information as it may from time to time request for the purpose of the proper administration of this Plan. |
6.3 | Amendment and Termination. OGE Energy Corp., by action of the Board of Directors, reserves the exclusive right to amend, modify, alter or terminate this Plan in whole or in part without notice to the Participants. Except to the extent necessary to comply with Section 409A of the Code, no such termination, modification or amendment shall terminate or diminish the amount of benefits then being paid, or to be paid on subsequent termination of employment, to any Participant or Beneficiary. Notwithstanding the foregoing, no benefits may be distributed on termination of the Plan other than as provided in Articles 2 and 3 except to the extent acceleration of the time and form of payment is permitted under Section 409A of the Code and the regulations and guidance issued thereunder. |
6.4 | Administrator. OGE Energy Corp. shall be the “Administrator” of the Plan for purposes of ERISA. |
7.1 | No Employment Rights. This Plan shall not be deemed to give any Participant or other person in the employ of the Company any right to be retained in the employment of the Company, or to interfere with the right of the Company to terminate any Participant or such other person at any time and to treat him without regard to the effect which such treatment might have upon him as a Participant in the Plan. |
7.2 | Forfeiture. In the event a Participant is discharged for cause involving illegal or fraudulent acts, such discharge may result in forfeiture of all benefits and rights under the Plan, in the sole discretion of the Committee. |
7.3 | Successors and Assigns. The rights, privileges, benefits and obligations under this Plan are intended to be, and shall be treated as, legal obligations of the Company and binding upon the Company, its successors and assigns, including successors by corporate merger, consolidation, reorganization or otherwise. |
7.4 | Statements. A copy of this Plan, together with copies of any approved procedures for administration, will be furnished to each Participant together with an annual statement of benefits over the signature of the Chairman of the Board or his or her designee. |
7.5 | Approval. This Plan was approved initially by resolution of the Board of Directors of Oklahoma Gas and Electric Company at a regular meeting on November 9, 1993 to be effective as of January 1, 1993 and was subsequently assumed and amended by resolutions of the Board of Directors. |
7.6 | Applicable Law. The provisions of this Plan shall be construed according to the law of the State of Oklahoma excluding the provisions of any such laws that would require the application of the laws of another jurisdiction. |
7.7 | Construction: |
(a) | The masculine pronoun wherever used shall include the feminine. Wherever any words are used herein in the singular, they shall be construed as though they were also used in the plural in all cases where they shall so apply. |
(b) | The titles to articles and headings of sections of this Plan are for convenience of reference and in case of any conflict the text of this Plan, rather than such titles and headings, shall control. |
7.8 | Form of Payment; Withholding. All payments under the Plan shall be made in cash. All amounts payable under the Plan shall be reduced to the extent of amounts required to be withheld by the Company under Federal, state, or local law. In furtherance of, but without limiting the foregoing, the Company may also withhold from any vested retirement benefits hereunder any amounts required pursuant to applicable state or Federal employment tax laws (or may make other suitable arrangements with the Participants to satisfy such withholding requirements) and may make appropriate adjustments to the retirement benefits hereunder to reflect such withholding payments. |
7.9 | Facility of Payment. Whenever and as often as any person entitled to payments under the Plan shall be under a legal disability or, in the sole judgment of the Committee, shall otherwise be unable to apply such payments to his or her own best interest and advantage, the Committee, in the exercise of its discretion may direct all or any portion of such payments to be made in any one or more of the following ways: (a) directly to him; (b) to his or her legal guardian or conservator; or (c) to his or her spouse or to any other person, to be expended for his or her benefit; and the decision of the Committee shall in each case be final and binding upon all person in interest. |
7.10 | Timing of Payments. Notwithstanding any provision of the Plan to the contrary, a distribution to be made as of a specified date in Article 2 or 3 shall be treated for purposes of Code Section 409A as made on the date specified if the distribution is made at such date specified or a later date in the same calendar year or, if later and provided that the Participant or other recipient is not permitted, directly or indirectly, to designate the year in which distribution is made, by the 15th day of the third calendar month following the specified date. In addition, if calculation of the amount of a payment is not administratively practicable due to events beyond the control of the Participant or his or her estate, a payment will be treated as made on the specified date for purposes of Code Section 409A if the payment is made during the first calendar year in which payment is administratively practicable. |
7.11 | Code Section 409A Compliance. To the extent applicable, it is intended that this Plan be in full compliance with the provisions of Section 409A of the Code. The Plan shall be interpreted, construed and administered in a manner consistent with this intent. |
7.12 | Restriction on Assignment. The interest of any Participant or Beneficiary may not be sold, transferred, assigned, or encumbered in any manner, either voluntarily or involuntarily, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be null and void; neither shall the benefits hereunder be liable for or subject to the debts, contracts, liabilities, engagements or torts of any person to whom such benefits or funds are payable, nor shall they be subject to garnishment, attachment, or other legal or equitable process nor shall they be an asset in bankruptcy. |
7.13 | Actuarial Equivalence Factors. The following actuarial factors shall be used for purposes of determining actuarial equivalence under Section 3.1 or 5.1, as applicable: |
(a) | Mortality Rates shall be based on the unisex mortality table issued under IRS Notice 2018-02 for purposes of determining the minimum present value under Code Section 417(e)(3) for distributions with annuity starting dates that occur during stability periods beginning in the 2019 calendar year; and |
(b) | a 5% interest rate. |
8.1 | Initial Claims Procedure |
8.2 | Notice of Denial of Claim |
8.3 | Within 60 days after receipt of a notice of denial, the applicant or his or her duly authorized representative may file a written notice of appeal of such denial with the Committee. Such notice of appeal must set forth the specific reasons for the appeal. In addition, within such appeal period the applicant or his or her duly authorized representative shall be provided, upon written request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits and may submit written comments, documents, records and other information relating to the claim. The 60-day period within which the request for review must be filed may be extended if the nature of the benefit which is the subject of the claim and other attendant circumstances so warrant and the 60-day limitations period would otherwise be unreasonable. In its sole discretion, the Committee may grant the applicant an oral hearing on his or her appeal. In considering the claim on review, the Committee will take into account all documents and information related to the claim that were submitted by the applicant and shall deliver to the applicant, or authorized representative, a written decision on the claim within 60 days after the receipt of the request for review, except that if there are special circumstances which require an extension of time, the 60 period may be extended to 120 days. If such extension is required, written notice shall be furnished to the applicant, or authorized representative, prior to the termination of the initial 60 day period. The decision shall be written in a manner calculated to be understood by the claimant, include the specific reason or |
/s/ Sean Trauschke | |
Sean Trauschke | |
President and Chief Executive Officer | |
/s/ Stephen E. Merrill | |
Stephen E. Merrill | |
Chief Financial Officer | |
/s/ Sean Trauschke | ||
Sean Trauschke | ||
President and Chief Executive Officer | ||
/s/ Stephen E. Merrill | ||
Stephen E. Merrill | ||
Chief Financial Officer | ||
Leases (Notes) |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Text Block] | Leases The Company evaluates all contracts under Topic 842 to determine if the contract is or contains a lease and to determine classification as an operating or finance lease. If a lease is identified, the Company recognizes a right-of-use asset and a lease liability in its Consolidated Balance Sheets. The Company recognizes and measures a lease liability when it concludes the contract contains an identified asset that the Company controls through having the right to obtain substantially all of the economic benefits and the right to direct the use of the identified asset. The liability is equal to the present value of lease payments, and the asset is based on the liability, subject to adjustment, such as for initial direct costs. Further, the Company utilizes an incremental borrowing rate for purposes of measuring lease liabilities, if the discount rate is not implicit in the lease. To calculate the incremental borrowing rate, the Company starts with a current pricing report for the Company's senior unsecured notes, which indicates rates for periods reflective of the lease term, and adjusts for the effects of collateral to arrive at the secured incremental borrowing rate. As permitted by Topic 842, the Company made an accounting policy election to not apply the balance sheet recognition requirements to short-term leases and to not separate lease components from nonlease components when recognizing and measuring lease liabilities. For income statement purposes, the Company records operating lease expense on a straight-line basis. Based on its evaluation of all contracts under Topic 842, as described above, the Company concluded it has operating lease obligations for OG&E railcar leases, OG&E wind farm land leases and the Company's office space lease. Operating Leases OG&E Railcar Lease Agreement Effective February 1, 2019, OG&E renewed a railcar lease agreement for 780 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 fuel adjustment clauses. On February 1, 2024, 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 $6.8 million. OG&E Wind Farm Land Lease Agreements The Company has operating leases related to land for OG&E's Centennial, OU Spirit and Crossroads wind farms with terms of 25 to 30 years. The Centennial lease has rent escalations which increase annually based on the Consumer Price Index. While lease liabilities are not remeasured as a result of changes to the Consumer Price Index, changes to the Consumer Price Index are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The OU Spirit and Crossroads leases 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. Office Space Lease The Company has a noncancellable office space lease agreement, with a term from September 1, 2018 to August 31, 2021, that allows for leasehold improvements. Financial Statement Information and Maturity Analysis of Lease Liabilities Operating lease cost was $1.5 million and $4.5 million for the three and nine months ended September 30, 2019, respectively. Payments for operating lease obligations were $4.9 million for the year ended December 31, 2018. The following table presents amounts recognized for operating leases in the Company's 2019 Condensed Consolidated Cash Flow Statement and Balance Sheet and supplemental information related to those amounts recognized, as well as a maturity analysis of the Company's operating lease liabilities.
(D) At the end of the railcar lease term, which was February 1, 2019, OG&E had the option to either purchase the railcars at a stipulated fair market value or renew the lease. OG&E renewed the lease effective February 1, 2019. If OG&E chose not to purchase the railcars or renew the lease agreement and the actual fair value of the railcars was less than the stipulated fair market value, OG&E would have been responsible for the difference in those values up to a maximum of $16.2 million.
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Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company files consolidated income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal examinations by tax authorities for years prior to 2016 or state and local tax examinations by tax authorities for years prior to 2015. 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 will be 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 further reduce the Company's effective tax rate. |
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 included in the following table.
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Investment in Unconsolidated Affiliates (Tables) |
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| Reconciliation of Basis Difference [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Basis Difference [Table Text Block] | The following table reconciles the difference between OGE Energy's investment in Enable and its underlying equity in the net assets of Enable (basis difference) from December 31, 2018 to September 30, 2019.
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| Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Table Text Block] | The following table reconciles the Company's equity in earnings of unconsolidated affiliates for the three and nine months ended September 30, 2019 and 2018.
(A) Includes loss on dilution, net of proportional basis difference recognition. |
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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 three and nine months ended September 30, 2019 and 2018.
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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 at September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018.
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| Summarized Income Statement Financial Information, Equity Method Investment [Table Text Block] |
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Summary of Significant Accounting Policies Equity Ownership (Details) |
Sep. 30, 2019 |
|---|---|
| CenterPoint [Member] | |
| Percentage Share of Management Rights | 50.00% |
| OGE Energy [Member] | |
| Percentage Share of Management Rights | 50.00% |
Rate Matters and Regulation Rate Matters and Regulation (Details) $ in Millions |
9 Months Ended |
|---|---|
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Sep. 30, 2019
USD ($)
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| Public Utilities, Requested Rate Increase (Decrease), Amount | $ 5.9 |
| Public Utilities, Amount Requested for Acquisition | 53.5 |
| Estimated Refund to SPP | 13.0 |
| OKLAHOMA | |
| Public Utilities, Requested Rate Increase (Decrease), Amount | 77.6 |
| ARKANSAS | |
| Public Utilities, Approved Rate Increase (Decrease), Amount | $ 3.3 |
| FERC [Member] | |
| Public Utilities, Approved Return on Equity, Percentage | 10.60% |
| Recommended Common Equity Percentage | 7.85% |
| Impact to Company [Member] | |
| Estimated Refund to SPP | $ 5.0 |
| Customer Impact [Member] | |
| Estimated Refund to SPP | $ 8.0 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Parenthetical - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Accounts Receivable, Allowance for Credit Loss | $ 1.7 | $ 1.7 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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| Net income | $ 250.9 | $ 205.1 | $ 398.2 | $ 370.8 |
| Pension Plan and Restoration of Retirement Income Plan: | ||||
| Amortization of deferred net loss, net of tax of $0.3, $0.3, $0.8 and $0.8, respectively | 0.9 | 0.8 | 2.6 | 2.5 |
| Settlement cost, net of tax of $0.3, $1.1, $2.6 and $1.1, respectively | 0.8 | 3.1 | 7.9 | 3.1 |
| Postretirement Benefit Plans: | ||||
| Amortization of prior service credit, net of tax of ($0.2), ($0.1), ($0.4) and ($0.4), respectively | (0.4) | (0.5) | (1.3) | (1.3) |
| Amortization of deferred net gain, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively | 0.0 | 0.0 | 0.1 | 0.0 |
| Other comprehensive income, net of tax | 0.7 | 3.4 | 8.5 | 4.3 |
| Comprehensive income | 251.6 | 208.5 | 406.7 | 375.1 |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ (0.6) | $ 0.0 | $ (0.6) | $ 0.0 |
Leases (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
Jan. 01, 2019 |
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| Operating Leased Assets [Line Items] | |||||||||||||||
| Lessee, Operating Lease, Contingent Liability | $ 6.8 | $ 6.8 | $ 16.2 | ||||||||||||
| Operating Leases, Rent Expense, Net | 4.9 | ||||||||||||||
| Operating lease cost | 1.5 | 4.5 | |||||||||||||
| Cash Paid on Operating Leases | 4.9 | ||||||||||||||
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 10.7 | ||||||||||||||
| Operating Lease, Right-of-Use Asset | 42.0 | [1] | 42.0 | [1] | $ 34.5 | ||||||||||
| Operating Lease, Liability | $ 46.8 | [2] | $ 46.8 | [2] | $ 39.1 | ||||||||||
| Operating Lease, Weighted Average Remaining Lease Term | 13 years 2 months 12 days | 13 years 2 months 12 days | |||||||||||||
| Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 3.90% | |||||||||||||
| Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 0.8 | $ 0.8 | 22.1 | [3],[4] | |||||||||||
| Lessee, Operating Lease, Liability, Payments, Due Year Two | 6.2 | 6.2 | 3.9 | [3],[4] | |||||||||||
| Lessee, Operating Lease, Liability, Payments, Due Year Three | 5.9 | 5.9 | 3.5 | [3],[4] | |||||||||||
| Lessee, Operating Lease, Liability, Payments, Due Year Four | 5.2 | 5.2 | 2.9 | [3],[4] | |||||||||||
| Lessee, Operating Lease, Liability, Payments, Due Year Five | 5.1 | 5.1 | 2.9 | [3],[4] | |||||||||||
| Lessee, Operating Lease, Liability, Payments, Due after Year Five | 37.8 | 37.8 | 37.6 | [3],[4] | |||||||||||
| Lessee, Operating Lease, Liability, Payments, Due | 61.0 | 61.0 | $ 72.9 | [3],[4] | |||||||||||
| Unrecorded Unconditional Purchase Obligation, Imputed Interest | $ 14.2 | $ 14.2 | |||||||||||||
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Investment in Unconsolidated Affiliates Summarized Income Statement of Equity Method Investment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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| Schedule of Equity Method Investments [Line Items] | ||||
| Total revenues | $ 699.0 | $ 928.0 | $ 2,229.0 | $ 2,481.0 |
| Cost of natural gas and NGLs | 263.0 | 516.0 | 958.0 | 1,335.0 |
| Operating income | 175.0 | 171.0 | 507.0 | 436.0 |
| Net income | $ 123.0 | $ 129.0 | $ 351.0 | $ 320.0 |
Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Operating Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost [Table Text Block] | (A) Included in Property, Plant and Equipment in the 2019 Condensed Consolidated Balance Sheet. (B) Included in Other Deferred Credits and Other Liabilities in the 2019 Condensed Consolidated Balance Sheet. The following table presents amounts recognized for operating leases in the Company's 2019 Condensed Consolidated Cash Flow Statement and Balance Sheet and supplemental information related to those amounts recognized, as well as a maturity analysis of the Company's operating lease liabilities.
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| Operating Lease Payments Due [Table Text Block] |
(C) Amounts included for comparability and accounted for in accordance with ASC 840, "Leases." (D) At the end of the railcar lease term, which was February 1, 2019, OG&E had the option to either purchase the railcars at a stipulated fair market value or renew the lease. OG&E renewed the lease effective February 1, 2019. If OG&E chose not to purchase the railcars or renew the lease agreement and the actual fair value of the railcars was less than the stipulated fair market value, OG&E would have been responsible for the difference in those values up to a maximum of $16.2 million.
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Retirement Plans and Postretirement Benefit Plans |
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| Defined Benefit Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Other Postretirement Benefits Disclosure [Text Block] | Retirement Plans and Postretirement Benefit Plans In accordance with ASC Topic 715, "Compensation - Retirement Benefits," a one-time settlement charge is required to be recorded by an organization when lump sum payments or other settlements that relieve the organization from the responsibility for the pension benefit obligation during the plan year exceed the service cost and interest cost components of the organization's net periodic pension cost. During the first nine months of 2019, 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, which resulted in the Company recording pension settlement charges of $23.8 million. The pension settlement charge did not require a cash outlay by the Company and did not increase the Company's total pension expense over time, as the charge was an acceleration of costs that otherwise would be recognized as pension expense in future periods. Net Periodic Benefit Cost The following table presents the net periodic benefit cost components, before consideration of capitalized amounts, of the Company's Pension Plan, Restoration of Retirement Income Plan and postretirement benefit plans that are included in the Condensed Consolidated Financial Statements. Service cost is presented within Other Operation and Maintenance, and interest cost, expected return on plan assets, amortization of net loss, amortization of unrecognized prior service cost and settlement cost are presented within Other Net Periodic Benefit Expense in the Company's Condensed Consolidated Statements of Income. OG&E recovers specific amounts of pension and postretirement medical costs in rates approved in its Oklahoma rate reviews. In accordance with approved orders, OG&E defers the difference between actual pension and postretirement medical expenses and the amount approved in its last Oklahoma rate review as a regulatory asset or regulatory liability. These amounts have been recorded in the Pension tracker in the regulatory assets and liabilities table in Note 1 and within Other Net Periodic Benefit Expense in the Company's Condensed Consolidated Statements of Income.
In addition to the net periodic benefit cost amounts presented in the above table for the three and nine months ended September 30, 2019 and 2018, the Company also recognized the following:
In addition to the net periodic benefit income and cost amounts presented in the above table for the three and nine months ended September 30, 2019 and 2018, the Company also recognized the following:
Pension Plan Funding In August 2019, the Company contributed $20.0 million to its Pension Plan. No additional contributions are expected in 2019.
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Consolidation, Policy [Policy Text Block] | Organization The Company is a holding company with investments in energy and energy services providers 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 Condensed 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 was formed in 2013, and its general partner 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 accounts for its interest in Enable using the equity method of accounting. Enable is primarily 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 in the Anadarko, Arkoma and Ark-La-Tex Basins. Enable also owns crude oil gathering assets in the Anadarko and Williston Basins. Enable has intrastate natural gas transportation and storage assets that are located in Oklahoma as well as interstate assets that extend from western Oklahoma and the Texas Panhandle to Louisiana, from Louisiana to Illinois and from Louisiana to Alabama.
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| Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Condensed Consolidated Financial Statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments necessary to fairly present the consolidated financial position of the Company at September 30, 2019 and December 31, 2018, the consolidated results of its operations for the three and nine months ended September 30, 2019 and 2018 and its consolidated cash flows for the nine months ended September 30, 2019 and 2018 have been included and are of a normal, recurring nature except as otherwise disclosed. Management also has evaluated the impact of events occurring after September 30, 2019 up to the date of issuance of these Condensed Consolidated Financial Statements, and these statements contain all necessary adjustments and disclosures resulting from that evaluation. |
| Public Utilities, Policy [Policy Text Block] | 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. 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. Management continuously monitors the future recoverability of regulatory assets. When in management's judgment future recovery becomes impaired, the amount of the regulatory asset is adjusted, as appropriate. If OG&E were required to discontinue the application of accounting principles for certain types of rate-regulated activities for some or all of its operations, it could result in writing off the related regulatory assets or liabilities, which could have significant financial effects. |
| Equity Method Investments [Policy Text Block] | The natural gas midstream operations segment represents the Company's investment in Enable through wholly owned subsidiaries and ultimately OGE Holdings. Enable was formed in 2013, and its general partner 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 accounts for its interest in Enable using the equity method of accounting. Enable is primarily 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 in the Anadarko, Arkoma and Ark-La-Tex Basins. Enable also owns crude oil gathering assets in the Anadarko and Williston Basins. Enable has intrastate natural gas transportation and storage assets that are located in Oklahoma as well as interstate assets that extend from western Oklahoma and the Texas Panhandle to Louisiana, from Louisiana to Illinois and from Louisiana to Alabama. Investment in Unconsolidated Affiliates 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 of Enable that are considered most significant to the economic performance of Enable; therefore, 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 September 30, 2019 as presented in Note 13. 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 Condensed Consolidated Statements of Cash Flows. The Company considers distributions received from Enable in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment and are classified as investing activities in the Condensed Consolidated Statements of Cash Flows. |
| Fair Value of Financial Instruments, Policy [Policy Text Block] | The classification of the Company's fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to quoted prices in active markets for identical unrestricted assets or liabilities (Level 1), and the lowest priority given to unobservable inputs (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels defined in the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical unrestricted assets or liabilities that are accessible at the measurement date. Level 2 inputs are inputs other than quoted prices in active markets included within Level 1 that are either directly or indirectly observable at the reporting date for the asset or liability for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 inputs are prices or valuation techniques for the asset or liability that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The Company had no financial instruments measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018. The following table summarizes the carrying amount and fair value of
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| Income Tax, Policy [Policy Text Block] | Income taxes are generally allocated to each company in the affiliated group based on its stand-alone taxable income or loss. Federal investment tax credits previously claimed on electric utility property have been deferred and will be 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 further reduce the Company's effective tax rate. |
| Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share |
Investment in Unconsolidated Affiliates (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
May 01, 2013 |
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| Expected Settlement Charge | $ 10.9 | |||||
| Limited Partner Units Owned | 111.0 | 111.0 | ||||
| Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.33050 | |||||
| Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 25.50% | 25.60% | 25.50% | 25.60% | ||
| Equity in earnings of unconsolidated affiliates | $ 38.3 | $ 40.1 | $ 104.8 | $ 103.3 | ||
| Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 659.8 | 659.8 | $ 680.3 | |||
| Enogex LLC [Member] | ||||||
| Increase in fair value of net assets | $ 2,200.0 | |||||
| Enable Midstream Partners [Member] | ||||||
| Distributions from unconsolidated affiliates | $ 36.7 | $ 35.3 | $ 107.3 | $ 105.9 | ||
| OGE Holdings [Member] | ||||||
| Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 25.50% | |||||
| Enable Midstream Partners [Member] | ||||||
| Share Price | $ 12.03 | $ 12.03 | ||||
Summary of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) Reclassifications out of AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ (1.3) | $ (3.4) | $ (9.1) | $ (4.3) | |||
| Pension Plan [Member] | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | [1] | (1.2) | (1.1) | (3.4) | (3.3) | ||
| Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | [1] | (1.1) | (4.2) | (10.5) | (4.2) | ||
| Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (2.3) | (5.3) | (13.9) | (7.5) | |||
| Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (0.6) | (1.4) | (3.4) | (1.9) | |||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (1.7) | (3.9) | (10.5) | (5.6) | |||
| Other Postretirement Benefits Plan [Member] | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | [1] | 0.0 | 0.0 | 0.1 | 0.0 | ||
| Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | [1] | 0.6 | 0.6 | 1.7 | 1.7 | ||
| Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0.6 | 0.6 | 1.8 | 1.7 | |||
| Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 0.2 | 0.1 | 0.4 | 0.4 | |||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | $ 0.4 | $ 0.5 | $ 1.4 | $ 1.3 | |||
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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 The Company borrows on a short-term basis, as necessary, by the issuance of commercial paper and by borrowings under its revolving credit agreements. As of September 30, 2019, the Company had $168.8 million of short-term debt as compared to no short-term debt at December 31, 2018. The following table provides information regarding the Company's revolving credit agreements at September 30, 2019.
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, 2019 and ending December 31, 2020. |
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Rate Matters and Regulation |
9 Months Ended |
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Sep. 30, 2019 | |
| Regulated Operations [Abstract] | |
| Rate Matters and Regulation | Rate Matters and Regulation Except as set forth below, the circumstances set forth in Note 15 to the Consolidated Financial Statements included in the Company's 2018 Form 10-K appropriately represent, in all material respects, the current status of the Company's regulatory matters. Completed Regulatory Matters Arkansas Formula Rate Plan Filing Per OG&E's settlement in its last general rate review, OG&E filed an evaluation report under its Formula Rate Plan in October 2018. On March 6, 2019, the APSC approved a settlement agreement for a $3.3 million revenue increase, and new rates were effective as of April 1, 2019. Approval for Acquisition of Existing Power Plants In December 2018, OG&E filed an application for pre-approval from the OCC to acquire a 360 MW capacity coal- and natural gas-fired plant from AES and a 146 MW capacity natural gas-fired combined-cycle plant from Oklahoma Cogeneration LLC in 2019 for $53.5 million. The purchase of these assets replaces capacity provided by purchased power contracts that expired in 2019 and helps OG&E satisfy its customers' energy needs and load obligations to the SPP. In addition, the filing sought approval of a rider mechanism to collect costs associated with the purchase of these generating facilities. On May 13, 2019, the OCC approved OG&E's acquisition of both plants, the requested rider mechanism for the AES plant and regulatory asset treatment for the Oklahoma Cogeneration LLC plant that will defer non-fuel operation and maintenance expenses, depreciation and ad valorem taxes. On January 23, 2019, OG&E filed an application for Federal Power Act Section 203 approval with a request for expedited consideration. This application requested FERC's prior authorization to acquire the AES and Oklahoma Cogeneration LLC plants. On May 22, 2019, OG&E received authorization from the FERC to acquire both plants. On April 24, 2019, OG&E filed an application with the APSC requesting approval of the acquisition, as well as depreciation rates, of the AES and Oklahoma Cogeneration LLC plants, and on May 8, 2019, OG&E received conditional approval for the purchase of the generating facilities. On August 30, 2019, the APSC issued an order approving issues regarding depreciation rates and prudence of action associated with the acquisitions. Issues regarding prudence of cost will be reviewed in OG&E's 2019 Formula Rate Plan filing. In May 2019, OG&E completed the acquisition of the power plant from AES and placed it into service, which is now named the River Valley power plant. In August 2019, OG&E completed the acquisition of the power plant from Oklahoma Cogeneration LLC and placed it into service, which is now named the Frontier power plant. Fuel Adjustment Clause Review for Calendar Year 2017 In July 2018, the OCC staff filed an application to review OG&E's fuel adjustment clause for the calendar year 2017, including the prudence of OG&E's electric generation, purchased power and fuel procurement costs. On February 1, 2019, the Administrative Law Judge recommended that OG&E's processes, costs, investments and decisions regarding fuel procurement for the 2017 calendar year be found prudent. On May 22, 2019, the OCC deemed OG&E's electric generation, purchased power and fuel procurement costs to be materially prudent. Oklahoma Rate Review Filing - December 2018 In December 2018, OG&E filed a general rate review with the OCC, requesting a rate increase of $77.6 million per year to recover its investment in the Dry Scrubbers project and in the conversion of Muskogee Units 4 and 5 to natural gas, to align OG&E's return on equity more closely to the industry average and to align OG&E's depreciation rates to more realistically reflect its assets' lifespans. On May 24, 2019, OG&E entered into a non-unanimous joint stipulation and settlement agreement with the OCC staff, the Attorney General's Office of Oklahoma, the Oklahoma Industrial Energy Consumers and certain other parties associated with the requested rate increase. The filing was further amended on May 30, 2019 to include Oklahoma Association of Electric Cooperatives as a settling party. Under the terms of the settlement agreement, OG&E would receive full recovery of its environmental investments in the Dry Scrubbers project and in the conversion of Muskogee Units 4 and 5 to natural gas. Base rates would not change as a result of the settlement agreement due to the reduction of costs related to cogeneration contracts and the acceleration of unprotected deferred tax savings over a 10-year period. Further, OG&E's current depreciation rates and return on equity of 9.5 percent for purposes of calculating the allowance for funds used during construction and OG&E's various recovery riders that include a full return component would remain unchanged. On July 1, 2019, OG&E implemented interim rates, which were subject to refund of any amount recovered in excess of the rates ultimately approved by the OCC in the rate review. On September 19, 2019, the OCC issued a final order which approved the settlement agreement. The Dry Scrubbers project, which includes the installation of two dry scrubbers at the Sooner plant, and the conversion of Muskogee Units 4 and 5 to natural gas were initiated in response to the EPA's MATS and Regional Haze Rule FIP. The Dry Scrubber systems on Sooner Unit 1 and Unit 2 were placed into service in October 2018 and January 2019, respectively. Muskogee Units 4 and 5 were placed into service in March 2019. 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. 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. 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, including the 2017 Tax Act's impact on accumulated deferred income tax balances. In May 2019, all parties agreed to a settlement which provides for 10 percent base return on equity, plus a 50-basis point adder, and a five-year amortization period of the unprotected excess accumulated deferred income taxes associated with the 2017 Tax Act. While pending approval by the FERC, rates are currently being applied by the SPP pursuant to the terms of the settlement agreement. FERC Order for Sponsored Transmission Upgrades within SPP Under the SPP Open Access Transmission Tariff, costs of participant-funded, or "sponsored," transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. The SPP Open Access Transmission Tariff allowed SPP to charge for these upgrades since 2008, but SPP had not been charging its customers for these upgrades due to information system limitations. However, SPP had informed participants in the market that these charges would be forthcoming. In July 2016, the FERC granted SPP's request to recover the charges not billed since 2008. SPP subsequently billed OG&E for these charges and credited OG&E related to transmission upgrades that OG&E had sponsored, which resulted in OG&E being a net receiver of sponsored upgrade credits. The majority of these net credits were refunded to customers through OG&E's various rate riders that include SPP activity with the remaining amounts retained by OG&E. Several impacted companies sought rehearing of the FERC's July 2016 order; however, in November 2017, the FERC denied the rehearing requests. In January 2018, one of the impacted companies appealed the FERC's decision to the U.S. Court of Appeals for the District of Columbia. In July 2018, the U.S. Court of Appeals for the District of Columbia granted a motion requested by the FERC that the case be remanded back to the FERC for further examination and proceedings. In February 2019, the FERC reversed its July 2016 order and ordered SPP to develop a plan to refund the payments but not to implement the refunds until further ordered to do so. In response, on April 1, 2019, OG&E filed a request for rehearing with the FERC, and on May 24, 2019, OG&E filed a FERC 206 complaint against SPP, alleging SPP's forced unwinding of the revenue credit payments to OG&E would violate the provisions of the Sponsored Upgrade Agreement. OG&E's filing requested that the FERC rule that SPP is not entitled to seek refunds or in any other way seek to unwind the revenue credit payments it had paid to OG&E pursuant to the Sponsored Upgrade Agreement. The Company cannot predict the outcome of this proceeding based on currently available information, and as of September 30, 2019 and at present time, the Company has not reserved an amount for a potential refund. If the reversal of the July 2016 FERC order remains intact, OG&E estimates it would be required to refund $13.0 million, which is net of amounts paid to other utilities for upgrades and would be subject to interest at the FERC-approved rate. If refunds were required, recovery of these upgrade credits would shift to future periods. Of the $13.0 million, the Company would be impacted by $5.0 million in expense that initially benefited the Company in 2016, and OG&E customers would incur a net impact of $8.0 million in expense through rider mechanisms or the FERC formula rate. Fuel Adjustment Clause Review for Calendar Year 2018 In June 2019, the OCC staff filed an application to review OG&E's fuel adjustment clause for the calendar year 2018, including the prudence of OG&E's electric generation, purchased power and fuel procurement costs. A hearing on the merits is scheduled for November 14, 2019. APSC - Environmental Compliance Plan Rider On May 31, 2019, OG&E filed an environmental compliance plan rider in Arkansas to recover its investment for the environmentally mandated costs associated with the Dry Scrubbers project and the conversion of Muskogee Units 4 and 5 to natural gas. The filing is an interim surcharge, subject to refund, that began with the first billing cycle of June 2019. OG&E is reserving the amounts collected through the interim surcharge, pending APSC approval of OG&E's filing. A hearing on the merits is scheduled for December 17, 2019. Arkansas Formula Rate Plan Filing |
Revenue from Contracts with Customers (Tables) |
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| Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Table Text Block] | The following table disaggregates the Company's revenues from contracts with customers by customer classification. The Company's operating revenues disaggregated by customer classification can be found in "OG&E (Electric Utility) Results of Operations" within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."
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Revenue from Contracts with Customers (Notes) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Text Block] | Revenue Recognition The following table disaggregates the Company's revenues from contracts with customers by customer classification. The Company's operating revenues disaggregated by customer classification can be found in "OG&E (Electric Utility) Results of Operations" within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."
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Stock-Based Compensation |
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| Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement [Text Block] | Stock-Based Compensation The following table summarizes the Company's pre-tax compensation expense and related income tax benefit during the three and nine months ended September 30, 2019 and 2018 related to the Company's performance units and restricted stock.
During the three and nine months ended September 30, 2019, the Company issued an immaterial number of shares and 443,900 shares, respectively, of new common stock pursuant to the Company's Stock Incentive Plan to satisfy restricted stock grants and payouts of earned performance units.
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Regulated Operations (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
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| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Fuel clause under recoveries | $ 48.7 | $ 2.0 | |||||
| Current Regulatory Assets | 57.7 | 18.5 | |||||
| Non-Current Regulatory Assets | 304.7 | 285.8 | |||||
| Current Regulatory Liabilities | 39.6 | 36.6 | |||||
| Customer Refund Liability, Current | 2.2 | 0.3 | |||||
| Non-Current Regulatory Liabilities | 1,233.3 | 1,270.7 | |||||
| Reserve for Tax Refund [Member] | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Current Regulatory Liabilities | [1] | 21.2 | 15.4 | ||||
| SPP Cost Tracker Rider Over Recovery [Member] | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Current Regulatory Liabilities | [1] | 7.3 | 16.8 | ||||
| Oklahoma Demand Program Over Recovery [Member] | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Current Regulatory Liabilities | [1] | 4.8 | 0.0 | ||||
| Transmission Cost Recovery Rider [Member] | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Current Regulatory Liabilities | [1] | 0.7 | 2.7 | ||||
| Other (B) | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Current Regulatory Liabilities | [1] | 3.4 | 1.4 | ||||
| Non-Current Regulatory Liabilities | 6.1 | 6.8 | |||||
| Income taxes recoverable from customers, net | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Non-Current Regulatory Liabilities | 912.3 | 937.1 | |||||
| Accrued removal obligations, net | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Non-Current Regulatory Liabilities | 313.9 | 308.1 | |||||
| Pension tracker | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Non-Current Regulatory Liabilities | 1.0 | 18.7 | |||||
| Oklahoma demand program rider under recovery (A) | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Current Regulatory Assets | [2] | 0.0 | 6.4 | ||||
| Production Tax Credit Rider [Member] | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Current Regulatory Assets | [2] | 4.6 | 6.9 | ||||
| Benefit obligations regulatory asset | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Non-Current Regulatory Assets | 168.0 | 188.2 | |||||
| Deferred storm expenses | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Non-Current Regulatory Assets | 64.5 | 36.5 | |||||
| Smart Grid | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Non-Current Regulatory Assets | 20.2 | 25.6 | |||||
| Dry Scrubber Regulatory Asset [Member] | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Non-Current Regulatory Assets | 20.8 | 4.5 | |||||
| Unamortized loss on reacquired debt | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Non-Current Regulatory Assets | 10.8 | 11.4 | |||||
| Deferred Pension Expenses [Member] | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Non-Current Regulatory Assets | 7.8 | 6.8 | |||||
| Other Regulatory Asset [Member] | |||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
| Current Regulatory Assets | [2] | 4.4 | 3.2 | ||||
| Non-Current Regulatory Assets | $ 12.6 | $ 12.8 | |||||
| |||||||
Short-Term Debt and Credit Facilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 September 30, 2019.
|
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value and Carrying Amount of PRM Financial Instruments [Table Text Block] | The following table summarizes the carrying amount and fair value of the Company's financial instruments at September 30, 2019 and December 31, 2018, as well as the classification level within the fair value hierarchy.
|
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Fair Value Measurements Carrying and Fair Value Amounts (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| OG&E Senior Notes [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term Debt, Carrying Amount | $ 3,049.7 | $ 3,001.9 |
| Long-Term Debt, Fair Value | 3,580.0 | 3,178.2 |
| OG&E Industrial Authority Bonds [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term Debt, Carrying Amount | 135.4 | 135.4 |
| Long-Term Debt, Fair Value | 135.4 | 135.4 |
| OG&E Tinker Debt [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term Debt, Carrying Amount | 9.6 | 9.6 |
| Long-Term Debt, Fair Value | 10.3 | 8.7 |
| Fair Value, Recurring [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Derivative Assets (Liabilities), at Fair Value, Net | $ 0.0 | $ 0.0 |
Common Equity Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Equity [Abstract] | ||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 250.9 | $ 100.2 | $ 47.1 | $ 205.1 | $ 110.7 | $ 55.0 | $ 398.2 | $ 370.8 |
| Basic average common shares outstanding | 200.2 | 199.7 | 200.1 | 199.7 | ||||
| Contingently issuable shares (performance and restricted stock units) | 0.6 | 0.9 | 0.5 | 0.7 | ||||
| Diluted average common shares outstanding | 200.8 | 200.6 | 200.6 | 200.4 | ||||
| Earnings Per Share, Basic and Diluted [Abstract] | ||||||||
| Basic earnings per average common share | $ 1.25 | $ 1.03 | $ 1.99 | $ 1.86 | ||||
| Diluted earnings per average common share | $ 1.25 | $ 1.02 | $ 1.98 | $ 1.85 | ||||
| Anti-dilutive shares excluded from earnings per share calculation | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Report of Business Segments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
|
| Segment Reporting Information [Line Items] | |||||||||
| Operating revenues | $ 755.4 | $ 698.8 | $ 1,759.1 | $ 1,758.5 | |||||
| Cost of sales | 234.0 | 244.4 | 625.3 | 663.6 | |||||
| Other operation and maintenance | 129.8 | 123.3 | 368.6 | 353.2 | |||||
| Depreciation and amortization | 94.1 | 81.1 | 260.8 | 240.8 | |||||
| Taxes other than income | 23.2 | 22.7 | 70.4 | 69.3 | |||||
| OPERATING INCOME | 274.3 | 227.3 | 434.0 | 431.6 | |||||
| Equity in earnings of unconsolidated affiliates | 38.3 | 40.1 | 104.8 | 103.3 | |||||
| Other income (expense) | (1.3) | 6.7 | (4.3) | 12.4 | |||||
| Interest expense | 39.6 | 38.7 | 110.1 | 118.2 | |||||
| Income tax expense | 20.8 | 30.3 | 26.2 | 58.3 | |||||
| Net income (loss) | 250.9 | $ 100.2 | $ 47.1 | 205.1 | $ 110.7 | $ 55.0 | 398.2 | 370.8 | |
| Investment in unconsolidated affiliates | 1,175.9 | 1,160.6 | 1,175.9 | 1,160.6 | $ 1,177.5 | ||||
| Total assets | 11,083.7 | 10,703.0 | 11,083.7 | 10,703.0 | $ 10,748.6 | ||||
| Electric Utility [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating revenues | 755.4 | 698.8 | 1,759.1 | 1,758.5 | |||||
| Cost of sales | 234.0 | 244.4 | 625.3 | 663.6 | |||||
| Other operation and maintenance | 130.0 | 121.1 | 370.3 | 352.2 | |||||
| Depreciation and amortization | 94.1 | 81.1 | 260.8 | 240.8 | |||||
| Taxes other than income | 22.3 | 21.9 | 66.8 | 66.2 | |||||
| OPERATING INCOME | 275.0 | 230.3 | 435.9 | 435.7 | |||||
| Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Other income (expense) | (0.1) | 10.2 | 4.0 | 18.7 | |||||
| Interest expense | 38.0 | 37.8 | 103.7 | 114.3 | |||||
| Income tax expense | 9.7 | 18.8 | 14.9 | 32.9 | |||||
| Net income (loss) | 227.2 | 183.9 | 321.3 | 307.2 | |||||
| Investment in unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Total assets | 10,019.7 | 9,652.0 | 10,019.7 | 9,652.0 | |||||
| Natural Gas Midstream Operations [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating revenues | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Cost of sales | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Other operation and maintenance | 0.6 | 0.5 | 1.3 | 1.1 | |||||
| Depreciation and amortization | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Taxes other than income | 0.1 | 0.1 | 0.4 | 0.5 | |||||
| OPERATING INCOME | (0.7) | (0.6) | (1.7) | (1.6) | |||||
| Equity in earnings of unconsolidated affiliates | 38.3 | 40.1 | 104.8 | 103.3 | |||||
| Other income (expense) | (0.6) | (1.2) | (8.4) | (1.2) | |||||
| Interest expense | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Income tax expense | 8.5 | 9.9 | 18.0 | 26.4 | |||||
| Net income (loss) | 28.5 | 28.4 | 76.7 | 74.1 | |||||
| Investment in unconsolidated affiliates | 1,159.1 | 1,150.3 | 1,159.1 | 1,150.3 | |||||
| Total assets | 1,161.5 | 1,153.9 | 1,161.5 | 1,153.9 | |||||
| Other Operations [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating revenues | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Cost of sales | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Other operation and maintenance | (0.8) | 1.7 | (3.0) | (0.1) | |||||
| Depreciation and amortization | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Taxes other than income | 0.8 | 0.7 | 3.2 | 2.6 | |||||
| OPERATING INCOME | 0.0 | (2.4) | (0.2) | (2.5) | |||||
| Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Other income (expense) | 0.6 | (0.3) | 2.3 | (1.6) | |||||
| Interest expense | 2.8 | 2.9 | 8.6 | 7.4 | |||||
| Income tax expense | 2.6 | 1.6 | (6.7) | (1.0) | |||||
| Net income (loss) | (4.8) | (7.2) | 0.2 | (10.5) | |||||
| Investment in unconsolidated affiliates | 16.8 | 10.3 | 16.8 | 10.3 | |||||
| Total assets | 108.3 | 184.0 | 108.3 | 184.0 | |||||
| Eliminations [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating revenues | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Cost of sales | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Other operation and maintenance | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Depreciation and amortization | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Taxes other than income | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| OPERATING INCOME | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Other income (expense) | (1.2) | (2.0) | (2.2) | (3.5) | |||||
| Interest expense | (1.2) | (2.0) | (2.2) | (3.5) | |||||
| Income tax expense | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Net income (loss) | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Investment in unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Total assets | $ (205.8) | $ (286.9) | $ (205.8) | $ (286.9) | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| CURRENT ASSETS | ||
| Cash and cash equivalents | $ 13.2 | $ 94.3 |
| Accounts receivable, less reserve of $1.7 and $1.7, respectively | 226.6 | 174.7 |
| Accrued unbilled revenues | 87.6 | 62.6 |
| Income taxes receivable | 12.6 | 9.9 |
| Fuel inventories | 43.6 | 57.6 |
| Materials and supplies, at average cost | 93.5 | 126.7 |
| Fuel clause under recoveries | 48.7 | 2.0 |
| Other | 23.3 | 29.5 |
| Total current assets | 549.1 | 557.3 |
| OTHER PROPERTY AND INVESTMENTS | ||
| Investment in unconsolidated affiliates | 1,175.9 | 1,177.5 |
| Other | 83.2 | 73.4 |
| Total other property and investments | 1,259.1 | 1,250.9 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| In service | 12,662.1 | 11,994.8 |
| Construction work in progress | 125.2 | 376.4 |
| Total property, plant and equipment | 12,787.3 | 12,371.2 |
| Less: accumulated depreciation | 3,826.1 | 3,727.4 |
| Net property, plant and equipment | 8,961.2 | 8,643.8 |
| DEFERRED CHARGES AND OTHER ASSETS | ||
| Regulatory assets | 304.7 | 285.8 |
| Other | 9.6 | 10.8 |
| Total deferred charges and other assets | 314.3 | 296.6 |
| TOTAL ASSETS | 11,083.7 | 10,748.6 |
| CURRENT LIABILITIES | ||
| Short-term debt | 168.8 | 0.0 |
| Accounts payable | 159.0 | 239.3 |
| Dividends payable | 77.6 | 72.9 |
| Customer deposits | 82.7 | 83.6 |
| Accrued taxes | 60.7 | 44.0 |
| Accrued interest | 35.7 | 44.5 |
| Accrued compensation | 33.9 | 47.8 |
| Long-term debt due within one year | 0.0 | 250.0 |
| Fuel clause over recoveries | 2.2 | 0.3 |
| Other | 76.0 | 87.0 |
| Total current liabilities | 696.6 | 869.4 |
| LONG-TERM DEBT | 3,194.7 | 2,896.9 |
| DEFERRED CREDITS AND OTHER LIABILITIES | ||
| Accrued benefit obligations | 205.6 | 225.7 |
| Deferred income taxes | 1,362.1 | 1,310.9 |
| Deferred investment tax credits | 7.1 | 7.2 |
| Regulatory liabilities | 1,233.3 | 1,270.7 |
| Other | 198.1 | 162.7 |
| Total deferred credits and other liabilities | 3,006.2 | 2,977.2 |
| Total liabilities | 6,897.5 | 6,743.5 |
| COMMITMENTS AND CONTINGENCIES (NOTE 14) | ||
| STOCKHOLDERS' EQUITY | ||
| Common stockholders' equity | 1,128.3 | 1,127.7 |
| Retained earnings | 3,078.3 | 2,906.3 |
| Accumulated other comprehensive loss, net of tax | (20.4) | (28.9) |
| Total stockholders' equity | 4,186.2 | 4,005.1 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 11,083.7 | $ 10,748.6 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Revenues from contracts with customers | $ 739.2 | $ 684.5 | $ 1,717.7 | $ 1,710.1 |
| Other revenues | 16.2 | 14.3 | 41.4 | 48.4 |
| Operating revenues | 755.4 | 698.8 | 1,759.1 | 1,758.5 |
| COST OF SALES | 234.0 | 244.4 | 625.3 | 663.6 |
| OPERATING EXPENSES | ||||
| Other operation and maintenance | 129.8 | 123.3 | 368.6 | 353.2 |
| Depreciation and amortization | 94.1 | 81.1 | 260.8 | 240.8 |
| Taxes other than income | 23.2 | 22.7 | 70.4 | 69.3 |
| Operating expenses | 247.1 | 227.1 | 699.8 | 663.3 |
| OPERATING INCOME | 274.3 | 227.3 | 434.0 | 431.6 |
| OTHER INCOME (EXPENSE) | ||||
| Equity in earnings of unconsolidated affiliates | 38.3 | 40.1 | 104.8 | 103.3 |
| Allowance for equity funds used during construction | 1.0 | 6.7 | 3.7 | 20.0 |
| Other net periodic benefit expense | (1.4) | (0.7) | (8.7) | (10.7) |
| Other income | 4.6 | 4.1 | 16.3 | 14.2 |
| Other expense | (5.5) | (3.4) | (15.6) | (11.1) |
| Net other income | 37.0 | 46.8 | 100.5 | 115.7 |
| INTEREST EXPENSE | ||||
| Interest on long-term debt | 37.5 | 40.2 | 101.9 | 119.5 |
| Allowance for borrowed funds used during construction | (0.6) | (3.3) | (2.2) | (9.8) |
| Interest on short-term debt and other interest charges | 2.7 | 1.8 | 10.4 | 8.5 |
| Interest expense | 39.6 | 38.7 | 110.1 | 118.2 |
| INCOME BEFORE TAXES | 271.7 | 235.4 | 424.4 | 429.1 |
| INCOME TAX EXPENSE | 20.8 | 30.3 | 26.2 | 58.3 |
| NET INCOME | $ 250.9 | $ 205.1 | $ 398.2 | $ 370.8 |
| BASIC AVERAGE COMMON SHARES OUTSTANDING | 200.2 | 199.7 | 200.1 | 199.7 |
| DILUTED AVERAGE COMMON SHARES OUTSTANDING | 200.8 | 200.6 | 200.6 | 200.4 |
| BASIC EARNINGS PER AVERAGE COMMON SHARE | $ 1.25 | $ 1.03 | $ 1.99 | $ 1.86 |
| DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ 1.25 | $ 1.02 | $ 1.98 | $ 1.85 |
Investment in Unconsolidated Affiliates Summarized Balance Sheet Information of Equity Method Investment (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Summarized Balance Sheet Information of Equity Method Investment [Abstract] | ||
| Current assets | $ 417 | $ 449 |
| Non-current assets | 12,018 | 11,995 |
| Current liabilities | 819 | 1,615 |
| Non-current liabilities | $ 4,076 | $ 3,211 |
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | $ 739.2 | $ 684.5 | $ 1,717.7 | $ 1,710.1 |
| Residential | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 318.9 | 281.0 | 692.4 | 694.6 |
| Commercial | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 172.9 | 150.8 | 383.7 | 386.6 |
| Industrial | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 66.8 | 67.2 | 172.0 | 174.6 |
| Oilfield | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 58.6 | 52.4 | 156.9 | 140.1 |
| Public authorities and street light | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 65.7 | 58.7 | 150.2 | 151.5 |
| System sales revenues | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 682.9 | 610.1 | 1,555.2 | 1,547.4 |
| Provision for rate refund | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | (2.3) | 13.5 | (2.9) | (6.2) |
| Integrated market | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 12.8 | 16.9 | 29.8 | 38.7 |
| Transmission | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 36.7 | 33.2 | 112.6 | 109.2 |
| Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | $ 9.1 | $ 10.8 | $ 23.0 | $ 21.0 |
Report of Business Segments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Report of Business Segments | Report of Business Segments The Company reports its operations in two business segments: (i) the electric utility segment, which is engaged in the generation, transmission, distribution and sale of electric energy and (ii) the natural gas midstream operations segment. 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 during the three and nine months ended September 30, 2019 and 2018.
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Leases (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Leases [Abstract] | |
| Lessee, Leases [Policy Text Block] |
Report of Business Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize the results of the Company's business segments during the three and nine months ended September 30, 2019 and 2018.
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Common Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table calculates basic and diluted earnings per share for the Company.
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Common Equity |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Equity [Text Block] | 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 during the three and nine months ended September 30, 2019. Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to the Company 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 units. The following table calculates basic and diluted earnings per share for the Company.
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Summary of Significant Accounting Policies |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies The Company's significant accounting policies are detailed in "Note 1. Summary of Significant Accounting Policies" in the Company's 2018 Form 10-K. Changes to the Company's accounting policies as a result of adopting ASU 2016-02, "Leases (Topic 842)," and the related ASU 2018-01 and ASU 2018-11 are discussed in Notes 2 and 4 in this Form 10-Q.
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| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization The Company is a holding company with investments in energy and energy services providers 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 Condensed 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 was formed in 2013, and its general partner 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 accounts for its interest in Enable using the equity method of accounting. Enable is primarily 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 in the Anadarko, Arkoma and Ark-La-Tex Basins. Enable also owns crude oil gathering assets in the Anadarko and Williston Basins. Enable has intrastate natural gas transportation and storage assets that are located in Oklahoma as well as interstate assets that extend from western Oklahoma and the Texas Panhandle to Louisiana, from Louisiana to Illinois and from Louisiana to Alabama.
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| Basis of Accounting [Text Block] | Basis of Presentation The Condensed Consolidated Financial Statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments necessary to fairly present the consolidated financial position of the Company at September 30, 2019 and December 31, 2018, the consolidated results of its operations for the three and nine months ended September 30, 2019 and 2018 and its consolidated cash flows for the nine months ended September 30, 2019 and 2018 have been included and are of a normal, recurring nature except as otherwise disclosed. Management also has evaluated the impact of events occurring after September 30, 2019 up to the date of issuance of these Condensed Consolidated Financial Statements, and these statements contain all necessary adjustments and disclosures resulting from that evaluation. Due to seasonal fluctuations and other factors, the Company's operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or for any future period. The Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in the Company's 2018 Form 10-K.
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| Schedule of Regulatory Assets and Liabilities | 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.
Management continuously monitors the future recoverability of regulatory assets. When in management's judgment future recovery becomes impaired, the amount of the regulatory asset is adjusted, as appropriate. If OG&E were required to discontinue the application of accounting principles for certain types of rate-regulated activities for some or all of its operations, it could result in writing off the related regulatory assets or liabilities, which could have significant financial effects. |
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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 income (loss) attributable to the Company during the nine months ended September 30, 2019 and 2018. All amounts below are presented net of tax.
The following table summarizes significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items in net income during the three and nine months ended September 30, 2019 and 2018.
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| Reclassifications [Text Block] | Reclassifications |
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| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures Disclosure [Text Block] | Investment in Unconsolidated Affiliates 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 of Enable that are considered most significant to the economic performance of Enable; therefore, 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 September 30, 2019 as presented in Note 13. 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 Condensed Consolidated Statements of Cash Flows. The Company considers distributions received from Enable in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment and are classified as investing activities in the Condensed Consolidated Statements of Cash Flows. Investment in Unconsolidated Affiliates and Related Party Transactions In 2013, the Company, CenterPoint and the ArcLight group formed Enable as a private limited partnership, and 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 recorded the contribution at historical cost. 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 was allocated to the assets acquired and liabilities assumed based on their fair value. Enogex Holdings' assets, liabilities and equity were accordingly adjusted to estimated fair value, resulting in an increase to Enable's equity of $2.2 billion. Since the contribution of Enogex LLC to Enable was recorded 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. As prior real estate sales accounting guidance was superseded by ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets," the Company recognizes gains or losses on sales or dilution events in the Company's investment in Enable within the Company's earnings, net of proportional basis difference recognition. At September 30, 2019, the Company owned 111.0 million common units, or 25.5 percent, of Enable's outstanding common units. On September 30, 2019, Enable's common unit price closed at $12.03. The Company recorded equity in earnings of unconsolidated affiliates of $38.3 million and $40.1 million for the three months ended September 30, 2019 and 2018, respectively, and $104.8 million and $103.3 million for the nine months ended September 30, 2019 and 2018, respectively. Equity in earnings of unconsolidated affiliates includes the Company's share of Enable's 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. The basis difference is being amortized, beginning in 2013, over the average life of the assets to which the basis difference is attributed, which is approximately 30 years. Equity in earnings of unconsolidated affiliates is also adjusted for the elimination of the Enogex Holdings fair value adjustments, as described above. These amortizations may also include gain or loss on dilution, net of proportional basis difference recognition. Summarized unaudited financial information for 100 percent of Enable is presented below at September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018.
The following table reconciles the Company's equity in earnings of unconsolidated affiliates for the three and nine months ended September 30, 2019 and 2018.
(A) Includes loss on dilution, net of proportional basis difference recognition. The following table reconciles the difference between OGE Energy's investment in Enable and its underlying equity in the net assets of Enable (basis difference) from December 31, 2018 to September 30, 2019.
On November 5, 2019, Enable announced a quarterly dividend distribution of $0.33050 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 $36.7 million and $35.3 million during the three months ended September 30, 2019 and 2018, respectively, and $107.3 million and $105.9 million during the nine months ended September 30, 2019 and 2018, respectively. Related Party Transactions The Company charges operating costs to OG&E and Enable based on several factors, and operating costs directly related to OG&E and/or Enable are assigned as such. Operating costs incurred for the benefit of OG&E are allocated either as overhead based primarily on labor costs or using the "Distrigas" method, which is a three-factor formula that uses an equal weighting of payroll, net operating revenues and gross property, plant and equipment. The Company and Enable The Company and Enable are currently parties to several agreements whereby the Company provides specified support services to Enable, such as certain information technology, payroll and benefits administration. Under these agreements, the Company charged operating costs to Enable of $0.1 million and $0.2 million during the three months ended September 30, 2019 and 2018, respectively, and $0.3 million and $0.5 million during the nine months ended September 30, 2019 and 2018, respectively. Pursuant to a seconding agreement, the Company provides seconded employees to Enable to support Enable's operations. As of September 30, 2019, 83 employees that participate in the Company's defined benefit and retirement plans are seconded to Enable. The Company billed Enable for reimbursement of $3.6 million and $5.3 million during the three months ended September 30, 2019 and 2018, respectively, and $20.0 million and $22.1 million during the nine months ended September 30, 2019 and 2018, respectively, under the 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 $10.9 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 days' notice. The Company had accounts receivable from Enable for amounts billed for support services, including the cost of seconded employees, of $0.9 million as of September 30, 2019 and $1.7 million as of December 31, 2018, which are included in Accounts Receivable in the Company's Condensed Consolidated Balance Sheets. OG&E and Enable As discussed in the Company's 2018 Form 10-K, Enable provides gas transportation services to OG&E pursuant to an agreement that grants Enable the responsibility of delivering natural gas to OG&E's generating facilities and performing an imbalance service. With this imbalance service, in accordance with the cash-out provision of the contract, OG&E purchases gas from Enable when Enable's deliveries exceed OG&E's pipeline receipts. Enable purchases gas from OG&E when OG&E's pipeline receipts exceed Enable's deliveries. The following table summarizes related party transactions between OG&E and Enable during the three and nine months ended September 30, 2019 and 2018.
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Parenthetical - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Pension Plan and Restoration of Retirement Income Plan: | ||||
| Amortization of deferred net loss | $ 0.3 | $ 0.3 | $ 0.8 | $ 0.8 |
| Postretirement Benefit Plans: | ||||
| Amortization of prior service cost | (0.2) | (0.1) | (0.4) | (0.4) |
| Other Comprehensive Income Reclassification Of Defined Benefit Postretirement Plans Net Gain Loss Recognized In Net Periodic Benefit Cost Tax | 0.0 | 0.0 | 0.0 | 0.0 |
| Other Comprehensive Income (Loss), Tax, Portion Attributable to Noncontrolling Interest | (0.2) | 0.0 | (0.2) | 0.0 |
| Pension Plan [Member] | ||||
| Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | $ 0.3 | $ 1.1 | $ 2.6 | $ 1.1 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Premium on Common Stock |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
|---|---|---|---|---|---|
| Changes in Stockholders' Equity | |||||
| Common Stock, Shares, Outstanding | 199.7 | ||||
| Balance at Dec. 31, 2017 | $ 3,851.1 | $ 2.0 | $ 1,112.8 | $ 2,759.5 | $ (23.2) |
| Changes in Stockholders' Equity | |||||
| Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0.0 | ||||
| Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0.0 | ||||
| Net income | 55.0 | $ 0.0 | 0.0 | 55.0 | 0.0 |
| Dividends, Common Stock, Cash, Number of Shares | 0.0 | ||||
| Other comprehensive income, net of tax | 0.2 | $ 0.0 | 0.0 | 0.0 | 0.2 |
| Dividends declared on common stock ($0.3650 per share) | (66.5) | $ 0.0 | 0.0 | (66.5) | 0.0 |
| Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0.0 | ||||
| Stock-based compensation | 2.3 | $ 0.0 | 2.3 | 0.0 | 0.0 |
| Balance at Mar. 31, 2018 | 3,842.1 | 2.0 | 1,115.1 | 2,748.0 | (23.0) |
| Balance at Dec. 31, 2017 | 3,851.1 | 2.0 | 1,112.8 | 2,759.5 | (23.2) |
| Changes in Stockholders' Equity | |||||
| Net income | 370.8 | 370.8 | |||
| Other comprehensive income, net of tax | 4.3 | ||||
| Balance at Sep. 30, 2018 | 4,029.6 | $ 2.0 | 1,122.0 | 2,924.5 | (18.9) |
| Changes in Stockholders' Equity | |||||
| Common Stock, Shares, Outstanding | 199.7 | ||||
| Balance at Mar. 31, 2018 | 3,842.1 | $ 2.0 | 1,115.1 | 2,748.0 | (23.0) |
| Changes in Stockholders' Equity | |||||
| Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0.0 | ||||
| Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0.0 | ||||
| Net income | 110.7 | $ 0.0 | 0.0 | 110.7 | 0.0 |
| Dividends, Common Stock, Cash, Number of Shares | 0.0 | ||||
| Other comprehensive income, net of tax | 0.7 | $ 0.0 | 0.0 | 0.0 | 0.7 |
| Dividends declared on common stock ($0.3650 per share) | (66.4) | $ 0.0 | 0.0 | (66.4) | 0.0 |
| Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0.0 | ||||
| Stock-based compensation | 3.0 | $ 0.0 | 3.0 | 0.0 | 0.0 |
| Balance at Jun. 30, 2018 | 3,890.1 | $ 2.0 | 1,118.1 | 2,792.3 | (22.3) |
| Changes in Stockholders' Equity | |||||
| Common Stock, Shares, Outstanding | 199.7 | ||||
| Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0.0 | ||||
| Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0.0 | ||||
| Net income | 205.1 | $ 0.0 | 0.0 | 205.1 | 0.0 |
| Dividends, Common Stock, Cash, Number of Shares | 0.0 | ||||
| Other comprehensive income, net of tax | 3.4 | $ 0.0 | 0.0 | 0.0 | 3.4 |
| Dividends declared on common stock ($0.3650 per share) | (72.9) | $ 0.0 | 0.0 | (72.9) | 0.0 |
| Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0.0 | ||||
| Stock-based compensation | 3.9 | $ 0.0 | 3.9 | 0.0 | 0.0 |
| Balance at Sep. 30, 2018 | 4,029.6 | $ 2.0 | 1,122.0 | 2,924.5 | (18.9) |
| Changes in Stockholders' Equity | |||||
| Common Stock, Shares, Outstanding | 199.7 | ||||
| Common Stock, Shares, Outstanding | 199.7 | ||||
| Balance at Dec. 31, 2018 | 4,005.1 | $ 2.0 | 1,125.7 | 2,906.3 | (28.9) |
| Changes in Stockholders' Equity | |||||
| Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0.0 | ||||
| Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0.0 | ||||
| Net income | 47.1 | $ 0.0 | 0.0 | 47.1 | 0.0 |
| Dividends, Common Stock, Cash, Number of Shares | 0.0 | ||||
| Other comprehensive income, net of tax | 6.8 | $ 0.0 | 0.0 | 0.0 | 6.8 |
| Dividends declared on common stock ($0.3650 per share) | (75.6) | $ 0.0 | 0.0 | (75.6) | 0.0 |
| Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0.5 | ||||
| Stock-based compensation | (7.2) | $ 0.0 | (7.2) | 0.0 | 0.0 |
| Balance at Mar. 31, 2019 | 3,976.2 | 2.0 | 1,118.5 | 2,877.8 | (22.1) |
| Balance at Dec. 31, 2018 | 4,005.1 | 2.0 | 1,125.7 | 2,906.3 | (28.9) |
| Changes in Stockholders' Equity | |||||
| Net income | 398.2 | 398.2 | |||
| Other comprehensive income, net of tax | 8.5 | ||||
| Balance at Sep. 30, 2019 | 4,186.2 | $ 2.0 | 1,126.3 | 3,078.3 | (20.4) |
| Changes in Stockholders' Equity | |||||
| Common Stock, Shares, Outstanding | 200.2 | ||||
| Balance at Mar. 31, 2019 | 3,976.2 | $ 2.0 | 1,118.5 | 2,877.8 | (22.1) |
| Changes in Stockholders' Equity | |||||
| Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0.0 | ||||
| Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0.0 | ||||
| Net income | 100.2 | $ 0.0 | 0.0 | 100.2 | 0.0 |
| Dividends, Common Stock, Cash, Number of Shares | 0.0 | ||||
| Other comprehensive income, net of tax | 1.0 | $ 0.0 | 0.0 | 0.0 | 1.0 |
| Dividends declared on common stock ($0.3650 per share) | (73.1) | $ 0.0 | 0.0 | (73.1) | 0.0 |
| Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0.0 | ||||
| Stock-based compensation | 2.9 | $ 0.0 | 2.9 | 0.0 | 0.0 |
| Balance at Jun. 30, 2019 | 4,007.2 | $ 2.0 | 1,121.4 | 2,904.9 | (21.1) |
| Changes in Stockholders' Equity | |||||
| Common Stock, Shares, Outstanding | 200.2 | ||||
| Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0.0 | ||||
| Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0.0 | ||||
| Net income | 250.9 | $ 0.0 | 0.0 | 250.9 | 0.0 |
| Dividends, Common Stock, Cash, Number of Shares | 0.0 | ||||
| Other comprehensive income, net of tax | 0.7 | $ 0.0 | 0.0 | 0.0 | 0.7 |
| Dividends declared on common stock ($0.3650 per share) | (77.5) | $ 0.0 | 0.0 | (77.5) | 0.0 |
| Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0.0 | ||||
| Stock-based compensation | 4.9 | $ 0.0 | 4.9 | 0.0 | 0.0 |
| Balance at Sep. 30, 2019 | $ 4,186.2 | $ 2.0 | $ 1,126.3 | $ 3,078.3 | $ (20.4) |
| Changes in Stockholders' Equity | |||||
| Common Stock, Shares, Outstanding | 200.2 |
Income Taxes (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Non-Current Regulatory Liabilities | $ 1,233.3 | $ 1,270.7 |
Short-Term Debt and Credit Facilities (Details) - USD ($) $ in Millions |
9 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Dec. 31, 2018 |
||||||||||
| Line of Credit Facility [Line Items] | |||||||||||
| Short-term debt | $ 168.8 | $ 0.0 | |||||||||
| Line of Credit Facility [Abstract] | |||||||||||
| Aggregate Commitment | 900.0 | ||||||||||
| Long-term Line of Credit | [1] | $ 169.1 | |||||||||
| Weighted Average Interest Rate | 2.30% | ||||||||||
| OGE Energy [Member] | |||||||||||
| Line of Credit Facility [Line Items] | |||||||||||
| Line of Credit Facility, Current Borrowing Capacity | [2] | $ 450.0 | |||||||||
| Line of Credit Facility [Abstract] | |||||||||||
| Long-term Line of Credit | [1],[2] | $ 168.8 | |||||||||
| Weighted Average Interest Rate | [2],[3] | 2.31% | |||||||||
| Maturity | [2] | Mar. 08, 2023 | |||||||||
| OG&E [Member] | |||||||||||
| Line of Credit Facility [Line Items] | |||||||||||
| Line of Credit Facility, Current Borrowing Capacity | [4] | $ 450.0 | |||||||||
| Line of Credit Facility [Abstract] | |||||||||||
| Letters of Credit Outstanding, Amount | [1],[4] | $ 0.3 | |||||||||
| Weighted Average Interest Rate | [3],[4] | 1.15% | |||||||||
| Maturity | [4] | Mar. 08, 2023 | |||||||||
| Short Term Borrowing Capacity That Has Regulatory Approval | $ 800.0 | ||||||||||
| Period For Which Regulatory Approval Has Been Given to Acquire Short Term Debt | 2 years | ||||||||||
| |||||||||||
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