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Retirement Plans and Postretirement Benefit Plans | 9 Months Ended
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Sep. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. Retirement Plans and Postretirement Benefit Plans In accordance with ASC Topic 715, "Compensation - Retirement Benefits," a one-time settlement charge is required to be recorded by an organization when lump sum payments or other settlements that relieve the organization from the responsibility for the pension benefit obligation during the plan year exceed the service cost and interest cost components of the organization's net periodic pension cost. During the nine months ended September 30, 2023, the Registrants experienced an increase in the amount of lump sum payments paid to employees upon retirement, which resulted in the Registrants recording pension plan settlement charges as presented in the Pension Plan net periodic benefit cost tables below. The pension settlement charges did not require a cash outlay by the Registrants and did not increase total pension expense over time, as the charges were an acceleration of costs that otherwise would be recognized as pension expense in future periods. Net Periodic Benefit Cost The following tables present the net periodic benefit cost components, before consideration of capitalized amounts, of OGE Energy's Pension Plan, Restoration of Retirement Income Plan and postretirement benefit plans that are included in the condensed financial statements. Service cost is presented within Other Operation and Maintenance Expense, and the remaining net periodic benefit cost components as listed in the following tables are presented within Other Net Periodic Benefit Income (Expense) in the statements of income. OG&E recovers specific amounts of pension and postretirement medical costs in rates approved in its Oklahoma rate reviews. In accordance with approved orders, OG&E defers the difference between actual pension and postretirement medical expenses and the amount approved in its last Oklahoma rate review as a regulatory asset or regulatory liability. These amounts have been recorded in the Pension tracker in the regulatory assets and liabilities table in Note 1 and within Other Net Periodic Benefit Income (Expense) in the statements of income.
|  | Pension Plan |  |  | Restoration of Retirement Income Plan |
|  | Three Months Ended |  |  | Nine Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |
OGE Energy |  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 1.3 |  |  | $ | 1.8 |  |  | $ | 4.0 |  |  | $ | 5.7 |  |  | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.7 |  |  | $ | 0.8 |
Interest cost |  |  | 4.1 |  |  |  | 4.1 |  |  |  | 12.0 |  |  |  | 11.8 |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.2 |  |  |  | 0.1 |
Expected return on plan assets |  |  | (4.0 | ) |  |  | (6.0 | ) |  |  | (12.2 | ) |  |  | (19.0 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net loss |  |  | 1.8 |  |  |  | 2.4 |  |  |  | 6.0 |  |  |  | 6.6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |
Amortization of unrecognized prior service cost (A) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.2 |
Settlement cost |  |  | 1.7 |  |  |  | 2.3 |  |  |  | 21.1 |  |  |  | 18.3 |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.2 |
Net periodic benefit cost |  | $ | 4.9 |  |  | $ | 4.6 |  |  | $ | 30.9 |  |  | $ | 23.4 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 1.3 |  |  | $ | 1.4 |
(A) Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment.
|  | Pension Plan |  |  | Restoration of Retirement Income Plan |
|  | Three Months Ended |  |  | Nine Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |
OG&E |  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 1.1 |  |  | $ | 1.5 |  |  | $ | 3.3 |  |  | $ | 4.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 3.1 |  |  |  | 3.1 |  |  |  | 9.4 |  |  |  | 9.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expected return on plan assets |  |  | (3.1 | ) |  |  | (4.7 | ) |  |  | (9.6 | ) |  |  | (14.7 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net loss |  |  | 1.6 |  |  |  | 2.1 |  |  |  | 5.2 |  |  |  | 5.6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Settlement cost |  |  | 1.7 |  |  |  | 0.4 |  |  |  | 19.7 |  |  |  | 6.1 |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
Total net periodic benefit cost |  |  | 4.4 |  |  |  | 2.4 |  |  |  | 28.0 |  |  |  | 10.6 |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
Plus: Amount allocated from OGE Energy |  |  | 0.5 |  |  |  | 0.4 |  |  |  | 2.5 |  |  |  | 2.6 |  |  |  | 0.4 |  |  |  | 0.4 |  |  |  | 1.1 |  |  |  | 1.1 |
Net periodic benefit cost |  | $ | 4.9 |  |  | $ | 2.8 |  |  | $ | 30.5 |  |  | $ | 13.2 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 1.2 |  |  | $ | 1.1 |
In addition to the net periodic benefit cost amounts recognized, as presented in the tables above, for the Pension and Restoration of Retirement Income Plans during the three and nine months ended September 30, 2023 and 2022, the Registrants recognized the following:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Change in regulatory asset related to pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) |  | $ | 5.0 |  |  | $ | 2.7 |  |  | $ | 29.0 |  |  | $ | 5.0 |
Deferral of pension expense related to pension settlement charges included in the above line item: |  |  |  |  |  |  |  |  |  |  |  |
Oklahoma jurisdiction (A) |  | $ | 1.7 |  |  | $ | 0.3 |  |  | $ | 19.1 |  |  | $ | 7.0 |
Arkansas jurisdiction (A) |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 1.8 |  |  | $ | 0.7 |
(A) Included in the pension regulatory asset in each jurisdiction, as presented in the regulatory assets and liabilities table in Note 1.
|  | OGE Energy |  |  | OG&E |
|  | Postretirement Benefit Plans |  |  | Postretirement Benefit Plans |
|  | Three Months Ended |  |  | Nine Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |
Interest cost |  |  | 1.3 |  |  |  | 0.9 |  |  |  | 3.9 |  |  |  | 2.7 |  |  |  | 0.9 |  |  |  | 0.7 |  |  |  | 2.9 |  |  |  | 2.0 |
Expected return on plan assets |  |  | (0.5 | ) |  |  | (0.5 | ) |  |  | (1.3 | ) |  |  | (1.4 | ) |  |  | (0.3 | ) |  |  | (0.4 | ) |  |  | (1.1 | ) |  |  | (1.2 | )
Amortization of net (gain) loss |  |  | (0.1 | ) |  |  | 0.5 |  |  |  | (0.2 | ) |  |  | 1.2 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |  |  |  | 1.1 |
Amortization of unrecognized prior service cost (A) |  |  | — |  |  |  | (1.0 | ) |  |  | — |  |  |  | (2.9 | ) |  |  | — |  |  |  | (0.9 | ) |  |  | — |  |  |  | (2.7 | )
Total net periodic benefit cost |  |  | 0.8 |  |  |  | (0.1 | ) |  |  | 2.5 |  |  |  | (0.3 | ) |  |  | 0.6 |  |  |  | (0.3 | ) |  |  | 1.8 |  |  |  | (0.7 | )
Plus: Amount allocated from OGE Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.4 |  |  |  | — |
Net periodic benefit cost (income) |  | $ | 0.8 |  |  | $ | (0.1 | ) |  | $ | 2.5 |  |  | $ | (0.3 | ) |  | $ | 0.7 |  |  | $ | (0.3 | ) |  | $ | 2.2 |  |  | $ | (0.7 | )
(A) Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. In addition to the net periodic benefit cost or income amounts recognized, as presented in the table above, for the postretirement benefit plans for the three and nine months ended September 30, 2023 and 2022, the Registrants recognized the following:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Change in regulatory asset or liability related to postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) |  | $ | 1.1 |  |  | $ | (0.2 | ) |  | $ | 3.3 |  |  | $ | (0.4 | )
(A) Included in the pension regulatory asset or liability in each jurisdiction, as presented in the regulatory assets and liabilities table in Note 1. The following table presents the amount of net periodic benefit cost capitalized and attributable to each of the Registrants for OGE Energy's Pension Plan and postretirement benefit plans for the three and nine months ended September 30, 2023 and 2022.
|  | OGE Energy |  |  | OG&E |
|  | Three Months Ended |  |  | Nine Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Capitalized portion of net periodic pension benefit cost |  | $ | 0.6 |  |  | $ | 0.7 |  |  | $ | 1.7 |  |  | $ | 2.2 |  |  | $ | 0.4 |  |  | $ | 0.7 |  |  | $ | 1.4 |  |  | $ | 1.9 |
Capitalized portion of net periodic postretirement benefit cost |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |

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