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Retirement Plans and Postretirement Benefit Plans | 3 Months Ended
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Mar. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Retirement Plans and Postretirement Benefit Plans | 10. Retirement Plans and Postretirement Benefit Plans 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 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 in the statements of income.
|  | Pension Plan |  |  | Restoration of Retirement Income Plan |
|  | Three Months Ended |  |  | Three Months Ended |
OGE Energy |  | March 31, |  |  | March 31, |
(In millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | 1.4 |  |  | $ | 1.4 |  |  | $ | 0.2 |  |  | $ | 0.3 |
Int erest cost |  |  | 3.8 |  |  |  | 4.0 |  |  |  | 0.1 |  |  |  | — |
Ex pected return on plan assets |  |  | (3.7 | ) |  |  | (4.0 | ) |  |  | — |  |  |  | — |
Amor tization of net loss |  |  | 1.7 |  |  |  | 2.2 |  |  |  | — |  |  |  | — |
Amortization of unrecognized prior service cost (A) |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
Settlement cost |  |  | — |  |  |  | 18.2 |  |  |  | — |  |  |  | — |
Net periodic benefit cost |  | $ | 3.2 |  |  | $ | 21.8 |  |  | $ | 0.4 |  |  | $ | 0.4 |
(A) Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment.
|  | Pension Plan |  |  | Restoration of Retirement Income Plan |
|  | Three Months Ended |  |  | Three Months Ended |
OG&E |  | March 31, |  |  | March 31, |
(In millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | 1.4 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |
Int erest cost |  |  | 3.3 |  |  |  | 3.1 |  |  |  | — |  |  |  | — |
Expe cted return on plan assets |  |  | (3.2 | ) |  |  | (3.2 | ) |  |  | — |  |  |  | — |
Amorti zation of ne t loss |  |  | 1.6 |  |  |  | 1.9 |  |  |  | — |  |  |  | — |
Settlement cost |  |  | — |  |  |  | 17.2 |  |  |  | — |  |  |  | — |
Total net periodic benefit cost |  |  | 3.1 |  |  |  | 20.1 |  |  |  | — |  |  |  | — |
Plus: Amount allocated from OGE Energy |  |  | — |  |  |  | 1.6 |  |  |  | 0.4 |  |  |  | 0.4 |
Net periodic benefit cost |  | $ | 3.1 |  |  | $ | 21.7 |  |  | $ | 0.4 |  |  | $ | 0.4 |
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 months ended March 31, 2024 and 2023, the Registrants recognized the following:
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2024 |  |  | 2023 |
Change in pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) |  | $ | 3.3 |  |  | $ | 20.2 |
Deferral of pension expense related to pension settlement charges included in the above line item: |  |  |  |  |  |
Oklahoma jurisdiction (A) |  | $ | — |  |  | $ | 16.7 |
Arkansas jurisdiction (A) |  | $ | — |  |  | $ | 1.5 |
(A) Included in the pension regulatory asset in each jurisdiction, as indicated in the regulatory assets and liabilities table in Note 1.
|  | OGE Energy |  |  | OG&E |
|  | Postretirement Benefit Plans |  |  | Postretirement Benefit Plans |
|  | Three Months Ended |  |  | Three Months Ended |
|  | March 31, |  |  | March 31, |
(In millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 1.3 |  |  |  | 1.3 |  |  |  | 1.0 |  |  |  | 1.0 |
Expected return on plan assets |  |  | (0.4 | ) |  |  | (0.4 | ) |  |  | (0.4 | ) |  |  | (0.4 | )
Amortization of net gain |  |  | (0.1 | ) |  |  | (0.1 | ) |  |  | — |  |  |  | — |
Total net periodic benefit cost |  |  | 0.8 |  |  |  | 0.8 |  |  |  | 0.6 |  |  |  | 0.6 |
Plus: Amount allocated from OGE Energy |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
Net periodic benefit cost |  | $ | 0.8 |  |  | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | 0.7 |
In addition to the net periodic benefit cost amounts recognized, as presented in the table above, for the postretirement benefit plans during the three months ended March 31, 2024 and 2023, the Registrants recognized the following:
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2024 |  |  | 2023 |
Change in postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) |  | $ | 1.1 |  |  | $ | 1.1 |
(A) Included in the pension regulatory asset, as indicated in the regulatory assets and liabilities table in Note 1. The following table presents the amount of net periodic benefit cost capitalized and attributable to each of the Registrants for OGE Energy's Pension Plan and postretirement benefit plans for the three months ended March 31, 2024 and 2023.
|  | OGE Energy |  |  | OG&E |
|  | Three Months Ended |  |  | Three Months Ended |
|  | March 31, |  |  | March 31, |
(In millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Capitalized portion of net periodic pension benefit cost |  | $ | — |  |  | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | 0.5 |
Capitalized portion of net periodic postretirement benefit cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Pension Plan Funding In February 2024, OGE Energy made a $10.0 million contribution to its Pension Plan related to OG&E employees and has not determined whether it will need to make any additional contributions to the Pension Plan in 2024. The Registrants could be required to make additional contributions if the value of its pension trust and postretirement benefit plan trust assets are adversely impacted by a major market disruption in the future.

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