Commission | Registrants; | I.R.S. Employer | ||||||||||||||||||||||||||||||
File Number | Address and Telephone Number | States of Incorporation | Identification Nos. | |||||||||||||||||||||||||||||
1-3525 | AMERICAN ELECTRIC POWER | New York | 13-4922640 | |||||||||||||||||||||||||||||
333-221643 | AEP TEXAS INC. | Delaware | 51-0007707 | |||||||||||||||||||||||||||||
333-217143 | AEP TRANSMISSION COMPANY, LLC | Delaware | 46-1125168 | |||||||||||||||||||||||||||||
1-3457 | APPALACHIAN POWER COMPANY | Virginia | 54-0124790 | |||||||||||||||||||||||||||||
1-3570 | INDIANA MICHIGAN POWER COMPANY | Indiana | 35-0410455 | |||||||||||||||||||||||||||||
1-6543 | OHIO POWER COMPANY | Ohio | 31-4271000 | |||||||||||||||||||||||||||||
0-343 | PUBLIC SERVICE COMPANY OF OKLAHOMA | Oklahoma | 73-0410895 | |||||||||||||||||||||||||||||
1-3146 | SOUTHWESTERN ELECTRIC POWER COMPANY | Delaware | 72-0323455 | |||||||||||||||||||||||||||||
1 Riverside Plaza, | Columbus, | Ohio | 43215-2373 | |||||||||||||||||||||||||||||
Telephone | (614) | 716-1000 |
Registrant | Title of each class | Trading Symbol | Name of Each Exchange on Which Registered | |||||||||||||||||
American Electric Power Company Inc. | Common Stock, $6.50 par value | AEP | The NASDAQ Stock Market LLC | |||||||||||||||||
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. | |||||||||||||||||
Yes | x | No | ☐ |
Indicate by check mark whether the registrants have submitted electronically | ||||||||||||||||||||||
Yes | x | No | ☐ |
Indicate by check mark whether American Electric Power Company, Inc. is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | |||||||||||||||||||||||||||||
Large Accelerated filer | x | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Indicate by check mark whether AEP Texas Inc., AEP Transmission Company, LLC, Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma and Southwestern Electric Power Company are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | |||||||||||||||||||||||||||||
Large Accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | x | ||||||||||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ||||||||||||||||||
☐ |
Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | x |
Number of shares of outstanding of the Registrants as of | ||||||
April | ||||||
American Electric Power Company, Inc. | ||||||
($6.50 par value) | ||||||
AEP Texas Inc. | 100 | |||||
($0.01 par value) | ||||||
AEP Transmission Company, LLC (a) | NA | |||||
Appalachian Power Company | 13,499,500 | |||||
(no par value) | ||||||
Indiana Michigan Power Company | 1,400,000 | |||||
(no par value) | ||||||
Ohio Power Company | 27,952,473 | |||||
(no par value) | ||||||
Public Service Company of Oklahoma | 9,013,000 | |||||
($15 par value) | ||||||
Southwestern Electric Power Company | ||||||
($18 par value) |
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES | ||||||||||||||||||
INDEX OF QUARTERLY REPORTS ON FORM 10-Q | ||||||||||||||||||
March 31, | ||||||||||||||||||
Page | ||||||||||||||||||
Number | ||||||||||||||||||
Glossary of Terms | ||||||||||||||||||
Forward-Looking Information | ||||||||||||||||||
Part I. FINANCIAL INFORMATION | ||||||||||||||||||
Items 1, 2, 3 and 4 - Financial Statements, Management’s Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures About Market Risk and Controls and Procedures: | ||||||||||||||||||
American Electric Power Company, Inc. and Subsidiary Companies: | ||||||||||||||||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||||
AEP Texas Inc. and Subsidiaries: | ||||||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||||
AEP Transmission Company, LLC and Subsidiaries: | ||||||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||||
Appalachian Power Company and Subsidiaries: | ||||||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||||
Indiana Michigan Power Company and Subsidiaries: | ||||||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||||
Ohio Power Company and Subsidiaries: | ||||||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||||
Public Service Company of Oklahoma: | ||||||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||||||
Condensed Financial Statements | ||||||||||||||||||
Southwestern Electric Power Company Consolidated: | ||||||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||||
Index of Condensed Notes to Condensed Financial Statements of Registrants | ||||||||||||||||||
Controls and Procedures |
Part II. OTHER INFORMATION | |||||||||||||||
Item 1. | Legal Proceedings | ||||||||||||||
Item 1A. | Risk Factors | ||||||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||||||
Item 3. | Defaults Upon Senior Securities | ||||||||||||||
Item 4. | Mine Safety Disclosures | ||||||||||||||
Item 5. | Other Information | ||||||||||||||
Item 6. | |||||||||||||||
SIGNATURE | |||||||||||||||
This combined Form 10-Q is separately filed by American Electric Power Company, Inc., AEP Texas Inc., AEP Transmission Company, LLC, Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma and Southwestern Electric Power Company. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. |
Term | Meaning | |||||||
AEP Generating Company, an AEP electric utility subsidiary. | ||||||||
AEP | American Electric Power Company, Inc., an investor-owned electric public utility holding company which includes American Electric Power Company, Inc. (Parent) and majority owned consolidated subsidiaries and consolidated affiliates. | |||||||
AEP Credit | AEP Credit, Inc., a consolidated | |||||||
AEP | ||||||||
AEP Renewables | A division of AEP Energy Supply LLC that develops and/or acquires large scale renewable projects that are backed with long-term contracts with creditworthy counterparties. | |||||||
AEP Texas | AEP Texas Inc., an AEP electric utility subsidiary. | |||||||
AEP Transmission Holdco | AEP Transmission Holding Company, LLC, a wholly-owned subsidiary of AEP. | |||||||
AEPEP | AEP Energy Partners, Inc., a subsidiary of AEP dedicated to wholesale marketing and trading, hedging activities, asset management and commercial and industrial sales in | |||||||
American Electric Power Service Corporation, an AEP service subsidiary providing management and professional services to AEP and its subsidiaries. | ||||||||
AEPTCo | AEP Transmission Company, LLC, a wholly-owned subsidiary of AEP Transmission Holdco, is an intermediate holding company that owns | |||||||
AEPTCo Parent | AEP Transmission Company, LLC, the holding company of the State Transcos within the AEPTCo consolidation. | |||||||
AFUDC | Allowance for Equity Funds Used During Construction. | |||||||
ALJ | Administrative Law Judge. | |||||||
AOCI | Accumulated Other Comprehensive Income. | |||||||
APCo | Appalachian Power Company, an AEP electric utility subsidiary. | |||||||
Appalachian Consumer Rate Relief Funding | Appalachian Consumer Rate Relief Funding LLC, a wholly-owned subsidiary of APCo and a consolidated | |||||||
APSC | Arkansas Public Service Commission. | |||||||
ARO | ||||||||
ASU | Accounting Standards Update. | |||||||
At-the-Market. | ||||||||
CAA | Clean Air Act. | |||||||
CCR | ||||||||
CO2 | Carbon dioxide and other greenhouse gases. | |||||||
CODM | Chief Operating Decision Maker. | |||||||
Cook Plant | Donald C. Cook Nuclear Plant, a two-unit, | |||||||
Coronavirus 2019, a highly infectious respiratory disease. In March 2020, the World Health Organization declared COVID-19 a worldwide pandemic. | ||||||||
CSAPR | Cross-State Air Pollution Rule. | |||||||
CWIP | Construction Work in Progress. | |||||||
DCC Fuel | DCC Fuel | |||||||
Dolet Hills Lignite Company, LLC, a wholly-owned lignite mining subsidiary of SWEPCo. DHLC is a non-consolidated VIE of SWEPCo. | ||||||||
DIR | Distribution Investment Rider. | |||||||
Term | Meaning | |||||||
Energy Insurance Services, Inc., a nonaffiliated captive insurance company and consolidated | ||||||||
Effluent Limitation Guidelines. | ||||||||
ENEC | Expanded Net Energy Cost. | |||||||
Energy Supply | AEP Energy Supply LLC, a nonregulated holding company for AEP’s competitive generation, wholesale and retail businesses, and a wholly-owned subsidiary of AEP. | |||||||
AEP’s Equity Units issued in August 2020. | ||||||||
ERCOT | Electric Reliability Council of Texas regional transmission organization. | |||||||
ESP | Electric Security Plans, a PUCO requirement for electric utilities to adjust their rates by filing with the PUCO. | |||||||
Electric Transmission Texas, LLC, an equity interest joint venture between AEP Transmission Holdco and Berkshire Hathaway Energy Company formed to own and operate electric transmission facilities in ERCOT. | ||||||||
Excess accumulated deferred income taxes. | ||||||||
FAC | Fuel Adjustment Clause. | |||||||
FASB | Financial Accounting Standards Board. | |||||||
Federal EPA | United States Environmental Protection Agency. | |||||||
FERC | Federal Energy Regulatory Commission. | |||||||
FGD | Flue Gas Desulfurization or scrubbers. | |||||||
Federal Implementation Plan. | ||||||||
FTR | Financial Transmission Right, a financial instrument that entitles the holder to receive compensation for certain congestion-related transmission charges that arise when the power grid is congested resulting in differences in locational prices. | |||||||
GAAP | Accounting Principles Generally Accepted in the United States of America. | |||||||
I&M | Indiana Michigan Power Company, an AEP electric utility subsidiary. | |||||||
On August 16, 2022 President Biden signed into law legislation commonly referred to as the “Inflation Reduction Act” (IRA). | ||||||||
IRP | Integrated Resource Plan. | |||||||
IRS | Internal Revenue Service. | |||||||
Investment Tax Credit. | ||||||||
IURC | Indiana Utility Regulatory Commission. | |||||||
KGPCo | Kingsport Power Company, an AEP electric utility subsidiary. | |||||||
KPCo | Kentucky Power Company, an AEP electric utility subsidiary. | |||||||
KPSC | Kentucky Public Service Commission. | |||||||
KWh | ||||||||
Louisiana Public Service Commission. | ||||||||
MISO | Midcontinent Independent System Operator. | |||||||
A two unit, 1,560 MW coal-fired power plant located in Moundsville, West Virginia. The plant is jointly owned by KPCo and WPCo. | ||||||||
MMBtu | Million British Thermal Units. | |||||||
MPSC | Michigan Public Service Commission. | |||||||
MTM | Mark-to-Market. | |||||||
MW | Megawatt. | |||||||
MWh | ||||||||
NAAQS | National Ambient Air Quality Standards. |
Term | Meaning | |||||||
NCWF | North Central Wind Energy Facilities, a joint PSO and SWEPCo project, which includes three Oklahoma wind facilities totaling approximately 1,484 MWs of wind generation. | |||||||
NMRD | New Mexico Renewable Development, LLC. | |||||||
Nonutility Money Pool | Centralized funding mechanism AEP uses to meet the short-term cash requirements of certain nonutility subsidiaries. | |||||||
NOLC | ||||||||
NOx | Nitrogen oxide. | |||||||
Corporation Commission of the State of Oklahoma. |
Ohio Power Company, an AEP electric utility subsidiary. | ||||||||
OPEB | Other Postretirement | |||||||
OTC | ||||||||
OVEC | Ohio Valley Electric Corporation, which is 43.47% owned by AEP. | |||||||
Parent | American Electric Power Company, Inc., the equity owner of AEP subsidiaries within the AEP consolidation. | |||||||
PJM | Pennsylvania – New Jersey – Maryland regional transmission organization. | |||||||
Particulate Matter. | ||||||||
PPA | Purchase Power and Sale Agreement. | |||||||
Purchase and Sale Agreement. | ||||||||
PSO | Public Service Company of Oklahoma, an AEP electric utility subsidiary. | |||||||
Production Tax Credit. | ||||||||
PUCO | Public Utilities Commission of Ohio. | |||||||
PUCT | Public Utility Commission of Texas. | |||||||
Registrant Subsidiaries | AEP subsidiaries which are SEC registrants: AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO and SWEPCo. | |||||||
Registrants | SEC registrants: AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO and SWEPCo. | |||||||
Restoration Funding | AEP Texas Restoration Funding LLC, a wholly-owned subsidiary of AEP Texas and a consolidated VIE formed for the purpose of issuing and servicing securitization bonds related to storm restoration in Texas primarily caused by Hurricane Harvey. | |||||||
Risk Management Contracts | Trading and | |||||||
Rockport Plant | A generation plant, jointly owned by AEGCo and I&M, consisting of two 1,310 MW coal-fired generating units near Rockport, Indiana. | |||||||
Return on Equity. | ||||||||
RPM | Reliability Pricing Model. | |||||||
Regional Transmission Organization, responsible for moving electricity over large interstate areas. | ||||||||
Sabine | Sabine Mining Company, a lignite mining company that is a consolidated | |||||||
SEC | U.S. Securities and Exchange Commission. | |||||||
SNF | Spent Nuclear Fuel. | |||||||
SO2 | Sulfur dioxide. | |||||||
SPP | Southwest Power Pool regional transmission organization. | |||||||
SSO | Standard service offer. | |||||||
State Transcos | AEPTCo’s seven wholly-owned, FERC regulated, transmission only electric utilities, | |||||||
SWEPCo | Southwestern Electric Power Company, an AEP electric utility subsidiary. |
Term | Meaning | |||||||
Tax Reform | On December 22, 2017, President Trump signed into law legislation referred to as the “Tax Cuts and Jobs Act” (the TCJA). The TCJA includes significant changes to the Internal Revenue Code of 1986, including a reduction in the corporate federal income tax rate from 35% to 21% effective January 1, 2018. | |||||||
Transition Funding |
Transource Energy | Transource Energy, LLC, a consolidated | |||||||
Turk Plant | John W. Turk, Jr. Plant, a | |||||||
Unit Power Agreement. | ||||||||
Utility Money Pool | Centralized funding mechanism AEP uses to meet the short-term cash requirements of certain utility subsidiaries. | |||||||
VIE | Variable Interest Entity. | |||||||
Virginia SCC | Virginia State Corporation Commission. | |||||||
Wheeling Power Company, an AEP electric utility subsidiary. | ||||||||
WVPSC | Public Service Commission of West Virginia. |
• | |||||
The economic impact of increased global trade tensions including the conflicts in Ukraine and the Middle East, and the adoption or expansion of economic sanctions or trade restrictions. | |||||
• | Inflationary or deflationary interest rate trends. | ||||
Volatility and disruptions in financial markets precipitated by any cause, including failure to make progress on federal budget or debt ceiling matters or instability in the | |||||
The availability and cost of funds to finance working capital and capital needs, particularly (a) if expected sources of capital such as proceeds from the sale of assets, subsidiaries and tax credits and anticipated securitizations do not materialize or do not materialize at the level anticipated, and (b) during periods when the time lag between incurring costs and recovery is long and the costs are material. | |||||
Weather conditions, including storms and drought conditions, and the ability to recover significant storm restoration costs. | |||||
Limitations or restrictions on the amounts and types of insurance available to cover losses that might arise in connection with natural disasters or operations. | |||||
• | The cost of fuel and its transportation, the creditworthiness and performance of fuel suppliers and transporters and the cost of storing and disposing of used fuel, including coal ash and | ||||
The ability to recover fuel and other energy costs through regulated or competitive electric rates. | |||||
The ability to transition from fossil generation and the ability to build or acquire renewable generation, transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms, including favorable tax treatment, cost caps imposed by regulators and other operational commitments to regulatory commissions and customers for renewable generation projects, and to recover | |||||
The impact of pandemics and any associated disruption of AEP’s business operations due to impacts on economic or market conditions, costs of compliance with potential government regulations, electricity usage, supply chain issues, customers, service providers, vendors and suppliers. | |||||
• | New legislation, litigation | ||||
• | The risks | ||||
Timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental | |||||
Resolution of | |||||
The ability to | |||||
Prices and demand for power generated and sold at wholesale. | |||||
Changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation. | |||||
The ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives. | |||||
Volatility and changes in markets for |
• | The impact of changing expectations and demands of customers, regulators, investors and stakeholders, including focus on environmental, social and governance concerns. | ||||
Changes in utility regulation and the allocation of costs within | |||||
Changes in the creditworthiness of the counterparties with contractual arrangements, including participants in the energy trading market. | |||||
Actions of rating agencies, including changes in the ratings of debt. | |||||
The impact of volatility in the capital markets on the value of the investments held by the pension, |
• | |||||
Accounting | |||||
Other risks and unforeseen events, including wars and military conflicts, the effects of terrorism (including increased security costs), embargoes, | |||||
• | The ability to attract and retain the requisite work force and key personnel. |
Registrant | Increase in Pretax Income from the Recognition of Regulatory Assets | Reduction in Income Tax Expense (a) | Increase in Net Income | |||||||||||||||||
(in millions) | ||||||||||||||||||||
I&M | $ | 20.2 | $ | 49.5 | $ | 69.7 | ||||||||||||||
PSO | 12.1 | 44.7 | 56.8 | |||||||||||||||||
SWEPCo | 35.4 | 101.1 | 136.5 | |||||||||||||||||
AEP Total | $ | 67.7 | $ | 195.3 | $ | 263.0 |
Company | Generation Type | Expected Commercial Operation | Owned/PPA | Generating Capacity | ||||||||||||||||||||||
(in MWs) | ||||||||||||||||||||||||||
APCo | Solar | 2024-2026 | PPA | 439 | ||||||||||||||||||||||
APCo | Wind | 2025-2026 | Owned | 347 | ||||||||||||||||||||||
I&M | Solar | 2025 | PPA | 100 | ||||||||||||||||||||||
I&M | Solar | 2027 | Owned | 469 | ||||||||||||||||||||||
PSO (a) | Solar | 2025-2026 | Owned | 443 | ||||||||||||||||||||||
PSO (a) | Wind | 2025-2026 | Owned | 553 | ||||||||||||||||||||||
SWEPCo (b) | Solar | 2025-2027 | Owned/PPA | 273 | ||||||||||||||||||||||
SWEPCo (b)(c) | Wind | 2024-2025 | Owned | 799 | ||||||||||||||||||||||
Total Approved Renewable Projects | 3,423 |
APCo | I&M | KPCo | PSO | SWEPCo | WPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coal | Coal | Natural Gas | Coal | Natural Gas | Natural Gas | Wind | Natural Gas | Wind | Coal | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery Start Year | (in MWs) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 34 | 230 | 314 | 56 | 80 | 1,114 | 29 | 425 | 57 | 56 | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | — | — | 440 | — | 85 | 1,150 | 29 | 350 | 135 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
2026 | — | — | — | — | — | 980 | 86 | 200 | 78 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
2027 | — | — | 210 | — | — | 260 | 86 | — | 78 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
2028 | — | — | 210 | — | — | 260 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
After 2028 | — | — | 1,050 | — | — | 780 | — | — | — | — |
Company | Issuance Date | Projected In-Service Dates | Generating Capacity | |||||||||||||||||||||||
(in MWs) | ||||||||||||||||||||||||||
I&M (a) | March 2023 | 2027 | 2,505 | |||||||||||||||||||||||
KPCo (b) | September 2023 | 2026/2027 | 1,300 | |||||||||||||||||||||||
PSO | November 2023 | 2027/2028 | 1,500 | |||||||||||||||||||||||
SWEPCo | January 2024 | 2028 | 2,100 | |||||||||||||||||||||||
Total Significant RFPs | 7,405 |
Annual | |||||||||||||||||||||||||||||
Base Revenue | Approved | New Rates | |||||||||||||||||||||||||||
Company | Jurisdiction | Increase | ROE | Effective | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
PSO | Oklahoma | $ | 131.0 | (a) | 9.3% | January 2024 | |||||||||||||||||||||||
APCo | Virginia | 127.0 | (b) | 9.5% | January 2024 | ||||||||||||||||||||||||
KPCo | Kentucky | 60.0 | (c) | 9.75% | January 2024 |
Annual | ||||||||||||||||||||||||||||||||||||||
Filing | Base Revenue | Requested | ||||||||||||||||||||||||||||||||||||
Company | Jurisdiction | Date | Increase Request | ROE | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
I&M | Indiana | August 2023 | $ | 116.0 | 10.5% | |||||||||||||||||||||||||||||||||
I&M | Michigan | September 2023 | 34.0 | 10.5% | ||||||||||||||||||||||||||||||||||
PSO | Oklahoma | January 2024 | 218.0 | 10.8% | ||||||||||||||||||||||||||||||||||
AEP Texas | Texas | February 2024 | 164.0 | 10.6% | ||||||||||||||||||||||||||||||||||
APCo | Virginia | March 2024 | 95.0 | 10.8% |
Expected/Authorized | As of | As of | Increase/ | |||||||||||||||||||||||||||||
Company | Jurisdiction | Recovery Period | March 31, 2024 | December 31, 2023 | (Decrease) | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
APCo | Virginia | 2025 | $ | 221.1 | (a) | $ | 254.4 | $ | (33.3) | |||||||||||||||||||||||
APCo | West Virginia | 2034 | 164.1 | (b) | 162.2 | 1.9 | ||||||||||||||||||||||||||
PSO | Oklahoma | 2024 | 155.8 | (c) | 118.3 | 37.5 | ||||||||||||||||||||||||||
SWEPCo | Texas | 2035 | 81.0 | (d) | 80.9 | 0.1 | ||||||||||||||||||||||||||
WPCo | West Virginia | 2034 | 206.2 | (b) | 181.3 | 24.9 | ||||||||||||||||||||||||||
Total | $ | 828.2 | $ | 797.1 | $ | 31.1 |
Generating | Amounts Pending | ||||||||
Company | Plant Name and Unit | Capacity | Regulatory Approval | ||||||
(in MWs) | (in millions) | ||||||||
APCo | Kanawha River Plant | 400 | $ | 44.8 | |||||
APCo | Clinch River Plant, Unit 3 | 235 | 32.6 | ||||||
APCo (a) | Clinch River Plant, Units 1 and 2 | 470 | 31.8 | ||||||
APCo | Sporn Plant, Units 1 and 3 | 300 | 17.2 | ||||||
APCo | Glen Lyn Plant | 335 | 13.4 | ||||||
I&M (b) | Tanners Creek Plant | 995 | 27.7 | ||||||
SWEPCo | Welsh Plant, Unit 2 | 528 | 50.6 | ||||||
Total | 3,263 | $ | 218.1 |
Company | Plant | Net Investment (a) | Accelerated Depreciation Regulatory Asset | Actual/Projected Retirement Date | Current Authorized Recovery Period | Annual Depreciation (b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSO | Northeastern Plant, Unit 3 | $ | 96.7 | $ | 20.7 | 2026 | (c) | $ | 15.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SWEPCo | Pirkey Plant | — | 121.0 | (d) | 2023 | (e) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SWEPCo | Welsh Plant, Units 1 and 3 | 335.6 | 58.1 | 2028 | (f) | (g) | 39.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Vertically Integrated Utilities | $ | 560.8 | $ | 261.0 | |||||||||||||||||||
Transmission and Distribution Utilities | 150.3 | 125.7 | |||||||||||||||||||||
AEP Transmission Holdco | 208.7 | 181.5 | |||||||||||||||||||||
Generation & Marketing | 137.6 | (157.7) | |||||||||||||||||||||
Corporate and Other | (54.3) | (13.5) | |||||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 1,003.1 | $ | 397.0 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Vertically Integrated Utilities | $ | 231.2 | $ | 219.5 | |||
Transmission and Distribution Utilities | 125.4 | 119.1 | |||||
AEP Transmission Holdco | 104.0 | 71.8 | |||||
Generation & Marketing | 18.2 | 186.2 | |||||
Corporate and Other | (24.4 | ) | (4.4 | ) | |||
Earnings Attributable to AEP Common Shareholders | $ | 454.4 | $ | 592.2 |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenues | $ | 2,947.9 | $ | 1,490.2 | $ | 497.3 | $ | 563.5 | ||||||||||||||||||
Fuel, Purchased Electricity and Other | 999.1 | 305.3 | — | 372.6 | ||||||||||||||||||||||
Other Operation and Maintenance | 885.3 | 519.2 | 37.1 | 31.5 | ||||||||||||||||||||||
Depreciation and Amortization | 453.6 | 222.5 | 108.1 | 8.2 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 139.7 | 190.8 | 75.0 | 0.2 | ||||||||||||||||||||||
Operating Income | 470.2 | 252.4 | 277.1 | 151.0 | ||||||||||||||||||||||
Other Income | 5.1 | 0.5 | 2.4 | 11.0 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 11.7 | 14.1 | 17.8 | — | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 25.9 | 11.1 | 1.0 | 5.8 | ||||||||||||||||||||||
Interest Expense | (157.2) | (96.2) | (56.9) | (6.0) | ||||||||||||||||||||||
Income Before Income Tax Expense (Benefit) and Equity Earnings (Loss) | 355.7 | 181.9 | 241.4 | 161.8 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | (206.2) | 31.5 | 54.3 | 25.1 | ||||||||||||||||||||||
Equity Earnings (Loss) of Unconsolidated Subsidiary | 0.4 | (0.1) | 22.7 | 0.9 | ||||||||||||||||||||||
Net Income | 562.3 | 150.3 | 209.8 | 137.6 | ||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.5 | — | 1.1 | — | ||||||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 560.8 | $ | 150.3 | $ | 208.7 | $ | 137.6 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenues | $ | 2,857.8 | $ | 1,464.2 | $ | 455.5 | $ | 327.0 | ||||||||||||||||||
Fuel, Purchased Electricity and Other | 976.2 | 392.7 | — | 382.3 | ||||||||||||||||||||||
Other Operation and Maintenance | 832.2 | 491.9 | 36.7 | 43.0 | ||||||||||||||||||||||
Loss on the Sale of the Competitive Contracted Renewable Portfolio | — | — | — | 112.0 | ||||||||||||||||||||||
Depreciation and Amortization | 473.5 | 186.2 | 97.5 | 18.2 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 132.4 | 178.8 | 76.8 | 2.8 | ||||||||||||||||||||||
Operating Income (Loss) | 443.5 | 214.6 | 244.5 | (231.3) | ||||||||||||||||||||||
Other Income | 7.2 | 0.5 | 1.9 | 9.0 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 5.8 | 9.1 | 16.4 | — | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 31.8 | 14.0 | 1.6 | 6.6 | ||||||||||||||||||||||
Interest Expense | (172.9) | (88.1) | (47.2) | (24.3) | ||||||||||||||||||||||
Income (Loss) Before Income Tax Expense (Benefit) and Equity Earnings | 315.4 | 150.1 | 217.2 | (240.0) | ||||||||||||||||||||||
Income Tax Expense (Benefit) | 53.5 | 24.4 | 52.3 | (78.1) | ||||||||||||||||||||||
Equity Earnings of Unconsolidated Subsidiary | 0.3 | — | 17.5 | 5.5 | ||||||||||||||||||||||
Net Income (Loss) | 262.2 | 125.7 | 182.4 | (156.4) | ||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.2 | — | 0.9 | 1.3 | ||||||||||||||||||||||
Earnings (Loss) Attributable to AEP Common Shareholders | $ | 261.0 | $ | 125.7 | $ | 181.5 | $ | (157.7) |
Three Months Ended March 31, | ||||||||
Vertically Integrated Utilities | 2018 | 2017 | ||||||
(in millions) | ||||||||
Revenues | $ | 2,408.0 | $ | 2,290.4 | ||||
Fuel and Purchased Electricity | 857.8 | 788.4 | ||||||
Gross Margin | 1,550.2 | 1,502.0 | ||||||
Other Operation and Maintenance | 740.0 | 660.1 | ||||||
Depreciation and Amortization | 313.3 | 278.3 | ||||||
Taxes Other Than Income Taxes | 109.9 | 101.1 | ||||||
Operating Income | 387.0 | 462.5 | ||||||
Interest and Investment Income | 2.6 | 3.1 | ||||||
Carrying Costs Income | 2.8 | 4.1 | ||||||
Allowance for Equity Funds Used During Construction | 7.4 | 6.2 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 18.1 | 5.9 | ||||||
Interest Expense | (137.9 | ) | (134.9 | ) | ||||
Income Before Income Tax Expense and Equity Earnings | 280.0 | 346.9 | ||||||
Income Tax Expense | 47.7 | 127.7 | ||||||
Equity Earnings of Unconsolidated Subsidiaries | 0.5 | 1.3 | ||||||
Net Income | 232.8 | 220.5 | ||||||
Net Income Attributable to Noncontrolling Interests | 1.6 | 1.0 | ||||||
Earnings Attributable to AEP Common Shareholders | $ | 231.2 | $ | 219.5 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
(in millions of KWhs) | ||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||
Residential | 8,560 | 8,099 | ||||||||||||||||||||||||
Commercial | 5,769 | 5,372 | ||||||||||||||||||||||||
Industrial | 8,252 | 8,295 | ||||||||||||||||||||||||
Miscellaneous | 538 | 521 | ||||||||||||||||||||||||
Total Retail | 23,119 | 22,287 | ||||||||||||||||||||||||
Wholesale (a) | 3,763 | 3,260 | ||||||||||||||||||||||||
Total KWhs | 26,882 | 25,547 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions of KWhs) | |||||
Retail: | |||||
Residential | 9,572 | 8,239 | |||
Commercial | 5,868 | 5,689 | |||
Industrial | 8,497 | 8,264 | |||
Miscellaneous | 553 | 536 | |||
Total Retail | 24,490 | 22,728 | |||
Wholesale (a) | 5,738 | 6,507 | |||
Total KWhs | 30,228 | 29,235 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
(in degree days) | ||||||||||||||||||||||||||
Eastern Region | ||||||||||||||||||||||||||
Actual – Heating (a) | 1,221 | 1,131 | ||||||||||||||||||||||||
Normal – Heating (b) | 1,605 | 1,608 | ||||||||||||||||||||||||
Actual – Cooling (c) | 1 | 5 | ||||||||||||||||||||||||
Normal – Cooling (b) | 4 | 4 | ||||||||||||||||||||||||
Western Region | ||||||||||||||||||||||||||
Actual – Heating (a) | 738 | 637 | ||||||||||||||||||||||||
Normal – Heating (b) | 876 | 881 | ||||||||||||||||||||||||
Actual – Cooling (c) | 55 | 58 | ||||||||||||||||||||||||
Normal – Cooling (b) | 30 | 28 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in degree days) | |||||
Eastern Region | |||||
Actual – Heating (a) | 1,637 | 1,181 | |||
Normal – Heating (b) | 1,602 | 1,615 | |||
Actual – Cooling (c) | 6 | 1 | |||
Normal – Cooling (b) | 5 | 5 | |||
Western Region | |||||
Actual – Heating (a) | 881 | 530 | |||
Normal – Heating (b) | 875 | 892 | |||
Actual – Cooling (c) | 36 | 82 | |||
Normal – Cooling (b) | 27 | 24 |
Reconciliation of First Quarter of 2023 to First Quarter of 2024 | ||||||||||||||
Earnings Attributable to AEP Common Shareholders from Vertically Integrated Utilities | |||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | 261.0 | ||||||||||||
Changes in Revenues: | ||||||||||||||
Retail Revenues | 56.2 | |||||||||||||
Off-system Sales | 3.7 | |||||||||||||
Transmission Revenues | 10.2 | |||||||||||||
Other Revenues | 20.0 | |||||||||||||
Total Change in Revenues | 90.1 | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | (22.9) | |||||||||||||
Other Operation and Maintenance | (53.1) | |||||||||||||
Depreciation and Amortization | 19.9 | |||||||||||||
Taxes Other Than Income Taxes | (7.3) | |||||||||||||
Other Income | (2.1) | |||||||||||||
Allowance for Equity Funds Used During Construction | 5.9 | |||||||||||||
Non-Service Cost Components of Net Periodic Pension Cost | (5.9) | |||||||||||||
Interest Expense | 15.7 | |||||||||||||
Total Change in Expenses and Other | (49.8) | |||||||||||||
Income Tax Expense | 259.7 | |||||||||||||
Equity Earnings of Unconsolidated Subsidiary | 0.1 | |||||||||||||
Net Income Attributable to Noncontrolling Interests | (0.3) | |||||||||||||
First Quarter of 2024 | $ | 560.8 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Earnings Attributable to AEP Common Shareholders from Vertically Integrated Utilities | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 219.5 | ||
Changes in Gross Margin: | ||||
Retail Margins | 49.5 | |||
Off-system Sales | 1.0 | |||
Transmission Revenues | 2.7 | |||
Other Revenues | (5.0 | ) | ||
Total Change in Gross Margin | 48.2 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (79.9 | ) | ||
Depreciation and Amortization | (35.0 | ) | ||
Taxes Other Than Income Taxes | (8.8 | ) | ||
Interest and Investment Income | (0.5 | ) | ||
Carrying Costs Income | (1.3 | ) | ||
Allowance for Equity Funds Used During Construction | 1.2 | |||
Non-Service Cost Components of Net Periodic Pension Cost | 12.2 | |||
Interest Expense | (3.0 | ) | ||
Total Change in Expenses and Other | (115.1 | ) | ||
Income Tax Expense | 80.0 | |||
Equity Earnings | (0.8 | ) | ||
Net Income Attributable to Noncontrolling Interests | (0.6 | ) | ||
First Quarter of 2018 | $ | 231.2 |
Three Months Ended March 31, | ||||||||
Transmission and Distribution Utilities | 2018 | 2017 | ||||||
(in millions) | ||||||||
Revenues | $ | 1,162.4 | $ | 1,086.4 | ||||
Purchased Electricity | 244.6 | 223.4 | ||||||
Amortization of Generation Deferrals | 58.6 | 60.9 | ||||||
Gross Margin | 859.2 | 802.1 | ||||||
Other Operation and Maintenance | 352.7 | 287.9 | ||||||
Depreciation and Amortization | 172.6 | 156.2 | ||||||
Taxes Other Than Income Taxes | 137.4 | 126.9 | ||||||
Operating Income | 196.5 | 231.1 | ||||||
Interest and Investment Income | 1.4 | 3.5 | ||||||
Carrying Costs Income | 0.7 | 1.9 | ||||||
Allowance for Equity Funds Used During Construction | 8.0 | 4.2 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 8.2 | 2.2 | ||||||
Interest Expense | (60.1 | ) | (60.0 | ) | ||||
Income Before Income Tax Expense | 154.7 | 182.9 | ||||||
Income Tax Expense | 29.3 | 63.8 | ||||||
Net Income | 125.4 | 119.1 | ||||||
Net Income Attributable to Noncontrolling Interests | — | — | ||||||
Earnings Attributable to AEP Common Shareholders | $ | 125.4 | $ | 119.1 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
(in millions of KWhs) | ||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||
Residential | 6,280 | 6,266 | ||||||||||||||||||||||||
Commercial | 7,991 | 6,744 | ||||||||||||||||||||||||
Industrial | 6,812 | 6,526 | ||||||||||||||||||||||||
Miscellaneous | 180 | 168 | ||||||||||||||||||||||||
Total Retail (a) | 21,263 | 19,704 | ||||||||||||||||||||||||
Wholesale (b) | 590 | 453 | ||||||||||||||||||||||||
Total KWhs | 21,853 | 20,157 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions of KWhs) | |||||
Retail: | |||||
Residential | 6,797 | 5,894 | |||
Commercial | 5,864 | 5,753 | |||
Industrial | 5,514 | 5,476 | |||
Miscellaneous | 153 | 160 | |||
Total Retail (a) | 18,328 | 17,283 | |||
Wholesale (b) | 667 | 798 | |||
Total KWhs | 18,995 | 18,081 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
(in degree days) | ||||||||||||||||||||||||||
Eastern Region | ||||||||||||||||||||||||||
Actual – Heating (a) | 1,463 | 1,344 | ||||||||||||||||||||||||
Normal – Heating (b) | 1,871 | 1,891 | ||||||||||||||||||||||||
Actual – Cooling (c) | — | — | ||||||||||||||||||||||||
Normal – Cooling (b) | 3 | 3 | ||||||||||||||||||||||||
Western Region | ||||||||||||||||||||||||||
Actual – Heating (a) | 161 | 141 | ||||||||||||||||||||||||
Normal – Heating (b) | 195 | 194 | ||||||||||||||||||||||||
Actual – Cooling (d) | 146 | 271 | ||||||||||||||||||||||||
Normal – Cooling (b) | 137 | 127 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in degree days) | |||||
Eastern Region | |||||
Actual – Heating (a) | 1,884 | 1,403 | |||
Normal – Heating (b) | 1,884 | 1,899 | |||
Actual – Cooling (c) | 4 | 3 | |||
Normal – Cooling (b) | 3 | 3 | |||
Western Region | |||||
Actual – Heating (a) | 230 | 102 | |||
Normal – Heating (b) | 191 | 195 | |||
Actual – Cooling (d) | 196 | 258 | |||
Normal – Cooling (b) | 119 | 113 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Earnings Attributable to AEP Common Shareholders from Transmission and Distribution Utilities | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 119.1 | ||
Changes in Gross Margin: | ||||
Retail Margins | 53.8 | |||
Off-System Sales | 5.5 | |||
Transmission Revenues | (4.0 | ) | ||
Other Revenues | 1.8 | |||
Total Change in Gross Margin | 57.1 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (64.8 | ) | ||
Depreciation and Amortization | (16.4 | ) | ||
Taxes Other Than Income Taxes | (10.5 | ) | ||
Interest and Investment Income | (2.1 | ) | ||
Carrying Costs Income | (1.2 | ) | ||
Allowance for Equity Funds Used During Construction | 3.8 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | 6.0 | |||
Interest Expense | (0.1 | ) | ||
Total Change in Expenses and Other | (85.3 | ) | ||
Income Tax Expense | 34.5 | |||
First Quarter of 2018 | $ | 125.4 |
Reconciliation of First Quarter of 2023 to First Quarter of 2024 | ||||||||||||||
Earnings Attributable to AEP Common Shareholders from Transmission and Distribution Utilities | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | 125.7 | ||||||||||||
Changes in Revenues: | ||||||||||||||
Retail Revenues | 3.3 | |||||||||||||
Off-system Sales | (3.6) | |||||||||||||
Transmission Revenues | 12.9 | |||||||||||||
Other Revenues | 13.4 | |||||||||||||
Total Change in Revenues | 26.0 | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Purchased Electricity for Resale | 134.0 | |||||||||||||
Purchased Electricity from AEP Affiliates | (46.6) | |||||||||||||
Other Operation and Maintenance | (27.3) | |||||||||||||
Depreciation and Amortization | (36.3) | |||||||||||||
Taxes Other Than Income Taxes | (12.0) | |||||||||||||
Allowance for Equity Funds Used During Construction | 5.0 | |||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (2.9) | |||||||||||||
Interest Expense | (8.1) | |||||||||||||
Total Change in Expenses and Other | 5.8 | |||||||||||||
Income Tax Expense | (7.1) | |||||||||||||
Equity Earnings of Unconsolidated Subsidiary | (0.1) | |||||||||||||
First Quarter of 2024 | $ | 150.3 |
Three Months Ended March 31, | ||||||||
AEP Transmission Holdco | 2018 | 2017 | ||||||
(in millions) | ||||||||
Transmission Revenues | $ | 205.5 | $ | 156.1 | ||||
Other Operation and Maintenance | 21.9 | 14.1 | ||||||
Depreciation and Amortization | 31.8 | 24.6 | ||||||
Taxes Other Than Income Taxes | 32.7 | 28.0 | ||||||
Operating Income | 119.1 | 89.4 | ||||||
Interest and Investment Income | 0.3 | 0.2 | ||||||
Allowance for Equity Funds Used During Construction | 15.3 | 10.8 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 0.7 | 0.1 | ||||||
Interest Expense | (21.1 | ) | (17.3 | ) | ||||
Income Before Income Tax Expense and Equity Earnings | 114.3 | 83.2 | ||||||
Income Tax Expense | 27.5 | 36.4 | ||||||
Equity Earnings of Unconsolidated Subsidiaries | 18.0 | 26.0 | ||||||
Net Income | 104.8 | 72.8 | ||||||
Net Income Attributable to Noncontrolling Interests | 0.8 | 1.0 | ||||||
Earnings Attributable to AEP Common Shareholders | $ | 104.0 | $ | 71.8 |
March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
Plant in Service | $ | 14,740.7 | $ | 13,376.3 | ||||||||||
Construction Work in Progress | 1,980.2 | 1,959.1 | ||||||||||||
Accumulated Depreciation and Amortization | 1,405.8 | 1,128.2 | ||||||||||||
Total Transmission Property, Net | $ | 15,315.1 | $ | 14,207.2 |
As of March 31, | ||||||||
2018 | 2017 | |||||||
(in millions) | ||||||||
Plant in Service | $ | 5,912.8 | $ | 4,476.5 | ||||
Construction Work in Progress | 1,533.7 | 1,188.8 | ||||||
Accumulated Depreciation and Amortization | 200.0 | 120.6 | ||||||
Total Transmission Property, Net | $ | 7,246.5 | $ | 5,544.7 |
Reconciliation of First Quarter of 2023 to First Quarter of 2024 | ||||||||||||||
Earnings Attributable to AEP Common Shareholders from AEP Transmission Holdco | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | 181.5 | ||||||||||||
Changes in Transmission Revenues: | ||||||||||||||
Transmission Revenues | 41.8 | |||||||||||||
Total Change in Transmission Revenues | 41.8 | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | (0.4) | |||||||||||||
Depreciation and Amortization | (10.6) | |||||||||||||
Taxes Other Than Income Taxes | 1.8 | |||||||||||||
Interest and Investment Income | 0.5 | |||||||||||||
Allowance for Equity Funds Used During Construction | 1.4 | |||||||||||||
Non-Service Cost Components of Net Periodic Pension Cost | (0.6) | |||||||||||||
Interest Expense | (9.7) | |||||||||||||
Total Change in Expenses and Other | (17.6) | |||||||||||||
Income Tax Expense | (2.0) | |||||||||||||
Equity Earnings of Unconsolidated Subsidiary | 5.2 | |||||||||||||
Net Income Attributable to Noncontrolling Interests | (0.2) | |||||||||||||
First Quarter of 2024 | $ | 208.7 |
First Quarter of 2017 | $ | 71.8 | ||
Changes in Transmission Revenues: | ||||
Transmission Revenues | 49.4 | |||
Total Change in Transmission Revenues | 49.4 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (7.8 | ) | ||
Depreciation and Amortization | (7.2 | ) | ||
Taxes Other Than Income Taxes | (4.7 | ) | ||
Interest and Investment Income | 0.1 | |||
Allowance for Equity Funds Used During Construction | 4.5 | |||
Non-Service Cost Components of Net Periodic Pension Cost | 0.6 | |||
Interest Expense | (3.8 | ) | ||
Total Change in Expenses and Other | (18.3 | ) | ||
Income Tax Expense | 8.9 | |||
Equity Earnings of Unconsolidated Subsidiaries | (8.0 | ) | ||
Net Income Attributable to Noncontrolling Interests | 0.2 | |||
First Quarter of 2018 | $ | 104.0 |
Reconciliation of First Quarter of 2023 to First Quarter of 2024 | ||||||||||||||
Earnings Attributable to AEP Common Shareholders from Generation & Marketing | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | (157.7) | ||||||||||||
Changes in Revenues: | ||||||||||||||
Merchant Generation | (5.0) | |||||||||||||
Renewable Generation | (20.8) | |||||||||||||
Retail, Trading and Marketing | 262.3 | |||||||||||||
Total Change in Revenues | 236.5 | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 9.7 | |||||||||||||
Other Operation and Maintenance | 11.5 | |||||||||||||
Loss on the Sale of the Competitive Contracted Renewables Portfolio | 112.0 | |||||||||||||
Depreciation and Amortization | 10.0 | |||||||||||||
Taxes Other Than Income Taxes | 2.6 | |||||||||||||
Interest and Investment Income | 2.0 | |||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.8) | |||||||||||||
Interest Expense | 18.3 | |||||||||||||
Total Change in Expenses and Other | 165.3 | |||||||||||||
Income Tax Benefit | (103.2) | |||||||||||||
Equity Earnings of Unconsolidated Subsidiaries | (4.6) | |||||||||||||
Net Loss Attributable to Noncontrolling Interests | 1.3 | |||||||||||||
First Quarter of 2024 | $ | 137.6 |
Three Months Ended March 31, | ||||||||
Generation & Marketing | 2018 | 2017 | ||||||
(in millions) | ||||||||
Revenues | $ | 505.1 | $ | 591.4 | ||||
Fuel, Purchased Electricity and Other | 408.8 | 405.2 | ||||||
Gross Margin | 96.3 | 186.2 | ||||||
Other Operation and Maintenance | 67.6 | 99.8 | ||||||
Gain on Sale of Merchant Generation Assets | — | (226.5 | ) | |||||
Depreciation and Amortization | 6.9 | 5.7 | ||||||
Taxes Other Than Income Taxes | 3.2 | 2.0 | ||||||
Operating Income | 18.6 | 305.2 | ||||||
Interest and Investment Income | 2.5 | 2.2 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.9 | 2.3 | ||||||
Interest Expense | (3.9 | ) | (6.5 | ) | ||||
Income Before Income Tax Expense | 21.1 | 303.2 | ||||||
Income Tax Expense | 3.0 | 117.0 | ||||||
Net Income | 18.1 | 186.2 | ||||||
Net Loss Attributable to Noncontrolling Interests | (0.1 | ) | — | |||||
Earnings Attributable to AEP Common Shareholders | $ | 18.2 | $ | 186.2 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions of MWhs) | |||||
Fuel Type: | |||||
Coal | 4 | 6 | |||
Natural Gas | — | 2 | |||
Total MWhs | 4 | 8 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Earnings Attributable to AEP Common Shareholders from Generation & Marketing | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 186.2 | ||
Changes in Gross Margin: | ||||
Generation | (53.6 | ) | ||
Retail, Trading and Marketing | (37.7 | ) | ||
Other | 1.4 | |||
Total Change in Gross Margin | (89.9 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 32.2 | |||
Gain on Sale of Merchant Generation Assets | (226.5 | ) | ||
Depreciation and Amortization | (1.2 | ) | ||
Taxes Other Than Income Taxes | (1.2 | ) | ||
Interest and Investment Income | 0.3 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | 1.6 | |||
Interest Expense | 2.6 | |||
Total Change in Expenses and Other | (192.2 | ) | ||
Income Tax Expense | 114.0 | |||
Net Loss Attributable to Noncontrolling Interests | 0.1 | |||
First Quarter of 2018 | $ | 18.2 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Long-term Debt, including amounts due within one year | $ | 39,835.9 | 57.4 | % | $ | 40,143.2 | 58.8 | % | |||||||||||||||
Short-term Debt | 3,737.6 | 5.4 | 2,830.2 | 4.2 | |||||||||||||||||||
Total Debt | 43,573.5 | 62.8 | 42,973.4 | 63.0 | |||||||||||||||||||
AEP Common Equity | 25,803.3 | 37.2 | 25,246.7 | 37.0 | |||||||||||||||||||
Noncontrolling Interests | 40.4 | — | 39.2 | — | |||||||||||||||||||
Total Debt and Equity Capitalization | $ | 69,417.2 | 100.0 | % | $ | 68,259.3 | 100.0 | % |
March 31, 2018 | December 31, 2017 | ||||||||||||
(dollars in millions) | |||||||||||||
Long-term Debt, including amounts due within one year | $ | 21,461.0 | 50.3 | % | $ | 21,173.3 | 51.5 | % | |||||
Short-term Debt | 2,658.8 | 6.2 | 1,638.6 | 4.0 | |||||||||
Total Debt | 24,119.8 | 56.5 | 22,811.9 | 55.5 | |||||||||
AEP Common Equity | 18,483.3 | 43.4 | 18,287.0 | 44.4 | |||||||||
Noncontrolling Interests | 28.3 | 0.1 | 26.6 | 0.1 | |||||||||
Total Debt and Equity Capitalization | $ | 42,631.4 | 100.0 | % | $ | 41,125.5 | 100.0 | % |
Amount | Maturity (a) | ||||||||||||||||
Commercial Paper Backup: | (in millions) | ||||||||||||||||
Revolving Credit Facility | $ | 5,000.0 | March 2029 | ||||||||||||||
Revolving Credit Facility | 1,000.0 | March 2027 | |||||||||||||||
Cash and Cash Equivalents | 230.7 | ||||||||||||||||
Total Liquidity Sources | 6,230.7 | ||||||||||||||||
Less: | AEP Commercial Paper Outstanding | 2,832.2 | |||||||||||||||
Net Available Liquidity | $ | 3,398.5 |
Amount | Maturity | |||||
(in millions) | ||||||
Commercial Paper Backup: | ||||||
Revolving Credit Facility | $ | 3,000.0 | June 2021 | |||
Cash and Cash Equivalents | 183.4 | |||||
Total Liquidity Sources | 3,183.4 | |||||
Less: | AEP Commercial Paper Outstanding | 1,886.2 | ||||
Net Available Liquidity | $ | 1,297.2 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | $ | 379.0 | $ | 556.5 | |||||||
Net Cash Flows from Operating Activities | 1,442.2 | 717.8 | |||||||||
Net Cash Flows Used for Investing Activities | (1,669.3) | (2,245.2) | |||||||||
Net Cash Flows from Financing Activities | 129.9 | 1,364.4 | |||||||||
Net Decrease in Cash and Cash Equivalents | (97.2) | (163.0) | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 281.8 | $ | 393.5 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | $ | 412.6 | $ | 403.5 | |||
Net Cash Flows from Operating Activities | 802.2 | 806.8 | |||||
Net Cash Flows from (Used for) Investing Activities | (1,927.8 | ) | 776.2 | ||||
Net Cash Flows from (Used for) Financing Activities | 1,029.5 | (1,687.1 | ) | ||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (96.1 | ) | (104.1 | ) | |||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 316.5 | $ | 299.4 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Net Income | $ | 1,005.7 | $ | 400.4 | |||||||
Non-Cash Adjustments to Net Income (a) | 630.2 | 924.2 | |||||||||
Mark-to-Market of Risk Management Contracts | 40.9 | (82.0) | |||||||||
Property Taxes | (89.2) | (101.6) | |||||||||
Deferred Fuel Over/Under-Recovery, Net | 43.4 | 128.0 | |||||||||
Change in Other Noncurrent Assets | (74.5) | (96.0) | |||||||||
Change in Other Noncurrent Liabilities | 61.8 | (58.7) | |||||||||
Change in Certain Components of Working Capital | (176.1) | (396.5) | |||||||||
Net Cash Flows from Operating Activities | $ | 1,442.2 | $ | 717.8 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Net Income | $ | 456.7 | $ | 594.2 | |||
Non-Cash Adjustments to Net Income (a) | 623.7 | 405.5 | |||||
Mark-to-Market of Risk Management Contracts | (0.7 | ) | 6.0 | ||||
Property Taxes | (63.7 | ) | (44.4 | ) | |||
Deferred Fuel Over/Under Recovery, Net | (61.2 | ) | 19.3 | ||||
Recovery of Ohio Capacity Costs, Net | 18.0 | 30.2 | |||||
Provision for Refund - Global Settlement, Net | (5.4 | ) | — | ||||
Change in Other Noncurrent Assets | (59.8 | ) | (99.1 | ) | |||
Change in Other Noncurrent Liabilities | 133.3 | 45.0 | |||||
Change in Certain Components of Working Capital | (238.7 | ) | (149.9 | ) | |||
Net Cash Flows from Operating Activities | $ | 802.2 | $ | 806.8 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Construction Expenditures | $ | (1,905.8 | ) | $ | (1,365.8 | ) | |
Acquisitions of Nuclear Fuel | (23.8 | ) | (3.7 | ) | |||
Proceeds from Sale of Merchant Generation Assets | — | 2,159.6 | |||||
Other | 1.8 | (13.9 | ) | ||||
Net Cash Flows from (Used for) Investing Activities | $ | (1,927.8 | ) | $ | 776.2 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Construction Expenditures | $ | (1,761.7) | $ | (2,090.1) | |||||||
Acquisitions of Nuclear Fuel | (33.7) | (1.7) | |||||||||
Acquisitions of Renewable Energy Facilities | — | (145.7) | |||||||||
Proceeds from Sale of Equity Method Investment | 114.0 | — | |||||||||
Other | 12.1 | (7.7) | |||||||||
Net Cash Flows Used for Investing Activities | $ | (1,669.3) | $ | (2,245.2) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Issuance of Common Stock | $ | 40.6 | $ | 41.1 | |||||||
Issuance/Retirement of Debt, Net | 605.1 | 1,837.7 | |||||||||
Dividends Paid on Common Stock | (466.9) | (431.8) | |||||||||
Other | (48.9) | (82.6) | |||||||||
Net Cash Flows from Financing Activities | $ | 129.9 | $ | 1,364.4 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Issuance of Common Stock, Net | $ | 32.2 | $ | — | |||
Issuance/Retirement of Debt, Net | 1,317.2 | (1,336.4 | ) | ||||
Dividends Paid on Common Stock | (306.1 | ) | (291.4 | ) | |||
Other | (13.8 | ) | (59.3 | ) | |||
Net Cash Flows from (Used for) Financing Activities | $ | 1,029.5 | $ | (1,687.1 | ) |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
Rockport Plant, Unit 2 Future Minimum Lease Payments | $ | 738.4 | $ | 738.4 | |||
Railcars Maximum Potential Loss from Lease Agreement | 15.4 | 17.9 |
MTM Derivative Contract Net Assets (Liabilities) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | Generation & Marketing | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Total MTM Risk Management Contracts - Commodity Net Assets (Liabilities) as of December 31, 2023 | $ | 16.9 | $ | (51.0) | $ | 92.4 | $ | 58.3 | ||||||||||||||||||
(Gain)/Loss from Contracts Realized/Settled During the Period and Entered in a Prior Period | (26.9) | 2.3 | 39.1 | 14.5 | ||||||||||||||||||||||
Fair Value of New Contracts at Inception When Entered During the Period (a) | — | — | 1.3 | 1.3 | ||||||||||||||||||||||
Changes in Fair Value Due to Market Fluctuations During the Period (b) | (25.8) | — | 23.1 | (2.7) | ||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (c) | (5.1) | 8.0 | — | 2.9 | ||||||||||||||||||||||
Total MTM Risk Management Contracts - Commodity Net Assets (Liabilities) as of March 31, 2024 | $ | (40.9) | $ | (40.7) | $ | 155.9 | 74.3 | |||||||||||||||||||
Commodity Cash Flow Hedge Contracts | 110.7 | |||||||||||||||||||||||||
Interest Rate Cash Flow Hedge Contracts | 6.6 | |||||||||||||||||||||||||
Fair Value Hedge Contracts | (114.8) | |||||||||||||||||||||||||
Collateral Deposits | (73.6) | |||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets as of March 31, 2024 | $ | 3.2 |
MTM Risk Management Contract Net Assets (Liabilities) | |||||||||||||||
Three Months Ended March 31, 2018 | |||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | Generation & Marketing | Total | ||||||||||||
(in millions) | |||||||||||||||
Total MTM Risk Management Contract Net Assets (Liabilities) as of December 31, 2017 | $ | 42.1 | $ | (131.3 | ) | $ | 163.9 | $ | 74.7 | ||||||
Gain from Contracts Realized/Settled During the Period and Entered in a Prior Period | (30.5 | ) | (1.1 | ) | (9.2 | ) | (40.8 | ) | |||||||
Fair Value of New Contracts at Inception When Entered During the Period (a) | — | — | 6.1 | 6.1 | |||||||||||
Changes in Fair Value Due to Market Fluctuations During the Period (b) | — | — | (22.4 | ) | (22.4 | ) | |||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (c) | 5.8 | 34.8 | — | 40.6 | |||||||||||
Total MTM Risk Management Contract Net Assets (Liabilities) as of March 31, 2018 | $ | 17.4 | $ | (97.6 | ) | $ | 138.4 | 58.2 | |||||||
Commodity Cash Flow Hedge Contracts | (33.4 | ) | |||||||||||||
Fair Value Hedge Contracts | (20.6 | ) | |||||||||||||
Collateral Deposits | 16.8 | ||||||||||||||
Total MTM Derivative Contract Net Assets as of March 31, 2018 | $ | 21.0 |
Counterparty Credit Quality | Exposure Before Credit Collateral | Credit Collateral | Net Exposure | Number of Counterparties >10% of Net Exposure | Net Exposure of Counterparties >10% | |||||||||||||||||||||||||||
(in millions, except number of counterparties) | ||||||||||||||||||||||||||||||||
Investment Grade | $ | 595.2 | $ | 86.4 | $ | 508.8 | 3 | $ | 278.9 | |||||||||||||||||||||||
Split Rating | 17.8 | — | 17.8 | 1 | 17.8 | |||||||||||||||||||||||||||
No External Ratings: | ||||||||||||||||||||||||||||||||
Internal Investment Grade | 21.0 | — | 21.0 | 3 | 13.2 | |||||||||||||||||||||||||||
Internal Noninvestment Grade | 102.2 | 56.4 | 45.8 | 2 | 40.5 | |||||||||||||||||||||||||||
Total as of March 31, 2024 | $ | 736.2 | $ | 142.8 | $ | 593.4 |
Counterparty Credit Quality | Exposure Before Credit Collateral | Credit Collateral | Net Exposure | Number of Counterparties >10% of Net Exposure | Net Exposure of Counterparties >10% | ||||||||||||||
(in millions, except number of counterparties) | |||||||||||||||||||
Investment Grade | $ | 502.5 | $ | — | $ | 502.5 | 3 | $ | 273.6 | ||||||||||
Split Rating | 3.5 | — | 3.5 | 1 | 3.5 | ||||||||||||||
Noninvestment Grade | 0.8 | 0.8 | — | — | — | ||||||||||||||
No External Ratings: | |||||||||||||||||||
Internal Investment Grade | 114.7 | — | 114.7 | 3 | 72.3 | ||||||||||||||
Internal Noninvestment Grade | 57.3 | 10.5 | 46.8 | 2 | 30.6 | ||||||||||||||
Total as of March 31, 2018 | $ | 678.8 | $ | 11.3 | $ | 667.5 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
End | High | Average | Low | End | High | Average | Low | |||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
$ | 0.2 | $ | 1.7 | $ | 0.4 | $ | 0.1 | $ | 0.2 | $ | 0.9 | $ | 0.2 | $ | 0.1 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||
March 31, 2018 | December 31, 2017 | |||||||||||||||||||||||||||||
End | High | Average | Low | End | High | Average | Low | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||
$ | 0.2 | $ | 1.8 | $ | 0.4 | $ | 0.1 | $ | 0.2 | $ | 0.5 | $ | 0.2 | $ | 0.1 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
End | High | Average | Low | End | High | Average | Low | |||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
$ | 14.6 | $ | 98.6 | $ | 25.0 | $ | 11.9 | $ | 17.7 | $ | 32.7 | $ | 16.4 | $ | 6.1 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||
March 31, 2018 | December 31, 2017 | |||||||||||||||||||||||||||||
End | High | Average | Low | End | High | Average | Low | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||
$ | 1.4 | $ | 6.9 | $ | 2.8 | $ | 1.0 | $ | 4.1 | $ | 6.5 | $ | 1.0 | $ | 0.3 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Vertically Integrated Utilities | $ | 2,901.2 | $ | 2,816.3 | ||||||||||||||||||||||
Transmission and Distribution Utilities | 1,483.2 | 1,455.3 | ||||||||||||||||||||||||
Generation & Marketing | 515.9 | 326.9 | ||||||||||||||||||||||||
Other Revenues | 125.4 | 92.4 | ||||||||||||||||||||||||
TOTAL REVENUES | 5,025.7 | 4,690.9 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 1,575.8 | 1,706.4 | ||||||||||||||||||||||||
Other Operation | 762.3 | 680.0 | ||||||||||||||||||||||||
Maintenance | 317.5 | 317.3 | ||||||||||||||||||||||||
Loss on the Sale of the Competitive Contracted Renewables Portfolio | — | 112.0 | ||||||||||||||||||||||||
Depreciation and Amortization | 787.1 | 775.5 | ||||||||||||||||||||||||
Taxes Other Than Income Taxes | 410.4 | 394.9 | ||||||||||||||||||||||||
TOTAL EXPENSES | 3,853.1 | 3,986.1 | ||||||||||||||||||||||||
OPERATING INCOME | 1,172.6 | 704.8 | ||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Other Income | 13.6 | 14.7 | ||||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 43.6 | 31.3 | ||||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 45.1 | 55.5 | ||||||||||||||||||||||||
Interest Expense | (435.6) | (415.7) | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS | 839.3 | 390.6 | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (141.9) | 10.4 | ||||||||||||||||||||||||
Equity Earnings of Unconsolidated Subsidiaries | 24.5 | 20.2 | ||||||||||||||||||||||||
NET INCOME | 1,005.7 | 400.4 | ||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 2.6 | 3.4 | ||||||||||||||||||||||||
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 1,003.1 | $ | 397.0 | ||||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING | 526,552,036 | 514,176,648 | ||||||||||||||||||||||||
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 1.91 | $ | 0.77 | ||||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING | 527,596,395 | 515,598,090 | ||||||||||||||||||||||||
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 1.90 | $ | 0.77 | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
REVENUES | ||||||||
Vertically Integrated Utilities | $ | 2,381.5 | $ | 2,269.8 | ||||
Transmission and Distribution Utilities | 1,141.2 | 1,066.4 | ||||||
Generation & Marketing | 477.5 | 558.8 | ||||||
Other Revenues | 48.1 | 38.3 | ||||||
TOTAL REVENUES | 4,048.3 | 3,933.3 | ||||||
EXPENSES | ||||||||
Fuel and Other Consumables Used for Electric Generation | 501.8 | 635.6 | ||||||
Purchased Electricity for Resale | 990.3 | 769.6 | ||||||
Other Operation | 726.4 | 623.7 | ||||||
Maintenance | 298.5 | 303.5 | ||||||
Gain on Sale of Merchant Generation Assets | — | (226.5 | ) | |||||
Depreciation and Amortization | 539.7 | 481.9 | ||||||
Taxes Other Than Income Taxes | 285.6 | 259.8 | ||||||
TOTAL EXPENSES | 3,342.3 | 2,847.6 | ||||||
OPERATING INCOME | 706.0 | 1,085.7 | ||||||
Other Income (Expense): | ||||||||
Interest and Investment Income | 2.1 | 8.0 | ||||||
Carrying Costs Income | 3.4 | 5.9 | ||||||
Allowance for Equity Funds Used During Construction | 30.7 | 21.2 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 32.0 | 11.4 | ||||||
Interest Expense | (234.0 | ) | (221.8 | ) | ||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 540.2 | 910.4 | ||||||
Income Tax Expense | 102.0 | 343.2 | ||||||
Equity Earnings of Unconsolidated Subsidiaries | 18.5 | 27.0 | ||||||
NET INCOME | 456.7 | 594.2 | ||||||
Net Income Attributable to Noncontrolling Interests | 2.3 | 2.0 | ||||||
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 454.4 | $ | 592.2 | ||||
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING | 492,267,402 | 491,712,042 | ||||||
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 0.92 | $ | 1.20 | ||||
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING | 493,127,300 | 492,031,975 | ||||||
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 0.92 | $ | 1.20 | ||||
CASH DIVIDENDS DECLARED PER SHARE | $ | 0.62 | $ | 0.59 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Net Income | $ | 1,005.7 | $ | 400.4 | ||||||||||||||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $(1.6) and $(40.5) in 2024 and 2023, Respectively | (6.2) | (152.4) | ||||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.2) and $(4.3) in 2024 and 2023, Respectively | (0.6) | (16.1) | ||||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets, Net of Tax of $0 and $4.4 in 2024 and 2023, Respectively | — | 16.7 | ||||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE LOSS | (6.8) | (151.8) | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | 998.9 | 248.6 | ||||||||||||||||||||||||
Total Comprehensive Income Attributable To Noncontrolling Interests | 2.6 | 3.4 | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 996.3 | $ | 245.2 | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Net Income | $ | 456.7 | $ | 594.2 | ||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||
Cash Flow Hedges, Net of Tax of $0.7 and $(8.7) in 2018 and 2017, Respectively | 2.7 | (16.1 | ) | |||||
Securities Available for Sale, Net of Tax of $0 and $0.6 in 2018 and 2017, Respectively | — | 1.2 | ||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.4) and $0.1 in 2018 and 2017, Respectively | (1.4 | ) | 0.2 | |||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 1.3 | (14.7 | ) | |||||
TOTAL COMPREHENSIVE INCOME | 458.0 | 579.5 | ||||||
Total Comprehensive Income Attributable to Noncontrolling Interests | 2.3 | 2.0 | ||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 455.7 | $ | 577.5 |
AEP Common Shareholders | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Retained Earnings | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2022 | 525.1 | $ | 3,413.1 | $ | 8,051.0 | $ | 12,345.6 | $ | 83.7 | $ | 229.0 | $ | 24,122.4 | ||||||||||||||||||||||||||||
Issuance of Common Stock | 0.8 | 5.1 | 36.0 | 41.1 | |||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (428.8) | (a) | (3.0) | (431.8) | |||||||||||||||||||||||||||||||||||||
Other Changes in Equity | (12.7) | 0.2 | (12.5) | ||||||||||||||||||||||||||||||||||||||
Net Income | 397.0 | 3.4 | 400.4 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (151.8) | (151.8) | |||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2023 | 525.9 | $ | 3,418.2 | $ | 8,074.3 | $ | 12,313.8 | $ | (68.1) | $ | 229.6 | $ | 23,967.8 | ||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2023 | 527.4 | $ | 3,427.9 | $ | 9,073.9 | $ | 12,800.4 | $ | (55.5) | $ | 39.2 | $ | 25,285.9 | ||||||||||||||||||||||||||||
Issuance of Common Stock | 0.8 | 5.4 | 35.2 | 40.6 | |||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (465.5) | (b) | (1.4) | (466.9) | |||||||||||||||||||||||||||||||||||||
Other Changes in Equity | (14.8) | (14.8) | |||||||||||||||||||||||||||||||||||||||
Net Income | 1,003.1 | 2.6 | 1,005.7 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (6.8) | (6.8) | |||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2024 | 528.2 | $ | 3,433.3 | $ | 9,094.3 | $ | 13,338.0 | $ | (62.3) | $ | 40.4 | $ | 25,843.7 | ||||||||||||||||||||||||||||
AEP Common Shareholders | ||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2016 | 512.0 | $ | 3,328.3 | $ | 6,332.6 | $ | 7,892.4 | $ | (156.3 | ) | $ | 23.1 | $ | 17,420.1 | ||||||||||||
Common Stock Dividends | (290.3 | ) | (1.1 | ) | (291.4 | ) | ||||||||||||||||||||
Other Changes in Equity | 2.9 | 0.6 | 3.5 | |||||||||||||||||||||||
Net Income | 592.2 | 2.0 | 594.2 | |||||||||||||||||||||||
Other Comprehensive Loss | (14.7 | ) | (14.7 | ) | ||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2017 | 512.0 | $ | 3,328.3 | $ | 6,335.5 | $ | 8,194.3 | $ | (171.0 | ) | $ | 24.6 | $ | 17,711.7 | ||||||||||||
TOTAL EQUITY – DECEMBER 31, 2017 | 512.2 | $ | 3,329.4 | $ | 6,398.7 | $ | 8,626.7 | $ | (67.8 | ) | $ | 26.6 | $ | 18,313.6 | ||||||||||||
Issuance of Common Stock | 0.5 | 3.3 | 28.9 | 32.2 | ||||||||||||||||||||||
Common Stock Dividends | (305.5 | ) | (0.6 | ) | (306.1 | ) | ||||||||||||||||||||
Other Changes in Equity | 16.9 | 16.9 | ||||||||||||||||||||||||
ASU 2018-02 Adoption | 14.0 | (17.0 | ) | (3.0 | ) | |||||||||||||||||||||
ASU 2016-01 Adoption | 11.9 | (11.9 | ) | — | ||||||||||||||||||||||
Net Income | 454.4 | 2.3 | 456.7 | |||||||||||||||||||||||
Other Comprehensive Income | 1.3 | 1.3 | ||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2018 | 512.7 | $ | 3,332.7 | $ | 6,444.5 | $ | 8,801.5 | $ | (95.4 | ) | $ | 28.3 | $ | 18,511.6 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 230.7 | $ | 330.1 | ||||||||||
Restricted Cash (March 31, 2024 and December 31, 2023 Amounts Include $51.1 and $48.9, Respectively, Related to Transition Funding, Restoration Funding and Appalachian Consumer Rate Relief Funding) | 51.1 | 48.9 | ||||||||||||
Other Temporary Investments (March 31, 2024 and December 31, 2023 Amounts Include $206.1 and $205, Respectively, Related to EIS and Transource Energy) | 217.0 | 214.3 | ||||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 1,000.0 | 1,029.9 | ||||||||||||
Accrued Unbilled Revenues | 220.9 | 179.5 | ||||||||||||
Pledged Accounts Receivable – AEP Credit | 1,206.8 | 1,249.4 | ||||||||||||
Miscellaneous | 47.2 | 48.7 | ||||||||||||
Allowance for Uncollectible Accounts | (59.6) | (60.1) | ||||||||||||
Total Accounts Receivable | 2,415.3 | 2,447.4 | ||||||||||||
Fuel | 749.9 | 853.7 | ||||||||||||
Materials and Supplies | 1,020.4 | 1,025.8 | ||||||||||||
Risk Management Assets | 152.7 | 217.5 | ||||||||||||
Accrued Tax Benefits | 89.4 | 156.2 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 550.3 | 514.0 | ||||||||||||
Prepayments and Other Current Assets | 372.8 | 274.2 | ||||||||||||
TOTAL CURRENT ASSETS | 5,849.6 | 6,082.1 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 24,404.1 | 24,329.5 | ||||||||||||
Transmission | 36,253.1 | 35,934.1 | ||||||||||||
Distribution | 29,476.3 | 28,989.9 | ||||||||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 6,557.2 | 6,484.9 | ||||||||||||
Construction Work in Progress | 6,142.1 | 5,508.0 | ||||||||||||
Total Property, Plant and Equipment | 102,832.8 | 101,246.4 | ||||||||||||
Accumulated Depreciation and Amortization | 25,036.8 | 24,553.0 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 77,796.0 | 76,693.4 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 5,034.1 | 5,092.4 | ||||||||||||
Securitized Assets | 309.7 | 336.3 | ||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | 4,112.6 | 3,860.2 | ||||||||||||
Goodwill | 52.5 | 52.5 | ||||||||||||
Long-term Risk Management Assets | 314.4 | 321.2 | ||||||||||||
Operating Lease Assets | 603.0 | 620.2 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 3,672.7 | 3,625.7 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 14,099.0 | 13,908.5 | ||||||||||||
TOTAL ASSETS | $ | 97,744.6 | $ | 96,684.0 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 183.4 | $ | 214.6 | ||||
Restricted Cash (March 31, 2018 and December 31, 2017 Amounts Relate to Transition Funding, Ohio Phase-in-Recovery Funding and Appalachian Consumer Rate Relief Funding) | 133.1 | 198.0 | ||||||
Other Temporary Investments (March 31, 2018 and December 31, 2017 Amounts Include $155.8 and $155.4, Respectively, Related to EIS, Transource Energy and Sabine) | 167.9 | 161.7 | ||||||
Accounts Receivable: | ||||||||
Customers | 635.6 | 643.9 | ||||||
Accrued Unbilled Revenues | 213.4 | 230.2 | ||||||
Pledged Accounts Receivable – AEP Credit | 975.3 | 954.2 | ||||||
Miscellaneous | 66.5 | 101.2 | ||||||
Allowance for Uncollectible Accounts | (39.3 | ) | (38.5 | ) | ||||
Total Accounts Receivable | 1,851.5 | 1,891.0 | ||||||
Fuel | 359.6 | 387.7 | ||||||
Materials and Supplies | 563.2 | 565.5 | ||||||
Risk Management Assets | 89.6 | 126.2 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 352.3 | 292.5 | ||||||
Margin Deposits | 154.2 | 105.5 | ||||||
Prepayments and Other Current Assets | 280.2 | 310.4 | ||||||
TOTAL CURRENT ASSETS | 4,135.0 | 4,253.1 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 20,824.0 | 20,760.5 | ||||||
Transmission | 19,239.9 | 18,972.5 | ||||||
Distribution | 20,160.5 | 19,868.5 | ||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 3,812.5 | 3,706.3 | ||||||
Construction Work in Progress | 4,759.4 | 4,120.7 | ||||||
Total Property, Plant and Equipment | 68,796.3 | 67,428.5 | ||||||
Accumulated Depreciation and Amortization | 17,431.2 | 17,167.0 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 51,365.1 | 50,261.5 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 3,516.9 | 3,587.6 | ||||||
Securitized Assets | 1,146.6 | 1,211.2 | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 2,510.6 | 2,527.6 | ||||||
Goodwill | 52.5 | 52.5 | ||||||
Long-term Risk Management Assets | 271.2 | 282.1 | ||||||
Deferred Charges and Other Noncurrent Assets | 2,611.6 | 2,553.5 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 10,109.4 | 10,214.5 | ||||||
TOTAL ASSETS | $ | 65,609.5 | $ | 64,729.1 |
March 31, | December 31, | ||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||||||||
Accounts Payable | $ | 1,990.9 | $ | 2,032.5 | |||||||||||||||||||||||||
Short-term Debt: | |||||||||||||||||||||||||||||
Securitized Debt for Receivables – AEP Credit | 900.0 | 888.0 | |||||||||||||||||||||||||||
Other Short-term Debt | 2,837.6 | 1,942.2 | |||||||||||||||||||||||||||
Total Short-term Debt | 3,737.6 | 2,830.2 | |||||||||||||||||||||||||||
Long-term Debt Due Within One Year (March 31, 2024 and December 31, 2023 Amounts Include $201.5 and $207.2, Respectively, Related to Sabine, DCC Fuel, Transition Funding, Restoration Funding, Appalachian Consumer Rate Relief Funding and Transource Energy) | 1,198.6 | 2,490.5 | |||||||||||||||||||||||||||
Risk Management Liabilities | 184.4 | 229.6 | |||||||||||||||||||||||||||
Customer Deposits | 436.2 | 423.7 | |||||||||||||||||||||||||||
Accrued Taxes | 1,675.6 | 1,800.1 | |||||||||||||||||||||||||||
Accrued Interest | 507.3 | 410.2 | |||||||||||||||||||||||||||
Obligations Under Operating Leases | 107.1 | 115.7 | |||||||||||||||||||||||||||
Other Current Liabilities | 1,068.9 | 1,251.1 | |||||||||||||||||||||||||||
TOTAL CURRENT LIABILITIES | 10,906.6 | 11,583.6 | |||||||||||||||||||||||||||
NONCURRENT LIABILITIES | |||||||||||||||||||||||||||||
Long-term Debt (March 31, 2024 and December 31, 2023 Amounts Include $528.9 and $556.3, Respectively, Related to Sabine, DCC Fuel, Transition Funding, Restoration Funding, Appalachian Consumer Rate Relief Funding and Transource Energy) | 38,637.3 | 37,652.7 | |||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 279.5 | 241.8 | |||||||||||||||||||||||||||
Deferred Income Taxes | 9,662.1 | 9,415.7 | |||||||||||||||||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 8,089.4 | 8,182.4 | |||||||||||||||||||||||||||
Asset Retirement Obligations | 2,972.9 | 2,972.5 | |||||||||||||||||||||||||||
Employee Benefits and Pension Obligations | 230.8 | 241.7 | |||||||||||||||||||||||||||
Obligations Under Operating Leases | 509.3 | 519.4 | |||||||||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 561.4 | 545.8 | |||||||||||||||||||||||||||
TOTAL NONCURRENT LIABILITIES | 60,942.7 | 59,772.0 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 71,849.3 | 71,355.6 | |||||||||||||||||||||||||||
Rate Matters (Note 4) | |||||||||||||||||||||||||||||
Commitments and Contingencies (Note 5) | |||||||||||||||||||||||||||||
MEZZANINE EQUITY | |||||||||||||||||||||||||||||
Contingently Redeemable Performance Share Awards | 51.6 | 42.5 | |||||||||||||||||||||||||||
TOTAL MEZZANINE EQUITY | 51.6 | 42.5 | |||||||||||||||||||||||||||
EQUITY | |||||||||||||||||||||||||||||
Common Stock – Par Value – $6.50 Per Share: | |||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||
Shares Authorized | 600,000,000 | 600,000,000 | |||||||||||||||||||||||||||
Shares Issued | 528,199,306 | 527,369,157 | |||||||||||||||||||||||||||
(1,184,572 Shares were Held in Treasury as of March 31, 2024 and December 31, 2023, Respectively) | 3,433.3 | 3,427.9 | |||||||||||||||||||||||||||
Paid-in Capital | 9,094.3 | 9,073.9 | |||||||||||||||||||||||||||
Retained Earnings | 13,338.0 | 12,800.4 | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | (62.3) | (55.5) | |||||||||||||||||||||||||||
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY | 25,803.3 | 25,246.7 | |||||||||||||||||||||||||||
Noncontrolling Interests | 40.4 | 39.2 | |||||||||||||||||||||||||||
TOTAL EQUITY | 25,843.7 | 25,285.9 | |||||||||||||||||||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY | $ | 97,744.6 | $ | 96,684.0 | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||
2018 | 2017 | ||||||||||||
CURRENT LIABILITIES | |||||||||||||
Accounts Payable | $ | 1,449.6 | $ | 2,065.3 | |||||||||
Short-term Debt: | |||||||||||||
Securitized Debt for Receivables – AEP Credit | 750.0 | 718.0 | |||||||||||
Other Short-term Debt | 1,908.8 | 920.6 | |||||||||||
Total Short-term Debt | 2,658.8 | 1,638.6 | |||||||||||
Long-term Debt Due Within One Year (March 31, 2018 and December 31, 2017 Amounts Include $406.5 and $406.9, Respectively, Related to Transition Funding, DCC Fuel, Ohio Phase-in-Recovery Funding, Appalachian Consumer Rate Relief Funding and Sabine) | 2,616.1 | 1,753.7 | |||||||||||
Risk Management Liabilities | 57.1 | 61.6 | |||||||||||
Customer Deposits | 365.5 | 357.0 | |||||||||||
Accrued Taxes | 1,081.4 | 1,115.5 | |||||||||||
Accrued Interest | 273.1 | 234.5 | |||||||||||
Regulatory Liability for Over-Recovered Fuel Costs | 9.8 | 11.9 | |||||||||||
Other Current Liabilities | 960.0 | 1,033.2 | |||||||||||
TOTAL CURRENT LIABILITIES | 9,471.4 | 8,271.3 | |||||||||||
NONCURRENT LIABILITIES | |||||||||||||
Long-term Debt (March 31, 2018 and December 31, 2017 Amounts Include $1,253 and $1,410.5, Respectively, Related to Transition Funding, DCC Fuel, Ohio Phase-in-Recovery Funding, Appalachian Consumer Rate Relief Funding, Transource Energy and Sabine) | 18,844.9 | 19,419.6 | |||||||||||
Long-term Risk Management Liabilities | 282.7 | 322.0 | |||||||||||
Deferred Income Taxes | 6,943.9 | 6,813.9 | |||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 8,394.5 | 8,422.3 | |||||||||||
Asset Retirement Obligations | 1,933.7 | 1,925.5 | |||||||||||
Employee Benefits and Pension Obligations | 330.9 | 398.1 | |||||||||||
Deferred Credits and Other Noncurrent Liabilities | 808.2 | 830.9 | |||||||||||
TOTAL NONCURRENT LIABILITIES | 37,538.8 | 38,132.3 | |||||||||||
TOTAL LIABILITIES | 47,010.2 | 46,403.6 | |||||||||||
Rate Matters (Note 4) | |||||||||||||
Commitments and Contingencies (Note 5) | |||||||||||||
MEZZANINE EQUITY | |||||||||||||
Redeemable Noncontrolling Interest | 70.7 | — | |||||||||||
Contingently Redeemable Performance Share Awards | 17.0 | 11.9 | |||||||||||
TOTAL MEZZANINE EQUITY | 87.7 | 11.9 | |||||||||||
EQUITY | |||||||||||||
Common Stock – Par Value – $6.50 Per Share: | |||||||||||||
2018 | 2017 | ||||||||||||
Shares Authorized | 600,000,000 | 600,000,000 | |||||||||||
Shares Issued | 512,716,170 | 512,210,644 | |||||||||||
(20,204,160 and 20,205,046 Shares were Held in Treasury as of March 31, 2018 and December 31, 2017, Respectively) | 3,332.7 | 3,329.4 | |||||||||||
Paid-in Capital | 6,444.5 | 6,398.7 | |||||||||||
Retained Earnings | 8,801.5 | 8,626.7 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (95.4 | ) | (67.8 | ) | |||||||||
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY | 18,483.3 | 18,287.0 | |||||||||||
Noncontrolling Interests | 28.3 | 26.6 | |||||||||||
TOTAL EQUITY | 18,511.6 | 18,313.6 | |||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY | $ | 65,609.5 | $ | 64,729.1 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 1,005.7 | $ | 400.4 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 787.1 | 775.5 | ||||||||||||
Deferred Income Taxes | (113.3) | 68.0 | ||||||||||||
Loss on the Sale of the Competitive Contracted Renewables Portfolio | — | 112.0 | ||||||||||||
Allowance for Equity Funds Used During Construction | (43.6) | (31.3) | ||||||||||||
Mark-to-Market of Risk Management Contracts | 40.9 | (82.0) | ||||||||||||
Property Taxes | (89.2) | (101.6) | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | 43.4 | 128.0 | ||||||||||||
Change in Other Noncurrent Assets | (74.5) | (96.0) | ||||||||||||
Change in Other Noncurrent Liabilities | 61.8 | (58.7) | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | 34.9 | 348.4 | ||||||||||||
Fuel, Materials and Supplies | 104.3 | (115.9) | ||||||||||||
Accounts Payable | (99.5) | (255.9) | ||||||||||||
Accrued Taxes, Net | (57.7) | (150.9) | ||||||||||||
Other Current Assets | (91.3) | (94.6) | ||||||||||||
Other Current Liabilities | (66.8) | (127.6) | ||||||||||||
Net Cash Flows from Operating Activities | 1,442.2 | 717.8 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (1,761.7) | (2,090.1) | ||||||||||||
Purchases of Investment Securities | (590.0) | (537.3) | ||||||||||||
Sales of Investment Securities | 572.5 | 517.6 | ||||||||||||
Acquisitions of Nuclear Fuel | (33.7) | (1.7) | ||||||||||||
Acquisitions of Renewable Energy Facilities | — | (145.7) | ||||||||||||
Proceeds from Sale of Equity Method Investment | 114.0 | — | ||||||||||||
Other Investing Activities | 29.6 | 12.0 | ||||||||||||
Net Cash Flows Used for Investing Activities | (1,669.3) | (2,245.2) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Issuance of Common Stock | 40.6 | 41.1 | ||||||||||||
Issuance of Long-term Debt | 859.9 | 2,847.3 | ||||||||||||
Issuance of Short-term Debt with Original Maturities greater than 90 Days | 376.6 | 97.4 | ||||||||||||
Change in Short-term Debt with Original Maturities less than 90 Days, Net | 840.9 | (433.7) | ||||||||||||
Retirement of Long-term Debt | (1,162.2) | (519.5) | ||||||||||||
Redemption of Short-term Debt with Original Maturities Greater than 90 Days | (310.1) | (153.8) | ||||||||||||
Principal Payments for Finance Lease Obligations | (17.0) | (26.8) | ||||||||||||
Dividends Paid on Common Stock | (466.9) | (431.8) | ||||||||||||
Other Financing Activities | (31.9) | (55.8) | ||||||||||||
Net Cash Flows from Financing Activities | 129.9 | 1,364.4 | ||||||||||||
Net Decrease in Cash and Cash Equivalents | (97.2) | (163.0) | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 379.0 | 556.5 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 281.8 | $ | 393.5 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 368.3 | $ | 311.9 | ||||||||||
Net Cash Paid for Income Taxes | 16.1 | 15.8 | ||||||||||||
Cash Received from Sale of Transferable Tax Credits | (62.0) | — | ||||||||||||
Noncash Acquisitions Under Finance Leases | 7.0 | 12.5 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 837.0 | 1,076.1 | ||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 456.7 | $ | 594.2 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 539.7 | 481.9 | ||||||
Deferred Income Taxes | 87.3 | 136.2 | ||||||
Allowance for Equity Funds Used During Construction | (30.7 | ) | (21.2 | ) | ||||
Mark-to-Market of Risk Management Contracts | (0.7 | ) | 6.0 | |||||
Amortization of Nuclear Fuel | 27.4 | 35.1 | ||||||
Property Taxes | (63.7 | ) | (44.4 | ) | ||||
Deferred Fuel Over/Under-Recovery, Net | (61.2 | ) | 19.3 | |||||
Gain on Sale of Merchant Generation Assets | — | (226.5 | ) | |||||
Recovery of Ohio Capacity Costs | 18.0 | 30.2 | ||||||
Provision for Refund - Global Settlement, Net | (5.4 | ) | — | |||||
Change in Other Noncurrent Assets | (59.8 | ) | (99.1 | ) | ||||
Change in Other Noncurrent Liabilities | 133.3 | 45.0 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 39.7 | 235.8 | ||||||
Fuel, Materials and Supplies | 28.5 | 13.4 | ||||||
Accounts Payable | (129.3 | ) | (250.7 | ) | ||||
Accrued Taxes, Net | (74.3 | ) | 186.8 | |||||
Other Current Assets | (40.1 | ) | (45.9 | ) | ||||
Other Current Liabilities | (63.2 | ) | (289.3 | ) | ||||
Net Cash Flows from Operating Activities | 802.2 | 806.8 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (1,905.8 | ) | (1,365.8 | ) | ||||
Purchases of Investment Securities | (525.9 | ) | (506.0 | ) | ||||
Sales of Investment Securities | 508.6 | 487.9 | ||||||
Acquisitions of Nuclear Fuel | (23.8 | ) | (3.7 | ) | ||||
Proceeds from Sale of Merchant Generation Assets | — | 2,159.6 | ||||||
Other Investing Activities | 19.1 | 4.2 | ||||||
Net Cash Flows from (Used for) Investing Activities | (1,927.8 | ) | 776.2 | |||||
FINANCING ACTIVITIES | ||||||||
Issuance of Common Stock, Net | 32.2 | — | ||||||
Issuance of Long-term Debt | 841.0 | 82.9 | ||||||
Commercial Paper and Credit Facility Borrowings | 205.6 | — | ||||||
Change in Short-term Debt, Net | 814.6 | (177.0 | ) | |||||
Retirement of Long-term Debt | (544.0 | ) | (1,242.3 | ) | ||||
Make Whole Payment on Extinguishment of Long-term Debt | — | (44.9 | ) | |||||
Principal Payments for Capital Lease Obligations | (16.8 | ) | (16.6 | ) | ||||
Dividends Paid on Common Stock | (306.1 | ) | (291.4 | ) | ||||
Other Financing Activities | 3.0 | 2.2 | ||||||
Net Cash Flows from (Used for) Financing Activities | 1,029.5 | (1,687.1 | ) | |||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (96.1 | ) | (104.1 | ) | ||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 412.6 | 403.5 | ||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 316.5 | $ | 299.4 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 188.0 | $ | 205.9 | ||||
Net Cash Paid (Received) for Income Taxes | (0.9 | ) | (88.8 | ) | ||||
Noncash Acquisitions Under Capital Leases | 21.4 | 11.4 | ||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 799.9 | 515.6 | ||||||
Noncash Contribution of Assets by Noncontrolling Interest | 84.0 | — | ||||||
Expected Reimbursement for Capital Cost of Spent Nuclear Fuel Dry Cask Storage | 0.1 | 1.0 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 2,529 | 2,532 | |||||||||||||||||||||
Commercial | 3,307 | 2,744 | |||||||||||||||||||||
Industrial | 3,273 | 3,108 | |||||||||||||||||||||
Miscellaneous | 151 | 138 | |||||||||||||||||||||
Total Retail | 9,260 | 8,522 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions of KWhs) | |||||
Retail: | |||||
Residential | 2,664 | 2,201 | |||
Commercial | 2,312 | 2,325 | |||
Industrial | 1,960 | 1,907 | |||
Miscellaneous | 122 | 128 | |||
Total Retail | 7,058 | 6,561 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 161 | 141 | |||||||||||||||||||||
Normal – Heating (b) | 195 | 194 | |||||||||||||||||||||
Actual – Cooling (c) | 146 | 271 | |||||||||||||||||||||
Normal – Cooling (b) | 137 | 127 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in degree days) | |||||
Actual – Heating (a) | 230 | 102 | |||
Normal – Heating (b) | 191 | 195 | |||
Actual – Cooling (c) | 196 | 258 | |||
Normal – Cooling (b) | 119 | 113 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Net Income | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 33.3 | ||
Changes in Gross Margin: | ||||
Retail Margins | 18.6 | |||
Off-system Sales | (1.6 | ) | ||
Transmission Revenues | 2.4 | |||
Other Revenues | 2.7 | |||
Total Change in Gross Margin | 22.1 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (11.3 | ) | ||
Depreciation and Amortization | (7.2 | ) | ||
Taxes Other Than Income Taxes | (4.1 | ) | ||
Interest Income | (0.5 | ) | ||
Allowance for Equity Funds Used During Construction | 3.7 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.2 | |||
Interest Expense | — | |||
Total Change in Expenses and Other | (17.2 | ) | ||
Income Tax Expense | 8.6 | |||
First Quarter of 2018 | $ | 46.8 |
AEP Texas Inc. and Subsidiaries | ||||||||||||||
Reconciliation of First Quarter of 2023 to First Quarter of 2024 | ||||||||||||||
Net Income | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | 47.6 | ||||||||||||
Changes in Revenues: | ||||||||||||||
Retail Revenues | 28.8 | |||||||||||||
Transmission Revenues | 9.6 | |||||||||||||
Other Revenues | (1.5) | |||||||||||||
Total Change in Revenues | 36.9 | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | 8.4 | |||||||||||||
Depreciation and Amortization | (5.7) | |||||||||||||
Taxes Other Than Income Taxes | 3.5 | |||||||||||||
Interest Income | 0.1 | |||||||||||||
Allowance for Equity Funds Used During Construction | 2.3 | |||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (1.1) | |||||||||||||
Interest Expense | (4.6) | |||||||||||||
Total Change in Expenses and Other | 2.9 | |||||||||||||
Income Tax Expense | (7.7) | |||||||||||||
First Quarter of 2024 | $ | 79.7 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Transmission and Distribution | $ | 463.0 | $ | 427.7 | ||||||||||||||||||||||
Sales to AEP Affiliates | 1.3 | 1.2 | ||||||||||||||||||||||||
Other Revenues | 2.1 | 0.6 | ||||||||||||||||||||||||
TOTAL REVENUES | 466.4 | 429.5 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Other Operation | 140.8 | 146.9 | ||||||||||||||||||||||||
Maintenance | 22.1 | 24.4 | ||||||||||||||||||||||||
Depreciation and Amortization | 116.7 | 111.0 | ||||||||||||||||||||||||
Taxes Other Than Income Taxes | 40.0 | 43.5 | ||||||||||||||||||||||||
TOTAL EXPENSES | 319.6 | 325.8 | ||||||||||||||||||||||||
OPERATING INCOME | 146.8 | 103.7 | ||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income | 0.5 | 0.4 | ||||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 8.6 | 6.3 | ||||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.7 | 4.8 | ||||||||||||||||||||||||
Interest Expense | (61.5) | (56.9) | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 98.1 | 58.3 | ||||||||||||||||||||||||
Income Tax Expense | 18.4 | 10.7 | ||||||||||||||||||||||||
NET INCOME | $ | 79.7 | $ | 47.6 | ||||||||||||||||||||||
The common stock of AEP Texas is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
REVENUES | ||||||||
Electric Transmission and Distribution | $ | 352.4 | $ | 328.9 | ||||
Sales to AEP Affiliates | 18.2 | 14.1 | ||||||
Other Revenues | 1.0 | 0.6 | ||||||
TOTAL REVENUES | 371.6 | 343.6 | ||||||
EXPENSES | ||||||||
Fuel and Other Consumables Used for Electric Generation | 8.9 | 3.0 | ||||||
Other Operation | 117.0 | 108.8 | ||||||
Maintenance | 21.5 | 18.4 | ||||||
Depreciation and Amortization | 110.0 | 102.8 | ||||||
Taxes Other Than Income Taxes | 32.4 | 28.3 | ||||||
TOTAL EXPENSES | 289.8 | 261.3 | ||||||
OPERATING INCOME | 81.8 | 82.3 | ||||||
Other Income (Expense): | ||||||||
Interest Income | 0.5 | 1.0 | ||||||
Allowance for Equity Funds Used During Construction | 5.5 | 1.8 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.1 | 0.9 | ||||||
Interest Expense | (35.0 | ) | (35.0 | ) | ||||
INCOME BEFORE INCOME TAX EXPENSE | 55.9 | 51.0 | ||||||
Income Tax Expense | 9.1 | 17.7 | ||||||
NET INCOME | $ | 46.8 | $ | 33.3 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Net Income | $ | 79.7 | $ | 47.6 | ||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $1.0 and $0 in 2024 and 2023, Respectively | 3.9 | — | ||||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0 and $(0.1) in 2024 and 2023, Respectively | — | (0.6) | ||||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 3.9 | (0.6) | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 83.6 | $ | 47.0 | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Net Income | $ | 46.8 | $ | 33.3 | |||
OTHER COMPREHENSIVE INCOME, NET OF TAXES | |||||||
Cash Flow Hedges, Net of Tax of $0.1 and $0.1 in 2018 and 2017, Respectively | 0.2 | 0.2 | |||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0 and $0 in 2018 and 2017, Respectively | 0.1 | 0.1 | |||||
TOTAL OTHER COMPREHENSIVE INCOME | 0.3 | 0.3 | |||||
TOTAL COMPREHENSIVE INCOME | $ | 47.1 | $ | 33.6 |
Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2022 | $ | 1,558.2 | $ | 2,354.7 | $ | (8.6) | $ | 3,904.3 | ||||||||||||||||||
Capital Contribution from Parent | 100.0 | 100.0 | ||||||||||||||||||||||||
Net Income | 47.6 | 47.6 | ||||||||||||||||||||||||
Other Comprehensive Loss | (0.6) | (0.6) | ||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2023 | $ | 1,658.2 | $ | 2,402.3 | $ | (9.2) | $ | 4,051.3 | ||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2023 | $ | 2,079.6 | $ | 2,725.1 | $ | (8.6) | $ | 4,796.1 | ||||||||||||||||||
Net Income | 79.7 | 79.7 | ||||||||||||||||||||||||
Other Comprehensive Income | 3.9 | 3.9 | ||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2024 | $ | 2,079.6 | $ | 2,804.8 | $ | (4.7) | $ | 4,879.7 | ||||||||||||||||||
Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2016 | $ | 857.9 | $ | 814.1 | $ | (14.9 | ) | $ | 1,657.1 | |||||||
Capital Contribution from Parent | 200.0 | 200.0 | ||||||||||||||
Net Income | 33.3 | 33.3 | ||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | ||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2017 | $ | 1,057.9 | $ | 847.4 | $ | (14.6 | ) | $ | 1,890.7 | |||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 1,057.9 | $ | 1,124.6 | $ | (12.6 | ) | $ | 2,169.9 | |||||||
Capital Contribution from Parent | 100.0 | 100.0 | ||||||||||||||
ASU 2018-02 Adoption | 1.8 | (2.7 | ) | (0.9 | ) | |||||||||||
Net Income | 46.8 | 46.8 | ||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | ||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2018 | $ | 1,157.9 | $ | 1,173.2 | $ | (15.0 | ) | $ | 2,316.1 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 0.1 | $ | 0.1 | ||||||||||
Restricted Cash (March 31, 2024 and December 31, 2023 Amounts Include $42.7 and $34, Respectively, Related to Transition Funding and Restoration Funding) | 42.7 | 34.0 | ||||||||||||
Advances to Affiliates | 7.0 | 7.1 | ||||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 167.8 | 176.5 | ||||||||||||
Affiliated Companies | 21.2 | 23.8 | ||||||||||||
Accrued Unbilled Revenues | 85.2 | 82.3 | ||||||||||||
Miscellaneous | 0.7 | 0.8 | ||||||||||||
Allowance for Uncollectible Accounts | (4.2) | (4.9) | ||||||||||||
Total Accounts Receivable | 270.7 | 278.5 | ||||||||||||
Materials and Supplies | 194.0 | 190.4 | ||||||||||||
Prepayments and Other Current Assets | 10.6 | 10.0 | ||||||||||||
TOTAL CURRENT ASSETS | 525.1 | 520.1 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Transmission | 6,896.6 | 6,812.6 | ||||||||||||
Distribution | 5,903.8 | 5,798.8 | ||||||||||||
Other Property, Plant and Equipment | 1,148.8 | 1,145.9 | ||||||||||||
Construction Work in Progress | 1,062.7 | 904.6 | ||||||||||||
Total Property, Plant and Equipment | 15,011.9 | 14,661.9 | ||||||||||||
Accumulated Depreciation and Amortization | 1,932.5 | 1,887.9 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 13,079.4 | 12,774.0 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 317.4 | 315.3 | ||||||||||||
Securitized Assets (March 31, 2024 and December 31, 2023 Amounts Include $183.1 and $202.9, Respectively, Related to Transition Funding and Restoration Funding) | 183.1 | 202.9 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 262.5 | 178.4 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 763.0 | 696.6 | ||||||||||||
TOTAL ASSETS | $ | 14,367.5 | $ | 13,990.7 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 0.1 | $ | 2.0 | ||||
Restricted Cash for Securitized Transition Funding | 107.1 | 155.2 | ||||||
Advances to Affiliates | 8.1 | 111.9 | ||||||
Accounts Receivable: | ||||||||
Customers | 117.7 | 105.3 | ||||||
Affiliated Companies | 9.0 | 12.3 | ||||||
Accrued Unbilled Revenues | 65.7 | 75.8 | ||||||
Miscellaneous | 0.3 | 1.3 | ||||||
Allowance for Uncollectible Accounts | (0.5 | ) | (0.7 | ) | ||||
Total Accounts Receivable | 192.2 | 194.0 | ||||||
Fuel | 6.4 | 3.6 | ||||||
Materials and Supplies | 49.4 | 52.0 | ||||||
Risk Management Assets | 0.3 | 0.5 | ||||||
Accrued Tax Benefits | 66.4 | 41.0 | ||||||
Prepayments and Other Current Assets | 5.8 | 3.6 | ||||||
TOTAL CURRENT ASSETS | 435.8 | 563.8 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 350.9 | 350.7 | ||||||
Transmission | 3,097.6 | 3,053.6 | ||||||
Distribution | 3,854.2 | 3,718.6 | ||||||
Other Property, Plant and Equipment | 475.4 | 461.0 | ||||||
Construction Work in Progress | 951.6 | 835.7 | ||||||
Total Property, Plant and Equipment | 8,729.7 | 8,419.6 | ||||||
Accumulated Depreciation and Amortization | 1,617.4 | 1,594.5 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 7,112.3 | 6,825.1 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 379.4 | 378.7 | ||||||
Securitized Transition Assets (March 31, 2018 and December 31, 2017 Amounts Include $819.2 and $869.5, Respectively, Related to Transition Funding) | 838.9 | 891.2 | ||||||
Deferred Charges and Other Noncurrent Assets | 134.0 | 114.8 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 1,352.3 | 1,384.7 | ||||||
TOTAL ASSETS | $ | 8,900.4 | $ | 8,773.6 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 267.9 | $ | 103.7 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 253.5 | 192.3 | ||||||||||||
Affiliated Companies | 30.9 | 27.7 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (March 31, 2024 and December 31, 2023 Amounts Include $96.2 and $95.9, Respectively, Related to Transition Funding and Restoration Funding) | 96.2 | 96.0 | ||||||||||||
Accrued Taxes | 139.5 | 99.1 | ||||||||||||
Accrued Interest (March 31, 2024 and December 31, 2023 Amounts Include $1.7 and $2, Respectively, Related to Transition Funding and Restoration Funding) | 81.5 | 49.2 | ||||||||||||
Obligations Under Operating Leases | 24.7 | 28.7 | ||||||||||||
Other Current Liabilities | 147.7 | 152.7 | ||||||||||||
TOTAL CURRENT LIABILITIES | 1,041.9 | 749.4 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated (March 31, 2024 and December 31, 2023 Amounts Include $114 and $125.9, Respectively, Related to Transition Funding and Restoration Funding) | 5,782.5 | 5,793.8 | ||||||||||||
Deferred Income Taxes | 1,238.7 | 1,227.8 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,261.2 | 1,261.4 | ||||||||||||
Obligations Under Operating Leases | 50.1 | 50.9 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 113.4 | 111.3 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 8,445.9 | 8,445.2 | ||||||||||||
TOTAL LIABILITIES | 9,487.8 | 9,194.6 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Paid-in Capital | 2,079.6 | 2,079.6 | ||||||||||||
Retained Earnings | 2,804.8 | 2,725.1 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (4.7) | (8.6) | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 4,879.7 | 4,796.1 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 14,367.5 | $ | 13,990.7 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 232.7 | $ | — | ||||
Accounts Payable: | ||||||||
General | 209.0 | 379.4 | ||||||
Affiliated Companies | 22.7 | 30.2 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated (March 31, 2018 and December 31, 2017 Amounts Include $243.1 and $236.1, Respectively, Related to Transition Funding) | 273.1 | 266.1 | ||||||
Accrued Taxes | 89.7 | 77.2 | ||||||
Accrued Interest (March 31, 2018 and December 31, 2017 Amounts Include $10.2 and $15.9, Respectively, Related to Transition Funding) | 48.0 | 42.2 | ||||||
Other Current Liabilities | 70.7 | 76.4 | ||||||
TOTAL CURRENT LIABILITIES | 945.9 | 871.5 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated (March 31, 2018 and December 31, 2017 Amounts Include $686.8 and $790.1, Respectively, Related to Transition Funding) | 3,280.2 | 3,383.2 | ||||||
Deferred Income Taxes | 913.1 | 913.1 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,320.2 | 1,320.5 | ||||||
Oklaunion Purchase Power Agreement | 51.8 | 52.0 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 73.1 | 63.4 | ||||||
TOTAL NONCURRENT LIABILITIES | 5,638.4 | 5,732.2 | ||||||
TOTAL LIABILITIES | 6,584.3 | 6,603.7 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||
Paid-in Capital | 1,157.9 | 1,057.9 | ||||||
Retained Earnings | 1,173.2 | 1,124.6 | ||||||
Accumulated Other Comprehensive Income (Loss) | (15.0 | ) | (12.6 | ) | ||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,316.1 | 2,169.9 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 8,900.4 | $ | 8,773.6 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 79.7 | $ | 47.6 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 116.7 | 111.0 | ||||||||||||
Deferred Income Taxes | 6.6 | 6.4 | ||||||||||||
Allowance for Equity Funds Used During Construction | (8.6) | (6.3) | ||||||||||||
Mark-to-Market of Risk Management Contracts | (0.2) | 0.4 | ||||||||||||
Property Taxes | (84.3) | (88.8) | ||||||||||||
Change in Other Noncurrent Assets | (17.2) | (18.3) | ||||||||||||
Change in Other Noncurrent Liabilities | 3.0 | (0.8) | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | 7.8 | 24.6 | ||||||||||||
Materials and Supplies | (3.6) | (1.1) | ||||||||||||
Accounts Payable | 11.6 | 3.6 | ||||||||||||
Accrued Taxes, Net | 42.6 | 44.5 | ||||||||||||
Accrued Interest | 32.3 | 23.9 | ||||||||||||
Other Current Assets | 1.4 | 0.9 | ||||||||||||
Other Current Liabilities | (20.0) | (10.9) | ||||||||||||
Net Cash Flows from Operating Activities | 167.8 | 136.7 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (331.2) | (450.4) | ||||||||||||
Change in Advances to Affiliates, Net | 0.1 | 0.1 | ||||||||||||
Other Investing Activities | 21.1 | 7.3 | ||||||||||||
Net Cash Flows Used for Investing Activities | (310.0) | (443.0) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | — | 100.0 | ||||||||||||
Change in Advances from Affiliates, Net | 164.2 | 354.3 | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (11.9) | (136.7) | ||||||||||||
Principal Payments for Finance Lease Obligations | (1.8) | (1.8) | ||||||||||||
Other Financing Activities | 0.4 | 0.3 | ||||||||||||
Net Cash Flows from Financing Activities | 150.9 | 316.1 | ||||||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 8.7 | 9.8 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 34.1 | 32.8 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 42.8 | $ | 42.6 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 26.9 | $ | 31.6 | ||||||||||
Noncash Acquisitions Under Finance Leases | 1.1 | 1.8 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 158.3 | 177.5 | ||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 46.8 | $ | 33.3 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 110.0 | 102.8 | ||||||
Deferred Income Taxes | (4.4 | ) | 40.8 | |||||
Allowance for Equity Funds Used During Construction | (5.5 | ) | (1.8 | ) | ||||
Mark-to-Market of Risk Management Contracts | 0.2 | 0.1 | ||||||
Property Taxes | (56.1 | ) | (46.2 | ) | ||||
Change in Other Noncurrent Assets | (12.7 | ) | (12.7 | ) | ||||
Change in Other Noncurrent Liabilities | 6.5 | 4.8 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 1.8 | 3.7 | ||||||
Fuel, Materials and Supplies | (0.2 | ) | 0.4 | |||||
Accounts Payable | (25.9 | ) | (13.4 | ) | ||||
Accrued Taxes, Net | 25.2 | (3.5 | ) | |||||
Other Current Assets | (1.6 | ) | (0.3 | ) | ||||
Other Current Liabilities | (5.1 | ) | (25.9 | ) | ||||
Net Cash Flows from Operating Activities | 79.0 | 82.1 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (481.6 | ) | (200.2 | ) | ||||
Change in Advances to Affiliates, Net | 103.8 | 0.3 | ||||||
Other Investing Activities | 13.4 | 4.6 | ||||||
Net Cash Flows Used for Investing Activities | (364.4 | ) | (195.3 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Capital Contribution from Parent | 100.0 | 200.0 | ||||||
Change in Advances from Affiliates, Net | 232.7 | (43.0 | ) | |||||
Retirement of Long-term Debt – Nonaffiliated | (96.5 | ) | (89.9 | ) | ||||
Principal Payments for Capital Lease Obligations | (1.1 | ) | (0.9 | ) | ||||
Other Financing Activities | 0.3 | 0.6 | ||||||
Net Cash Flows from Financing Activities | 235.4 | 66.8 | ||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash for Securitized Transition Funding | (50.0 | ) | (46.4 | ) | ||||
Cash, Cash Equivalents and Restricted Cash for Securitized Transition Funding at Beginning of Period | 157.2 | 146.9 | ||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Transition Funding at End of Period | $ | 107.2 | $ | 100.5 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 27.8 | $ | 33.7 | ||||
Noncash Acquisitions Under Capital Leases | 4.0 | 2.0 | ||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 169.3 | 65.5 |
As of March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
Plant In Service | $ | 14,335.9 | $ | 12,971.3 | ||||||||||
Construction Work in Progress | 1,805.0 | 1,831.9 | ||||||||||||
Accumulated Depreciation and Amortization | 1,362.7 | 1,091.2 | ||||||||||||
Total Transmission Property, Net | $ | 14,778.2 | $ | 13,712.0 |
As of March 31, | ||||||||
2018 | 2017 | |||||||
(in millions) | ||||||||
Plant In Service | $ | 5,595.4 | $ | 4,162.3 | ||||
Construction Work in Progress | 1,512.6 | 1,184.4 | ||||||
Accumulated Depreciation and Amortization | 192.7 | 117.8 | ||||||
Total Transmission Property, Net | $ | 6,915.3 | $ | 5,228.9 |
AEP Transmission Company, LLC and Subsidiaries | ||||||||||||||
Reconciliation of First Quarter of 2023 to First Quarter of 2024 | ||||||||||||||
Net Income | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | 162.7 | ||||||||||||
Changes in Transmission Revenues: | ||||||||||||||
Transmission Revenues | 41.2 | |||||||||||||
Total Change in Transmission Revenues | 41.2 | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | (1.3) | |||||||||||||
Depreciation and Amortization | (10.7) | |||||||||||||
Taxes Other Than Income Taxes | 1.4 | |||||||||||||
Interest Income | 0.4 | |||||||||||||
Allowance for Equity Funds Used During Construction | 1.5 | |||||||||||||
Interest Expense | (9.6) | |||||||||||||
Total Change in Expenses and Other | (18.3) | |||||||||||||
Income Tax Expense | (4.4) | |||||||||||||
First Quarter of 2024 | $ | 181.2 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Net Income | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 57.0 | ||
Changes in Transmission Revenues: | ||||
Transmission Revenues | 40.8 | |||
Total Change in Transmission Revenues | 40.8 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (7.0 | ) | ||
Depreciation and Amortization | (7.3 | ) | ||
Taxes Other Than Income Taxes | (4.3 | ) | ||
Interest Income | 0.2 | |||
Allowance for Equity Funds Used During Construction | 4.4 | |||
Interest Expense | (3.9 | ) | ||
Total Change in Expenses and Other | (17.9 | ) | ||
Income Tax Expense | 6.0 | |||
First Quarter of 2018 | $ | 85.9 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Transmission Revenues | $ | 98.4 | $ | 90.0 | ||||||||||||||||||||||
Sales to AEP Affiliates | 389.4 | 357.4 | ||||||||||||||||||||||||
Provision for Refund – Affiliated | (6.0) | (4.8) | ||||||||||||||||||||||||
Provision for Refund – Nonaffiliated | (1.4) | (1.0) | ||||||||||||||||||||||||
Other Revenues | 2.4 | — | ||||||||||||||||||||||||
TOTAL REVENUES | 482.8 | 441.6 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Other Operation | 29.9 | 29.0 | ||||||||||||||||||||||||
Maintenance | 5.3 | 4.9 | ||||||||||||||||||||||||
Depreciation and Amortization | 105.9 | 95.2 | ||||||||||||||||||||||||
Taxes Other Than Income Taxes | 73.4 | 74.8 | ||||||||||||||||||||||||
TOTAL EXPENSES | 214.5 | 203.9 | ||||||||||||||||||||||||
OPERATING INCOME | 268.3 | 237.7 | ||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income - Affiliated | 1.9 | 1.5 | ||||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 17.9 | 16.4 | ||||||||||||||||||||||||
Interest Expense | (54.8) | (45.2) | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 233.3 | 210.4 | ||||||||||||||||||||||||
Income Tax Expense | 52.1 | 47.7 | ||||||||||||||||||||||||
NET INCOME | $ | 181.2 | $ | 162.7 | ||||||||||||||||||||||
AEPTCo is wholly-owned by AEP Transmission Holdco. | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
REVENUES | ||||||||
Transmission Revenues | $ | 31.3 | $ | 19.2 | ||||
Sales to AEP Affiliates | 162.1 | 133.4 | ||||||
Other Revenues | 0.1 | 0.1 | ||||||
TOTAL REVENUES | 193.5 | 152.7 | ||||||
EXPENSES | ||||||||
Other Operation | 16.6 | 9.1 | ||||||
Maintenance | 2.6 | 3.1 | ||||||
Depreciation and Amortization | 30.6 | 23.3 | ||||||
Taxes Other Than Income Taxes | 31.1 | 26.8 | ||||||
TOTAL EXPENSES | 80.9 | 62.3 | ||||||
OPERATING INCOME | 112.6 | 90.4 | ||||||
Other Income (Expense): | ||||||||
Interest Income | 0.4 | 0.2 | ||||||
Allowance for Equity Funds Used During Construction | 15.3 | 10.9 | ||||||
Interest Expense | (19.9 | ) | (16.0 | ) | ||||
INCOME BEFORE INCOME TAX EXPENSE | 108.4 | 85.5 | ||||||
Income Tax Expense | 22.5 | 28.5 | ||||||
NET INCOME | $ | 85.9 | $ | 57.0 |
Paid-in Capital | Retained Earnings | Total | ||||||||||||||||||
TOTAL MEMBER'S EQUITY – DECEMBER 31, 2022 | $ | 3,022.3 | $ | 2,850.7 | $ | 5,873.0 | ||||||||||||||
Capital Contribution from Member | 25.0 | 25.0 | ||||||||||||||||||
Dividends Paid to Member | (55.0) | (55.0) | ||||||||||||||||||
Net Income | 162.7 | 162.7 | ||||||||||||||||||
TOTAL MEMBER'S EQUITY – MARCH 31, 2023 | $ | 3,047.3 | $ | 2,958.4 | $ | 6,005.7 | ||||||||||||||
TOTAL MEMBER'S EQUITY – DECEMBER 31, 2023 | $ | 3,043.4 | $ | 3,289.9 | $ | 6,333.3 | ||||||||||||||
Capital Contribution from Member | 25.0 | 25.0 | ||||||||||||||||||
Dividends Paid to Member | (40.0) | (40.0) | ||||||||||||||||||
Net Income | 181.2 | 181.2 | ||||||||||||||||||
TOTAL MEMBER'S EQUITY – MARCH 31, 2024 | $ | 3,068.4 | $ | 3,431.1 | $ | 6,499.5 | ||||||||||||||
Paid-in Capital | Retained Earnings | Total Member’s Equity | ||||||||||
TOTAL MEMBER’S EQUITY – DECEMBER 31, 2016 | $ | 1,455.0 | $ | 502.6 | $ | 1,957.6 | ||||||
Capital Contributions from Member | 125.5 | 125.5 | ||||||||||
Net Income | 57.0 | 57.0 | ||||||||||
TOTAL MEMBER’S EQUITY – MARCH 31, 2017 | $ | 1,580.5 | $ | 559.6 | $ | 2,140.1 | ||||||
TOTAL MEMBER’S EQUITY – DECEMBER 31, 2017 | $ | 1,816.6 | $ | 788.7 | $ | 2,605.3 | ||||||
Capital Contributions from Member | 65.0 | 65.0 | ||||||||||
Net Income | 85.9 | 85.9 | ||||||||||
TOTAL MEMBER’S EQUITY – MARCH 31, 2018 | $ | 1,881.6 | $ | 874.6 | $ | 2,756.2 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Advances to Affiliates | $ | 298.0 | $ | 67.1 | ||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 80.6 | 82.2 | ||||||||||||
Affiliated Companies | 131.1 | 125.5 | ||||||||||||
Total Accounts Receivable | 211.7 | 207.7 | ||||||||||||
Prepayments and Other Current Assets | 11.2 | 4.0 | ||||||||||||
TOTAL CURRENT ASSETS | 520.9 | 278.8 | ||||||||||||
TRANSMISSION PROPERTY | ||||||||||||||
Transmission Property | 13,832.4 | 13,723.9 | ||||||||||||
Other Property, Plant and Equipment | 503.5 | 501.4 | ||||||||||||
Construction Work in Progress | 1,805.0 | 1,563.7 | ||||||||||||
Total Transmission Property | 16,140.9 | 15,789.0 | ||||||||||||
Accumulated Depreciation and Amortization | 1,362.7 | 1,291.3 | ||||||||||||
TOTAL TRANSMISSION PROPERTY – NET | 14,778.2 | 14,497.7 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 2.4 | 3.1 | ||||||||||||
Deferred Property Taxes | 250.1 | 286.4 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 7.4 | 6.5 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 259.9 | 296.0 | ||||||||||||
TOTAL ASSETS | $ | 15,559.0 | $ | 15,072.5 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT ASSETS | ||||||||
Advances to Affiliates | $ | 32.1 | $ | 146.3 | ||||
Accounts Receivable: | ||||||||
Customers | 20.5 | 19.1 | ||||||
Affiliated Companies | 102.0 | 93.2 | ||||||
Miscellaneous | 1.2 | 1.3 | ||||||
Total Accounts Receivable | 123.7 | 113.6 | ||||||
Materials and Supplies | 15.5 | 13.6 | ||||||
Accrued Tax Benefits | 40.1 | 46.6 | ||||||
Prepayments and Other Current Assets | 2.8 | 7.6 | ||||||
TOTAL CURRENT ASSETS | 214.2 | 327.7 | ||||||
TRANSMISSION PROPERTY | ||||||||
Transmission Property | 5,458.3 | 5,336.1 | ||||||
Other Property, Plant and Equipment | 137.1 | 131.4 | ||||||
Construction Work in Progress | 1,512.6 | 1,312.7 | ||||||
Total Transmission Property | 7,108.0 | 6,780.2 | ||||||
Accumulated Depreciation and Amortization | 192.7 | 170.4 | ||||||
TOTAL TRANSMISSION PROPERTY – NET | 6,915.3 | 6,609.8 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 8.9 | 11.7 | ||||||
Deferred Property Taxes | 100.5 | 117.8 | ||||||
Deferred Charges and Other Noncurrent Assets | 1.0 | 1.1 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 110.4 | 130.6 | ||||||
TOTAL ASSETS | $ | 7,239.9 | $ | 7,068.1 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 28.8 | $ | 174.3 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 289.6 | 274.7 | ||||||||||||
Affiliated Companies | 120.7 | 107.9 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | 145.0 | 95.0 | ||||||||||||
Accrued Taxes | 505.3 | 568.6 | ||||||||||||
Accrued Interest | 56.8 | 39.6 | ||||||||||||
Obligations Under Operating Leases | 1.3 | 1.3 | ||||||||||||
Other Current Liabilities | 20.4 | 24.7 | ||||||||||||
TOTAL CURRENT LIABILITIES | 1,167.9 | 1,286.1 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 5,715.7 | 5,319.4 | ||||||||||||
Deferred Income Taxes | 1,175.4 | 1,147.7 | ||||||||||||
Regulatory Liabilities | 809.4 | 783.7 | ||||||||||||
Obligations Under Operating Leases | 1.2 | 1.4 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 189.9 | 200.9 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 7,891.6 | 7,453.1 | ||||||||||||
TOTAL LIABILITIES | 9,059.5 | 8,739.2 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
MEMBER’S EQUITY | ||||||||||||||
Paid-in Capital | 3,068.4 | 3,043.4 | ||||||||||||
Retained Earnings | 3,431.1 | 3,289.9 | ||||||||||||
TOTAL MEMBER’S EQUITY | 6,499.5 | 6,333.3 | ||||||||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 15,559.0 | $ | 15,072.5 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 282.1 | $ | 15.7 | ||||
Accounts Payable: | ||||||||
General | 210.5 | 473.2 | ||||||
Affiliated Companies | 41.3 | 52.9 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 50.0 | 50.0 | ||||||
Accrued Taxes | 185.3 | 225.4 | ||||||
Accrued Interest | 38.3 | 15.0 | ||||||
Provision for Refund | 47.6 | — | ||||||
Other Current Liabilities | 2.6 | 4.1 | ||||||
TOTAL CURRENT LIABILITIES | 857.7 | 836.3 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 2,500.7 | 2,500.4 | ||||||
Deferred Income Taxes | 621.3 | 601.7 | ||||||
Regulatory Liabilities | 497.2 | 493.7 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 6.8 | 30.7 | ||||||
TOTAL NONCURRENT LIABILITIES | 3,626.0 | 3,626.5 | ||||||
TOTAL LIABILITIES | 4,483.7 | 4,462.8 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
MEMBER’S EQUITY | ||||||||
Paid-in Capital | 1,881.6 | 1,816.6 | ||||||
Retained Earnings | 874.6 | 788.7 | ||||||
TOTAL MEMBER’S EQUITY | 2,756.2 | 2,605.3 | ||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 7,239.9 | $ | 7,068.1 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 181.2 | $ | 162.7 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 105.9 | 95.2 | ||||||||||||
Deferred Income Taxes | 25.0 | 20.6 | ||||||||||||
Allowance for Equity Funds Used During Construction | (17.9) | (16.4) | ||||||||||||
Property Taxes | 36.3 | 34.6 | ||||||||||||
Change in Other Noncurrent Assets | (0.4) | 0.9 | ||||||||||||
Change in Other Noncurrent Liabilities | (6.1) | 6.6 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (4.0) | (12.5) | ||||||||||||
Materials and Supplies | — | (4.1) | ||||||||||||
Accounts Payable | 5.4 | 41.0 | ||||||||||||
Accrued Taxes, Net | (63.2) | (59.9) | ||||||||||||
Other Current Assets | 1.0 | 1.0 | ||||||||||||
Other Current Liabilities | 10.8 | 29.6 | ||||||||||||
Net Cash Flows from Operating Activities | 274.0 | 299.3 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (336.5) | (439.7) | ||||||||||||
Change in Advances to Affiliates, Net | (230.9) | (293.1) | ||||||||||||
Other Investing Activities | 7.8 | (0.8) | ||||||||||||
Net Cash Flows Used for Investing Activities | (559.6) | (733.6) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Member | 25.0 | 25.0 | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 446.1 | 689.2 | ||||||||||||
Change in Advances from Affiliates, Net | (145.5) | (224.9) | ||||||||||||
Dividends Paid to Member | (40.0) | (55.0) | ||||||||||||
Net Cash Flows from Financing Activities | 285.6 | 434.3 | ||||||||||||
Net Change in Cash and Cash Equivalents | — | — | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | — | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | — | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 33.3 | $ | 16.2 | ||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 191.0 | 305.4 | ||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 85.9 | $ | 57.0 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 30.6 | 23.3 | ||||||
Deferred Income Taxes | 15.7 | 74.1 | ||||||
Allowance for Equity Funds Used During Construction | (15.3 | ) | (10.9 | ) | ||||
Property Taxes | 17.3 | 16.8 | ||||||
Change in Other Noncurrent Assets | 2.7 | 2.2 | ||||||
Change in Other Noncurrent Liabilities | 23.9 | 8.3 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | (10.1 | ) | (39.0 | ) | ||||
Materials and Supplies | (1.9 | ) | (3.8 | ) | ||||
Accounts Payable | (12.3 | ) | (8.2 | ) | ||||
Accrued Taxes, Net | (33.6 | ) | (79.1 | ) | ||||
Accrued Interest | 23.3 | 17.6 | ||||||
Other Current Assets | 0.3 | 0.2 | ||||||
Other Current Liabilities | 0.6 | — | ||||||
Net Cash Flows from Operating Activities | 127.1 | 58.5 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (571.8 | ) | (390.4 | ) | ||||
Change in Advances to Affiliates, Net | 114.2 | 56.9 | ||||||
Acquisitions of Assets | (1.8 | ) | (0.6 | ) | ||||
Other Investing Activities | 1.0 | — | ||||||
Net Cash Flows Used for Investing Activities | (458.4 | ) | (334.1 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Capital Contributions from Member | 65.0 | 125.5 | ||||||
Change in Advances from Affiliates, Net | 266.4 | 150.9 | ||||||
Other Financing Activities | (0.1 | ) | (0.8 | ) | ||||
Net Cash Flows from Financing Activities | 331.3 | 275.6 | ||||||
Net Change in Cash and Cash Equivalents | — | — | ||||||
Cash and Cash Equivalents at Beginning of Period | — | — | ||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | — | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Net Cash Paid (Received) for Income Taxes | $ | — | $ | (0.6 | ) | |||
Construction Expenditures Included in Current Liabilities as of March 31, | 210.6 | 189.2 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 3,265 | 3,059 | |||||||||||||||||||||
Commercial | 1,475 | 1,403 | |||||||||||||||||||||
Industrial | 2,102 | 2,109 | |||||||||||||||||||||
Miscellaneous | 211 | 200 | |||||||||||||||||||||
Total Retail | 7,053 | 6,771 | |||||||||||||||||||||
Wholesale | 654 | 489 | |||||||||||||||||||||
Total KWhs | 7,707 | 7,260 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions of KWhs) | |||||
Retail: | |||||
Residential | 3,845 | 3,250 | |||
Commercial | 1,694 | 1,591 | |||
Industrial | 2,377 | 2,299 | |||
Miscellaneous | 224 | 210 | |||
Total Retail | 8,140 | 7,350 | |||
Wholesale | 495 | 806 | |||
Total KWhs | 8,635 | 8,156 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 981 | 859 | |||||||||||||||||||||
Normal – Heating (b) | 1,310 | 1,321 | |||||||||||||||||||||
Actual – Cooling (c) | 2 | 8 | |||||||||||||||||||||
Normal – Cooling (b) | 6 | 6 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in degree days) | |||||
Actual – Heating (a) | 1,389 | 955 | |||
Normal – Heating (b) | 1,317 | 1,328 | |||
Actual – Cooling (c) | 8 | 2 | |||
Normal – Cooling (b) | 7 | 7 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Net Income | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 110.6 | ||
Changes in Gross Margin: | ||||
Retail Margins | 15.0 | |||
Off-system Sales | (0.2 | ) | ||
Transmission Revenues | (1.9 | ) | ||
Other Revenues | (2.2 | ) | ||
Total Change in Gross Margin | 10.7 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (25.1 | ) | ||
Depreciation and Amortization | (7.9 | ) | ||
Taxes Other Than Income Taxes | (3.6 | ) | ||
Carrying Costs Income | 0.2 | |||
Allowance for Equity Funds Used During Construction | 1.1 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.2 | |||
Interest Expense | 0.7 | |||
Total Change in Expenses and Other | (31.4 | ) | ||
Income Tax Expense | 35.6 | |||
First Quarter of 2018 | $ | 125.5 |
Appalachian Power Company and Subsidiaries | ||||||||||||||
Reconciliation of First Quarter of 2023 to First Quarter of 2024 | ||||||||||||||
Net Income | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | 112.5 | ||||||||||||
Changes in Revenues: | ||||||||||||||
Retail Revenues | 90.4 | |||||||||||||
Off-system Sales | (0.6) | |||||||||||||
Transmission Revenues | 6.4 | |||||||||||||
Other Revenues | 9.1 | |||||||||||||
Total Change in Revenues | 105.3 | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | (57.1) | |||||||||||||
Other Operation and Maintenance | (27.7) | |||||||||||||
Depreciation and Amortization | (6.8) | |||||||||||||
Taxes Other Than Income Taxes | (4.2) | |||||||||||||
Interest Income | 0.2 | |||||||||||||
Allowance for Equity Funds Used During Construction | 0.5 | |||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (1.0) | |||||||||||||
Interest Expense | (2.8) | |||||||||||||
Total Change in Expenses and Other | (98.9) | |||||||||||||
Income Tax Expense | 17.6 | |||||||||||||
First Quarter of 2024 | $ | 136.5 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 1,024.3 | $ | 914.5 | ||||||||||||||||||||||
Sales to AEP Affiliates | 63.1 | 69.6 | ||||||||||||||||||||||||
Other Revenues | 5.6 | 3.6 | ||||||||||||||||||||||||
TOTAL REVENUES | 1,093.0 | 987.7 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 396.8 | 339.7 | ||||||||||||||||||||||||
Other Operation | 212.6 | 191.8 | ||||||||||||||||||||||||
Maintenance | 80.0 | 73.1 | ||||||||||||||||||||||||
Depreciation and Amortization | 149.8 | 143.0 | ||||||||||||||||||||||||
Taxes Other Than Income Taxes | 46.0 | 41.8 | ||||||||||||||||||||||||
TOTAL EXPENSES | 885.2 | 789.4 | ||||||||||||||||||||||||
OPERATING INCOME | 207.8 | 198.3 | ||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income | 0.8 | 0.6 | ||||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 2.9 | 2.4 | ||||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 7.1 | 8.1 | ||||||||||||||||||||||||
Interest Expense | (68.1) | (65.3) | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 150.5 | 144.1 | ||||||||||||||||||||||||
Income Tax Expense | 14.0 | 31.6 | ||||||||||||||||||||||||
NET INCOME | $ | 136.5 | $ | 112.5 | ||||||||||||||||||||||
The common stock of APCo is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
REVENUES | ||||||||
Electric Generation, Transmission and Distribution | $ | 767.5 | $ | 745.0 | ||||
Sales to AEP Affiliates | 49.4 | 42.4 | ||||||
Other Revenues | 3.5 | 5.4 | ||||||
TOTAL REVENUES | 820.4 | 792.8 | ||||||
EXPENSES | ||||||||
Fuel and Other Consumables Used for Electric Generation | 69.0 | 167.2 | ||||||
Purchased Electricity for Resale | 205.9 | 90.8 | ||||||
Other Operation | 138.2 | 113.9 | ||||||
Maintenance | 72.0 | 71.2 | ||||||
Depreciation and Amortization | 108.5 | 100.6 | ||||||
Taxes Other Than Income Taxes | 33.8 | 30.2 | ||||||
TOTAL EXPENSES | 627.4 | 573.9 | ||||||
OPERATING INCOME | 193.0 | 218.9 | ||||||
Other Income (Expense): | ||||||||
Interest Income | 0.3 | 0.3 | ||||||
Carrying Costs Income | 0.5 | 0.3 | ||||||
Allowance for Equity Funds Used During Construction | 2.6 | 1.5 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 4.5 | 1.3 | ||||||
Interest Expense | (47.4 | ) | (48.1 | ) | ||||
INCOME BEFORE INCOME TAX EXPENSE | 153.5 | 174.2 | ||||||
Income Tax Expense | 28.0 | 63.6 | ||||||
NET INCOME | $ | 125.5 | $ | 110.6 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Net Income | $ | 136.5 | $ | 112.5 | ||||||||||||||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) in 2024 and 2023, Respectively | (0.2) | (0.2) | ||||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $(0.2) in 2024 and 2023, Respectively | (0.3) | (0.8) | ||||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE LOSS | (0.5) | (1.0) | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 136.0 | $ | 111.5 | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Net Income | $ | 125.5 | $ | 110.6 | |||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | |||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) in 2018 and 2017, Respectively | (0.2 | ) | (0.2 | ) | |||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.2) and $(0.2) in 2018 and 2017, Respectively | (0.8 | ) | (0.3 | ) | |||
TOTAL OTHER COMPREHENSIVE LOSS | (1.0 | ) | (0.5 | ) | |||
TOTAL COMPREHENSIVE INCOME | $ | 124.5 | $ | 110.1 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - DECEMBER 31, 2022 | $ | 260.4 | $ | 1,828.7 | $ | 2,891.1 | $ | (4.8) | $ | 4,975.4 | ||||||||||||||||||||||
Net Income | 112.5 | 112.5 | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (1.0) | (1.0) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - MARCH 31, 2023 | $ | 260.4 | $ | 1,828.7 | $ | 3,003.6 | $ | (5.8) | $ | 5,086.9 | ||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - DECEMBER 31, 2023 | $ | 260.4 | $ | 1,834.5 | $ | 3,185.5 | $ | (3.7) | $ | 5,276.7 | ||||||||||||||||||||||
Capital Contribution from Parent | 100.0 | 100.0 | ||||||||||||||||||||||||||||||
Net Income | 136.5 | 136.5 | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.5) | (0.5) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - MARCH 31, 2024 | $ | 260.4 | $ | 1,934.5 | $ | 3,322.0 | $ | (4.2) | $ | 5,512.7 | ||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2016 | $ | 260.4 | $ | 1,828.7 | $ | 1,502.8 | $ | (8.4 | ) | $ | 3,583.5 | |||||||||
Common Stock Dividends | (30.0 | ) | (30.0 | ) | ||||||||||||||||
Net Income | 110.6 | 110.6 | ||||||||||||||||||
Other Comprehensive Loss | (0.5 | ) | (0.5 | ) | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2017 | $ | 260.4 | $ | 1,828.7 | $ | 1,583.4 | $ | (8.9 | ) | $ | 3,663.6 | |||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 260.4 | $ | 1,828.7 | $ | 1,714.1 | $ | 1.3 | $ | 3,804.5 | ||||||||||
Common Stock Dividends | (40.0 | ) | (40.0 | ) | ||||||||||||||||
ASU 2018-02 Adoption | 0.1 | 0.3 | 0.4 | |||||||||||||||||
Net Income | 125.5 | 125.5 | ||||||||||||||||||
Other Comprehensive Loss | (1.0 | ) | (1.0 | ) | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2018 | $ | 260.4 | $ | 1,828.7 | $ | 1,799.7 | $ | 0.6 | $ | 3,889.4 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 7.6 | $ | 5.0 | ||||||||||
Restricted Cash for Securitized Funding | 8.4 | 14.9 | ||||||||||||
Advances to Affiliates | 37.4 | 18.9 | ||||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 191.1 | 170.3 | ||||||||||||
Affiliated Companies | 100.9 | 98.8 | ||||||||||||
Accrued Unbilled Revenues | 59.8 | 70.8 | ||||||||||||
Miscellaneous | 0.5 | 0.6 | ||||||||||||
Allowance for Uncollectible Accounts | (2.3) | (2.0) | ||||||||||||
Total Accounts Receivable | 350.0 | 338.5 | ||||||||||||
Fuel | 293.6 | 315.0 | ||||||||||||
Materials and Supplies | 139.8 | 148.4 | ||||||||||||
Risk Management Assets | 8.7 | 22.4 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 148.4 | 155.4 | ||||||||||||
Prepayments and Other Current Assets | 25.9 | 40.5 | ||||||||||||
TOTAL CURRENT ASSETS | 1,019.8 | 1,059.0 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 7,065.3 | 7,041.3 | ||||||||||||
Transmission | 4,747.5 | 4,711.8 | ||||||||||||
Distribution | 5,238.5 | 5,176.6 | ||||||||||||
Other Property, Plant and Equipment | 1,023.1 | 981.3 | ||||||||||||
Construction Work in Progress | 754.5 | 709.2 | ||||||||||||
Total Property, Plant and Equipment | 18,828.9 | 18,620.2 | ||||||||||||
Accumulated Depreciation and Amortization | 5,776.0 | 5,688.7 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 13,052.9 | 12,931.5 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 1,107.4 | 1,155.1 | ||||||||||||
Securitized Assets | 126.7 | 133.4 | ||||||||||||
Employee Benefits and Pension Assets | 176.3 | 171.7 | ||||||||||||
Operating Lease Assets | 72.0 | 73.7 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 197.3 | 187.5 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 1,679.7 | 1,721.4 | ||||||||||||
TOTAL ASSETS | $ | 15,752.4 | $ | 15,711.9 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 1.2 | $ | 2.9 | ||||
Restricted Cash for Securitized Funding | 10.1 | 16.3 | ||||||
Advances to Affiliates | 23.5 | 23.5 | ||||||
Accounts Receivable: | ||||||||
Customers | 137.9 | 123.1 | ||||||
Affiliated Companies | 67.6 | 69.3 | ||||||
Accrued Unbilled Revenues | 75.1 | 74.1 | ||||||
Miscellaneous | 1.0 | 1.1 | ||||||
Allowance for Uncollectible Accounts | (3.5 | ) | (3.7 | ) | ||||
Total Accounts Receivable | 278.1 | 263.9 | ||||||
Fuel | 72.1 | 89.3 | ||||||
Materials and Supplies | 97.4 | 99.5 | ||||||
Risk Management Assets | 8.0 | 24.9 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 179.5 | 88.8 | ||||||
Margin Deposits | 32.1 | 14.4 | ||||||
Prepayments and Other Current Assets | 11.2 | 12.7 | ||||||
TOTAL CURRENT ASSETS | 713.2 | 636.2 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 6,466.9 | 6,446.9 | ||||||
Transmission | 3,032.5 | 3,019.9 | ||||||
Distribution | 3,795.8 | 3,763.8 | ||||||
Other Property, Plant and Equipment | 440.2 | 427.9 | ||||||
Construction Work in Progress | 558.8 | 483.0 | ||||||
Total Property, Plant and Equipment | 14,294.2 | 14,141.5 | ||||||
Accumulated Depreciation and Amortization | 3,956.8 | 3,896.4 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 10,337.4 | 10,245.1 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 552.3 | 573.9 | ||||||
Securitized Assets | 276.4 | 282.3 | ||||||
Long-term Risk Management Assets | 2.6 | 1.1 | ||||||
Deferred Charges and Other Noncurrent Assets | 195.1 | 190.0 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 1,026.4 | 1,047.3 | ||||||
TOTAL ASSETS | $ | 12,077.0 | $ | 11,928.6 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | — | $ | 339.6 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 286.7 | 280.4 | ||||||||||||
Affiliated Companies | 107.0 | 121.3 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | 153.3 | 538.8 | ||||||||||||
Risk Management Liabilities | 18.4 | 15.9 | ||||||||||||
Customer Deposits | 81.4 | 80.0 | ||||||||||||
Accrued Taxes | 146.9 | 117.6 | ||||||||||||
Accrued Interest | 83.0 | 58.9 | ||||||||||||
Obligations Under Operating Leases | 14.3 | 14.6 | ||||||||||||
Other Current Liabilities | 132.3 | 118.8 | ||||||||||||
TOTAL CURRENT LIABILITIES | 1,023.3 | 1,685.9 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 5,517.6 | 5,049.5 | ||||||||||||
Deferred Income Taxes | 2,019.8 | 2,011.9 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,082.5 | 1,081.9 | ||||||||||||
Asset Retirement Obligations | 441.5 | 442.5 | ||||||||||||
Employee Benefits and Pension Obligations | 31.6 | 32.8 | ||||||||||||
Obligations Under Operating Leases | 58.3 | 59.8 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 65.1 | 70.9 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 9,216.4 | 8,749.3 | ||||||||||||
TOTAL LIABILITIES | 10,239.7 | 10,435.2 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Common Stock – No Par Value: | ||||||||||||||
Authorized – 30,000,000 Shares | ||||||||||||||
Outstanding – 13,499,500 Shares | 260.4 | 260.4 | ||||||||||||
Paid-in Capital | 1,934.5 | 1,834.5 | ||||||||||||
Retained Earnings | 3,322.0 | 3,185.5 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (4.2) | (3.7) | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 5,512.7 | 5,276.7 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 15,752.4 | $ | 15,711.9 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
(in millions) | ||||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 245.9 | $ | 186.0 | ||||
Accounts Payable: | ||||||||
General | 218.1 | 264.9 | ||||||
Affiliated Companies | 88.1 | 92.7 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 249.5 | 249.2 | ||||||
Risk Management Liabilities | 0.6 | 1.3 | ||||||
Customer Deposits | 86.5 | 86.1 | ||||||
Accrued Taxes | 119.0 | 94.5 | ||||||
Accrued Interest | 62.9 | 40.5 | ||||||
Other Current Liabilities | 111.3 | 109.0 | ||||||
TOTAL CURRENT LIABILITIES | 1,181.9 | 1,124.2 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 3,719.8 | 3,730.9 | ||||||
Long-term Risk Management Liabilities | 0.4 | 0.2 | ||||||
Deferred Income Taxes | 1,586.0 | 1,565.7 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,444.3 | 1,454.9 | ||||||
Asset Retirement Obligations | 98.4 | 100.2 | ||||||
Employee Benefits and Pension Obligations | 68.6 | 73.3 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 88.2 | 74.7 | ||||||
TOTAL NONCURRENT LIABILITIES | 7,005.7 | 6,999.9 | ||||||
TOTAL LIABILITIES | 8,187.6 | 8,124.1 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||
Common Stock – No Par Value: | ||||||||
Authorized – 30,000,000 Shares | ||||||||
Outstanding – 13,499,500 Shares | 260.4 | 260.4 | ||||||
Paid-in Capital | 1,828.7 | 1,828.7 | ||||||
Retained Earnings | 1,799.7 | 1,714.1 | ||||||
Accumulated Other Comprehensive Income (Loss) | 0.6 | 1.3 | ||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 3,889.4 | 3,804.5 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 12,077.0 | $ | 11,928.6 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 136.5 | $ | 112.5 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 149.8 | 143.0 | ||||||||||||
Deferred Income Taxes | (12.8) | 10.3 | ||||||||||||
Allowance for Equity Funds Used During Construction | (2.9) | (2.4) | ||||||||||||
Mark-to-Market of Risk Management Contracts | 11.8 | 60.1 | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | 62.4 | 26.0 | ||||||||||||
Change in Other Noncurrent Assets | 3.9 | (5.5) | ||||||||||||
Change in Other Noncurrent Liabilities | 6.5 | (33.0) | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (10.6) | 54.5 | ||||||||||||
Fuel, Materials and Supplies | 30.0 | (59.3) | ||||||||||||
Margin Deposits | 11.0 | (11.1) | ||||||||||||
Accounts Payable | (24.7) | (156.1) | ||||||||||||
Accrued Taxes, Net | 33.0 | 23.6 | ||||||||||||
Other Current Assets | — | 2.9 | ||||||||||||
Other Current Liabilities | 12.4 | (1.2) | ||||||||||||
Net Cash Flows from Operating Activities | 406.3 | 164.3 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (236.0) | (287.4) | ||||||||||||
Change in Advances to Affiliates, Net | (18.5) | 1.1 | ||||||||||||
Other Investing Activities | 3.6 | 1.5 | ||||||||||||
Net Cash Flows Used for Investing Activities | (250.9) | (284.8) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | 100.0 | — | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 395.8 | — | ||||||||||||
Change in Advances from Affiliates, Net | (339.6) | 128.0 | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (313.4) | (13.0) | ||||||||||||
Principal Payments for Finance Lease Obligations | (2.2) | (2.0) | ||||||||||||
Other Financing Activities | 0.1 | 0.2 | ||||||||||||
Net Cash Flows from (Used for) Financing Activities | (159.3) | 113.2 | ||||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash for Securitized Funding | (3.9) | (7.3) | ||||||||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at Beginning of Period | 19.9 | 21.9 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at End of Period | $ | 16.0 | $ | 14.6 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 41.5 | $ | 37.9 | ||||||||||
Noncash Acquisitions Under Finance Leases | 0.3 | 0.6 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 107.3 | 122.6 | ||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 125.5 | $ | 110.6 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 108.5 | 100.6 | ||||||
Deferred Income Taxes | 11.0 | 52.2 | ||||||
Allowance for Equity Funds Used During Construction | (2.6 | ) | (1.5 | ) | ||||
Mark-to-Market of Risk Management Contracts | 14.9 | 6.8 | ||||||
Deferred Fuel Over/Under-Recovery, Net | (90.7 | ) | 1.1 | |||||
Change in Other Noncurrent Assets | 3.9 | 1.0 | ||||||
Change in Other Noncurrent Liabilities | 37.9 | (3.7 | ) | |||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | (14.2 | ) | (2.2 | ) | ||||
Fuel, Materials and Supplies | 19.3 | (6.9 | ) | |||||
Accounts Payable | (21.6 | ) | (12.7 | ) | ||||
Accrued Taxes, Net | 17.8 | 9.4 | ||||||
Other Current Assets | (15.8 | ) | 7.8 | |||||
Other Current Liabilities | 5.6 | (3.5 | ) | |||||
Net Cash Flows from Operating Activities | 199.5 | 259.0 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (218.5 | ) | (223.7 | ) | ||||
Change in Advances to Affiliates, Net | — | 0.4 | ||||||
Other Investing Activities | 4.4 | 1.4 | ||||||
Net Cash Flows Used for Investing Activities | (214.1 | ) | (221.9 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Change in Advances from Affiliates, Net | 59.9 | 102.8 | ||||||
Retirement of Long-term Debt – Nonaffiliated | (11.7 | ) | (115.9 | ) | ||||
Principal Payments for Capital Lease Obligations | (1.7 | ) | (1.8 | ) | ||||
Dividends Paid on Common Stock | (40.0 | ) | (30.0 | ) | ||||
Other Financing Activities | 0.2 | 0.3 | ||||||
Net Cash Flows from (Used for) Financing Activities | 6.7 | (44.6 | ) | |||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash for Securitized Funding | (7.9 | ) | (7.5 | ) | ||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at Beginning of Period | 19.2 | 18.5 | ||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at End of Period | $ | 11.3 | $ | 11.0 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 23.4 | $ | 23.8 | ||||
Noncash Acquisitions Under Capital Leases | 1.8 | 0.5 | ||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 94.5 | 63.7 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 1,438 | 1,463 | |||||||||||||||||||||
Commercial | 1,275 | 1,189 | |||||||||||||||||||||
Industrial | 1,808 | 1,804 | |||||||||||||||||||||
Miscellaneous | 14 | 16 | |||||||||||||||||||||
Total Retail | 4,535 | 4,472 | |||||||||||||||||||||
Wholesale | 1,620 | 1,417 | |||||||||||||||||||||
Total KWhs | 6,155 | 5,889 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions of KWhs) | |||||
Retail: | |||||
Residential | 1,623 | 1,492 | |||
Commercial | 1,176 | 1,157 | |||
Industrial | 1,904 | 1,896 | |||
Miscellaneous | 20 | 20 | |||
Total Retail | 4,723 | 4,565 | |||
Wholesale | 2,926 | 2,954 | |||
Total KWhs | 7,649 | 7,519 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 1,685 | 1,687 | |||||||||||||||||||||
Normal – Heating (b) | 2,181 | 2,182 | |||||||||||||||||||||
Actual – Cooling (c) | — | — | |||||||||||||||||||||
Normal – Cooling (b) | 1 | 1 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in degree days) | |||||
Actual – Heating (a) | 2,157 | 1,648 | |||
Normal – Heating (b) | 2,168 | 2,185 | |||
Actual – Cooling (c) | — | — | |||
Normal – Cooling (b) | 2 | 2 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Net Income | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 68.4 | ||
Changes in Gross Margin: | ||||
Retail Margins | 3.2 | |||
Off-system Sales | 0.4 | |||
Transmission Revenues | 2.8 | |||
Other Revenues | (2.7 | ) | ||
Total Change in Gross Margin | 3.7 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (12.1 | ) | ||
Depreciation and Amortization | (9.3 | ) | ||
Taxes Other Than Income Taxes | (2.1 | ) | ||
Interest Income | (0.9 | ) | ||
Carrying Cost Income | (1.0 | ) | ||
Allowance for Equity Funds Used During Construction | (0.3 | ) | ||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.0 | |||
Interest Expense | (2.0 | ) | ||
Total Change in Expenses and Other | (24.7 | ) | ||
Income Tax Expense | 16.8 | |||
First Quarter of 2018 | $ | 64.2 |
Indiana Michigan Power Company and Subsidiaries | ||||||||||||||
Reconciliation of First Quarter of 2023 to First Quarter of 2024 | ||||||||||||||
Net Income | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | 102.8 | ||||||||||||
Changes in Revenues: | ||||||||||||||
Retail Revenues | (1.9) | |||||||||||||
Off-system Sales | 1.2 | |||||||||||||
Transmission Revenues | 4.5 | |||||||||||||
Other Revenues | 0.6 | |||||||||||||
Total Change in Revenues | 4.4 | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | (23.4) | |||||||||||||
Purchased Electricity from AEP Affiliates | (16.4) | |||||||||||||
Other Operation and Maintenance | (2.3) | |||||||||||||
Depreciation and Amortization | 16.9 | |||||||||||||
Taxes Other Than Income Taxes | (3.8) | |||||||||||||
Other Income | 2.6 | |||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (1.3) | |||||||||||||
Interest Expense | 7.0 | |||||||||||||
Total Change in Expenses and Other | (20.7) | |||||||||||||
Income Tax Expense | 58.5 | |||||||||||||
First Quarter of 2024 | $ | 145.0 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 647.8 | $ | 642.8 | ||||||||||||||||||||||
Sales to AEP Affiliates | 1.8 | 1.2 | ||||||||||||||||||||||||
Other Revenues – Affiliated | 15.0 | 15.9 | ||||||||||||||||||||||||
Other Revenues – Nonaffiliated | 2.8 | 3.1 | ||||||||||||||||||||||||
TOTAL REVENUES | 667.4 | 663.0 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 122.6 | 99.2 | ||||||||||||||||||||||||
Purchased Electricity from AEP Affiliates | 61.5 | 45.1 | ||||||||||||||||||||||||
Other Operation | 178.2 | 169.7 | ||||||||||||||||||||||||
Maintenance | 52.4 | 58.6 | ||||||||||||||||||||||||
Depreciation and Amortization | 108.3 | 125.2 | ||||||||||||||||||||||||
Taxes Other Than Income Taxes | 23.3 | 19.5 | ||||||||||||||||||||||||
TOTAL EXPENSES | 546.3 | 517.3 | ||||||||||||||||||||||||
OPERATING INCOME | 121.1 | 145.7 | ||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Other Income | 3.2 | 0.6 | ||||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 6.7 | 8.0 | ||||||||||||||||||||||||
Interest Expense | (26.2) | (33.2) | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 104.8 | 121.1 | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (40.2) | 18.3 | ||||||||||||||||||||||||
NET INCOME | $ | 145.0 | $ | 102.8 | ||||||||||||||||||||||
The common stock of I&M is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
REVENUES | ||||||||
Electric Generation, Transmission and Distribution | $ | 553.9 | $ | 538.5 | ||||
Sales to AEP Affiliates | 4.7 | 0.6 | ||||||
Other Revenues – Affiliated | 13.2 | 18.1 | ||||||
Other Revenues – Nonaffiliated | 5.0 | 3.3 | ||||||
TOTAL REVENUES | 576.8 | 560.5 | ||||||
EXPENSES | ||||||||
Fuel and Other Consumables Used for Electric Generation | 77.5 | 90.7 | ||||||
Purchased Electricity for Resale | 55.6 | 37.3 | ||||||
Purchased Electricity from AEP Affiliates | 61.4 | 53.9 | ||||||
Other Operation | 146.1 | 137.1 | ||||||
Maintenance | 54.5 | 51.4 | ||||||
Depreciation and Amortization | 59.3 | 50.0 | ||||||
Taxes Other Than Income Taxes | 25.0 | 22.9 | ||||||
TOTAL EXPENSES | 479.4 | 443.3 | ||||||
OPERATING INCOME | 97.4 | 117.2 | ||||||
Other Income (Expense): | ||||||||
Interest Income | 0.2 | 1.1 | ||||||
Carrying Costs Income | 2.4 | 3.4 | ||||||
Allowance for Equity Funds Used During Construction | 1.8 | 2.1 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 4.5 | 1.5 | ||||||
Interest Expense | (29.7 | ) | (27.7 | ) | ||||
INCOME BEFORE INCOME TAX EXPENSE | 76.6 | 97.6 | ||||||
Income Tax Expense | 12.4 | 29.2 | ||||||
NET INCOME | $ | 64.2 | $ | 68.4 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Net Income | $ | 145.0 | $ | 102.8 | ||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0 and $(0.2) for 2024 and 2023, Respectively | 0.1 | (0.7) | ||||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0 and $(0.5) for 2024 and 2023, Respectively | — | (1.9) | ||||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 0.1 | (2.6) | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 145.1 | $ | 100.2 | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Net Income | $ | 64.2 | $ | 68.4 | |||
OTHER COMPREHENSIVE INCOME, NET OF TAXES | |||||||
Cash Flow Hedges, Net of Tax of $0.1 and $0.2 in 2018 and 2017, Respectively | 0.4 | 0.3 | |||||
TOTAL COMPREHENSIVE INCOME | $ | 64.6 | $ | 68.7 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2022 | $ | 56.6 | $ | 988.8 | $ | 1,963.2 | $ | (0.3) | $ | 3,008.3 | ||||||||||||||||||||||
Common Stock Dividends | (31.2) | (31.2) | ||||||||||||||||||||||||||||||
Net Income | 102.8 | 102.8 | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (2.6) | (2.6) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY -MARCH 31, 2023 | $ | 56.6 | $ | 988.8 | $ | 2,034.8 | $ | (2.9) | $ | 3,077.3 | ||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2023 | $ | 56.6 | $ | 997.6 | $ | 2,086.6 | $ | (0.6) | $ | 3,140.2 | ||||||||||||||||||||||
Common Stock Dividends | (37.5) | (37.5) | ||||||||||||||||||||||||||||||
Net Income | 145.0 | 145.0 | ||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.1 | 0.1 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - MARCH 31, 2024 | $ | 56.6 | $ | 997.6 | $ | 2,194.1 | $ | (0.5) | $ | 3,247.8 | ||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2016 | $ | 56.6 | $ | 980.9 | $ | 1,130.5 | $ | (16.2 | ) | $ | 2,151.8 | |||||||||
Common Stock Dividends | (31.3 | ) | (31.3 | ) | ||||||||||||||||
Net Income | 68.4 | 68.4 | ||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | ||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2017 | $ | 56.6 | $ | 980.9 | $ | 1,167.6 | $ | (15.9 | ) | $ | 2,189.2 | |||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 56.6 | $ | 980.9 | $ | 1,192.2 | $ | (12.1 | ) | $ | 2,217.6 | |||||||||
Common Stock Dividends | (33.5 | ) | (33.5 | ) | ||||||||||||||||
ASU 2018-02 Adoption | 0.3 | (2.7 | ) | (2.4 | ) | |||||||||||||||
Net Income | 64.2 | 64.2 | ||||||||||||||||||
Other Comprehensive Income | 0.4 | 0.4 | ||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2018 | $ | 56.6 | $ | 980.9 | $ | 1,223.2 | $ | (14.4 | ) | $ | 2,246.3 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 5.5 | $ | 2.1 | ||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 51.1 | 66.9 | ||||||||||||
Affiliated Companies | 87.4 | 65.0 | ||||||||||||
Accrued Unbilled Revenues | 0.2 | 0.2 | ||||||||||||
Miscellaneous | 4.2 | 8.2 | ||||||||||||
Total Accounts Receivable | 142.9 | 140.3 | ||||||||||||
Fuel | 72.8 | 88.1 | ||||||||||||
Materials and Supplies | 202.2 | 208.2 | ||||||||||||
Risk Management Assets | 11.2 | 27.8 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 3.8 | 14.8 | ||||||||||||
Prepayments and Other Current Assets | 41.6 | 46.7 | ||||||||||||
TOTAL CURRENT ASSETS | 480.0 | 528.0 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 5,664.8 | 5,646.8 | ||||||||||||
Transmission | 1,917.0 | 1,906.4 | ||||||||||||
Distribution | 3,322.7 | 3,254.0 | ||||||||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 891.3 | 898.5 | ||||||||||||
Construction Work in Progress | 314.4 | 301.7 | ||||||||||||
Total Property, Plant and Equipment | 12,110.2 | 12,007.4 | ||||||||||||
Accumulated Depreciation, Depletion and Amortization | 4,459.0 | 4,378.4 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 7,651.2 | 7,629.0 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 498.2 | 406.3 | ||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | 4,112.6 | 3,860.2 | ||||||||||||
Operating Lease Assets | 51.2 | 53.8 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 318.3 | 330.7 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 4,980.3 | 4,651.0 | ||||||||||||
TOTAL ASSETS | $ | 13,111.5 | $ | 12,808.0 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 0.6 | $ | 1.3 | ||||
Advances to Affiliates | 12.5 | 12.4 | ||||||
Accounts Receivable: | ||||||||
Customers | 48.7 | 56.4 | ||||||
Affiliated Companies | 49.9 | 50.0 | ||||||
Accrued Unbilled Revenues | 8.1 | 7.3 | ||||||
Miscellaneous | 5.4 | 2.0 | ||||||
Allowance for Uncollectible Accounts | — | (0.1 | ) | |||||
Total Accounts Receivable | 112.1 | 115.6 | ||||||
Fuel | 35.2 | 31.4 | ||||||
Materials and Supplies | 161.6 | 160.6 | ||||||
Risk Management Assets | 3.3 | 7.6 | ||||||
Accrued Tax Benefits | 65.0 | 58.4 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 12.4 | 15.0 | ||||||
Accrued Reimbursement of Spent Nuclear Fuel Costs | 6.2 | 10.8 | ||||||
Margin Deposits | 25.6 | 11.5 | ||||||
Prepayments and Other Current Assets | 13.6 | 9.4 | ||||||
TOTAL CURRENT ASSETS | 448.1 | 434.0 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 4,464.5 | 4,445.9 | ||||||
Transmission | 1,523.5 | 1,504.0 | ||||||
Distribution | 2,097.3 | 2,069.3 | ||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 610.9 | 595.2 | ||||||
Construction Work in Progress | 503.5 | 460.2 | ||||||
Total Property, Plant and Equipment | 9,199.7 | 9,074.6 | ||||||
Accumulated Depreciation, Depletion and Amortization | 3,073.1 | 3,024.2 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 6,126.6 | 6,050.4 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 589.2 | 579.4 | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 2,510.6 | 2,527.6 | ||||||
Long-term Risk Management Assets | 2.0 | 0.7 | ||||||
Deferred Charges and Other Noncurrent Assets | 168.4 | 179.9 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 3,270.2 | 3,287.6 | ||||||
TOTAL ASSETS | $ | 9,844.9 | $ | 9,772.0 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 73.2 | $ | 63.3 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 182.1 | 225.8 | ||||||||||||
Affiliated Companies | 115.9 | 107.3 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (March 31, 2024 and December 31, 2023 Amounts Include $74.8 and $81.4, Respectively, Related to DCC Fuel) | 76.9 | 83.7 | ||||||||||||
Customer Deposits | 52.1 | 72.2 | ||||||||||||
Accrued Taxes | 133.5 | 104.7 | ||||||||||||
Accrued Interest | 38.1 | 41.3 | ||||||||||||
Obligations Under Operating Leases | 14.9 | 16.8 | ||||||||||||
Regulatory Liability for Over-Recovered Fuel Costs | 22.3 | 23.2 | ||||||||||||
Other Current Liabilities | 74.3 | 91.9 | ||||||||||||
TOTAL CURRENT LIABILITIES | 783.3 | 830.2 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 3,401.6 | 3,415.7 | ||||||||||||
Deferred Income Taxes | 1,190.6 | 1,169.9 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 2,262.3 | 2,052.3 | ||||||||||||
Asset Retirement Obligations | 2,123.0 | 2,104.3 | ||||||||||||
Obligations Under Operating Leases | 37.1 | 37.7 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 65.8 | 57.7 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 9,080.4 | 8,837.6 | ||||||||||||
TOTAL LIABILITIES | 9,863.7 | 9,667.8 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Common Stock – No Par Value: | ||||||||||||||
Authorized – 2,500,000 Shares | ||||||||||||||
Outstanding – 1,400,000 Shares | 56.6 | 56.6 | ||||||||||||
Paid-in Capital | 997.6 | 997.6 | ||||||||||||
Retained Earnings | 2,194.1 | 2,086.6 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (0.5) | (0.6) | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 3,247.8 | 3,140.2 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 13,111.5 | $ | 12,808.0 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 314.1 | $ | 211.6 | ||||
Accounts Payable: | ||||||||
General | 164.8 | 154.5 | ||||||
Affiliated Companies | 81.4 | 98.3 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated (March 31, 2018 and December 31, 2017 Amounts Include $88.1 and $96.3, Respectively, Related to DCC Fuel) | 941.5 | 474.7 | ||||||
Risk Management Liabilities | 3.8 | 3.5 | ||||||
Customer Deposits | 38.0 | 37.7 | ||||||
Accrued Taxes | 89.6 | 81.3 | ||||||
Accrued Interest | 14.8 | 37.5 | ||||||
Obligations Under Capital Leases | 5.8 | 5.8 | ||||||
Other Current Liabilities | 102.7 | 106.4 | ||||||
TOTAL CURRENT LIABILITIES | 1,756.5 | 1,211.3 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 1,775.7 | 2,270.4 | ||||||
Long-term Risk Management Liabilities | 0.2 | 0.1 | ||||||
Deferred Income Taxes | 978.3 | 953.8 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,660.2 | 1,708.7 | ||||||
Asset Retirement Obligations | 1,336.0 | 1,321.6 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 91.7 | 88.5 | ||||||
TOTAL NONCURRENT LIABILITIES | 5,842.1 | 6,343.1 | ||||||
TOTAL LIABILITIES | 7,598.6 | 7,554.4 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||
Common Stock – No Par Value: | ||||||||
Authorized – 2,500,000 Shares | ||||||||
Outstanding – 1,400,000 Shares | 56.6 | 56.6 | ||||||
Paid-in Capital | 980.9 | 980.9 | ||||||
Retained Earnings | 1,223.2 | 1,192.2 | ||||||
Accumulated Other Comprehensive Income (Loss) | (14.4 | ) | (12.1 | ) | ||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,246.3 | 2,217.6 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 9,844.9 | $ | 9,772.0 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 145.0 | $ | 102.8 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 108.3 | 125.2 | ||||||||||||
Deferred Income Taxes | (60.3) | (3.3) | ||||||||||||
Amortization (Deferral) of Incremental Nuclear Refueling Outage Expenses, Net | (11.8) | 18.1 | ||||||||||||
Allowance for Equity Funds Used During Construction | (3.3) | (0.5) | ||||||||||||
Mark-to-Market of Risk Management Contracts | 27.1 | 8.8 | ||||||||||||
Amortization of Nuclear Fuel | 24.4 | 25.0 | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | 10.1 | 3.8 | ||||||||||||
Change in Other Noncurrent Assets | (34.0) | (4.3) | ||||||||||||
Change in Other Noncurrent Liabilities | 35.3 | 3.7 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (2.1) | 52.7 | ||||||||||||
Fuel, Materials and Supplies | 21.3 | (24.1) | ||||||||||||
Accounts Payable | (13.5) | (27.8) | ||||||||||||
Accrued Taxes, Net | 28.8 | 21.1 | ||||||||||||
Other Current Assets | 11.9 | (1.9) | ||||||||||||
Other Current Liabilities | (37.3) | (41.8) | ||||||||||||
Net Cash Flows from Operating Activities | 249.9 | 257.5 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (142.3) | (141.7) | ||||||||||||
Change in Advances to Affiliates, Net | — | (37.0) | ||||||||||||
Purchases of Investment Securities | (588.5) | (536.3) | ||||||||||||
Sales of Investment Securities | 569.5 | 517.6 | ||||||||||||
Acquisitions of Nuclear Fuel | (33.7) | (1.7) | ||||||||||||
Other Investing Activities | 2.7 | 3.3 | ||||||||||||
Net Cash Flows Used for Investing Activities | (192.3) | (195.8) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Issuance of Long-term Debt – Nonaffiliated | — | 499.8 | ||||||||||||
Change in Advances from Affiliates, Net | 9.9 | (249.9) | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (25.4) | (274.3) | ||||||||||||
Principal Payments for Finance Lease Obligations | (1.6) | (1.9) | ||||||||||||
Dividends Paid on Common Stock | (37.5) | (31.2) | ||||||||||||
Other Financing Activities | 0.4 | 0.1 | ||||||||||||
Net Cash Flows Used for Financing Activities | (54.2) | (57.4) | ||||||||||||
Net Increase in Cash and Cash Equivalents | 3.4 | 4.3 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2.1 | 4.2 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 5.5 | $ | 8.5 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 38.7 | $ | 44.4 | ||||||||||
Net Cash Paid for Income Taxes | — | 2.4 | ||||||||||||
Noncash Acquisitions Under Finance Leases | 0.5 | 2.2 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 63.1 | 61.3 | ||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 64.2 | $ | 68.4 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 59.3 | 50.0 | ||||||
Deferred Income Taxes | 13.7 | 48.8 | ||||||
Amortization (Deferral) of Incremental Nuclear Refueling Outage Expenses, Net | (12.3 | ) | 16.6 | |||||
Allowance for Equity Funds Used During Construction | (1.8 | ) | (2.1 | ) | ||||
Mark-to-Market of Risk Management Contracts | 3.4 | 2.3 | ||||||
Amortization of Nuclear Fuel | 27.4 | 35.1 | ||||||
Deferred Fuel Over/Under-Recovery, Net | 3.4 | 19.6 | ||||||
Change in Other Noncurrent Assets | (13.4 | ) | (17.6 | ) | ||||
Change in Other Noncurrent Liabilities | 33.7 | 13.5 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 3.5 | 3.0 | ||||||
Fuel, Materials and Supplies | (4.5 | ) | (8.5 | ) | ||||
Accounts Payable | 1.3 | (22.5 | ) | |||||
Accrued Taxes, Net | 8.2 | (6.9 | ) | |||||
Other Current Assets | (11.1 | ) | 15.8 | |||||
Other Current Liabilities | (27.8 | ) | (41.2 | ) | ||||
Net Cash Flows from Operating Activities | 147.2 | 174.3 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (148.9 | ) | (159.7 | ) | ||||
Change in Advances to Affiliates, Net | (0.1 | ) | — | |||||
Purchases of Investment Securities | (525.3 | ) | (505.5 | ) | ||||
Sales of Investment Securities | 508.6 | 487.9 | ||||||
Acquisitions of Nuclear Fuel | (23.8 | ) | (3.7 | ) | ||||
Other Investing Activities | 4.2 | 2.0 | ||||||
Net Cash Flows Used for Investing Activities | (185.3 | ) | (179.0 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Long-term Debt – Nonaffiliated | — | 76.7 | ||||||
Change in Advances from Affiliates, Net | 102.5 | 71.6 | ||||||
Retirement of Long-term Debt – Nonaffiliated | (29.4 | ) | (109.5 | ) | ||||
Principal Payments for Capital Lease Obligations | (2.7 | ) | (2.9 | ) | ||||
Dividends Paid on Common Stock | (33.5 | ) | (31.3 | ) | ||||
Other Financing Activities | 0.5 | 0.1 | ||||||
Net Cash Flows from Financing Activities | 37.4 | 4.7 | ||||||
Net Decrease in Cash and Cash Equivalents | (0.7 | ) | — | |||||
Cash and Cash Equivalents at Beginning of Period | 1.3 | 1.2 | ||||||
Cash and Cash Equivalents at End of Period | $ | 0.6 | $ | 1.2 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 50.6 | $ | 44.3 | ||||
Net Cash Paid for Income Taxes | — | 0.6 | ||||||
Noncash Acquisitions Under Capital Leases | 1.7 | 1.5 | ||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 77.2 | 75.9 | ||||||
Acquisition of Nuclear Fuel Included in Current Liabilities as of March 31, | 0.1 | — | ||||||
Expected Reimbursement for Capital Cost of Spent Nuclear Fuel Dry Cask Storage | 0.1 | 1.0 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 3,751 | 3,734 | |||||||||||||||||||||
Commercial | 4,684 | 4,000 | |||||||||||||||||||||
Industrial | 3,539 | 3,418 | |||||||||||||||||||||
Miscellaneous | 29 | 30 | |||||||||||||||||||||
Total Retail (a) | 12,003 | 11,182 | |||||||||||||||||||||
Wholesale (b) | 590 | 453 | |||||||||||||||||||||
Total KWhs | 12,593 | 11,635 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions of KWhs) | |||||
Retail: | |||||
Residential | 4,133 | 3,693 | |||
Commercial | 3,552 | 3,428 | |||
Industrial | 3,554 | 3,569 | |||
Miscellaneous | 31 | 32 | |||
Total Retail (a) | 11,270 | 10,722 | |||
Wholesale (b) | 667 | 674 | |||
Total KWhs | 11,937 | 11,396 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 1,463 | 1,344 | |||||||||||||||||||||
Normal – Heating (b) | 1,871 | 1,891 | |||||||||||||||||||||
Actual – Cooling (c) | — | — | |||||||||||||||||||||
Normal – Cooling (b) | 3 | 3 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in degree days) | |||||
Actual – Heating (a) | 1,884 | 1,403 | |||
Normal – Heating (b) | 1,884 | 1,899 | |||
Actual – Cooling (c) | 4 | 3 | |||
Normal – Cooling (b) | 3 | 3 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Net Income | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 86.2 | ||
Changes in Gross Margin: | ||||
Retail Margins | 31.8 | |||
Off-system Sales | 7.2 | |||
Transmission Revenues | (6.4 | ) | ||
Other Revenues | (0.9 | ) | ||
Total Change in Gross Margin | 31.7 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (49.9 | ) | ||
Depreciation and Amortization | (7.5 | ) | ||
Taxes Other Than Income Taxes | (6.6 | ) | ||
Interest Income | (1.6 | ) | ||
Carrying Costs Income | (1.2 | ) | ||
Allowance for Equity Funds Used During Construction | 0.1 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.8 | |||
Interest Expense | (0.2 | ) | ||
Total Change in Expenses and Other | (64.1 | ) | ||
Income Tax Expense | 25.8 | |||
First Quarter of 2018 | $ | 79.6 |
Ohio Power Company and Subsidiaries | ||||||||||||||
Reconciliation of First Quarter of 2023 to First Quarter of 2024 | ||||||||||||||
Net Income | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | 78.0 | ||||||||||||
Changes in Revenues: | ||||||||||||||
Retail Revenues | (25.5) | |||||||||||||
Off-system Sales | (3.6) | |||||||||||||
Transmission Revenues | 3.3 | |||||||||||||
Other Revenues | 15.0 | |||||||||||||
Total Change in Revenues | (10.8) | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Purchased Electricity for Resale | 133.9 | |||||||||||||
Purchased Electricity from AEP Affiliates | (46.6) | |||||||||||||
Other Operation and Maintenance | (36.4) | |||||||||||||
Depreciation and Amortization | (30.6) | |||||||||||||
Taxes Other Than Income Taxes | (15.5) | |||||||||||||
Other Income | (0.1) | |||||||||||||
Allowance for Equity Funds Used During Construction | 2.7 | |||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (1.0) | |||||||||||||
Interest Expense | (3.5) | |||||||||||||
Total Change in Expenses and Other | 2.9 | |||||||||||||
Income Tax Expense | 0.5 | |||||||||||||
First Quarter of 2024 | $ | 70.6 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electricity, Transmission and Distribution | $ | 1,015.4 | $ | 1,021.8 | ||||||||||||||||||||||
Sales to AEP Affiliates | 5.7 | 7.6 | ||||||||||||||||||||||||
Other Revenues | 2.7 | 5.2 | ||||||||||||||||||||||||
TOTAL REVENUES | 1,023.8 | 1,034.6 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity for Resale | 258.7 | 392.6 | ||||||||||||||||||||||||
Purchased Electricity from AEP Affiliates | 46.6 | — | ||||||||||||||||||||||||
Other Operation | 293.2 | 273.8 | ||||||||||||||||||||||||
Maintenance | 61.3 | 44.3 | ||||||||||||||||||||||||
Depreciation and Amortization | 105.8 | 75.2 | ||||||||||||||||||||||||
Taxes Other Than Income Taxes | 150.8 | 135.3 | ||||||||||||||||||||||||
TOTAL EXPENSES | 916.4 | 921.2 | ||||||||||||||||||||||||
OPERATING INCOME | 107.4 | 113.4 | ||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Other Income | — | 0.1 | ||||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 5.5 | 2.8 | ||||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 5.5 | 6.5 | ||||||||||||||||||||||||
Interest Expense | (34.6) | (31.1) | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 83.8 | 91.7 | ||||||||||||||||||||||||
Income Tax Expense | 13.2 | 13.7 | ||||||||||||||||||||||||
NET INCOME | $ | 70.6 | $ | 78.0 | ||||||||||||||||||||||
The common stock of OPCo is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
REVENUES | ||||||||
Electricity, Transmission and Distribution | $ | 786.3 | $ | 738.4 | ||||
Sales to AEP Affiliates | 3.1 | 5.7 | ||||||
Other Revenues | 1.5 | 2.0 | ||||||
TOTAL REVENUES | 790.9 | 746.1 | ||||||
EXPENSES | ||||||||
Purchased Electricity for Resale | 205.5 | 188.3 | ||||||
Purchased Electricity from AEP Affiliates | 30.2 | 32.0 | ||||||
Amortization of Generation Deferrals | 58.6 | 60.9 | ||||||
Other Operation | 172.2 | 122.3 | ||||||
Maintenance | 37.2 | 37.2 | ||||||
Depreciation and Amortization | 64.8 | 57.3 | ||||||
Taxes Other Than Income Taxes | 105.1 | 98.5 | ||||||
TOTAL EXPENSES | 673.6 | 596.5 | ||||||
OPERATING INCOME | 117.3 | 149.6 | ||||||
Other Income (Expense): | ||||||||
Interest Income | 0.9 | 2.5 | ||||||
Carrying Costs Income | 0.7 | 1.9 | ||||||
Allowance for Equity Funds Used During Construction | 2.5 | 2.4 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.9 | 1.1 | ||||||
Interest Expense | (25.2 | ) | (25.0 | ) | ||||
INCOME BEFORE INCOME TAX EXPENSE | 100.1 | 132.5 | ||||||
Income Tax Expense | 20.5 | 46.3 | ||||||
NET INCOME | $ | 79.6 | $ | 86.2 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Net Income | $ | 79.6 | $ | 86.2 | |||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | |||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) in 2018 and 2017, Respectively | (0.3 | ) | (0.2 | ) | |||
TOTAL COMPREHENSIVE INCOME | $ | 79.3 | $ | 86.0 |
Common Stock | Paid-in Capital | Retained Earnings | Total | |||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2022 | $ | 321.2 | $ | 837.8 | $ | 1,929.1 | $ | 3,088.1 | ||||||||||||||||||||||||
Capital Contribution from Parent | 50.0 | 50.0 | ||||||||||||||||||||||||||||||
Net Income | 78.0 | 78.0 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2023 | $ | 321.2 | $ | 887.8 | $ | 2,007.1 | $ | 3,216.1 | ||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2023 | $ | 321.2 | $ | 1,012.8 | $ | 2,237.3 | $ | 3,571.3 | ||||||||||||||||||||||||
Net Income | 70.6 | 70.6 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2024 | $ | 321.2 | $ | 1,012.8 | $ | 2,307.9 | $ | 3,641.9 | ||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2016 | $ | 321.2 | $ | 838.8 | $ | 954.5 | $ | 3.0 | $ | 2,117.5 | ||||||||||
Common Stock Dividends | (65.0 | ) | (65.0 | ) | ||||||||||||||||
Net Income | 86.2 | 86.2 | ||||||||||||||||||
Other Comprehensive Loss | (0.2 | ) | (0.2 | ) | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2017 | $ | 321.2 | $ | 838.8 | $ | 975.7 | $ | 2.8 | $ | 2,138.5 | ||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 321.2 | $ | 838.8 | $ | 1,148.4 | $ | 1.9 | $ | 2,310.3 | ||||||||||
Common Stock Dividends | (112.5 | ) | (112.5 | ) | ||||||||||||||||
ASU 2018-02 Adoption | 0.4 | 0.4 | ||||||||||||||||||
Net Income | 79.6 | 79.6 | ||||||||||||||||||
Other Comprehensive Loss | (0.3 | ) | (0.3 | ) | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2018 | $ | 321.2 | $ | 838.8 | $ | 1,115.5 | $ | 2.0 | $ | 2,277.5 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 12.5 | $ | 6.4 | ||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 70.8 | 39.2 | ||||||||||||
Affiliated Companies | 131.5 | 129.2 | ||||||||||||
Miscellaneous | 9.9 | 2.3 | ||||||||||||
Total Accounts Receivable | 212.2 | 170.7 | ||||||||||||
Materials and Supplies | 171.6 | 175.0 | ||||||||||||
Renewable Energy Credits | 13.4 | 8.9 | ||||||||||||
Prepayments and Other Current Assets | 18.9 | 16.8 | ||||||||||||
TOTAL CURRENT ASSETS | 428.6 | 377.8 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Transmission | 3,438.6 | 3,395.1 | ||||||||||||
Distribution | 6,948.0 | 6,839.4 | ||||||||||||
Other Property, Plant and Equipment | 1,136.1 | 1,125.0 | ||||||||||||
Construction Work in Progress | 710.4 | 654.0 | ||||||||||||
Total Property, Plant and Equipment | 12,233.1 | 12,013.5 | ||||||||||||
Accumulated Depreciation and Amortization | 2,765.7 | 2,713.6 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 9,467.4 | 9,299.9 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 416.6 | 455.0 | ||||||||||||
Operating Lease Assets | 67.4 | 69.9 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 547.8 | 641.1 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 1,031.8 | 1,166.0 | ||||||||||||
TOTAL ASSETS | $ | 10,927.8 | $ | 10,843.7 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 1.4 | $ | 3.1 | ||||
Restricted Cash for Securitized Funding | 15.9 | 26.6 | ||||||
Advances to Affiliates | 200.4 | — | ||||||
Accounts Receivable: | ||||||||
Customers | 42.0 | 67.8 | ||||||
Affiliated Companies | 60.4 | 70.2 | ||||||
Accrued Unbilled Revenues | 27.2 | 29.7 | ||||||
Miscellaneous | 1.2 | 1.9 | ||||||
Allowance for Uncollectible Accounts | (0.6 | ) | (0.6 | ) | ||||
Total Accounts Receivable | 130.2 | 169.0 | ||||||
Materials and Supplies | 41.2 | 41.9 | ||||||
Renewable Energy Credits | 24.8 | 25.0 | ||||||
Risk Management Assets | 0.4 | 0.6 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 89.3 | 115.9 | ||||||
Prepayments and Other Current Assets | 27.1 | 15.8 | ||||||
TOTAL CURRENT ASSETS | 530.7 | 397.9 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Transmission | 2,440.5 | 2,419.2 | ||||||
Distribution | 4,669.3 | 4,626.4 | ||||||
Other Property, Plant and Equipment | 518.9 | 495.9 | ||||||
Construction Work in Progress | 432.0 | 410.1 | ||||||
Total Property, Plant and Equipment | 8,060.7 | 7,951.6 | ||||||
Accumulated Depreciation and Amortization | 2,205.7 | 2,184.8 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 5,855.0 | 5,766.8 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 597.6 | 652.8 | ||||||
Securitized Assets | 31.4 | 37.7 | ||||||
Deferred Charges and Other Noncurrent Assets | 342.0 | 406.5 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 971.0 | 1,097.0 | ||||||
TOTAL ASSETS | $ | 7,356.7 | $ | 7,261.7 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 295.2 | $ | 110.5 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 305.2 | 320.7 | ||||||||||||
Affiliated Companies | 154.5 | 154.2 | ||||||||||||
Risk Management Liabilities | 6.0 | 6.8 | ||||||||||||
Customer Deposits | 76.1 | 62.0 | ||||||||||||
Accrued Taxes | 605.5 | 763.3 | ||||||||||||
Obligations Under Operating Leases | 13.1 | 13.5 | ||||||||||||
Other Current Liabilities | 176.3 | 183.3 | ||||||||||||
TOTAL CURRENT LIABILITIES | 1,631.9 | 1,614.3 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 3,367.4 | 3,366.8 | ||||||||||||
Long-term Risk Management Liabilities | 35.0 | 43.9 | ||||||||||||
Deferred Income Taxes | 1,158.9 | 1,152.7 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,004.5 | 1,003.6 | ||||||||||||
Obligations Under Operating Leases | 54.5 | 56.7 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 33.7 | 34.4 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 5,654.0 | 5,658.1 | ||||||||||||
TOTAL LIABILITIES | 7,285.9 | 7,272.4 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Common Stock –No Par Value: | ||||||||||||||
Authorized – 40,000,000 Shares | ||||||||||||||
Outstanding – 27,952,473 Shares | 321.2 | 321.2 | ||||||||||||
Paid-in Capital | 1,012.8 | 1,012.8 | ||||||||||||
Retained Earnings | 2,307.9 | 2,237.3 | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 3,641.9 | 3,571.3 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 10,927.8 | $ | 10,843.7 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | — | $ | 87.8 | ||||
Accounts Payable: | ||||||||
General | 159.9 | 205.8 | ||||||
Affiliated Companies | 105.5 | 118.2 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated (March 31, 2018 and December 31, 2017 Amounts Include $47.5 and $47, Respectively, Related to Ohio Phase-in-Recovery Funding) | 397.5 | 397.0 | ||||||
Risk Management Liabilities | 5.3 | 6.4 | ||||||
Customer Deposits | 76.5 | 69.2 | ||||||
Accrued Taxes | 418.5 | 512.5 | ||||||
Accrued Interest | 38.7 | 31.0 | ||||||
Other Current Liabilities | 161.2 | 165.9 | ||||||
TOTAL CURRENT LIABILITIES | 1,363.1 | 1,593.8 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated (March 31, 2018 and December 31, 2017 Amounts Include $24.3 and $47.5, Respectively, Related to Ohio Phase-in-Recovery Funding) | 1,692.2 | 1,322.3 | ||||||
Long-term Risk Management Liabilities | 93.2 | 126.0 | ||||||
Deferred Income Taxes | 759.0 | 762.9 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,120.8 | 1,100.2 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 50.9 | 46.2 | ||||||
TOTAL NONCURRENT LIABILITIES | 3,716.1 | 3,357.6 | ||||||
TOTAL LIABILITIES | 5,079.2 | 4,951.4 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||
Common Stock – No Par Value: | ||||||||
Authorized – 40,000,000 Shares | ||||||||
Outstanding – 27,952,473 Shares | 321.2 | 321.2 | ||||||
Paid-in Capital | 838.8 | 838.8 | ||||||
Retained Earnings | 1,115.5 | 1,148.4 | ||||||
Accumulated Other Comprehensive Income (Loss) | 2.0 | 1.9 | ||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,277.5 | 2,310.3 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 7,356.7 | $ | 7,261.7 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 70.6 | $ | 78.0 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities: | ||||||||||||||
Depreciation and Amortization | 105.8 | 75.2 | ||||||||||||
Deferred Income Taxes | (0.6) | 2.1 | ||||||||||||
Allowance for Equity Funds Used During Construction | (5.5) | (2.8) | ||||||||||||
Mark-to-Market of Risk Management Contracts | (9.7) | 7.2 | ||||||||||||
Property Taxes | 95.0 | 92.0 | ||||||||||||
Change in Other Noncurrent Assets | 10.1 | (43.2) | ||||||||||||
Change in Other Noncurrent Liabilities | 11.4 | (21.7) | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (40.2) | (20.3) | ||||||||||||
Materials and Supplies | (1.1) | (4.8) | ||||||||||||
Accounts Payable | (32.4) | (5.5) | ||||||||||||
Customer Deposits | 14.2 | (22.7) | ||||||||||||
Accrued Taxes, Net | (157.5) | (157.9) | ||||||||||||
Other Current Assets | (3.4) | (2.2) | ||||||||||||
Other Current Liabilities | 1.5 | (7.7) | ||||||||||||
Net Cash Flows from (Used for) Operating Activities | 58.2 | (34.3) | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (241.1) | (262.0) | ||||||||||||
Other Investing Activities | 5.2 | 4.9 | ||||||||||||
Net Cash Flows Used for Investing Activities | (235.9) | (257.1) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | — | 50.0 | ||||||||||||
Change in Advances from Affiliates, Net | 184.7 | 241.7 | ||||||||||||
Principal Payments for Finance Lease Obligations | (1.3) | (1.2) | ||||||||||||
Other Financing Activities | 0.4 | 0.4 | ||||||||||||
Net Cash Flows from Financing Activities | 183.8 | 290.9 | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 6.1 | (0.5) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 6.4 | 9.6 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 12.5 | $ | 9.1 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 19.1 | $ | 20.9 | ||||||||||
Noncash Acquisitions Under Finance Leases | 0.5 | 0.6 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 104.8 | 109.9 | ||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 79.6 | $ | 86.2 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 64.8 | 57.3 | ||||||
Amortization of Generation Deferrals | 58.6 | 60.9 | ||||||
Deferred Income Taxes | (4.9 | ) | 36.7 | |||||
Carrying Costs Income | (0.7 | ) | (1.9 | ) | ||||
Allowance for Equity Funds Used During Construction | (2.5 | ) | (2.4 | ) | ||||
Mark-to-Market of Risk Management Contracts | (33.7 | ) | 5.7 | |||||
Property Taxes | 62.9 | 58.4 | ||||||
Provision for Refund – Global Settlement | (5.4 | ) | — | |||||
Change in Other Noncurrent Assets | 14.3 | (45.8 | ) | |||||
Change in Other Noncurrent Liabilities | 40.6 | 30.6 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 38.8 | 30.2 | ||||||
Materials and Supplies | (1.9 | ) | (1.8 | ) | ||||
Accounts Payable | (22.5 | ) | (34.9 | ) | ||||
Accrued Taxes, Net | (92.8 | ) | (107.2 | ) | ||||
Other Current Assets | (7.5 | ) | (0.3 | ) | ||||
Other Current Liabilities | (2.9 | ) | (31.2 | ) | ||||
Net Cash Flows from Operating Activities | 184.8 | 140.5 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (168.2 | ) | (108.4 | ) | ||||
Change in Advances to Affiliates, Net | (200.4 | ) | 24.2 | |||||
Other Investing Activities | 1.7 | 2.0 | ||||||
Net Cash Flows Used for Investing Activities | (366.9 | ) | (82.2 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Long-term Debt – Nonaffiliated | 393.3 | — | ||||||
Change in Advances from Affiliates, Net | (87.8 | ) | 18.3 | |||||
Retirement of Long-term Debt – Nonaffiliated | (22.9 | ) | (22.5 | ) | ||||
Principal Payments for Capital Lease Obligations | (0.9 | ) | (1.0 | ) | ||||
Dividends Paid on Common Stock | (112.5 | ) | (65.0 | ) | ||||
Other Financing Activities | 0.5 | 0.6 | ||||||
Net Cash Flows from (Used for) Financing Activities | 169.7 | (69.6 | ) | |||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash for Securitized Funding | (12.4 | ) | (11.3 | ) | ||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at Beginning of Period | 29.7 | 30.3 | ||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at End of Period | $ | 17.3 | $ | 19.0 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 17.0 | $ | 17.2 | ||||
Net Cash Paid for Income Taxes | — | 1.7 | ||||||
Noncash Acquisitions Under Capital Leases | 1.4 | 1.3 | ||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 52.3 | 28.3 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 1,451 | 1,388 | |||||||||||||||||||||
Commercial | 1,232 | 1,104 | |||||||||||||||||||||
Industrial | 1,411 | 1,439 | |||||||||||||||||||||
Miscellaneous | 283 | 275 | |||||||||||||||||||||
Total Retail | 4,377 | 4,206 | |||||||||||||||||||||
Wholesale | 47 | 27 | |||||||||||||||||||||
Total KWhs | 4,424 | 4,233 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions of KWhs) | |||||
Retail: | |||||
Residential | 1,493 | 1,312 | |||
Commercial | 1,162 | 1,130 | |||
Industrial | 1,340 | 1,306 | |||
Miscellaneous | 276 | 273 | |||
Total Retail | 4,271 | 4,021 | |||
Wholesale | 157 | 81 | |||
Total KWhs | 4,428 | 4,102 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 912 | 871 | |||||||||||||||||||||
Normal – Heating (b) | 1,046 | 1,055 | |||||||||||||||||||||
Actual – Cooling (c) | 22 | 10 | |||||||||||||||||||||
Normal – Cooling (b) | 17 | 17 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in degree days) | |||||
Actual – Heating (a) | 1,032 | 670 | |||
Normal – Heating (b) | 1,041 | 1,062 | |||
Actual – Cooling (c) | 12 | 59 | |||
Normal – Cooling (b) | 17 | 14 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Net Income (Loss) | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 4.8 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | (0.2 | ) | ||
Off-system Sales | 0.1 | |||
Other Revenues | (0.4 | ) | ||
Total Change in Gross Margin | (0.5 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (11.2 | ) | ||
Depreciation and Amortization | (3.3 | ) | ||
Taxes Other Than Income Taxes | (1.0 | ) | ||
Non-Service Cost Components of Net Periodic Benefit Cost | 1.3 | |||
Other Income | (0.5 | ) | ||
Interest Expense | (1.1 | ) | ||
Total Change in Expenses and Other | (15.8 | ) | ||
Income Tax Expense | 4.3 | |||
First Quarter of 2018 | $ | (7.2 | ) |
Public Service Company of Oklahoma | ||||||||||||||
Net Income | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | (2.3) | ||||||||||||
Changes in Revenues: | ||||||||||||||
Retail Revenues (a) | (35.5) | |||||||||||||
Transmission Revenues | (0.3) | |||||||||||||
Other Revenues | 6.6 | |||||||||||||
Total Change in Revenues | (29.2) | |||||||||||||
Changes in Expenses and | ||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 51.2 | |||||||||||||
Other Operation and Maintenance | (3.8) | |||||||||||||
Depreciation and Amortization | (6.3) | |||||||||||||
Taxes Other Than Income Taxes | 0.3 | |||||||||||||
Interest Income | (0.8) | |||||||||||||
Allowance for Equity Funds Used During Construction | 0.9 | |||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.7) | |||||||||||||
Interest Expense | 8.4 | |||||||||||||
Total Change in Expenses and Other | 49.2 | |||||||||||||
Income Tax Benefit | 54.3 | |||||||||||||
First Quarter of 2024 | $ | 72.0 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 378.1 | $ | 414.8 | ||||||||||||||||||||||
Sales to AEP Affiliates | 3.5 | 0.7 | ||||||||||||||||||||||||
Other Revenues | 6.2 | 1.5 | ||||||||||||||||||||||||
TOTAL REVENUES | 387.8 | 417.0 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 148.9 | 200.1 | ||||||||||||||||||||||||
Other Operation | 96.6 | 92.1 | ||||||||||||||||||||||||
Maintenance | 28.1 | 28.8 | ||||||||||||||||||||||||
Depreciation and Amortization | 67.4 | 61.1 | ||||||||||||||||||||||||
Taxes Other Than Income Taxes | 17.0 | 17.3 | ||||||||||||||||||||||||
TOTAL EXPENSES | 358.0 | 399.4 | ||||||||||||||||||||||||
OPERATING INCOME | 29.8 | 17.6 | ||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income | 0.2 | 1.0 | ||||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 2.4 | 1.5 | ||||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.9 | 3.6 | ||||||||||||||||||||||||
Interest Expense | (16.8) | (25.2) | ||||||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) | 18.5 | (1.5) | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (53.5) | 0.8 | ||||||||||||||||||||||||
NET INCOME (LOSS) | $ | 72.0 | $ | (2.3) | ||||||||||||||||||||||
The common stock of PSO is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
REVENUES | ||||||||
Electric Generation, Transmission and Distribution | $ | 335.1 | $ | 301.9 | ||||
Sales to AEP Affiliates | 1.1 | 1.1 | ||||||
Other Revenues | 0.6 | 1.1 | ||||||
TOTAL REVENUES | 336.8 | 304.1 | ||||||
EXPENSES | ||||||||
Fuel and Other Consumables Used for Electric Generation | 48.4 | 12.3 | ||||||
Purchased Electricity for Resale | 122.4 | 125.3 | ||||||
Other Operation | 86.8 | 68.3 | ||||||
Maintenance | 26.9 | 34.2 | ||||||
Depreciation and Amortization | 36.8 | 33.5 | ||||||
Taxes Other Than Income Taxes | 11.6 | 10.6 | ||||||
TOTAL EXPENSES | 332.9 | 284.2 | ||||||
OPERATING INCOME | 3.9 | 19.9 | ||||||
Other Income (Expense): | ||||||||
Other Income | — | 0.5 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.2 | 0.9 | ||||||
Interest Expense | (14.7 | ) | (13.6 | ) | ||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (CREDIT) | (8.6 | ) | 7.7 | |||||
Income Tax Expense (Credit) | (1.4 | ) | 2.9 | |||||
NET INCOME (LOSS) | $ | (7.2 | ) | $ | 4.8 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Net Income (Loss) | $ | 72.0 | $ | (2.3) | ||||||||||||||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0 and $(0.4) in 2024 and 2023, Respectively | — | (1.5) | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 72.0 | $ | (3.8) | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Net Income (Loss) | $ | (7.2 | ) | $ | 4.8 | ||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | |||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) in 2018 and 2017, Respectively | (0.2 | ) | (0.2 | ) | |||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | (7.4 | ) | $ | 4.6 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – DECEMBER 31, 2022 | $ | 157.2 | $ | 1,042.6 | $ | 1,218.0 | $ | 1.3 | $ | 2,419.1 | ||||||||||||||||||||||
Common Stock Dividends | (17.5) | (17.5) | ||||||||||||||||||||||||||||||
Net Loss | (2.3) | (2.3) | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (1.5) | (1.5) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – MARCH 31, 2023 | $ | 157.2 | $ | 1,042.6 | $ | 1,198.2 | $ | (0.2) | $ | 2,397.8 | ||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – DECEMBER 31, 2023 | $ | 157.2 | $ | 1,039.3 | $ | 1,374.3 | $ | (0.2) | $ | 2,570.6 | ||||||||||||||||||||||
Common Stock Dividends | (35.0) | (35.0) | ||||||||||||||||||||||||||||||
Net Income | 72.0 | 72.0 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – MARCH 31, 2024 | $ | 157.2 | $ | 1,039.3 | $ | 1,411.3 | $ | (0.2) | $ | 2,607.6 | ||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2016 | $ | 157.2 | $ | 364.0 | $ | 689.5 | $ | 3.4 | $ | 1,214.1 | ||||||||||
Common Stock Dividends | (17.5 | ) | (17.5 | ) | ||||||||||||||||
Net Income | 4.8 | 4.8 | ||||||||||||||||||
Other Comprehensive Loss | (0.2 | ) | (0.2 | ) | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2017 | $ | 157.2 | $ | 364.0 | $ | 676.8 | $ | 3.2 | $ | 1,201.2 | ||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 157.2 | $ | 364.0 | $ | 691.5 | $ | 2.6 | $ | 1,215.3 | ||||||||||
Common Stock Dividends | (12.5 | ) | (12.5 | ) | ||||||||||||||||
ASU 2018-02 Adoption | 0.5 | 0.5 | ||||||||||||||||||
Net Loss | (7.2 | ) | (7.2 | ) | ||||||||||||||||
Other Comprehensive Loss | (0.2 | ) | (0.2 | ) | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2018 | $ | 157.2 | $ | 364.0 | $ | 671.8 | $ | 2.9 | $ | 1,195.9 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 3.5 | $ | 2.5 | ||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 74.1 | 107.6 | ||||||||||||
Affiliated Companies | 69.1 | 31.0 | ||||||||||||
Miscellaneous | 1.0 | 0.8 | ||||||||||||
Total Accounts Receivable | 144.2 | 139.4 | ||||||||||||
Fuel | 32.5 | 33.7 | ||||||||||||
Materials and Supplies | 111.0 | 106.9 | ||||||||||||
Risk Management Assets | 7.9 | 19.0 | ||||||||||||
Accrued Tax Benefits | 43.7 | 31.0 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 155.8 | 118.3 | ||||||||||||
Prepayments and Other Current Assets | 34.8 | 18.7 | ||||||||||||
TOTAL CURRENT ASSETS | 533.4 | 469.5 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 2,704.8 | 2,695.5 | ||||||||||||
Transmission | 1,240.0 | 1,228.3 | ||||||||||||
Distribution | 3,513.0 | 3,450.8 | ||||||||||||
Other Property, Plant and Equipment | 514.6 | 505.9 | ||||||||||||
Construction Work in Progress | 336.9 | 313.7 | ||||||||||||
Total Property, Plant and Equipment | 8,309.3 | 8,194.2 | ||||||||||||
Accumulated Depreciation and Amortization | 2,119.7 | 2,081.9 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 6,189.6 | 6,112.3 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 533.1 | 522.7 | ||||||||||||
Employee Benefits and Pension Assets | 69.6 | 68.4 | ||||||||||||
Operating Lease Assets | 111.1 | 112.8 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 92.9 | 49.2 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 806.7 | 753.1 | ||||||||||||
TOTAL ASSETS | $ | 7,529.7 | $ | 7,334.9 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 0.6 | $ | 1.6 | ||||
Accounts Receivable: | ||||||||
Customers | 30.9 | 32.5 | ||||||
Affiliated Companies | 27.7 | 32.9 | ||||||
Miscellaneous | 3.9 | 4.1 | ||||||
Allowance for Uncollectible Accounts | — | (0.1 | ) | |||||
Total Accounts Receivable | 62.5 | 69.4 | ||||||
Fuel | 13.0 | 12.5 | ||||||
Materials and Supplies | 43.2 | 42.0 | ||||||
Risk Management Assets | 2.9 | 6.4 | ||||||
Accrued Tax Benefits | 30.2 | 28.1 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 22.7 | 36.7 | ||||||
Prepayments and Other Current Assets | 7.5 | 8.6 | ||||||
TOTAL CURRENT ASSETS | 182.6 | 205.3 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 1,572.4 | 1,577.2 | ||||||
Transmission | 862.0 | 858.8 | ||||||
Distribution | 2,475.5 | 2,445.1 | ||||||
Other Property, Plant and Equipment | 297.0 | 287.4 | ||||||
Construction Work in Progress | 110.3 | 111.3 | ||||||
Total Property, Plant and Equipment | 5,317.2 | 5,279.8 | ||||||
Accumulated Depreciation and Amortization | 1,415.5 | 1,393.6 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 3,901.7 | 3,886.2 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 366.8 | 368.1 | ||||||
Employee Benefits and Pension Assets | 40.4 | 40.0 | ||||||
Deferred Charges and Other Noncurrent Assets | 34.2 | 8.7 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 441.4 | 416.8 | ||||||
TOTAL ASSETS | $ | 4,525.7 | $ | 4,508.3 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 264.6 | $ | 54.4 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 138.5 | 159.3 | ||||||||||||
Affiliated Companies | 59.8 | 56.7 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | 125.6 | 0.6 | ||||||||||||
Risk Management Liabilities | 28.5 | 28.9 | ||||||||||||
Customer Deposits | 82.2 | 81.4 | ||||||||||||
Accrued Taxes | 67.3 | 30.7 | ||||||||||||
Accrued Interest | 26.3 | 30.7 | ||||||||||||
Obligations Under Operating Leases | 10.7 | 10.1 | ||||||||||||
Other Current Liabilities | 54.3 | 106.2 | ||||||||||||
TOTAL CURRENT LIABILITIES | 857.8 | 559.0 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 2,259.3 | 2,384.0 | ||||||||||||
Deferred Income Taxes | 881.6 | 831.2 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 701.6 | 765.6 | ||||||||||||
Asset Retirement Obligations | 85.0 | 83.9 | ||||||||||||
Obligations Under Operating Leases | 104.7 | 106.8 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 32.1 | 33.8 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 4,064.3 | 4,205.3 | ||||||||||||
TOTAL LIABILITIES | 4,922.1 | 4,764.3 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Common Stock – Par Value – $15 Per Share: | ||||||||||||||
Authorized – 11,000,000 Shares | ||||||||||||||
Issued – 10,482,000 Shares | ||||||||||||||
Outstanding – 9,013,000 Shares | 157.2 | 157.2 | ||||||||||||
Paid-in Capital | 1,039.3 | 1,039.3 | ||||||||||||
Retained Earnings | 1,411.3 | 1,374.3 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (0.2) | (0.2) | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,607.6 | 2,570.6 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 7,529.7 | $ | 7,334.9 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
(in millions) | ||||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 179.1 | $ | 149.6 | ||||
Accounts Payable: | ||||||||
General | 88.7 | 102.4 | ||||||
Affiliated Companies | 51.5 | 48.0 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 0.5 | 0.5 | ||||||
Customer Deposits | 54.5 | 54.1 | ||||||
Accrued Taxes | 42.1 | 22.6 | ||||||
Accrued Interest | 19.3 | 14.1 | ||||||
Other Current Liabilities | 34.8 | 44.7 | ||||||
TOTAL CURRENT LIABILITIES | 470.5 | 436.0 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 1,286.2 | 1,286.0 | ||||||
Deferred Income Taxes | 639.6 | 642.0 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 851.5 | 853.5 | ||||||
Asset Retirement Obligations | 53.7 | 53.0 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 28.3 | 22.5 | ||||||
TOTAL NONCURRENT LIABILITIES | 2,859.3 | 2,857.0 | ||||||
TOTAL LIABILITIES | 3,329.8 | 3,293.0 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||
Common Stock – Par Value – $15 Per Share: | ||||||||
Authorized – 11,000,000 Shares | ||||||||
Issued – 10,482,000 Shares | ||||||||
Outstanding – 9,013,000 Shares | 157.2 | 157.2 | ||||||
Paid-in Capital | 364.0 | 364.0 | ||||||
Retained Earnings | 671.8 | 691.5 | ||||||
Accumulated Other Comprehensive Income (Loss) | 2.9 | 2.6 | ||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 1,195.9 | 1,215.3 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 4,525.7 | $ | 4,508.3 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income (Loss) | $ | 72.0 | $ | (2.3) | ||||||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows from (Used for) Operating Activities: | ||||||||||||||
Depreciation and Amortization | 67.4 | 61.1 | ||||||||||||
Deferred Income Taxes | (15.5) | 12.2 | ||||||||||||
Allowance for Equity Funds Used During Construction | (2.4) | (1.5) | ||||||||||||
Mark-to-Market of Risk Management Contracts | 12.5 | 13.9 | ||||||||||||
Property Taxes | (45.9) | (45.6) | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | (37.6) | 49.4 | ||||||||||||
Change in Other Noncurrent Assets | (18.4) | (9.7) | ||||||||||||
Change in Other Noncurrent Liabilities | 1.7 | 1.4 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (4.8) | 27.2 | ||||||||||||
Fuel, Materials and Supplies | (2.9) | 12.9 | ||||||||||||
Accounts Payable | (4.5) | (62.8) | ||||||||||||
Accrued Taxes, Net | 23.9 | 24.9 | ||||||||||||
Other Current Assets | (16.1) | 0.4 | ||||||||||||
Other Current Liabilities | (46.9) | (7.5) | ||||||||||||
Net Cash Flows from (Used for) Operating Activities | (17.5) | 74.0 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (156.9) | (146.8) | ||||||||||||
Acquisitions of Renewable Energy Facilities | — | (145.7) | ||||||||||||
Other Investing Activities | 1.0 | 0.4 | ||||||||||||
Net Cash Flows Used for Investing Activities | (155.9) | (292.1) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Issuance of Long-term Debt – Nonaffiliated | — | 469.9 | ||||||||||||
Change in Advances from Affiliates, Net | 210.2 | (233.5) | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (0.1) | (0.1) | ||||||||||||
Principal Payments for Finance Lease Obligations | (0.8) | (0.8) | ||||||||||||
Dividends Paid on Common Stock | (35.0) | (17.5) | ||||||||||||
Other Financing Activities | 0.1 | (0.1) | ||||||||||||
Net Cash Flows from Financing Activities | 174.4 | 217.9 | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 1.0 | (0.2) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2.5 | 4.0 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 3.5 | $ | 3.8 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 30.3 | $ | 22.3 | ||||||||||
Cash Received from Sale of Transferable Tax Credits | (24.9) | — | ||||||||||||
Noncash Acquisitions Under Finance Leases | 0.4 | 0.2 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 47.9 | 63.4 | ||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income (Loss) | $ | (7.2 | ) | $ | 4.8 | |||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows from (Used for) Operating Activities: | ||||||||
Depreciation and Amortization | 36.8 | 33.5 | ||||||
Deferred Income Taxes | (4.5 | ) | 27.4 | |||||
Allowance for Equity Funds Used During Construction | 0.1 | (0.4 | ) | |||||
Mark-to-Market of Risk Management Contracts | 3.5 | 0.3 | ||||||
Property Taxes | (30.1 | ) | (29.8 | ) | ||||
Deferred Fuel Over/Under-Recovery, Net | 14.6 | (13.1 | ) | |||||
Change in Other Noncurrent Assets | — | (9.3 | ) | |||||
Change in Other Noncurrent Liabilities | 5.7 | (1.9 | ) | |||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 6.9 | 16.6 | ||||||
Fuel, Materials and Supplies | (1.7 | ) | 3.4 | |||||
Accounts Payable | (10.9 | ) | (27.7 | ) | ||||
Accrued Taxes, Net | 22.4 | (0.3 | ) | |||||
Other Current Assets | 0.9 | 0.3 | ||||||
Other Current Liabilities | (1.3 | ) | (22.3 | ) | ||||
Net Cash Flows from (Used for) Operating Activities | 35.2 | (18.5 | ) | |||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (54.4 | ) | (75.7 | ) | ||||
Other Investing Activities | 2.0 | 0.9 | ||||||
Net Cash Flows Used for Investing Activities | (52.4 | ) | (74.8 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Change in Advances from Affiliates, Net | 29.5 | 111.7 | ||||||
Retirement of Long-term Debt – Nonaffiliated | (0.1 | ) | (0.1 | ) | ||||
Principal Payments for Capital Lease Obligations | (1.0 | ) | (1.1 | ) | ||||
Dividends Paid on Common Stock | (12.5 | ) | (17.5 | ) | ||||
Other Financing Activities | 0.3 | 0.1 | ||||||
Net Cash Flows from Financing Activities | 16.2 | 93.1 | ||||||
Net Decrease in Cash and Cash Equivalents | (1.0 | ) | (0.2 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 1.6 | 1.5 | ||||||
Cash and Cash Equivalents at End of Period | $ | 0.6 | $ | 1.3 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 10.3 | $ | 15.9 | ||||
Net Cash Paid (Received) for Income Taxes | — | (2.6 | ) | |||||
Noncash Acquisitions Under Capital Leases | 0.9 | 0.7 | ||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 25.4 | 22.3 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 1,509 | 1,351 | |||||||||||||||||||||
Commercial | 1,240 | 1,168 | |||||||||||||||||||||
Industrial | 1,227 | 1,203 | |||||||||||||||||||||
Miscellaneous | 17 | 17 | |||||||||||||||||||||
Total Retail | 3,993 | 3,739 | |||||||||||||||||||||
Wholesale | 1,374 | 1,270 | |||||||||||||||||||||
Total KWhs | 5,367 | 5,009 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions of KWhs) | |||||
Retail: | |||||
Residential | 1,558 | 1,310 | |||
Commercial | 1,288 | 1,305 | |||
Industrial | 1,199 | 1,222 | |||
Miscellaneous | 19 | 20 | |||
Total Retail | 4,064 | 3,857 | |||
Wholesale | 1,908 | 2,439 | |||
Total KWhs | 5,972 | 6,296 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 555 | 401 | |||||||||||||||||||||
Normal – Heating (b) | 697 | 705 | |||||||||||||||||||||
Actual – Cooling (c) | 88 | 107 | |||||||||||||||||||||
Normal – Cooling (b) | 44 | 40 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in degree days) | |||||
Actual – Heating (a) | 729 | 388 | |||
Normal – Heating (b) | 707 | 720 | |||
Actual – Cooling (c) | 60 | 106 | |||
Normal – Cooling (b) | 38 | 34 |
Reconciliation of First Quarter of 2017 to First Quarter of 2018 | ||||
Earnings Attributable to SWEPCo Common Shareholder | ||||
(in millions) | ||||
First Quarter of 2017 | $ | 16.3 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | 10.2 | |||
Off-system Sales | (1.1 | ) | ||
Transmission Revenues | 2.7 | |||
Other Revenues | 0.1 | |||
Total Change in Gross Margin | 11.9 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (14.8 | ) | ||
Depreciation and Amortization | (6.6 | ) | ||
Taxes Other Than Income Taxes | (1.7 | ) | ||
Interest Income | 0.9 | |||
Allowance for Equity Funds Used During Construction | 1.5 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | 1.4 | |||
Interest Expense | (2.3 | ) | ||
Total Change in Expenses and Other | (21.6 | ) | ||
Income Tax Expense | 6.6 | |||
Equity Earnings of Unconsolidated Subsidiary | (0.8 | ) | ||
Net Income Attributable to Noncontrolling Interest | (0.6 | ) | ||
First Quarter of 2018 | $ | 11.8 |
Southwestern Electric Power Company | ||||||||||||||
Earnings Attributable to SWEPCo Common Shareholder | ||||||||||||||
(in millions) | ||||||||||||||
First Quarter of 2023 | $ | 40.6 | ||||||||||||
Changes in Revenues: | ||||||||||||||
Retail Revenues (a) | (0.6) | |||||||||||||
Off-system Sales | 2.5 | |||||||||||||
Transmission Revenues | (2.9) | |||||||||||||
Other Revenues | 1.3 | |||||||||||||
Total Change in Revenues | 0.3 | |||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 24.7 | |||||||||||||
Other Operation and Maintenance | (13.2) | |||||||||||||
Depreciation and Amortization | 1.7 | |||||||||||||
Taxes Other Than Income Taxes | 1.9 | |||||||||||||
Interest Income | (1.4) | |||||||||||||
Allowance for Equity Funds Used During Construction | 2.9 | |||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.8) | |||||||||||||
Interest Expense | 11.5 | |||||||||||||
Total Change in Expenses and Other | 27.3 | |||||||||||||
Income Tax Benefit | 140.1 | |||||||||||||
Equity Earnings of Unconsolidated Subsidiary | 0.1 | |||||||||||||
Net Income Attributable to | (0.3) | |||||||||||||
First Quarter of 2024 | $ | 208.1 |
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
REVENUES | ||||||||
Electric Generation, Transmission and Distribution | $ | 413.0 | $ | 396.3 | ||||
Sales to AEP Affiliates | 6.1 | 4.6 | ||||||
Other Revenues | 0.3 | 0.4 | ||||||
TOTAL REVENUES | 419.4 | 401.3 | ||||||
EXPENSES | ||||||||
Fuel and Other Consumables Used for Electric Generation | 126.8 | 130.9 | ||||||
Purchased Electricity for Resale | 42.7 | 32.4 | ||||||
Other Operation | 94.9 | 78.9 | ||||||
Maintenance | 31.0 | 32.2 | ||||||
Depreciation and Amortization | 57.4 | 50.8 | ||||||
Taxes Other Than Income Taxes | 25.0 | 23.3 | ||||||
TOTAL EXPENSES | 377.8 | 348.5 | ||||||
OPERATING INCOME | 41.6 | 52.8 | ||||||
Other Income (Expense): | ||||||||
Interest Income | 1.8 | 0.9 | ||||||
Allowance for Equity Funds Used During Construction | 2.3 | 0.8 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.3 | 0.9 | ||||||
Interest Expense | (32.2 | ) | (29.9 | ) | ||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 15.8 | 25.5 | ||||||
Income Tax Expense | 2.9 | 9.5 | ||||||
Equity Earnings of Unconsolidated Subsidiary | 0.5 | 1.3 | ||||||
NET INCOME | 13.4 | 17.3 | ||||||
Net Income Attributable to Noncontrolling Interest | 1.6 | 1.0 | ||||||
EARNINGS ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 11.8 | $ | 16.3 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 500.2 | $ | 503.7 | ||||||||||||||||||||||
Sales to AEP Affiliates | 12.1 | 11.7 | ||||||||||||||||||||||||
Other Revenues | 3.9 | 0.5 | ||||||||||||||||||||||||
TOTAL REVENUES | 516.2 | 515.9 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 184.6 | 209.3 | ||||||||||||||||||||||||
Other Operation | 112.9 | 99.2 | ||||||||||||||||||||||||
Maintenance | 37.2 | 37.7 | ||||||||||||||||||||||||
Depreciation and Amortization | 78.7 | 80.4 | ||||||||||||||||||||||||
Taxes Other Than Income Taxes | 34.2 | 36.1 | ||||||||||||||||||||||||
TOTAL EXPENSES | 447.6 | 462.7 | ||||||||||||||||||||||||
OPERATING INCOME | 68.6 | 53.2 | ||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income | 4.0 | 5.4 | ||||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 3.4 | 0.5 | ||||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.6 | 3.4 | ||||||||||||||||||||||||
Interest Expense | (13.5) | (25.0) | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY EARNINGS | 65.1 | 37.5 | ||||||||||||||||||||||||
Income Tax Benefit | (144.1) | (4.0) | ||||||||||||||||||||||||
Equity Earnings of Unconsolidated Subsidiary | 0.4 | 0.3 | ||||||||||||||||||||||||
NET INCOME | 209.6 | 41.8 | ||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 1.5 | 1.2 | ||||||||||||||||||||||||
EARNINGS ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 208.1 | $ | 40.6 | ||||||||||||||||||||||
The common stock of SWEPCo is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Net Income | $ | 209.6 | $ | 41.8 | ||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0 and $0.1 in 2024 and 2023, Respectively | (0.1) | 0.4 | ||||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0 and $(0.1) in 2024 and 2023, Respectively | (0.1) | (0.3) | ||||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (0.2) | 0.1 | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | 209.4 | 41.9 | ||||||||||||||||||||||||
Total Comprehensive Income Attributable to Noncontrolling Interest | 1.5 | 1.2 | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 207.9 | $ | 40.7 | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Net Income | $ | 13.4 | $ | 17.3 | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | |||||||
Cash Flow Hedges, Net of Tax of $0.1 and $0.2 in 2018 and 2017, Respectively | 0.4 | 0.5 | |||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $(0.1) in 2018 and 2017, Respectively | (0.3 | ) | (0.2 | ) | |||
TOTAL OTHER COMPREHENSIVE INCOME | 0.1 | 0.3 | |||||
TOTAL COMPREHENSIVE INCOME | 13.5 | 17.6 | |||||
Total Comprehensive Income Attributable to Noncontrolling Interest | 1.6 | 1.0 | |||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 11.9 | $ | 16.6 |
SWEPCo Common Shareholder | |||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | ||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2016 | $ | 135.7 | $ | 676.6 | $ | 1,411.9 | $ | (9.4 | ) | $ | 0.4 | $ | 2,215.2 | ||||||||||
Common Stock Dividends | (27.5 | ) | (27.5 | ) | |||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (1.1 | ) | (1.1 | ) | |||||||||||||||||||
Net Income | 16.3 | 1.0 | 17.3 | ||||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | |||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2017 | $ | 135.7 | $ | 676.6 | $ | 1,400.7 | $ | (9.1 | ) | $ | 0.3 | $ | 2,204.2 | ||||||||||
TOTAL EQUITY – DECEMBER 31, 2017 | $ | 135.7 | $ | 676.6 | $ | 1,426.6 | $ | (4.0 | ) | $ | (0.4 | ) | $ | 2,234.5 | |||||||||
Common Stock Dividends | (20.0 | ) | (20.0 | ) | |||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (0.8 | ) | (0.8 | ) | |||||||||||||||||||
ASU 2018-02 Adoption | (0.4 | ) | (0.9 | ) | (1.3 | ) | |||||||||||||||||
Net Income | 11.8 | 1.6 | 13.4 | ||||||||||||||||||||
Other Comprehensive Income | 0.1 | 0.1 | |||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2018 | $ | 135.7 | $ | 676.6 | $ | 1,418.0 | $ | (4.8 | ) | $ | 0.4 | $ | 2,225.9 |
SWEPCo Common Shareholder | |||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2022 | $ | 0.1 | $ | 1,442.2 | $ | 2,236.0 | $ | (4.2) | $ | 0.7 | $ | 3,674.8 | |||||||||||||||||||||||
Capital Contribution from Parent | 50.0 | 50.0 | |||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (1.5) | (1.5) | |||||||||||||||||||||||||||||||||
Net Income | 40.6 | 1.2 | 41.8 | ||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2023 | $ | 0.1 | $ | 1,492.2 | $ | 2,276.6 | $ | (4.1) | $ | 0.4 | $ | 3,765.2 | |||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2023 | $ | 0.1 | $ | 1,492.2 | $ | 2,281.3 | $ | (3.4) | $ | 0.2 | $ | 3,770.4 | |||||||||||||||||||||||
Common Stock Dividends | (50.0) | (50.0) | |||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (1.4) | (1.4) | |||||||||||||||||||||||||||||||||
Net Income | 208.1 | 1.5 | 209.6 | ||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.2) | (0.2) | |||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2024 | $ | 0.1 | $ | 1,492.2 | $ | 2,439.4 | $ | (3.6) | $ | 0.3 | $ | 3,928.4 | |||||||||||||||||||||||
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 3.8 | $ | 2.4 | ||||||||||
Advances to Affiliates | 2.3 | 2.2 | ||||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 32.7 | 39.0 | ||||||||||||
Affiliated Companies | 61.2 | 47.2 | ||||||||||||
Miscellaneous | 10.3 | 8.3 | ||||||||||||
Total Accounts Receivable | 104.2 | 94.5 | ||||||||||||
Fuel | 103.4 | 113.8 | ||||||||||||
Materials and Supplies (March 31, 2024 and December 31, 2023 Amounts Include $3.2 and $3.9, Respectively, Related to Sabine) | 84.5 | 88.4 | ||||||||||||
Accrued Tax Benefits | 31.2 | 28.4 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 166.3 | 170.8 | ||||||||||||
Prepayments and Other Current Assets | 52.4 | 40.8 | ||||||||||||
TOTAL CURRENT ASSETS | 548.1 | 541.3 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 4,790.0 | 4,790.7 | ||||||||||||
Transmission | 2,681.1 | 2,660.6 | ||||||||||||
Distribution | 2,881.8 | 2,824.1 | ||||||||||||
Other Property, Plant and Equipment (March 31, 2024 and December 31, 2023 Amounts Include $179.9 and $182.7, Respectively, Related to Sabine) | 819.2 | 814.4 | ||||||||||||
Construction Work in Progress | 644.4 | 555.8 | ||||||||||||
Total Property, Plant and Equipment | 11,816.5 | 11,645.6 | ||||||||||||
Accumulated Depreciation and Amortization (March 31, 2024 and December 31, 2023 Amounts Include $179.9 and $182.7, Respectively, Related to Sabine) | 3,149.8 | 3,087.2 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 8,666.7 | 8,558.4 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 1,138.2 | 1,131.8 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 395.0 | 326.1 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 1,533.2 | 1,457.9 | ||||||||||||
TOTAL ASSETS | $ | 10,748.0 | $ | 10,557.6 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 0.7 | $ | 1.6 | ||||
Advances to Affiliates | 2.0 | 2.0 | ||||||
Accounts Receivable: | ||||||||
Customers | 67.0 | 70.9 | ||||||
Affiliated Companies | 18.0 | 30.2 | ||||||
Miscellaneous | 13.2 | 25.8 | ||||||
Allowance for Uncollectible Accounts | (0.5 | ) | (1.3 | ) | ||||
Total Accounts Receivable | 97.7 | 125.6 | ||||||
Fuel (March 31, 2018 and December 31, 2017 Amounts Include $37.7 and $41.5, Respectively, Related to Sabine) | 120.5 | 123.6 | ||||||
Materials and Supplies | 68.8 | 67.9 | ||||||
Risk Management Assets | 1.7 | 6.4 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 16.5 | 14.1 | ||||||
Prepayments and Other Current Assets | 40.2 | 39.2 | ||||||
TOTAL CURRENT ASSETS | 348.1 | 380.4 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 4,622.6 | 4,624.9 | ||||||
Transmission | 1,715.0 | 1,679.8 | ||||||
Distribution | 2,108.1 | 2,095.8 | ||||||
Other Property, Plant and Equipment (March 31, 2018 and December 31, 2017 Amounts Include $264.9 and $266.7, Respectively, Related to Sabine) | 704.4 | 684.1 | ||||||
Construction Work in Progress | 266.9 | 233.2 | ||||||
Total Property, Plant and Equipment | 9,417.0 | 9,317.8 | ||||||
Accumulated Depreciation and Amortization (March 31, 2018 and December 31, 2017 Amounts Include $167.4 and $165.9, Respectively, Related to Sabine) | 2,724.7 | 2,685.8 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 6,692.3 | 6,632.0 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 217.9 | 220.6 | ||||||
Deferred Charges and Other Noncurrent Assets | 165.5 | 109.9 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 383.4 | 330.5 | ||||||
TOTAL ASSETS | $ | 7,423.8 | $ | 7,342.9 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 254.5 | $ | 88.7 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 185.3 | 198.9 | ||||||||||||
Affiliated Companies | 49.3 | 45.9 | ||||||||||||
Short-term Debt – Nonaffiliated | 5.4 | 4.3 | ||||||||||||
Customer Deposits | 74.1 | 72.5 | ||||||||||||
Accrued Taxes | 128.5 | 58.7 | ||||||||||||
Accrued Interest | 37.4 | 39.9 | ||||||||||||
Obligations Under Operating Leases | 8.8 | 9.0 | ||||||||||||
Other Current Liabilities | 108.0 | 169.0 | ||||||||||||
TOTAL CURRENT LIABILITIES | 851.3 | 686.9 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 3,647.6 | 3,646.9 | ||||||||||||
Deferred Income Taxes | 1,254.2 | 1,179.3 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 566.9 | 756.1 | ||||||||||||
Asset Retirement Obligations | 240.3 | 258.6 | ||||||||||||
Employee Benefits and Pension Obligations | 43.8 | 43.1 | ||||||||||||
Obligations Under Operating Leases | 120.8 | 122.5 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 94.7 | 93.8 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 5,968.3 | 6,100.3 | ||||||||||||
TOTAL LIABILITIES | 6,819.6 | 6,787.2 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
EQUITY | ||||||||||||||
Common Stock – Par Value – $18 Per Share: | ||||||||||||||
Authorized – 3,680 Shares | ||||||||||||||
Outstanding – 3,680 Shares | 0.1 | 0.1 | ||||||||||||
Paid-in Capital | 1,492.2 | 1,492.2 | ||||||||||||
Retained Earnings | 2,439.4 | 2,281.3 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (3.6) | (3.4) | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 3,928.1 | 3,770.2 | ||||||||||||
Noncontrolling Interest | 0.3 | 0.2 | ||||||||||||
TOTAL EQUITY | 3,928.4 | 3,770.4 | ||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 10,748.0 | $ | 10,557.6 | ||||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
(in millions) | ||||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 148.6 | $ | 118.7 | ||||
Accounts Payable: | ||||||||
General | 118.5 | 160.4 | ||||||
Affiliated Companies | 60.7 | 63.7 | ||||||
Short-term Debt – Nonaffiliated | 22.6 | 22.0 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 457.2 | 3.7 | ||||||
Risk Management Liabilities | 0.1 | 0.2 | ||||||
Customer Deposits | 62.9 | 62.1 | ||||||
Accrued Taxes | 91.1 | 39.0 | ||||||
Accrued Interest | 25.9 | 38.9 | ||||||
Obligations Under Capital Leases | 11.3 | 11.2 | ||||||
Other Current Liabilities | 60.4 | 78.7 | ||||||
TOTAL CURRENT LIABILITIES | 1,059.3 | 598.6 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 2,046.5 | 2,438.2 | ||||||
Long-term Risk Management Liabilities | 0.5 | — | ||||||
Deferred Income Taxes | 924.2 | 917.7 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 895.2 | 896.4 | ||||||
Asset Retirement Obligations | 160.8 | 160.3 | ||||||
Employee Benefits and Pension Obligations | 18.1 | 19.5 | ||||||
Obligations Under Capital Leases | 56.9 | 57.8 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 36.4 | 19.9 | ||||||
TOTAL NONCURRENT LIABILITIES | 4,138.6 | 4,509.8 | ||||||
TOTAL LIABILITIES | 5,197.9 | 5,108.4 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
EQUITY | ||||||||
Common Stock – Par Value – $18 Per Share: | ||||||||
Authorized – 7,600,000 Shares | ||||||||
Outstanding – 7,536,640 Shares | 135.7 | 135.7 | ||||||
Paid-in Capital | 676.6 | 676.6 | ||||||
Retained Earnings | 1,418.0 | 1,426.6 | ||||||
Accumulated Other Comprehensive Income (Loss) | (4.8 | ) | (4.0 | ) | ||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,225.5 | 2,234.9 | ||||||
Noncontrolling Interest | 0.4 | (0.4 | ) | |||||
TOTAL EQUITY | 2,225.9 | 2,234.5 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 7,423.8 | $ | 7,342.9 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 209.6 | $ | 41.8 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 78.7 | 80.4 | ||||||||||||
Deferred Income Taxes | (118.5) | 10.8 | ||||||||||||
Allowance for Equity Funds Used During Construction | (3.4) | (0.5) | ||||||||||||
Mark-to-Market of Risk Management Contracts | 1.7 | 9.9 | ||||||||||||
Property Taxes | (74.3) | (77.5) | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | 22.8 | 42.9 | ||||||||||||
Change in Other Noncurrent Assets | (10.2) | 7.2 | ||||||||||||
Change in Other Noncurrent Liabilities | (0.3) | (3.3) | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (9.7) | 29.9 | ||||||||||||
Fuel, Materials and Supplies | 9.4 | (4.3) | ||||||||||||
Accounts Payable | (29.6) | (47.8) | ||||||||||||
Accrued Taxes, Net | 67.0 | 62.3 | ||||||||||||
Other Current Assets | (17.7) | 7.3 | ||||||||||||
Other Current Liabilities | (55.7) | (48.9) | ||||||||||||
Net Cash Flows from Operating Activities | 69.8 | 110.2 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (182.6) | (201.9) | ||||||||||||
Change in Advances to Affiliates, Net | (0.1) | — | ||||||||||||
Other Investing Activities | 3.0 | 0.4 | ||||||||||||
Net Cash Flows Used for Investing Activities | (179.7) | (201.5) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | — | 50.0 | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | — | 347.3 | ||||||||||||
Change in Short-term Debt – Nonaffiliated | 1.1 | 16.0 | ||||||||||||
Change in Advances from Affiliates, Net | 165.8 | (291.9) | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | — | (94.1) | ||||||||||||
Principal Payments for Finance Lease Obligations | (4.4) | (14.8) | ||||||||||||
Dividends Paid on Common Stock | (50.0) | — | ||||||||||||
Dividends Paid on Common Stock – Nonaffiliated | (1.4) | (1.5) | ||||||||||||
Other Financing Activities | 0.2 | 0.1 | ||||||||||||
Net Cash Flows from Financing Activities | 111.3 | 11.1 | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 1.4 | (80.2) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2.4 | 88.4 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 3.8 | $ | 8.2 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 41.2 | $ | 45.3 | ||||||||||
Cash Received from the Sale of Transferable Tax Credits | (19.9) | — | ||||||||||||
Noncash Acquisitions Under Finance Leases | 0.4 | 0.9 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 79.4 | 113.3 | ||||||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 13.4 | $ | 17.3 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 57.4 | 50.8 | ||||||
Deferred Income Taxes | 1.0 | 43.1 | ||||||
Allowance for Equity Funds Used During Construction | (2.3 | ) | (0.8 | ) | ||||
Mark-to-Market of Risk Management Contracts | 5.1 | 0.4 | ||||||
Property Taxes | (48.8 | ) | (45.3 | ) | ||||
Deferred Fuel Over/Under-Recovery, Net | (4.6 | ) | (3.4 | ) | ||||
Change in Other Noncurrent Assets | 1.3 | (0.6 | ) | |||||
Change in Other Noncurrent Liabilities | 18.8 | (12.1 | ) | |||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 27.9 | 23.1 | ||||||
Fuel, Materials and Supplies | 2.2 | 12.5 | ||||||
Accounts Payable | (24.6 | ) | (33.5 | ) | ||||
Accrued Taxes, Net | 55.2 | 11.8 | ||||||
Accrued Interest | (13.0 | ) | (20.3 | ) | ||||
Other Current Assets | (0.8 | ) | 3.2 | |||||
Other Current Liabilities | (12.5 | ) | (19.1 | ) | ||||
Net Cash Flows from Operating Activities | 75.7 | 27.1 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (139.7 | ) | (75.6 | ) | ||||
Change in Advances to Affiliates, Net | — | 167.8 | ||||||
Other Investing Activities | (5.4 | ) | (4.4 | ) | ||||
Net Cash Flows from (Used for) Investing Activities | (145.1 | ) | 87.8 | |||||
FINANCING ACTIVITIES | ||||||||
Issuance of Long-term Debt – Nonaffiliated | 444.6 | — | ||||||
Change in Short-term Debt, Net – Nonaffiliated | 0.6 | — | ||||||
Change in Advances from Affiliates, Net | 29.9 | 167.9 | ||||||
Retirement of Long-term Debt – Nonaffiliated | (383.4 | ) | (251.7 | ) | ||||
Principal Payments for Capital Lease Obligations | (2.8 | ) | (2.8 | ) | ||||
Dividends Paid on Common Stock | (20.0 | ) | (27.5 | ) | ||||
Dividends Paid on Common Stock – Nonaffiliated | (0.8 | ) | (1.1 | ) | ||||
Other Financing Activities | 0.4 | 0.3 | ||||||
Net Cash Flows from (Used for) Financing Activities | 68.5 | (114.9 | ) | |||||
Net Decrease in Cash and Cash Equivalents | (0.9 | ) | — | |||||
Cash and Cash Equivalents at Beginning of Period | 1.6 | 10.3 | ||||||
Cash and Cash Equivalents at End of Period | $ | 0.7 | $ | 10.3 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 43.7 | $ | 50.6 | ||||
Net Cash Paid (Received) for Income Taxes | (0.1 | ) | — | |||||
Noncash Acquisitions Under Capital Leases | 1.9 | 1.3 | ||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 50.3 | 31.8 |
Note | Registrant | Page Number | |||||||||||||
Significant Accounting Matters | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | ||||||||||||||
New Accounting | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | ||||||||||||||
Comprehensive Income | AEP | ||||||||||||||
Rate Matters | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | ||||||||||||||
Commitments, Guarantees and Contingencies | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | ||||||||||||||
AEP, PSO | |||||||||||||||
Benefit Plans | AEP, AEP Texas, APCo, I&M, OPCo, PSO, SWEPCo | ||||||||||||||
Business Segments | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | ||||||||||||||
Derivatives and Hedging | AEP, AEP Texas, APCo, I&M, OPCo, PSO, SWEPCo | ||||||||||||||
Fair Value Measurements | |||||||||||||||
AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||||
AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||||
AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||||
Variable Interest Entities | AEP | ||||||||||||||
Revenue from Contracts with Customers | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo |
Three Months Ended March 31, | |||||||||||||||
2018 | 2017 | ||||||||||||||
(in millions, except per share data) | |||||||||||||||
$/share | $/share | ||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 454.4 | $ | 592.2 | |||||||||||
Weighted Average Number of Basic Shares Outstanding | 492.3 | $ | 0.92 | 491.7 | $ | 1.20 | |||||||||
Weighted Average Dilutive Effect of Stock-Based Awards | 0.8 | — | 0.3 | — | |||||||||||
Weighted Average Number of Diluted Shares Outstanding | 493.1 | $ | 0.92 | 492.0 | $ | 1.20 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
$/share | $/share | ||||||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 1,003.1 | $ | 397.0 | |||||||||||||||||||
Weighted-Average Number of Basic AEP Common Shares Outstanding | 526.6 | $ | 1.91 | 514.2 | $ | 0.77 | |||||||||||||||||
Weighted-Average Dilutive Effect of Stock-Based Awards | 1.0 | (0.01) | 1.4 | — | |||||||||||||||||||
Weighted-Average Number of Diluted AEP Common Shares Outstanding | 527.6 | $ | 1.90 | 515.6 | $ | 0.77 |
March 31, 2024 | ||||||||||||||||||||
AEP | AEP Texas | APCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 230.7 | $ | 0.1 | $ | 7.6 | ||||||||||||||
Restricted Cash | 51.1 | 42.7 | 8.4 | |||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 281.8 | $ | 42.8 | $ | 16.0 |
December 31, 2023 | ||||||||||||||||||||
AEP | AEP Texas | APCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 330.1 | $ | 0.1 | $ | 5.0 | ||||||||||||||
Restricted Cash | 48.9 | 34.0 | 14.9 | |||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 379.0 | $ | 34.1 | $ | 19.9 |
March 31, 2018 | ||||||||||||||||
AEP | AEP Texas | APCo | OPCo | |||||||||||||
(in millions) | ||||||||||||||||
Cash and Cash Equivalents | $ | 183.4 | $ | 0.1 | $ | 1.2 | $ | 1.4 | ||||||||
Restricted Cash | 133.1 | 107.1 | 10.1 | 15.9 | ||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 316.5 | $ | 107.2 | $ | 11.3 | $ | 17.3 |
December 31, 2017 | ||||||||||||||||
AEP | AEP Texas | APCo | OPCo | |||||||||||||
(in millions) | ||||||||||||||||
Cash and Cash Equivalents | $ | 214.6 | $ | 2.0 | $ | 2.9 | $ | 3.1 | ||||||||
Restricted Cash | 198.0 | 155.2 | 16.3 | 26.6 | ||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 412.6 | $ | 157.2 | $ | 19.2 | $ | 29.7 |
Cash Flow Hedges | Pension | |||||||||||||||||||||||||
Three Months Ended March 31, 2024 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Balance in AOCI as of December 31, 2023 | $ | 104.9 | $ | (8.1) | $ | (152.3) | $ | (55.5) | ||||||||||||||||||
Change in Fair Value Recognized in AOCI, Net of Tax | 5.5 | 12.4 | — | 17.9 | ||||||||||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation (a) | (29.3) | — | — | (29.3) | ||||||||||||||||||||||
Interest Expense (a) | — | (1.2) | — | (1.2) | ||||||||||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (1.3) | (1.3) | ||||||||||||||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 0.5 | 0.5 | ||||||||||||||||||||||
Reclassifications from AOCI, before Income Tax Benefit | (29.3) | (1.2) | (0.8) | (31.3) | ||||||||||||||||||||||
Income Tax Benefit | (6.1) | (0.3) | (0.2) | (6.6) | ||||||||||||||||||||||
Reclassifications from AOCI, Net of Income Tax Benefit | (23.2) | (0.9) | (0.6) | (24.7) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (17.7) | 11.5 | (0.6) | (6.8) | ||||||||||||||||||||||
Balance in AOCI as of March 31, 2024 | $ | 87.2 | $ | 3.4 | $ | (152.9) | $ | (62.3) |
Cash Flow Hedges | Pension | |||||||||||||||||||||||||
Three Months Ended March 31, 2023 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Balance in AOCI as of December 31, 2022 | $ | 223.5 | $ | 0.3 | $ | (140.1) | $ | 83.7 | ||||||||||||||||||
Change in Fair Value Recognized in AOCI, Net of Tax | (195.3) | 5.2 | (12.9) | (203.0) | ||||||||||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation (a) | 47.0 | — | — | 47.0 | ||||||||||||||||||||||
Interest Expense (a) | — | 0.7 | — | 0.7 | ||||||||||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (5.3) | (5.3) | ||||||||||||||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 1.2 | 1.2 | ||||||||||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 47.0 | 0.7 | (4.1) | 43.6 | ||||||||||||||||||||||
Income Tax (Expense) Benefit | 9.9 | 0.1 | (0.9) | 9.1 | ||||||||||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 37.1 | 0.6 | (3.2) | 34.5 | ||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets from AOCI, Before Income Tax (Expense) Benefit | — | — | 21.1 | 21.1 | ||||||||||||||||||||||
Income Tax (Expense) Benefit | — | — | 4.4 | 4.4 | ||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets from AOCI, Net of Income Tax (Expense) Benefit | — | — | 16.7 | 16.7 | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (158.2) | 5.8 | 0.6 | (151.8) | ||||||||||||||||||||||
Balance in AOCI as of March 31, 2023 | $ | 65.3 | $ | 6.1 | $ | (139.5) | $ | (68.1) |
Cash Flow Hedges | |||||||||||||||||||
Commodity | Interest Rate | Securities Available for Sale | Pension and OPEB | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance in AOCI as of December 31, 2017 | $ | (28.4 | ) | $ | (13.0 | ) | $ | 11.9 | $ | (38.3 | ) | $ | (67.8 | ) | |||||
Change in Fair Value Recognized in AOCI | 12.8 | — | — | — | 12.8 | ||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | |||||||||||||||||||
Purchased Electricity for Resale | (13.1 | ) | — | — | — | (13.1 | ) | ||||||||||||
Interest Expense | — | 0.3 | — | — | 0.3 | ||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | — | (5.0 | ) | (5.0 | ) | ||||||||||||
Amortization of Actuarial (Gains)/Losses | — | — | — | 3.2 | 3.2 | ||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (13.1 | ) | 0.3 | — | (1.8 | ) | (14.6 | ) | |||||||||||
Income Tax (Expense) Credit | (2.8 | ) | 0.1 | — | (0.4 | ) | (3.1 | ) | |||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (10.3 | ) | 0.2 | — | (1.4 | ) | (11.5 | ) | |||||||||||
Net Current Period Other Comprehensive Income (Loss) | 2.5 | 0.2 | — | (1.4 | ) | 1.3 | |||||||||||||
ASU 2018-02 Adoption (a) | (6.1 | ) | (2.7 | ) | — | (8.2 | ) | (17.0 | ) | ||||||||||
ASU 2016-01 Adoption (a) | — | — | (11.9 | ) | — | (11.9 | ) | ||||||||||||
Balance in AOCI as of March 31, 2018 | $ | (32.0 | ) | $ | (15.5 | ) | $ | — | $ | (47.9 | ) | $ | (95.4 | ) |
Cash Flow Hedges | |||||||||||||||||||
Commodity | Interest Rate | Securities Available for Sale | Pension and OPEB | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance in AOCI as of December 31, 2016 | $ | (23.1 | ) | $ | (15.7 | ) | $ | 8.4 | $ | (125.9 | ) | $ | (156.3 | ) | |||||
Change in Fair Value Recognized in AOCI | (21.8 | ) | — | 1.2 | — | (20.6 | ) | ||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | |||||||||||||||||||
Generation & Marketing Revenues | (4.7 | ) | — | — | — | (4.7 | ) | ||||||||||||
Purchased Electricity for Resale | 12.8 | — | — | — | 12.8 | ||||||||||||||
Interest Expense | — | 0.5 | — | — | 0.5 | ||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | — | (4.9 | ) | (4.9 | ) | ||||||||||||
Amortization of Actuarial (Gains)/Losses | — | — | — | 5.3 | 5.3 | ||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 8.1 | 0.5 | — | 0.4 | 9.0 | ||||||||||||||
Income Tax (Expense) Credit | 2.8 | 0.1 | — | 0.2 | 3.1 | ||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 5.3 | 0.4 | — | 0.2 | 5.9 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (16.5 | ) | 0.4 | 1.2 | 0.2 | (14.7 | ) | ||||||||||||
Balance in AOCI as of March 31, 2017 | $ | (39.6 | ) | $ | (15.3 | ) | $ | 9.6 | $ | (125.7 | ) | $ | (171.0 | ) |
Cash Flow Hedge - Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2017 | $ | (4.5 | ) | $ | (8.1 | ) | $ | (12.6 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.3 | — | 0.3 | |||||||||
Amortization of Prior Service Cost (Credit) | — | — | — | |||||||||
Amortization of Actuarial (Gains)/Losses | — | 0.1 | 0.1 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.3 | 0.1 | 0.4 | |||||||||
Income Tax (Expense) Credit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.2 | 0.1 | 0.3 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.2 | 0.1 | 0.3 | |||||||||
ASU 2018-02 Adoption (a) | (0.9 | ) | (1.8 | ) | (2.7 | ) | ||||||
Balance in AOCI as of March 31, 2018 | $ | (5.2 | ) | $ | (9.8 | ) | $ | (15.0 | ) |
Cash Flow Hedge - Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2016 | $ | (5.4 | ) | $ | (9.5 | ) | $ | (14.9 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.3 | — | 0.3 | |||||||||
Amortization of Actuarial (Gains)/Losses | — | 0.1 | 0.1 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.3 | 0.1 | 0.4 | |||||||||
Income Tax (Expense) Credit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.2 | 0.1 | 0.3 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.2 | 0.1 | 0.3 | |||||||||
Balance in AOCI as of March 31, 2017 | $ | (5.2 | ) | $ | (9.4 | ) | $ | (14.6 | ) |
Cash Flow Hedges | ||||||||||||||||
Commodity | Interest Rate | Pension and OPEB | Total | |||||||||||||
(in millions) | ||||||||||||||||
Balance in AOCI as of December 31, 2017 | $ | — | $ | 2.2 | $ | (0.9 | ) | $ | 1.3 | |||||||
Change in Fair Value Recognized in AOCI | (0.7 | ) | — | — | (0.7 | ) | ||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||
Purchased Electricity for Resale | 0.9 | — | — | 0.9 | ||||||||||||
Interest Expense | — | (0.3 | ) | — | (0.3 | ) | ||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (1.3 | ) | (1.3 | ) | ||||||||||
Amortization of Actuarial (Gains)/Losses | — | — | 0.3 | 0.3 | ||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.9 | (0.3 | ) | (1.0 | ) | (0.4 | ) | |||||||||
Income Tax (Expense) Credit | 0.2 | (0.1 | ) | (0.2 | ) | (0.1 | ) | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.7 | (0.2 | ) | (0.8 | ) | (0.3 | ) | |||||||||
Net Current Period Other Comprehensive Income (Loss) | — | (0.2 | ) | (0.8 | ) | (1.0 | ) | |||||||||
ASU 2018-02 Adoption (a) | — | 0.5 | (0.2 | ) | 0.3 | |||||||||||
Balance in AOCI as of March 31, 2018 | $ | — | $ | 2.5 | $ | (1.9 | ) | $ | 0.6 |
Cash Flow Hedge - Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2016 | $ | 2.9 | $ | (11.3 | ) | $ | (8.4 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | (0.3 | ) | — | (0.3 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | (1.3 | ) | (1.3 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.8 | 0.8 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.3 | ) | (0.5 | ) | (0.8 | ) | ||||||
Income Tax (Expense) Credit | (0.1 | ) | (0.2 | ) | (0.3 | ) | ||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.2 | ) | (0.3 | ) | (0.5 | ) | ||||||
Net Current Period Other Comprehensive Income (Loss) | (0.2 | ) | (0.3 | ) | (0.5 | ) | ||||||
Balance in AOCI as of March 31, 2017 | $ | 2.7 | $ | (11.6 | ) | $ | (8.9 | ) |
Cash Flow Hedge - Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2017 | $ | (10.7 | ) | $ | (1.4 | ) | $ | (12.1 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.5 | — | 0.5 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.2 | ) | (0.2 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.2 | 0.2 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.5 | — | 0.5 | |||||||||
Income Tax (Expense) Credit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.4 | — | 0.4 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | — | 0.4 | |||||||||
ASU 2018-02 Adoption (a) | (2.4 | ) | (0.3 | ) | (2.7 | ) | ||||||
Balance in AOCI as of March 31, 2018 | $ | (12.7 | ) | $ | (1.7 | ) | $ | (14.4 | ) |
Cash Flow Hedge - Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2016 | $ | (12.0 | ) | $ | (4.2 | ) | $ | (16.2 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.5 | — | 0.5 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.2 | ) | (0.2 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.2 | 0.2 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.5 | — | 0.5 | |||||||||
Income Tax (Expense) Credit | 0.2 | — | 0.2 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.3 | — | 0.3 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.3 | — | 0.3 | |||||||||
Balance in AOCI as of March 31, 2017 | $ | (11.7 | ) | $ | (4.2 | ) | $ | (15.9 | ) |
Cash Flow Hedge - Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2017 | $ | 1.9 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (0.4 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.4 | ) | ||
Income Tax (Expense) Credit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.3 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.3 | ) | ||
ASU 2018-02 Adoption (a) | 0.4 | |||
Balance in AOCI as of March 31, 2018 | $ | 2.0 |
Cash Flow Hedge - Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2016 | $ | 3.0 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (0.4 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.4 | ) | ||
Income Tax (Expense) Credit | (0.2 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.2 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.2 | ) | ||
Balance in AOCI as of March 31, 2017 | $ | 2.8 |
Cash Flow Hedge - Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2017 | $ | 2.6 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (0.3 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.3 | ) | ||
Income Tax (Expense) Credit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.2 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.2 | ) | ||
ASU 2018-02 Adoption (a) | 0.5 | |||
Balance in AOCI as of March 31, 2018 | $ | 2.9 |
Cash Flow Hedge - Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2016 | $ | 3.4 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (0.3 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.3 | ) | ||
Income Tax (Expense) Credit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.2 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.2 | ) | ||
Balance in AOCI as of March 31, 2017 | $ | 3.2 |
Cash Flow Hedge - Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2017 | $ | (6.0 | ) | $ | 2.0 | $ | (4.0 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.5 | — | 0.5 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.5 | ) | (0.5 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.1 | 0.1 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.5 | (0.4 | ) | 0.1 | ||||||||
Income Tax (Expense) Credit | 0.1 | (0.1 | ) | — | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.4 | (0.3 | ) | 0.1 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | (0.3 | ) | 0.1 | ||||||||
ASU 2018-02 Adoption (a) | (1.3 | ) | 0.4 | (0.9 | ) | |||||||
Balance in AOCI as of March 31, 2018 | $ | (6.9 | ) | $ | 2.1 | $ | (4.8 | ) |
Cash Flow Hedge - Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2016 | $ | (7.4 | ) | $ | (2.0 | ) | $ | (9.4 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.7 | — | 0.7 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.5 | ) | (0.5 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.2 | 0.2 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.7 | (0.3 | ) | 0.4 | ||||||||
Income Tax (Expense) Credit | 0.2 | (0.1 | ) | 0.1 | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.5 | (0.2 | ) | 0.3 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.5 | (0.2 | ) | 0.3 | ||||||||
Balance in AOCI as of March 31, 2017 | $ | (6.9 | ) | $ | (2.2 | ) | $ | (9.1 | ) |
Plant | Net Book Value | Accelerated Depreciation Regulatory Asset | Cost of Removal Regulatory Liability | Projected Retirement Date | Current Authorized Recovery Period | Annual Depreciation (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northeastern Plant, Unit 3 | $ | 96.7 | $ | 168.9 | $ | 20.7 | (b) | 2026 | (c) | $ | 15.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Welsh Plant, Units 1 and 3 | 335.6 | 135.7 | 58.1 | (d) | 2028 | (e) | (f) | 39.2 |
AEP | ||||||||||||||
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Earning a Return | ||||||||||||||
Welsh Plant, Units 1 and 3 Accelerated Depreciation | $ | 135.7 | $ | 125.6 | ||||||||||
Pirkey Plant Accelerated Depreciation | 121.0 | 114.4 | ||||||||||||
Unrecovered Winter Storm Fuel Costs (a) | 90.8 | 97.2 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 14.3 | 49.8 | ||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs | 404.9 | 408.9 | ||||||||||||
NOLC Costs | 67.7 | — | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 89.4 | 78.5 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 923.8 | $ | 874.4 |
AEP | ||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs - Unrecovered Plant | $ | 50.3 | $ | 50.3 | ||||
Other Regulatory Assets Pending Final Regulatory Approval | 12.5 | 9.6 | ||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Storm Related Costs (a) | 130.3 | 128.0 | ||||||
Plant Retirement Costs - Asset Retirement Obligation Costs | 39.7 | 39.7 | ||||||
Cook Plant Uprate Project | 31.1 | 36.3 | ||||||
Cook Plant Turbine | 11.2 | 15.9 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 32.6 | 42.2 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval (b) | $ | 307.7 | $ | 322.0 |
AEP Texas | ||||||||||||||
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs | $ | 38.4 | $ | 37.7 | ||||||||||
Line Inspection Costs | 7.4 | 5.7 | ||||||||||||
Vegetation Management Program | 5.2 | 5.2 | ||||||||||||
Texas Retail Electric Provider Bad Debt Expense | 4.1 | 4.0 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 12.1 | 11.7 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 67.2 | $ | 64.3 |
APCo | ||||||||||||||
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Earning a Return | ||||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | $ | 0.7 | $ | 0.6 | ||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs - West Virginia | 91.2 | 91.5 | ||||||||||||
Plant Retirement Costs – Asset Retirement Obligation Costs | 25.9 | 25.9 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 11.1 | 7.5 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 128.9 | $ | 125.5 |
I&M | ||||||||||||||
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Earning a Return | ||||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | $ | 0.2 | $ | 0.2 | ||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs - Indiana | 29.7 | 29.7 | ||||||||||||
NOLC Costs - Indiana | 20.2 | — | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 4.6 | 3.3 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 54.7 | $ | 33.2 |
AEP Texas | ||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Storm-Related Costs (a) | $ | 128.7 | $ | 123.3 | ||||
Rate Case Expense | 0.2 | 0.1 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 128.9 | $ | 123.4 |
OPCo | ||||||||||||||
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs | $ | 23.6 | $ | 23.6 | ||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 23.6 | $ | 23.6 |
APCo | ||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs - Materials and Supplies | $ | 9.0 | $ | 9.1 | ||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Plant Retirement Costs - Asset Retirement Obligation Costs | 39.7 | 39.7 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.6 | 0.6 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval (a) | $ | 49.3 | $ | 49.4 |
PSO | ||||||||||||||
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs | $ | 88.8 | $ | 88.5 | ||||||||||
NOLC Costs | 12.1 | — | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 2.9 | 0.2 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 103.8 | $ | 88.7 |
I&M | ||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Cook Plant Uprate Project | $ | 31.1 | $ | 36.3 | ||||
Deferred Cook Plant Life Cycle Management Project Costs - Michigan | — | 14.7 | ||||||
Cook Plant Turbine | 11.2 | 15.9 | ||||||
Rockport Dry Sorbent Injection System - Indiana | 11.3 | 10.4 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 4.5 | 2.0 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 58.1 | $ | 79.3 |
SWEPCo | SWEPCo | |||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2024 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||
Noncurrent Regulatory Assets | Noncurrent Regulatory Assets | (in millions) | ||||||||||||||||||||||||||||||||||||
Regulatory Assets Currently Earning a Return | Regulatory Assets Currently Earning a Return | |||||||||||||||||||||||||||||||||||||
Welsh Plant, Units 1 and 3 Accelerated Depreciation | ||||||||||||||||||||||||||||||||||||||
Pirkey Plant Accelerated Depreciation | ||||||||||||||||||||||||||||||||||||||
Unrecovered Winter Storm Fuel Costs (a) | ||||||||||||||||||||||||||||||||||||||
PSO | ||||||||||||||||||||||||||||||||||||||
Dolet Hills Power Station Accelerated Depreciation (b) | ||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||||||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||||||||||||||||||||||||||
Dolet Hills Power Station Accelerated Depreciation (b) | ||||||||||||||||||||||||||||||||||||||
Dolet Hills Power Station Accelerated Depreciation (b) | ||||||||||||||||||||||||||||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | ||||||||||||||||||||||||||||||||||||||
Regulatory Assets Currently Not Earning a Return | Regulatory Assets Currently Not Earning a Return | |||||||||||||||||||||||||||||||||||||
Storm Related Costs | $ | — | $ | 3.2 | ||||||||||||||||||||||||||||||||||
Storm-Related Costs - Louisiana, Texas | ||||||||||||||||||||||||||||||||||||||
NOLC Costs | ||||||||||||||||||||||||||||||||||||||
NOLC Costs | ||||||||||||||||||||||||||||||||||||||
NOLC Costs | ||||||||||||||||||||||||||||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 0.1 | $ | 3.3 |
SWEPCo | ||||||||
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs - Unrecovered Plant | $ | 50.3 | $ | 50.3 | ||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.5 | 0.5 | ||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Rate Case Expense - Texas | 4.4 | 4.3 | ||||||
Asset Retirement Obligation - Arkansas, Louisiana | 4.3 | 4.0 | ||||||
Shipe Road Transmission Project - FERC | 3.3 | 3.3 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 2.8 | 2.5 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 65.6 | $ | 64.9 |
Jurisdiction | March 31, 2024 | December 31, 2023 | Approved Recovery Period | Approved Carrying Charge | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Arkansas | $ | 48.6 | $ | 54.2 | 6 years | (a) | ||||||||||||||||||||
Louisiana | 90.8 | 97.2 | (b) | (b) | ||||||||||||||||||||||
Texas | 94.5 | 101.9 | 5 years | 1.65% | ||||||||||||||||||||||
Total | $ | 233.9 | $ | 253.3 |
Company | Amount | Maturity | ||||||||||||
(in millions) | ||||||||||||||
AEP | $ | 247.4 | April 2024 to March 2025 | |||||||||||
AEP Texas | 1.8 | July 2024 | ||||||||||||
APCo | 6.3 | September 2024 | ||||||||||||
I&M | 2.9 | September 2024 |
Company | Amount | Maturity | ||||
(in millions) | ||||||
AEP | $ | 81.3 | May 2018 to March 2019 | |||
OPCo | 0.6 | September 2018 |
Company | Maximum Potential Loss | |||||||
(in millions) | ||||||||
AEP | $ | 44.6 | ||||||
AEP Texas | 10.7 | |||||||
APCo | 5.8 | |||||||
I&M | 4.1 | |||||||
OPCo | 7.1 | |||||||
PSO | 4.5 | |||||||
SWEPCo | 5.1 |
Company | Maximum Potential Loss | |||
(in millions) | ||||
AEP | $ | 43.4 | ||
AEP Texas | 10.5 | |||
APCo | 8.8 | |||
I&M | 3.1 | |||
OPCo | 6.3 | |||
PSO | 3.7 | |||
SWEPCo | 3.7 |
Three Months Ended March 31, 2024 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 25.6 | $ | 2.2 | $ | 2.4 | $ | 3.3 | $ | 2.4 | $ | 1.5 | $ | 1.9 | ||||||||||||||||||||||||||||||
Interest Cost | 51.9 | 4.3 | 6.2 | 6.0 | 4.7 | 2.5 | 3.1 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (80.2) | (6.4) | (10.7) | (10.8) | (8.2) | (4.3) | (4.4) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 1.1 | 0.1 | 0.1 | 0.1 | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | (1.6) | $ | 0.2 | $ | (2.0) | $ | (1.4) | $ | (1.0) | $ | (0.3) | $ | 0.7 |
Three Months Ended March 31, 2023 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 23.6 | $ | 2.0 | $ | 2.3 | $ | 3.0 | $ | 2.1 | $ | 1.4 | $ | 1.9 | ||||||||||||||||||||||||||||||
Interest Cost | 54.8 | 4.6 | 6.6 | 6.2 | 4.9 | 2.7 | 3.5 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (84.8) | (7.0) | (11.2) | (11.0) | (8.5) | (4.6) | (4.8) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 0.3 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | (6.1) | $ | (0.4) | $ | (2.3) | $ | (1.8) | $ | (1.5) | $ | (0.5) | $ | 0.6 |
Three Months Ended March 31, 2024 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 1.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||||||
Interest Cost | 10.5 | 0.8 | 1.7 | 1.2 | 1.1 | 0.5 | 0.7 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (27.8) | (2.3) | (4.0) | (3.4) | (3.0) | (1.4) | (1.9) | |||||||||||||||||||||||||||||||||||||
Amortization of Prior Service Credit | (3.2) | (0.3) | (0.5) | (0.4) | (0.3) | (0.2) | (0.3) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 0.8 | 0.1 | 0.1 | 0.1 | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Credit | $ | (18.6) | $ | (1.6) | $ | (2.6) | $ | (2.4) | $ | (2.0) | $ | (1.0) | $ | (1.3) |
Three Months Ended March 31, 2023 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 1.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||||||
Interest Cost | 11.6 | 0.9 | 1.8 | 1.3 | 1.2 | 0.6 | 0.7 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (27.4) | (2.3) | (4.0) | (3.4) | (2.9) | (1.5) | (1.8) | |||||||||||||||||||||||||||||||||||||
Amortization of Prior Service Credit | (15.8) | (1.3) | (2.3) | (2.2) | (1.6) | (1.0) | (1.2) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 3.7 | 0.3 | 0.6 | 0.5 | 0.4 | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Credit | $ | (26.8) | $ | (2.3) | $ | (3.8) | $ | (3.6) | $ | (2.8) | $ | (1.6) | $ | (2.0) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 24.4 | $ | 24.1 | $ | 2.9 | $ | 2.8 | |||||||
Interest Cost | 46.9 | 50.8 | 11.8 | 14.8 | |||||||||||
Expected Return on Plan Assets | (72.5 | ) | (71.2 | ) | (25.5 | ) | (25.3 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | 0.3 | (17.3 | ) | (17.3 | ) | |||||||||
Amortization of Net Actuarial Loss | 21.3 | 20.7 | 2.6 | 9.2 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 20.1 | $ | 24.7 | $ | (25.5 | ) | $ | (15.8 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.3 | $ | 2.1 | $ | 0.3 | $ | 0.2 | |||||||
Interest Cost | 4.0 | 4.3 | 0.9 | 1.2 | |||||||||||
Expected Return on Plan Assets | (6.4 | ) | (6.3 | ) | (2.1 | ) | (2.2 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.5 | ) | (1.4 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.8 | 1.8 | 0.2 | 0.8 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.7 | $ | 1.9 | $ | (2.2 | ) | $ | (1.4 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.3 | $ | 2.3 | $ | 0.3 | $ | 0.3 | |||||||
Interest Cost | 5.9 | 6.4 | 2.0 | 2.6 | |||||||||||
Expected Return on Plan Assets | (9.1 | ) | (8.9 | ) | (4.0 | ) | (4.1 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | 0.1 | (2.5 | ) | (2.5 | ) | |||||||||
Amortization of Net Actuarial Loss | 2.6 | 2.6 | 0.5 | 1.6 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.7 | $ | 2.5 | $ | (3.7 | ) | $ | (2.1 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 3.4 | $ | 3.5 | $ | 0.4 | $ | 0.4 | |||||||
Interest Cost | 5.5 | 6.1 | 1.4 | 1.7 | |||||||||||
Expected Return on Plan Assets | (8.9 | ) | (8.6 | ) | (3.1 | ) | (3.1 | ) | |||||||
Amortization of Prior Service Credit | — | — | (2.4 | ) | (2.3 | ) | |||||||||
Amortization of Net Actuarial Loss | 2.5 | 2.4 | 0.3 | 1.1 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 2.5 | $ | 3.4 | $ | (3.4 | ) | $ | (2.2 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.0 | $ | 1.9 | $ | 0.2 | $ | 0.2 | |||||||
Interest Cost | 4.4 | 4.8 | 1.3 | 1.7 | |||||||||||
Expected Return on Plan Assets | (7.2 | ) | (7.0 | ) | (3.0 | ) | (3.0 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.7 | ) | (1.7 | ) | |||||||||
Amortization of Net Actuarial Loss | 2.0 | 2.0 | 0.3 | 1.1 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.2 | $ | 1.7 | $ | (2.9 | ) | $ | (1.7 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 1.8 | $ | 1.6 | $ | 0.2 | $ | 0.2 | |||||||
Interest Cost | 2.4 | 2.7 | 0.6 | 0.8 | |||||||||||
Expected Return on Plan Assets | (4.0 | ) | (3.9 | ) | (1.4 | ) | (1.4 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.0 | ) | (1.1 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.1 | 1.1 | 0.1 | 0.5 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.3 | $ | 1.5 | $ | (1.5 | ) | $ | (1.0 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.3 | $ | 2.2 | $ | 0.3 | $ | 0.2 | |||||||
Interest Cost | 2.9 | 3.1 | 0.7 | 0.9 | |||||||||||
Expected Return on Plan Assets | (4.4 | ) | (4.2 | ) | (1.6 | ) | (1.6 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.3 | ) | (1.3 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.3 | 1.2 | 0.1 | 0.6 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 2.1 | $ | 2.3 | $ | (1.8 | ) | $ | (1.2 | ) |
Three Months Ended March 31, 2018 | |||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||
External Customers | $ | 2,381.5 | $ | 1,141.2 | $ | 41.1 | $ | 477.5 | $ | 7.0 | $ | — | $ | 4,048.3 | |||||||||||||
Other Operating Segments | 26.5 | 21.2 | 164.4 | 27.6 | 17.0 | (256.7 | ) | — | |||||||||||||||||||
Total Revenues | $ | 2,408.0 | $ | 1,162.4 | $ | 205.5 | $ | 505.1 | $ | 24.0 | $ | (256.7 | ) | $ | 4,048.3 | ||||||||||||
Net Income (Loss) | $ | 232.8 | $ | 125.4 | $ | 104.8 | $ | 18.1 | $ | (24.4 | ) | $ | — | $ | 456.7 | ||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Revenues from: | �� | ||||||||||||||||||||||||||
External Customers | $ | 2,269.8 | $ | 1,066.4 | $ | 27.7 | $ | 558.8 | $ | 10.6 | $ | — | $ | 3,933.3 | |||||||||||||
Other Operating Segments | 20.6 | 20.0 | 128.4 | 32.6 | 15.9 | (217.5 | ) | — | |||||||||||||||||||
Total Revenues | $ | 2,290.4 | $ | 1,086.4 | $ | 156.1 | $ | 591.4 | $ | 26.5 | $ | (217.5 | ) | $ | 3,933.3 | ||||||||||||
Net Income (Loss) | $ | 220.5 | $ | 119.1 | $ | 72.8 | $ | 186.2 | $ | (4.4 | ) | $ | — | $ | 594.2 |
March 31, 2018 | ||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Total Property, Plant and Equipment | $ | 43,749.8 | $ | 16,790.4 | $ | 7,446.6 | $ | 786.9 | $ | 377.7 | $ | (355.1 | ) | (b) | $ | 68,796.3 | ||||||||||||
Accumulated Depreciation and Amortization | 13,355.3 | 3,809.8 | 200.1 | 70.1 | 182.9 | (187.0 | ) | (b) | 17,431.2 | |||||||||||||||||||
Total Property Plant and Equipment - Net | $ | 30,394.5 | $ | 12,980.6 | $ | 7,246.5 | $ | 716.8 | $ | 194.8 | $ | (168.1 | ) | (b) | $ | 51,365.1 | ||||||||||||
Total Assets | $ | 37,913.3 | $ | 16,272.6 | $ | 8,340.5 | $ | 2,123.7 | $ | 4,552.9 | (c) | $ | (3,593.5 | ) | (b) (d) | $ | 65,609.5 | |||||||||||
Long-term Debt Due Within One Year: | ||||||||||||||||||||||||||||
Nonaffiliated | $ | 1,893.7 | $ | 670.6 | $ | 50.0 | $ | 0.1 | $ | 1.7 | $ | — | $ | 2,616.1 | ||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||||||
Affiliated | 50.0 | — | — | 32.2 | — | (82.2 | ) | — | ||||||||||||||||||||
Nonaffiliated | 9,969.2 | 4,972.4 | 2,635.0 | (0.3 | ) | 1,268.6 | — | 18,844.9 | ||||||||||||||||||||
Total Long-term Debt | $ | 11,912.9 | $ | 5,643.0 | $ | 2,685.0 | $ | 32.0 | $ | 1,270.3 | $ | (82.2 | ) | $ | 21,461.0 | |||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Total Property, Plant and Equipment | $ | 43,294.4 | $ | 16,371.2 | $ | 7,110.2 | $ | 644.6 | $ | 374.5 | $ | (366.4 | ) | (b) | $ | 67,428.5 | ||||||||||||
Accumulated Depreciation and Amortization | 13,153.4 | 3,768.3 | 176.6 | 75.0 | 180.6 | (186.9 | ) | (b) | 17,167.0 | |||||||||||||||||||
Total Property Plant and Equipment - Net | $ | 30,141.0 | $ | 12,602.9 | $ | 6,933.6 | $ | 569.6 | $ | 193.9 | $ | (179.5 | ) | (b) | $ | 50,261.5 | ||||||||||||
Total Assets | $ | 37,579.7 | $ | 16,060.7 | $ | 8,141.8 | $ | 2,009.8 | $ | 3,959.1 | (c) | $ | (3,022.0 | ) | (b) (d) | $ | 64,729.1 | |||||||||||
Long-term Debt Due Within One Year: | ||||||||||||||||||||||||||||
Nonaffiliated | $ | 1,038.1 | $ | 663.1 | $ | 50.0 | $ | — | $ | 2.5 | $ | — | $ | 1,753.7 | ||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||||||
Affiliated | 50.0 | — | — | 32.2 | — | (82.2 | ) | — | ||||||||||||||||||||
Nonaffiliated | 10,801.4 | 4,705.4 | 2,631.3 | (0.3 | ) | 1,281.8 | — | 19,419.6 | ||||||||||||||||||||
Total Long-term Debt | $ | 11,889.5 | $ | 5,368.5 | $ | 2,681.3 | $ | 31.9 | $ | 1,284.3 | $ | (82.2 | ) | $ | 21,173.3 | |||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||||||||||||||||
External Customers | $ | 2,901.2 | $ | 1,483.2 | $ | 110.5 | $ | 515.9 | $ | 14.9 | $ | — | $ | 5,025.7 | |||||||||||||||||||||||||||
Other Operating Segments | 46.7 | 7.0 | 386.8 | 47.6 | 37.9 | (526.0) | (b) | — | |||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,947.9 | $ | 1,490.2 | $ | 497.3 | $ | 563.5 | $ | 52.8 | $ | (526.0) | $ | 5,025.7 | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 562.3 | $ | 150.3 | $ | 209.8 | $ | 137.6 | $ | (54.3) | $ | — | $ | 1,005.7 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||||||||||||||||
External Customers | $ | 2,816.3 | $ | 1,455.3 | $ | 90.1 | $ | 326.9 | $ | 2.3 | $ | — | $ | 4,690.9 | |||||||||||||||||||||||||||
Other Operating Segments | 41.5 | 8.9 | 365.4 | 0.1 | 27.8 | (443.7) | (b) | — | |||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,857.8 | $ | 1,464.2 | $ | 455.5 | $ | 327.0 | $ | 30.1 | $ | (443.7) | $ | 4,690.9 | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 262.2 | $ | 125.7 | $ | 182.4 | $ | (156.4) | $ | (13.5) | $ | — | $ | 400.4 | |||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 52,379.2 | $ | 25,283.4 | $ | 17,067.4 | $ | 2,257.5 | $ | 5,164.3 | (c) | $ | (4,407.2) | (d) | $ | 97,744.6 | ||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 51,802.1 | $ | 24,838.4 | $ | 16,575.6 | $ | 2,598.5 | $ | 5,194.0 | (c) | $ | (4,324.6) | (d) | $ | 96,684.0 | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||
External Customers | $ | 97.0 | $ | — | $ | — | $ | 97.0 | |||||||||||||||
Sales to AEP Affiliates | 383.4 | — | — | 383.4 | |||||||||||||||||||
Other Revenues | 2.4 | — | — | 2.4 | |||||||||||||||||||
Total Revenues | $ | 482.8 | $ | — | $ | — | $ | 482.8 | |||||||||||||||
Net Income (Loss) | $ | 181.7 | $ | (0.5) | (a) | $ | — | $ | 181.2 | ||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||
External Customers | $ | 89.0 | $ | — | $ | — | $ | 89.0 | |||||||||||||||
Sales to AEP Affiliates | 352.6 | — | — | 352.6 | |||||||||||||||||||
Total Revenues | $ | 441.6 | $ | — | $ | — | $ | 441.6 | |||||||||||||||
Net Income | $ | 161.6 | $ | 1.1 | (a) | $ | — | $ | 162.7 |
March 31, 2024 | |||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Total Assets | $ | 15,609.4 | $ | 5,949.9 | (b) | $ | (6,000.3) | (c) | $ | 15,559.0 | |||||||||||||
December 31, 2023 | |||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Total Assets | $ | 15,120.6 | $ | 5,486.6 | (b) | $ | (5,534.7) | (c) | $ | 15,072.5 | |||||||||||||
Three Months Ended March 31, 2018 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 31.3 | $ | — | $ | — | $ | 31.3 | |||||||
Sales to AEP Affiliates | 162.1 | — | — | 162.1 | |||||||||||
Other Revenues | 0.1 | — | — | 0.1 | |||||||||||
Total Revenues | $ | 193.5 | $ | — | $ | — | $ | 193.5 | |||||||
Interest Income | $ | 0.2 | $ | 25.0 | $ | (24.8 | ) | (a) | $ | 0.4 | |||||
Interest Expense | 19.9 | 24.8 | (24.8 | ) | (a) | 19.9 | |||||||||
Income Tax Expense | 22.3 | 0.2 | — | 22.5 | |||||||||||
Net Income (Loss) | $ | 86.0 | $ | (0.1 | ) | (b) | $ | — | $ | 85.9 |
Three Months Ended March 31, 2017 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 19.2 | $ | — | $ | — | $ | 19.2 | |||||||
Sales to AEP Affiliates | 133.4 | — | — | 133.4 | |||||||||||
Other Revenues | 0.1 | — | — | 0.1 | |||||||||||
Total Revenues | $ | 152.7 | $ | — | $ | — | $ | 152.7 | |||||||
Interest Income | $ | 0.1 | $ | 19.1 | $ | (19.0 | ) | (a) | $ | 0.2 | |||||
Interest Expense | 15.8 | 19.2 | (19.0 | ) | (a) | 16.0 | |||||||||
Income Tax Expense | 28.4 | 0.1 | — | 28.5 | |||||||||||
Net Income | $ | 56.8 | $ | 0.2 | (b) | $ | — | $ | 57.0 |
March 31, 2018 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Total Transmission Property | $ | 7,108.0 | $ | — | $ | — | $ | 7,108.0 | |||||||
Accumulated Depreciation and Amortization | 192.7 | — | — | 192.7 | |||||||||||
Total Transmission Property – Net | $ | 6,915.3 | $ | — | $ | — | $ | 6,915.3 | |||||||
Notes Receivable - Affiliated | $ | — | $ | 2,550.7 | $ | (2,550.7 | ) | (c) | $ | — | |||||
Total Assets | $ | 7,220.0 | $ | 2,637.3 | (d) | $ | (2,617.4 | ) | (e) | $ | 7,239.9 | ||||
Total Long-term Debt | $ | 2,575.0 | $ | 2,550.7 | $ | (2,575.0 | ) | (c) | $ | 2,550.7 |
December 31, 2017 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Total Transmission Property | $ | 6,780.2 | $ | — | $ | — | $ | 6,780.2 | |||||||
Accumulated Depreciation and Amortization | 170.4 | — | — | 170.4 | |||||||||||
Total Transmission Property – Net | $ | 6,609.8 | $ | — | $ | — | $ | 6,609.8 | |||||||
Notes Receivable - Affiliated | $ | — | $ | 2,550.4 | $ | (2,550.4 | ) | (c) | $ | — | |||||
Total Assets | $ | 7,072.9 | $ | 2,590.1 | (d) | $ | (2,594.9 | ) | (e) | $ | 7,068.1 | ||||
Total Long-term Debt | $ | 2,575.0 | $ | 2,550.4 | $ | (2,575.0 | ) | (c) | $ | 2,550.4 |
Notional Volume of Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary Risk Exposure | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power (MWhs) | 233.5 | — | 7.0 | 3.4 | 2.2 | 2.2 | 1.6 | 246.8 | — | 16.8 | 5.9 | 2.2 | 4.1 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas (MMBtus) | 176.8 | — | 43.0 | — | — | 49.0 | 19.7 | 151.6 | — | 37.3 | — | — | 34.9 | 17.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating Oil and Gasoline (Gallons) | 7.7 | 2.0 | 1.1 | 1.2 | 1.3 | 0.8 | 1.0 | 6.5 | 1.8 | 1.0 | 0.6 | 1.2 | 0.7 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate (USD) | $ | 69.6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 80.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate on Long-term Debt (USD) | $ | 1,500.0 | $ | 150.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,300.0 | $ | 150.0 | $ | — | $ | — | $ | — | $ | — | $ | — |
Primary Risk Exposure | Unit of Measure | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Commodity: | ||||||||||||||||||||||||||||||
Power | MWhs | 298.4 | — | 43.2 | 33.0 | 8.3 | 4.0 | 8.1 | ||||||||||||||||||||||
Coal | Tons | 1.2 | — | — | 1.2 | — | — | — | ||||||||||||||||||||||
Natural Gas | MMBtus | 78.2 | — | 6.2 | 3.7 | — | — | 18.0 | ||||||||||||||||||||||
Heating Oil and Gasoline | Gallons | 5.0 | 1.1 | 1.0 | 0.5 | 1.2 | 0.5 | 0.6 | ||||||||||||||||||||||
Interest Rate | USD | $ | 49.8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest Rate and Foreign Currency | USD | $ | 500.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Primary Risk Exposure | Unit of Measure | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Commodity: | ||||||||||||||||||||||||||||||
Power | MWhs | 358.7 | — | 57.4 | 38.5 | 10.4 | 10.3 | 22.7 | ||||||||||||||||||||||
Coal | Tons | 2.0 | — | — | 2.0 | — | — | — | ||||||||||||||||||||||
Natural Gas | MMBtus | 53.7 | — | 1.1 | 0.7 | — | — | 18.3 | ||||||||||||||||||||||
Heating Oil and Gasoline | Gallons | 6.9 | 1.4 | 1.3 | 0.7 | 1.6 | 0.7 | 0.8 | ||||||||||||||||||||||
Interest Rate | USD | $ | 50.7 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest Rate and Foreign Currency | USD | $ | 500.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | $ | 436.2 | $ | 0.2 | $ | 9.9 | $ | 15.5 | $ | 0.1 | $ | 8.5 | $ | 5.5 | ||||||||||||||||||||||||||||||
Hedging Contracts - Commodity | 35.4 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Hedging Contracts - Interest Rate | 8.3 | 2.3 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Current Risk Management Assets | 479.9 | 2.5 | 9.9 | 15.5 | 0.1 | 8.5 | 5.5 | |||||||||||||||||||||||||||||||||||||
Long-term Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | 525.0 | — | 1.2 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Hedging Contracts - Commodity | 81.0 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Hedging Contracts - Interest Rate | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Long-term Risk Management Assets | 606.0 | — | 1.2 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Assets | $ | 1,085.9 | $ | 2.5 | $ | 11.1 | $ | 15.5 | $ | 0.1 | $ | 8.5 | $ | 5.5 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | $ | 456.9 | $ | — | $ | 21.0 | $ | 9.0 | $ | 6.0 | $ | 29.1 | $ | 9.5 | ||||||||||||||||||||||||||||||
Hedging Contracts - Commodity | 5.1 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Hedging Contracts - Interest Rate | 46.1 | 0.1 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Current Risk Management Liabilities | 508.1 | 0.1 | 21.0 | 9.0 | 6.0 | 29.1 | 9.5 | |||||||||||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | 430.0 | — | 3.3 | — | 35.0 | 2.8 | 1.8 | |||||||||||||||||||||||||||||||||||||
Hedging Contracts - Commodity | 0.6 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Hedging Contracts - Interest Rate | 70.4 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Long-term Risk Management Liabilities | 501.0 | — | 3.3 | — | 35.0 | 2.8 | 1.8 | |||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 1,009.1 | $ | 0.1 | $ | 24.3 | $ | 9.0 | $ | 41.0 | $ | 31.9 | $ | 11.3 | ||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) Recognized | $ | 76.8 | $ | 2.4 | $ | (13.2) | $ | 6.5 | $ | (40.9) | $ | (23.4) | $ | (5.8) | ||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Contracts - Interest Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Current Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts | Hedging Contracts | Gross Amounts of Risk Management Assets/ Liabilities Recognized | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Commodity (a) | Interest Rate (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Contracts - Interest Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Long-term Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | $ | 257.0 | $ | 20.1 | $ | 1.7 | $ | 278.8 | $ | (189.2 | ) | $ | 89.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Risk Management Assets | 319.6 | 5.1 | — | 324.7 | (53.5 | ) | 271.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | 576.6 | 25.2 | 1.7 | 603.5 | (242.7 | ) | 360.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Liabilities | 246.8 | 10.1 | — | 256.9 | (199.8 | ) | 57.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Contracts - Interest Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Current Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 271.6 | 48.5 | 22.3 | 342.4 | (59.7 | ) | 282.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Contracts - Commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Contracts - Interest Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Long-term Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 518.4 | 58.6 | 22.3 | 599.3 | (259.5 | ) | 339.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 58.2 | $ | (33.4 | ) | $ | (20.6 | ) | $ | 4.2 | $ | 16.8 | $ | 21.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) Recognized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) Recognized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) Recognized |
Risk Management Contracts | Hedging Contracts | Gross Amounts of Risk Management Assets/ Liabilities Recognized | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | ||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Commodity (a) | Interest Rate (a) | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Current Risk Management Assets | $ | 389.0 | $ | 17.5 | $ | 2.5 | $ | 409.0 | $ | (282.8 | ) | $ | 126.2 | |||||||||||
Long-term Risk Management Assets | 300.9 | 6.3 | — | 307.2 | (25.1 | ) | 282.1 | |||||||||||||||||
Total Assets | 689.9 | 23.8 | 2.5 | 716.2 | (307.9 | ) | 408.3 | |||||||||||||||||
Current Risk Management Liabilities | 334.6 | 9.0 | — | 343.6 | (282.0 | ) | 61.6 | |||||||||||||||||
Long-term Risk Management Liabilities | 280.6 | 58.3 | 8.6 | 347.5 | (25.5 | ) | 322.0 | |||||||||||||||||
Total Liabilities | 615.2 | 67.3 | 8.6 | 691.1 | (307.5 | ) | 383.6 | |||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 74.7 | $ | (43.5 | ) | $ | (6.1 | ) | $ | 25.1 | $ | (0.4 | ) | $ | 24.7 |
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | $ | 479.9 | $ | 2.5 | $ | 9.9 | $ | 15.5 | $ | 0.1 | $ | 8.5 | $ | 5.5 | ||||||||||||||||||||||||||||||
Gross Amounts Offset | (327.2) | — | (1.2) | (4.3) | — | (0.6) | (0.2) | |||||||||||||||||||||||||||||||||||||
Net Amounts Presented | 152.7 | 2.5 | 8.7 | 11.2 | 0.1 | 7.9 | 5.3 | |||||||||||||||||||||||||||||||||||||
Long-term Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | 606.0 | — | 1.2 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | (291.6) | — | (1.2) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net Amounts Presented | 314.4 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Assets | $ | 467.1 | $ | 2.5 | $ | 8.7 | $ | 11.2 | $ | 0.1 | $ | 7.9 | $ | 5.3 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | $ | 508.1 | $ | 0.1 | $ | 21.0 | $ | 9.0 | $ | 6.0 | $ | 29.1 | $ | 9.5 | ||||||||||||||||||||||||||||||
Gross Amounts Offset | (323.7) | — | (2.6) | (8.3) | — | (0.6) | (0.2) | |||||||||||||||||||||||||||||||||||||
Net Amounts Presented | 184.4 | 0.1 | 18.4 | 0.7 | 6.0 | 28.5 | 9.3 | |||||||||||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | 501.0 | — | 3.3 | — | 35.0 | 2.8 | 1.8 | |||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | (221.5) | — | (1.2) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net Amounts Presented | 279.5 | — | 2.1 | — | 35.0 | 2.8 | 1.8 | |||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 463.9 | $ | 0.1 | $ | 20.5 | $ | 0.7 | $ | 41.0 | $ | 31.3 | $ | 11.1 | ||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 3.2 | $ | 2.4 | $ | (11.8) | $ | 10.5 | $ | (40.9) | $ | (23.4) | $ | (5.8) |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | $ | 611.8 | $ | — | $ | 24.6 | $ | 30.1 | $ | — | $ | 19.7 | $ | 12.0 | ||||||||||||||||||||||||||||||
Gross Amounts Offset | (394.3) | — | (2.2) | (2.3) | — | (0.7) | (0.4) | |||||||||||||||||||||||||||||||||||||
Net Amounts Presented | 217.5 | — | 22.4 | 27.8 | — | 19.0 | 11.6 | |||||||||||||||||||||||||||||||||||||
Long-term Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | 555.6 | — | 0.3 | 12.0 | — | — | 0.5 | |||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | (234.4) | — | (0.3) | (0.2) | — | — | (0.5) | |||||||||||||||||||||||||||||||||||||
Net Amounts Presented | 321.2 | — | — | 11.8 | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Assets | $ | 538.7 | $ | — | $ | 22.4 | $ | 39.6 | $ | — | $ | 19.0 | $ | 11.6 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | $ | 646.7 | $ | 2.9 | $ | 18.5 | $ | 5.4 | $ | 6.9 | $ | 29.7 | $ | 14.9 | ||||||||||||||||||||||||||||||
Gross Amounts Offset | (417.1) | (0.2) | (2.6) | (3.4) | (0.1) | (0.8) | (0.5) | |||||||||||||||||||||||||||||||||||||
Net Amounts Presented | 229.6 | 2.7 | 15.9 | 2.0 | 6.8 | 28.9 | 14.4 | |||||||||||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | 436.7 | — | 6.9 | 0.2 | 43.9 | 1.0 | 1.7 | |||||||||||||||||||||||||||||||||||||
Gross Amounts Offset | (194.9) | — | (0.3) | (0.2) | — | — | (0.5) | |||||||||||||||||||||||||||||||||||||
Net Amounts Presented | 241.8 | — | 6.6 | — | 43.9 | 1.0 | 1.2 | |||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 471.4 | $ | 2.7 | $ | 22.5 | $ | 2.0 | $ | 50.7 | $ | 29.9 | $ | 15.6 | ||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 67.3 | $ | (2.7) | $ | (0.1) | $ | 37.6 | $ | (50.7) | $ | (10.9) | $ | (4.0) |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 0.4 | $ | (0.1 | ) | $ | 0.3 | |||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 0.4 | (0.1 | ) | 0.3 | ||||||||
Current Risk Management Liabilities | — | — | — | |||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||
Total Liabilities | — | — | — | |||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 0.4 | $ | (0.1 | ) | $ | 0.3 |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 0.5 | $ | — | $ | 0.5 | ||||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 0.5 | — | 0.5 | |||||||||
Current Risk Management Liabilities | — | — | — | |||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||
Total Liabilities | — | — | — | |||||||||
Total MTM Derivative Contract Net Assets | $ | 0.5 | $ | — | $ | 0.5 |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 35.8 | $ | (27.8 | ) | $ | 8.0 | |||||
Long-term Risk Management Assets | 11.2 | (8.6 | ) | 2.6 | ||||||||
Total Assets | 47.0 | (36.4 | ) | 10.6 | ||||||||
Current Risk Management Liabilities | 28.4 | (27.8 | ) | 0.6 | ||||||||
Long-term Risk Management Liabilities | 9.1 | (8.7 | ) | 0.4 | ||||||||
Total Liabilities | 37.5 | (36.5 | ) | 1.0 | ||||||||
Total MTM Derivative Contract Net Assets | $ | 9.5 | $ | 0.1 | $ | 9.6 |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 75.6 | $ | (50.7 | ) | $ | 24.9 | |||||
Long-term Risk Management Assets | 2.4 | (1.3 | ) | 1.1 | ||||||||
Total Assets | 78.0 | (52.0 | ) | 26.0 | ||||||||
Current Risk Management Liabilities | 50.6 | (49.3 | ) | 1.3 | ||||||||
Long-term Risk Management Liabilities | 1.4 | (1.2 | ) | 0.2 | ||||||||
Total Liabilities | 52.0 | (50.5 | ) | 1.5 | ||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 26.0 | $ | (1.5 | ) | $ | 24.5 |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 24.0 | $ | (20.7 | ) | $ | 3.3 | |||||
Long-term Risk Management Assets | 8.0 | (6.0 | ) | 2.0 | ||||||||
Total Assets | 32.0 | (26.7 | ) | 5.3 | ||||||||
Current Risk Management Liabilities | 24.6 | (20.8 | ) | 3.8 | ||||||||
Long-term Risk Management Liabilities | 6.1 | (5.9 | ) | 0.2 | ||||||||
Total Liabilities | 30.7 | (26.7 | ) | 4.0 | ||||||||
Total MTM Derivative Contract Net Assets | $ | 1.3 | $ | — | $ | 1.3 |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 47.2 | $ | (39.6 | ) | $ | 7.6 | |||||
Long-term Risk Management Assets | 1.6 | (0.9 | ) | 0.7 | ||||||||
Total Assets | 48.8 | (40.5 | ) | 8.3 | ||||||||
Current Risk Management Liabilities | 48.5 | (45.0 | ) | 3.5 | ||||||||
Long-term Risk Management Liabilities | 0.9 | (0.8 | ) | 0.1 | ||||||||
Total Liabilities | 49.4 | (45.8 | ) | 3.6 | ||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | (0.6 | ) | $ | 5.3 | $ | 4.7 |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 0.5 | $ | (0.1 | ) | $ | 0.4 | |||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 0.5 | (0.1 | ) | 0.4 | ||||||||
Current Risk Management Liabilities | 5.3 | — | 5.3 | |||||||||
Long-term Risk Management Liabilities | 93.2 | — | 93.2 | |||||||||
Total Liabilities | 98.5 | — | 98.5 | |||||||||
Total MTM Derivative Contract Net Liabilities | $ | (98.0 | ) | $ | (0.1 | ) | $ | (98.1 | ) |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 0.6 | $ | — | $ | 0.6 | ||||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 0.6 | — | 0.6 | |||||||||
Current Risk Management Liabilities | 6.4 | — | 6.4 | |||||||||
Long-term Risk Management Liabilities | 126.0 | — | 126.0 | |||||||||
Total Liabilities | 132.4 | — | 132.4 | |||||||||
Total MTM Derivative Contract Net Liabilities | $ | (131.8 | ) | $ | — | $ | (131.8 | ) |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 2.9 | $ | — | $ | 2.9 | ||||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 2.9 | — | 2.9 | |||||||||
Current Risk Management Liabilities | — | — | — | |||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||
Total Liabilities | — | — | — | |||||||||
Total MTM Derivative Contract Net Assets | $ | 2.9 | $ | — | $ | 2.9 |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 6.6 | $ | (0.2 | ) | $ | 6.4 | |||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 6.6 | (0.2 | ) | 6.4 | ||||||||
Current Risk Management Liabilities | 0.2 | (0.2 | ) | — | ||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||
Total Liabilities | 0.2 | (0.2 | ) | — | ||||||||
Total MTM Derivative Contract Net Assets | $ | 6.4 | $ | — | $ | 6.4 |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 2.8 | $ | (1.1 | ) | $ | 1.7 | |||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 2.8 | (1.1 | ) | 1.7 | ||||||||
Current Risk Management Liabilities | 1.2 | (1.1 | ) | 0.1 | ||||||||
Long-term Risk Management Liabilities | 0.5 | — | 0.5 | |||||||||
Total Liabilities | 1.7 | (1.1 | ) | 0.6 | ||||||||
Total MTM Derivative Contract Net Assets | $ | 1.1 | $ | — | $ | 1.1 |
Balance Sheet Location | Risk Management Contracts - Commodity (a) | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 7.0 | $ | (0.6 | ) | $ | 6.4 | |||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 7.0 | (0.6 | ) | 6.4 | ||||||||
Current Risk Management Liabilities | 0.8 | (0.6 | ) | 0.2 | ||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||
Total Liabilities | 0.8 | (0.6 | ) | 0.2 | ||||||||
Total MTM Derivative Contract Net Assets | $ | 6.2 | $ | — | $ | 6.2 |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | (25.7) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Generation & Marketing Revenues | (44.7) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | 0.1 | (25.8) | — | — | — | |||||||||||||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 1.0 | — | 0.9 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Maintenance | 0.1 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Regulatory Assets (a) | 13.5 | 0.2 | (0.1) | (1.6) | 8.6 | (1.2) | 4.9 | |||||||||||||||||||||||||||||||||||||
Regulatory Liabilities (a) | 52.7 | 0.2 | 13.1 | 2.2 | — | 18.3 | 15.0 | |||||||||||||||||||||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | (3.1) | $ | 0.4 | $ | 14.0 | $ | (25.2) | $ | 8.6 | $ | 17.1 | $ | 19.9 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | (5.5 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generation & Marketing Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generation & Marketing Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generation & Marketing Revenues | (15.1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | (0.3 | ) | (5.1 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Electricity for Resale | 4.9 | — | 4.6 | 0.2 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operation | 0.3 | 0.1 | — | — | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maintenance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maintenance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maintenance | 0.4 | 0.1 | 0.1 | — | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets (a) | 37.3 | — | — | 6.2 | 31.4 | — | (0.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities (a) | 87.0 | (0.1 | ) | 64.1 | 0.2 | — | 12.1 | (0.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | 109.3 | $ | 0.1 | $ | 68.5 | $ | 1.5 | $ | 31.6 | $ | 12.1 | $ | (1.1 | ) |
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 5.5 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Generation & Marketing Revenues | 10.5 | — | — | — | — | — | — | |||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | 0.4 | 5.2 | — | — | 0.1 | |||||||||||||||||||||
Purchased Electricity for Resale | 2.4 | — | 0.8 | 0.1 | — | — | — | |||||||||||||||||||||
Other Operation | 0.2 | — | — | — | — | — | — | |||||||||||||||||||||
Maintenance | 0.2 | — | — | — | — | — | — | |||||||||||||||||||||
Regulatory Assets (a) | (14.9 | ) | — | (5.8 | ) | (0.2 | ) | (8.6 | ) | — | (0.2 | ) | ||||||||||||||||
Regulatory Liabilities (a) | 25.2 | (0.2 | ) | 10.9 | 6.8 | — | 2.4 | 4.6 | ||||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | 29.1 | $ | (0.2 | ) | $ | 6.3 | $ | 11.9 | $ | (8.6 | ) | $ | 2.4 | $ | 4.5 |
Carrying Amount of the Hedged Liabilities | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities | |||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Long-term Debt (a) (b) | $ | (860.2) | $ | (878.2) | $ | 86.7 | $ | 68.4 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Loss on Fair Value Hedging Instruments | $ | (14.5 | ) | $ | (0.5 | ) | |
Gain on Fair Value Portion of Long-term Debt | 14.2 | 0.5 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Gain (Loss) on Interest Rate Contracts: | |||||||||||||||||||||||
Fair Value Hedging Instruments (a) | $ | (16.4) | $ | 6.9 | |||||||||||||||||||
Fair Value Portion of Long-term Debt (a) | 16.4 | (6.9) |
Impact of Cash Flow Hedges on the Registrants’ Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Portion Expected to | Portion Expected to | |||||||||||||||||||||||||||||||||||||||||||||||||
AOCI | be Reclassed to | AOCI | be Reclassed to | |||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Net Income During | Gain (Loss) | Net Income During | |||||||||||||||||||||||||||||||||||||||||||||||
Net of Tax | the Next Twelve Months | Net of Tax | the Next Twelve Months | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity | Interest Rate | Commodity | Interest Rate | Commodity | Interest Rate | Commodity | Interest Rate | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | $ | 87.2 | $ | 3.4 | $ | 24.0 | $ | 3.6 | $ | 104.9 | $ | (8.1) | $ | 38.3 | $ | 3.2 | ||||||||||||||||||||||||||||||||||
AEP Texas | — | 4.4 | — | 0.5 | — | 0.5 | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
APCo | — | 5.7 | — | 0.8 | — | 5.9 | — | 0.8 | ||||||||||||||||||||||||||||||||||||||||||
I&M | — | (5.4) | — | (0.4) | — | (5.5) | — | (0.4) | ||||||||||||||||||||||||||||||||||||||||||
PSO | — | (0.2) | — | — | — | (0.2) | — | — | ||||||||||||||||||||||||||||||||||||||||||
SWEPCo | — | 1.2 | — | 0.3 | — | 1.3 | — | 0.3 |
March 31, 2018 | December 31, 2017 | |||||||||||||||
Commodity | Interest Rate | Commodity | Interest Rate | |||||||||||||
(in millions) | ||||||||||||||||
Hedging Assets (a) | $ | 25.5 | $ | — | $ | 22.0 | $ | — | ||||||||
Hedging Liabilities (a) | 58.9 | — | 65.5 | — | ||||||||||||
AOCI Loss Net of Tax | (32.0 | ) | (15.5 | ) | (28.4 | ) | (13.0 | ) | ||||||||
Portion Expected to be Reclassified to Net Income During the Next Twelve Months | 3.1 | (1.0 | ) | 5.5 | (0.8 | ) |
March 31, 2018 | December 31, 2017 | ||||||||||||||||
Interest Rate | |||||||||||||||||
Company | AOCI Gain (Loss) Net of Tax | Expected to be Reclassified to Net Income During the Next Twelve Months | AOCI Gain (Loss) Net of Tax | Expected to be Reclassified to Net Income During the Next Twelve Months | |||||||||||||
(in millions) | |||||||||||||||||
AEP Texas | $ | (5.2 | ) | — | $ | (1.1 | ) | $ | (4.5 | ) | $ | (0.9 | ) | ||||
APCo | 2.5 | 0.9 | 2.2 | 0.7 | |||||||||||||
I&M | (12.7 | ) | (1.6 | ) | (10.7 | ) | (1.3 | ) | |||||||||
OPCo | 2.0 | 1.3 | 1.9 | 1.1 | |||||||||||||
PSO | 2.9 | 1.0 | 2.6 | 0.8 | |||||||||||||
SWEPCo | (6.9 | ) | (1.7 | ) | (6.0 | ) | (1.4 | ) |
AEP | ||||||||||||
Liabilities for Contracts with Cross Default Provisions Prior to Contractual Netting Arrangements | Amount of Cash Collateral Posted | Additional Settlement Liability if Cross Default Provision is Triggered | ||||||||||
(in millions) | ||||||||||||
March 31, 2018 | $ | 272.7 | $ | 1.0 | $ | 202.4 | ||||||
December 31, 2017 | 243.6 | 1.3 | 223.1 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Company | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
AEP | $ | 39,835.9 | $ | 36,392.2 | $ | 40,143.2 | $ | 37,325.7 | ||||||||||||||||||
AEP Texas | 5,878.7 | 5,289.7 | 5,889.8 | 5,400.7 | ||||||||||||||||||||||
AEPTCo | 5,860.7 | 5,066.3 | 5,414.4 | 4,796.9 | ||||||||||||||||||||||
APCo | 5,670.9 | 5,370.8 | 5,588.3 | 5,390.1 | ||||||||||||||||||||||
I&M | 3,478.5 | 3,182.3 | 3,499.4 | 3,291.6 | ||||||||||||||||||||||
OPCo | 3,367.4 | 2,912.1 | 3,366.8 | 2,992.1 | ||||||||||||||||||||||
PSO | 2,384.9 | 2,130.2 | 2,384.6 | 2,154.3 | ||||||||||||||||||||||
SWEPCo | 3,647.6 | 3,170.6 | 3,646.9 | 3,209.7 |
March 31, 2018 | December 31, 2017 | |||||||||||||||
Company | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||
(in millions) | ||||||||||||||||
AEP | $ | 21,461.0 | $ | 23,039.8 | $ | 21,173.3 | $ | 23,649.6 | ||||||||
AEP Texas | 3,553.3 | 3,818.3 | 3,649.3 | 3,964.8 | ||||||||||||
AEPTCo | 2,550.7 | 2,620.6 | 2,550.4 | 2,782.9 | ||||||||||||
APCo | 3,969.3 | 4,532.0 | 3,980.1 | 4,782.6 | ||||||||||||
I&M | 2,717.2 | 2,869.5 | 2,745.1 | 3,014.7 | ||||||||||||
OPCo | 2,089.7 | 2,367.9 | 1,719.3 | 2,064.3 | ||||||||||||
PSO | 1,286.7 | 1,400.3 | 1,286.5 | 1,457.1 | ||||||||||||
SWEPCo | 2,503.7 | 2,587.3 | 2,441.9 | 2,645.9 |
March 31, 2024 | ||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||||
Other Temporary Investments and Restricted Cash | Cost | Gains | Losses | Value | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Restricted Cash (a) | $ | 51.1 | $ | — | $ | — | $ | 51.1 | ||||||||||||||||||
Other Cash Deposits | 15.4 | — | — | 15.4 | ||||||||||||||||||||||
Fixed Income Securities – Mutual Funds (b) | 164.7 | — | (6.8) | 157.9 | ||||||||||||||||||||||
Equity Securities – Mutual Funds | 14.7 | 29.0 | — | 43.7 | ||||||||||||||||||||||
Total Other Temporary Investments and Restricted Cash | $ | 245.9 | $ | 29.0 | $ | (6.8) | $ | 268.1 |
December 31, 2023 | ||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||||
Other Temporary Investments and Restricted Cash | Cost | Gains | Losses | Value | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Restricted Cash (a) | $ | 48.9 | $ | — | $ | — | $ | 48.9 | ||||||||||||||||||
Other Cash Deposits | 13.9 | — | — | 13.9 | ||||||||||||||||||||||
Fixed Income Securities – Mutual Funds (b) | 165.9 | — | (6.2) | 159.7 | ||||||||||||||||||||||
Equity Securities – Mutual Funds | 14.8 | 25.9 | — | 40.7 | ||||||||||||||||||||||
Total Other Temporary Investments and Restricted Cash | $ | 243.5 | $ | 25.9 | $ | (6.2) | $ | 263.2 |
March 31, 2018 | ||||||||||||||||
Other Temporary Investments | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(in millions) | ||||||||||||||||
Restricted Cash and Other Cash Deposits (a) | $ | 162.0 | $ | — | $ | — | $ | 162.0 | ||||||||
Fixed Income Securities – Mutual Funds (b) | 104.8 | — | (2.2 | ) | 102.6 | |||||||||||
Equity Securities – Mutual Funds | 17.2 | 19.2 | — | 36.4 | ||||||||||||
Total Other Temporary Investments | $ | 284.0 | $ | 19.2 | $ | (2.2 | ) | $ | 301.0 |
December 31, 2017 | ||||||||||||||||
Other Temporary Investments | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(in millions) | ||||||||||||||||
Restricted Cash and Other Cash Deposits (a) | $ | 220.1 | $ | — | $ | — | $ | 220.1 | ||||||||
Fixed Income Securities – Mutual Funds (b) | 104.3 | — | (1.4 | ) | 102.9 | |||||||||||
Equity Securities – Mutual Funds | 17.0 | 19.7 | — | 36.7 | ||||||||||||
Total Other Temporary Investments | $ | 341.4 | $ | 19.7 | $ | (1.4 | ) | $ | 359.7 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Proceeds from Investment Sales | $ | 3.0 | $ | — | |||||||||||||||||||
Purchases of Investments | 1.5 | 1.0 | |||||||||||||||||||||
Gross Realized Gains on Investment Sales | 0.3 | — | |||||||||||||||||||||
Gross Realized Losses on Investment Sales | 0.2 | — |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Proceeds from Investment Sales | $ | — | $ | — | |||
Purchases of Investments | 0.6 | 0.5 | |||||
Gross Realized Gains on Investment Sales | — | — | |||||
Gross Realized Losses on Investment Sales | — | — |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Other-Than- | Gross | Gross | Other-Than- | ||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Unrealized | Temporary | Fair | Unrealized | Unrealized | Temporary | ||||||||||||||||||||||||||||||||||||||||
Value | Gains | Losses | Impairments | Value | Gains | Losses | Impairments | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 25.2 | $ | — | $ | — | $ | — | $ | 16.8 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
United States Government | 1,267.0 | 16.5 | (4.2) | (25.7) | 1,273.0 | 28.6 | (3.9) | (33.2) | |||||||||||||||||||||||||||||||||||||||
Corporate Debt | 123.3 | 2.5 | (6.0) | (5.1) | 132.1 | 4.8 | (5.2) | (8.6) | |||||||||||||||||||||||||||||||||||||||
State and Local Government | 1.7 | — | — | — | 1.7 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Subtotal Fixed Income Securities | 1,392.0 | 19.0 | (10.2) | (30.8) | 1,406.8 | 33.4 | (9.1) | (41.8) | |||||||||||||||||||||||||||||||||||||||
Equity Securities - Domestic | 2,695.4 | 2,119.1 | (1.1) | — | 2,436.6 | 1,869.5 | (0.9) | — | |||||||||||||||||||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | $ | 4,112.6 | $ | 2,138.1 | $ | (11.3) | $ | (30.8) | $ | 3,860.2 | $ | 1,902.9 | $ | (10.0) | $ | (41.8) |
March 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
Fair Value | Gross Unrealized Gains | Other-Than-Temporary Impairments | Fair Value | Gross Unrealized Gains | Other-Than-Temporary Impairments | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | 16.4 | $ | — | $ | — | $ | 17.2 | $ | — | $ | — | |||||||||||
Fixed Income Securities: | |||||||||||||||||||||||
United States Government | 974.6 | 19.0 | (8.4 | ) | 981.2 | 29.7 | (3.6 | ) | |||||||||||||||
Corporate Debt | 57.8 | 2.0 | (1.7 | ) | 58.7 | 3.8 | (1.2 | ) | |||||||||||||||
State and Local Government | 8.6 | 0.6 | (0.2 | ) | 8.8 | 0.8 | (0.2 | ) | |||||||||||||||
Subtotal Fixed Income Securities | 1,041.0 | 21.6 | (10.3 | ) | 1,048.7 | 34.3 | (5.0 | ) | |||||||||||||||
Equity Securities – Domestic (a) | 1,453.2 | 850.3 | — | 1,461.7 | 868.2 | (75.5 | ) | ||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | $ | 2,510.6 | $ | 871.9 | $ | (10.3 | ) | $ | 2,527.6 | $ | 902.5 | $ | (80.5 | ) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Proceeds from Investment Sales | $ | 569.5 | $ | 517.6 | ||||||||||||||||||||||
Purchases of Investments | 588.5 | 536.3 | ||||||||||||||||||||||||
Gross Realized Gains on Investment Sales | 5.4 | 48.5 | ||||||||||||||||||||||||
Gross Realized Losses on Investment Sales | 1.2 | 8.6 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Proceeds from Investment Sales | $ | 508.6 | $ | 487.9 | |||
Purchases of Investments | 525.3 | 505.5 | |||||
Gross Realized Gains on Investment Sales | 12.0 | 11.3 | |||||
Gross Realized Losses on Investment Sales | 10.9 | 8.1 |
Fair Value of Fixed | |||||
Income Securities | |||||
(in millions) | |||||
Within 1 year | $ | 338.8 | |||
After 1 year through 5 years | 598.0 | ||||
After 5 years through 10 years | 186.6 | ||||
After 10 years | 268.6 | ||||
Total | $ | 1,392.0 |
Fair Value of Fixed Income Securities | |||
(in millions) | |||
Within 1 year | $ | 355.7 | |
After 1 year through 5 years | 315.3 | ||
After 5 years through 10 years | 205.8 | ||
After 10 years | 164.2 | ||
Total | $ | 1,041.0 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Other Temporary Investments and Restricted Cash | ||||||||||||||||||||||||||||||||
Restricted Cash | $ | 51.1 | $ | — | $ | — | $ | — | $ | 51.1 | ||||||||||||||||||||||
Other Cash Deposits (a) | — | — | — | 15.4 | 15.4 | |||||||||||||||||||||||||||
Fixed Income Securities – Mutual Funds | 157.9 | — | — | — | 157.9 | |||||||||||||||||||||||||||
Equity Securities – Mutual Funds (b) | 43.7 | — | — | — | 43.7 | |||||||||||||||||||||||||||
Total Other Temporary Investments and Restricted Cash | 252.7 | — | — | 15.4 | 268.1 | |||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | 3.6 | 679.7 | 257.5 | (593.9) | 346.9 | |||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 94.5 | 18.7 | (1.3) | 111.9 | |||||||||||||||||||||||||||
Interest Rate Hedges | — | 8.3 | — | — | 8.3 | |||||||||||||||||||||||||||
Total Risk Management Assets | 3.6 | 782.5 | 276.2 | (595.2) | 467.1 | |||||||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 13.3 | — | — | 11.9 | 25.2 | |||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
United States Government | — | 1,267.0 | — | — | 1,267.0 | |||||||||||||||||||||||||||
Corporate Debt | — | 123.3 | — | — | 123.3 | |||||||||||||||||||||||||||
State and Local Government | — | 1.7 | — | — | 1.7 | |||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,392.0 | — | — | 1,392.0 | |||||||||||||||||||||||||||
Equity Securities – Domestic (b) | 2,695.4 | — | — | — | 2,695.4 | |||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 2,708.7 | 1,392.0 | — | 11.9 | 4,112.6 | |||||||||||||||||||||||||||
Total Assets | $ | 2,965.0 | $ | 2,174.5 | $ | 276.2 | $ | (567.9) | $ | 4,847.8 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | $ | 21.0 | $ | 688.4 | $ | 157.1 | $ | (520.3) | $ | 346.2 | ||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 2.5 | — | (1.3) | 1.2 | |||||||||||||||||||||||||||
Interest Rate Hedges | — | 1.7 | — | — | 1.7 | |||||||||||||||||||||||||||
Fair Value Hedges | — | 114.8 | — | — | 114.8 | |||||||||||||||||||||||||||
Total Risk Management Liabilities | $ | 21.0 | $ | 807.4 | $ | 157.1 | $ | (521.6) | $ | 463.9 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Other Temporary Investments | ||||||||||||||||||||
Restricted Cash and Other Cash Deposits (a) | $ | 144.8 | $ | — | $ | — | $ | 17.2 | $ | 162.0 | ||||||||||
Fixed Income Securities – Mutual Funds | 102.6 | — | — | — | 102.6 | |||||||||||||||
Equity Securities – Mutual Funds (b) | 36.4 | — | — | — | 36.4 | |||||||||||||||
Total Other Temporary Investments | 283.8 | — | — | 17.2 | 301.0 | |||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | 3.0 | 265.0 | 243.3 | (177.7 | ) | 333.6 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Commodity Hedges (c) | — | 11.6 | 3.1 | 10.8 | 25.5 | |||||||||||||||
Fair Value Hedges | — | 1.7 | — | — | 1.7 | |||||||||||||||
Total Risk Management Assets | 3.0 | 278.3 | 246.4 | (166.9 | ) | 360.8 | ||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||
Cash and Cash Equivalents (e) | 9.1 | — | — | 7.3 | 16.4 | |||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||
United States Government | — | 974.6 | — | — | 974.6 | |||||||||||||||
Corporate Debt | — | 57.8 | — | — | 57.8 | |||||||||||||||
State and Local Government | — | 8.6 | — | — | 8.6 | |||||||||||||||
Subtotal Fixed Income Securities | — | 1,041.0 | — | — | 1,041.0 | |||||||||||||||
Equity Securities – Domestic (b) | 1,453.2 | — | — | — | 1,453.2 | |||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,462.3 | 1,041.0 | — | 7.3 | 2,510.6 | |||||||||||||||
Total Assets | $ | 1,749.1 | $ | 1,319.3 | $ | 246.4 | $ | (142.4 | ) | $ | 3,172.4 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | $ | 3.6 | $ | 284.7 | $ | 164.8 | $ | (194.5 | ) | $ | 258.6 | |||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Commodity Hedges (c) | — | 28.5 | 19.6 | 10.8 | 58.9 | |||||||||||||||
Fair Value Hedges | — | 22.3 | — | — | 22.3 | |||||||||||||||
Total Risk Management Liabilities | $ | 3.6 | $ | 335.5 | $ | 184.4 | $ | (183.7 | ) | $ | 339.8 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Other Temporary Investments and Restricted Cash | ||||||||||||||||||||||||||||||||
Restricted Cash | $ | 48.9 | $ | — | $ | — | $ | — | $ | 48.9 | ||||||||||||||||||||||
Other Cash Deposits (a) | — | — | — | 13.9 | 13.9 | |||||||||||||||||||||||||||
Fixed Income Securities – Mutual Funds | 159.7 | — | — | — | 159.7 | |||||||||||||||||||||||||||
Equity Securities – Mutual Funds (b) | 40.7 | — | — | — | 40.7 | |||||||||||||||||||||||||||
Total Other Temporary Investments and Restricted Cash | 249.3 | — | — | 13.9 | 263.2 | |||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | 9.7 | 736.9 | 274.3 | (617.0) | 403.9 | |||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 123.5 | 19.8 | (8.5) | 134.8 | |||||||||||||||||||||||||||
Total Risk Management Assets | 9.7 | 860.4 | 294.1 | (625.5) | 538.7 | |||||||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 7.8 | — | — | 9.0 | 16.8 | |||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
United States Government | — | 1,273.0 | — | — | 1,273.0 | |||||||||||||||||||||||||||
Corporate Debt | — | 132.1 | — | — | 132.1 | |||||||||||||||||||||||||||
State and Local Government | — | 1.7 | — | — | 1.7 | |||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,406.8 | — | — | 1,406.8 | |||||||||||||||||||||||||||
Equity Securities – Domestic (b) | 2,436.6 | — | — | — | 2,436.6 | |||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 2,444.4 | 1,406.8 | — | 9.0 | 3,860.2 | |||||||||||||||||||||||||||
Total Assets | $ | 2,703.4 | $ | 2,267.2 | $ | 294.1 | $ | (602.6) | $ | 4,662.1 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | $ | 24.7 | $ | 783.8 | $ | 154.1 | $ | (600.3) | $ | 362.3 | ||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 9.6 | 0.6 | (8.5) | 1.7 | |||||||||||||||||||||||||||
Interest Rate Hedges | — | 9.0 | — | — | 9.0 | |||||||||||||||||||||||||||
Fair Value Hedges | — | 98.4 | — | — | 98.4 | |||||||||||||||||||||||||||
Total Risk Management Liabilities | $ | 24.7 | $ | 900.8 | $ | 154.7 | $ | (608.8) | $ | 471.4 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Other Temporary Investments | ||||||||||||||||||||
Restricted Cash and Other Cash Deposits (a) | $ | 183.2 | $ | — | $ | — | $ | 36.9 | $ | 220.1 | ||||||||||
Fixed Income Securities – Mutual Funds | 102.9 | — | — | — | 102.9 | |||||||||||||||
Equity Securities – Mutual Funds (b) | 36.7 | — | — | — | 36.7 | |||||||||||||||
Total Other Temporary Investments | 322.8 | — | — | 36.9 | 359.7 | |||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | 3.9 | 391.2 | 274.1 | (285.4 | ) | 383.8 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Commodity Hedges (c) | — | 17.3 | 4.7 | — | 22.0 | |||||||||||||||
Fair Value Hedges | — | 2.5 | — | — | 2.5 | |||||||||||||||
Total Risk Management Assets | 3.9 | 411.0 | 278.8 | (285.4 | ) | 408.3 | ||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||
Cash and Cash Equivalents (e) | 7.5 | — | — | 9.7 | 17.2 | |||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||
United States Government | — | 981.2 | — | — | 981.2 | |||||||||||||||
Corporate Debt | — | 58.7 | — | — | 58.7 | |||||||||||||||
State and Local Government | — | 8.8 | — | — | 8.8 | |||||||||||||||
Subtotal Fixed Income Securities | — | 1,048.7 | — | — | 1,048.7 | |||||||||||||||
Equity Securities – Domestic (b) | 1,461.7 | — | — | — | 1,461.7 | |||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,469.2 | 1,048.7 | — | 9.7 | 2,527.6 | |||||||||||||||
Total Assets | $ | 1,795.9 | $ | 1,459.7 | $ | 278.8 | $ | (238.8 | ) | $ | 3,295.6 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | $ | 5.1 | $ | 392.5 | $ | 196.9 | $ | (285.0 | ) | $ | 309.5 | |||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Commodity Hedges (c) | — | 23.9 | 41.6 | — | 65.5 | |||||||||||||||
Fair Value Hedges | — | 8.6 | — | — | 8.6 | |||||||||||||||
Total Risk Management Liabilities | $ | 5.1 | $ | 425.0 | $ | 238.5 | $ | (285.0 | ) | $ | 383.6 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 107.1 | $ | — | $ | — | $ | — | $ | 107.1 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) | — | 0.4 | — | (0.1 | ) | 0.3 | ||||||||||||||
Total Assets | $ | 107.1 | $ | 0.4 | $ | — | $ | (0.1 | ) | $ | 107.4 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 155.2 | $ | — | $ | — | $ | — | $ | 155.2 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) | — | 0.5 | — | — | 0.5 | |||||||||||||||
Total Assets | $ | 155.2 | $ | 0.5 | $ | — | $ | — | $ | 155.7 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 10.1 | $ | — | $ | — | $ | — | $ | 10.1 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | 0.6 | 27.0 | 10.4 | (27.4 | ) | 10.6 | ||||||||||||||
Total Assets | $ | 10.7 | $ | 27.0 | $ | 10.4 | $ | (27.4 | ) | $ | 20.7 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | 0.6 | $ | 26.6 | $ | 1.3 | $ | (27.5 | ) | $ | 1.0 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 16.3 | $ | — | $ | — | $ | — | $ | 16.3 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 52.5 | 25.1 | (51.6 | ) | 26.0 | ||||||||||||||
Total Assets | $ | 16.3 | $ | 52.5 | $ | 25.1 | $ | (51.6 | ) | $ | 42.3 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 51.2 | $ | 0.4 | $ | (50.1 | ) | $ | 1.5 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | 0.3 | $ | 19.4 | $ | 5.1 | $ | (19.5 | ) | $ | 5.3 | |||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||
Cash and Cash Equivalents (e) | 9.1 | — | — | 7.3 | 16.4 | |||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||
United States Government | — | 974.6 | — | — | 974.6 | |||||||||||||||
Corporate Debt | — | 57.8 | — | — | 57.8 | |||||||||||||||
State and Local Government | — | 8.6 | — | — | 8.6 | |||||||||||||||
Subtotal Fixed Income Securities | — | 1,041.0 | — | — | 1,041.0 | |||||||||||||||
Equity Securities - Domestic (b) | 1,453.2 | — | — | — | 1,453.2 | |||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,462.3 | 1,041.0 | — | 7.3 | 2,510.6 | |||||||||||||||
Total Assets | $ | 1,462.6 | $ | 1,060.4 | $ | 5.1 | $ | (12.2 | ) | $ | 2,515.9 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | 0.3 | $ | 21.0 | $ | 2.2 | $ | (19.5 | ) | $ | 4.0 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 39.4 | $ | 9.1 | $ | (40.2 | ) | $ | 8.3 | |||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||
Cash and Cash Equivalents (e) | 7.5 | — | — | 9.7 | 17.2 | |||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||
United States Government | — | 981.2 | — | — | 981.2 | |||||||||||||||
Corporate Debt | — | 58.7 | — | — | 58.7 | |||||||||||||||
State and Local Government | — | 8.8 | — | — | 8.8 | |||||||||||||||
Subtotal Fixed Income Securities | — | 1,048.7 | — | — | 1,048.7 | |||||||||||||||
Equity Securities - Domestic (b) | 1,461.7 | — | — | — | 1,461.7 | |||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,469.2 | 1,048.7 | — | 9.7 | 2,527.6 | |||||||||||||||
Total Assets | $ | 1,469.2 | $ | 1,088.1 | $ | 9.1 | $ | (30.5 | ) | $ | 2,535.9 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 47.6 | $ | 1.5 | $ | (45.5 | ) | $ | 3.6 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 15.9 | $ | — | $ | — | $ | — | $ | 15.9 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 0.5 | — | (0.1 | ) | 0.4 | ||||||||||||||
Total Assets | $ | 15.9 | $ | 0.5 | $ | — | $ | (0.1 | ) | $ | 16.3 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 98.5 | $ | — | $ | 98.5 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.6 | $ | — | $ | — | $ | 0.6 | ||||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 132.4 | $ | — | $ | 132.4 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.1 | $ | 2.9 | $ | (0.1 | ) | $ | 2.9 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 0.1 | $ | (0.1 | ) | $ | — |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.2 | $ | 6.4 | $ | (0.2 | ) | $ | 6.4 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 0.2 | $ | (0.2 | ) | $ | — |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.2 | $ | 2.6 | $ | (1.1 | ) | $ | 1.7 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 1.7 | $ | (1.1 | ) | $ | 0.6 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.3 | $ | 6.7 | $ | (0.6 | ) | $ | 6.4 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 0.8 | $ | (0.6 | ) | $ | 0.2 |
Three Months Ended March 31, 2018 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance as of December 31, 2017 | $ | 40.3 | $ | 24.7 | $ | 7.6 | $ | (132.4 | ) | $ | 6.2 | $ | 5.9 | |||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | 97.3 | 68.1 | 3.0 | 0.3 | 11.4 | 0.6 | ||||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | 2.0 | — | — | — | — | — | ||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | 17.9 | — | — | — | — | — | ||||||||||||||||||
Settlements | (129.8 | ) | (85.4 | ) | (7.4 | ) | 1.1 | (16.1 | ) | (3.9 | ) | |||||||||||||
Transfers into Level 3 (c) (d) | 2.1 | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 (d) | (2.0 | ) | — | (0.3 | ) | — | — | — | ||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (e) | 34.2 | 1.7 | — | 32.5 | 1.3 | (1.7 | ) | |||||||||||||||||
Balance as of March 31, 2018 | $ | 62.0 | $ | 9.1 | $ | 2.9 | $ | (98.5 | ) | $ | 2.8 | $ | 0.9 |
Three Months Ended March 31, 2017 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 2.5 | $ | 1.4 | $ | 2.8 | $ | (119.0 | ) | $ | 0.7 | $ | 0.7 | |||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | 17.8 | 5.7 | 2.0 | (0.5 | ) | 2.2 | 4.5 | |||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | 16.1 | — | — | — | — | — | ||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | (17.2 | ) | — | — | — | — | — | |||||||||||||||||
Settlements | (28.8 | ) | (12.2 | ) | (4.3 | ) | 2.1 | (2.6 | ) | (4.9 | ) | |||||||||||||
Transfers into Level 3 (c) (d) | 5.2 | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 (d) | (8.3 | ) | — | — | — | — | — | |||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (e) | (5.8 | ) | (0.7 | ) | 1.5 | (7.2 | ) | 0.1 | 0.2 | |||||||||||||||
Balance as of March 31, 2017 | $ | (18.5 | ) | $ | (5.8 | ) | $ | 2.0 | $ | (124.6 | ) | $ | 0.4 | $ | 0.5 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 226.0 | $ | 178.3 | Discounted Cash Flow | Forward Market Price (a) | $ | 8.54 | $ | 202.55 | $ | 34.74 | |||||||||||
Counterparty Credit Risk (b) | 9 | 501 | 179 | ||||||||||||||||||||
Natural Gas Contracts | — | 0.6 | Discounted Cash Flow | Forward Market Price (c) | 2.33 | 2.96 | 2.59 | ||||||||||||||||
FTRs | 20.4 | 5.5 | Discounted Cash Flow | Forward Market Price (a) | (9.68 | ) | 8.81 | 0.28 | |||||||||||||||
Total | $ | 246.4 | $ | 184.4 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 225.1 | $ | 233.7 | Discounted Cash Flow | Forward Market Price (a) | $ | (0.05 | ) | $ | 263.00 | $ | 36.32 | ||||||||||
Counterparty Credit Risk (b) | 8 | 456 | 180 | ||||||||||||||||||||
Natural Gas Contracts | — | 0.2 | Discounted Cash Flow | Forward Market Price (c) | 2.37 | 2.96 | 2.62 | ||||||||||||||||
FTRs | 53.7 | 4.6 | Discounted Cash Flow | Forward Market Price (a) | (55.62 | ) | 54.88 | 0.41 | |||||||||||||||
Total | $ | 278.8 | $ | 238.5 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 2.5 | $ | 0.3 | Discounted Cash Flow | Forward Market Price | $ | 20.56 | $ | 46.25 | $ | 33.30 | |||||||||||
FTRs | 7.9 | 1.0 | Discounted Cash Flow | Forward Market Price | (0.30 | ) | 6.36 | 1.14 | |||||||||||||||
Total | $ | 10.4 | $ | 1.3 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 0.8 | $ | 0.4 | Discounted Cash Flow | Forward Market Price | $ | 20.52 | $ | 195.00 | $ | 33.80 | |||||||||||
FTRs | 24.3 | — | Discounted Cash Flow | Forward Market Price | (0.36 | ) | 7.15 | 1.62 | |||||||||||||||
Total | $ | 25.1 | $ | 0.4 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 1.5 | $ | 1.3 | Discounted Cash Flow | Forward Market Price | $ | 20.56 | $ | 46.25 | $ | 33.30 | |||||||||||
FTRs | 3.6 | 0.9 | Discounted Cash Flow | Forward Market Price | (0.35 | ) | 5.74 | 0.77 | |||||||||||||||
Total | $ | 5.1 | $ | 2.2 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 0.5 | $ | 0.3 | Discounted Cash Flow | Forward Market Price | $ | 20.52 | $ | 195.00 | $ | 33.80 | |||||||||||
FTRs | 8.6 | 1.2 | Discounted Cash Flow | Forward Market Price | (0.36 | ) | 5.75 | 0.86 | |||||||||||||||
Total | $ | 9.1 | $ | 1.5 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | — | $ | 98.5 | Discounted Cash Flow | Forward Market Price (a) | $ | 27.42 | $ | 62.16 | $ | 43.76 | |||||||||||
Counterparty Credit Risk (b) | 9 | 202 | 144 | ||||||||||||||||||||
Total | $ | — | $ | 98.5 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | — | $ | 132.4 | Discounted Cash Flow | Forward Market Price (a) | $ | 30.52 | $ | 170.43 | $ | 44.62 | |||||||||||
Counterparty Credit Risk (b) | 8 | 190 | 136 | ||||||||||||||||||||
Total | $ | — | $ | 132.4 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
FTRs | $ | 2.9 | $ | 0.1 | Discounted Cash Flow | Forward Market Price | $ | (9.68 | ) | $ | 1.39 | $ | (0.76 | ) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
FTRs | $ | 6.4 | $ | 0.2 | Discounted Cash Flow | Forward Market Price | $ | (6.62 | ) | $ | 1.41 | $ | (0.76 | ) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Contracts | $ | — | $ | 0.6 | Discounted Cash Flow | Forward Market Price (c) | $ | 2.33 | $ | 2.96 | $ | 2.59 | |||||||||||
FTRs | 2.6 | 1.1 | Discounted Cash Flow | Forward Market Price (a) | (9.68 | ) | 1.39 | (0.76 | ) | ||||||||||||||
Total | $ | 2.6 | $ | 1.7 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Contracts | $ | — | $ | 0.2 | Discounted Cash Flow | Forward Market Price (c) | $ | 2.37 | $ | 2.96 | $ | 2.62 | |||||||||||
FTRs | 6.7 | 0.6 | Discounted Cash Flow | Forward Market Price (a) | (6.62 | ) | 1.41 | (0.76 | ) | ||||||||||||||
Total | $ | 6.7 | $ | 0.8 |
AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Decrease in Total Revenues | $ | (119.5 | ) | $ | (7.6 | ) | $ | (19.0 | ) | $ | (35.4 | ) | $ | (17.8 | ) | $ | (21.3 | ) | $ | (3.8 | ) | $ | (11.0 | ) | ||||||||
Increase in Current Liabilities | 33.9 | — | 16.2 | 7.8 | 3.0 | 6.2 | — | — | ||||||||||||||||||||||||
Increase in Deferred Credits and Other Noncurrent Liabilities | 85.6 | 7.6 | 2.8 | 27.6 | 14.8 | 15.1 | 3.8 | 11.0 |
AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Decrease in Total Revenues | $ | (17.2 | ) | $ | (2.1 | ) | $ | (0.1 | ) | $ | (4.6 | ) | $ | (1.7 | ) | $ | (1.4 | ) | $ | (2.2 | ) | $ | (3.5 | ) | ||||||||
Increase in Deferred Credits and Other Noncurrent Liabilities | 17.2 | 2.1 | 0.1 | 4.6 | 1.7 | 1.4 | 2.2 | 3.5 |
Three Months Ended March 31, | ||||||
Company | 2018 | 2017 | ||||
AEP | 18.3 | % | 36.7 | % | ||
AEP Texas | 16.3 | % | 34.7 | % | ||
AEPTCo | 20.8 | % | 33.3 | % | ||
APCo | 18.2 | % | 36.5 | % | ||
I&M | 16.2 | % | 29.9 | % | ||
OPCo | 20.5 | % | 34.9 | % | ||
PSO | 16.3 | % | 37.7 | % | ||
SWEPCo | 18.4 | % | 37.3 | % |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 42.7 | $ | — | $ | — | $ | — | $ | 42.7 | ||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | — | 0.2 | — | 2.3 | 2.5 | |||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Interest Rate Hedges | — | 2.3 | — | (2.3) | — | |||||||||||||||||||||||||||
Total Risk Management Assets | — | 2.5 | — | — | 2.5 | |||||||||||||||||||||||||||
Total Assets | $ | 42.7 | $ | 2.5 | $ | — | $ | — | $ | 45.2 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | — | $ | — | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Interest Rate Hedges | — | 0.1 | — | (0.1) | — | |||||||||||||||||||||||||||
Total Liabilities | $ | — | $ | 0.1 | $ | — | $ | — | $ | 0.1 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 34.0 | $ | — | $ | — | $ | — | $ | 34.0 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 0.2 | $ | — | $ | (0.2) | $ | — | ||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Interest Rate Hedges | — | 2.7 | — | — | 2.7 | |||||||||||||||||||||||||||
Total Risk Management Liabilities | $ | — | $ | 2.9 | $ | — | $ | (0.2) | $ | 2.7 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 8.4 | $ | — | $ | — | $ | — | $ | 8.4 | ||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | — | 2.1 | 8.6 | (2.0) | 8.7 | |||||||||||||||||||||||||||
Total Assets | $ | 8.4 | $ | 2.1 | $ | 8.6 | $ | (2.0) | $ | 17.1 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 19.3 | $ | 4.6 | $ | (3.4) | $ | 20.5 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 14.9 | $ | — | $ | — | $ | — | $ | 14.9 | ||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | — | 1.1 | 23.5 | (2.2) | 22.4 | |||||||||||||||||||||||||||
Total Assets | $ | 14.9 | $ | 1.1 | $ | 23.5 | $ | (2.2) | $ | 37.3 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 24.0 | $ | 1.1 | $ | (2.6) | $ | 22.5 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 13.1 | $ | 1.8 | $ | (3.7) | $ | 11.2 | ||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 13.3 | — | — | 11.9 | 25.2 | |||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
United States Government | — | 1,267.0 | — | — | 1,267.0 | |||||||||||||||||||||||||||
Corporate Debt | — | 123.3 | — | — | 123.3 | |||||||||||||||||||||||||||
State and Local Government | — | 1.7 | — | — | 1.7 | |||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,392.0 | — | — | 1,392.0 | |||||||||||||||||||||||||||
Equity Securities - Domestic (b) | 2,695.4 | — | — | — | 2,695.4 | |||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 2,708.7 | 1,392.0 | — | 11.9 | 4,112.6 | |||||||||||||||||||||||||||
Total Assets | $ | 2,708.7 | $ | 1,405.1 | $ | 1.8 | $ | 8.2 | $ | 4,123.8 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 7.6 | $ | 0.8 | $ | (7.7) | $ | 0.7 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 37.4 | $ | 4.5 | $ | (2.3) | $ | 39.6 | ||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 7.8 | — | — | 9.0 | 16.8 | |||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
United States Government | — | 1,273.0 | — | — | 1,273.0 | |||||||||||||||||||||||||||
Corporate Debt | — | 132.1 | — | — | 132.1 | |||||||||||||||||||||||||||
State and Local Government | — | 1.7 | — | — | 1.7 | |||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,406.8 | — | — | 1,406.8 | |||||||||||||||||||||||||||
Equity Securities - Domestic (b) | 2,436.6 | — | — | — | 2,436.6 | |||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 2,444.4 | 1,406.8 | — | 9.0 | 3,860.2 | |||||||||||||||||||||||||||
Total Assets | $ | 2,444.4 | $ | 1,444.2 | $ | 4.5 | $ | 6.7 | $ | 3,899.8 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 3.7 | $ | 1.7 | $ | (3.4) | $ | 2.0 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 0.1 | $ | — | $ | — | $ | 0.1 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | — | $ | 41.0 | $ | — | $ | 41.0 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Liabilities: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 0.2 | $ | 50.6 | $ | (0.1) | $ | 50.7 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 0.1 | $ | 8.4 | $ | (0.6) | $ | 7.9 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 31.2 | $ | 0.7 | $ | (0.6) | $ | 31.3 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | — | $ | 19.7 | $ | (0.7) | $ | 19.0 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 29.6 | $ | 1.1 | $ | (0.8) | $ | 29.9 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 0.1 | $ | 5.5 | $ | (0.3) | $ | 5.3 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 11.1 | $ | 0.2 | $ | (0.2) | $ | 11.1 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 0.5 | $ | 12.0 | $ | (0.9) | $ | 11.6 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 15.7 | $ | 0.9 | $ | (1.0) | $ | 15.6 |
Three Months Ended March 31, 2024 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | 139.4 | $ | 22.4 | $ | 2.8 | $ | (50.6) | $ | 18.6 | $ | 11.1 | ||||||||||||||||||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | 46.9 | 9.2 | 3.2 | (0.4) | 18.5 | 14.7 | ||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | 11.3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) | 0.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Settlements | (96.6) | (26.8) | (4.8) | 2.6 | (31.3) | (23.6) | ||||||||||||||||||||||||||||||||
Transfers into Level 3 (d) (e) | 4.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 (e) | 2.1 | — | — | — | — | 0.5 | ||||||||||||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | 10.8 | (0.8) | (0.2) | 7.4 | 1.9 | 2.6 | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2024 | $ | 119.1 | $ | 4.0 | $ | 1.0 | $ | (41.0) | $ | 7.7 | $ | 5.3 | ||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | 160.4 | $ | 69.1 | $ | 4.6 | $ | (40.0) | $ | 23.7 | $ | 14.2 | ||||||||||||||||||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | (7.1) | (31.9) | 1.2 | (1.3) | 16.6 | 12.9 | ||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | 14.8 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) | (13.9) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Settlements | (96.6) | (27.3) | (4.2) | 1.0 | (34.3) | (23.0) | ||||||||||||||||||||||||||||||||
Transfers into Level 3 (d) (e) | (6.1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 (e) | 1.0 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | (7.4) | (4.2) | (0.5) | (6.6) | 3.3 | 1.7 | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | 45.1 | $ | 5.7 | $ | 1.1 | $ | (46.9) | $ | 9.3 | $ | 5.8 |
Significant | Input/Range | |||||||||||||||||||||||||||||||||||||||||||||||||
Type of | Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||||||||||||||||||||||||||||
Company | Input | Assets | Liabilities | Technique | Input | Low | High | Average (a) | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | Energy Contracts | $ | 246.5 | $ | 146.1 | Discounted Cash Flow | Forward Market Price (b) | $ | 10.31 | $ | 169.47 | $ | 49.39 | |||||||||||||||||||||||||||||||||||||
AEP | FTRs | 29.7 | 11.0 | Discounted Cash Flow | Forward Market Price (b) | (79.90) | 23.79 | (0.35) | ||||||||||||||||||||||||||||||||||||||||||
APCo | FTRs | 8.6 | 4.6 | Discounted Cash Flow | Forward Market Price (b) | (0.38) | 5.05 | 0.61 | ||||||||||||||||||||||||||||||||||||||||||
I&M | FTRs | 1.8 | 0.8 | Discounted Cash Flow | Forward Market Price (b) | 0.03 | 6.82 | 0.84 | ||||||||||||||||||||||||||||||||||||||||||
OPCo | Energy Contracts | — | 41.0 | Discounted Cash Flow | Forward Market Price (b) | 19.72 | 75.88 | 47.20 | ||||||||||||||||||||||||||||||||||||||||||
PSO | FTRs | 8.4 | 0.7 | Discounted Cash Flow | Forward Market Price (b) | (79.90) | 3.13 | (3.48) | ||||||||||||||||||||||||||||||||||||||||||
SWEPCo | FTRs | 5.5 | 0.2 | Discounted Cash Flow | Forward Market Price (b) | (79.90) | 3.13 | (3.48) |
Significant | Input/Range | |||||||||||||||||||||||||||||||||||||||||||||||||
Type of | Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||||||||||||||||||||||||||||
Company | Input | Assets | Liabilities | Technique | Input | Low | High | Average (a) | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | Energy Contracts | $ | 225.5 | $ | 144.9 | Discounted Cash Flow | Forward Market Price (b) | $ | 5.21 | $ | 153.77 | $ | 45.05 | |||||||||||||||||||||||||||||||||||||
AEP | Natural Gas Contracts | — | 0.5 | Discounted Cash Flow | Forward Market Price (c) | 3.11 | 3.11 | 3.11 | ||||||||||||||||||||||||||||||||||||||||||
AEP | FTRs | 68.6 | 9.3 | Discounted Cash Flow | Forward Market Price (b) | (25.45) | 17.07 | — | ||||||||||||||||||||||||||||||||||||||||||
APCo | FTRs | 23.5 | 1.1 | Discounted Cash Flow | Forward Market Price (b) | (1.04) | 6.45 | 1.36 | ||||||||||||||||||||||||||||||||||||||||||
I&M | FTRs | 4.5 | 1.7 | Discounted Cash Flow | Forward Market Price (b) | (1.48) | 8.40 | (0.85) | ||||||||||||||||||||||||||||||||||||||||||
OPCo | Energy Contracts | — | 50.6 | Discounted Cash Flow | Forward Market Price (b) | 22.92 | 67.53 | 42.85 | ||||||||||||||||||||||||||||||||||||||||||
PSO | FTRs | 19.7 | 1.1 | Discounted Cash Flow | Forward Market Price (b) | (25.45) | 4.80 | (4.33) | ||||||||||||||||||||||||||||||||||||||||||
SWEPCo | Natural Gas Contracts | — | 0.5 | Discounted Cash Flow | Forward Market Price (c) | 3.11 | 3.11 | 3.11 | ||||||||||||||||||||||||||||||||||||||||||
SWEPCo | FTRs | 12.0 | 0.4 | Discounted Cash Flow | Forward Market Price (b) | (25.45) | 4.80 | (4.33) |
Significant Unobservable Input | Position | Change in Input | Impact on Fair Value Measurement | |||||||||||||||||
Forward Market Price | Buy | Increase (Decrease) | Higher (Lower) | |||||||||||||||||
Forward Market Price | Sell | Increase (Decrease) | Lower (Higher) | |||||||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||
U.S. Federal Statutory Rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||
State Income Tax, net of Federal Benefit | 2.1 | % | 0.2 | % | 2.6 | % | 2.4 | % | 3.9 | % | 1.0 | % | 3.7 | % | 1.7 | % | ||||||||||||||||||||||||||||||||||
Tax Reform Excess ADIT Reversal | (2.3) | % | (1.3) | % | 0.2 | % | (13.4) | % | (0.5) | % | (6.0) | % | (2.0) | % | 4.6 | % | ||||||||||||||||||||||||||||||||||
Remeasurement of Excess ADIT | (29.7) | % | — | % | — | % | — | % | (58.2) | % | — | % | (263.3) | % | (224.7) | % | ||||||||||||||||||||||||||||||||||
Production and Investment Tax Credits | (6.8) | % | (0.2) | % | — | % | (0.1) | % | (1.1) | % | — | % | (49.6) | % | (23.8) | % | ||||||||||||||||||||||||||||||||||
Flow Through | — | % | 0.1 | % | 0.3 | % | (0.3) | % | (2.8) | % | 0.6 | % | 0.2 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||
AFUDC Equity | (1.2) | % | (1.5) | % | (1.8) | % | (0.4) | % | (0.7) | % | (1.0) | % | (1.3) | % | (1.3) | % | ||||||||||||||||||||||||||||||||||
Discrete Tax Adjustments | 0.2 | % | — | % | — | % | — | % | — | % | — | % | 0.9 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||
Other | 0.2 | % | 0.5 | % | — | % | 0.1 | % | — | % | 0.2 | % | 1.2 | % | (0.8) | % | ||||||||||||||||||||||||||||||||||
Effective Income Tax Rate | (16.5) | % | 18.8 | % | 22.3 | % | 9.3 | % | (38.4) | % | 15.8 | % | (289.2) | % | (221.4) | % |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||
U.S. Federal Statutory Rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||
State Income Tax, net of Federal Benefit | 1.9 | % | 0.3 | % | 2.6 | % | 2.4 | % | 3.6 | % | 1.0 | % | 3.2 | % | (0.4) | % | ||||||||||||||||||||||||||||||||||
Tax Reform Excess ADIT Reversal | (6.2) | % | (1.5) | % | 0.3 | % | (4.6) | % | (7.9) | % | (6.8) | % | (18.7) | % | (3.8) | % | ||||||||||||||||||||||||||||||||||
Production and Investment Tax Credits | (9.7) | % | (0.2) | % | — | % | — | % | (1.1) | % | — | % | (55.7) | % | (26.4) | % | ||||||||||||||||||||||||||||||||||
Flow Through | 0.1 | % | 0.2 | % | 0.3 | % | 0.6 | % | (1.8) | % | 0.5 | % | 0.3 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||
AFUDC Equity | (1.4) | % | (1.5) | % | (1.6) | % | (0.7) | % | (0.5) | % | (0.8) | % | (1.4) | % | (0.8) | % | ||||||||||||||||||||||||||||||||||
Discrete Tax Adjustments | (3.2) | % | — | % | — | % | 3.2 | % | 1.8 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||
Other | 0.1 | % | 0.1 | % | 0.1 | % | — | % | — | % | — | % | (2.0) | % | (0.8) | % | ||||||||||||||||||||||||||||||||||
Effective Income Tax Rate | 2.6 | % | 18.4 | % | 22.7 | % | 21.9 | % | 15.1 | % | 14.9 | % | (53.3) | % | (10.7) | % |
Type of Debt | March 31, 2024 | December 31, 2023 | ||||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Notes | $ | 34,606.1 | $ | 33,779.4 | ||||||||||
Pollution Control Bonds | 1,771.0 | 1,771.6 | ||||||||||||
Notes Payable | 163.5 | 193.3 | ||||||||||||
Securitization Bonds | 343.8 | 368.9 | ||||||||||||
Spent Nuclear Fuel Obligation (a) | 304.4 | 300.4 | ||||||||||||
Junior Subordinated Notes | 1,588.2 | 2,388.1 | ||||||||||||
Other Long-term Debt | 1,058.9 | 1,341.5 | ||||||||||||
Total Long-term Debt Outstanding | 39,835.9 | 40,143.2 | ||||||||||||
Long-term Debt Due Within One Year | 1,198.6 | 2,490.5 | ||||||||||||
Long-term Debt | $ | 38,637.3 | $ | 37,652.7 |
Type of Debt | March 31, 2018 | December 31, 2017 | ||||||
(in millions) | ||||||||
Senior Unsecured Notes | $ | 17,004.6 | $ | 16,478.3 | ||||
Pollution Control Bonds | 1,540.4 | 1,621.7 | ||||||
Notes Payable | 230.2 | 260.8 | ||||||
Securitization Bonds | 1,285.9 | 1,416.5 | ||||||
Spent Nuclear Fuel Obligation (a) | 269.5 | 268.6 | ||||||
Other Long-term Debt | 1,130.4 | 1,127.4 | ||||||
Total Long-term Debt Outstanding | 21,461.0 | 21,173.3 | ||||||
Long-term Debt Due Within One Year | 2,616.1 | 1,753.7 | ||||||
Long-term Debt | $ | 18,844.9 | $ | 19,419.6 |
Principal | Interest | |||||||||||||||||||||||||
Company | Type of Debt | Amount (a) | Rate | Due Date | ||||||||||||||||||||||
Issuances: | (in millions) | (%) | ||||||||||||||||||||||||
AEPTCo | Senior Unsecured Notes | $ | 450.0 | 5.15 | 2034 | |||||||||||||||||||||
APCo | Senior Unsecured Notes | 400.0 | 5.65 | 2034 | ||||||||||||||||||||||
Non-Registrant: | ||||||||||||||||||||||||||
Transource Energy | Other Long-term Debt | 18.0 | Variable | 2025 | ||||||||||||||||||||||
Total Issuances | $ | 868.0 |
Company | Type of Debt | Principal Amount (a) | Interest Rate | Due Date | ||||||
Issuances: | (in millions) | (%) | ||||||||
OPCo | Senior Unsecured Notes | $ | 400.0 | 4.15 | 2048 | |||||
SWEPCo | Senior Unsecured Notes | 450.0 | 3.85 | 2048 | ||||||
Non-Registrant: | ||||||||||
Transource Energy | Other Long-term Debt | 3.4 | Variable | 2020 | ||||||
Total Issuances | $ | 853.4 |
Principal | Interest | |||||||||||||||||||||||||
Company | Type of Debt | Amount Paid | Rate | Due Date | ||||||||||||||||||||||
Retirements and Principal Payments: | (in millions) | (%) | ||||||||||||||||||||||||
AEP | Junior Subordinated Notes | $ | 805.0 | 2.03 | 2024 | |||||||||||||||||||||
AEP Texas | Securitization Bonds | 11.9 | 2.06 | 2025 | ||||||||||||||||||||||
APCo | Other Long-term Debt | 300.0 | Variable | 2024 | ||||||||||||||||||||||
APCo | Securitization Bonds | 13.4 | 3.77 | 2028 | ||||||||||||||||||||||
I&M | Notes Payable | 1.2 | Variable | 2024 | ||||||||||||||||||||||
I&M | Notes Payable | 0.9 | Variable | 2025 | ||||||||||||||||||||||
I&M | Notes Payable | 4.0 | 0.93 | 2025 | ||||||||||||||||||||||
I&M | Notes Payable | 5.0 | 3.44 | 2026 | ||||||||||||||||||||||
I&M | Notes Payable | 6.8 | 5.93 | 2027 | ||||||||||||||||||||||
I&M | Notes Payable | 6.8 | 6.01 | 2028 | ||||||||||||||||||||||
I&M | Other Long-term Debt | 0.7 | 6.00 | 2025 | ||||||||||||||||||||||
PSO | Other Long-term Debt | 0.1 | 3.00 | 2027 | ||||||||||||||||||||||
Non-Registrant: | ||||||||||||||||||||||||||
AEGCo | Notes Payable | 5.0 | 2.43 | 2028 | ||||||||||||||||||||||
Transource Energy | Senior Unsecured Notes | 1.4 | 2.75 | 2050 | ||||||||||||||||||||||
Total Retirements and Principal Payments | $ | 1,162.2 |
Company | Type of Debt | Principal Amount Paid | Interest Rate | Due Date | ||||||
Retirements and Principal Payments: | (in millions) | (%) | ||||||||
AEP Texas | Securitization Bonds | $ | 70.0 | 5.17 | 2018 | |||||
AEP Texas | Securitization Bonds | 26.5 | 5.306 | 2020 | ||||||
APCo | Securitization Bonds | 11.7 | 2.008 | 2023 | ||||||
I&M | Notes Payable | 0.8 | Variable | 2019 | ||||||
I&M | Notes Payable | 7.9 | Variable | 2019 | ||||||
I&M | Notes Payable | 4.8 | Variable | 2020 | ||||||
I&M | Notes Payable | 8.5 | Variable | 2021 | ||||||
I&M | Notes Payable | 7.0 | Variable | 2022 | ||||||
I&M | Other Long-term Debt | 0.4 | 6.00 | 2025 | ||||||
OPCo | Securitization Bonds | 22.9 | 2.049 | 2019 | ||||||
PSO | Other Long-term Debt | 0.1 | 3.00 | 2027 | ||||||
SWEPCo | Pollution Control Bonds | 81.7 | 4.95 | 2018 | ||||||
SWEPCo | Senior Unsecured Notes | 300.0 | 5.875 | 2018 | ||||||
SWEPCo | Other Long-term Debt | 0.1 | 3.50 | 2023 | ||||||
SWEPCo | Notes Payable | 1.6 | 4.58 | 2032 | ||||||
Total Retirements and Principal Payments | $ | 544.0 |
Maximum | Average | Net Loans to | |||||||||||||||||||||||||||||||||||||||
Borrowings | Maximum | Borrowings | Average | (Borrowings from) | Authorized | ||||||||||||||||||||||||||||||||||||
from the | Loans to the | from the | Loans to the | the Utility Money | Short-term | ||||||||||||||||||||||||||||||||||||
Utility | Utility | Utility | Utility | Pool as of | Borrowing | ||||||||||||||||||||||||||||||||||||
Company | Money Pool | Money Pool | Money Pool | Money Pool | March 31, 2024 | Limit | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
AEP Texas | $ | 267.9 | $ | — | $ | 191.2 | $ | — | $ | (267.9) | $ | 600.0 | |||||||||||||||||||||||||||||
AEPTCo | 313.3 | 298.0 | 178.5 | 75.3 | 272.9 | 820.0 | (a) | ||||||||||||||||||||||||||||||||||
APCo | 399.5 | 51.1 | 205.5 | 20.3 | 37.4 | 750.0 | |||||||||||||||||||||||||||||||||||
I&M | 125.5 | — | 60.2 | — | (73.2) | 500.0 | |||||||||||||||||||||||||||||||||||
OPCo | 295.2 | — | 143.4 | — | (295.2) | 500.0 | |||||||||||||||||||||||||||||||||||
PSO | 264.6 | — | 128.8 | — | (264.6) | 750.0 | |||||||||||||||||||||||||||||||||||
SWEPCo | 254.5 | — | 161.1 | — | (254.5) | 750.0 |
Company | Maximum Borrowings from the Utility Money Pool | Maximum Loans to the Utility Money Pool | Average Borrowings from the Utility Money Pool | Average Loans to the Utility Money Pool | Net Loans to (Borrowings from) the Utility Money Pool as of March 31, 2018 | Authorized Short-term Borrowing Limit | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
AEP Texas | $ | 307.2 | $ | 103.6 | $ | 219.2 | $ | 50.4 | $ | (232.7 | ) | $ | 500.0 | ||||||||||||
AEPTCo | 337.3 | 123.9 | 188.2 | 26.3 | (272.8 | ) | 795.0 | (a) | |||||||||||||||||
APCo | 285.6 | 23.7 | 223.6 | 23.5 | (222.4 | ) | 600.0 | ||||||||||||||||||
I&M | 314.1 | 12.5 | 240.6 | 12.5 | (301.6 | ) | 500.0 | ||||||||||||||||||
OPCo | 229.1 | 216.4 | 104.9 | 179.5 | 200.4 | 400.0 | |||||||||||||||||||
PSO | 179.1 | — | 143.3 | — | (179.1 | ) | 300.0 | ||||||||||||||||||
SWEPCo | 169.1 | 296.5 | 143.7 | 273.2 | (148.6 | ) | 350.0 |
Maximum Loans | Average Loans | Loans to the Nonutility | ||||||||||||||||||
to the Nonutility | to the Nonutility | Money Pool as of | ||||||||||||||||||
Company | Money Pool | Money Pool | March 31, 2024 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
AEP Texas | $ | 7.1 | $ | 7.0 | $ | 7.0 | ||||||||||||||
SWEPCo | 2.3 | 2.2 | 2.3 |
Maximum | Maximum | Average | Average | Loans to the | ||||||||||||||||
Borrowings from | Loans to the | Borrowings from | Loans to the | Nonutility | ||||||||||||||||
the Nonutility | Nonutility | the Nonutility | Nonutility | Money Pool as of | ||||||||||||||||
Company | Money Pool | Money Pool | Money Pool | Money Pool | March 31, 2018 | |||||||||||||||
(in millions) | ||||||||||||||||||||
AEP Texas | $ | — | $ | 8.4 | $ | — | $ | 8.2 | $ | 8.1 | ||||||||||
SWEPCo | — | 2.0 | — | 2.0 | 2.0 |
Authorized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum | Maximum | Maximum | Average | Average | Borrowings from | Loans to | Short-term | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | Loans | Borrowings | Loans | AEP as of | AEP as of | Borrowing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from AEP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from AEP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from AEP | from AEP | to AEP | from AEP | to AEP | March 31, 2018 | March 31, 2018 | Limit | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1.1 | $ | 104.7 | $ | 1.1 | $ | 51.1 | $ | 1.1 | $ | 23.9 | $ | 75.0 | (a) | 44.4 | $ | $ | 148.5 | $ | $ | 4.4 | $ | $ | 72.9 | $ | $ | 3.7 | $ | $ | — | $ | $ | 50.0 | (a) | (a) |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Maximum Interest Rate | 5.79 | % | 5.42 | % | ||||||||||
Minimum Interest Rate | 5.66 | % | 4.66 | % |
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
Maximum Interest Rate | 2.42 | % | 1.27 | % | ||
Minimum Interest Rate | 1.83 | % | 0.92 | % |
Average Interest Rate for Funds | Average Interest Rate for Funds | |||||||||||||||||||||||||
Borrowed from the Utility Money Pool | Loaned to the Utility Money Pool | |||||||||||||||||||||||||
for Three Months Ended March 31, | for Three Months Ended March 31, | |||||||||||||||||||||||||
Company | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
AEP Texas | 5.71 | % | 5.18 | % | — | % | — | % | ||||||||||||||||||
AEPTCo | 5.72 | % | 5.09 | % | 5.70 | % | 5.29 | % | ||||||||||||||||||
APCo | 5.74 | % | 5.14 | % | 5.72 | % | 5.12 | % | ||||||||||||||||||
I&M | 5.73 | % | 5.12 | % | — | % | 5.16 | % | ||||||||||||||||||
OPCo | 5.71 | % | 5.17 | % | — | % | — | % | ||||||||||||||||||
PSO | 5.71 | % | 4.84 | % | — | % | 5.11 | % | ||||||||||||||||||
SWEPCo | 5.71 | % | 5.12 | % | — | % | — | % |
Average Interest Rate | Average Interest Rate | |||||||||||
for Funds Borrowed | for Funds Loaned | |||||||||||
from the Utility Money Pool for | to the Utility Money Pool for | |||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||
Company | 2018 | 2017 | 2018 | 2017 | ||||||||
AEP Texas | 2.07 | % | 1.02 | % | 1.90 | % | — | % | ||||
AEPTCo | 2.06 | % | 1.08 | % | 1.92 | % | 0.99 | % | ||||
APCo | 2.00 | % | 1.04 | % | 2.00 | % | 1.03 | % | ||||
I&M | 2.02 | % | 1.04 | % | 2.00 | % | 1.03 | % | ||||
OPCo | 2.00 | % | 1.10 | % | 2.40 | % | 0.98 | % | ||||
PSO | 2.01 | % | 1.06 | % | — | % | — | % | ||||
SWEPCo | 2.10 | % | 1.06 | % | 1.88 | % | 0.98 | % |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||
Maximum | Minimum | Average | Maximum | Minimum | Average | |||||||||||||||||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | |||||||||||||||||||||||||||||||||
for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | |||||||||||||||||||||||||||||||||
Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | |||||||||||||||||||||||||||||||||
the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | |||||||||||||||||||||||||||||||||
Company | Money Pool | Money Pool | Money Pool | Money Pool | Money Pool | Money Pool | ||||||||||||||||||||||||||||||||
AEP Texas | 5.79 | % | 5.66 | % | 5.72 | % | 5.42 | % | 4.66 | % | 5.12 | % | ||||||||||||||||||||||||||
SWEPCo | 5.79 | % | 5.66 | % | 5.72 | % | 5.42 | % | 4.66 | % | 5.13 | % |
Maximum | Minimum | Maximum | Minimum | Average | Average | |||||||||||||
Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | |||||||||||||
for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | |||||||||||||
Borrowed from | Borrowed from | Loaned to | Loaned to | Borrowed from | Loaned to | |||||||||||||
the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | |||||||||||||
Company | Money Pool | Money Pool | Money Pool | Money Pool | Money Pool | Money Pool | ||||||||||||
AEP Texas | — | % | — | % | 2.42 | % | 1.83 | % | — | % | 2.00 | % | ||||||
SWEPCo | — | % | — | % | 2.42 | % | 1.83 | % | — | % | 2.00 | % |
Maximum | Minimum | Maximum | Minimum | Average | Average | |||||||||||||
Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | |||||||||||||
for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | |||||||||||||
Borrowed from | Borrowed from | Loaned to | Loaned to | Borrowed from | Loaned to | |||||||||||||
the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | |||||||||||||
Company | Money Pool | Money Pool | Money Pool | Money Pool | Money Pool | Money Pool | ||||||||||||
AEP Texas | — | % | — | % | 1.27 | % | 0.92 | % | — | % | 1.03 | % | ||||||
SWEPCo | — | % | — | % | 1.27 | % | . | 0.92 | % | — | % | 1.03 | % |
Maximum | Minimum | Maximum | Minimum | Average | Average | Maximum | Minimum | Maximum | Minimum | Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | Three Months | for Funds | for Funds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ended | Borrowed | Borrowed | Loaned | Loaned | Borrowed | Loaned | Ended | Borrowed | Borrowed | Loaned | Loaned | Borrowed | Loaned | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | from AEP | from AEP | to AEP | to AEP | from AEP | to AEP | March 31, | from AEP | from AEP | to AEP | to AEP | from AEP | to AEP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2.42 | % | 1.83 | % | 2.42 | % | 1.83 | % | 2.00 | % | 2.02 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 1.27 | % | 0.92 | % | 1.27 | % | 0.92 | % | 1.03 | % | 1.04 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 5.79 | % | 5.66 | % | 5.79 | % | 5.66 | % | 5.74 | % | 5.71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 5.38 | % | 4.53 | % | 5.38 | % | 4.53 | % | 5.03 | % | 5.15 | % |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||
Outstanding | Interest | Outstanding | Interest | |||||||||||||||||||||||||||||
Company | Type of Debt | Amount | Rate (a) | Amount | Rate (a) | |||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||
AEP | Securitized Debt for Receivables (b) | $ | 900.0 | 5.54 | % | $ | 888.0 | 5.65 | % | |||||||||||||||||||||||
AEP | Commercial Paper | 2,832.2 | 5.61 | % | 1,937.9 | 5.69 | % | |||||||||||||||||||||||||
SWEPCo | Notes Payable | 5.4 | 7.68 | % | 4.3 | 7.71 | % | |||||||||||||||||||||||||
Total Short-term Debt | $ | 3,737.6 | $ | 2,830.2 |
March 31, 2018 | December 31, 2017 | |||||||||||||||
Company | Type of Debt | Outstanding Amount | Interest Rate (a) | Outstanding Amount | Interest Rate (a) | |||||||||||
(in millions) | (in millions) | |||||||||||||||
AEP | Securitized Debt for Receivables (b) | $ | 750.0 | 1.74 | % | $ | 718.0 | 1.22 | % | |||||||
AEP | Commercial Paper | 1,886.2 | 2.41 | % | 898.6 | 1.85 | % | |||||||||
SWEPCo | Notes Payable | 22.6 | 3.20 | % | 22.0 | 2.92 | % | |||||||||
Total Short-term Debt | $ | 2,658.8 | $ | 1,638.6 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||
Effective Interest Rates on Securitization of Accounts Receivable | 5.61 | % | 4.86 | % | ||||||||||||||||||||||
Net Uncollectible Accounts Receivable Written-Off | $ | 8.1 | $ | 6.9 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(dollars in millions) | |||||||
Effective Interest Rates on Securitization of Accounts Receivable | 1.74 | % | 1.00 | % | |||
Net Uncollectible Accounts Receivable Written Off | $ | 4.2 | $ | 5.9 |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions) | ||||||||||||||
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts | $ | 1,164.2 | $ | 1,207.4 | ||||||||||
Short-term – Securitized Debt of Receivables | 900.0 | 888.0 | ||||||||||||
Delinquent Securitized Accounts Receivable | 58.2 | 52.2 | ||||||||||||
Bad Debt Reserves Related to Securitization | 42.6 | 42.0 | ||||||||||||
Unbilled Receivables Related to Securitization | 336.9 | 409.8 |
March 31, 2018 | December 31, 2017 | |||||||
(in millions) | ||||||||
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts | $ | 944.5 | $ | 925.5 | ||||
Short-term – Securitized Debt of Receivables | 750.0 | 718.0 | ||||||
Delinquent Securitized Accounts Receivable | 55.1 | 41.1 | ||||||
Bad Debt Reserves Related to Securitization | 30.8 | 28.7 | ||||||
Unbilled Receivables Related to Securitization | 249.9 | 303.2 |
Company | March 31, 2024 | December 31, 2023 | ||||||||||||
(in millions) | ||||||||||||||
APCo | $ | 196.5 | $ | 184.6 | ||||||||||
I&M | 167.0 | 156.4 | ||||||||||||
OPCo | 536.0 | 541.7 | ||||||||||||
PSO | 96.3 | 134.6 | ||||||||||||
SWEPCo | 144.2 | 168.3 |
Company | March 31, 2018 | December 31, 2017 | ||||||
(in millions) | ||||||||
APCo | $ | 139.2 | $ | 136.2 | ||||
I&M | 147.8 | 136.5 | ||||||
OPCo | 386.2 | 367.4 | ||||||
PSO | 109.2 | 115.1 | ||||||
SWEPCo | 130.6 | 138.2 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
Company | 2018 | 2017 | Company | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||
APCo | $ | 1.7 | $ | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
I&M | 2.1 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
OPCo | 5.6 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PSO | 1.8 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SWEPCo | 1.9 | 1.6 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Company | 2024 | 2023 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
APCo | $ | 536.0 | $ | 506.2 | ||||||||||||||||||||||
I&M | 529.7 | 525.4 | ||||||||||||||||||||||||
OPCo | 845.7 | 884.4 | ||||||||||||||||||||||||
PSO | 361.6 | 416.3 | ||||||||||||||||||||||||
SWEPCo | 425.4 | 437.6 |
Three Months Ended March 31, | ||||||||
Company | 2018 | 2017 | ||||||
(in millions) | ||||||||
APCo | $ | 400.2 | $ | 369.7 | ||||
I&M | 459.1 | 418.2 | ||||||
OPCo | 680.0 | 632.3 | ||||||
PSO | 332.6 | 286.8 | ||||||
SWEPCo | 397.6 | 341.2 |
March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||||||||||||||||||||||||||
SWEPCo Sabine | I&M DCC Fuel | AEP Texas Transition Funding | AEP Texas Restoration Funding | APCo Appalachian Consumer Rate Relief Funding | AEP Credit | Protected Cell of EIS | Transource Energy | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | 5.1 | $ | 75.3 | $ | 40.1 | $ | 20.4 | $ | 6.3 | $ | 1,165.3 | $ | 211.6 | $ | 31.7 | |||||||||||||||||||||||||||||||
Net Property, Plant and Equipment | — | 129.5 | — | — | — | — | — | 536.9 | |||||||||||||||||||||||||||||||||||||||
Other Noncurrent Assets | 140.1 | 63.5 | 55.3 | (a) | 139.7 | (b) | 130.3 | (c) | 10.2 | — | 9.3 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 145.2 | $ | 268.3 | $ | 95.4 | $ | 160.1 | $ | 136.6 | $ | 1,175.5 | $ | 211.6 | $ | 577.9 | |||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | 22.8 | $ | 75.1 | $ | 76.3 | $ | 36.4 | $ | 29.0 | $ | 1,113.7 | $ | 52.3 | $ | 22.5 | |||||||||||||||||||||||||||||||
Noncurrent Liabilities | 122.1 | 193.2 | 14.7 | 122.4 | 105.7 | 1.0 | 90.8 | 258.8 | |||||||||||||||||||||||||||||||||||||||
Equity | 0.3 | — | 4.4 | 1.3 | 1.9 | 60.8 | 68.5 | 296.6 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 145.2 | $ | 268.3 | $ | 95.4 | $ | 160.1 | $ | 136.6 | $ | 1,175.5 | $ | 211.6 | $ | 577.9 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||||||||||||||||||||||||||
SWEPCo Sabine | I&M DCC Fuel | AEP Texas Transition Funding | AEP Texas Restoration Funding | APCo Appalachian Consumer Rate Relief Funding | AEP Credit | Protected Cell of EIS | Transource Energy | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | 4.2 | $ | 81.9 | $ | 25.5 | $ | 27.5 | $ | 13.3 | $ | 1,208.8 | $ | 205.3 | $ | 36.9 | |||||||||||||||||||||||||||||||
Net Property, Plant and Equipment | — | 153.8 | — | — | — | — | — | 533.4 | |||||||||||||||||||||||||||||||||||||||
Other Noncurrent Assets | 150.7 | 81.7 | 71.4 | (a) | 145.6 | (b) | 138.2 | (c) | 9.6 | — | 5.1 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 154.9 | $ | 317.4 | $ | 96.9 | $ | 173.1 | $ | 151.5 | $ | 1,218.4 | $ | 205.3 | $ | 575.4 | |||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | 19.9 | $ | 81.7 | $ | 75.5 | $ | 36.8 | $ | 29.9 | $ | 1,155.0 | $ | 49.2 | $ | 45.3 | |||||||||||||||||||||||||||||||
Noncurrent Liabilities | 134.8 | 235.7 | 17.0 | 135.1 | 119.7 | 0.9 | 91.7 | 241.5 | |||||||||||||||||||||||||||||||||||||||
Equity | 0.2 | — | 4.4 | 1.2 | 1.9 | 62.5 | 64.4 | 288.6 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 154.9 | $ | 317.4 | $ | 96.9 | $ | 173.1 | $ | 151.5 | $ | 1,218.4 | $ | 205.3 | $ | 575.4 |
American Electric Power Company, Inc. | |||
Variable Interest Entities | |||
March 31, 2018 | |||
Desert Sky and Trent | |||
(in millions) | |||
ASSETS | |||
Current Assets | $ | 41.1 | |
Net Property, Plant and Equipment | 255.4 | ||
Other Noncurrent Assets | 0.7 | ||
Total Assets | $ | 297.2 | |
LIABILITIES AND EQUITY | |||
Current Liabilities | $ | 41.4 | |
Noncurrent Liabilities | 8.3 | ||
Equity | 247.5 | ||
Total Liabilities and Equity | $ | 297.2 |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Reconciling Adjustments | AEP Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 1,212.3 | $ | 703.8 | $ | — | $ | — | $ | — | $ | — | $ | 1,916.1 | ||||||||||||||||||||||||||||||
Commercial Revenues | 645.1 | 397.0 | — | — | — | — | 1,042.1 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues (a) | 647.1 | 136.1 | — | — | — | (0.2) | 783.0 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 55.3 | 13.9 | — | — | — | — | 69.2 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 2,559.8 | 1,250.8 | — | — | — | (0.2) | 3,810.4 | |||||||||||||||||||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues | 235.9 | — | — | 27.4 | — | 0.1 | 263.4 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (b) | 118.9 | 179.8 | 488.7 | — | — | (418.6) | 368.8 | |||||||||||||||||||||||||||||||||||||
Renewable Generation Revenues (a) | — | — | — | 6.3 | — | (1.4) | 4.9 | |||||||||||||||||||||||||||||||||||||
Retail, Trading and Marketing Revenues (c) | — | — | — | 571.4 | 0.5 | (46.2) | 525.7 | |||||||||||||||||||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 354.8 | 179.8 | 488.7 | 605.1 | 0.5 | (466.1) | 1,162.8 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (d) | 59.7 | 51.0 | 8.1 | 1.3 | 60.4 | (68.7) | 111.8 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 2,974.3 | 1,481.6 | 496.8 | 606.4 | 60.9 | (535.0) | 5,085.0 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (e) | (0.7) | 0.7 | 0.5 | — | — | 1.0 | 1.5 | |||||||||||||||||||||||||||||||||||||
Other Revenues (a) (f) | (25.7) | 7.9 | — | (42.9) | (8.1) | 8.0 | (60.8) | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (26.4) | 8.6 | 0.5 | (42.9) | (8.1) | 9.0 | (59.3) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,947.9 | $ | 1,490.2 | $ | 497.3 | $ | 563.5 | $ | 52.8 | $ | (526.0) | $ | 5,025.7 |
Three Months Ended March 31, 2018 | ||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Reconciling Adjustments | AEP Consolidated | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||
Residential Revenues | $ | 1,001.2 | $ | 567.9 | $ | — | $ | — | $ | — | $ | — | $ | 1,569.1 | ||||||||||||||
Commercial Revenues | 515.8 | 300.3 | — | — | — | — | 816.1 | |||||||||||||||||||||
Industrial Revenues | 518.9 | 113.2 | — | — | — | — | 632.1 | |||||||||||||||||||||
Other Retail Revenues | 43.8 | 9.5 | — | — | — | — | 53.3 | |||||||||||||||||||||
Total Retail Revenues | 2,079.7 | 990.9 | — | — | — | — | 3,070.6 | |||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||
Generation Revenues | 214.0 | — | — | 145.1 | — | — | 359.1 | |||||||||||||||||||||
Generation Revenues – Affiliated | 3.0 | — | — | 27.1 | — | (30.1 | ) | — | ||||||||||||||||||||
Transmission Revenues | 57.9 | 94.1 | 56.8 | — | — | — | 208.8 | |||||||||||||||||||||
Transmission Revenues – Affiliated | 17.1 | — | 162.7 | — | — | (179.8 | ) | — | ||||||||||||||||||||
Marketing, Competitive Retail and Renewable Revenues | — | — | — | 309.7 | — | — | 309.7 | |||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 292.0 | 94.1 | 219.5 | 481.9 | — | (209.9 | ) | 877.6 | ||||||||||||||||||||
Other Revenues from Contracts with Customers | 34.7 | 49.0 | 0.3 | 1.7 | 5.0 | — | 90.7 | |||||||||||||||||||||
Other Revenues from Contracts with Customers - Affiliated | 5.2 | 0.7 | 1.7 | 0.5 | 17.0 | (25.1 | ) | — | ||||||||||||||||||||
Total Revenues from Contracts with Customers | 2,411.6 | 1,134.7 | 221.5 | 484.1 | 22.0 | (235.0 | ) | 4,038.9 | ||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues | (9.1 | ) | 6.0 | (16.0 | ) | — | — | — | (19.1 | ) | ||||||||||||||||||
Other Revenues | 5.5 | — | — | 21.0 | 2.0 | — | 28.5 | |||||||||||||||||||||
Other Revenues - Affiliated | — | 21.7 | — | — | — | (21.7 | ) | — | ||||||||||||||||||||
Total Other Revenues | (3.6 | ) | 27.7 | (16.0 | ) | 21.0 | 2.0 | (21.7 | ) | 9.4 | ||||||||||||||||||
Total Revenues | $ | 2,408.0 | $ | 1,162.4 | $ | 205.5 | $ | 505.1 | $ | 24.0 | $ | (256.7 | ) | $ | 4,048.3 |
Three Months Ended March 31, 2018 | ||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCO | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||
Residential Revenues | $ | 131.6 | $ | — | $ | 414.0 | $ | 189.0 | $ | 436.8 | $ | 141.1 | $ | 140.1 | ||||||||||||||
Commercial Revenues | 105.4 | — | 147.1 | 110.8 | 194.7 | 88.0 | 110.1 | |||||||||||||||||||||
Industrial Revenues | 25.8 | — | 146.8 | 130.8 | 87.7 | 65.4 | 75.4 | |||||||||||||||||||||
Other Retail Revenues | 6.2 | — | 19.6 | 2.2 | 3.2 | 18.3 | 2.1 | |||||||||||||||||||||
Total Retail Revenues | 269.0 | — | 727.5 | 432.8 | 722.4 | 312.8 | 327.7 | |||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||
Generation Revenues | — | — | 22.3 | 111.1 | — | 5.9 | 59.9 | |||||||||||||||||||||
Generation Revenues – Affiliated | — | — | 40.5 | 2.9 | — | — | — | |||||||||||||||||||||
Transmission Revenues | 78.0 | 48.3 | 16.9 | 6.8 | 16.0 | 10.6 | 20.2 | |||||||||||||||||||||
Transmission Revenues – Affiliated | — | 160.1 | 7.9 | — | — | — | 5.8 | |||||||||||||||||||||
Total Wholesale Revenues | 78.0 | 208.4 | 87.6 | 120.8 | 16.0 | 16.5 | 85.9 | |||||||||||||||||||||
Other Revenues from Contracts with Customers | 6.7 | 0.1 | 10.2 | 7.7 | 42.3 | 3.1 | 5.8 | |||||||||||||||||||||
Other Revenues from Contracts with Customers - Affiliated | 0.4 | 2.0 | 1.0 | 15.0 | — | 1.1 | 0.3 | |||||||||||||||||||||
Total Revenues from Contracts with Customers | 354.1 | 210.5 | 826.3 | 576.3 | 780.7 | 333.5 | 419.7 | |||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues | (0.3 | ) | (17.0 | ) | (5.9 | ) | (5.0 | ) | 6.3 | 3.3 | (0.3 | ) | ||||||||||||||||
Other Revenues | — | — | — | 5.5 | 0.8 | — | — | |||||||||||||||||||||
Other Revenues - Affiliated | 17.8 | — | — | — | 3.1 | — | — | |||||||||||||||||||||
Total Other Revenues | 17.5 | (17.0 | ) | (5.9 | ) | 0.5 | 10.2 | 3.3 | (0.3 | ) | ||||||||||||||||||
Total Revenues | $ | 371.6 | $ | 193.5 | $ | 820.4 | $ | 576.8 | $ | 790.9 | $ | 336.8 | $ | 419.4 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Reconciling Adjustments | AEP Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 1,170.4 | $ | 656.8 | $ | — | $ | — | $ | — | $ | — | $ | 1,827.2 | ||||||||||||||||||||||||||||||
Commercial Revenues | 633.4 | 375.9 | — | — | — | — | 1,009.3 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues | 670.3 | 212.9 | — | — | — | (0.2) | 883.0 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 56.8 | 12.1 | — | — | — | — | 68.9 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 2,530.9 | 1,257.7 | — | — | — | (0.2) | 3,788.4 | |||||||||||||||||||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues | 182.8 | — | — | 32.4 | — | — | 215.2 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (a) | 114.7 | 164.2 | 450.1 | — | — | (401.8) | 327.2 | |||||||||||||||||||||||||||||||||||||
Renewable Generation Revenues (b) | — | — | — | 21.3 | — | (0.1) | 21.2 | |||||||||||||||||||||||||||||||||||||
Retail, Trading and Marketing Revenues (b) | — | — | — | 413.7 | (0.3) | 0.1 | 413.5 | |||||||||||||||||||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 297.5 | 164.2 | 450.1 | 467.4 | (0.3) | (401.8) | 977.1 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 32.6 | 42.8 | 3.6 | 0.6 | 29.4 | (43.7) | 65.3 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 2,861.0 | 1,464.7 | 453.7 | 468.0 | 29.1 | (445.7) | 4,830.8 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (d) | (3.1) | (11.6) | 1.8 | — | — | 2.9 | (10.0) | |||||||||||||||||||||||||||||||||||||
Other Revenues (b) (e) | (0.1) | 11.1 | — | (141.0) | 1.0 | (0.9) | (129.9) | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (3.2) | (0.5) | 1.8 | (141.0) | 1.0 | 2.0 | (139.9) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,857.8 | $ | 1,464.2 | $ | 455.5 | $ | 327.0 | $ | 30.1 | $ | (443.7) | $ | 4,690.9 |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 147.3 | $ | — | $ | 526.3 | $ | 224.8 | $ | 556.5 | $ | 158.2 | $ | 182.4 | ||||||||||||||||||||||||||||||
Commercial Revenues | 110.9 | — | 188.3 | 144.8 | 286.1 | 103.0 | 140.0 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues (a) | 35.6 | — | 196.4 | 147.9 | 100.5 | 80.3 | 95.0 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 9.7 | — | 28.1 | 1.3 | 4.2 | 21.5 | 2.6 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 303.5 | — | 939.1 | 518.8 | 947.3 | 363.0 | 420.0 | |||||||||||||||||||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues (b) | — | — | 85.1 | 137.3 | — | 2.2 | 47.1 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (c) | 155.9 | 475.4 | 47.1 | 10.1 | 23.8 | 10.8 | 39.6 | |||||||||||||||||||||||||||||||||||||
Total Wholesale Revenues | 155.9 | 475.4 | 132.2 | 147.4 | 23.8 | 13.0 | 86.7 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (d) | 8.8 | 8.1 | 21.7 | 27.6 | 42.2 | 12.0 | 9.6 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 468.2 | 483.5 | 1,093.0 | 693.8 | 1,013.3 | 388.0 | 516.3 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (e) | (1.8) | (0.7) | (0.1) | (0.5) | 2.6 | (0.2) | (0.1) | |||||||||||||||||||||||||||||||||||||
Other Revenues (a) | — | — | 0.1 | (25.9) | 7.9 | — | — | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (1.8) | (0.7) | — | (26.4) | 10.5 | (0.2) | (0.1) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 466.4 | $ | 482.8 | $ | 1,093.0 | $ | 667.4 | $ | 1,023.8 | $ | 387.8 | $ | 516.2 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 130.7 | $ | — | $ | 470.5 | $ | 239.6 | $ | 526.0 | $ | 170.9 | $ | 175.9 | ||||||||||||||||||||||||||||||
Commercial Revenues | 97.3 | — | 171.3 | 138.9 | 278.5 | 109.1 | 143.5 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues | 39.3 | — | 185.8 | 152.6 | 173.6 | 98.3 | 104.2 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 8.3 | — | 26.2 | 1.3 | 3.8 | 24.2 | 2.6 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 275.6 | — | 853.8 | 532.4 | 981.9 | 402.5 | 426.2 | |||||||||||||||||||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues (a) | — | — | 80.2 | 104.0 | — | 0.9 | 39.6 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (b) | 146.3 | 438.7 | 41.4 | 8.1 | 17.9 | 11.3 | 42.9 | |||||||||||||||||||||||||||||||||||||
Total Wholesale Revenues | 146.3 | 438.7 | 121.6 | 112.1 | 17.9 | 12.2 | 82.5 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 9.7 | 3.7 | 13.0 | 21.4 | 33.2 | 2.3 | 7.9 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 431.6 | 442.4 | 988.4 | 665.9 | 1,033.0 | 417.0 | 516.6 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (d) | (2.1) | (0.8) | (0.7) | (2.9) | (9.5) | — | (0.7) | |||||||||||||||||||||||||||||||||||||
Other Revenues (e) | — | — | — | — | 11.1 | — | — | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (2.1) | (0.8) | (0.7) | (2.9) | 1.6 | — | (0.7) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 429.5 | $ | 441.6 | $ | 987.7 | $ | 663.0 | $ | 1,034.6 | $ | 417.0 | $ | 515.9 |
Company (a) | Less Than 1 Year | 2-3 Years | 4-5 Years | After 5 Years | Total | |||||||||||||||
(in millions) | ||||||||||||||||||||
AEP | $ | 748.7 | $ | 256.1 | $ | 164.1 | $ | 348.7 | $ | 1,517.6 | ||||||||||
AEP Texas | 233.4 | — | — | — | 233.4 | |||||||||||||||
AEPTCo | 536.2 | — | — | — | 536.2 | |||||||||||||||
APCo | 92.0 | 31.8 | 22.7 | 11.4 | 157.9 | |||||||||||||||
I&M | 20.6 | 8.7 | 8.7 | 4.3 | 42.3 | |||||||||||||||
OPCo | 42.1 | — | — | — | 42.1 | |||||||||||||||
PSO | 11.9 | — | — | — | 11.9 | |||||||||||||||
SWEPCo | 24.9 | — | — | — | 24.9 |
Company | 2024 | 2025-2026 | 2027-2028 | After 2028 | Total | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
AEP | $ | 62.3 | $ | 166.8 | $ | 84.1 | $ | 24.7 | $ | 337.9 | ||||||||||||||||||||||
APCo | 12.1 | 32.2 | 24.3 | 11.7 | 80.3 | |||||||||||||||||||||||||||
I&M | 3.3 | 8.8 | 8.8 | 4.5 | 25.4 | |||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | $ | — | $ | 129.2 | $ | 77.8 | $ | 55.8 | $ | 72.3 | $ | 10.8 | $ | 16.1 | ||||||||||||||||||||||||||||||
December 31, 2023 | — | 123.2 | 71.7 | 44.0 | 70.1 | 12.4 | 27.4 |
Company | March 31, 2018 | January 1, 2018 | ||||||
(in millions) | ||||||||
AEP Texas | $ | — | $ | — | ||||
AEPTCo | 60.6 | 47.1 | ||||||
APCo | 36.3 | 35.6 | ||||||
I&M | 14.8 | 15.1 | ||||||
OPCo | 27.1 | 26.1 | ||||||
PSO | 6.2 | 6.1 | ||||||
SWEPCo | 11.4 | 11.0 |
Exhibit | Description | Previously Filed as Exhibit to: | ||||||||||||
AEPTCo‡ File No. 333-217143 | ||||||||||||||
4(a) | Company Order and Officer’s Certificate between AEPTCo and The Bank of New York Mellon Trust Company, N.A. as Trustee dated March 13, 2024 establishing terms of the 5.15% Senior Notes, Series Q due 2034. | |||||||||||||
APCo‡ File No. 1-3457 | ||||||||||||||
4(b) | Company Order and Officer’s Certificate between APCo and The Bank of New York Mellon Trust Company, N.A. as Trustee dated March 20, 2024 establishing terms of the 5.65% Senior Notes, Series CC due 2034. | |||||||||||||
Exhibit | Description | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4(c) | March 28, 2024 Amendment and extension to $1,000,000,000 Credit Agreement dated March 31, 2021 among the Company, Initial Lenders and Wells Fargo Bank National Association as Administrative Agent. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10(a) | Executive Severance, Release of All Claims and Noncompetition Agreement between the Company and Julia A. Sloat. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10(b) | Aircraft Time Sharing Agreement between AEPSC and Benjamin G.S. Fowke, III. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10(c) | American Electric Power System | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31(b) | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32(a) | Certification of Chief Executive Officer Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32(b) | Certification of Chief Financial Officer Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
XBRL Instance Document | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | X | X | X | X | X | X | X | X |
Exhibit | Description | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File |