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 | New York Stock Exchange | |||
American Electric Power Company Inc. | 6.125% Corporate Units | AEP PR B | New York Stock Exchange |
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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). | |||||
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 of Registrants as of | ||
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 | 7,536,640 | |
($18 par value) |
(a) | 100% interest is held by AEP Transmission Holding Company, LLC, a wholly-owned subsidiary of American Electric Power Company, Inc. |
NA | Not applicable. |
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES | ||||
INDEX OF QUARTERLY REPORTS ON FORM 10-Q | ||||
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. | Exhibits | |||
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. Each registrant makes no representation as to information relating to the other registrants. |
Term | Meaning | |
AEGCo | 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 VIE of AEP which securitizes accounts receivable and accrued utility revenues for affiliated electric utility companies. | |
AEP System | American Electric Power System, an electric system, owned and operated by AEP subsidiaries. | |
AEP Texas | AEP Texas Inc., an AEP electric utility subsidiary. | |
AEP Transmission Holdco | AEP Transmission Holding Company, LLC, a wholly-owned subsidiary of AEP. | |
AEP Wind Holdings LLC | Acquired in April 2019 as Sempra Renewables LLC, develops, owns and operates, or holds interests in, wind generation facilities in the United States. | |
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 the deregulated Ohio and Texas markets. | |
AEPRO | AEP River Operations, LLC, a commercial barge operation sold in November 2015. | |
AEPSC | 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 the State Transcos. | |
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. | |
AGR | AEP Generation Resources Inc., a competitive AEP subsidiary in the Generation & Marketing segment. | |
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 VIE formed for the purpose of issuing and servicing securitization bonds related to the under-recovered ENEC deferral balance. | |
APSC | Arkansas Public Service Commission. | |
ARAM | Average Rate Assumption Method, an IRS approved method used to calculate the reversal of Excess ADIT for rate-making purposes. | |
ARO | Asset Retirement Obligations. | |
ASC | Accounting Standard Codification. | |
ASU | Accounting Standards Update. | |
CAA | Clean Air Act. | |
CLECO | Central Louisiana Electric Company, a nonaffiliated utility company. | |
Cardinal Operating Company | A jointly-owned organization between AGR and a nonaffiliate. The nonaffiliate operates the three unit Cardinal Plant and wholly-owns Units 2 and 3. | |
CO2 | Carbon dioxide and other greenhouse gases. | |
Conesville Plant | A generation plant consisting of three coal-fired generating units totaling 1,695 MW located in Conesville, Ohio. The plant is jointly-owned by AGR and a nonaffiliate. | |
Cook Plant | Donald C. Cook Nuclear Plant, a two-unit, 2,278 MW nuclear plant owned by I&M. | |
CSAPR | Cross-State Air Pollution Rule. | |
CWA | Clean Water Act. | |
CWIP | Construction Work in Progress. | |
Term | Meaning | |
DCC Fuel | DCC Fuel VIII, DCC Fuel IX, DCC Fuel X, DCC Fuel XI, DCC Fuel XII and DCC Fuel XIII, consolidated VIEs formed for the purpose of acquiring, owning and leasing nuclear fuel to I&M. | |
DHLC | Dolet Hills Lignite Company, LLC, a wholly-owned lignite mining subsidiary of SWEPCo. | |
DIR | Distribution Investment Rider. | |
EIS | Energy Insurance Services, Inc., a nonaffiliated captive insurance company and consolidated VIE of AEP. | |
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. | |
Equity Units | AEP’s Equity Units issued in March 2019. | |
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. | |
ETT | 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 ADIT | Excess accumulated deferred income taxes. | |
FASB | Financial Accounting Standards Board. | |
Federal EPA | United States Environmental Protection Agency. | |
FERC | Federal Energy Regulatory Commission. | |
FGD | Flue Gas Desulfurization or scrubbers. | |
FIP | 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. | |
Global Settlement | In February 2017, the PUCO approved a settlement agreement filed by OPCo in December 2016 which resolved all remaining open issues on remand from the Supreme Court of Ohio in OPCo’s 2009 - 2011 and June 2012 - May 2015 ESP filings. It also resolved all open issues in OPCo’s 2009, 2014 and 2015 SEET filings and 2009, 2012 and 2013 Fuel Adjustment Clause Audits. | |
I&M | Indiana Michigan Power Company, an AEP electric utility subsidiary. | |
IRS | Internal Revenue Service. | |
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 | Kilowatt-hour. | |
LPSC | Louisiana Public Service Commission. | |
MATS | Mercury and Air Toxic Standards. | |
MISO | Midcontinent Independent System Operator. | |
MMBtu | Million British Thermal Units. | |
MPSC | Michigan Public Service Commission. | |
MTM | Mark-to-Market. | |
MW | Megawatt. | |
MWh | Megawatt-hour. | |
NAAQS | National Ambient Air Quality Standards. | |
Nonutility Money Pool | Centralized funding mechanism AEP uses to meet the short-term cash requirements of certain nonutility subsidiaries. | |
NO2 | Nitrogen dioxide. | |
NOx | Nitrogen oxide. | |
Term | Meaning | |
NPDES | National Pollutant Discharge Elimination System. | |
NSR | New Source Review. | |
OATT | Open Access Transmission Tariff. | |
OCC | Corporation Commission of the State of Oklahoma. | |
Ohio Phase-in-Recovery Funding | Ohio Phase-in-Recovery Funding LLC, a wholly-owned subsidiary of OPCo and a consolidated VIE formed for the purpose of issuing and servicing securitization bonds related to phase-in recovery property. | |
Oklaunion Power Station | A single unit coal-fired generation plant totaling 650 MW located in Vernon, Texas. The plant is jointly-owned by AEP Texas, PSO and certain nonaffiliated entities. | |
OPCo | Ohio Power Company, an AEP electric utility subsidiary. | |
OPEB | Other Postretirement Benefits. | |
OSS | Off-system Sales. | |
OTC | Over-the-counter. | |
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. | |
PM | Particulate Matter. | |
PPA | Purchase Power and Sale Agreement. | |
PSO | Public Service Company of Oklahoma, an AEP electric utility subsidiary. | |
PUCO | Public Utilities Commission of Ohio. | |
PUCT | Public Utility Commission of Texas. | |
Racine | A generation plant consisting of two hydroelectric generating units totaling 47.5 MWs located in Racine, Ohio and owned by AGR. | |
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. | |
Risk Management Contracts | Trading and non-trading derivatives, including those derivatives designated as cash flow and fair value hedges. | |
Rockport Plant | A generation plant, consisting of two 1,310 MW coal-fired generating units near Rockport, Indiana. AEGCo and I&M jointly-own Unit 1. In 1989, AEGCo and I&M entered into a sale-and-leaseback transaction with Wilmington Trust Company, an unrelated, unconsolidated trustee for Rockport Plant, Unit 2. | |
ROE | Return on Equity. | |
RPM | Reliability Pricing Model. | |
RSR | Retail Stability Rider. | |
RTO | Regional Transmission Organization, responsible for moving electricity over large interstate areas. | |
Sabine | Sabine Mining Company, a lignite mining company that is a consolidated VIE for AEP and SWEPCo. | |
SCR | Selective Catalytic Reduction, NOx reduction technology at Rockport Plant. | |
SEC | U.S. Securities and Exchange Commission. | |
SEET | Significantly Excessive Earnings Test. | |
Sempra Renewables LLC | Sempra Renewables LLC, acquired in April 2019, consists of 724 MWs of wind generation and battery assets in the United States. | |
SIP | State Implementation Plan. | |
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, which are geographically aligned with | |
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. | |
TCC | Formerly AEP Texas Central Company, now a division of AEP Texas. |
Texas Restructuring Legislation | Legislation enacted in 1999 to restructure the electric utility industry in | |
Transition Funding | AEP Texas Central Transition Funding II LLC and AEP Texas Central Transition Funding III LLC, wholly-owned subsidiaries of TCC and consolidated | |
Transource Energy | Transource Energy, LLC, a consolidated VIE formed for the purpose of investing in utilities which develop, acquire, construct, own and operate transmission facilities in accordance with FERC-approved rates. | |
Turk Plant | John W. Turk, Jr. Plant, a 600 MW coal-fired plant in Arkansas that is 73% owned by SWEPCo. | |
UPA | 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. | |
Wind Catcher Project | Wind Catcher Energy Connection Project, a joint PSO and SWEPCo project that was cancelled in July 2018. The | |
WPCo | Wheeling Power Company, an AEP electric utility subsidiary. | |
WVPSC | Public Service Commission of West Virginia. |
• | Changes in economic conditions, electric market demand and demographic patterns in AEP service territories. |
• | Inflationary or deflationary interest rate trends. |
• | Volatility in the financial markets, particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt. |
• | The availability and cost of funds to finance working capital and capital needs, particularly 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. |
• | 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 SNF. |
• | |
• | The ability to recover fuel and other energy costs through regulated or competitive electric rates. |
• | 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 and to recover those costs. |
• | New legislation, litigation and government regulation, including oversight of nuclear generation, energy commodity trading and new or heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or PM and other substances that could impact the continued operation, cost recovery and/or profitability of generation plants and related assets. |
• | Evolving public perception of the risks associated with fuels used before, during and after the generation of electricity, including nuclear fuel. |
• | 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 compliance. |
• | Resolution of litigation. |
• | The ability to constrain operation and maintenance costs. |
• | 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 |
• | Changes in utility regulation and the allocation of costs within RTOs including ERCOT, PJM and SPP. |
• | 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, OPEB, captive insurance entity and nuclear decommissioning trust and the impact of such volatility on future funding requirements. |
• | Accounting pronouncements periodically issued by accounting standard-setting bodies. |
• | Other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, naturally occurring and human-caused fires, cyber security threats and other catastrophic events. |
• | Texas Storm Cost Securitization - In March 2019, AEP Texas filed a request to securitize total estimated distribution-related system restoration costs with the PUCT in the amount of $230 million, which |
• | Virginia Legislation Affecting Earnings Reviews - In March 2018, Virginia enacted legislation requiring APCo to file its next generation and distribution base rate case by March 31, 2020 using 2017, 2018 and 2019 test years (“triennial review”). Triennial reviews are subject to an earnings test which provides that 70% of any earnings exceeding 70 basis points over the Virginia SCC authorized |
• | Virginia Staff Depreciation Study Request - In November 2018, Virginia staff recommended that APCo implement new Virginia jurisdictional depreciation rates effective January 1, 2018 based on APCo’s depreciation study that was prepared at Virginia staff’s request using December 31, 2017 APCo property balances. Implementation of those depreciation rates would result in a $21 million pretax increase in annual |
• |
• | 2012 Texas Base Rate Case - In 2012, SWEPCo filed a request with the PUCT to increase annual base rates primarily due to the completion of the Turk Plant. In 2013, the PUCT issued an order affirming the prudence of the Turk Plant. In July 2018, the Texas Third Court of Appeals reversed the PUCT’s judgment affirming the prudence of the Turk Plant and remanded the issue back to the PUCT. In August 2018, SWEPCo filed a Motion for Reconsideration at the Court of Appeals, which was denied. In January 2019, SWEPCo and the PUCT filed petitions for review with the Texas Supreme |
Approved Revenue | Approved | New Rates | ||||||||
Company | Jurisdiction | Requirement Increase | ROE | Effective | ||||||
(in millions) | ||||||||||
APCo | West Virginia | $ | 35.8 | 9.75% | March 2019 | |||||
WPCo | West Virginia | 8.4 | 9.75% | March 2019 | ||||||
PSO | Oklahoma | 46.0 | 9.4% | April 2019 |
Commission Staff/ | Commission Staff/ | |||||||||||||||||||||||
Filing | Requested Revenue | Requested | Intervenor Range of | Filing | Requested Revenue | Requested | Intervenor Range of | |||||||||||||||||
Company | Jurisdiction | Date | Requirement Increase | ROE | Recommended ROE | Jurisdiction | Date | Requirement Increase | ROE | Recommended ROE | ||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
SWEPCo | Arkansas | February 2019 | $ | 75.0 | 10.5% | (a) | Arkansas | February 2019 | $ | 75.0 | 10.5% | 9% - 9.5% | ||||||||||||
AEP Texas | Texas | May 2019 | 56.0 | 10.5% | (a) | |||||||||||||||||||
I&M | Indiana | May 2019 | 172.0 | 10.5% | (b) | |||||||||||||||||||
I&M | Michigan | June 2019 | 58.4 | 10.5% | (c) |
(a) | Intervenor direct testimony to be filed by July 25, 2019. Commission Staff direct testimony to be filed by August 1, 2019. |
(b) | Commission Staff/Intervenor direct testimony to be filed in the third quarter of 2019. |
(c) | Commission Staff/Intervenor direct testimony to be filed in October 2019. |
Generating | Amounts Pending | ||||||||
Company | Plant Name and Unit | Capacity | Regulatory Approval | ||||||
(in MWs) | (in millions) | ||||||||
APCo | Kanawha River Plant | 400 | $ | 43.8 | |||||
APCo | Clinch River Plant, Unit 3 | 235 | 31.8 | ||||||
APCo (a) | Clinch River Plant, Units 1 and 2 | 470 | 26.7 | ||||||
APCo | Sporn Plant, Units 1 and 3 | 300 | 15.6 | ||||||
APCo | Glen Lyn Plant | 335 | 13.6 | ||||||
SWEPCo | Welsh Plant, Unit 2 | 528 | 50.6 | ||||||
Total | 2,268 | $ | 182.1 |
(a) | APCo obtained permits following the Virginia SCC’s and WVPSC’s approval to convert Clinch River Plant, Units 1 and 2 to natural gas. In 2015, APCo retired the coal-related assets of Clinch River Plant, Units 1 and 2. Clinch River Plant, Units 1 and 2 began operations as natural gas units in 2016. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||
Vertically Integrated Utilities | $ | 302.4 | $ | 231.2 | $ | 177.7 | $ | 276.8 | $ | 480.1 | $ | 508.0 | ||||||||||
Transmission and Distribution Utilities | 156.5 | 125.4 | 131.4 | 114.0 | 287.9 | 239.4 | ||||||||||||||||
AEP Transmission Holdco | 124.2 | 104.0 | 154.5 | 101.1 | 278.7 | 205.1 | ||||||||||||||||
Generation & Marketing | 40.1 | 18.2 | 9.4 | 38.8 | 49.5 | 57.0 | ||||||||||||||||
Corporate and Other | (50.4 | ) | (24.4 | ) | (11.7 | ) | (2.3 | ) | (62.1 | ) | (26.7 | ) | ||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 572.8 | $ | 454.4 | $ | 461.3 | $ | 528.4 | $ | 1,034.1 | $ | 982.8 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Vertically Integrated Utilities | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Revenues | $ | 2,403.3 | $ | 2,408.0 | $ | 2,123.8 | $ | 2,349.0 | $ | 4,527.1 | $ | 4,757.0 | ||||||||||||
Fuel and Purchased Electricity | 856.4 | 857.8 | 699.6 | 808.0 | 1,556.0 | 1,665.8 | ||||||||||||||||||
Gross Margin | 1,546.9 | 1,550.2 | 1,424.2 | 1,541.0 | 2,971.1 | 3,091.2 | ||||||||||||||||||
Other Operation and Maintenance | 690.1 | 740.0 | 684.1 | 703.8 | 1,374.2 | 1,443.8 | ||||||||||||||||||
Depreciation and Amortization | 356.3 | 313.3 | 359.0 | 312.7 | 715.3 | 626.0 | ||||||||||||||||||
Taxes Other Than Income Taxes | 116.0 | 109.9 | 113.2 | 107.7 | 229.2 | 217.6 | ||||||||||||||||||
Operating Income | 384.5 | 387.0 | 267.9 | 416.8 | 652.4 | 803.8 | ||||||||||||||||||
Other Income | 1.3 | 5.4 | 2.2 | 4.7 | 3.5 | 10.1 | ||||||||||||||||||
Allowance for Equity Funds Used During Construction | 10.7 | 7.4 | 16.0 | 7.3 | 26.7 | 14.7 | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 17.0 | 18.1 | 16.8 | 17.6 | 33.8 | 35.7 | ||||||||||||||||||
Interest Expense | (139.0 | ) | (137.9 | ) | (143.0 | ) | (140.9 | ) | (282.0 | ) | (278.8 | ) | ||||||||||||
Income Before Income Tax Expense (Benefit) and Equity Earnings | 274.5 | 280.0 | 159.9 | 305.5 | 434.4 | 585.5 | ||||||||||||||||||
Income Tax Expense (Benefit) | (28.4 | ) | 47.7 | (18.1 | ) | 28.3 | (46.5 | ) | 76.0 | |||||||||||||||
Equity Earnings of Unconsolidated Subsidiaries | 0.7 | 0.5 | 0.8 | 0.7 | 1.5 | 1.2 | ||||||||||||||||||
Net Income | 303.6 | 232.8 | 178.8 | 277.9 | 482.4 | 510.7 | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.2 | 1.6 | 1.1 | 1.1 | 2.3 | 2.7 | ||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 302.4 | $ | 231.2 | $ | 177.7 | $ | 276.8 | $ | 480.1 | $ | 508.0 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions of KWhs) | (in millions of KWhs) | |||||||||||||||
Retail: | ||||||||||||||||
Residential | 9,216 | 9,572 | 6,315 | 7,545 | 15,531 | 17,117 | ||||||||||
Commercial | 5,633 | 5,787 | 5,710 | 6,189 | 11,343 | 11,976 | ||||||||||
Industrial | 8,545 | 8,578 | 8,865 | 9,072 | 17,410 | 17,650 | ||||||||||
Miscellaneous | 546 | 553 | 547 | 588 | 1,093 | 1,141 | ||||||||||
Total Retail (a) | 23,940 | 24,490 | 21,437 | 23,394 | 45,377 | 47,884 | ||||||||||
Wholesale (b) | 5,804 | 5,738 | 4,826 | 4,986 | 10,630 | 10,724 | ||||||||||
Total KWhs | 29,744 | 30,228 | 26,263 | 28,380 | 56,007 | 58,608 |
(a) | 2018 KWhs have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail KWhs. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
(b) | Includes Off-system Sales, municipalities and cooperatives, unit power and other wholesale customers. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in degree days) | (in degree days) | |||||||||||||||
Eastern Region | ||||||||||||||||
Actual – Heating (a) | 1,571 | 1,637 | 99 | 207 | 1,670 | 1,844 | ||||||||||
Normal – Heating (b) | 1,595 | 1,602 | 142 | 138 | 1,737 | 1,740 | ||||||||||
Actual – Cooling (c) | 1 | 6 | 378 | 480 | 379 | 486 | ||||||||||
Normal – Cooling (b) | 5 | 5 | 333 | 328 | 338 | 333 | ||||||||||
Western Region | ||||||||||||||||
Actual – Heating (a) | 941 | 881 | 26 | 93 | 967 | 974 | ||||||||||
Normal – Heating (b) | 866 | 875 | 35 | 32 | 901 | 907 | ||||||||||
Actual – Cooling (c) | 11 | 36 | 651 | 901 | 662 | 937 | ||||||||||
Normal – Cooling (b) | 28 | 27 | 699 | 692 | 727 | 719 |
(a) | Heating degree days are calculated on a 55 degree temperature base. |
(b) | Normal Heating/Cooling represents the thirty-year average of degree days. |
(c) | Cooling degree days are calculated on a 65 degree temperature base. |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Earnings Attributable to AEP Common Shareholders from Vertically Integrated Utilities | (in millions) | |||||
First Quarter of 2018 | $ | 231.2 | ||||||
Second Quarter of 2018 | $ | 276.8 | ||||||
Changes in Gross Margin: | ||||||||
Retail Margins | (2.5 | ) | (67.2 | ) | ||||
Off-system Sales | (6.6 | ) | (2.8 | ) | ||||
Transmission Revenues | 9.4 | (49.6 | ) | |||||
Other Revenues | (3.6 | ) | 2.8 | |||||
Total Change in Gross Margin | (3.3 | ) | (116.8 | ) | ||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | 49.9 | 19.7 | ||||||
Depreciation and Amortization | (43.0 | ) | (46.3 | ) | ||||
Taxes Other Than Income Taxes | (6.1 | ) | (5.5 | ) | ||||
Other Income | (4.1 | ) | (2.5 | ) | ||||
Allowance for Equity Funds Used During Construction | 3.3 | 8.7 | ||||||
Non-Service Cost Components of Net Periodic Pension Cost | (1.1 | ) | (0.8 | ) | ||||
Interest Expense | (1.1 | ) | (2.1 | ) | ||||
Total Change in Expenses and Other | (2.2 | ) | (28.8 | ) | ||||
Income Tax Expense (Benefit) | 76.1 | 46.4 | ||||||
Equity Earnings | 0.2 | |||||||
Net Income Attributable to Noncontrolling Interests | 0.4 | |||||||
Equity Earnings of Unconsolidated Subsidiaries | 0.1 | |||||||
First Quarter of 2019 | $ | 302.4 | ||||||
Second Quarter of 2019 | $ | 177.7 |
• | Retail Margins decreased |
• | Transmission Revenues |
• | Other Operation and Maintenance expenses decreased |
• | Depreciation and Amortization expenses increased |
• | Taxes Other Than Income Taxes increased $6 million primarily due to an increase in property taxes driven by an increase in utility plant. |
• | Allowance for Equity Funds Used During Construction increased $9 million primarily due to the following: |
• | Income TaxExpense (Benefit) decreased $46 million primarily due to $30 million of increased amortization of Excess ADIT not subject to normalization requirements. This decrease was partially offset in Gross Margin above. |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Earnings Attributable to AEP Common Shareholders from Vertically Integrated Utilities | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 508.0 | ||
Changes in Gross Margin: | ||||
Retail Margins | (69.7 | ) | ||
Off-system Sales | (9.4 | ) | ||
Transmission Revenues | (40.2 | ) | ||
Other Revenues | (0.8 | ) | ||
Total Change in Gross Margin | (120.1 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 69.6 | |||
Depreciation and Amortization | (89.3 | ) | ||
Taxes Other Than Income Taxes | (11.6 | ) | ||
Other Income | (6.6 | ) | ||
Allowance for Equity Funds Used During Construction | 12.0 | |||
Non-Service Cost Components of Net Periodic Pension Cost | (1.9 | ) | ||
Interest Expense | (3.2 | ) | ||
Total Change in Expenses and Other | (31.0 | ) | ||
Income Tax Expense (Benefit) | 122.5 | |||
Equity Earnings of Unconsolidated Subsidiaries | 0.3 | |||
Net Income Attributable to Noncontrolling Interests | 0.4 | |||
Six Months Ended June 30, 2019 | $ | 480.1 |
• | Retail Margins decreased $70 million primarily due to the following: |
• | An $8 million increase at APCo and WPCo primarily due to revenue from rate riders in West Virginia. This increase was offset in other expense items below. |
• | Margins from Off-system Sales decreased $9 million primarily due to mid-year 2018 changes in the OSS sharing mechanism at I&M. |
• | Transmission Revenues decreased $40 million primarily due to the following: |
• | Other Operation and Maintenance expenses decreased $70 million primarily due to the following: |
• | Depreciation and Amortization expenses increased $89 millionprimarily due to a higher depreciable base and increased depreciation rates approved at APCo, I&M, PSO and SWEPCo. |
• | Taxes Other Than Income Taxes increased $12 million primarily due to the following: |
• | Other Income decreased |
• | Allowance for Equity Funds Used During Construction increased $12 million primarily due to the following: |
• | Income Tax Expense (Benefit) decreased |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Transmission and Distribution Utilities | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Revenues | $ | 1,222.0 | $ | 1,162.4 | $ | 1,045.7 | $ | 1,137.0 | $ | 2,267.7 | $ | 2,299.4 | ||||||||||||
Purchased Electricity | 229.7 | 244.6 | 163.7 | 196.7 | 393.4 | 441.3 | ||||||||||||||||||
Amortization of Generation Deferrals | 32.4 | 58.6 | 24.1 | 56.4 | 56.5 | 115.0 | ||||||||||||||||||
Gross Margin | 959.9 | 859.2 | 857.9 | 883.9 | 1,817.8 | 1,743.1 | ||||||||||||||||||
Other Operation and Maintenance | 405.9 | 352.7 | 410.4 | 379.0 | 816.3 | 731.7 | ||||||||||||||||||
Depreciation and Amortization | 183.7 | 172.6 | 193.4 | 184.4 | 377.1 | 357.0 | ||||||||||||||||||
Taxes Other Than Income Taxes | 145.5 | 137.4 | 139.9 | 132.6 | 285.4 | 270.0 | ||||||||||||||||||
Operating Income | 224.8 | 196.5 | 114.2 | 187.9 | 339.0 | 384.4 | ||||||||||||||||||
Interest and Investment Income | 1.3 | 1.4 | ||||||||||||||||||||||
Interest and Investment Income (Loss) | 1.8 | (0.1 | ) | 3.1 | 1.3 | |||||||||||||||||||
Carrying Costs Income | 0.2 | 0.7 | 0.2 | 0.6 | 0.4 | 1.3 | ||||||||||||||||||
Allowance for Equity Funds Used During Construction | 6.9 | 8.0 | 5.6 | 7.2 | 12.5 | 15.2 | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 7.6 | 8.2 | 7.5 | 8.1 | 15.1 | 16.3 | ||||||||||||||||||
Interest Expense | (62.0 | ) | (60.1 | ) | (45.2 | ) | (62.0 | ) | (107.2 | ) | (122.1 | ) | ||||||||||||
Income Before Income Tax Expense | 178.8 | 154.7 | ||||||||||||||||||||||
Income Tax Expense | 22.3 | 29.3 | ||||||||||||||||||||||
Income Before Income Tax Expense (Benefit) | 84.1 | 141.7 | 262.9 | 296.4 | ||||||||||||||||||||
Income Tax Expense (Benefit) | (47.3 | ) | 27.7 | (25.0 | ) | 57.0 | ||||||||||||||||||
Net Income | 156.5 | 125.4 | 131.4 | 114.0 | 287.9 | 239.4 | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | — | — | — | — | — | — | ||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 156.5 | $ | 125.4 | $ | 131.4 | $ | 114.0 | $ | 287.9 | $ | 239.4 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions of KWhs) | (in millions of KWhs) | |||||||||||||||
Retail: | ||||||||||||||||
Residential | 6,547 | 6,797 | 5,799 | 6,409 | 12,346 | 13,206 | ||||||||||
Commercial | 5,618 | 5,686 | 6,232 | 6,417 | 11,850 | 12,103 | ||||||||||
Industrial | 5,771 | 5,674 | 5,864 | 6,194 | 11,635 | 11,868 | ||||||||||
Miscellaneous | 176 | 171 | 196 | 194 | 372 | 365 | ||||||||||
Total Retail (a)(b) | 18,112 | 18,328 | 18,091 | 19,214 | 36,203 | 37,542 | ||||||||||
Wholesale (c) | 638 | 667 | 440 | 534 | 1,078 | 1,201 | ||||||||||
Total KWhs | 18,750 | 18,995 | 18,531 | 19,748 | 37,281 | 38,743 |
(a) | 2018 KWhs have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail KWhs. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
(b) | Represents energy delivered to distribution customers. |
(c) | Primarily Ohio’s contractually obligated purchases of OVEC power sold to PJM. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in degree days) | (in degree days) | |||||||||||||||
Eastern Region | ||||||||||||||||
Actual – Heating (a) | 1,892 | 1,884 | 114 | 274 | 2,006 | 2,158 | ||||||||||
Normal – Heating (b) | 1,877 | 1,884 | 189 | 186 | 2,066 | 2,070 | ||||||||||
Actual – Cooling (c) | 1 | 4 | 303 | 454 | 304 | 458 | ||||||||||
Normal – Cooling (b) | 3 | 3 | 298 | 291 | 301 | 294 | ||||||||||
Western Region | ||||||||||||||||
Actual – Heating (a) | 177 | 230 | 3 | 4 | 180 | 234 | ||||||||||
Normal – Heating (b) | 187 | 191 | 3 | 3 | 190 | 194 | ||||||||||
Actual – Cooling (d) | 122 | 196 | 970 | 992 | 1,092 | 1,188 | ||||||||||
Normal – Cooling (b) | 123 | 119 | 934 | 927 | 1,057 | 1,046 |
(a) | Heating degree days are calculated on a 55 degree temperature base. |
(b) | Normal Heating/Cooling represents the thirty-year average of degree days. |
(c) | Eastern Region cooling degree days are calculated on a 65 degree temperature base. |
(d) | Western Region cooling degree days are calculated on a 70 degree temperature base. |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Earnings Attributable to AEP Common Shareholders from Transmission and Distribution Utilities | (in millions) | |||||
First Quarter of 2018 | $ | 125.4 | ||||||
Second Quarter of 2018 | $ | 114.0 | ||||||
Changes in Gross Margin: | ||||||||
Retail Margins | 58.0 | (69.5 | ) | |||||
Off-system Sales | 20.9 | 13.0 | ||||||
Transmission Revenues | 22.4 | 28.5 | ||||||
Other Revenues | (0.6 | ) | 2.0 | |||||
Total Change in Gross Margin | 100.7 | (26.0 | ) | |||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | (53.2 | ) | (31.4 | ) | ||||
Depreciation and Amortization | (11.1 | ) | (9.0 | ) | ||||
Taxes Other Than Income Taxes | (8.1 | ) | (7.3 | ) | ||||
Interest and Investment Income | (0.1 | ) | 1.9 | |||||
Carrying Costs Income | (0.5 | ) | (0.4 | ) | ||||
Allowance for Equity Funds Used During Construction | (1.1 | ) | (1.6 | ) | ||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.6 | ) | (0.6 | ) | ||||
Interest Expense | (1.9 | ) | 16.8 | |||||
Total Change in Expenses and Other | (76.6 | ) | (31.6 | ) | ||||
Income Tax Expense | 7.0 | |||||||
Income Tax Expense (Benefit) | 75.0 | |||||||
First Quarter of 2019 | $ | 156.5 | ||||||
Second Quarter of 2019 | $ | 131.4 |
• | Retail Margins decreased $70 million primarily due to the following: |
• | Margins from Off-system Sales increased $13 million primarily due to the following: |
• | Transmission Revenues increased $29 million primarily due to the recovery of increased transmission investment in ERCOT. |
• | Other Operation and Maintenance expenses increased $31 million primarily due to the following: |
• | Depreciation and Amortization expenses increased $9 million primarily due to the following: |
• | Taxes Other Than Income Taxes increased $7 million primarily due to an increase in property taxes driven by additional investments in transmission and distribution assets and higher tax rates. |
• | Interest Expense decreased $17 million primarily due to the deferral of previously recorded interest expense approved for recovery as a result of the Texas Storm Cost Securitization financing order issued by the PUCT in June 2019. |
• | Income Tax Expense (Benefit) decreased $75 million primarily due to the amortization of Excess ADIT not subject to normalization requirements as approved in the Texas Storm Cost Securitization financing order issued by the PUCT in June 2019. This decrease was partially offset in Other Operation and Maintenance expenses above. |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Earnings Attributable to AEP Common Shareholders from Transmission and Distribution Utilities | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 239.4 | ||
Changes in Gross Margin: | ||||
Retail Margins | (11.5 | ) | ||
Off-system Sales | 33.9 | |||
Transmission Revenues | 50.9 | |||
Other Revenues | 1.4 | |||
Total Change in Gross Margin | 74.7 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (84.6 | ) | ||
Depreciation and Amortization | (20.1 | ) | ||
Taxes Other Than Income Taxes | (15.4 | ) | ||
Interest and Investment Income | 1.8 | |||
Carrying Costs Income | (0.9 | ) | ||
Allowance for Equity Funds Used During Construction | (2.7 | ) | ||
Non-Service Cost Components of Net Periodic Benefit Cost | (1.2 | ) | ||
Interest Expense | 14.9 | |||
Total Change in Expenses and Other | (108.2 | ) | ||
Income Tax Expense (Benefit) | 82.0 | |||
Six Months Ended June 30, 2019 | $ | 287.9 |
• | Retail Margins |
• | Margins from Off-system Sales increased |
• | Transmission Revenues increased |
• | Other Operation and Maintenance expenses increased |
• | Depreciation and Amortization expenses increased |
• | Taxes Other Than Income Taxes increased |
• |
• | Income Tax Expense (Benefit) decreased $82 million primarily due to the amortization of Excess ADIT not subject to normalization requirements as |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
AEP Transmission Holdco | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Transmission Revenues | $ | 256.4 | $ | 205.5 | $ | 278.9 | $ | 212.5 | $ | 535.3 | $ | 418.0 | ||||||||||||
Other Operation and Maintenance | 22.3 | 21.9 | 22.9 | 23.4 | 45.2 | 45.3 | ||||||||||||||||||
Depreciation and Amortization | 41.8 | 31.8 | 44.6 | 33.8 | 86.4 | 65.6 | ||||||||||||||||||
Taxes Other Than Income Taxes | 42.6 | 32.7 | 43.5 | 37.5 | 86.1 | 70.2 | ||||||||||||||||||
Operating Income | 149.7 | 119.1 | 167.9 | 117.8 | 317.6 | 236.9 | ||||||||||||||||||
Interest and Investment Income | 0.7 | 0.3 | ||||||||||||||||||||||
Other Income | 0.8 | 0.4 | 1.5 | 0.7 | ||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 11.3 | 15.3 | 28.8 | 16.3 | 40.1 | 31.6 | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 0.6 | 0.7 | 0.7 | 0.7 | 1.3 | 1.4 | ||||||||||||||||||
Interest Expense | (23.0 | ) | (21.1 | ) | (23.0 | ) | (21.5 | ) | (46.0 | ) | (42.6 | ) | ||||||||||||
Income Before Income Tax Expense and Equity Earnings | 139.3 | 114.3 | 175.2 | 113.7 | 314.5 | 228.0 | ||||||||||||||||||
Income Tax Expense | 31.9 | 27.5 | 38.4 | 28.3 | 70.3 | 55.8 | ||||||||||||||||||
Equity Earnings of Unconsolidated Subsidiaries | 17.8 | 18.0 | 18.6 | 16.5 | 36.4 | 34.5 | ||||||||||||||||||
Net Income | 125.2 | 104.8 | 155.4 | 101.9 | 280.6 | 206.7 | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.0 | 0.8 | 0.9 | 0.8 | 1.9 | 1.6 | ||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 124.2 | $ | 104.0 | $ | 154.5 | $ | 101.1 | $ | 278.7 | $ | 205.1 |
As of March 31, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
Plant in Service | $ | 7,073.6 | $ | 5,912.8 | $ | 7,447.3 | $ | 6,158.5 | ||||||||
Construction Work in Progress | 1,899.6 | 1,533.7 | 1,883.1 | 1,626.0 | ||||||||||||
Accumulated Depreciation and Amortization | 318.8 | 200.0 | 350.2 | 219.0 | ||||||||||||
Total Transmission Property, Net | $ | 8,654.4 | $ | 7,246.5 | $ | 8,980.2 | $ | 7,565.5 |
First Quarter of 2018 | $ | 104.0 | ||||||
Second Quarter of 2018 | $ | 101.1 | ||||||
Changes in Transmission Revenues: | ||||||||
Transmission Revenues | 50.9 | 66.4 | ||||||
Total Change in Transmission Revenues | 50.9 | 66.4 | ||||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | (0.4 | ) | 0.5 | |||||
Depreciation and Amortization | (10.0 | ) | (10.8 | ) | ||||
Taxes Other Than Income Taxes | (9.9 | ) | (6.0 | ) | ||||
Interest and Investment Income | 0.4 | |||||||
Other Income | 0.4 | |||||||
Allowance for Equity Funds Used During Construction | (4.0 | ) | 12.5 | |||||
Non-Service Cost Components of Net Periodic Pension Cost | (0.1 | ) | — | |||||
Interest Expense | (1.9 | ) | (1.5 | ) | ||||
Total Change in Expenses and Other | (25.9 | ) | (4.9 | ) | ||||
Income Tax Expense | (4.4 | ) | (10.1 | ) | ||||
Equity Earnings of Unconsolidated Subsidiaries | (0.2 | ) | 2.1 | |||||
Net Income Attributable to Noncontrolling Interests | (0.2 | ) | (0.1 | ) | ||||
First Quarter of 2019 | $ | 124.2 | ||||||
Second Quarter of 2019 | $ | 154.5 |
• | Transmission Revenues increased |
• | Depreciation and Amortization expenses increased |
• | Taxes Other Than Income Taxes increased |
• | Allowance for Equity Funds Used During Construction |
• | Income Tax Expense increased |
Six Months Ended June 30, 2018 | $ | 205.1 | ||
Changes in Transmission Revenues: | ||||
Transmission Revenues | 117.3 | |||
Total Change in Transmission Revenues | 117.3 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 0.1 | |||
Depreciation and Amortization | (20.8 | ) | ||
Taxes Other Than Income Taxes | (15.9 | ) | ||
Other Income | 0.8 | |||
Allowance for Equity Funds Used During Construction | 8.5 | |||
Non-Service Cost Components of Net Periodic Pension Cost | (0.1 | ) | ||
Interest Expense | (3.4 | ) | ||
Total Change in Expenses and Other | (30.8 | ) | ||
Income Tax Expense | (14.5 | ) | ||
Equity Earnings of Unconsolidated Subsidiaries | 1.9 | |||
Net Income Attributable to Noncontrolling Interests | (0.3 | ) | ||
Six Months Ended June 30, 2019 | $ | 278.7 |
• | Transmission Revenues increased $117 million primarily due to continued investment in transmission assets. |
• | Depreciation and Amortization expenses increased $21 million primarily due to a higher depreciable base. |
• | Taxes Other Than Income Taxes increased $16 million primarily due to higher property taxes as a result of increased transmission investment. |
• | Allowance for Equity Funds Used During Construction increased $9 million primarily due to the following: |
• | Income Tax Expense increased $15 million primarily due to higher pretax book income with a partial offset due to the FERC’s approval of a settlement agreement. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Generation & Marketing | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Revenues | $ | 481.8 | $ | 505.1 | $ | 412.7 | $ | 460.7 | $ | 894.5 | $ | 965.8 | ||||||||||||
Fuel, Purchased Electricity and Other | 383.3 | 408.8 | 330.7 | 354.0 | 714.0 | 762.8 | ||||||||||||||||||
Gross Margin | 98.5 | 96.3 | 82.0 | 106.7 | 180.5 | 203.0 | ||||||||||||||||||
Other Operation and Maintenance | 50.6 | 67.6 | 63.4 | 56.8 | 114.0 | 124.4 | ||||||||||||||||||
Depreciation and Amortization | 12.9 | 6.9 | 15.6 | 7.5 | 28.5 | 14.4 | ||||||||||||||||||
Taxes Other Than Income Taxes | 3.8 | 3.2 | 3.6 | 3.4 | 7.4 | 6.6 | ||||||||||||||||||
Operating Income | 31.2 | 18.6 | ||||||||||||||||||||||
Operating Income (Loss) | (0.6 | ) | 39.0 | 30.6 | 57.6 | |||||||||||||||||||
Interest and Investment Income | 2.3 | 2.5 | 1.8 | 3.8 | 4.1 | 6.3 | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.7 | 3.9 | 3.7 | 3.8 | 7.4 | 7.7 | ||||||||||||||||||
Interest Expense | (3.8 | ) | (3.9 | ) | (7.2 | ) | (4.0 | ) | (11.0 | ) | (7.9 | ) | ||||||||||||
Income Before Income Tax Expense (Benefit) | 33.4 | 21.1 | ||||||||||||||||||||||
Income (Loss) Before Income Tax Expense (Benefit) and Equity Earnings (Loss) | (2.3 | ) | 42.6 | 31.1 | 63.7 | |||||||||||||||||||
Income Tax Expense (Benefit) | (5.8 | ) | 3.0 | (9.6 | ) | 4.3 | (15.4 | ) | 7.3 | |||||||||||||||
Equity Earnings (Loss) of Unconsolidated Subsidiaries | (2.1 | ) | 0.3 | (2.1 | ) | 0.3 | ||||||||||||||||||
Net Income | 39.2 | 18.1 | 5.2 | 38.6 | 44.4 | 56.7 | ||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | (0.9 | ) | (0.1 | ) | (4.2 | ) | (0.2 | ) | (5.1 | ) | (0.3 | ) | ||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 40.1 | $ | 18.2 | $ | 9.4 | $ | 38.8 | $ | 49.5 | $ | 57.0 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions of MWhs) | (in millions of MWhs) | |||||||||||||||
Fuel Type: | ||||||||||||||||
Coal | 1 | 4 | 1 | 4 | 2 | 6 | ||||||||||
Renewables | 1 | — | 1 | — | ||||||||||||
Total MWhs | 1 | 4 | 2 | 4 | 3 | 6 |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Earnings Attributable to AEP Common Shareholders from Generation & Marketing | (in millions) | |||||
First Quarter of 2018 | $ | 18.2 | ||||||
Second Quarter of 2018 | $ | 38.8 | ||||||
Changes in Gross Margin: | ||||||||
Generation | (33.7 | ) | (10.8 | ) | ||||
Retail, Trading and Marketing | 34.3 | (19.1 | ) | |||||
Other | 1.6 | |||||||
Other Revenues | 5.2 | |||||||
Total Change in Gross Margin | 2.2 | (24.7 | ) | |||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | 17.0 | (6.6 | ) | |||||
Depreciation and Amortization | (6.0 | ) | (8.1 | ) | ||||
Taxes Other Than Income Taxes | (0.6 | ) | (0.2 | ) | ||||
Interest and Investment Income | (0.2 | ) | (2.0 | ) | ||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.2 | ) | (0.1 | ) | ||||
Interest Expense | 0.1 | (3.2 | ) | |||||
Total Change in Expenses and Other | 10.1 | (20.2 | ) | |||||
Income Tax Expense (Benefit) | 8.8 | 13.9 | ||||||
Equity Earnings (Loss) of Unconsolidated Subsidiaries | (2.4 | ) | ||||||
Net Loss Attributable to Noncontrolling Interests | 0.8 | 4.0 | ||||||
First Quarter of 2019 | $ | 40.1 | ||||||
Second Quarter of 2019 | $ | 9.4 |
• | Generation decreased |
• | Retail, Trading and Marketing decreased $19 million due to higher MTM hedge losses offset by higher retail margins due to lower market costs and higher delivered volumes. |
• | Other Revenues increased $5 million primarily due to the Sempra Renewables LLC acquisition and other renewable projects placed in service. |
• | Other Operation and Maintenance expenses increased $7 million primarily due to the Sempra Renewables LLC acquisition costs and increased investments in wind farms and renewable energy sources. |
• | Depreciation and Amortization expensesincreased $8 million due to a higher depreciable base from increased investments in wind farms and renewable energy sources. |
• | Interest Expense increased $3 million primarily due to increased borrowing costs related to the Sempra Renewables LLC acquisition. |
• | Income Tax Expense (Benefit) decreased $14 million primarily due to an increase in projected renewable income tax credits primarily driven by the Sempra Renewables LLC acquisition and a decrease in pretax book income. |
• | Net Loss Attributable to Noncontrolling Interests increased $4 million primarily due to the Sempra Renewables LLC acquisition. |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Earnings Attributable to AEP Common Shareholders from Generation & Marketing | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 57.0 | ||
Changes in Gross Margin: | ||||
Generation | (44.5 | ) | ||
Retail, Trading and Marketing | 15.1 | |||
Other Revenues | 6.9 | |||
Total Change in Gross Margin | (22.5 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 10.4 | |||
Depreciation and Amortization | (14.1 | ) | ||
Taxes Other Than Income Taxes | (0.8 | ) | ||
Interest and Investment Income | (2.2 | ) | ||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.3 | ) | ||
Interest Expense | (3.1 | ) | ||
Total Change in Expenses and Other | (10.1 | ) | ||
Income Tax Expense (Benefit) | 22.7 | |||
Equity Earnings (Loss) of Unconsolidated Subsidiaries | (2.4 | ) | ||
Net Loss Attributable to Noncontrolling Interests | 4.8 | |||
Six Months Ended June 30, 2019 | $ | 49.5 |
• | Generation decreased $45 million primarily due to the reduction of energy margins in 2019, a reduction in revenues due to the retirement of the Stuart Plant in 2018 and outages at the Conesville Plant. |
• | Retail, Trading and Marketing increased |
• | Other |
• | Other Operation and Maintenance expenses decreased |
• | Depreciation and Amortization expensesincreased |
• | Interest Expense increased $3 million primarily due to increased borrowing costs related to the Sempra Renewables LLC acquisition. |
• | Income Tax Expense (Benefit) decreased |
• | Net Loss Attributable to Noncontrolling Interests increased $5 million primarily due to the Sempra Renewables LLC acquisition. |
March 31, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | |||||||||||||||||||||||||
Long-term Debt, including amounts due within one year | $ | 24,426.7 | 53.7 | % | $ | 23,346.7 | 52.7 | % | $ | 25,431.8 | 54.0 | % | $ | 23,346.7 | 52.7 | % | ||||||||||
Short-term Debt | 1,858.0 | 4.1 | 1,910.0 | 4.3 | 2,277.0 | 4.8 | 1,910.0 | 4.3 | ||||||||||||||||||
Total Debt | 26,284.7 | 57.8 | 25,256.7 | 57.0 | 27,708.8 | 58.8 | 25,256.7 | 57.0 | ||||||||||||||||||
AEP Common Equity | 19,196.3 | 42.2 | 19,028.4 | 42.9 | 19,259.6 | 40.9 | 19,028.4 | 42.9 | ||||||||||||||||||
Noncontrolling Interests | 32.2 | — | 31.0 | 0.1 | 163.6 | 0.3 | 31.0 | 0.1 | ||||||||||||||||||
Total Debt and Equity Capitalization | $ | 45,513.2 | 100.0 | % | $ | 44,316.1 | 100.0 | % | $ | 47,132.0 | 100.0 | % | $ | 44,316.1 | 100.0 | % |
Amount | Maturity | |||||||||||
(in millions) | Amount | Maturity | ||||||||||
Commercial Paper Backup: | Commercial Paper Backup: | Commercial Paper Backup: | (in millions) | |||||||||
Revolving Credit Facility | $ | 4,000.0 | June 2022 | Revolving Credit Facility | $ | 4,000.0 | June 2022 | |||||
Cash and Cash Equivalents | Cash and Cash Equivalents | 227.7 | Cash and Cash Equivalents | 210.5 | ||||||||
Total Liquidity Sources | Total Liquidity Sources | 4,227.7 | Total Liquidity Sources | 4,210.5 | ||||||||
Less: | AEP Commercial Paper Outstanding | 1,108.0 | AEP Commercial Paper Outstanding | 1,585.0 | ||||||||
Net Available Liquidity | Net Available Liquidity | $ | 3,119.7 | Net Available Liquidity | $ | 2,625.5 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions) | (in millions) | |||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | $ | 444.1 | $ | 412.6 | $ | 444.1 | $ | 412.6 | ||||||
Net Cash Flows from Operating Activities | 808.3 | 802.2 | 1,800.8 | 2,006.8 | ||||||||||
Net Cash Flows Used for Investing Activities | (1,582.8 | ) | (1,927.8 | ) | (3,595.0 | ) | (3,238.9 | ) | ||||||
Net Cash Flows from Financing Activities | 693.5 | 1,029.5 | 1,739.7 | 1,206.8 | ||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (81.0 | ) | (96.1 | ) | (54.5 | ) | (25.3 | ) | ||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 363.1 | $ | 316.5 | $ | 389.6 | $ | 387.3 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions) | (in millions) | |||||||||||||
Net Income | $ | 574.1 | $ | 456.7 | $ | 1,033.2 | $ | 986.8 | ||||||
Non-Cash Adjustments to Net Income (a) | 618.8 | 623.7 | 1,159.7 | 1,232.5 | ||||||||||
Mark-to-Market of Risk Management Contracts | 65.5 | (0.7 | ) | (72.9 | ) | (112.9 | ) | |||||||
Property Taxes | (75.6 | ) | (63.7 | ) | 137.6 | 119.9 | ||||||||
Deferred Fuel Over/Under Recovery, Net | 32.5 | (61.2 | ) | |||||||||||
Recovery of Ohio Capacity Costs, Net | 14.7 | 18.0 | ||||||||||||
Provision for Refund - Global Settlement, Net | (4.1 | ) | (5.4 | ) | ||||||||||
Deferred Fuel Over/Under-Recovery, Net | 36.7 | 12.3 | ||||||||||||
Recovery of Ohio Capacity Costs | 29.0 | 35.8 | ||||||||||||
Refund of Global Settlement | (8.2 | ) | (5.5 | ) | ||||||||||
Change in Other Noncurrent Assets | (47.9 | ) | (59.8 | ) | (73.5 | ) | 10.4 | |||||||
Change in Other Noncurrent Liabilities | 67.3 | 133.3 | (53.6 | ) | 185.1 | |||||||||
Change in Certain Components of Working Capital | (437.0 | ) | (238.7 | ) | (387.2 | ) | (457.6 | ) | ||||||
Net Cash Flows from Operating Activities | $ | 808.3 | $ | 802.2 | $ | 1,800.8 | $ | 2,006.8 |
(a) | Non-Cash Adjustments to Net Income includes Depreciation and Amortization, Deferred Income Taxes, AFUDC and Amortization of Nuclear Fuel. |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions) | (in millions) | |||||||||||||
Construction Expenditures | $ | (1,565.4 | ) | $ | (1,905.8 | ) | $ | (2,986.7 | ) | $ | (3,223.4 | ) | ||
Acquisitions of Nuclear Fuel | (32.4 | ) | (23.8 | ) | (33.8 | ) | (24.2 | ) | ||||||
Acquisition of Sempra Renewables LLC, net of cash acquired | (581.2 | ) | — | |||||||||||
Other | 15.0 | 1.8 | 6.7 | 8.7 | ||||||||||
Net Cash Flows Used for Investing Activities | $ | (1,582.8 | ) | $ | (1,927.8 | ) | $ | (3,595.0 | ) | $ | (3,238.9 | ) |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions) | (in millions) | |||||||||||||
Issuance of Common Stock, Net | $ | 14.5 | $ | 32.2 | ||||||||||
Issuance of Common Stock | $ | 32.3 | $ | 50.9 | ||||||||||
Issuance/Retirement of Debt, Net | 1,013.0 | 1,317.2 | 2,412.4 | 1,820.0 | ||||||||||
Dividends Paid on Common Stock | (333.6 | ) | (306.1 | ) | (668.1 | ) | (614.2 | ) | ||||||
Other | (0.4 | ) | (13.8 | ) | (36.9 | ) | (49.9 | ) | ||||||
Net Cash Flows from Financing Activities | $ | 693.5 | $ | 1,029.5 | $ | 1,739.7 | $ | 1,206.8 |
MTM Risk Management Contract Net Assets (Liabilities) | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | Generation & Marketing | Total | Vertically Integrated Utilities | Transmission and Distribution Utilities | Generation & Marketing | Total | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||
Total MTM Risk Management Contract Net Assets (Liabilities) as of December 31, 2018 | $ | 90.9 | $ | (101.0 | ) | $ | 164.5 | $ | 154.4 | $ | 90.9 | $ | (101.0 | ) | $ | 164.5 | $ | 154.4 | ||||||||||||
Gain from Contracts Realized/Settled During the Period and Entered in a Prior Period | (3.2 | ) | (1.1 | ) | (9.2 | ) | (13.5 | ) | (100.5 | ) | (3.8 | ) | (14.0 | ) | (118.3 | ) | ||||||||||||||
Fair Value of New Contracts at Inception When Entered During the Period (a) | — | — | 0.1 | 0.1 | — | — | 11.3 | 11.3 | ||||||||||||||||||||||
Changes in Fair Value Due to Market Fluctuations During the Period (b) | — | — | 7.7 | 7.7 | ||||||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (c) | (69.5 | ) | (4.4 | ) | — | (73.9 | ) | |||||||||||||||||||||||
Total MTM Risk Management Contract Net Assets (Liabilities) as of March 31, 2019 | $ | 18.2 | $ | (106.5 | ) | $ | 163.1 | 74.8 | ||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (b) | 145.2 | (7.1 | ) | — | 138.1 | |||||||||||||||||||||||||
Total MTM Risk Management Contract Net Assets (Liabilities) as of June 30, 2019 | $ | 135.6 | $ | (111.9 | ) | $ | 161.8 | 185.5 | ||||||||||||||||||||||
Commodity Cash Flow Hedge Contracts | (55.8 | ) | (152.2 | ) | ||||||||||||||||||||||||||
Fair Value Hedge Contracts | (6.3 | ) | 11.9 | |||||||||||||||||||||||||||
Collateral Deposits | 0.3 | 28.0 | ||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets as of March 31, 2019 | $ | 13.0 | ||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets as of June 30, 2019 | $ | 73.2 |
(a) | Reflects fair value on primarily long-term structured contracts which are typically with customers that seek fixed pricing to limit their risk against fluctuating energy prices. The contract prices are valued against market curves associated with the delivery location and delivery term. A significant portion of the total volumetric position has been economically hedged. |
(b) |
Relates to the net gains (losses) of those contracts that are not reflected on the statements of income. These net gains (losses) are recorded as regulatory liabilities/assets or accounts payable. |
Counterparty Credit Quality | Exposure Before Credit Collateral | Credit Collateral | Net Exposure | Number of Counterparties >10% of Net Exposure | Net Exposure of Counterparties >10% | 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) | (in millions, except number of counterparties) | |||||||||||||||||||||||||||||||||||||
Investment Grade | $ | 501.7 | $ | 1.7 | $ | 500.0 | 2 | $ | 213.0 | $ | 624.8 | $ | 1.3 | $ | 623.5 | 2 | $ | 228.4 | ||||||||||||||||||||
Noninvestment Grade | 0.1 | 0.1 | — | — | — | 0.4 | — | 0.4 | 1 | 0.4 | ||||||||||||||||||||||||||||
No External Ratings: | ||||||||||||||||||||||||||||||||||||||
Internal Investment Grade | 128.1 | — | 128.1 | 3 | 83.1 | 143.1 | — | 143.1 | 3 | 90.2 | ||||||||||||||||||||||||||||
Internal Noninvestment Grade | 51.7 | 10.5 | 41.2 | 2 | 28.2 | 57.2 | 10.0 | 47.2 | 2 | 30.1 | ||||||||||||||||||||||||||||
Total as of March 31, 2019 | $ | 681.6 | $ | 12.3 | $ | 669.3 | ||||||||||||||||||||||||||||||||
Total as of June 30, 2019 | $ | 825.5 | $ | 11.3 | $ | 814.2 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End | End | High | Average | Low | End | High | Average | Low | End | High | Average | Low | End | High | Average | Low | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 0.1 | $ | 1.2 | $ | 0.3 | $ | 0.1 | $ | 1.1 | $ | 1.8 | $ | 0.3 | $ | 0.1 | 0.2 | $ | 1.2 | $ | 0.2 | $ | 0.1 | $ | 1.1 | $ | 1.8 | $ | 0.3 | $ | 0.1 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End | End | High | Average | Low | End | High | Average | Low | End | High | Average | Low | End | High | Average | Low | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 0.4 | $ | 6.6 | $ | 1.6 | $ | 0.2 | $ | 4.0 | $ | 16.5 | $ | 2.7 | $ | 0.4 | 0.8 | $ | 6.6 | $ | 1.1 | $ | 0.2 | $ | 4.0 | $ | 16.5 | $ | 2.7 | $ | 0.4 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Vertically Integrated Utilities | $ | 2,372.3 | $ | 2,381.5 | $ | 2,116.4 | $ | 2,340.7 | $ | 4,488.7 | $ | 4,722.2 | ||||||||||||
Transmission and Distribution Utilities | 1,179.8 | 1,141.2 | 1,001.6 | 1,127.9 | 2,181.4 | 2,269.1 | ||||||||||||||||||
Generation & Marketing | 439.7 | 477.5 | 382.9 | 435.3 | 822.6 | 912.8 | ||||||||||||||||||
Other Revenues | 65.0 | 48.1 | 72.7 | 109.3 | 137.7 | 157.4 | ||||||||||||||||||
TOTAL REVENUES | 4,056.8 | 4,048.3 | 3,573.6 | 4,013.2 | 7,630.4 | 8,061.5 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 550.4 | 501.8 | 480.9 | 566.9 | 1,031.3 | 1,068.7 | ||||||||||||||||||
Purchased Electricity for Resale | 861.8 | 990.3 | 660.7 | 776.7 | 1,522.5 | 1,767.0 | ||||||||||||||||||
Other Operation | 666.0 | 726.4 | 607.4 | 780.3 | 1,273.4 | 1,506.7 | ||||||||||||||||||
Maintenance | 274.5 | 298.5 | 348.7 | 295.9 | 623.2 | 594.4 | ||||||||||||||||||
Depreciation and Amortization | 605.8 | 539.7 | 622.6 | 553.2 | 1,228.4 | 1,092.9 | ||||||||||||||||||
Taxes Other Than Income Taxes | 309.9 | 285.6 | 302.3 | 283.2 | 612.2 | 568.8 | ||||||||||||||||||
TOTAL EXPENSES | 3,268.4 | 3,342.3 | 3,022.6 | 3,256.2 | 6,291.0 | 6,598.5 | ||||||||||||||||||
OPERATING INCOME | 788.4 | 706.0 | 551.0 | 757.0 | 1,339.4 | 1,463.0 | ||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||
Other Income | 8.6 | 5.5 | 6.6 | 6.7 | 15.2 | 12.2 | ||||||||||||||||||
Allowance for Equity Funds Used During Construction | 28.9 | 30.7 | 50.4 | 30.8 | 79.3 | 61.5 | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 30.0 | 32.0 | 30.0 | 31.4 | 60.0 | 63.4 | ||||||||||||||||||
Interest Expense | (255.8 | ) | (234.0 | ) | (250.7 | ) | (242.3 | ) | (506.5 | ) | (476.3 | ) | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 600.1 | 540.2 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS | 387.3 | 583.6 | 987.4 | 1,123.8 | ||||||||||||||||||||
Income Tax Expense | 44.5 | 102.0 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | (54.4 | ) | 72.2 | (9.9 | ) | 174.2 | ||||||||||||||||||
Equity Earnings of Unconsolidated Subsidiaries | 18.5 | 18.5 | 17.4 | 18.7 | 35.9 | 37.2 | ||||||||||||||||||
NET INCOME | 574.1 | 456.7 | 459.1 | 530.1 | 1,033.2 | 986.8 | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.3 | 2.3 | ||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | (2.2 | ) | 1.7 | (0.9 | ) | 4.0 | ||||||||||||||||||
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 572.8 | $ | 454.4 | $ | 461.3 | $ | 528.4 | $ | 1,034.1 | $ | 982.8 | ||||||||||||
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING | 493,309,076 | 492,267,402 | 493,584,347 | 492,688,342 | 493,447,477 | 492,479,035 | ||||||||||||||||||
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 1.16 | $ | 0.92 | $ | 0.93 | $ | 1.07 | $ | 2.10 | $ | 2.00 | ||||||||||||
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING | 494,484,144 | 493,127,300 | 495,382,966 | 493,505,085 | 494,934,320 | 493,317,355 | ||||||||||||||||||
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 1.16 | $ | 0.92 | $ | 0.93 | $ | 1.07 | $ | 2.09 | $ | 1.99 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Net Income | $ | 574.1 | $ | 456.7 | $ | 459.1 | $ | 530.1 | $ | 1,033.2 | $ | 986.8 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $(7.7) and $0.7 in 2019 and 2018, Respectively | (28.9 | ) | 2.7 | |||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.4) and $(0.4) in 2019 and 2018, Respectively | (1.4 | ) | (1.4 | ) | ||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $(20.9) and $0.5 for the Three Months Ended June 30, 2019 and 2018, Respectively, and $(28.6) and $1.2 for the Six Months Ended June 30, 2019 and 2018, Respectively | (78.6 | ) | 1.8 | (107.5 | ) | 4.5 | ||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.3) and $(0.3) for the Three Months Ended June 30, 2019 and 2018, Respectively, and $(0.7) and $(0.7) for the Six Months Ended June 30, 2019 and 2018, Respectively | (1.4 | ) | (1.2 | ) | (2.8 | ) | (2.6 | ) | ||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (30.3 | ) | 1.3 | (80.0 | ) | 0.6 | (110.3 | ) | 1.9 | |||||||||||||||
TOTAL COMPREHENSIVE INCOME | 543.8 | 458.0 | 379.1 | 530.7 | 922.9 | 988.7 | ||||||||||||||||||
Total Comprehensive Income Attributable to Noncontrolling Interests | 1.3 | 2.3 | ||||||||||||||||||||||
Total Comprehensive Income (Loss) Attributable to Noncontrolling Interests | (2.2 | ) | 1.7 | (0.9 | ) | 4.0 | ||||||||||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 542.5 | $ | 455.7 | $ | 381.3 | $ | 529.0 | $ | 923.8 | $ | 984.7 |
AEP Common Shareholders | AEP Common Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Income (Loss) | Common Stock | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Retained Earnings | Noncontrolling Interests | Total | Shares | Amount | Paid-in Capital | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2017 | 512.2 | $ | 3,329.4 | $ | 6,398.7 | $ | 8,626.7 | $ | (67.8 | ) | $ | 26.6 | $ | 18,313.6 | 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 | 0.5 | 3.3 | 28.9 | 32.2 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends ($0.62 per share) | (305.5 | ) | (0.6 | ) | (306.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (305.5 | ) | (b) | (0.6 | ) | (306.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other Changes in Equity | 16.9 | 16.9 | 16.9 | 16.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
ASU 2018-02 Adoption | 14.0 | (17.0 | ) | (3.0 | ) | 14.0 | (17.0 | ) | (3.0 | ) | ||||||||||||||||||||||||||||||||||||||||||
ASU 2016-01 Adoption | 11.9 | (11.9 | ) | — | 11.9 | (11.9 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | 454.4 | 2.3 | 456.7 | 454.4 | 2.3 | 456.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 1.3 | 1.3 | 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 | 512.7 | 3,332.7 | 6,444.5 | 8,801.5 | (95.4 | ) | 28.3 | 18,511.6 | ||||||||||||||||||||||||||||||
Issuance of Common Stock | 0.4 | 2.7 | 16.0 | 18.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (306.8 | ) | (b) | (1.3 | ) | (308.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other Changes in Equity | (1.9 | ) | 0.4 | (1.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income | 528.4 | 1.7 | 530.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – JUNE 30, 2018 | 513.1 | $ | 3,335.4 | $ | 6,458.6 | $ | 9,023.1 | $ | (94.8 | ) | $ | 29.1 | $ | 18,751.4 | ||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2018 | 513.5 | $ | 3,337.4 | $ | 6,486.1 | $ | 9,325.3 | $ | (120.4 | ) | $ | 31.0 | $ | 19,059.4 | 513.5 | $ | 3,337.4 | $ | 6,486.1 | $ | 9,325.3 | $ | (120.4 | ) | $ | 31.0 | $ | 19,059.4 | ||||||||||||||||||||||||
Issuance of Common Stock | 0.1 | 1.2 | 13.3 | 14.5 | 0.1 | 1.2 | 13.3 | 14.5 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends ($0.67 per share) | (332.5 | ) | (1.1 | ) | (333.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (332.5 | ) | (c) | (1.1 | ) | (333.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other Changes in Equity | (56.6 | ) | (a) | 1.0 | (55.6 | ) | (56.6 | ) | (a) | 1.0 | (55.6 | ) | ||||||||||||||||||||||||||||||||||||||||
Net Income | 572.8 | 1.3 | 574.1 | 572.8 | 1.3 | 574.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (30.3 | ) | (30.3 | ) | (30.3 | ) | (30.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2019 | 513.6 | $ | 3,338.6 | $ | 6,442.8 | $ | 9,565.6 | $ | (150.7 | ) | $ | 32.2 | $ | 19,228.5 | 513.6 | 3,338.6 | 6,442.8 | 9,565.6 | (150.7 | ) | 32.2 | 19,228.5 | ||||||||||||||||||||||||||||||
Issuance of Common Stock | 0.4 | 2.2 | 15.6 | 17.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (332.7 | ) | (c) | (1.8 | ) | (334.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other Changes in Equity | (3.1 | ) | 0.6 | (2.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Sempra Renewables LLC | 134.8 | 134.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | 461.3 | (2.2 | ) | 459.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (80.0 | ) | (80.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – JUNE 30, 2019 | 514.0 | $ | 3,340.8 | $ | 6,455.3 | $ | 9,694.2 | $ | (230.7 | ) | $ | 163.6 | $ | 19,423.2 |
(a) | Includes $(62) million related to a forward equity purchase contract associated with the issuance of Equity Units. See “Equity Units” section of |
(b) | Common Stock dividends declared per AEP common share were $0.62. |
(c) | Common Stock dividends declared per AEP common share were $0.67. |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and Cash Equivalents | $ | 227.7 | $ | 234.1 | $ | 210.5 | $ | 234.1 | ||||||||
Restricted Cash (March 31, 2019 and December 31, 2018 Amounts Include $135.4 and $210, Respectively, Related to Transition Funding, Ohio Phase-in-Recovery Funding and Appalachian Consumer Rate Relief Funding) | 135.4 | 210.0 | ||||||||||||||
Other Temporary Investments (March 31, 2019 and December 31, 2018 Amounts Include $159.1 and $152.7, Respectively, Related to EIS and Transource Energy) | 168.9 | 159.1 | ||||||||||||||
Restricted Cash (June 30, 2019 and December 31, 2018 Amounts Include $179.1 and $210, Respectively, Related to Transition Funding, Ohio Phase-in-Recovery Funding and Appalachian Consumer Rate Relief Funding) | 179.1 | 210.0 | ||||||||||||||
Other Temporary Investments (June 30, 2019 and December 31, 2018 Amounts Include $168.9 and $152.7, Respectively, Related to EIS and Transource Energy) | 175.7 | 159.1 | ||||||||||||||
Accounts Receivable: | ||||||||||||||||
Customers | 696.6 | 699.0 | 688.9 | 699.0 | ||||||||||||
Accrued Unbilled Revenues | 207.8 | 209.3 | 164.1 | 209.3 | ||||||||||||
Pledged Accounts Receivable – AEP Credit | 970.5 | 999.8 | 940.3 | 999.8 | ||||||||||||
Miscellaneous | 48.3 | 55.2 | 32.3 | 55.2 | ||||||||||||
Allowance for Uncollectible Accounts | (40.9 | ) | (36.8 | ) | (44.4 | ) | (36.8 | ) | ||||||||
Total Accounts Receivable | 1,882.3 | 1,926.5 | 1,781.2 | 1,926.5 | ||||||||||||
Fuel | 360.3 | 341.5 | 441.7 | 341.5 | ||||||||||||
Materials and Supplies | 586.3 | 579.6 | 592.7 | 579.6 | ||||||||||||
Risk Management Assets | 93.9 | 162.8 | 249.6 | 162.8 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 123.3 | 150.1 | 109.9 | 150.1 | ||||||||||||
Margin Deposits | 136.3 | 141.4 | 87.0 | 141.4 | ||||||||||||
Prepayments and Other Current Assets | 200.4 | 208.8 | 233.9 | 208.8 | ||||||||||||
TOTAL CURRENT ASSETS | 3,914.8 | 4,113.9 | 4,061.3 | 4,113.9 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||
Electric: | ||||||||||||||||
Generation | 21,780.6 | 21,699.9 | 22,098.3 | 21,699.9 | ||||||||||||
Transmission | 21,773.5 | 21,531.0 | 22,455.3 | 21,531.0 | ||||||||||||
Distribution | 21,483.5 | 21,195.4 | 21,691.7 | 21,195.4 | ||||||||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 4,202.7 | 4,265.0 | 4,452.2 | 4,265.0 | ||||||||||||
Construction Work in Progress | 4,910.9 | 4,393.9 | 4,944.5 | 4,393.9 | ||||||||||||
Total Property, Plant and Equipment | 74,151.2 | 73,085.2 | 75,642.0 | 73,085.2 | ||||||||||||
Accumulated Depreciation and Amortization | 18,182.6 | 17,986.1 | 18,439.1 | 17,986.1 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 55,968.6 | 55,099.1 | 57,202.9 | 55,099.1 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||||
Regulatory Assets | 3,297.9 | 3,310.4 | 3,350.1 | 3,310.4 | ||||||||||||
Securitized Assets | 853.0 | 920.6 | 785.3 | 920.6 | ||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | 2,684.0 | 2,474.9 | 2,776.4 | 2,474.9 | ||||||||||||
Goodwill | 52.5 | 52.5 | 52.5 | 52.5 | ||||||||||||
Long-term Risk Management Assets | 250.4 | 254.0 | 313.5 | 254.0 | ||||||||||||
Operating Lease Assets | 1,045.4 | — | 1,016.5 | — | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 2,655.4 | 2,577.4 | 2,991.5 | 2,577.4 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 10,838.6 | 9,589.8 | 11,285.8 | 9,589.8 | ||||||||||||
TOTAL ASSETS | $ | 70,722.0 | $ | 68,802.8 | $ | 72,550.0 | $ | 68,802.8 |
March 31, | December 31, | ||||||||||||
2019 | 2018 | ||||||||||||
CURRENT LIABILITIES | |||||||||||||
Accounts Payable | $ | 1,497.2 | $ | 1,874.3 | |||||||||
Short-term Debt: | |||||||||||||
Securitized Debt for Receivables – AEP Credit | 750.0 | 750.0 | |||||||||||
Other Short-term Debt | 1,108.0 | 1,160.0 | |||||||||||
Total Short-term Debt | 1,858.0 | 1,910.0 | |||||||||||
Long-term Debt Due Within One Year (March 31, 2019 and December 31, 2018 Amounts Include $375.9 and $406.5, Respectively, Related to Transition Funding, DCC Fuel, Ohio Phase-in-Recovery Funding, Appalachian Consumer Rate Relief Funding and Sabine) | 1,528.5 | 1,698.5 | |||||||||||
Risk Management Liabilities | 63.4 | 55.0 | |||||||||||
Customer Deposits | 400.4 | 412.2 | |||||||||||
Accrued Taxes | 1,156.5 | 1,218.0 | |||||||||||
Accrued Interest | 306.0 | 231.7 | |||||||||||
Obligations Under Operating Leases | 228.2 | — | |||||||||||
Regulatory Liability for Over-Recovered Fuel Costs | 64.3 | 58.6 | |||||||||||
Other Current Liabilities | 888.1 | 1,190.5 | |||||||||||
TOTAL CURRENT LIABILITIES | 7,990.6 | 8,648.8 | |||||||||||
NONCURRENT LIABILITIES | |||||||||||||
Long-term Debt (March 31, 2019 and December 31, 2018 Amounts Include $980 and $1,109.2, Respectively, Related to Transition Funding, DCC Fuel, Ohio Phase-in-Recovery Funding, Appalachian Consumer Rate Relief Funding, Transource Energy and Sabine) | 22,898.2 | 21,648.2 | |||||||||||
Long-term Risk Management Liabilities | 267.9 | 263.4 | |||||||||||
Deferred Income Taxes | 7,193.0 | 7,086.5 | |||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 8,669.8 | 8,540.3 | |||||||||||
Asset Retirement Obligations | 2,317.3 | 2,287.7 | |||||||||||
Employee Benefits and Pension Obligations | 383.9 | 377.1 | |||||||||||
Obligations Under Operating Leases | 860.2 | — | |||||||||||
Deferred Credits and Other Noncurrent Liabilities | 797.9 | 782.6 | |||||||||||
TOTAL NONCURRENT LIABILITIES | 43,388.2 | 40,985.8 | |||||||||||
TOTAL LIABILITIES | 51,378.8 | 49,634.6 | |||||||||||
Rate Matters (Note 4) | |||||||||||||
Commitments and Contingencies (Note 5) | |||||||||||||
MEZZANINE EQUITY | |||||||||||||
Redeemable Noncontrolling Interest | 68.5 | 69.4 | |||||||||||
Contingently Redeemable Performance Share Awards | 46.2 | 39.4 | |||||||||||
TOTAL MEZZANINE EQUITY | 114.7 | 108.8 | |||||||||||
EQUITY | |||||||||||||
Common Stock – Par Value – $6.50 Per Share: | |||||||||||||
2019 | 2018 | ||||||||||||
Shares Authorized | 600,000,000 | 600,000,000 | |||||||||||
Shares Issued | 513,632,124 | 513,450,036 | |||||||||||
(20,204,160 Shares were Held in Treasury as of March 31, 2019 and December 31, 2018) | 3,338.6 | 3,337.4 | |||||||||||
Paid-in Capital | 6,442.8 | 6,486.1 | |||||||||||
Retained Earnings | 9,565.6 | 9,325.3 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (150.7 | ) | (120.4 | ) | |||||||||
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY | 19,196.3 | 19,028.4 | |||||||||||
Noncontrolling Interests | 32.2 | 31.0 | |||||||||||
TOTAL EQUITY | 19,228.5 | 19,059.4 | |||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY | $ | 70,722.0 | $ | 68,802.8 |
June 30, | December 31, | ||||||||||||
2019 | 2018 | ||||||||||||
CURRENT LIABILITIES | |||||||||||||
Accounts Payable | $ | 1,689.0 | $ | 1,874.3 | |||||||||
Short-term Debt: | |||||||||||||
Securitized Debt for Receivables – AEP Credit | 692.0 | 750.0 | |||||||||||
Other Short-term Debt | 1,585.0 | 1,160.0 | |||||||||||
Total Short-term Debt | 2,277.0 | 1,910.0 | |||||||||||
Long-term Debt Due Within One Year (June 30, 2019 and December 31, 2018 Amounts Include $554.4 and $406.5, Respectively, Related to Transition Funding, DCC Fuel, Ohio Phase-in-Recovery Funding, Appalachian Consumer Rate Relief Funding, Transource Energy and Sabine) | 1,257.4 | 1,698.5 | |||||||||||
Risk Management Liabilities | 141.4 | 55.0 | |||||||||||
Customer Deposits | 382.1 | 412.2 | |||||||||||
Accrued Taxes | 1,046.2 | 1,218.0 | |||||||||||
Accrued Interest | 241.2 | 231.7 | |||||||||||
Obligations Under Operating Leases | 229.2 | — | |||||||||||
Regulatory Liability for Over-Recovered Fuel Costs | 55.1 | 58.6 | |||||||||||
Other Current Liabilities | 1,038.5 | 1,190.5 | |||||||||||
TOTAL CURRENT LIABILITIES | 8,357.1 | 8,648.8 | |||||||||||
NONCURRENT LIABILITIES | |||||||||||||
Long-term Debt (June 30, 2019 and December 31, 2018 Amounts Include $819.9 and $1,109.2, Respectively, Related to Transition Funding, DCC Fuel, Ohio Phase-in-Recovery Funding, Appalachian Consumer Rate Relief Funding, Transource Energy, and Sabine) | 24,174.4 | 21,648.2 | |||||||||||
Long-term Risk Management Liabilities | 348.5 | 263.4 | |||||||||||
Deferred Income Taxes | 7,294.0 | 7,086.5 | |||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 8,556.6 | 8,540.3 | |||||||||||
Asset Retirement Obligations | 2,331.3 | 2,287.7 | |||||||||||
Employee Benefits and Pension Obligations | 378.8 | 377.1 | |||||||||||
Obligations Under Operating Leases | 797.2 | — | |||||||||||
Deferred Credits and Other Noncurrent Liabilities | 763.1 | 782.6 | |||||||||||
TOTAL NONCURRENT LIABILITIES | 44,643.9 | 40,985.8 | |||||||||||
TOTAL LIABILITIES | 53,001.0 | 49,634.6 | |||||||||||
Rate Matters (Note 4) | |||||||||||||
Commitments and Contingencies (Note 5) | |||||||||||||
MEZZANINE EQUITY | |||||||||||||
Redeemable Noncontrolling Interest | 67.6 | 69.4 | |||||||||||
Contingently Redeemable Performance Share Awards | 58.2 | 39.4 | |||||||||||
TOTAL MEZZANINE EQUITY | 125.8 | 108.8 | |||||||||||
EQUITY | |||||||||||||
Common Stock – Par Value – $6.50 Per Share: | |||||||||||||
2019 | 2018 | ||||||||||||
Shares Authorized | 600,000,000 | 600,000,000 | |||||||||||
Shares Issued | 513,962,056 | 513,450,036 | |||||||||||
(20,204,160 Shares were Held in Treasury as of June 30, 2019 and December 31, 2018, Respectively) | 3,340.8 | 3,337.4 | |||||||||||
Paid-in Capital | 6,455.3 | 6,486.1 | |||||||||||
Retained Earnings | 9,694.2 | 9,325.3 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (230.7 | ) | (120.4 | ) | |||||||||
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY | 19,259.6 | 19,028.4 | |||||||||||
Noncontrolling Interests | 163.6 | 31.0 | |||||||||||
TOTAL EQUITY | 19,423.2 | 19,059.4 | |||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY | $ | 72,550.0 | $ | 68,802.8 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 574.1 | $ | 456.7 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 605.8 | 539.7 | ||||||
Deferred Income Taxes | 16.8 | 87.3 | ||||||
Allowance for Equity Funds Used During Construction | (28.9 | ) | (30.7 | ) | ||||
Mark-to-Market of Risk Management Contracts | 65.5 | (0.7 | ) | |||||
Amortization of Nuclear Fuel | 25.1 | 27.4 | ||||||
Property Taxes | (75.6 | ) | (63.7 | ) | ||||
Deferred Fuel Over/Under-Recovery, Net | 32.5 | (61.2 | ) | |||||
Recovery of Ohio Capacity Costs | 14.7 | 18.0 | ||||||
Provision for Refund – Global Settlement, Net | (4.1 | ) | (5.4 | ) | ||||
Change in Other Noncurrent Assets | (47.9 | ) | (59.8 | ) | ||||
Change in Other Noncurrent Liabilities | 67.3 | 133.3 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 57.5 | 39.7 | ||||||
Fuel, Materials and Supplies | (26.4 | ) | 28.5 | |||||
Accounts Payable | (152.6 | ) | (129.3 | ) | ||||
Accrued Taxes, Net | (77.0 | ) | (74.3 | ) | ||||
Other Current Assets | (18.8 | ) | (40.1 | ) | ||||
Other Current Liabilities | (219.7 | ) | (63.2 | ) | ||||
Net Cash Flows from Operating Activities | 808.3 | 802.2 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (1,565.4 | ) | (1,905.8 | ) | ||||
Purchases of Investment Securities | (130.4 | ) | (525.9 | ) | ||||
Sales of Investment Securities | 111.9 | 508.6 | ||||||
Acquisitions of Nuclear Fuel | (32.4 | ) | (23.8 | ) | ||||
Other Investing Activities | 33.5 | 19.1 | ||||||
Net Cash Flows Used for Investing Activities | (1,582.8 | ) | (1,927.8 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Common Stock, Net | 14.5 | 32.2 | ||||||
Issuance of Long-term Debt | 1,285.6 | 841.0 | ||||||
Commercial Paper and Credit Facility Borrowings | — | 205.6 | ||||||
Change in Short-term Debt, Net | (52.0 | ) | 814.6 | |||||
Retirement of Long-term Debt | (220.6 | ) | (544.0 | ) | ||||
Principal Payments for Finance Lease Obligations | (14.3 | ) | (16.8 | ) | ||||
Dividends Paid on Common Stock | (333.6 | ) | (306.1 | ) | ||||
Other Financing Activities | 13.9 | 3.0 | ||||||
Net Cash Flows from Financing Activities | 693.5 | 1,029.5 | ||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (81.0 | ) | (96.1 | ) | ||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 444.1 | 412.6 | ||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 363.1 | $ | 316.5 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 168.9 | $ | 188.0 | ||||
Net Cash Paid (Received) for Income Taxes | (0.6 | ) | (0.9 | ) | ||||
Noncash Acquisitions Under Finance Leases | 23.1 | 21.4 | ||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 846.3 | 799.9 | ||||||
Noncash Contribution of Assets by Noncontrolling Interest | — | 84.0 | ||||||
Expected Reimbursement for Capital Cost of Spent Nuclear Fuel Dry Cask Storage | 1.0 | 0.1 | ||||||
Forward Equity Purchase Contract Included Current and Noncurrent Liabilities as of March 31, | 62.1 | — |
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 1,033.2 | $ | 986.8 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 1,228.4 | 1,092.9 | ||||||
Deferred Income Taxes | (35.5 | ) | 149.7 | |||||
Allowance for Equity Funds Used During Construction | (79.3 | ) | (61.5 | ) | ||||
Mark-to-Market of Risk Management Contracts | (72.9 | ) | (112.9 | ) | ||||
Amortization of Nuclear Fuel | 46.1 | 51.4 | ||||||
Property Taxes | 137.6 | 119.9 | ||||||
Deferred Fuel Over/Under-Recovery, Net | 36.7 | 12.3 | ||||||
Recovery of Ohio Capacity Costs | 29.0 | 35.8 | ||||||
Refund of Global Settlement | (8.2 | ) | (5.5 | ) | ||||
Change in Other Noncurrent Assets | (73.5 | ) | 10.4 | |||||
Change in Other Noncurrent Liabilities | (53.6 | ) | 185.1 | |||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 165.5 | (209.9 | ) | |||||
Fuel, Materials and Supplies | (114.6 | ) | 31.2 | |||||
Accounts Payable | (72.4 | ) | (53.6 | ) | ||||
Accrued Taxes, Net | (170.1 | ) | (127.8 | ) | ||||
Other Current Assets | 27.4 | 14.8 | ||||||
Other Current Liabilities | (223.0 | ) | (112.3 | ) | ||||
Net Cash Flows from Operating Activities | 1,800.8 | 2,006.8 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (2,986.7 | ) | (3,223.4 | ) | ||||
Purchases of Investment Securities | (235.5 | ) | (1,069.2 | ) | ||||
Sales of Investment Securities | 199.5 | 1,037.8 | ||||||
Acquisitions of Nuclear Fuel | (33.8 | ) | (24.2 | ) | ||||
Acquisition of Sempra Renewables LLC, net of cash acquired | (581.2 | ) | — | |||||
Other Investing Activities | 42.7 | 40.1 | ||||||
Net Cash Flows Used for Investing Activities | (3,595.0 | ) | (3,238.9 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Common Stock | 32.3 | 50.9 | ||||||
Issuance of Long-term Debt | 2,773.7 | 2,209.2 | ||||||
Commercial Paper and Credit Facility Borrowings | — | 205.6 | ||||||
Change in Short-term Debt, Net | 367.0 | 952.0 | ||||||
Retirement of Long-term Debt | (728.3 | ) | (1,339.8 | ) | ||||
Make Whole Premium on Extinguishment of Long-term Debt | (3.0 | ) | — | |||||
Commercial Paper and Credit Facility Repayments | — | (207.0 | ) | |||||
Principal Payments for Finance Lease Obligations | (29.6 | ) | (33.5 | ) | ||||
Dividends Paid on Common Stock | (668.1 | ) | (614.2 | ) | ||||
Other Financing Activities | (4.3 | ) | (16.4 | ) | ||||
Net Cash Flows from Financing Activities | 1,739.7 | 1,206.8 | ||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (54.5 | ) | (25.3 | ) | ||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 444.1 | 412.6 | ||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 389.6 | $ | 387.3 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 490.2 | $ | 455.4 | ||||
Net Cash Paid for Income Taxes | 19.7 | 33.8 | ||||||
Noncash Acquisitions Under Finance Leases | 44.4 | 32.8 | ||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 904.8 | 940.0 | ||||||
Acquisition of Nuclear Fuel Included in Current Liabilities as of June 30, | 50.5 | 0.6 | ||||||
Noncash Contribution of Assets by Noncontrolling Interest | — | 84.0 | ||||||
Expected Reimbursement for Spent Nuclear Fuel Dry Cask Storage | — | 0.7 | ||||||
Noncontrolling Interest assumed with Sempra Renewable LLC Business Acquisition | 134.8 | — | ||||||
Liabilities assumed with Sempra Renewable LLC Business Acquisition | 18.6 | — |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions of KWhs) | (in millions of KWhs) | |||||||||||||||
Retail: | ||||||||||||||||
Residential | 2,424 | 2,664 | 3,008 | 3,122 | 5,432 | 5,786 | ||||||||||
Commercial | 2,091 | 2,153 | 2,754 | 2,776 | 4,845 | 4,929 | ||||||||||
Industrial | 2,148 | 2,101 | 2,240 | 2,388 | 4,388 | 4,489 | ||||||||||
Miscellaneous | 145 | 140 | 170 | 168 | 315 | 308 | ||||||||||
Total Retail (a) | 6,808 | 7,058 | 8,172 | 8,454 | 14,980 | 15,512 |
(a) | 2018 KWhs have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail KWhs. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in degree days) | (in degree days) | |||||||||||||||
Actual – Heating (a) | 177 | 230 | 3 | 4 | 180 | 234 | ||||||||||
Normal – Heating (b) | 187 | 191 | 3 | 3 | 190 | 194 | ||||||||||
Actual – Cooling (c) | 122 | 196 | 970 | 992 | 1,092 | 1,188 | ||||||||||
Normal – Cooling (b) | 123 | 119 | 934 | 927 | 1,057 | 1,046 |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Net Income | (in millions) | |||||
First Quarter of 2018 | $ | 46.8 | ||||||
Second Quarter of 2018 | $ | 46.5 | ||||||
Changes in Gross Margin: | ||||||||
Retail Margins | (11.8 | ) | (0.8 | ) | ||||
Off-system Sales | 21.5 | 21.1 | ||||||
Transmission Revenues | 12.0 | 26.4 | ||||||
Other Revenues | (3.1 | ) | 0.3 | |||||
Total Change in Gross Margin | 18.6 | 47.0 | ||||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | 3.4 | (60.0 | ) | |||||
Depreciation and Amortization | (28.9 | ) | (34.1 | ) | ||||
Taxes Other Than Income Taxes | (4.1 | ) | (0.4 | ) | ||||
Interest Income | (0.1 | ) | ||||||
Allowance for Equity Funds Used During Construction | (3.7 | ) | ||||||
Other Income | (0.8 | ) | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.3 | ) | (0.2 | ) | ||||
Interest Expense | (2.4 | ) | 17.1 | |||||
Total Change in Expenses and Other | (36.1 | ) | (78.4 | ) | ||||
Income Tax Expense | 5.1 | |||||||
Income Tax Expense (Benefit) | 65.5 | |||||||
First Quarter of 2019 | $ | 34.4 | ||||||
Second Quarter of 2019 | $ | 80.6 |
• | Retail Margins decreased |
• | Margins from Off-system Sales increased |
• | Transmission Revenues increased |
• | Other Operation and Maintenance expenses |
• | Depreciation and Amortization expenses increased |
• | Interest Expense decreased $17 million primarily due to the deferral of previously recorded interest expense approved for recovery as a result of the Texas Storm Cost Securitization financing order issued by the PUCT in June 2019. |
• | Income Tax Expense (Benefit) decreased $66 million primarily due to the amortization of Excess ADIT not subject to normalization requirements as approved in the Texas Storm Cost Securitization financing order issued by the PUCT in June 2019. This decrease was partially offset in Other Operation and Maintenance expenses above. |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Net Income | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 93.3 | ||
Changes in Gross Margin: | ||||
Retail Margins | (12.6 | ) | ||
Off-system Sales | 42.6 | |||
Transmission Revenues | 38.4 | |||
Other Revenues | (2.8 | ) | ||
Total Change in Gross Margin | 65.6 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (56.6 | ) | ||
Depreciation and Amortization | (63.0 | ) | ||
Taxes Other Than Income Taxes | (4.5 | ) | ||
Other Income | (4.6 | ) | ||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.5 | ) | ||
Interest Expense | 14.7 | |||
Total Change in Expenses and Other | (114.5 | ) | ||
Income Tax Expense (Benefit) | 70.6 | |||
Six Months Ended June 30, 2019 | $ | 115.0 |
• | Retail Margins decreased $13 million primarily due to the following: |
• | Margins from Off-system Sales increased $43 million due to higher affiliated PPA revenues, which were offset by corresponding increases in Other Operation and Maintenance expenses and Depreciation and Amortization expenses below. |
• | Transmission Revenues increased $38 million primarily due to recovery of increased transmission investment in ERCOT. |
• | Other Revenues decreased $3 million primarily due to securitization revenue related to Transition Funding. This decrease was offset below in Depreciation and Amortization expenses and in Interest Expense. |
• | Other Operation and Maintenance expenses increased $57 million primarily due to the following: |
• | Depreciation and Amortization expenses increased $63 million primarily due to the following: |
• | Taxes Other Than Income Taxes increased |
• |
• |
• | Income Tax Expense (Benefit) decreased $71 million primarily due to the amortization of Excess ADIT not subject to normalization |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Electric Transmission and Distribution | $ | 349.8 | $ | 352.4 | $ | 395.1 | $ | 370.1 | $ | 744.9 | $ | 722.5 | ||||||||||||
Sales to AEP Affiliates | 40.2 | 18.2 | 42.2 | 17.6 | 82.4 | 35.8 | ||||||||||||||||||
Other Revenues | 0.7 | 1.0 | 0.7 | 0.6 | 1.4 | 1.6 | ||||||||||||||||||
TOTAL REVENUES | 390.7 | 371.6 | 438.0 | 388.3 | 828.7 | 759.9 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 9.4 | 8.9 | 8.5 | 5.8 | 17.9 | 14.7 | ||||||||||||||||||
Other Operation | 109.8 | 117.0 | 111.2 | 118.0 | 221.0 | 235.0 | ||||||||||||||||||
Maintenance | 25.3 | 21.5 | 89.9 | 23.1 | 115.2 | 44.6 | ||||||||||||||||||
Depreciation and Amortization | 138.9 | 110.0 | 155.7 | 121.6 | 294.6 | 231.6 | ||||||||||||||||||
Taxes Other Than Income Taxes | 36.5 | 32.4 | 34.0 | 33.6 | 70.5 | 66.0 | ||||||||||||||||||
TOTAL EXPENSES | 319.9 | 289.8 | 399.3 | 302.1 | 719.2 | 591.9 | ||||||||||||||||||
OPERATING INCOME | 70.8 | 81.8 | 38.7 | 86.2 | 109.5 | 168.0 | ||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||
Interest Income | 0.4 | 0.5 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 1.8 | 5.5 | ||||||||||||||||||||||
Other Income | 2.1 | 2.9 | 4.3 | 8.9 | ||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.8 | 3.1 | 2.8 | 3.0 | 5.6 | 6.1 | ||||||||||||||||||
Interest Expense | (37.4 | ) | (35.0 | ) | (19.5 | ) | (36.6 | ) | (56.9 | ) | (71.6 | ) | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 38.4 | 55.9 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 24.1 | 55.5 | 62.5 | 111.4 | ||||||||||||||||||||
Income Tax Expense | 4.0 | 9.1 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | (56.5 | ) | 9.0 | (52.5 | ) | 18.1 | ||||||||||||||||||
NET INCOME | $ | 34.4 | $ | 46.8 | $ | 80.6 | $ | 46.5 | $ | 115.0 | $ | 93.3 |
The common stock of AEP Texas is wholly-owned by Parent. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Net Income | $ | 34.4 | $ | 46.8 | $ | 80.6 | $ | 46.5 | $ | 115.0 | $ | 93.3 | |||||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAXES | |||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0.1 and $0.1 in 2019 and 2018, Respectively | 0.3 | 0.2 | |||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0 and $0 in 2019 and 2018, Respectively | — | 0.1 | |||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0 and $0 for the Three Months Ended June 30, 2019 and 2018, Respectively, and $0.1 and $0.1 for the Six Months Ended June 30, 2019 and 2018, Respectively | 0.2 | 0.3 | 0.5 | 0.5 | |||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0 and $0 for the Three Months Ended June 30, 2019 and 2018, Respectively, and $0 and $0 for the Six Months Ended June 30, 2019 and 2018, Respectively | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME | 0.3 | 0.3 | 0.3 | 0.3 | 0.6 | 0.6 | |||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 34.7 | $ | 47.1 | $ | 80.9 | $ | 46.8 | $ | 115.6 | $ | 93.9 |
Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 1,057.9 | $ | 1,124.6 | $ | (12.6 | ) | $ | 2,169.9 | $ | 1,057.9 | $ | 1,124.6 | $ | (12.6 | ) | $ | 2,169.9 | ||||||||||||||
Capital Contribution from Parent | 100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||||||||||||||||||
ASU 2018-02 Adoption | 1.8 | (2.7 | ) | (0.9 | ) | 1.8 | (2.7 | ) | (0.9 | ) | ||||||||||||||||||||||
Net Income | 46.8 | 46.8 | 46.8 | 46.8 | ||||||||||||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2018 | $ | 1,157.9 | $ | 1,173.2 | $ | (15.0 | ) | $ | 2,316.1 | 1,157.9 | 1,173.2 | (15.0 | ) | 2,316.1 | ||||||||||||||||||
Net Income | 46.5 | 46.5 | ||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2018 | $ | 1,157.9 | $ | 1,219.7 | $ | (14.7 | ) | $ | 2,362.9 | |||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2018 | $ | 1,257.9 | $ | 1,337.7 | $ | (15.1 | ) | $ | 2,580.5 | $ | 1,257.9 | $ | 1,337.7 | $ | (15.1 | ) | $ | 2,580.5 | ||||||||||||||
Capital Contribution from Parent | 200.0 | 200.0 | 200.0 | 200.0 | ||||||||||||||||||||||||||||
Net Income | 34.4 | 34.4 | 34.4 | 34.4 | ||||||||||||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2019 | $ | 1,457.9 | $ | 1,372.1 | $ | (14.8 | ) | $ | 2,815.2 | 1,457.9 | 1,372.1 | (14.8 | ) | 2,815.2 | ||||||||||||||||||
Net Income | 80.6 | 80.6 | ||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2019 | $ | 1,457.9 | $ | 1,452.7 | $ | (14.5 | ) | $ | 2,896.1 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and Cash Equivalents | $ | 0.1 | $ | 3.1 | $ | 0.1 | $ | 3.1 | ||||||||
Restricted Cash for Securitized Transition Funding | 100.6 | 156.7 | 125.4 | 156.7 | ||||||||||||
Advances to Affiliates | 7.7 | 8.0 | 7.7 | 8.0 | ||||||||||||
Accounts Receivable: | ||||||||||||||||
Customers | 125.5 | 110.9 | 142.7 | 110.9 | ||||||||||||
Affiliated Companies | 15.9 | 15.0 | 20.4 | 15.0 | ||||||||||||
Accrued Unbilled Revenues | 63.0 | 70.4 | 81.4 | 70.4 | ||||||||||||
Miscellaneous | 1.8 | 1.9 | 0.2 | 1.9 | ||||||||||||
Allowance for Uncollectible Accounts | (1.5 | ) | (1.3 | ) | (1.6 | ) | (1.3 | ) | ||||||||
Total Accounts Receivable | 204.7 | 196.9 | 243.1 | 196.9 | ||||||||||||
Fuel | 8.5 | 8.8 | 6.4 | 8.8 | ||||||||||||
Materials and Supplies | 54.1 | 52.8 | 54.4 | 52.8 | ||||||||||||
Accrued Tax Benefits | 24.3 | 44.9 | 45.6 | 44.9 | ||||||||||||
Prepayments and Other Current Assets | 4.8 | 5.3 | 3.4 | 5.3 | ||||||||||||
TOTAL CURRENT ASSETS | 404.8 | 476.5 | 486.1 | 476.5 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||
Electric: | ||||||||||||||||
Generation | 352.0 | 352.1 | 351.8 | 352.1 | ||||||||||||
Transmission | 3,777.7 | 3,683.6 | 3,946.9 | 3,683.6 | ||||||||||||
Distribution | 4,100.6 | 4,043.2 | 4,064.9 | 4,043.2 | ||||||||||||
Other Property, Plant and Equipment | 734.5 | 727.9 | 766.7 | 727.9 | ||||||||||||
Construction Work in Progress | 941.8 | 836.2 | 963.0 | 836.2 | ||||||||||||
Total Property, Plant and Equipment | 9,906.6 | 9,643.0 | 10,093.3 | 9,643.0 | ||||||||||||
Accumulated Depreciation and Amortization | 1,686.6 | 1,651.2 | 1,712.6 | 1,651.2 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 8,220.0 | 7,991.8 | 8,380.7 | 7,991.8 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||||
Regulatory Assets | 426.7 | 430.0 | 483.5 | 430.0 | ||||||||||||
Securitized Transition Assets (March 31, 2019 and December 31, 2018 Amounts Include $582.8 and $636.8, Respectively, Related to Transition Funding) | 592.9 | 649.1 | ||||||||||||||
Securitized Transition Assets (June 30, 2019 and December 31, 2018 Amounts Include $528.9 and $636.8 Respectively, Related to Transition Funding) | 536.9 | 649.1 | ||||||||||||||
Deferred Charges and Other Noncurrent Assets | 212.0 | 56.3 | 181.5 | 56.3 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 1,231.6 | 1,135.4 | 1,201.9 | 1,135.4 | ||||||||||||
TOTAL ASSETS | $ | 9,856.4 | $ | 9,603.7 | $ | 10,068.7 | $ | 9,603.7 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Advances from Affiliates | $ | 271.2 | $ | 216.0 | $ | 239.0 | $ | 216.0 | ||||||||
Accounts Payable: | ||||||||||||||||
General | 242.0 | 276.5 | 238.4 | 276.5 | ||||||||||||
Affiliated Companies | 22.6 | 30.3 | 22.4 | 30.3 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (March 31, 2019 and December 31, 2018 Amounts Include $258.6 and $251.1, Respectively, Related to Transition Funding) | 508.6 | 501.1 | ||||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (June 30, 2019 and December 31, 2018 Amounts Include $259.2 and $251.1, Respectively, Related to Transition Funding) | 309.9 | 501.1 | ||||||||||||||
Risk Management Liabilities | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||
Accrued Taxes | 112.4 | 75.5 | 102.6 | 75.5 | ||||||||||||
Accrued Interest (March 31, 2019 and December 31, 2018 Amounts Include $7.4 and $11.3, Respectively, Related to Transition Funding) | 50.7 | 37.3 | ||||||||||||||
Accrued Interest (June 30, 2019 and December 31, 2018 Amounts Include $8.5 and $11.3 Respectively, Related to Transition Funding) | 36.3 | 37.3 | ||||||||||||||
Oklaunion Purchase Power Agreement | 25.8 | 24.3 | 27.2 | 24.3 | ||||||||||||
Obligations Under Operating Leases | 12.2 | — | 11.6 | — | ||||||||||||
Other Current Liabilities | 82.4 | 98.3 | 85.1 | 98.3 | ||||||||||||
TOTAL CURRENT LIABILITIES | 1,328.1 | 1,259.5 | 1,072.7 | 1,259.5 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||||
Long-term Debt – Nonaffiliated (March 31, 2019 and December 31, 2018 Amounts Include $429.4 and $540.1, Respectively, Related to Transition Funding) | 3,269.7 | 3,380.2 | ||||||||||||||
Long-term Debt ��� Nonaffiliated (June 30, 2019 and December 31, 2018 Amounts Include $400.8 and $540.1 Respectively, Related to Transition Funding) | 3,684.7 | 3,380.2 | ||||||||||||||
Deferred Income Taxes | 908.8 | 913.1 | 927.9 | 913.1 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,344.1 | 1,344.3 | 1,299.6 | 1,344.3 | ||||||||||||
Oklaunion Purchase Power Agreement | 15.1 | 22.1 | 7.7 | 22.1 | ||||||||||||
Obligations Under Operating Leases | 70.2 | — | 69.9 | — | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 105.2 | 104.0 | 110.1 | 104.0 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 5,713.1 | 5,763.7 | 6,099.9 | 5,763.7 | ||||||||||||
TOTAL LIABILITIES | 7,041.2 | 7,023.2 | 7,172.6 | 7,023.2 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||||
Paid-in Capital | 1,457.9 | 1,257.9 | 1,457.9 | 1,257.9 | ||||||||||||
Retained Earnings | 1,372.1 | 1,337.7 | 1,452.7 | 1,337.7 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (14.8 | ) | (15.1 | ) | (14.5 | ) | (15.1 | ) | ||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,815.2 | 2,580.5 | 2,896.1 | 2,580.5 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 9,856.4 | $ | 9,603.7 | $ | 10,068.7 | $ | 9,603.7 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net Income | $ | 34.4 | $ | 46.8 | $ | 115.0 | $ | 93.3 | ||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||||
Depreciation and Amortization | 138.9 | 110.0 | 294.6 | 231.6 | ||||||||||||
Deferred Income Taxes | (11.0 | ) | (4.4 | ) | (59.9 | ) | 24.9 | |||||||||
Allowance for Equity Funds Used During Construction | (1.8 | ) | (5.5 | ) | (3.2 | ) | (9.4 | ) | ||||||||
Mark-to-Market of Risk Management Contracts | — | 0.2 | ||||||||||||||
Property Taxes | (73.8 | ) | (56.1 | ) | (45.0 | ) | (38.4 | ) | ||||||||
Change in Other Noncurrent Assets | (3.2 | ) | (12.7 | ) | 24.4 | (36.1 | ) | |||||||||
Change in Other Noncurrent Liabilities | (5.7 | ) | 6.5 | 5.6 | 21.6 | |||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||||
Accounts Receivable, Net | (7.8 | ) | 1.8 | (46.2 | ) | (67.1 | ) | |||||||||
Fuel, Materials and Supplies | (1.0 | ) | (0.2 | ) | 0.8 | 0.5 | ||||||||||
Accounts Payable | 4.2 | (25.9 | ) | 1.8 | (29.6 | ) | ||||||||||
Accrued Taxes, Net | 57.5 | 25.2 | 26.4 | 37.5 | ||||||||||||
Other Current Assets | 0.5 | (1.6 | ) | 2.0 | 1.6 | |||||||||||
Other Current Liabilities | (4.4 | ) | (5.1 | ) | (21.8 | ) | (5.5 | ) | ||||||||
Net Cash Flows from Operating Activities | 126.8 | 79.0 | 294.5 | 224.9 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Construction Expenditures | (343.1 | ) | (481.6 | ) | (671.6 | ) | (792.8 | ) | ||||||||
Change in Advances to Affiliates, Net | 0.3 | 103.8 | 0.3 | 84.8 | ||||||||||||
Other Investing Activities | 6.2 | 13.4 | 7.6 | 19.2 | ||||||||||||
Net Cash Flows Used for Investing Activities | (336.6 | ) | (364.4 | ) | (663.7 | ) | (688.8 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Capital Contribution from Parent | 200.0 | 100.0 | 200.0 | 100.0 | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 295.6 | 494.5 | ||||||||||||||
Change in Advances from Affiliates, Net | 55.2 | 232.7 | 23.0 | — | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (103.5 | ) | (96.5 | ) | (181.8 | ) | (154.1 | ) | ||||||||
Principal Payments for Finance Lease Obligations | (1.2 | ) | (1.1 | ) | (2.5 | ) | (2.3 | ) | ||||||||
Other Financing Activities | 0.2 | 0.3 | 0.6 | 0.6 | ||||||||||||
Net Cash Flows from Financing Activities | 150.7 | 235.4 | 334.9 | 438.7 | ||||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash for Securitized Transition Funding | (59.1 | ) | (50.0 | ) | (34.3 | ) | (25.2 | ) | ||||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Transition Funding at Beginning of Period | 159.8 | 157.2 | 159.8 | 157.2 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Transition Funding at End of Period | $ | 100.7 | $ | 107.2 | $ | 125.5 | $ | 132.0 | ||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 22.4 | $ | 27.8 | $ | 73.4 | $ | 69.3 | ||||||||
Net Cash Paid (Received) for Income Taxes | (5.6 | ) | — | 14.4 | (22.4 | ) | ||||||||||
Noncash Acquisitions Under Finance Leases | 2.4 | 4.0 | 4.4 | 6.3 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 195.7 | 169.3 | ||||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 192.9 | 186.8 |
As of March 31, | As of June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
Plant In Service | $ | 6,755.0 | $ | 5,595.4 | $ | 7,122.5 | $ | 5,840.5 | ||||||||
Construction Work in Progress | 1,812.2 | 1,512.6 | 1,785.0 | 1,585.9 | ||||||||||||
Accumulated Depreciation and Amortization | 306.7 | 192.7 | 336.6 | 210.5 | ||||||||||||
Total Transmission Property, Net | $ | 8,260.5 | $ | 6,915.3 | $ | 8,570.9 | $ | 7,215.9 |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Net Income | (in millions) | |||||
First Quarter of 2018 | $ | 84.1 | ||||||
Second Quarter of 2018 | $ | 82.0 | ||||||
Changes in Transmission Revenues: | ||||||||
Transmission Revenues | 51.8 | 66.8 | ||||||
Total Change in Transmission Revenues | 51.8 | 66.8 | ||||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | (1.0 | ) | (0.5 | ) | ||||
Depreciation and Amortization | (10.0 | ) | (10.5 | ) | ||||
Taxes Other Than Income Taxes | (10.3 | ) | (5.3 | ) | ||||
Interest Income | 0.3 | 0.2 | ||||||
Allowance for Equity Funds Used During Construction | (3.6 | ) | 13.0 | |||||
Interest Expense | (1.4 | ) | (0.8 | ) | ||||
Total Change in Expenses and Other | (26.0 | ) | (3.9 | ) | ||||
Income Tax Expense | (5.6 | ) | (8.9 | ) | ||||
First Quarter of 2019 | $ | 104.3 | ||||||
Second Quarter of 2019 | $ | 136.0 |
• | Transmission Revenues increased |
• | Depreciation and Amortization expenses increased |
• | Taxes Other Than Income Taxes increased |
• | Allowance for Equity Funds Used During Construction |
• | Income Tax Expense increased |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Net Income | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 166.1 | ||
Changes in Transmission Revenues: | ||||
Transmission Revenues | 118.6 | |||
Total Change in Transmission Revenues | 118.6 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (1.5 | ) | ||
Depreciation and Amortization | (20.5 | ) | ||
Taxes Other Than Income Taxes | (15.6 | ) | ||
Interest Income | 0.5 | |||
Allowance for Equity Funds Used During Construction | 9.4 | |||
Interest Expense | (2.2 | ) | ||
Total Change in Expenses and Other | (29.9 | ) | ||
Income Tax Expense | (14.5 | ) | ||
Six Months Ended June 30, 2019 | $ | 240.3 |
• | Transmission Revenues increased $119 million primarily due to continued investment in transmission assets. |
• | Depreciation and Amortization expenses increased $21 million primarily due to a higher depreciable base. |
• | Taxes Other Than Income Taxes increased $16 million primarily due to higher property taxes as a result of increased transmission investment. |
• | Allowance for Equity Funds Used During Construction increased $9 millionprimarily due to the following: |
• | Income Tax Expense increased $15 million primarily due to higher pretax book income with a partial offset due to the FERC’s approval of a settlement agreement. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Transmission Revenues | $ | 50.3 | $ | 30.9 | $ | 57.8 | $ | 55.4 | $ | 108.1 | $ | 86.3 | ||||||||||||
Sales to AEP Affiliates | 193.2 | 160.7 | 209.1 | 144.7 | 402.3 | 305.4 | ||||||||||||||||||
Other Revenues | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
TOTAL REVENUES | 243.5 | 191.7 | 266.9 | 200.1 | 510.4 | 391.8 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Other Operation | 17.0 | 16.6 | 18.7 | 18.5 | 35.7 | 35.1 | ||||||||||||||||||
Maintenance | 3.2 | 2.6 | 2.5 | 2.2 | 5.7 | 4.8 | ||||||||||||||||||
Depreciation and Amortization | 40.3 | 30.3 | 42.8 | 32.3 | 83.1 | 62.6 | ||||||||||||||||||
Taxes Other Than Income Taxes | 41.4 | 31.1 | 41.9 | 36.6 | 83.3 | 67.7 | ||||||||||||||||||
TOTAL EXPENSES | 101.9 | 80.6 | 105.9 | 89.6 | 207.8 | 170.2 | ||||||||||||||||||
OPERATING INCOME | 141.6 | 111.1 | 161.0 | 110.5 | 302.6 | 221.6 | ||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||
Interest Income | 0.7 | 0.4 | 0.6 | 0.4 | 1.3 | 0.8 | ||||||||||||||||||
Allowance for Equity Funds Used During Construction | 11.3 | 14.9 | 28.8 | 15.8 | 40.1 | 30.7 | ||||||||||||||||||
Interest Expense | (21.7 | ) | (20.3 | ) | (21.4 | ) | (20.6 | ) | (43.1 | ) | (40.9 | ) | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 131.9 | 106.1 | 169.0 | 106.1 | 300.9 | 212.2 | ||||||||||||||||||
Income Tax Expense | 27.6 | 22.0 | 33.0 | 24.1 | 60.6 | 46.1 | ||||||||||||||||||
NET INCOME | $ | 104.3 | $ | 84.1 | $ | 136.0 | $ | 82.0 | $ | 240.3 | $ | 166.1 |
The 2018 amounts presented reflect the revisions made to AEPTCo’s previously issued financial statements. |
Paid-in Capital | Retained Earnings | Total Member’s Equity | ||||||||||
TOTAL MEMBER’S EQUITY – DECEMBER 31, 2017 | $ | 1,816.6 | $ | 773.3 | $ | 2,589.9 | ||||||
Capital Contributions from Member | 65.0 | 65.0 | ||||||||||
Net Income | 84.1 | 84.1 | ||||||||||
TOTAL MEMBER’S EQUITY – MARCH 31, 2018 | $ | 1,881.6 | $ | 857.4 | $ | 2,739.0 | ||||||
TOTAL MEMBER’S EQUITY – DECEMBER 31, 2018 | $ | 2,480.6 | $ | 1,089.2 | $ | 3,569.8 | ||||||
Net Income | 104.3 | 104.3 | ||||||||||
TOTAL MEMBER’S EQUITY – MARCH 31, 2019 | $ | 2,480.6 | $ | 1,193.5 | $ | 3,674.1 |
Paid-in Capital | Retained Earnings | Total | ||||||||||
TOTAL MEMBER'S EQUITY – DECEMBER 31, 2017 | $ | 1,816.6 | $ | 773.3 | $ | 2,589.9 | ||||||
Capital Contributions from Member | 65.0 | 65.0 | ||||||||||
Net Income | 84.1 | 84.1 | ||||||||||
TOTAL MEMBER'S EQUITY – MARCH 31, 2018 | 1,881.6 | 857.4 | 2,739.0 | |||||||||
Capital Contributions from Member | 312.0 | 312.0 | ||||||||||
Net Income | 82.0 | 82.0 | ||||||||||
TOTAL MEMBER'S EQUITY – JUNE 30, 2018 | $ | 2,193.6 | $ | 939.4 | $ | 3,133.0 | ||||||
TOTAL MEMBER'S EQUITY – DECEMBER 31, 2018 | $ | 2,480.6 | $ | 1,089.2 | $ | 3,569.8 | ||||||
Net Income | 104.3 | 104.3 | ||||||||||
TOTAL MEMBER'S EQUITY – MARCH 31, 2019 | 2,480.6 | 1,193.5 | 3,674.1 | |||||||||
Net Income | 136.0 | 136.0 | ||||||||||
TOTAL MEMBER'S EQUITY – JUNE 30, 2019 | $ | 2,480.6 | $ | 1,329.5 | $ | 3,810.1 |
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
CURRENT ASSETS | ||||||||
Advances to Affiliates | $ | 51.2 | $ | 96.9 | ||||
Accounts Receivable: | ||||||||
Customers | 27.3 | 11.8 | ||||||
Affiliated Companies | 84.2 | 61.0 | ||||||
Total Accounts Receivable | 111.5 | 72.8 | ||||||
Materials and Supplies | 17.2 | 19.0 | ||||||
Accrued Tax Benefits | 11.3 | 33.4 | ||||||
Prepayments and Other Current Assets | 3.3 | 3.4 | ||||||
TOTAL CURRENT ASSETS | 194.5 | 225.5 | ||||||
TRANSMISSION PROPERTY | ||||||||
Transmission Property | 6,900.3 | 6,515.8 | ||||||
Other Property, Plant and Equipment | 222.2 | 174.0 | ||||||
Construction Work in Progress | 1,785.0 | 1,578.3 | ||||||
Total Transmission Property | 8,907.5 | 8,268.1 | ||||||
Accumulated Depreciation and Amortization | 336.6 | 271.9 | ||||||
TOTAL TRANSMISSION PROPERTY – NET | 8,570.9 | 7,996.2 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Accounts Receivable – Affiliated Companies | 7.8 | — | ||||||
Regulatory Assets | 9.8 | 12.9 | ||||||
Deferred Property Taxes | 89.6 | 157.9 | ||||||
Deferred Charges and Other Noncurrent Assets | 6.6 | 1.6 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 113.8 | 172.4 | ||||||
TOTAL ASSETS | $ | 8,879.2 | $ | 8,394.1 |
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 20.5 | $ | 45.4 | ||||
Accounts Payable: | ||||||||
General | 270.4 | 347.2 | ||||||
Affiliated Companies | 63.0 | 56.0 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 85.0 | 85.0 | ||||||
Accrued Taxes | 223.7 | 288.9 | ||||||
Accrued Interest | 16.3 | 15.9 | ||||||
Obligations Under Operating Leases | 2.6 | — | ||||||
Other Current Liabilities | 30.5 | 3.8 | ||||||
TOTAL CURRENT LIABILITIES | 712.0 | 842.2 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 3,082.9 | 2,738.0 | ||||||
Deferred Income Taxes | 730.5 | 704.4 | ||||||
Regulatory Liabilities | 534.4 | 521.3 | ||||||
Obligations Under Operating Leases | 2.8 | — | ||||||
Deferred Credits and Other Noncurrent Liabilities | 6.5 | 18.4 | ||||||
TOTAL NONCURRENT LIABILITIES | 4,357.1 | 3,982.1 | ||||||
TOTAL LIABILITIES | 5,069.1 | 4,824.3 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
MEMBER’S EQUITY | ||||||||
Paid-in Capital | 2,480.6 | 2,480.6 | ||||||
Retained Earnings | 1,329.5 | 1,089.2 | ||||||
TOTAL MEMBER’S EQUITY | 3,810.1 | 3,569.8 | ||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 8,879.2 | $ | 8,394.1 |
March 31, | December 31, | |||||||
2019 | 2018 | |||||||
CURRENT ASSETS | ||||||||
Advances to Affiliates | $ | 73.5 | $ | 96.9 | ||||
Accounts Receivable: | ||||||||
Customers | 19.0 | 11.8 | ||||||
Affiliated Companies | 68.8 | 61.0 | ||||||
Miscellaneous | 0.2 | — | ||||||
Total Accounts Receivable | 88.0 | 72.8 | ||||||
Materials and Supplies | 19.6 | 19.0 | ||||||
Accrued Tax Benefits | 19.1 | 33.4 | ||||||
Prepayments and Other Current Assets | 2.9 | 3.4 | ||||||
TOTAL CURRENT ASSETS | 203.1 | 225.5 | ||||||
TRANSMISSION PROPERTY | ||||||||
Transmission Property | 6,580.6 | 6,515.8 | ||||||
Other Property, Plant and Equipment | 174.4 | 174.0 | ||||||
Construction Work in Progress | 1,812.2 | 1,578.3 | ||||||
Total Transmission Property | 8,567.2 | 8,268.1 | ||||||
Accumulated Depreciation and Amortization | 306.7 | 271.9 | ||||||
TOTAL TRANSMISSION PROPERTY – NET | 8,260.5 | 7,996.2 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 10.5 | 12.9 | ||||||
Deferred Property Taxes | 134.7 | 157.9 | ||||||
Deferred Charges and Other Noncurrent Assets | 7.3 | 1.6 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 152.5 | 172.4 | ||||||
TOTAL ASSETS | $ | 8,616.1 | $ | 8,394.1 |
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 240.3 | $ | 166.1 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 83.1 | 62.6 | ||||||
Deferred Income Taxes | 19.7 | 49.9 | ||||||
Allowance for Equity Funds Used During Construction | (40.1 | ) | (30.7 | ) | ||||
Property Taxes | 68.3 | 44.7 | ||||||
Long-term Accounts Receivable – Affiliated | (7.8 | ) | (6.2 | ) | ||||
Change in Other Noncurrent Assets | 3.6 | (6.7 | ) | |||||
Change in Other Noncurrent Liabilities | (6.4 | ) | 17.8 | |||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable | (31.7 | ) | 8.5 | |||||
Materials and Supplies | 1.8 | (2.4 | ) | |||||
Accounts Payable | 6.3 | 3.4 | ||||||
Accrued Taxes, Net | (43.1 | ) | (29.8 | ) | ||||
Accrued Interest | 0.4 | (3.3 | ) | |||||
Other Current Assets | — | 0.4 | ||||||
Other Current Liabilities | (0.2 | ) | (28.2 | ) | ||||
Net Cash Flows from Operating Activities | 294.2 | 246.1 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (661.5 | ) | (855.4 | ) | ||||
Change in Advances to Affiliates, Net | 45.7 | 92.7 | ||||||
Acquisitions of Assets | (2.6 | ) | (13.1 | ) | ||||
Other Investing Activities | 4.8 | 1.1 | ||||||
Net Cash Flows Used for Investing Activities | (613.6 | ) | (774.7 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Capital Contributions from Member | — | 377.0 | ||||||
Issuance of Long-term Debt – Nonaffiliated | 344.3 | — | ||||||
Change in Advances from Affiliates, Net | (24.9 | ) | 151.8 | |||||
Other Financing Activities | — | (0.2 | ) | |||||
Net Cash Flows from Financing Activities | 319.4 | 528.6 | ||||||
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 | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 41.0 | $ | 43.1 | ||||
Net Cash Paid (Received) for Income Taxes | 17.4 | (20.4 | ) | |||||
Construction Expenditures Included in Current Liabilities as of June 30, | 278.5 | 241.1 |
The 2018 amounts presented reflect the revisions made to AEPTCo’s previously issued financial statements. |
March 31, | December 31, | |||||||
2019 | 2018 | |||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 223.1 | $ | 45.4 | ||||
Accounts Payable: | ||||||||
General | 258.0 | 347.2 | ||||||
Affiliated Companies | 67.0 | 56.0 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 85.0 | 85.0 | ||||||
Accrued Taxes | 242.5 | 288.9 | ||||||
Accrued Interest | 35.1 | 15.9 | ||||||
Obligations Under Operating Leases | 2.6 | — | ||||||
Other Current Liabilities | 20.3 | 3.8 | ||||||
TOTAL CURRENT LIABILITIES | 933.6 | 842.2 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 2,738.4 | 2,738.0 | ||||||
Deferred Income Taxes | 721.9 | 704.4 | ||||||
Regulatory Liabilities | 527.9 | 521.3 | ||||||
Obligations Under Operating Leases | 3.2 | — | ||||||
Deferred Credits and Other Noncurrent Liabilities | 17.0 | 18.4 | ||||||
TOTAL NONCURRENT LIABILITIES | 4,008.4 | 3,982.1 | ||||||
TOTAL LIABILITIES | 4,942.0 | 4,824.3 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
MEMBER’S EQUITY | ||||||||
Paid-in Capital | 2,480.6 | 2,480.6 | ||||||
Retained Earnings | 1,193.5 | 1,089.2 | ||||||
TOTAL MEMBER’S EQUITY | 3,674.1 | 3,569.8 | ||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 8,616.1 | $ | 8,394.1 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 104.3 | $ | 84.1 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 40.3 | 30.3 | ||||||
Deferred Income Taxes | 14.5 | 15.5 | ||||||
Allowance for Equity Funds Used During Construction | (11.3 | ) | (14.9 | ) | ||||
Property Taxes | 23.2 | 17.3 | ||||||
Change in Other Noncurrent Assets | 2.7 | 2.9 | ||||||
Change in Other Noncurrent Liabilities | 2.2 | 23.9 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | (8.2 | ) | (9.6 | ) | ||||
Materials and Supplies | (0.6 | ) | (1.9 | ) | ||||
Accounts Payable | 11.4 | (10.7 | ) | |||||
Accrued Taxes, Net | (32.1 | ) | (34.0 | ) | ||||
Accrued Interest | 19.2 | 23.3 | ||||||
Other Current Assets | 0.4 | 0.3 | ||||||
Other Current Liabilities | 0.2 | 0.6 | ||||||
Net Cash Flows from Operating Activities | 166.2 | 127.1 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (365.0 | ) | (571.8 | ) | ||||
Change in Advances to Affiliates, Net | 23.4 | 114.2 | ||||||
Acquisitions of Assets | (2.5 | ) | (1.8 | ) | ||||
Other Investing Activities | 0.3 | 1.0 | ||||||
Net Cash Flows Used for Investing Activities | (343.8 | ) | (458.4 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Capital Contributions from Member | — | 65.0 | ||||||
Change in Advances from Affiliates, Net | 177.7 | 266.4 | ||||||
Other Financing Activities | (0.1 | ) | (0.1 | ) | ||||
Net Cash Flows from Financing Activities | 177.6 | 331.3 | ||||||
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 (Received) for Interest, Net of Capitalized Amounts | $ | 1.6 | $ | (3.0 | ) | |||
Net Cash Paid (Received) for Income Taxes | (1.2 | ) | — | |||||
Construction Expenditures Included in Current Liabilities as of March 31, | 261.1 | 213.8 |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions of KWhs) | (in millions of KWhs) | |||||||||||||||
Retail: | ||||||||||||||||
Residential | 3,587 | 3,845 | 2,086 | 2,388 | 5,673 | 6,233 | ||||||||||
Commercial | 1,596 | 1,689 | 1,495 | 1,576 | 3,091 | 3,265 | ||||||||||
Industrial | 2,336 | 2,382 | 2,357 | 2,366 | 4,693 | 4,748 | ||||||||||
Miscellaneous | 219 | 224 | 205 | 205 | 424 | 429 | ||||||||||
Total Retail (a) | 7,738 | 8,140 | 6,143 | 6,535 | 13,881 | 14,675 | ||||||||||
Wholesale | 816 | 495 | 913 | 614 | 1,729 | 1,109 | ||||||||||
Total KWhs | 8,554 | 8,635 | 7,056 | 7,149 | 15,610 | 15,784 |
(a) | 2018 KWhs have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail KWhs. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in degree days) | (in degree days) | |||||||||||||||
Actual – Heating (a) | 1,252 | 1,389 | 43 | 129 | 1,295 | 1,518 | ||||||||||
Normal – Heating (b) | 1,312 | 1,317 | 92 | 91 | 1,404 | 1,408 | ||||||||||
Actual – Cooling (c) | — | 8 | 459 | 537 | 459 | 545 | ||||||||||
Normal – Cooling (b) | 7 | 7 | 372 | 363 | 379 | 370 |
(a) | Heating degree days are calculated on a 55 degree temperature base. |
(b) | Normal Heating/Cooling represents the thirty-year average of degree days. |
(c) | Cooling degree days are calculated on a 65 degree temperature base. |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Net Income | (in millions) | |||||
First Quarter of 2018 | $ | 125.5 | ||||||
Second Quarter of 2018 | $ | 77.4 | ||||||
Changes in Gross Margin: | ||||||||
Retail Margins | (59.3 | ) | (19.9 | ) | ||||
Off-system Sales | 1.7 | 0.3 | ||||||
Transmission Revenues | 12.3 | 0.8 | ||||||
Other Revenues | (1.3 | ) | 1.7 | |||||
Total Change in Gross Margin | (46.6 | ) | (17.1 | ) | ||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | 11.8 | (24.6 | ) | |||||
Depreciation and Amortization | (4.0 | ) | (11.8 | ) | ||||
Taxes Other Than Income Taxes | (2.1 | ) | (2.2 | ) | ||||
Interest Income | 0.5 | 0.4 | ||||||
Carrying Costs Income | (0.5 | ) | (0.5 | ) | ||||
Allowance for Equity Funds Used During Construction | (0.9 | ) | 3.1 | |||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.2 | ) | (0.2 | ) | ||||
Interest Expense | (1.9 | ) | (3.8 | ) | ||||
Total Change in Expenses and Other | 2.7 | (39.6 | ) | |||||
Income Tax Expense (Benefit) | 52.1 | 34.8 | ||||||
First Quarter of 2019 | $ | 133.7 | ||||||
Second Quarter of 2019 | $ | 55.5 |
• | Retail Margins decreased |
• |
• | Other Operation and Maintenance expenses |
• | Depreciation and Amortization expenses increased $12 million primarily due to a higher depreciable base and an increase in West Virginia depreciation rates beginning in March 2019. |
• | Interest Expense increased $4 million primarily due to higher long-term debt balances. |
• | Income Tax Expense (Benefit) decreased $35 million primarily due to an increase in amortization of Excess ADIT not subject to normalization requirements and a decrease in pretax book income. This decrease was partially offset in Gross Margin above. |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Net Income | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 202.9 | ||
Changes in Gross Margin: | ||||
Retail Margins | (79.2 | ) | ||
Off-system Sales | 2.0 | |||
Transmission Revenues | 13.1 | |||
Other Revenues | 0.4 | |||
Total Change in Gross Margin | (63.7 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (12.8 | ) | ||
Depreciation and Amortization | (15.8 | ) | ||
Taxes Other Than Income Taxes | (4.3 | ) | ||
Interest Income | 0.9 | |||
Carrying Costs Income | (1.0 | ) | ||
Allowance for Equity Funds Used During Construction | 2.2 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.4 | ) | ||
Interest Expense | (5.7 | ) | ||
Total Change in Expenses and Other | (36.9 | ) | ||
Income Tax Expense (Benefit) | 86.9 | |||
Six Months Ended June 30, 2019 | $ | 189.2 |
• | Retail Margins decreased $79 million primarily due to the following: |
• | Transmission Revenue increased $13 million primarily due to 2018 provisions for refunds. |
• | Other Operation and Maintenance expenses increased $13 million primarily due to the following: |
• | Depreciation and Amortization expenses increased |
• | Taxes Other Than Income Taxes increased $4 million primarily due to an increase in West Virginia business and occupational taxes. |
• | Interest Expense increased $6 million primarily due to higher long-term debt balances. |
• | Income Tax Expense (Benefit) |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 738.7 | $ | 767.5 | $ | 605.9 | $ | 618.8 | $ | 1,344.6 | $ | 1,386.3 | ||||||||||||
Sales to AEP Affiliates | 51.7 | 49.4 | 46.3 | 46.4 | 98.0 | 95.8 | ||||||||||||||||||
Other Revenues | 2.4 | 3.5 | 3.6 | 1.8 | 6.0 | 5.3 | ||||||||||||||||||
TOTAL REVENUES | 792.8 | 820.4 | 655.8 | 667.0 | 1,448.6 | 1,487.4 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 183.3 | 69.0 | 161.2 | 155.3 | 344.5 | 224.3 | ||||||||||||||||||
Purchased Electricity for Resale | 110.6 | 205.9 | 64.5 | 64.5 | 175.1 | 270.4 | ||||||||||||||||||
Other Operation | 136.9 | 138.2 | 138.9 | 109.9 | 275.8 | 248.1 | ||||||||||||||||||
Maintenance | 61.5 | 72.0 | 61.3 | 65.7 | 122.8 | 137.7 | ||||||||||||||||||
Depreciation and Amortization | 112.5 | 108.5 | 117.1 | 105.3 | 229.6 | 213.8 | ||||||||||||||||||
Taxes Other Than Income Taxes | 35.9 | 33.8 | 35.9 | 33.7 | 71.8 | 67.5 | ||||||||||||||||||
TOTAL EXPENSES | 640.7 | 627.4 | 578.9 | 534.4 | 1,219.6 | 1,161.8 | ||||||||||||||||||
OPERATING INCOME | 152.1 | 193.0 | 76.9 | 132.6 | 229.0 | 325.6 | ||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||
Interest Income | 0.8 | 0.3 | 1.0 | 0.6 | 1.8 | 0.9 | ||||||||||||||||||
Carrying Costs Income | — | 0.5 | — | 0.5 | — | 1.0 | ||||||||||||||||||
Allowance for Equity Funds Used During Construction | 1.7 | 2.6 | 6.0 | 2.9 | 7.7 | 5.5 | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 4.3 | 4.5 | 4.2 | 4.4 | 8.5 | 8.9 | ||||||||||||||||||
Interest Expense | (49.3 | ) | (47.4 | ) | (51.6 | ) | (47.8 | ) | (100.9 | ) | (95.2 | ) | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 109.6 | 153.5 | 36.5 | 93.2 | 146.1 | 246.7 | ||||||||||||||||||
Income Tax Expense (Benefit) | (24.1 | ) | 28.0 | (19.0 | ) | 15.8 | (43.1 | ) | 43.8 | |||||||||||||||
NET INCOME | $ | 133.7 | $ | 125.5 | $ | 55.5 | $ | 77.4 | $ | 189.2 | $ | 202.9 |
The common stock of APCo is wholly-owned by Parent. | ||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Net Income | $ | 133.7 | $ | 125.5 | $ | 55.5 | $ | 77.4 | $ | 189.2 | $ | 202.9 | |||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | |||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) in 2019 and 2018, Respectively | (0.2 | ) | (0.2 | ) | |||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.2) and $(0.2) in 2019 and 2018, Respectively | (0.6 | ) | (0.8 | ) | |||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0 and $0 for the Three Months Ended June 30, 2019 and 2018, Respectively, and $(0.1) and $(0.1) for the Six Months Ended June 30, 2019 and 2018, Respectively | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $(0.2) for the Three Months Ended June 30, 2019 and 2018, Respectively, and $(0.3) and $(0.4) for the Six Months Ended June 30, 2019 and 2018, Respectively | (0.7 | ) | (0.8 | ) | (1.3 | ) | (1.6 | ) | |||||||||||||||
TOTAL OTHER COMPREHENSIVE LOSS | (0.8 | ) | (1.0 | ) | (0.9 | ) | (1.0 | ) | (1.7 | ) | (2.0 | ) | |||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 132.9 | $ | 124.5 | $ | 54.6 | $ | 76.4 | $ | 187.5 | $ | 200.9 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 260.4 | $ | 1,828.7 | $ | 1,714.1 | $ | 1.3 | $ | 3,804.5 | $ | 260.4 | $ | 1,828.7 | $ | 1,714.1 | $ | 1.3 | $ | 3,804.5 | ||||||||||||||||||||
Common Stock Dividends | (40.0 | ) | (40.0 | ) | (40.0 | ) | (40.0 | ) | ||||||||||||||||||||||||||||||||
ASU 2018-02 Adoption | 0.1 | 0.3 | 0.4 | 0.1 | 0.3 | 0.4 | ||||||||||||||||||||||||||||||||||
Net Income | 125.5 | 125.5 | 125.5 | 125.5 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (1.0 | ) | (1.0 | ) | (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 | 260.4 | 1,828.7 | 1,799.7 | 0.6 | 3,889.4 | |||||||||||||||||||||||||
Common Stock Dividends | (40.0 | ) | (40.0 | ) | ||||||||||||||||||||||||||||||||||||
Net Income | 77.4 | 77.4 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (1.0 | ) | (1.0 | ) | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2018 | $ | 260.4 | $ | 1,828.7 | $ | 1,837.1 | $ | (0.4 | ) | $ | 3,925.8 | |||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2018 | $ | 260.4 | $ | 1,828.7 | $ | 1,922.0 | $ | (5.0 | ) | $ | 4,006.1 | $ | 260.4 | $ | 1,828.7 | $ | 1,922.0 | $ | (5.0 | ) | $ | 4,006.1 | ||||||||||||||||||
Common Stock Dividends | (50.0 | ) | (50.0 | ) | (50.0 | ) | (50.0 | ) | ||||||||||||||||||||||||||||||||
Net Income | 133.7 | 133.7 | 133.7 | 133.7 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.8 | ) | (0.8 | ) | (0.8 | ) | (0.8 | ) | ||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2019 | $ | 260.4 | $ | 1,828.7 | $ | 2,005.7 | $ | (5.8 | ) | $ | 4,089.0 | |||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - MARCH 31, 2019 | 260.4 | 1,828.7 | 2,005.7 | (5.8 | ) | 4,089.0 | ||||||||||||||||||||||||||||||||||
Common Stock Dividends | (50.0 | ) | (50.0 | ) | ||||||||||||||||||||||||||||||||||||
Net Income | 55.5 | 55.5 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.9 | ) | (0.9 | ) | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2019 | $ | 260.4 | $ | 1,828.7 | $ | 2,011.2 | $ | (6.7 | ) | $ | 4,093.6 |
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 2.3 | $ | 4.2 | ||||
Restricted Cash for Securitized Funding | 25.4 | 25.6 | ||||||
Advances to Affiliates | 22.7 | 23.0 | ||||||
Accounts Receivable: | ||||||||
Customers | 127.2 | 146.5 | ||||||
Affiliated Companies | 54.9 | 73.4 | ||||||
Accrued Unbilled Revenues | 43.8 | 63.5 | ||||||
Miscellaneous | 1.2 | 2.3 | ||||||
Allowance for Uncollectible Accounts | (2.2 | ) | (2.3 | ) | ||||
Total Accounts Receivable | 224.9 | 283.4 | ||||||
Fuel | 110.9 | 61.3 | ||||||
Materials and Supplies | 101.8 | 100.1 | ||||||
Risk Management Assets | 74.7 | 57.2 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 58.1 | 99.6 | ||||||
Prepayments and Other Current Assets | 29.6 | 44.3 | ||||||
TOTAL CURRENT ASSETS | 650.4 | 698.7 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 6,547.5 | 6,509.6 | ||||||
Transmission | 3,388.8 | 3,317.7 | ||||||
Distribution | 4,078.8 | 3,989.4 | ||||||
Other Property, Plant and Equipment | 517.0 | 485.8 | ||||||
Construction Work in Progress | 556.1 | 490.2 | ||||||
Total Property, Plant and Equipment | 15,088.2 | 14,792.7 | ||||||
Accumulated Depreciation and Amortization | 4,230.8 | 4,124.4 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 10,857.4 | 10,668.3 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 470.1 | 475.8 | ||||||
Securitized Assets | 246.6 | 258.7 | ||||||
Long-term Risk Management Assets | 0.4 | 0.9 | ||||||
Operating Lease Assets | 78.3 | — | ||||||
Deferred Charges and Other Noncurrent Assets | 176.1 | 188.1 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 971.5 | 923.5 | ||||||
TOTAL ASSETS | $ | 12,479.3 | $ | 12,290.5 |
March 31, | December 31, | |||||||
2019 | 2018 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 2.9 | $ | 4.2 | ||||
Restricted Cash for Securitized Funding | 18.3 | 25.6 | ||||||
Advances to Affiliates | 216.6 | 23.0 | ||||||
Accounts Receivable: | ||||||||
Customers | 144.4 | 146.5 | ||||||
Affiliated Companies | 60.3 | 73.4 | ||||||
Accrued Unbilled Revenues | 61.7 | 63.5 | ||||||
Miscellaneous | 1.1 | 2.3 | ||||||
Allowance for Uncollectible Accounts | (2.8 | ) | (2.3 | ) | ||||
Total Accounts Receivable | 264.7 | 283.4 | ||||||
Fuel | 69.9 | 61.3 | ||||||
Materials and Supplies | 102.1 | 100.1 | ||||||
Risk Management Assets | 12.9 | 57.2 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 78.8 | 99.6 | ||||||
Prepayments and Other Current Assets | 33.9 | 44.3 | ||||||
TOTAL CURRENT ASSETS | 800.1 | 698.7 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 6,531.5 | 6,509.6 | ||||||
Transmission | 3,330.1 | 3,317.7 | ||||||
Distribution | 4,014.6 | 3,989.4 | ||||||
Other Property, Plant and Equipment | 504.5 | 485.8 | ||||||
Construction Work in Progress | 524.9 | 490.2 | ||||||
Total Property, Plant and Equipment | 14,905.6 | 14,792.7 | ||||||
Accumulated Depreciation and Amortization | 4,174.9 | 4,124.4 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 10,730.7 | 10,668.3 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 469.6 | 475.8 | ||||||
Securitized Assets | 252.7 | 258.7 | ||||||
Long-term Risk Management Assets | 0.3 | 0.9 | ||||||
Operating Lease Assets | 79.1 | — | ||||||
Deferred Charges and Other Noncurrent Assets | 194.9 | 188.1 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 996.6 | 923.5 | ||||||
TOTAL ASSETS | $ | 12,527.4 | $ | 12,290.5 |
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
(in millions) | ||||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 26.1 | $ | 205.6 | ||||
Accounts Payable: | ||||||||
General | 290.7 | 263.8 | ||||||
Affiliated Companies | 67.5 | 84.0 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 150.0 | 430.7 | ||||||
Risk Management Liabilities | 4.6 | 0.4 | ||||||
Customer Deposits | 87.2 | 88.4 | ||||||
Accrued Taxes | 84.8 | 89.3 | ||||||
Accrued Interest | 47.0 | 41.5 | ||||||
Obligations Under Operating Leases | 14.9 | — | ||||||
Other Current Liabilities | 108.7 | 150.3 | ||||||
TOTAL CURRENT LIABILITIES | 881.5 | 1,354.0 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 4,224.8 | 3,631.9 | ||||||
Long-term Risk Management Liabilities | 0.1 | 0.2 | ||||||
Deferred Income Taxes | 1,633.4 | 1,625.8 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,363.6 | 1,449.7 | ||||||
Asset Retirement Obligations | 105.5 | 107.1 | ||||||
Employee Benefits and Pension Obligations | 53.8 | 57.1 | ||||||
Obligations Under Operating Leases | 63.8 | — | ||||||
Deferred Credits and Other Noncurrent Liabilities | 59.2 | 58.6 | ||||||
TOTAL NONCURRENT LIABILITIES | 7,504.2 | 6,930.4 | ||||||
TOTAL LIABILITIES | 8,385.7 | 8,284.4 | ||||||
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 | 2,011.2 | 1,922.0 | ||||||
Accumulated Other Comprehensive Income (Loss) | (6.7 | ) | (5.0 | ) | ||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 4,093.6 | 4,006.1 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 12,479.3 | $ | 12,290.5 |
March 31, | December 31, | |||||||
2019 | 2018 | |||||||
(in millions) | ||||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | — | $ | 205.6 | ||||
Accounts Payable: | ||||||||
General | 218.7 | 263.8 | ||||||
Affiliated Companies | 80.8 | 84.0 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 345.0 | 430.7 | ||||||
Risk Management Liabilities | 6.1 | 0.4 | ||||||
Customer Deposits | 88.3 | 88.4 | ||||||
Accrued Taxes | 92.3 | 89.3 | ||||||
Accrued Interest | 74.2 | 41.5 | ||||||
Obligations Under Operating Leases | 15.0 | — | ||||||
Other Current Liabilities | 103.7 | 150.3 | ||||||
TOTAL CURRENT LIABILITIES | 1,024.1 | 1,354.0 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 4,099.0 | 3,631.9 | ||||||
Long-term Risk Management Liabilities | 0.2 | 0.2 | ||||||
Deferred Income Taxes | 1,615.4 | 1,625.8 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,415.7 | 1,449.7 | ||||||
Asset Retirement Obligations | 106.2 | 107.1 | ||||||
Employee Benefits and Pension Obligations | 54.3 | 57.1 | ||||||
Obligations Under Operating Leases | 64.8 | — | ||||||
Deferred Credits and Other Noncurrent Liabilities | 58.7 | 58.6 | ||||||
TOTAL NONCURRENT LIABILITIES | 7,414.3 | 6,930.4 | ||||||
TOTAL LIABILITIES | 8,438.4 | 8,284.4 | ||||||
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 | 2,005.7 | 1,922.0 | ||||||
Accumulated Other Comprehensive Income (Loss) | (5.8 | ) | (5.0 | ) | ||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 4,089.0 | 4,006.1 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 12,527.4 | $ | 12,290.5 |
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 189.2 | $ | 202.9 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 229.6 | 213.8 | ||||||
Deferred Income Taxes | (73.5 | ) | 10.8 | |||||
Allowance for Equity Funds Used During Construction | (7.7 | ) | (5.5 | ) | ||||
Mark-to-Market of Risk Management Contracts | (12.9 | ) | (36.1 | ) | ||||
Deferred Fuel Over/Under-Recovery, Net | 41.4 | (73.8 | ) | |||||
Change in Other Noncurrent Assets | (1.8 | ) | 32.0 | |||||
Change in Other Noncurrent Liabilities | (31.2 | ) | 68.7 | |||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 60.2 | 4.7 | ||||||
Fuel, Materials and Supplies | (50.2 | ) | 20.2 | |||||
Accounts Payable | 23.0 | (11.1 | ) | |||||
Accrued Taxes, Net | (7.8 | ) | (7.6 | ) | ||||
Other Current Assets | 17.4 | 7.1 | ||||||
Other Current Liabilities | (29.8 | ) | (21.9 | ) | ||||
Net Cash Flows from Operating Activities | 345.9 | 404.2 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (397.1 | ) | (406.8 | ) | ||||
Change in Advances to Affiliates, Net | 0.3 | 0.1 | ||||||
Other Investing Activities | 20.7 | 7.8 | ||||||
Net Cash Flows Used for Investing Activities | (376.1 | ) | (398.9 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Long-term Debt – Nonaffiliated | 478.3 | 103.7 | ||||||
Change in Advances from Affiliates, Net | (179.5 | ) | (13.3 | ) | ||||
Retirement of Long-term Debt – Nonaffiliated | (168.0 | ) | (11.7 | ) | ||||
Principal Payments for Finance Lease Obligations | (3.1 | ) | (3.4 | ) | ||||
Dividends Paid on Common Stock | (100.0 | ) | (80.0 | ) | ||||
Other Financing Activities | 0.4 | 0.7 | ||||||
Net Cash Flows from (Used for) Financing Activities | 28.1 | (4.0 | ) | |||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash for Securitized Funding | (2.1 | ) | 1.3 | |||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at Beginning of Period | 29.8 | 19.2 | ||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at End of Period | $ | 27.7 | $ | 20.5 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 91.6 | $ | 90.9 | ||||
Net Cash Paid for Income Taxes | 35.0 | 19.7 | ||||||
Noncash Acquisitions Under Finance Leases | 5.7 | 2.7 | ||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 116.5 | 89.5 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 133.7 | $ | 125.5 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 112.5 | 108.5 | ||||||
Deferred Income Taxes | (45.0 | ) | 11.0 | |||||
Allowance for Equity Funds Used During Construction | (1.7 | ) | (2.6 | ) | ||||
Mark-to-Market of Risk Management Contracts | 50.6 | 14.9 | ||||||
Deferred Fuel Over/Under-Recovery, Net | 20.8 | (90.7 | ) | |||||
Change in Other Noncurrent Assets | (12.1 | ) | 3.9 | |||||
Change in Other Noncurrent Liabilities | (20.5 | ) | 37.9 | |||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 19.5 | (14.2 | ) | |||||
Fuel, Materials and Supplies | (9.6 | ) | 19.3 | |||||
Accounts Payable | (8.3 | ) | (21.6 | ) | ||||
Accrued Taxes, Net | 13.7 | 17.8 | ||||||
Other Current Assets | (0.8 | ) | (15.8 | ) | ||||
Other Current Liabilities | (2.3 | ) | 5.6 | |||||
Net Cash Flows from Operating Activities | 250.5 | 199.5 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (205.1 | ) | (218.5 | ) | ||||
Change in Advances to Affiliates, Net | (193.6 | ) | — | |||||
Other Investing Activities | 15.2 | 4.4 | ||||||
Net Cash Flows Used for Investing Activities | (383.5 | ) | (214.1 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Long-term Debt – Nonaffiliated | 393.3 | — | ||||||
Change in Advances from Affiliates, Net | (205.6 | ) | 59.9 | |||||
Retirement of Long-term Debt – Nonaffiliated | (12.0 | ) | (11.7 | ) | ||||
Principal Payments for Finance Lease Obligations | (1.6 | ) | (1.7 | ) | ||||
Dividends Paid on Common Stock | (50.0 | ) | (40.0 | ) | ||||
Other Financing Activities | 0.3 | 0.2 | ||||||
Net Cash Flows from Financing Activities | 124.4 | 6.7 | ||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash for Securitized Funding | (8.6 | ) | (7.9 | ) | ||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at Beginning of Period | 29.8 | 19.2 | ||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at End of Period | $ | 21.2 | $ | 11.3 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 14.5 | $ | 23.4 | ||||
Net Cash Paid for Income Taxes | 8.0 | — | ||||||
Noncash Acquisitions Under Finance Leases | 2.1 | 1.8 | ||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 87.8 | 94.5 |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions of KWhs) | (in millions of KWhs) | |||||||||||||||
Retail: | ||||||||||||||||
Residential | 1,615 | 1,623 | 1,048 | 1,245 | 2,663 | 2,868 | ||||||||||
Commercial | 1,156 | 1,164 | 1,087 | 1,196 | 2,243 | 2,360 | ||||||||||
Industrial | 1,888 | 1,916 | 1,917 | 1,986 | 3,805 | 3,902 | ||||||||||
Miscellaneous | 19 | 20 | 14 | 15 | 33 | 35 | ||||||||||
Total Retail (a) | 4,678 | 4,723 | 4,066 | 4,442 | 8,744 | 9,165 | ||||||||||
Wholesale | 2,423 | 2,926 | 2,021 | 2,388 | 4,444 | 5,314 | ||||||||||
Total KWhs | 7,101 | 7,649 | 6,087 | 6,830 | 13,188 | 14,479 |
(a) | 2018 KWhs have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail KWhs. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in degree days) | (in degree days) | |||||||||||||||
Actual – Heating (a) | 2,239 | 2,157 | 217 | 364 | 2,456 | 2,521 | ||||||||||
Normal – Heating (b) | 2,160 | 2,168 | 241 | 235 | 2,401 | 2,403 | ||||||||||
Actual – Cooling (c) | — | — | 233 | 362 | 233 | 362 | ||||||||||
Normal – Cooling (b) | 2 | 2 | 261 | 261 | 263 | 263 |
(a) | Heating degree days are calculated on a 55 degree temperature base. |
(b) | Normal Heating/Cooling represents the thirty-year average of degree days. |
(c) | Cooling degree days are calculated on a 65 degree temperature base. |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Net Income | (in millions) | |||||
First Quarter of 2018 | $ | 64.2 | ||||||
Second Quarter of 2018 | $ | 94.7 | ||||||
Changes in Gross Margin: | ||||||||
Retail Margins | 56.4 | 15.8 | ||||||
Off-system Sales | (7.3 | ) | (2.1 | ) | ||||
Transmission Revenues | (1.0 | ) | (9.3 | ) | ||||
Other Revenues | (3.1 | ) | 3.4 | |||||
Total Change in Gross Margin | 45.0 | 7.8 | ||||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | 1.8 | (21.3 | ) | |||||
Depreciation and Amortization | (26.9 | ) | (24.7 | ) | ||||
Taxes Other Than Income Taxes | (2.3 | ) | (1.3 | ) | ||||
Other Income | 1.3 | 1.2 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.1 | ) | (0.1 | ) | ||||
Interest Expense | 0.8 | 3.2 | ||||||
Total Change in Expenses and Other | (25.4 | ) | (43.0 | ) | ||||
Income Tax Expense (Benefit) | 15.1 | 0.8 | ||||||
First Quarter of 2019 | $ | 98.9 | ||||||
Second Quarter of 2019 | $ | 60.3 |
• | Retail Margins increased |
• | Transmission Revenues decreased $9 million primarily due to the 2018 PJM Transmission formula rate true-up. |
• | Other Operation and Maintenance expenses increased $21 million primarily due to the following: |
• | Depreciation and Amortization expensesincreased $25 million primarily due to increased depreciation rates approved in 2018 and higher depreciable base. This increase was partially offset in Retail Margins above. |
• | Interest Expense decreased $3 million primarily due to the reissuance of long-term debt at lower interest rates in 2018. |
• | Income Tax Expense (Benefit) decreased $1 million primarily due to decreased pretax book income offset by decreased amortization of Excess ADIT not subject to normalization requirements and increased state income taxes. |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Net Income | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 158.9 | ||
Changes in Gross Margin: | ||||
Retail Margins | 72.2 | |||
Off-system Sales | (9.4 | ) | ||
Transmission Revenues | (10.3 | ) | ||
Other Revenues | 0.3 | |||
Total Change in Gross Margin | 52.8 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (19.5 | ) | ||
Depreciation and Amortization | (51.6 | ) | ||
Taxes Other Than Income Taxes | (3.6 | ) | ||
Other Income | 2.5 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.2 | ) | ||
Interest Expense | 4.0 | |||
Total Change in Expenses and Other | (68.4 | ) | ||
Income Tax Expense (Benefit) | 15.9 | |||
Six Months Ended June 30, 2019 | $ | 159.2 |
• | Retail Margins increased $72 million primarily due to the following: |
• | Margins from Off-system Salesdecreased |
• | Transmission Revenues decreased $10 million primarily due to the 2018 PJM Transmission formula rate true-up. |
• | Other Operation and Maintenance expenses |
• | Depreciation and Amortization expenses increased |
• | Interest Expense decreased $4 million primarily due to the reissuance of long-term debt at lower interest rates in 2018. |
• | Income Tax Expense (Benefit) decreased |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 596.7 | $ | 553.9 | $ | 517.4 | $ | 560.1 | $ | 1,114.1 | $ | 1,114.0 | ||||||||||||
Sales to AEP Affiliates | 2.3 | 4.7 | 2.3 | 10.8 | 4.6 | 15.5 | ||||||||||||||||||
Other Revenues – Affiliated | 13.3 | 13.2 | 20.9 | 16.4 | 34.2 | 29.6 | ||||||||||||||||||
Other Revenues – Nonaffiliated | 2.0 | 5.0 | 2.5 | 2.4 | 4.5 | 7.4 | ||||||||||||||||||
TOTAL REVENUES | 614.3 | 576.8 | 543.1 | 589.7 | 1,157.4 | 1,166.5 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 57.6 | 77.5 | 42.4 | 73.4 | 100.0 | 150.9 | ||||||||||||||||||
Purchased Electricity for Resale | 69.6 | 55.6 | 48.9 | 63.2 | 118.5 | 118.8 | ||||||||||||||||||
Purchased Electricity from AEP Affiliates | 59.8 | 61.4 | 51.3 | 60.4 | 111.1 | 121.8 | ||||||||||||||||||
Other Operation | 140.5 | 146.1 | 154.5 | 130.4 | 295.0 | 276.5 | ||||||||||||||||||
Maintenance | 58.3 | 54.5 | 54.6 | 57.4 | 112.9 | 111.9 | ||||||||||||||||||
Depreciation and Amortization | 86.2 | 59.3 | 87.3 | 62.6 | 173.5 | 121.9 | ||||||||||||||||||
Taxes Other Than Income Taxes | 27.3 | 25.0 | 26.2 | 24.9 | 53.5 | 49.9 | ||||||||||||||||||
TOTAL EXPENSES | 499.3 | 479.4 | 465.2 | 472.3 | 964.5 | 951.7 | ||||||||||||||||||
OPERATING INCOME | 115.0 | 97.4 | 77.9 | 117.4 | 192.9 | 214.8 | ||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||
Other Income | 5.7 | 4.4 | 6.1 | 4.9 | 11.8 | 9.3 | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 4.4 | 4.5 | 4.4 | 4.5 | 8.8 | 9.0 | ||||||||||||||||||
Interest Expense | (28.9 | ) | (29.7 | ) | (28.2 | ) | (31.4 | ) | (57.1 | ) | (61.1 | ) | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 96.2 | 76.6 | 60.2 | 95.4 | 156.4 | 172.0 | ||||||||||||||||||
Income Tax Expense (Benefit) | (2.7 | ) | 12.4 | (0.1 | ) | 0.7 | (2.8 | ) | 13.1 | |||||||||||||||
NET INCOME | $ | 98.9 | $ | 64.2 | $ | 60.3 | $ | 94.7 | $ | 159.2 | $ | 158.9 |
The common stock of I&M is wholly-owned by Parent. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Net Income | $ | 98.9 | $ | 64.2 | $ | 60.3 | $ | 94.7 | $ | 159.2 | $ | 158.9 | |||||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAXES | |||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0.1 and $0.1 in 2019 and 2018, Respectively | 0.4 | 0.4 | |||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | |||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0.1 and $0.1 for the Three Months Ended June 30, 2019 and 2018, Respectively, and $0.2 and $0.2 for the Six Months Ended June 30, 2019 and 2018, Respectively | 0.4 | 0.5 | 0.8 | 0.9 | |||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0 and $0 for the Three Months Ended June 30, 2019 and 2018, Respectively, and $0 and $0 for the Six Months Ended June 30, 2019 and 2018, Respectively | (0.1 | ) | — | (0.1 | ) | — | |||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME | 0.3 | 0.5 | 0.7 | 0.9 | |||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 99.3 | $ | 64.6 | $ | 60.6 | $ | 95.2 | $ | 159.9 | $ | 159.8 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 56.6 | $ | 980.9 | $ | 1,192.2 | $ | (12.1 | ) | $ | 2,217.6 | $ | 56.6 | $ | 980.9 | $ | 1,192.2 | $ | (12.1 | ) | $ | 2,217.6 | ||||||||||||||||||
Common Stock Dividends | (33.5 | ) | (33.5 | ) | (33.5 | ) | (33.5 | ) | ||||||||||||||||||||||||||||||||
ASU 2018-02 Adoption | 0.3 | (2.7 | ) | (2.4 | ) | 0.3 | (2.7 | ) | (2.4 | ) | ||||||||||||||||||||||||||||||
Net Income | 64.2 | 64.2 | 64.2 | 64.2 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2018 | $ | 56.6 | $ | 980.9 | $ | 1,223.2 | $ | (14.4 | ) | $ | 2,246.3 | 56.6 | 980.9 | 1,223.2 | (14.4 | ) | 2,246.3 | |||||||||||||||||||||||
Common Stock Dividends | (33.5 | ) | (33.5 | ) | ||||||||||||||||||||||||||||||||||||
Net Income | 94.7 | 94.7 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2018 | $ | 56.6 | $ | 980.9 | $ | 1,284.4 | $ | (13.9 | ) | $ | 2,308.0 | |||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2018 | $ | 56.6 | $ | 980.9 | $ | 1,329.1 | $ | (13.8 | ) | $ | 2,352.8 | $ | 56.6 | $ | 980.9 | $ | 1,329.1 | $ | (13.8 | ) | $ | 2,352.8 | ||||||||||||||||||
Common Stock Dividends | (20.0 | ) | (20.0 | ) | (20.0 | ) | (20.0 | ) | ||||||||||||||||||||||||||||||||
Net Income | 98.9 | 98.9 | 98.9 | 98.9 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2019 | $ | 56.6 | $ | 980.9 | $ | 1,408.0 | $ | (13.4 | ) | $ | 2,432.1 | 56.6 | 980.9 | 1,408.0 | (13.4 | ) | 2,432.1 | |||||||||||||||||||||||
Common Stock Dividends | (20.0 | ) | (20.0 | ) | ||||||||||||||||||||||||||||||||||||
Net Income | 60.3 | 60.3 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2019 | $ | 56.6 | $ | 980.9 | $ | 1,448.3 | $ | (13.1 | ) | $ | 2,472.7 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and Cash Equivalents | $ | 1.7 | $ | 2.4 | $ | 1.4 | $ | 2.4 | ||||||||
Advances to Affiliates | 12.8 | 12.7 | 13.0 | 12.7 | ||||||||||||
Accounts Receivable: | ||||||||||||||||
Customers | 62.9 | 63.1 | 55.9 | 63.1 | ||||||||||||
Affiliated Companies | 55.4 | 75.0 | 47.3 | 75.0 | ||||||||||||
Accrued Unbilled Revenues | 8.1 | 3.6 | 3.0 | 3.6 | ||||||||||||
Miscellaneous | 1.2 | 1.4 | 1.1 | 1.4 | ||||||||||||
Allowance for Uncollectible Accounts | (0.2 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Total Accounts Receivable | 127.4 | 143.0 | 107.2 | 143.0 | ||||||||||||
Fuel | 32.0 | 37.3 | 39.3 | 37.3 | ||||||||||||
Materials and Supplies | 166.1 | 167.3 | 169.1 | 167.3 | ||||||||||||
Risk Management Assets | 4.4 | 8.6 | 15.7 | 8.6 | ||||||||||||
Accrued Tax Benefits | 12.0 | 26.6 | 41.6 | 26.6 | ||||||||||||
Accrued Reimbursement of Spent Nuclear Fuel Costs | 23.5 | 7.9 | 23.8 | 7.9 | ||||||||||||
Prepayments and Other Current Assets | 23.4 | 24.6 | 16.4 | 24.6 | ||||||||||||
TOTAL CURRENT ASSETS | 403.3 | 430.4 | 427.5 | 430.4 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||
Electric: | ||||||||||||||||
Generation | 4,895.0 | 4,887.2 | 4,987.2 | 4,887.2 | ||||||||||||
Transmission | 1,588.9 | 1,576.8 | 1,601.9 | 1,576.8 | ||||||||||||
Distribution | 2,291.5 | 2,249.7 | 2,331.5 | 2,249.7 | ||||||||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 580.1 | 583.8 | 617.0 | 583.8 | ||||||||||||
Construction Work in Progress | 533.5 | 465.3 | 474.1 | 465.3 | ||||||||||||
Total Property, Plant and Equipment | 9,889.0 | 9,762.8 | 10,011.7 | 9,762.8 | ||||||||||||
Accumulated Depreciation, Depletion and Amortization | 3,208.4 | 3,151.6 | 3,227.6 | 3,151.6 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 6,680.6 | 6,611.2 | 6,784.1 | 6,611.2 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||||
Regulatory Assets | 504.7 | 512.5 | 492.3 | 512.5 | ||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | 2,684.0 | 2,474.9 | 2,776.4 | 2,474.9 | ||||||||||||
Long-term Risk Management Assets | 0.1 | 0.6 | 0.3 | 0.6 | ||||||||||||
Operating Lease Assets | 326.3 | — | 312.6 | — | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 171.0 | 193.0 | 156.4 | 193.0 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 3,686.1 | 3,181.0 | 3,738.0 | 3,181.0 | ||||||||||||
TOTAL ASSETS | $ | 10,770.0 | $ | 10,222.6 | $ | 10,949.6 | $ | 10,222.6 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Advances from Affiliates | $ | 34.7 | $ | 1.1 | $ | 94.7 | $ | 1.1 | ||||||||
Accounts Payable: | ||||||||||||||||
General | 160.3 | 174.7 | 176.6 | 174.7 | ||||||||||||
Affiliated Companies | 70.4 | 70.2 | 54.1 | 70.2 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (March 31, 2019 and December 31, 2018 Amounts Include $61.8 and $76.8, Respectively, Related to DCC Fuel) | 140.4 | 155.4 | ||||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (June 30, 2019 and December 31, 2018 Amounts Include $76.6 and $76.8, Respectively, Related to DCC Fuel) | 155.1 | 155.4 | ||||||||||||||
Risk Management Liabilities | 0.3 | 0.3 | 1.2 | 0.3 | ||||||||||||
Customer Deposits | 38.6 | 38.0 | 38.2 | 38.0 | ||||||||||||
Accrued Taxes | 101.7 | 90.7 | 89.8 | 90.7 | ||||||||||||
Accrued Interest | 20.9 | 37.3 | 36.7 | 37.3 | ||||||||||||
Obligations Under Operating Leases | 81.8 | — | 82.2 | — | ||||||||||||
Regulatory Liability for Over-Recovered Fuel Costs | 22.2 | 27.4 | ||||||||||||||
Regulatory Liability for Over-Receovered Fuel Costs | 10.9 | 27.4 | ||||||||||||||
Other Current Liabilities | 68.2 | 103.0 | 71.4 | 103.0 | ||||||||||||
TOTAL CURRENT LIABILITIES | 739.5 | 698.1 | 810.9 | 698.1 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||||
Long-term Debt – Nonaffiliated | 2,871.0 | 2,880.0 | 2,899.4 | 2,880.0 | ||||||||||||
Long-term Risk Management Liabilities | 0.1 | 0.1 | — | 0.1 | ||||||||||||
Deferred Income Taxes | 951.1 | 948.0 | 965.9 | 948.0 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,743.5 | 1,574.5 | 1,788.0 | 1,574.5 | ||||||||||||
Asset Retirement Obligations | 1,697.8 | 1,681.3 | 1,714.6 | 1,681.3 | ||||||||||||
Obligations Under Operating Leases | 266.0 | — | 234.7 | — | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 68.9 | 87.8 | 63.4 | 87.8 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 7,598.4 | 7,171.7 | 7,666.0 | 7,171.7 | ||||||||||||
TOTAL LIABILITIES | 8,337.9 | 7,869.8 | 8,476.9 | 7,869.8 | ||||||||||||
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 | 56.6 | 56.6 | ||||||||||||
Paid-in Capital | 980.9 | 980.9 | 980.9 | 980.9 | ||||||||||||
Retained Earnings | 1,408.0 | 1,329.1 | 1,448.3 | 1,329.1 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (13.4 | ) | (13.8 | ) | (13.1 | ) | (13.8 | ) | ||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,432.1 | 2,352.8 | 2,472.7 | 2,352.8 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 10,770.0 | $ | 10,222.6 | $ | 10,949.6 | $ | 10,222.6 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net Income | $ | 98.9 | $ | 64.2 | $ | 159.2 | $ | 158.9 | ||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||||
Depreciation and Amortization | 86.2 | 59.3 | 173.5 | 121.9 | ||||||||||||
Deferred Income Taxes | (13.9 | ) | 13.7 | (17.2 | ) | 33.1 | ||||||||||
Deferral of Incremental Nuclear Refueling Outage Expenses, Net | (14.8 | ) | (12.3 | ) | (14.3 | ) | (3.5 | ) | ||||||||
Carrying Costs Income | 0.7 | (2.4 | ) | 1.4 | (4.0 | ) | ||||||||||
Allowance for Equity Funds Used During Construction | (6.2 | ) | (1.8 | ) | (12.5 | ) | (4.1 | ) | ||||||||
Mark-to-Market of Risk Management Contracts | 4.7 | 3.4 | (6.0 | ) | (5.2 | ) | ||||||||||
Amortization of Nuclear Fuel | 25.1 | 27.4 | 46.1 | 51.4 | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | (5.2 | ) | 3.4 | (16.5 | ) | 8.1 | ||||||||||
Change in Other Noncurrent Assets | 12.8 | (11.0 | ) | 32.6 | (5.6 | ) | ||||||||||
Change in Other Noncurrent Liabilities | 5.2 | 33.7 | (3.6 | ) | 44.4 | |||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||||
Accounts Receivable, Net | 16.0 | 3.5 | 35.8 | (18.3 | ) | |||||||||||
Fuel, Materials and Supplies | 6.6 | (4.5 | ) | (3.8 | ) | (5.0 | ) | |||||||||
Accounts Payable | (3.1 | ) | 1.3 | (50.4 | ) | (12.2 | ) | |||||||||
Accrued Taxes, Net | 25.6 | 8.2 | (15.9 | ) | 0.8 | |||||||||||
Other Current Assets | 1.4 | (11.1 | ) | 9.6 | 1.2 | |||||||||||
Other Current Liabilities | (35.2 | ) | (27.8 | ) | (38.6 | ) | (16.9 | ) | ||||||||
Net Cash Flows from Operating Activities | 204.8 | 147.2 | 279.4 | 345.0 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Construction Expenditures | (149.3 | ) | (148.9 | ) | (293.8 | ) | (284.7 | ) | ||||||||
Change in Advances to Affiliates, Net | (0.1 | ) | (0.1 | ) | (0.3 | ) | (79.9 | ) | ||||||||
Purchases of Investment Securities | (130.3 | ) | (525.3 | ) | (226.6 | ) | (1,067.8 | ) | ||||||||
Sales of Investment Securities | 111.9 | 508.6 | 199.5 | 1,037.8 | ||||||||||||
Acquisitions of Nuclear Fuel | (32.4 | ) | (23.8 | ) | (33.8 | ) | (24.2 | ) | ||||||||
Other Investing Activities | 8.6 | 4.2 | 9.0 | 8.2 | ||||||||||||
Net Cash Flows Used for Investing Activities | (191.6 | ) | (185.3 | ) | (346.0 | ) | (410.6 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 62.8 | 700.6 | ||||||||||||||
Change in Advances from Affiliates, Net | 33.6 | 102.5 | 93.6 | (211.6 | ) | |||||||||||
Retirement of Long-term Debt – Nonaffiliated | (26.5 | ) | (29.4 | ) | (48.3 | ) | (352.4 | ) | ||||||||
Principal Payments for Finance Lease Obligations | (1.2 | ) | (2.7 | ) | (2.7 | ) | (5.2 | ) | ||||||||
Dividends Paid on Common Stock | (20.0 | ) | (33.5 | ) | (40.0 | ) | (67.0 | ) | ||||||||
Other Financing Activities | 0.2 | 0.5 | 0.2 | 1.3 | ||||||||||||
Net Cash Flows from (Used for) Financing Activities | (13.9 | ) | 37.4 | |||||||||||||
Net Cash Flows from Financing Activities | 65.6 | 65.7 | ||||||||||||||
Net Decrease in Cash and Cash Equivalents | (0.7 | ) | (0.7 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (1.0 | ) | 0.1 | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2.4 | 1.3 | 2.4 | 1.3 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 1.7 | $ | 0.6 | $ | 1.4 | $ | 1.4 | ||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 43.3 | $ | 50.6 | $ | 55.2 | $ | 55.2 | ||||||||
Net Cash Paid (Received) for Income Taxes | (3.3 | ) | — | 27.9 | (23.6 | ) | ||||||||||
Noncash Acquisitions Under Finance Leases | 1.7 | 1.7 | 4.5 | 3.2 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 80.0 | 77.2 | ||||||||||||||
Acquisition of Nuclear Fuel Included in Current Liabilities as of March 31, | 1.0 | 0.1 | ||||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 77.7 | 86.5 | ||||||||||||||
Acquisition of Nuclear Fuel Included in Current Liabilities as of June 30, | 50.5 | 0.6 | ||||||||||||||
Expected Reimbursement for Capital Cost of Spent Nuclear Fuel Dry Cask Storage | 7.9 | 0.1 | — | 0.7 |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions of KWhs) | (in millions of KWhs) | |||||||||||||||
Retail: | ||||||||||||||||
Residential | 4,123 | 4,133 | 2,791 | 3,287 | 6,914 | 7,420 | ||||||||||
Commercial | 3,527 | 3,533 | 3,478 | 3,642 | 7,005 | 7,175 | ||||||||||
Industrial | 3,623 | 3,573 | 3,624 | 3,805 | 7,247 | 7,378 | ||||||||||
Miscellaneous | 31 | 31 | 26 | 26 | 57 | 57 | ||||||||||
Total Retail (a)(b) | 11,304 | 11,270 | 9,919 | 10,760 | 21,223 | 22,030 | ||||||||||
Wholesale (c) | 638 | 667 | 440 | 534 | 1,078 | 1,201 | ||||||||||
Total KWhs | 11,942 | 11,937 | 10,359 | 11,294 | 22,301 | 23,231 |
(a) | 2018 KWhs have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail KWhs. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
(b) | Represents energy delivered to distribution customers. |
(c) | Primarily Ohio’s contractually obligated purchases of OVEC power sold |
Three Months Ended | Six Months Ended | ||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||
(in degree days) | (in degree days) | ||||||||||||||||
Actual – Heating (a) | 1,892 | 1,884 | 114 | 274 | 2,006 | 2,158 | |||||||||||
Normal – Heating (b) | 1,877 | 1,884 | 189 | 186 | 2,066 | 2,070 | |||||||||||
Actual – Cooling (c) | 1 | 4 | 303 | 454 | 304 | 458 | |||||||||||
Normal – Cooling (b) | 3 | 3 | 298 | 291 | 301 | 294 |
(a) | Heating degree days are calculated on a 55 degree temperature base. |
(b) | Normal Heating/Cooling represents the thirty-year average of degree days. |
(c) | Cooling degree days are calculated on a 65 degree temperature base. |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Net Income | (in millions) | |||||
First Quarter of 2018 | $ | 79.6 | ||||||
Second Quarter of 2018 | $ | 68.8 | ||||||
Changes in Gross Margin: | ||||||||
Retail Margins | 75.3 | (63.2 | ) | |||||
Off-system Sales | (0.8 | ) | (7.9 | ) | ||||
Transmission Revenues | 10.4 | (5.0 | ) | |||||
Other Revenues | 2.6 | 1.8 | ||||||
Total Change in Gross Margin | 87.5 | (74.3 | ) | |||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | (40.0 | ) | 45.0 | |||||
Depreciation and Amortization | 1.5 | 9.0 | ||||||
Taxes Other Than Income Taxes | (3.8 | ) | (7.0 | ) | ||||
Interest Income | (0.1 | ) | 0.2 | |||||
Carrying Costs Income | (0.5 | ) | (0.4 | ) | ||||
Allowance for Equity Funds Used During Construction | 2.7 | 0.8 | ||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.2 | ) | (0.3 | ) | ||||
Interest Expense | 0.6 | (0.3 | ) | |||||
Total Change in Expenses and Other | (39.8 | ) | 47.0 | |||||
Income Tax Expense | 0.7 | 9.1 | ||||||
First Quarter of 2019 | $ | 128.0 | ||||||
Second Quarter of 2019 | $ | 50.6 |
• | Retail Margins decreased $63 million primarily due to the following: |
• | Margins from Off-system Sales decreased $8 million primarily due to higher current year losses from a power contract with OVEC as a result of the OVEC PPA rider. This decrease was offset by a corresponding increase in Retail Margins above. |
• | Transmission Revenues decreased $5 million primarily due to the annual PJM Transmission formula rate true-up. |
• | Other Operation and Maintenance expenses decreased $45 million primarily due to the following: |
• | Depreciation and Amortization expensesdecreased $9 million primarily due to the following: |
• | Taxes Other Than Income Taxes increased $7 million primarily due to an increase in property taxes driven by additional investments in transmission and distribution assets and higher tax rates. |
• | Income Tax Expense decreased $9 million primarily due to increased amortization of Excess ADIT not subject to normalization requirements. This decrease was partially offset in Gross Margin above. |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Net Income | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 148.4 | ||
Changes in Gross Margin: | ||||
Retail Margins | 12.1 | |||
Off-system Sales | (8.7 | ) | ||
Transmission Revenues | 5.4 | |||
Other Revenues | 4.4 | |||
Total Change in Gross Margin | 13.2 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 5.0 | |||
Depreciation and Amortization | 10.5 | |||
Taxes Other Than Income Taxes | (10.8 | ) | ||
Interest Income | 0.1 | |||
Carrying Costs Income | (0.9 | ) | ||
Allowance for Equity Funds Used During Construction | 3.5 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.5 | ) | ||
Interest Expense | 0.3 | |||
Total Change in Expenses and Other | 7.2 | |||
Income Tax Expense | 9.8 | |||
Six Months Ended June 30, 2019 | $ | 178.6 |
• | Retail Margins increased |
• | Margins from Off-system Sales decreased $9 million primarily due to higher current year losses from a power contract with OVEC as a result of the OVEC PPA rider. This decrease was offset by a corresponding increase in Retail Margins above. |
• | Transmission Revenues increased |
• | Other Revenues increased $4 million primarily due to distribution connection fees and pole attachment revenues. |
• | Other Operation and Maintenance expenses |
• | Depreciation and Amortizationexpenses |
• | Taxes Other Than Income Taxes increased |
• | Allowance for Equity Funds Used During Construction increased $4 million primarily due to adjustments that resulted from 2019 FERC audit findings. |
• | Income Tax Expense decreased |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Electricity, Transmission and Distribution | $ | 826.5 | $ | 786.3 | $ | 602.3 | $ | 735.9 | $ | 1,428.8 | $ | 1,522.2 | ||||||||||||
Sales to AEP Affiliates | 7.5 | 3.1 | 1.7 | 11.5 | 9.2 | 14.6 | ||||||||||||||||||
Other Revenues | 2.8 | 1.5 | 2.6 | 1.4 | 5.4 | 2.9 | ||||||||||||||||||
TOTAL REVENUES | 836.8 | 790.9 | 606.6 | 748.8 | 1,443.4 | 1,539.7 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Purchased Electricity for Resale | 174.2 | 205.5 | 121.5 | 162.9 | 295.7 | 368.4 | ||||||||||||||||||
Purchased Electricity from AEP Affiliates | 46.1 | 30.2 | 33.7 | 27.9 | 79.8 | 58.1 | ||||||||||||||||||
Amortization of Generation Deferrals | 32.4 | 58.6 | 24.1 | 56.4 | 56.5 | 115.0 | ||||||||||||||||||
Other Operation | 216.9 | 172.2 | 153.9 | 199.0 | 370.8 | 371.2 | ||||||||||||||||||
Maintenance | 32.5 | 37.2 | 34.2 | 34.1 | 66.7 | 71.3 | ||||||||||||||||||
Depreciation and Amortization | 63.3 | 64.8 | 56.1 | 65.1 | 119.4 | 129.9 | ||||||||||||||||||
Taxes Other Than Income Taxes | 108.9 | 105.1 | 106.0 | 99.0 | 214.9 | 204.1 | ||||||||||||||||||
TOTAL EXPENSES | 674.3 | 673.6 | 529.5 | 644.4 | 1,203.8 | 1,318.0 | ||||||||||||||||||
OPERATING INCOME | 162.5 | 117.3 | 77.1 | 104.4 | 239.6 | 221.7 | ||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||
Interest Income | 0.8 | 0.9 | 1.1 | 0.9 | 1.9 | 1.8 | ||||||||||||||||||
Carrying Costs Income | 0.2 | 0.7 | 0.2 | 0.6 | 0.4 | 1.3 | ||||||||||||||||||
Allowance for Equity Funds Used During Construction | 5.2 | 2.5 | 4.1 | 3.3 | 9.3 | 5.8 | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.7 | 3.9 | 3.6 | 3.9 | 7.3 | 7.8 | ||||||||||||||||||
Interest Expense | (24.6 | ) | (25.2 | ) | (25.6 | ) | (25.3 | ) | (50.2 | ) | (50.5 | ) | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 147.8 | 100.1 | 60.5 | 87.8 | 208.3 | 187.9 | ||||||||||||||||||
Income Tax Expense | 19.8 | 20.5 | 9.9 | 19.0 | 29.7 | 39.5 | ||||||||||||||||||
NET INCOME | $ | 128.0 | $ | 79.6 | $ | 50.6 | $ | 68.8 | $ | 178.6 | $ | 148.4 |
The common stock of OPCo is wholly-owned by Parent. | ||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Net Income | $ | 128.0 | $ | 79.6 | $ | 50.6 | $ | 68.8 | $ | 178.6 | $ | 148.4 | |||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | |||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) in 2019 and 2018, Respectively | (0.3 | ) | (0.3 | ) | |||||||||||||||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) for the Three Months Ended June 30, 2019 and 2018, Respectively, and $(0.2) and $(0.2) for the Six Months Ended June 30, 2019 and 2018, Respectively | (0.4 | ) | (0.3 | ) | (0.7 | ) | (0.6 | ) | |||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 127.7 | $ | 79.3 | $ | 50.2 | $ | 68.5 | $ | 177.9 | $ | 147.8 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 321.2 | $ | 838.8 | $ | 1,148.4 | $ | 1.9 | $ | 2,310.3 | $ | 321.2 | $ | 838.8 | $ | 1,148.4 | $ | 1.9 | $ | 2,310.3 | ||||||||||||||||||||
Common Stock Dividends | (112.5 | ) | (112.5 | ) | (112.5 | ) | (112.5 | ) | ||||||||||||||||||||||||||||||||
ASU 2018-02 Adoption | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||
Net Income | 79.6 | 79.6 | 79.6 | 79.6 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2018 | $ | 321.2 | $ | 838.8 | $ | 1,115.5 | $ | 2.0 | $ | 2,277.5 | 321.2 | 838.8 | 1,115.5 | 2.0 | 2,277.5 | |||||||||||||||||||||||||
Common Stock Dividends | (112.5 | ) | (112.5 | ) | ||||||||||||||||||||||||||||||||||||
Net Income | 68.8 | 68.8 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2018 | $ | 321.2 | $ | 838.8 | $ | 1,071.8 | $ | 1.7 | $ | 2,233.5 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2018 | $ | 321.2 | $ | 838.8 | $ | 1,136.4 | $ | 1.0 | $ | 2,297.4 | $ | 321.2 | $ | 838.8 | $ | 1,136.4 | $ | 1.0 | $ | 2,297.4 | ||||||||||||||||||||
Common Stock Dividends | (25.0 | ) | (25.0 | ) | (25.0 | ) | (25.0 | ) | ||||||||||||||||||||||||||||||||
Net Income | 128.0 | 128.0 | 128.0 | 128.0 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2019 | $ | 321.2 | $ | 838.8 | $ | 1,239.4 | $ | 0.7 | $ | 2,400.1 | 321.2 | 838.8 | 1,239.4 | 0.7 | 2,400.1 | |||||||||||||||||||||||||
Common Stock Dividends | (60.0 | ) | (60.0 | ) | ||||||||||||||||||||||||||||||||||||
Net Income | 50.6 | 50.6 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.4 | ) | (0.4 | ) | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2019 | $ | 321.2 | $ | 838.8 | $ | 1,230.0 | $ | 0.3 | $ | 2,390.3 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and Cash Equivalents | $ | 3.3 | $ | 4.9 | $ | 2.7 | $ | 4.9 | ||||||||
Restricted Cash for Securitized Funding | 16.5 | 27.6 | 28.2 | 27.6 | ||||||||||||
Advances to Affiliates | 63.9 | — | ||||||||||||||
Accounts Receivable: | ||||||||||||||||
Customers | 89.4 | 111.1 | 76.5 | 111.1 | ||||||||||||
Affiliated Companies | 55.9 | 70.8 | 51.9 | 70.8 | ||||||||||||
Accrued Unbilled Revenues | 27.1 | 21.4 | 7.5 | 21.4 | ||||||||||||
Miscellaneous | 0.4 | 0.3 | 0.4 | 0.3 | ||||||||||||
Allowance for Uncollectible Accounts | (0.6 | ) | (1.0 | ) | (1.3 | ) | (1.0 | ) | ||||||||
Total Accounts Receivable | 172.2 | 202.6 | 135.0 | 202.6 | ||||||||||||
Materials and Supplies | 42.9 | 42.9 | 45.7 | 42.9 | ||||||||||||
Renewable Energy Credits | 27.1 | 25.9 | 28.5 | 25.9 | ||||||||||||
Prepayments and Other Current Assets | 15.1 | 15.7 | 14.3 | 15.7 | ||||||||||||
TOTAL CURRENT ASSETS | 277.1 | 319.6 | 318.3 | 319.6 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||
Electric: | ||||||||||||||||
Transmission | 2,551.7 | 2,544.3 | 2,573.8 | 2,544.3 | ||||||||||||
Distribution | 5,026.6 | 4,942.3 | 5,104.6 | 4,942.3 | ||||||||||||
Other Property, Plant and Equipment | 580.0 | 574.8 | 643.3 | 574.8 | ||||||||||||
Construction Work in Progress | 461.0 | 432.1 | 459.4 | 432.1 | ||||||||||||
Total Property, Plant and Equipment | 8,619.3 | 8,493.5 | 8,781.1 | 8,493.5 | ||||||||||||
Accumulated Depreciation and Amortization | 2,224.1 | 2,218.6 | 2,238.8 | 2,218.6 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 6,395.2 | 6,274.9 | 6,542.3 | 6,274.9 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||||
Regulatory Assets | 375.0 | 387.5 | 370.4 | 387.5 | ||||||||||||
Securitized Assets | 7.3 | 12.9 | 1.8 | 12.9 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 464.2 | 441.0 | 402.8 | 441.0 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 846.5 | 841.4 | 775.0 | 841.4 | ||||||||||||
TOTAL ASSETS | $ | 7,518.8 | $ | 7,435.9 | $ | 7,635.6 | $ | 7,435.9 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Advances from Affiliates | $ | 227.6 | $ | 114.1 | $ | — | $ | 114.1 | ||||||||
Accounts Payable: | ||||||||||||||||
General | 177.7 | 211.9 | 177.0 | 211.9 | ||||||||||||
Affiliated Companies | 91.1 | 102.9 | 85.6 | 102.9 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (March 31, 2019 and December 31, 2018 Amounts Include $24.5 and $47.8, Respectively, Related to Ohio Phase-in-Recovery Funding) | 24.6 | 47.9 | ||||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (June 30, 2019 and December 31, 2018 Amounts Include $24.6 and $47.8, Respectively, Related to Ohio Phase-in-Recovery Funding) | 24.7 | 47.9 | ||||||||||||||
Risk Management Liabilities | 6.9 | 5.8 | 7.6 | 5.8 | ||||||||||||
Customer Deposits | 103.1 | 113.1 | 88.6 | 113.1 | ||||||||||||
Accrued Taxes | 423.4 | 537.8 | 370.5 | 537.8 | ||||||||||||
Obligations Under Operating Leases | 13.0 | — | 13.2 | — | ||||||||||||
Other Current Liabilities | 147.2 | 214.2 | 181.5 | 214.2 | ||||||||||||
TOTAL CURRENT LIABILITIES | 1,214.6 | 1,347.7 | 948.7 | 1,347.7 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||||
Long-term Debt – Nonaffiliated | 1,669.0 | 1,668.7 | 2,113.5 | 1,668.7 | ||||||||||||
Long-term Risk Management Liabilities | 99.4 | 93.8 | 104.1 | 93.8 | ||||||||||||
Deferred Income Taxes | 782.3 | 763.3 | 788.4 | 763.3 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,234.4 | 1,221.2 | 1,167.7 | 1,221.2 | ||||||||||||
Obligations Under Operating Leases | 74.0 | — | 75.4 | — | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 45.0 | 43.8 | 47.5 | 43.8 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 3,904.1 | 3,790.8 | 4,296.6 | 3,790.8 | ||||||||||||
TOTAL LIABILITIES | 5,118.7 | 5,138.5 | 5,245.3 | 5,138.5 | ||||||||||||
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 | 321.2 | 321.2 | ||||||||||||
Paid-in Capital | 838.8 | 838.8 | 838.8 | 838.8 | ||||||||||||
Retained Earnings | 1,239.4 | 1,136.4 | 1,230.0 | 1,136.4 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | 0.7 | 1.0 | 0.3 | 1.0 | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,400.1 | 2,297.4 | 2,390.3 | 2,297.4 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER'S EQUITY | $ | 7,518.8 | $ | 7,435.9 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 7,635.6 | $ | 7,435.9 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net Income | $ | 128.0 | $ | 79.6 | $ | 178.6 | $ | 148.4 | ||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||||
Depreciation and Amortization | 63.3 | 64.8 | 119.4 | 129.9 | ||||||||||||
Amortization of Generation Deferrals | 32.4 | 58.6 | 56.5 | 115.0 | ||||||||||||
Deferred Income Taxes | 10.1 | (4.9 | ) | 9.4 | (12.5 | ) | ||||||||||
Carrying Costs Income | (0.2 | ) | (0.7 | ) | (0.4 | ) | (1.3 | ) | ||||||||
Allowance for Equity Funds Used During Construction | (5.2 | ) | (2.5 | ) | (9.3 | ) | (5.8 | ) | ||||||||
Mark-to-Market of Risk Management Contracts | 6.7 | (33.7 | ) | 12.1 | (45.5 | ) | ||||||||||
Property Taxes | 66.0 | 62.9 | 130.1 | 129.6 | ||||||||||||
Provision for Refund – Global Settlement | (4.1 | ) | (5.4 | ) | ||||||||||||
Reversal of a Regulatory Provision | (56.2 | ) | — | |||||||||||||
Refund of Global Settlement | (8.2 | ) | (5.5 | ) | ||||||||||||
Reversal of Regulatory Provision | (56.2 | ) | — | |||||||||||||
Change in Other Noncurrent Assets | (7.3 | ) | 14.3 | (30.1 | ) | 83.3 | ||||||||||
Change in Other Noncurrent Liabilities | 17.6 | 40.6 | (38.0 | ) | 56.0 | |||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||||
Accounts Receivable, Net | 31.7 | 38.8 | 70.0 | 14.0 | ||||||||||||
Materials and Supplies | (3.4 | ) | (1.9 | ) | (8.5 | ) | (3.6 | ) | ||||||||
Accounts Payable | (23.9 | ) | (22.5 | ) | (34.9 | ) | (39.9 | ) | ||||||||
Accrued Taxes, Net | (114.4 | ) | (92.8 | ) | (169.4 | ) | (169.5 | ) | ||||||||
Other Current Assets | (7.7 | ) | (7.5 | ) | (4.2 | ) | (0.6 | ) | ||||||||
Other Current Liabilities | (16.2 | ) | (2.9 | ) | 2.6 | (11.4 | ) | |||||||||
Net Cash Flows from Operating Activities | 117.2 | 184.8 | 219.5 | 380.6 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Construction Expenditures | (198.5 | ) | (168.2 | ) | (385.5 | ) | (312.8 | ) | ||||||||
Change in Advances to Affiliates, Net | — | (200.4 | ) | (63.9 | ) | — | ||||||||||
Other Investing Activities | 3.7 | 1.7 | 7.5 | 12.7 | ||||||||||||
Net Cash Flows Used for Investing Activities | (194.8 | ) | (366.9 | ) | (441.9 | ) | (300.1 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Issuance of Long-term Debt – Nonaffiliated | — | 393.3 | 444.3 | 392.9 | ||||||||||||
Change in Advances from Affiliates, Net | 113.5 | (87.8 | ) | (114.1 | ) | 126.1 | ||||||||||
Retirement of Long-term Debt – Nonaffiliated | (23.4 | ) | (22.9 | ) | (23.4 | ) | (372.9 | ) | ||||||||
Principal Payments for Finance Lease Obligations | (0.7 | ) | (0.9 | ) | (1.8 | ) | (1.9 | ) | ||||||||
Dividends Paid on Common Stock | (25.0 | ) | (112.5 | ) | (85.0 | ) | (225.0 | ) | ||||||||
Other Financing Activities | 0.5 | 0.5 | 0.8 | 0.4 | ||||||||||||
Net Cash Flows from Financing Activities | 64.9 | 169.7 | ||||||||||||||
Net Cash Flows From (Used for) Financing Activities | 220.8 | (80.4 | ) | |||||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash for Securitized Funding | (12.7 | ) | (12.4 | ) | ||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash for Securitized Funding | (1.6 | ) | 0.1 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at Beginning of Period | 32.5 | 29.7 | 32.5 | 29.7 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at End of Period | $ | 19.8 | $ | 17.3 | $ | 30.9 | $ | 29.8 | ||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 17.0 | $ | 17.0 | $ | 46.1 | $ | 48.3 | ||||||||
Net Cash Paid (Received) for Income Taxes | (0.2 | ) | — | |||||||||||||
Net Cash Paid for Income Taxes | 14.3 | 45.1 | ||||||||||||||
Noncash Acquisitions Under Finance Leases | 3.2 | 1.4 | 6.1 | 1.9 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 72.8 | 52.3 | ||||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 77.9 | 64.5 |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions of KWhs) | (in millions of KWhs) | |||||||||||||||
Retail: | ||||||||||||||||
Residential | 1,520 | 1,493 | 1,289 | 1,635 | 2,809 | 3,128 | ||||||||||
Commercial | 1,089 | 1,083 | 1,232 | 1,348 | 2,321 | 2,431 | ||||||||||
Industrial | 1,433 | 1,419 | 1,590 | 1,536 | 3,023 | 2,955 | ||||||||||
Miscellaneous | 274 | 276 | 298 | 335 | 572 | 611 | ||||||||||
Total Retail (a) | 4,316 | 4,271 | 4,409 | 4,854 | 8,725 | 9,125 | ||||||||||
Wholesale | 245 | 157 | 148 | 205 | 393 | 362 | ||||||||||
Total KWhs | 4,561 | 4,428 | 4,557 | 5,059 | 9,118 | 9,487 |
(a) | 2018 KWhs have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail KWhs. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in degree days) | (in degree days) | |||||||||||||||
Actual – Heating (a) | 1,171 | 1,032 | 28 | 129 | 1,199 | 1,161 | ||||||||||
Normal – Heating (b) | 1,032 | 1,041 | 44 | 40 | 1,076 | 1,081 | ||||||||||
Actual – Cooling (c) | 3 | 12 | 610 | 907 | 613 | 919 | ||||||||||
Normal – Cooling (b) | 17 | 17 | ||||||||||||||
Normal ��� Cooling (b) | 658 | 650 | 675 | 667 |
(a) | Heating degree days are calculated on a 55 degree temperature base. |
(b) | Normal Heating/Cooling represents the thirty-year average of degree days. |
(c) | Cooling degree days are calculated on a 65 degree temperature base. |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Net Income (Loss) | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | |||||||
Net Income | Net Income | (in millions) | ||||||
First Quarter of 2018 | $ | (7.2 | ) | |||||
Second Quarter of 2018 | $ | 36.6 | ||||||
Changes in Gross Margin: | ||||||||
Retail Margins (a) | 5.8 | (25.6 | ) | |||||
Off-system Sales | 0.1 | |||||||
Transmission Revenues | (1.4 | ) | (0.5 | ) | ||||
Other Revenues | 1.4 | 0.4 | ||||||
Total Change in Gross Margin | 5.9 | (25.7 | ) | |||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | 17.6 | 26.8 | ||||||
Depreciation and Amortization | (6.7 | ) | (1.4 | ) | ||||
Taxes Other Than Income Taxes | 0.2 | (0.3 | ) | |||||
Other Income | 0.1 | |||||||
Other Income (Expense) | 0.9 | |||||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.1 | ) | (0.1 | ) | ||||
Interest Expense | (2.2 | ) | (1.0 | ) | ||||
Total Change in Expenses and Other | 8.9 | 24.9 | ||||||
Income Tax Benefit | (1.4 | ) | ||||||
Income Tax Expense | 6.1 | |||||||
First Quarter of 2019 | $ | 6.2 | ||||||
Second Quarter of 2019 | $ | 41.9 |
(a) | Includes firm wholesale sales to municipals and cooperatives. |
• | Retail Margins |
• | Other Operation and Maintenance expenses decreased |
• | Income Tax Expense decreased $6 million primarily due to an increase in amortization of Excess ADIT. This decrease was partially offset in Gross Margin above. |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Net Income | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 29.4 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | (19.8 | ) | ||
Off-system Sales | 0.1 | |||
Transmission Revenues | (1.9 | ) | ||
Other Revenues | 1.8 | |||
Total Change in Gross Margin | (19.8 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 44.4 | |||
Depreciation and Amortization | (8.1 | ) | ||
Taxes Other Than Income Taxes | (0.1 | ) | ||
Other Income (Expense) | 1.0 | |||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.2 | ) | ||
Interest Expense | (3.2 | ) | ||
Total Change in Expenses and Other | 33.8 | |||
Income Tax Expense | 4.7 | |||
Six Months Ended June 30, 2019 | $ | 48.1 |
(a) | Includes firm wholesale sales to municipals and cooperatives. |
• | Retail Margins decreased $20 million primarily due to the following: |
• | Other Operation and Maintenance expenses decreased $44 million primarily due to the following: |
• | Depreciation and Amortization expenses increased |
• | Income Tax Expense decreased $5 million primarily due to an increase in amortization of Excess ADIT partially offset by an increase in pretax book income. This decrease was partially offset in Gross Margin above. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 329.2 | $ | 335.1 | $ | 344.6 | $ | 395.3 | $ | 673.8 | $ | 730.4 | ||||||||||||
Sales to AEP Affiliates | 1.6 | 1.1 | 2.1 | 1.5 | 3.7 | 2.6 | ||||||||||||||||||
Other Revenues | 2.0 | 0.6 | 1.4 | 1.5 | 3.4 | 2.1 | ||||||||||||||||||
TOTAL REVENUES | 332.8 | 336.8 | 348.1 | 398.3 | 680.9 | 735.1 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 38.0 | 48.4 | 44.8 | 58.7 | 82.8 | 107.1 | ||||||||||||||||||
Purchased Electricity for Resale | 122.9 | 122.4 | 102.5 | 113.1 | 225.4 | 235.5 | ||||||||||||||||||
Other Operation | 73.6 | 86.8 | 64.8 | 93.7 | 138.4 | 180.5 | ||||||||||||||||||
Maintenance | 22.5 | 26.9 | 26.1 | 24.0 | 48.6 | 50.9 | ||||||||||||||||||
Depreciation and Amortization | 43.5 | 36.8 | 42.8 | 41.4 | 86.3 | 78.2 | ||||||||||||||||||
Taxes Other Than Income Taxes | 11.4 | 11.6 | 10.5 | 10.2 | 21.9 | 21.8 | ||||||||||||||||||
TOTAL EXPENSES | 311.9 | 332.9 | 291.5 | 341.1 | 603.4 | 674.0 | ||||||||||||||||||
OPERATING INCOME | 20.9 | 3.9 | 56.6 | 57.2 | 77.5 | 61.1 | ||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||
Other Income | 0.1 | — | ||||||||||||||||||||||
Other Income (Expense) | 0.8 | (0.1 | ) | 0.9 | (0.1 | ) | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.1 | 2.2 | 2.1 | 2.2 | 4.2 | 4.4 | ||||||||||||||||||
Interest Expense | (16.9 | ) | (14.7 | ) | (17.3 | ) | (16.3 | ) | (34.2 | ) | (31.0 | ) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAX BENEFIT | 6.2 | (8.6 | ) | |||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 42.2 | 43.0 | 48.4 | 34.4 | ||||||||||||||||||||
Income Tax Benefit | — | (1.4 | ) | |||||||||||||||||||||
Income Tax Expense | 0.3 | 6.4 | 0.3 | 5.0 | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 6.2 | $ | (7.2 | ) | |||||||||||||||||||
NET INCOME | $ | 41.9 | $ | 36.6 | $ | 48.1 | $ | 29.4 |
The common stock of PSO is wholly-owned by Parent. | ||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net Income (Loss) | $ | 6.2 | $ | (7.2 | ) | ||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | |||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) in 2019 and 2018, Respectively | (0.2 | ) | (0.2 | ) | |||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 6.0 | $ | (7.4 | ) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net Income | $ | 41.9 | $ | 36.6 | $ | 48.1 | $ | 29.4 | ||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | ||||||||||||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) for the Three Months Ended June 30, 2019 and 2018, Respectively, and $(0.2) and $(0.2) for the Six Months Ended June 30, 2019 and 2018, Respectively | (0.3 | ) | (0.3 | ) | (0.5 | ) | (0.5 | ) | ||||||||
TOTAL COMPREHENSIVE INCOME | $ | 41.6 | $ | 36.3 | $ | 47.6 | $ | 28.9 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2017 | $ | 157.2 | $ | 364.0 | $ | 691.5 | $ | 2.6 | $ | 1,215.3 | $ | 157.2 | $ | 364.0 | $ | 691.5 | $ | 2.6 | $ | 1,215.3 | ||||||||||||||||||||
Common Stock Dividends | (12.5 | ) | (12.5 | ) | (12.5 | ) | (12.5 | ) | ||||||||||||||||||||||||||||||||
ASU 2018-02 Adoption | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||||||
Net Loss | (7.2 | ) | (7.2 | ) | (7.2 | ) | (7.2 | ) | ||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.2 | ) | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2018 | $ | 157.2 | $ | 364.0 | $ | 671.8 | $ | 2.9 | $ | 1,195.9 | 157.2 | 364.0 | 671.8 | 2.9 | 1,195.9 | |||||||||||||||||||||||||
Common Stock Dividends | (12.5 | ) | (12.5 | ) | ||||||||||||||||||||||||||||||||||||
Net Income | 36.6 | 36.6 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2018 | $ | 157.2 | $ | 364.0 | $ | 695.9 | $ | 2.6 | $ | 1,219.7 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2018 | $ | 157.2 | $ | 364.0 | $ | 724.7 | $ | 2.1 | $ | 1,248.0 | $ | 157.2 | $ | 364.0 | $ | 724.7 | $ | 2.1 | $ | 1,248.0 | ||||||||||||||||||||
Common Stock Dividends | (11.3 | ) | (11.3 | ) | (11.3 | ) | (11.3 | ) | ||||||||||||||||||||||||||||||||
Net Income | 6.2 | 6.2 | 6.2 | 6.2 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.2 | ) | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2019 | $ | 157.2 | $ | 364.0 | $ | 719.6 | $ | 1.9 | $ | 1,242.7 | 157.2 | 364.0 | 719.6 | 1.9 | 1,242.7 | |||||||||||||||||||||||||
Net Income | 41.9 | 41.9 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2019 | $ | 157.2 | $ | 364.0 | $ | 761.5 | $ | 1.6 | $ | 1,284.3 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and Cash Equivalents | $ | 1.5 | $ | 2.0 | $ | 1.4 | $ | 2.0 | ||||||||
Accounts Receivable: | ||||||||||||||||
Customers | 35.7 | 32.5 | 39.3 | 32.5 | ||||||||||||
Affiliated Companies | 24.3 | 26.2 | 36.5 | 26.2 | ||||||||||||
Miscellaneous | 3.6 | 5.7 | 2.2 | 5.7 | ||||||||||||
Allowance for Uncollectible Accounts | (0.4 | ) | (0.1 | ) | (0.2 | ) | (0.1 | ) | ||||||||
Total Accounts Receivable | 63.2 | 64.3 | 77.8 | 64.3 | ||||||||||||
Fuel | 10.0 | 12.3 | 10.5 | 12.3 | ||||||||||||
Materials and Supplies | 43.9 | 44.8 | 46.2 | 44.8 | ||||||||||||
Risk Management Assets | 5.0 | 10.4 | 28.0 | 10.4 | ||||||||||||
Accrued Tax Benefits | 9.5 | 14.7 | 19.9 | 14.7 | ||||||||||||
Prepayments and Other Current Assets | 12.7 | 9.4 | 10.4 | 9.4 | ||||||||||||
TOTAL CURRENT ASSETS | 145.8 | 157.9 | 194.2 | 157.9 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||
Electric: | ||||||||||||||||
Generation | 1,568.6 | 1,577.0 | 1,566.5 | 1,577.0 | ||||||||||||
Transmission | 899.8 | 892.3 | 920.0 | 892.3 | ||||||||||||
Distribution | 2,600.1 | 2,572.8 | 2,625.9 | 2,572.8 | ||||||||||||
Other Property, Plant and Equipment | 306.0 | 303.5 | 313.5 | 303.5 | ||||||||||||
Construction Work in Progress | 98.6 | 94.0 | 101.7 | 94.0 | ||||||||||||
Total Property, Plant and Equipment | 5,473.1 | 5,439.6 | 5,527.6 | 5,439.6 | ||||||||||||
Accumulated Depreciation and Amortization | 1,496.2 | 1,472.9 | 1,527.2 | 1,472.9 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 3,976.9 | 3,966.7 | 4,000.4 | 3,966.7 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||||
Regulatory Assets | 365.1 | 369.0 | 375.9 | 369.0 | ||||||||||||
Employee Benefits and Pension Assets | 32.0 | 31.7 | 32.3 | 31.7 | ||||||||||||
Operating Lease Assets | 34.8 | — | 35.1 | — | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 37.9 | 7.1 | 28.0 | 7.1 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 469.8 | 407.8 | 471.3 | 407.8 | ||||||||||||
TOTAL ASSETS | $ | 4,592.5 | $ | 4,532.4 | $ | 4,665.9 | $ | 4,532.4 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Advances from Affiliates | $ | 55.2 | $ | 105.5 | $ | 22.6 | $ | 105.5 | ||||||||
Accounts Payable: | ||||||||||||||||
General | 90.1 | 126.9 | 114.8 | 126.9 | ||||||||||||
Affiliated Companies | 45.9 | 47.1 | 76.5 | 47.1 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | 375.5 | 375.5 | 138.1 | 375.5 | ||||||||||||
Risk Management Liabilities | 0.7 | 1.0 | 0.3 | 1.0 | ||||||||||||
Customer Deposits | 59.2 | 58.6 | 59.3 | 58.6 | ||||||||||||
Accrued Taxes | 42.5 | 22.4 | 40.4 | 22.4 | ||||||||||||
Obligations Under Operating Leases | 5.7 | — | 5.9 | — | ||||||||||||
Regulatory Liability for Over-Recovered Fuel Costs | 17.7 | 20.1 | 29.1 | 20.1 | ||||||||||||
Other Current Liabilities | 63.5 | 64.5 | 64.2 | 64.5 | ||||||||||||
TOTAL CURRENT LIABILITIES | 756.0 | 821.6 | 551.2 | 821.6 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||||
Long-term Debt – Nonaffiliated | 1,010.7 | 911.5 | 1,248.2 | 911.5 | ||||||||||||
Deferred Income Taxes | 610.6 | 607.8 | 615.3 | 607.8 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 861.2 | 864.7 | 860.2 | 864.7 | ||||||||||||
Asset Retirement Obligations | 47.9 | 46.3 | 48.5 | 46.3 | ||||||||||||
Obligations Under Operating Leases | 29.1 | — | 29.3 | — | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 34.3 | 32.5 | 28.9 | 32.5 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 2,593.8 | 2,462.8 | 2,830.4 | 2,462.8 | ||||||||||||
TOTAL LIABILITIES | 3,349.8 | 3,284.4 | 3,381.6 | 3,284.4 | ||||||||||||
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 | 157.2 | 157.2 | ||||||||||||
Paid-in Capital | 364.0 | 364.0 | 364.0 | 364.0 | ||||||||||||
Retained Earnings | 719.6 | 724.7 | 761.5 | 724.7 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | 1.9 | 2.1 | 1.6 | 2.1 | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 1,242.7 | 1,248.0 | 1,284.3 | 1,248.0 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 4,592.5 | $ | 4,532.4 | $ | 4,665.9 | $ | 4,532.4 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net Income (Loss) | $ | 6.2 | $ | (7.2 | ) | |||||||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows from Operating Activities: | ||||||||||||||||
Net Income | $ | 48.1 | $ | 29.4 | ||||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||||
Depreciation and Amortization | 43.5 | 36.8 | 86.3 | 78.2 | ||||||||||||
Deferred Income Taxes | (5.8 | ) | (4.5 | ) | (9.0 | ) | (6.5 | ) | ||||||||
Allowance for Equity Funds Used During Construction | (0.1 | ) | 0.1 | (0.7 | ) | 0.1 | ||||||||||
Mark-to-Market of Risk Management Contracts | 5.1 | 3.5 | (18.3 | ) | (18.1 | ) | ||||||||||
Property Taxes | (29.9 | ) | (30.1 | ) | (19.2 | ) | (19.2 | ) | ||||||||
Deferred Fuel Over/Under-Recovery, Net | (2.4 | ) | 14.6 | 9.0 | 29.9 | |||||||||||
Change in Other Noncurrent Assets | 8.0 | — | 4.6 | 1.4 | ||||||||||||
Change in Other Noncurrent Liabilities | (0.7 | ) | 5.7 | (2.4 | ) | 14.8 | ||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||||
Accounts Receivable, Net | 2.0 | 6.9 | (12.6 | ) | (6.4 | ) | ||||||||||
Fuel, Materials and Supplies | 3.2 | (1.7 | ) | 0.4 | (0.8 | ) | ||||||||||
Accounts Payable | (23.3 | ) | (10.9 | ) | 28.5 | 23.0 | ||||||||||
Accrued Taxes, Net | 25.3 | 22.4 | 12.8 | 30.0 | ||||||||||||
Other Current Assets | (3.8 | ) | 0.9 | (1.6 | ) | 0.5 | ||||||||||
Other Current Liabilities | 4.4 | (1.3 | ) | 3.3 | 3.0 | |||||||||||
Net Cash Flows from Operating Activities | 31.7 | 35.2 | 129.2 | 159.3 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Construction Expenditures | (70.7 | ) | (54.4 | ) | (132.7 | ) | (104.2 | ) | ||||||||
Other Investing Activities | 0.4 | 2.0 | 1.1 | 2.7 | ||||||||||||
Net Cash Flows Used for Investing Activities | (70.3 | ) | (52.4 | ) | (131.6 | ) | (101.5 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 99.9 | — | 349.9 | — | ||||||||||||
Change in Advances from Affiliates, Net | (50.3 | ) | 29.5 | (82.9 | ) | (31.2 | ) | |||||||||
Retirement of Long-term Debt – Nonaffiliated | (0.1 | ) | (0.1 | ) | (250.2 | ) | (0.2 | ) | ||||||||
Principal Payments for Finance Lease Obligations | (0.7 | ) | (1.0 | ) | (1.5 | ) | (1.8 | ) | ||||||||
Dividends Paid on Common Stock | (11.3 | ) | (12.5 | ) | (11.3 | ) | (25.0 | ) | ||||||||
Other Financing Activities | 0.6 | 0.3 | (2.2 | ) | 0.4 | |||||||||||
Net Cash Flows from Financing Activities | 38.1 | 16.2 | ||||||||||||||
Net Cash Flows from (Used for) Financing Activities | 1.8 | (57.8 | ) | |||||||||||||
Net Decrease in Cash and Cash Equivalents | (0.5 | ) | (1.0 | ) | (0.6 | ) | — | |||||||||
Cash and Cash Equivalents at Beginning of Period | 2.0 | 1.6 | 2.0 | 1.6 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 1.5 | $ | 0.6 | $ | 1.4 | $ | 1.6 | ||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 10.9 | $ | 10.3 | $ | 30.9 | $ | 31.7 | ||||||||
Net Cash Paid for Income Taxes | 0.6 | — | ||||||||||||||
Net Cash Paid (Received) for Income Taxes | 11.1 | (1.8 | ) | |||||||||||||
Noncash Acquisitions Under Finance Leases | 1.1 | 0.9 | 2.3 | 1.8 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 15.6 | 25.4 | ||||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 19.7 | 25.9 |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in millions of KWhs) | (in millions of KWhs) | |||||||||||||||
Retail: | ||||||||||||||||
Residential | 1,528 | 1,558 | 1,297 | 1,606 | 2,825 | 3,164 | ||||||||||
Commercial | 1,273 | 1,310 | 1,411 | 1,563 | 2,684 | 2,873 | ||||||||||
Industrial | 1,250 | 1,177 | 1,356 | 1,490 | 2,606 | 2,667 | ||||||||||
Miscellaneous | 20 | 19 | 20 | 21 | 40 | 40 | ||||||||||
Total Retail (a) | 4,071 | 4,064 | 4,084 | 4,680 | 8,155 | 8,744 | ||||||||||
Wholesale | 1,979 | 1,908 | 1,507 | 1,563 | 3,486 | 3,471 | ||||||||||
Total KWhs | 6,050 | 5,972 | 5,591 | 6,243 | 11,641 | 12,215 |
(a) | 2018 KWhs have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail KWhs. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
Three Months Ended | Six Months Ended | |||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
(in degree days) | (in degree days) | |||||||||||||||
Actual – Heating (a) | 708 | 729 | 24 | 55 | 732 | 784 | ||||||||||
Normal – Heating (b) | 698 | 707 | 26 | 25 | 724 | 732 | ||||||||||
Actual – Cooling (c) | 20 | 60 | 691 | 895 | 711 | 955 | ||||||||||
Normal – Cooling (b) | 39 | 38 | 740 | 733 | 779 | 771 |
(a) | Heating degree days are calculated on a 55 degree temperature base. |
(b) | Normal Heating/Cooling represents the thirty-year average of degree days. |
(c) | Cooling degree days are calculated on a 65 degree temperature base. |
Reconciliation of First Quarter of 2018 to First Quarter of 2019 | ||||||||
Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Reconciliation of Second Quarter of 2018 to Second Quarter of 2019 | Earnings Attributable to SWEPCo Common Shareholder | (in millions) | |||||
First Quarter of 2018 | $ | 11.8 | ||||||
Second Quarter of 2018 | $ | 37.6 | ||||||
Changes in Gross Margin: | ||||||||
Retail Margins (a) | 6.1 | (35.1 | ) | |||||
Off-system Sales | 0.6 | (0.5 | ) | |||||
Transmission Revenues | (1.7 | ) | (29.1 | ) | ||||
Other Revenues | 0.1 | |||||||
Total Change in Gross Margin | 5.1 | (64.7 | ) | |||||
Changes in Expenses and Other: | ||||||||
Other Operation and Maintenance | 12.4 | 30.4 | ||||||
Depreciation and Amortization | (4.7 | ) | (3.2 | ) | ||||
Taxes Other Than Income Taxes | (0.3 | ) | ||||||
Interest Income | (1.1 | ) | 0.1 | |||||
Allowance for Equity Funds Used During Construction | (0.5 | ) | 0.2 | |||||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.2 | ) | (0.1 | ) | ||||
Interest Expense | 2.5 | 0.4 | ||||||
Total Change in Expenses and Other | 8.1 | 27.8 | ||||||
Income Tax Expense | 2.2 | 5.4 | ||||||
Equity Earnings of Unconsolidated Subsidiary | 0.2 | 0.1 | ||||||
Net Income Attributable to Noncontrolling Interest | 0.4 | |||||||
First Quarter of 2019 | $ | 27.8 | ||||||
Second Quarter of 2019 | $ | 6.2 |
(a) | Includes firm wholesale sales to municipals and cooperatives. |
• | Retail Margins |
• | Transmission Revenues decreased $29 million primarily due to a $40 million decrease in the annual SPP formula rate true-ups, partially offset by an $11 million 2018 provision for refund on certain transmission assets that management believes should not have been included in the SPP formula rate. This decrease was partially offset by a decrease in transmission expenses in SPP. |
• | Other Operation and Maintenance expenses decreased |
• | Depreciation and Amortization expenses increased $3 million primarily due to higher depreciation rates implemented in the third quarter of 2018 and a higher depreciable base. |
• | Income Tax Expense decreased $5 million primarily due to an increase in amortization of Excess ADIT not subject to normalization requirements and a decrease in pretax book income. This decrease was partially offset in Gross Margin above. |
Reconciliation of Six Months Ended June 30, 2018 to Six Months Ended June 30, 2019 | ||||
Earnings Attributable to SWEPCo Common Shareholder | ||||
(in millions) | ||||
Six Months Ended June 30, 2018 | $ | 49.4 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | (29.0 | ) | ||
Off-system Sales | 0.1 | |||
Transmission Revenues | (30.8 | ) | ||
Other Revenues | 0.1 | |||
Total Change in Gross Margin | (59.6 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 42.8 | |||
Depreciation and Amortization | (7.9 | ) | ||
Taxes Other Than Income Taxes | (0.3 | ) | ||
Interest Income | (1.0 | ) | ||
Allowance for Equity Funds Used During Construction | (0.3 | ) | ||
Non-Service Cost Components of Net Periodic Benefit Cost | (0.3 | ) | ||
Interest Expense | 2.9 | |||
Total Change in Expenses and Other | 35.9 | |||
Income Tax Expense | 7.6 | |||
Equity Earnings of Unconsolidated Subsidiary | 0.3 | |||
Net Income Attributable to Noncontrolling Interest | 0.4 | |||
Six Months Ended June 30, 2019 | $ | 34.0 |
(a) | Includes firm wholesale sales to municipals and cooperatives. |
• | Retail Margins decreased $29 million primarily due to the following: |
• | Transmission Revenues decreased $31 million primarily due to a $40 million decrease in the annual SPP formula rate true-ups, partially offset by an $11 million 2018 provision for refund on certain transmission assets that management believes should not have been included in the SPP formula rate. This decrease was partially offset by a decrease in transmission expenses in SPP. |
• | Other Operation and Maintenance expenses decreased $43 million primarily due to the following: |
• | Depreciation and Amortization expenses increased |
• | Interest Expense decreased $3 million primarily due to lower interest rates on outstanding long-term debt. |
• | Income Tax Expense decreased |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 414.3 | $ | 413.0 | $ | 394.0 | $ | 451.4 | $ | 808.3 | $ | 864.4 | ||||||||||||
Sales to AEP Affiliates | 6.4 | 6.1 | 6.4 | 5.4 | 12.8 | 11.5 | ||||||||||||||||||
Provision for Refund – Affiliated | (25.2 | ) | — | (25.2 | ) | — | ||||||||||||||||||
Other Revenues | 0.4 | 0.3 | 0.3 | 0.3 | 0.7 | 0.6 | ||||||||||||||||||
TOTAL REVENUES | 421.1 | 419.4 | 375.5 | 457.1 | 796.6 | 876.5 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 133.5 | 126.8 | 117.9 | 114.5 | 251.4 | 241.3 | ||||||||||||||||||
Purchased Electricity for Resale | 32.6 | 42.7 | 33.1 | 53.4 | 65.7 | 96.1 | ||||||||||||||||||
Other Operation | 84.6 | 94.9 | 65.9 | 98.0 | 150.5 | 192.9 | ||||||||||||||||||
Maintenance | 28.9 | 31.0 | 39.3 | 37.6 | 68.2 | 68.6 | ||||||||||||||||||
Depreciation and Amortization | 62.1 | 57.4 | 61.8 | 58.6 | 123.9 | 116.0 | ||||||||||||||||||
Taxes Other Than Income Taxes | 25.3 | 25.0 | 24.5 | 24.5 | 49.8 | 49.5 | ||||||||||||||||||
TOTAL EXPENSES | 367.0 | 377.8 | 342.5 | 386.6 | 709.5 | 764.4 | ||||||||||||||||||
OPERATING INCOME | 54.1 | 41.6 | 33.0 | 70.5 | 87.1 | 112.1 | ||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||
Interest Income | 0.7 | 1.8 | 0.7 | 0.6 | 1.4 | 2.4 | ||||||||||||||||||
Allowance for Equity Funds Used During Construction | 1.8 | 2.3 | 1.1 | 0.9 | 2.9 | 3.2 | ||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.1 | 2.3 | 2.2 | 2.3 | 4.3 | 4.6 | ||||||||||||||||||
Interest Expense | (29.7 | ) | (32.2 | ) | (30.5 | ) | (30.9 | ) | (60.2 | ) | (63.1 | ) | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 29.0 | 15.8 | 6.5 | 43.4 | 35.5 | 59.2 | ||||||||||||||||||
Income Tax Expense | 0.7 | 2.9 | — | 5.4 | 0.7 | 8.3 | ||||||||||||||||||
Equity Earnings of Unconsolidated Subsidiary | 0.7 | 0.5 | 0.8 | 0.7 | 1.5 | 1.2 | ||||||||||||||||||
NET INCOME | 29.0 | 13.4 | 7.3 | 38.7 | 36.3 | 52.1 | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 1.2 | 1.6 | 1.1 | 1.1 | 2.3 | 2.7 | ||||||||||||||||||
EARNINGS ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 27.8 | $ | 11.8 | $ | 6.2 | $ | 37.6 | $ | 34.0 | $ | 49.4 |
The common stock of SWEPCo is wholly-owned by Parent. | ||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Net Income | $ | 29.0 | $ | 13.4 | $ | 7.3 | $ | 38.7 | $ | 36.3 | $ | 52.1 | |||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | |||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0.1 and $0.1 in 2019 and 2018, Respectively | 0.4 | 0.4 | |||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $(0.1) in 2019 and 2018, Respectively | (0.3 | ) | (0.3 | ) | |||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0.1 and $0.1 for the Three Months Ended June 30, 2019 and 2018, Respectively, and $0.2 and $0.2 for the Six Months Ended June 30, 2019 and 2018, Respectively | 0.4 | 0.5 | 0.8 | 0.9 | |||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $(0.1) for the Three Months Ended June 30, 2019 and 2018, Respectively, and $(0.2) and $(0.2) for the Six Months Ended June 30, 2019 and 2018, Respectively | (0.3 | ) | (0.4 | ) | (0.6 | ) | (0.7 | ) | |||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||||||||
TOTAL COMPREHENSIVE INCOME | 29.1 | 13.5 | 7.4 | 38.8 | 36.5 | 52.3 | |||||||||||||||||
Total Comprehensive Income Attributable to Noncontrolling Interest | 1.2 | 1.6 | 1.1 | 1.1 | 2.3 | 2.7 | |||||||||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 27.9 | $ | 11.9 | $ | 6.3 | $ | 37.7 | $ | 34.2 | $ | 49.6 |
SWEPCo Common Shareholder | SWEPCo Common Shareholder | |||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | |||||||||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2017 | $ | 135.7 | $ | 676.6 | $ | 1,426.6 | $ | (4.0 | ) | $ | (0.4 | ) | $ | 2,234.5 | $ | 135.7 | $ | 676.6 | $ | 1,426.6 | $ | (4.0 | ) | $ | (0.4 | ) | $ | 2,234.5 | ||||||||||||||||||
Common Stock Dividends | (20.0 | ) | (20.0 | ) | (20.0 | ) | (20.0 | ) | ||||||||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (0.8 | ) | (0.8 | ) | (0.8 | ) | (0.8 | ) | ||||||||||||||||||||||||||||||||||||||
ASU 2018-02 Adoption | (0.4 | ) | (0.9 | ) | (1.3 | ) | (0.4 | ) | (0.9 | ) | (1.3 | ) | ||||||||||||||||||||||||||||||||||
Net Income | 11.8 | 1.6 | 13.4 | 11.8 | 1.6 | 13.4 | ||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2018 | $ | 135.7 | $ | 676.6 | $ | 1,418.0 | $ | (4.8 | ) | $ | 0.4 | $ | 2,225.9 | 135.7 | 676.6 | 1,418.0 | (4.8 | ) | 0.4 | 2,225.9 | ||||||||||||||||||||||||||
Common Stock Dividends | (20.0 | ) | (20.0 | ) | ||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (1.0 | ) | (1.0 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net Income | 37.6 | 1.1 | 38.7 | |||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – JUNE 30, 2018 | $ | 135.7 | $ | 676.6 | $ | 1,435.6 | $ | (4.7 | ) | $ | 0.5 | $ | 2,243.7 | |||||||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2018 | $ | 135.7 | $ | 676.6 | $ | 1,508.4 | $ | (5.4 | ) | $ | 0.3 | $ | 2,315.6 | $ | 135.7 | $ | 676.6 | $ | 1,508.4 | $ | (5.4 | ) | $ | 0.3 | $ | 2,315.6 | ||||||||||||||||||||
Common Stock Dividends | (18.7 | ) | (18.7 | ) | (18.7 | ) | (18.7 | ) | ||||||||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (1.1 | ) | (1.1 | ) | (1.1 | ) | (1.1 | ) | ||||||||||||||||||||||||||||||||||||||
Net Income | 27.8 | 1.2 | 29.0 | 27.8 | 1.2 | 29.0 | ||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2019 | $ | 135.7 | $ | 676.6 | $ | 1,517.5 | $ | (5.3 | ) | $ | 0.4 | $ | 2,324.9 | 135.7 | 676.6 | 1,517.5 | (5.3 | ) | 0.4 | 2,324.9 | ||||||||||||||||||||||||||
Common Stock Dividends | (18.8 | ) | (18.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (1.1 | ) | (1.1 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net Income | 6.2 | 1.1 | 7.3 | |||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – JUNE 30, 2019 | $ | 135.7 | $ | 676.6 | $ | 1,504.9 | $ | (5.2 | ) | $ | 0.4 | $ | 2,312.4 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and Cash Equivalents (March 31, 2019 and December 31, 2018 Amounts Include $20.2 and $22, Respectively, Related to Sabine) | $ | 22.1 | $ | 24.5 | ||||||||||||
Cash and Cash Equivalents (June 30, 2019 and December 31, 2018 Amounts Include $22.2 and $22, Respectively, Related to Sabine) | $ | 24.0 | $ | 24.5 | ||||||||||||
Advances to Affiliates | 2.0 | 83.4 | 2.0 | 83.4 | ||||||||||||
Accounts Receivable: | ||||||||||||||||
Customers | 32.0 | 24.5 | 31.2 | 24.5 | ||||||||||||
Affiliated Companies | 20.0 | 28.8 | 56.5 | 28.8 | ||||||||||||
Miscellaneous | 18.2 | 20.2 | 15.6 | 20.2 | ||||||||||||
Allowance for Uncollectible Accounts | (1.2 | ) | (0.7 | ) | (1.8 | ) | (0.7 | ) | ||||||||
Total Accounts Receivable | 69.0 | 72.8 | 101.5 | 72.8 | ||||||||||||
Fuel (March 31, 2019 and December 31, 2018 Amounts Include $31.4 and $35.7, Respectively, Related to Sabine) | 135.1 | 120.5 | ||||||||||||||
Fuel (June 30, 2019 and December 31, 2018 Amounts Include $34.9 and $35.7, Respectively, Related to Sabine) | 136.6 | 120.5 | ||||||||||||||
Materials and Supplies | 69.1 | 67.5 | 70.7 | 67.5 | ||||||||||||
Risk Management Assets | 2.0 | 4.8 | 12.3 | 4.8 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 15.6 | 18.8 | 14.4 | 18.8 | ||||||||||||
Prepayments and Other Current Assets | 31.3 | 22.2 | 23.0 | 22.2 | ||||||||||||
TOTAL CURRENT ASSETS | 346.2 | 414.5 | 384.5 | 414.5 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||
Electric: | ||||||||||||||||
Generation | 4,711.6 | 4,672.6 | 4,670.4 | 4,672.6 | ||||||||||||
Transmission | 1,907.2 | 1,866.9 | 1,960.0 | 1,866.9 | ||||||||||||
Distribution | 2,204.9 | 2,178.6 | 2,222.0 | 2,178.6 | ||||||||||||
Other Property, Plant and Equipment (March 31, 2019 and December 31, 2018 Amounts Include $210 and $276.9, Respectively, Related to Sabine) | 658.9 | 762.7 | ||||||||||||||
Other Property, Plant and Equipment (June 30, 2019 and December 31, 2018 Amounts Include $210.3 and $276.9, Respectively, Related to Sabine) | 698.8 | 762.7 | ||||||||||||||
Construction Work in Progress | 193.4 | 199.3 | 209.4 | 199.3 | ||||||||||||
Total Property, Plant and Equipment | 9,676.0 | 9,680.1 | 9,760.6 | 9,680.1 | ||||||||||||
Accumulated Depreciation and Amortization (March 31, 2019 and December 31, 2018 Amounts Include $99.3 and $174.6, Respectively, Related to Sabine) | 2,760.6 | 2,808.3 | ||||||||||||||
Accumulated Depreciation and Amortization (June 30, 2019 and December 31, 2018 Amounts Include $101.6 and $174.6, Respectively, Related to Sabine) | 2,805.2 | 2,808.3 | ||||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 6,915.4 | 6,871.8 | 6,955.4 | 6,871.8 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||||
Regulatory Assets | 226.6 | 230.8 | 224.0 | 230.8 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 193.8 | 111.2 | 179.5 | 111.2 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 420.4 | 342.0 | 403.5 | 342.0 | ||||||||||||
TOTAL ASSETS | $ | 7,682.0 | $ | 7,628.3 | $ | 7,743.4 | $ | 7,628.3 |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Advances from Affiliates | $ | 74.0 | $ | — | $ | 55.3 | $ | — | ||||||||
Accounts Payable: | ||||||||||||||||
General | 98.6 | 129.1 | 108.8 | 129.1 | ||||||||||||
Affiliated Companies | 45.8 | 64.2 | 89.1 | 64.2 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | 6.2 | 59.7 | 121.2 | 59.7 | ||||||||||||
Risk Management Liabilities | 0.2 | 0.4 | 1.5 | 0.4 | ||||||||||||
Customer Deposits | 65.6 | 64.5 | 65.5 | 64.5 | ||||||||||||
Accrued Taxes | 91.1 | 42.8 | 89.2 | 42.8 | ||||||||||||
Accrued Interest | 22.0 | 34.7 | 33.8 | 34.7 | ||||||||||||
Obligations Under Finance Leases | 10.6 | 10.2 | ||||||||||||||
Obligations Under Operating Leases | 6.1 | — | 6.0 | — | ||||||||||||
Regulatory Liability for Over-Recovered Fuel Costs | 14.8 | 11.1 | ||||||||||||||
Other Current Liabilities | 87.0 | 107.3 | 123.7 | 106.4 | ||||||||||||
TOTAL CURRENT LIABILITIES | 507.2 | 512.9 | 708.9 | 512.9 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||||
Long-term Debt – Nonaffiliated | 2,652.9 | 2,653.7 | 2,536.9 | 2,653.7 | ||||||||||||
Long-term Risk Management Liabilities | 1.9 | 2.2 | 2.4 | 2.2 | ||||||||||||
Deferred Income Taxes | 910.1 | 902.8 | 913.3 | 902.8 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 922.7 | 923.0 | 921.6 | 923.0 | ||||||||||||
Asset Retirement Obligations | 197.0 | 191.3 | 198.4 | 191.3 | ||||||||||||
Employee Benefits and Pension Obligations | 23.7 | 24.8 | 24.3 | 24.8 | ||||||||||||
Obligations Under Finance Leases | 49.3 | 50.6 | 49.7 | 50.6 | ||||||||||||
Obligations Under Operating Leases | 32.3 | — | 31.5 | — | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 60.0 | 51.4 | 44.0 | 51.4 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 4,849.9 | 4,799.8 | 4,722.1 | 4,799.8 | ||||||||||||
TOTAL LIABILITIES | 5,357.1 | 5,312.7 | 5,431.0 | 5,312.7 | ||||||||||||
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 | 135.7 | 135.7 | ||||||||||||
Paid-in Capital | 676.6 | 676.6 | 676.6 | 676.6 | ||||||||||||
Retained Earnings | 1,517.5 | 1,508.4 | 1,504.9 | 1,508.4 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (5.3 | ) | (5.4 | ) | (5.2 | ) | (5.4 | ) | ||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,324.5 | 2,315.3 | 2,312.0 | 2,315.3 | ||||||||||||
Noncontrolling Interest | 0.4 | 0.3 | 0.4 | 0.3 | ||||||||||||
TOTAL EQUITY | 2,324.9 | 2,315.6 | 2,312.4 | 2,315.6 | ||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 7,682.0 | $ | 7,628.3 | $ | 7,743.4 | $ | 7,628.3 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net Income | $ | 29.0 | $ | 13.4 | $ | 36.3 | $ | 52.1 | ||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||||
Depreciation and Amortization | 62.1 | 57.4 | 123.9 | 116.0 | ||||||||||||
Deferred Income Taxes | (2.5 | ) | 1.0 | (10.1 | ) | 0.4 | ||||||||||
Allowance for Equity Funds Used During Construction | (1.8 | ) | (2.3 | ) | (2.9 | ) | (3.2 | ) | ||||||||
Mark-to-Market of Risk Management Contracts | 2.3 | 5.1 | (6.2 | ) | 1.1 | |||||||||||
Property Taxes | (48.9 | ) | (48.8 | ) | (32.2 | ) | (31.6 | ) | ||||||||
Deferred Fuel Over/Under-Recovery, Net | 10.3 | (4.6 | ) | 8.2 | 0.8 | |||||||||||
Change in Other Noncurrent Assets | 2.9 | 1.3 | 2.9 | (7.6 | ) | |||||||||||
Change in Other Noncurrent Liabilities | 7.9 | 18.8 | 2.0 | 45.4 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||||
Accounts Receivable, Net | 6.3 | 27.9 | (26.1 | ) | 22.1 | |||||||||||
Fuel, Materials and Supplies | (16.2 | ) | 2.2 | (19.3 | ) | 1.2 | ||||||||||
Accounts Payable | (55.0 | ) | (24.6 | ) | 5.5 | (17.3 | ) | |||||||||
Accrued Taxes, Net | 52.7 | 55.2 | 47.7 | 31.8 | ||||||||||||
Accrued Interest | (12.7 | ) | (13.0 | ) | ||||||||||||
Other Current Assets | (10.0 | ) | (0.8 | ) | (1.4 | ) | 4.5 | |||||||||
Other Current Liabilities | (17.0 | ) | (12.5 | ) | 23.4 | 10.5 | ||||||||||
Net Cash Flows from Operating Activities | 9.4 | 75.7 | 151.7 | 226.2 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Construction Expenditures | (86.6 | ) | (139.7 | ) | (185.2 | ) | (244.6 | ) | ||||||||
Change in Advances to Affiliates, Net | 81.4 | — | 81.4 | — | ||||||||||||
Other Investing Activities | (3.1 | ) | (5.4 | ) | (2.2 | ) | 0.6 | |||||||||
Net Cash Flows Used for Investing Activities | (8.3 | ) | (145.1 | ) | (106.0 | ) | (244.0 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Issuance of Long-term Debt – Nonaffiliated | — | 444.6 | — | 444.6 | ||||||||||||
Change in Short-term Debt, Net – Nonaffiliated | — | 0.6 | ||||||||||||||
Change in Short-term Debt – Nonaffiliated | — | 3.2 | ||||||||||||||
Change in Advances from Affiliates, Net | 74.0 | 29.9 | 55.3 | 1.2 | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (55.1 | ) | (383.4 | ) | (56.6 | ) | (383.5 | ) | ||||||||
Principal Payments for Finance Lease Obligations | (2.7 | ) | (2.8 | ) | (5.5 | ) | (5.7 | ) | ||||||||
Dividends Paid on Common Stock | (18.7 | ) | (20.0 | ) | (37.5 | ) | (40.0 | ) | ||||||||
Dividends Paid on Common Stock – Nonaffiliated | (1.1 | ) | (0.8 | ) | (2.2 | ) | (1.8 | ) | ||||||||
Other Financing Activities | 0.1 | 0.4 | 0.3 | 0.3 | ||||||||||||
Net Cash Flows from (Used for) Financing Activities | (3.5 | ) | 68.5 | (46.2 | ) | 18.3 | ||||||||||
Net Decrease in Cash and Cash Equivalents | (2.4 | ) | (0.9 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (0.5 | ) | 0.5 | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 24.5 | 1.6 | 24.5 | 1.6 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 22.1 | $ | 0.7 | $ | 24.0 | $ | 2.1 | ||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 40.5 | $ | 43.7 | $ | 57.1 | $ | 59.7 | ||||||||
Net Cash Paid (Received) for Income Taxes | 0.2 | (0.1 | ) | |||||||||||||
Net Cash Paid for Income Taxes | 6.2 | 16.3 | ||||||||||||||
Noncash Acquisitions Under Finance Leases | 0.8 | 1.9 | 2.6 | 2.7 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | 44.8 | 50.3 | ||||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 40.9 | 39.5 |
Note | Registrant | Page Number | ||
Significant Accounting Matters | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||
New Accounting Pronouncements | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||
Comprehensive Income | AEP, AEP Texas, APCo, I&M, OPCo, PSO, SWEPCo | |||
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 | |||
Acquisitions and Impairments | AEP, APCo | |||
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 | |||
Income Taxes | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||
Leases | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||
Financing Activities | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||
Variable Interest Entities and Equity Method Investments | AEP | |||
Revenue from Contracts with Customers | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo |
Three Months Ended March 31, | |||||||||||||||
2019 | 2018 | ||||||||||||||
(in millions, except per share data) | |||||||||||||||
$/share | $/share | ||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 572.8 | $ | 454.4 | |||||||||||
Weighted Average Number of Basic Shares Outstanding | 493.3 | $ | 1.16 | 492.3 | $ | 0.92 | |||||||||
Weighted Average Dilutive Effect of Stock-Based Awards | 1.2 | — | 0.8 | — | |||||||||||
Weighted Average Number of Diluted Shares Outstanding | 494.5 | $ | 1.16 | 493.1 | $ | 0.92 |
Three Months Ended June 30, | |||||||||||||||
2019 | 2018 | ||||||||||||||
(in millions, except per share data) | |||||||||||||||
$/share | $/share | ||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 461.3 | $ | 528.4 | |||||||||||
Weighted Average Number of Basic Shares Outstanding | 493.6 | $ | 0.93 | 492.7 | $ | 1.07 | |||||||||
Weighted Average Dilutive Effect of Stock-Based Awards | 1.8 | — | 0.8 | — | |||||||||||
Weighted Average Number of Diluted Shares Outstanding | 495.4 | $ | 0.93 | 493.5 | $ | 1.07 |
Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | ||||||||||||||
(in millions, except per share data) | |||||||||||||||
$/share | $/share | ||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 1,034.1 | $ | 982.8 | |||||||||||
Weighted Average Number of Basic Shares Outstanding | 493.4 | $ | 2.10 | 492.5 | $ | 2.00 | |||||||||
Weighted Average Dilutive Effect of Stock-Based Awards | 1.5 | (0.01 | ) | 0.8 | (0.01 | ) | |||||||||
Weighted Average Number of Diluted Shares Outstanding | 494.9 | $ | 2.09 | 493.3 | $ | 1.99 |
March 31, 2019 | ||||||||||||||||
AEP | AEP Texas | APCo | OPCo | |||||||||||||
(in millions) | ||||||||||||||||
Cash and Cash Equivalents | $ | 227.7 | $ | 0.1 | $ | 2.9 | $ | 3.3 | ||||||||
Restricted Cash | 135.4 | 100.6 | 18.3 | 16.5 | ||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 363.1 | $ | 100.7 | $ | 21.2 | $ | 19.8 |
June 30, 2019 | ||||||||||||||||
AEP | AEP Texas | APCo | OPCo | |||||||||||||
(in millions) | ||||||||||||||||
Cash and Cash Equivalents | $ | 210.5 | $ | 0.1 | $ | 2.3 | $ | 2.7 | ||||||||
Restricted Cash | 179.1 | 125.4 | 25.4 | 28.2 | ||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 389.6 | $ | 125.5 | $ | 27.7 | $ | 30.9 |
December 31, 2018 | ||||||||||||||||
AEP | AEP Texas | APCo | OPCo | |||||||||||||
(in millions) | ||||||||||||||||
Cash and Cash Equivalents | $ | 234.1 | $ | 3.1 | $ | 4.2 | $ | 4.9 | ||||||||
Restricted Cash | 210.0 | 156.7 | 25.6 | 27.6 | ||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 444.1 | $ | 159.8 | $ | 29.8 | $ | 32.5 |
Three Months Ended March 31, 2018 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||||
As Reported | Adjustments | As Adjusted | As Reported | Adjustments | As Adjusted | As Reported | Adjustments | As Adjusted | ||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
TOTAL REVENUES | $ | 193.5 | $ | (1.8 | ) | $ | 191.7 | $ | 183.8 | $ | 16.3 | $ | 200.1 | $ | 377.3 | $ | 14.5 | $ | 391.8 | |||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | 30.6 | (0.3 | ) | 30.3 | 32.4 | (0.1 | ) | 32.3 | 63.0 | (0.4 | ) | 62.6 | ||||||||||||||||||||||||
TOTAL EXPENSES | 80.9 | (0.3 | ) | 80.6 | 89.7 | (0.1 | ) | 89.6 | 170.6 | (0.4 | ) | 170.2 | ||||||||||||||||||||||||
OPERATING INCOME | 112.6 | (1.5 | ) | 111.1 | 94.1 | 16.4 | 110.5 | 206.7 | 14.9 | 221.6 | ||||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 15.3 | (0.4 | ) | 14.9 | 16.3 | (0.5 | ) | 15.8 | 31.6 | (0.9 | ) | 30.7 | ||||||||||||||||||||||||
Interest Expense | (19.9 | ) | (0.4 | ) | (20.3 | ) | (20.3 | ) | (0.3 | ) | (20.6 | ) | (40.2 | ) | (0.7 | ) | (40.9 | ) | ||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 108.4 | (2.3 | ) | 106.1 | 90.5 | 15.6 | 106.1 | 198.9 | 13.3 | 212.2 | ||||||||||||||||||||||||||
Income Tax Expense | 22.5 | (0.5 | ) | 22.0 | 20.0 | 4.1 | 24.1 | 42.5 | 3.6 | 46.1 | ||||||||||||||||||||||||||
NET INCOME | $ | 85.9 | $ | (1.8 | ) | $ | 84.1 | $ | 70.5 | $ | 11.5 | $ | 82.0 | $ | 156.4 | $ | 9.7 | $ | 166.1 |
Three Months Ended March 31, 2018 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
As Reported | Adjustments | As Adjusted | As Reported | Adjustments | As Adjusted | |||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||
Net Income | $ | 85.9 | $ | (1.8 | ) | $ | 84.1 | $ | 156.4 | $ | 9.7 | $ | 166.1 | |||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||||||||||||
Depreciation and Amortization | 30.6 | (0.3 | ) | 30.3 | 63.0 | (0.4 | ) | 62.6 | ||||||||||||||||
Deferred Income Taxes | 15.7 | (0.2 | ) | 15.5 | 50.2 | (0.3 | ) | 49.9 | ||||||||||||||||
Allowance for Equity Funds Used During Construction | (15.3 | ) | 0.4 | (14.9 | ) | (31.6 | ) | 0.9 | (30.7 | ) | ||||||||||||||
Change in Other Noncurrent Assets | 2.7 | 0.2 | 2.9 | (7.0 | ) | 0.3 | (6.7 | ) | ||||||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||||||||||||
Accounts Receivable, Net | (10.1 | ) | 0.5 | (9.6 | ) | 8.4 | 0.1 | 8.5 | ||||||||||||||||
Accounts Payable | (12.3 | ) | 1.6 | (10.7 | ) | 13.7 | (10.3 | ) | 3.4 | |||||||||||||||
Accrued Taxes, Net | (33.6 | ) | (0.4 | ) | (34.0 | ) | ||||||||||||||||||
Net Cash Flows from Operating Activities | 127.1 | — | 127.1 | 246.1 | — | 246.1 | ||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Net Cash Flows Used for Investing Activities | (458.4 | ) | — | (458.4 | ) | (774.7 | ) | — | (774.7 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Net Cash Flows from Financing Activities | 331.3 | — | 331.3 | 528.6 | — | 528.6 | ||||||||||||||||||
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 | ||||||||||||||||||||||||
Construction Expenditures Included in Current Liabilities as of March 31, | $ | 210.6 | $ | 3.2 | $ | 213.8 | ||||||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 42.7 | $ | 0.4 | $ | 43.1 | ||||||||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 234.7 | 6.4 | 241.1 |
Practical Expedient | Description | |
Overall Expedients (for leases commenced prior to adoption date and must be adopted as a package) | Do not need to reassess whether any expired or existing contracts are/or contain leases, do not need to reassess the lease classification for any expired or existing leases and do not need to reassess initial direct costs for any existing leases. | |
Lease and Non-lease Components (elect by class of underlying asset) | Elect as an accounting policy to not separate non-lease components from lease components and instead account for each lease and associated non-lease component as a single lease component. | |
Short-term Lease (elect by class of underlying asset) | Elect as an accounting policy to not apply the recognition requirements to short-term leases. | |
Existing and expired land easements not previously accounted for as leases | Elect optional transition practical expedient to not evaluate under Topic 842 existing or expired land easements that were not previously accounted for as leases under the current leases guidance in Topic 840. | |
Cumulative-effect adjustment in the period of adoption | Elect the optional transition practical expedient to adopt the new lease requirements through a cumulative-effect adjustment on the balance sheet in the period of adoption. |
Cash Flow Hedges | Pension | |||||||||||||||
Three Months Ended June 30, 2019 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||
(in millions) | ||||||||||||||||
Balance in AOCI as of March 31, 2019 | $ | (52.1 | ) | $ | (12.4 | ) | $ | (86.2 | ) | $ | (150.7 | ) | ||||
Change in Fair Value Recognized in AOCI | (91.9 | ) | (3.7 | ) | (b) | — | (95.6 | ) | ||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||
Purchased Electricity for Resale (a) | 21.2 | — | — | 21.2 | ||||||||||||
Interest Expense (a) | — | 0.3 | — | 0.3 | ||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (4.7 | ) | (4.7 | ) | ||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 3.0 | 3.0 | ||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 21.2 | 0.3 | (1.7 | ) | 19.8 | |||||||||||
Income Tax (Expense) Benefit | 4.4 | 0.1 | (0.3 | ) | 4.2 | |||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 16.8 | 0.2 | (1.4 | ) | 15.6 | |||||||||||
Net Current Period Other Comprehensive Income (Loss) | (75.1 | ) | (3.5 | ) | (1.4 | ) | (80.0 | ) | ||||||||
Balance in AOCI as of June 30, 2019 | $ | (127.2 | ) | $ | (15.9 | ) | $ | (87.6 | ) | $ | (230.7 | ) |
Cash Flow Hedges | |||||||||||||||
Commodity | Interest Rate | Pension and OPEB | Total | ||||||||||||
(in millions) | |||||||||||||||
Balance in AOCI as of December 31, 2018 | $ | (23.0 | ) | $ | (12.6 | ) | $ | (84.8 | ) | $ | (120.4 | ) | |||
Change in Fair Value Recognized in AOCI | (38.8 | ) | — | — | (38.8 | ) | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | |||||||||||||||
Purchased Electricity for Resale (a) | 12.3 | — | — | 12.3 | |||||||||||
Interest Expense (a) | — | 0.2 | — | 0.2 | |||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (4.8 | ) | (4.8 | ) | |||||||||
Amortization of Actuarial (Gains) Losses | — | — | 3.0 | 3.0 | |||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 12.3 | 0.2 | (1.8 | ) | 10.7 | ||||||||||
Income Tax (Expense) Benefit | 2.6 | — | (0.4 | ) | 2.2 | ||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 9.7 | 0.2 | (1.4 | ) | 8.5 | ||||||||||
Net Current Period Other Comprehensive Income (Loss) | (29.1 | ) | 0.2 | (1.4 | ) | (30.3 | ) | ||||||||
Balance in AOCI as of March 31, 2019 | $ | (52.1 | ) | $ | (12.4 | ) | $ | (86.2 | ) | $ | (150.7 | ) |
Cash Flow Hedges | Pension | |||||||||||||||
Three Months Ended June 30, 2018 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||
(in millions) | ||||||||||||||||
Balance in AOCI as of March 31, 2018 | $ | (32.0 | ) | $ | (15.5 | ) | $ | (47.9 | ) | $ | (95.4 | ) | ||||
Change in Fair Value Recognized in AOCI | 5.4 | — | — | 5.4 | ||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||
Purchased Electricity for Resale (a) | (4.7 | ) | — | — | (4.7 | ) | ||||||||||
Interest Expense (a) | — | 0.2 | — | 0.2 | ||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (4.7 | ) | (4.7 | ) | ||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 3.2 | 3.2 | ||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (4.7 | ) | 0.2 | (1.5 | ) | (6.0 | ) | |||||||||
Income Tax (Expense) Benefit | (0.9 | ) | — | (0.3 | ) | (1.2 | ) | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (3.8 | ) | 0.2 | (1.2 | ) | (4.8 | ) | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 1.6 | 0.2 | (1.2 | ) | 0.6 | |||||||||||
Balance in AOCI as of June 30, 2018 | $ | (30.4 | ) | $ | (15.3 | ) | $ | (49.1 | ) | $ | (94.8 | ) |
Cash Flow Hedges | Pension | |||||||||||||||
Six Months Ended June 30, 2019 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||
(in millions) | ||||||||||||||||
Balance in AOCI as of December 31, 2018 | $ | (23.0 | ) | $ | (12.6 | ) | $ | (84.8 | ) | $ | (120.4 | ) | ||||
Change in Fair Value Recognized in AOCI | (130.7 | ) | (3.7 | ) | (b) | — | (134.4 | ) | ||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||
Purchased Electricity for Resale (a) | 33.5 | — | — | 33.5 | ||||||||||||
Interest Expense (a) | — | 0.5 | — | 0.5 | ||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (9.5 | ) | (9.5 | ) | ||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 6.0 | 6.0 | ||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 33.5 | 0.5 | (3.5 | ) | 30.5 | |||||||||||
Income Tax (Expense) Benefit | 7.0 | 0.1 | (0.7 | ) | 6.4 | |||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 26.5 | 0.4 | (2.8 | ) | 24.1 | |||||||||||
Net Current Period Other Comprehensive Income (Loss) | (104.2 | ) | (3.3 | ) | (2.8 | ) | (110.3 | ) | ||||||||
Balance in AOCI as of June 30, 2019 | $ | (127.2 | ) | $ | (15.9 | ) | $ | (87.6 | ) | $ | (230.7 | ) |
Cash Flow Hedges | Cash Flow Hedges | Securities | |||||||||||||||||||||||||||||||||||||
Commodity | Interest Rate | Securities Available for Sale | Pension and OPEB | Total | Interest | Available | Pension | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2018 | Commodity | Rate | for Sale | and OPEB | Total | ||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Balance in AOCI as of December 31, 2017 | $ | (28.4 | ) | $ | (13.0 | ) | $ | 11.9 | $ | (38.3 | ) | $ | (67.8 | ) | $ | (28.4 | ) | $ | (13.0 | ) | $ | 11.9 | $ | (38.3 | ) | $ | (67.8 | ) | |||||||||||
Change in Fair Value Recognized in AOCI | 12.8 | — | — | — | 12.8 | 18.2 | — | — | — | 18.2 | |||||||||||||||||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | |||||||||||||||||||||||||||||||||||||||
Purchased Electricity for Resale (a) | (13.1 | ) | — | — | — | (13.1 | ) | (17.8 | ) | — | — | — | (17.8 | ) | |||||||||||||||||||||||||
Interest Expense (a) | — | 0.3 | — | — | 0.3 | — | 0.5 | — | — | 0.5 | |||||||||||||||||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | — | (5.0 | ) | (5.0 | ) | — | — | — | (9.7 | ) | (9.7 | ) | |||||||||||||||||||||||||
Amortization of Actuarial (Gains) Losses | — | — | — | 3.2 | 3.2 | — | — | — | 6.4 | 6.4 | |||||||||||||||||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (13.1 | ) | 0.3 | — | (1.8 | ) | (14.6 | ) | (17.8 | ) | 0.5 | — | (3.3 | ) | (20.6 | ) | |||||||||||||||||||||||
Income Tax (Expense) Benefit | (2.8 | ) | 0.1 | — | (0.4 | ) | (3.1 | ) | (3.7 | ) | 0.1 | — | (0.7 | ) | (4.3 | ) | |||||||||||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (10.3 | ) | 0.2 | — | (1.4 | ) | (11.5 | ) | (14.1 | ) | 0.4 | — | (2.6 | ) | (16.3 | ) | |||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 2.5 | 0.2 | — | (1.4 | ) | 1.3 | 4.1 | 0.4 | — | (2.6 | ) | 1.9 | |||||||||||||||||||||||||||
ASU 2018-02 Adoption | (6.1 | ) | (2.7 | ) | — | (8.2 | ) | (17.0 | ) | (6.1 | ) | (2.7 | ) | — | (8.2 | ) | (17.0 | ) | |||||||||||||||||||||
ASU 2016-01 Adoption | — | — | (11.9 | ) | — | (11.9 | ) | — | — | (11.9 | ) | — | (11.9 | ) | |||||||||||||||||||||||||
Balance in AOCI as of March 31, 2018 | $ | (32.0 | ) | $ | (15.5 | ) | $ | — | $ | (47.9 | ) | $ | (95.4 | ) | |||||||||||||||||||||||||
Balance in AOCI as of June 30, 2018 | $ | (30.4 | ) | $ | (15.3 | ) | $ | — | $ | (49.1 | ) | $ | (94.8 | ) |
Cash Flow Hedge – Interest Rate | Pension and OPEB | Total | Cash Flow Hedge – | Pension | ||||||||||||||||||||
Three Months Ended June 30, 2019 | Interest Rate | and OPEB | Total | |||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Balance in AOCI as of December 31, 2018 | $ | (4.4 | ) | $ | (10.7 | ) | $ | (15.1 | ) | |||||||||||||||
Balance in AOCI as of March 31, 2019 | $ | (4.1 | ) | $ | (10.7 | ) | $ | (14.8 | ) | |||||||||||||||
Change in Fair Value Recognized in AOCI | — | — | — | — | — | — | ||||||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||||||||||
Interest Expense (a) | 0.4 | — | 0.4 | 0.2 | — | 0.2 | ||||||||||||||||||
Amortization of Actuarial (Gains) Losses | — | 0.1 | 0.1 | |||||||||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 0.4 | — | 0.4 | 0.2 | 0.1 | 0.3 | ||||||||||||||||||
Income Tax (Expense) Benefit | 0.1 | — | 0.1 | — | — | — | ||||||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.3 | — | 0.3 | 0.2 | 0.1 | 0.3 | ||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.3 | — | 0.3 | 0.2 | 0.1 | 0.3 | ||||||||||||||||||
Balance in AOCI as of March 31, 2019 | $ | (4.1 | ) | $ | (10.7 | ) | $ | (14.8 | ) | |||||||||||||||
Balance in AOCI as of June 30, 2019 | $ | (3.9 | ) | $ | (10.6 | ) | $ | (14.5 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Three Months Ended June 30, 2018 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of March 31, 2018 | $ | (5.2 | ) | $ | (9.8 | ) | $ | (15.0 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 0.3 | — | 0.3 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.1 | ) | (0.1 | ) | |||||||
Amortization of Actuarial (Gains) Losses | — | 0.1 | 0.1 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 0.3 | — | 0.3 | |||||||||
Income Tax (Expense) Benefit | — | — | — | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.3 | — | 0.3 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.3 | — | 0.3 | |||||||||
Balance in AOCI as of June 30, 2018 | $ | (4.9 | ) | $ | (9.8 | ) | $ | (14.7 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Six Months Ended June 30, 2019 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2018 | $ | (4.4 | ) | $ | (10.7 | ) | $ | (15.1 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 0.6 | — | 0.6 | |||||||||
Amortization of Actuarial (Gains) Losses | — | 0.1 | 0.1 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 0.6 | 0.1 | 0.7 | |||||||||
Income Tax (Expense) Benefit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.5 | 0.1 | 0.6 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.5 | 0.1 | 0.6 | |||||||||
Balance in AOCI as of June 30, 2019 | $ | (3.9 | ) | $ | (10.6 | ) | $ | (14.5 | ) |
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 (a) | 0.3 | — | 0.3 | |||||||||
Amortization of Actuarial (Gains) Losses | — | 0.1 | 0.1 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 0.3 | 0.1 | 0.4 | |||||||||
Income Tax (Expense) Benefit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.2 | 0.1 | 0.3 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.2 | 0.1 | 0.3 | |||||||||
ASU 2018-02 Adoption | (0.9 | ) | (1.8 | ) | (2.7 | ) | ||||||
Balance in AOCI as of March 31, 2018 | $ | (5.2 | ) | $ | (9.8 | ) | $ | (15.0 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Six Months Ended June 30, 2018 | Interest Rate | 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 (a) | 0.6 | — | 0.6 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.1 | ) | (0.1 | ) | |||||||
Amortization of Actuarial (Gains) Losses | — | 0.2 | 0.2 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 0.6 | 0.1 | 0.7 | |||||||||
Income Tax (Expense) Benefit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.5 | 0.1 | 0.6 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.5 | 0.1 | 0.6 | |||||||||
ASU 2018-02 Adoption | (0.9 | ) | (1.8 | ) | (2.7 | ) | ||||||
Balance in AOCI as of June 30, 2018 | $ | (4.9 | ) | $ | (9.8 | ) | $ | (14.7 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Three Months Ended June 30, 2019 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of March 31, 2019 | $ | 1.6 | $ | (7.4 | ) | $ | (5.8 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | (0.2 | ) | — | (0.2 | ) | |||||||
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 (Expense) Benefit | (0.2 | ) | (0.8 | ) | (1.0 | ) | ||||||
Income Tax (Expense) Benefit | — | (0.1 | ) | (0.1 | ) | |||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.2 | ) | (0.7 | ) | (0.9 | ) | ||||||
Net Current Period Other Comprehensive Income (Loss) | (0.2 | ) | (0.7 | ) | (0.9 | ) | ||||||
Balance in AOCI as of June 30, 2019 | $ | 1.4 | $ | (8.1 | ) | $ | (6.7 | ) |
Cash Flow Hedge – Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2018 | $ | 1.8 | $ | (6.8 | ) | $ | (5.0 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | (0.3 | ) | — | (0.3 | ) | |||||||
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 (Expense) Benefit | (0.3 | ) | (0.8 | ) | (1.1 | ) | ||||||
Income Tax (Expense) Benefit | (0.1 | ) | (0.2 | ) | (0.3 | ) | ||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.2 | ) | (0.6 | ) | (0.8 | ) | ||||||
Net Current Period Other Comprehensive Income (Loss) | (0.2 | ) | (0.6 | ) | (0.8 | ) | ||||||
Balance in AOCI as of March 31, 2019 | $ | 1.6 | $ | (7.4 | ) | $ | (5.8 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Three Months Ended June 30, 2018 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of March 31, 2018 | $ | 2.5 | $ | (1.9 | ) | $ | 0.6 | |||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | (0.2 | ) | — | (0.2 | ) | |||||||
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) Benefit | (0.2 | ) | (1.0 | ) | (1.2 | ) | ||||||
Income Tax (Expense) Benefit | — | (0.2 | ) | (0.2 | ) | |||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.2 | ) | (0.8 | ) | (1.0 | ) | ||||||
Net Current Period Other Comprehensive Income (Loss) | (0.2 | ) | (0.8 | ) | (1.0 | ) | ||||||
Balance in AOCI as of June 30, 2018 | $ | 2.3 | $ | (2.7 | ) | $ | (0.4 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Six Months Ended June 30, 2019 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2018 | $ | 1.8 | $ | (6.8 | ) | $ | (5.0 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | (0.5 | ) | — | (0.5 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | (2.6 | ) | (2.6 | ) | |||||||
Amortization of Actuarial (Gains) Losses | — | 1.0 | 1.0 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.5 | ) | (1.6 | ) | (2.1 | ) | ||||||
Income Tax (Expense) Benefit | (0.1 | ) | (0.3 | ) | (0.4 | ) | ||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.4 | ) | (1.3 | ) | (1.7 | ) | ||||||
Net Current Period Other Comprehensive Income (Loss) | (0.4 | ) | (1.3 | ) | (1.7 | ) | ||||||
Balance in AOCI as of June 30, 2019 | $ | 1.4 | $ | (8.1 | ) | $ | (6.7 | ) |
Cash Flow Hedges | Cash Flow Hedges | Pension | ||||||||||||||||||||||||||||||
Commodity | Interest Rate | Pension and OPEB | Total | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2018 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
Balance in AOCI as of December 31, 2017 | $ | — | $ | 2.2 | $ | (0.9 | ) | $ | 1.3 | $ | — | $ | 2.2 | $ | (0.9 | ) | $ | 1.3 | ||||||||||||||
Change in Fair Value Recognized in AOCI | (0.7 | ) | — | — | (0.7 | ) | (0.7 | ) | — | — | (0.7 | ) | ||||||||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||||||||||||||||||
Purchased Electricity for Resale (a) | 0.9 | — | — | 0.9 | 0.9 | — | — | 0.9 | ||||||||||||||||||||||||
Interest Expense (a) | — | (0.3 | ) | — | (0.3 | ) | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (1.3 | ) | (1.3 | ) | — | — | (2.6 | ) | (2.6 | ) | ||||||||||||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 0.3 | 0.3 | — | — | 0.6 | 0.6 | ||||||||||||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 0.9 | (0.3 | ) | (1.0 | ) | (0.4 | ) | 0.9 | (0.5 | ) | (2.0 | ) | (1.6 | ) | ||||||||||||||||||
Income Tax (Expense) Benefit | 0.2 | (0.1 | ) | (0.2 | ) | (0.1 | ) | 0.2 | (0.1 | ) | (0.4 | ) | (0.3 | ) | ||||||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.7 | (0.2 | ) | (0.8 | ) | (0.3 | ) | 0.7 | (0.4 | ) | (1.6 | ) | (1.3 | ) | ||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | (0.2 | ) | (0.8 | ) | (1.0 | ) | — | (0.4 | ) | (1.6 | ) | (2.0 | ) | ||||||||||||||||||
ASU 2018-02 Adoption | — | 0.5 | (0.2 | ) | 0.3 | — | 0.5 | (0.2 | ) | 0.3 | ||||||||||||||||||||||
Balance in AOCI as of March 31, 2018 | $ | — | $ | 2.5 | $ | (1.9 | ) | $ | 0.6 | |||||||||||||||||||||||
Balance in AOCI as of June 30, 2018 | $ | — | $ | 2.3 | $ | (2.7 | ) | $ | (0.4 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Three Months Ended June 30, 2019 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of March 31, 2019 | $ | (11.1 | ) | $ | (2.3 | ) | $ | (13.4 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 0.5 | — | 0.5 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.2 | ) | (0.2 | ) | |||||||
Amortization of Actuarial (Gains) Losses | — | 0.1 | 0.1 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 0.5 | (0.1 | ) | 0.4 | ||||||||
Income Tax (Expense) Benefit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.4 | (0.1 | ) | 0.3 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | (0.1 | ) | 0.3 | ||||||||
Balance in AOCI as of June 30, 2019 | $ | (10.7 | ) | $ | (2.4 | ) | $ | (13.1 | ) |
Cash Flow Hedge – Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2018 | $ | (11.5 | ) | $ | (2.3 | ) | $ | (13.8 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 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) Benefit | 0.5 | — | 0.5 | |||||||||
Income Tax (Expense) Benefit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.4 | — | 0.4 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | — | 0.4 | |||||||||
Balance in AOCI as of March 31, 2019 | $ | (11.1 | ) | $ | (2.3 | ) | $ | (13.4 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Three Months Ended June 30, 2018 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of March 31, 2018 | $ | (12.7 | ) | $ | (1.7 | ) | $ | (14.4 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 0.6 | — | 0.6 | |||||||||
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) Benefit | 0.6 | — | 0.6 | |||||||||
Income Tax (Expense) Benefit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.5 | — | 0.5 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.5 | — | 0.5 | |||||||||
Balance in AOCI as of June 30, 2018 | $ | (12.2 | ) | $ | (1.7 | ) | $ | (13.9 | ) |
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 (a) | 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) Benefit | 0.5 | — | 0.5 | |||||||||
Income Tax (Expense) Benefit | 0.1 | — | 0.1 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.4 | — | 0.4 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | — | 0.4 | |||||||||
ASU 2018-02 Adoption | (2.4 | ) | (0.3 | ) | (2.7 | ) | ||||||
Balance in AOCI as of March 31, 2018 | $ | (12.7 | ) | $ | (1.7 | ) | $ | (14.4 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Six Months Ended June 30, 2019 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2018 | $ | (11.5 | ) | $ | (2.3 | ) | $ | (13.8 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 1.0 | — | 1.0 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.4 | ) | (0.4 | ) | |||||||
Amortization of Actuarial (Gains) Losses | — | 0.3 | 0.3 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 1.0 | (0.1 | ) | 0.9 | ||||||||
Income Tax (Expense) Benefit | 0.2 | — | 0.2 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.8 | (0.1 | ) | 0.7 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.8 | (0.1 | ) | 0.7 | ||||||||
Balance in AOCI as of June 30, 2019 | $ | (10.7 | ) | $ | (2.4 | ) | $ | (13.1 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Six Months Ended June 30, 2018 | Interest Rate | 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 (a) | 1.1 | — | 1.1 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.4 | ) | (0.4 | ) | |||||||
Amortization of Actuarial (Gains) Losses | — | 0.4 | 0.4 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 1.1 | — | 1.1 | |||||||||
Income Tax (Expense) Benefit | 0.2 | — | 0.2 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.9 | — | 0.9 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.9 | — | 0.9 | |||||||||
ASU 2018-02 Adoption | (2.4 | ) | (0.3 | ) | (2.7 | ) | ||||||
Balance in AOCI as of June 30, 2018 | $ | (12.2 | ) | $ | (1.7 | ) | $ | (13.9 | ) |
Cash Flow Hedge – | ||||
Three Months Ended June 30, 2019 | Interest Rate | |||
(in millions) | ||||
Balance in AOCI as of March 31, 2019 | $ | 0.7 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense (a) | (0.5 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.5 | ) | ||
Income Tax (Expense) Benefit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.4 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.4 | ) | ||
Balance in AOCI as of June 30, 2019 | $ | 0.3 |
Cash Flow Hedge – Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2018 | $ | 1.0 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense (a) | (0.4 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.4 | ) | ||
Income Tax (Expense) Benefit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.3 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.3 | ) | ||
Balance in AOCI as of March 31, 2019 | $ | 0.7 |
Cash Flow Hedge – | ||||
Three Months Ended June 30, 2018 | Interest Rate | |||
(in millions) | ||||
Balance in AOCI as of March 31, 2018 | $ | 2.0 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense (a) | (0.4 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.4 | ) | ||
Income Tax (Expense) Benefit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.3 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.3 | ) | ||
Balance in AOCI as of June 30, 2018 | $ | 1.7 |
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 (a) | (0.4 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.4 | ) | ||
Income Tax (Expense) Benefit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.3 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.3 | ) | ||
ASU 2018-02 Adoption | 0.4 | |||
Balance in AOCI as of March 31, 2018 | $ | 2.0 |
Cash Flow Hedge – | ||||
Six Months Ended June 30, 2019 | Interest Rate | |||
(in millions) | ||||
Balance in AOCI as of December 31, 2018 | $ | 1.0 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense (a) | (0.9 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.9 | ) | ||
Income Tax (Expense) Benefit | (0.2 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.7 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.7 | ) | ||
Balance in AOCI as of June 30, 2019 | $ | 0.3 |
Cash Flow Hedge – | ||||
Six Months Ended June 30, 2018 | 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 (a) | (0.8 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.8 | ) | ||
Income Tax (Expense) Benefit | (0.2 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.6 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.6 | ) | ||
ASU 2018-02 Adoption | 0.4 | |||
Balance in AOCI as of June 30, 2018 | $ | 1.7 |
Cash Flow Hedge – | ||||
Three Months Ended June 30, 2019 | Interest Rate | |||
(in millions) | ||||
Balance in AOCI as of March 31, 2019 | $ | 1.9 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense (a) | (0.4 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.4 | ) | ||
Income Tax (Expense) Benefit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.3 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.3 | ) | ||
Balance in AOCI as of June 30, 2019 | $ | 1.6 |
Cash Flow Hedge – Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2018 | $ | 2.1 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense (a) | (0.3 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.3 | ) | ||
Income Tax (Expense) Benefit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.2 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.2 | ) | ||
Balance in AOCI as of March 31, 2019 | $ | 1.9 |
Cash Flow Hedge – | ||||
Three Months Ended June 30, 2018 | Interest Rate | |||
(in millions) | ||||
Balance in AOCI as of March 31, 2018 | $ | 2.9 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense (a) | (0.4 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.4 | ) | ||
Income Tax (Expense) Benefit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.3 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.3 | ) | ||
Balance in AOCI as of June 30, 2018 | $ | 2.6 |
Cash Flow Hedge – | ||||
Six Months Ended June 30, 2019 | Interest Rate | |||
(in millions) | ||||
Balance in AOCI as of December 31, 2018 | $ | 2.1 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense (a) | (0.7 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.7 | ) | ||
Income Tax (Expense) Benefit | (0.2 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.5 | ) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.5 | ) | ||
Balance in AOCI as of June 30, 2019 | $ | 1.6 |
Cash Flow Hedge – Interest Rate | Cash Flow Hedge – | |||||||
Six Months Ended June 30, 2018 | Interest Rate | |||||||
(in millions) | (in millions) | |||||||
Balance in AOCI as of December 31, 2017 | $ | 2.6 | $ | 2.6 | ||||
Change in Fair Value Recognized in AOCI | — | — | ||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||
Interest Expense (a) | (0.3 | ) | (0.7 | ) | ||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (0.3 | ) | (0.7 | ) | ||||
Income Tax (Expense) Benefit | (0.1 | ) | (0.2 | ) | ||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (0.2 | ) | (0.5 | ) | ||||
Net Current Period Other Comprehensive Income (Loss) | (0.2 | ) | (0.5 | ) | ||||
ASU 2018-02 Adoption | 0.5 | 0.5 | ||||||
Balance in AOCI as of March 31, 2018 | $ | 2.9 | ||||||
Balance in AOCI as of June 30, 2018 | $ | 2.6 |
Cash Flow Hedge – | Pension | |||||||||||
Three Months Ended June 30, 2019 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of March 31, 2019 | $ | (2.9 | ) | $ | (2.4 | ) | $ | (5.3 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 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) Benefit | 0.5 | (0.4 | ) | 0.1 | ||||||||
Income Tax (Expense) Benefit | 0.1 | (0.1 | ) | — | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.4 | (0.3 | ) | 0.1 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | (0.3 | ) | 0.1 | ||||||||
Balance in AOCI as of June 30, 2019 | $ | (2.5 | ) | $ | (2.7 | ) | $ | (5.2 | ) |
Cash Flow Hedge – Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2018 | $ | (3.3 | ) | $ | (2.1 | ) | $ | (5.4 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 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) Benefit | 0.5 | (0.4 | ) | 0.1 | ||||||||
Income Tax (Expense) Benefit | 0.1 | (0.1 | ) | — | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.4 | (0.3 | ) | 0.1 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | (0.3 | ) | 0.1 | ||||||||
Balance in AOCI as of March 31, 2019 | $ | (2.9 | ) | $ | (2.4 | ) | $ | (5.3 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Three Months Ended June 30, 2018 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of March 31, 2018 | $ | (6.9 | ) | $ | 2.1 | $ | (4.8 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 0.6 | — | 0.6 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.5 | ) | (0.5 | ) | |||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 0.6 | (0.5 | ) | 0.1 | ||||||||
Income Tax (Expense) Benefit | 0.1 | (0.1 | ) | — | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.5 | (0.4 | ) | 0.1 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.5 | (0.4 | ) | 0.1 | ||||||||
Balance in AOCI as of June 30, 2018 | $ | (6.4 | ) | $ | 1.7 | $ | (4.7 | ) |
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 (a) | 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) Benefit | 0.5 | (0.4 | ) | 0.1 | ||||||||
Income Tax (Expense) Benefit | 0.1 | (0.1 | ) | — | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.4 | (0.3 | ) | 0.1 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | (0.3 | ) | 0.1 | ||||||||
ASU 2018-02 Adoption | (1.3 | ) | 0.4 | (0.9 | ) | |||||||
Balance in AOCI as of March 31, 2018 | $ | (6.9 | ) | $ | 2.1 | $ | (4.8 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Six Months Ended June 30, 2019 | Interest Rate | and OPEB | Total | |||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2018 | $ | (3.3 | ) | $ | (2.1 | ) | $ | (5.4 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense (a) | 1.0 | — | 1.0 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (1.0 | ) | (1.0 | ) | |||||||
Amortization of Actuarial (Gains) Losses | — | 0.2 | 0.2 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 1.0 | (0.8 | ) | 0.2 | ||||||||
Income Tax (Expense) Benefit | 0.2 | (0.2 | ) | — | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.8 | (0.6 | ) | 0.2 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.8 | (0.6 | ) | 0.2 | ||||||||
Balance in AOCI as of June 30, 2019 | $ | (2.5 | ) | $ | (2.7 | ) | $ | (5.2 | ) |
Cash Flow Hedge – | Pension | |||||||||||
Six Months Ended June 30, 2018 | Interest Rate | 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 (a) | 1.1 | — | 1.1 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (1.0 | ) | (1.0 | ) | |||||||
Amortization of Actuarial (Gains) Losses | — | 0.1 | 0.1 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 1.1 | (0.9 | ) | 0.2 | ||||||||
Income Tax (Expense) Benefit | 0.2 | (0.2 | ) | — | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 0.9 | (0.7 | ) | 0.2 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.9 | (0.7 | ) | 0.2 | ||||||||
ASU 2018-02 Adoption | (1.3 | ) | 0.4 | (0.9 | ) | |||||||
Balance in AOCI as of June 30, 2018 | $ | (6.4 | ) | $ | 1.7 | $ | (4.7 | ) |
(a) | Amounts reclassified to the referenced line item on the statements of income. |
(b) | The change in fair value includes $4 million related to AEP's investment in joint venture wind farms acquired as part of the purchase of Sempra Renewables LLC. See “Sempra Renewables LLC” section of Note 14 for additional information. |
Gross Investment | Accumulated Depreciation | Net Investment | Accelerated Depreciation Regulatory Asset (a) | Materials and Supplies | Cost of Removal Regulatory Liability | Expected Retirement Date | Remaining Recovery Period | |||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||
$ | 106.6 | $ | 74.6 | $ | 32.0 | $ | 16.4 | $ | 3.1 | $ | 5.1 | 2020 | 27 years |
Gross Investment | Accumulated Depreciation | Net Investment | Accelerated Depreciation Regulatory Asset (a) | Materials and Supplies | Cost of Removal Regulatory Liability | Expected Retirement Date | Remaining Recovery Period | |||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||
$ | 106.5 | $ | 68.7 | $ | 37.8 | $ | 10.9 | $ | 3.1 | $ | 5.0 | 2020 | 27 years |
(a) | In October 2018, PSO changed depreciation rates to utilize the 2020 end-of-life and defer depreciation expense to a regulatory asset for the amount in excess of the previously OCC-approved depreciation rates for Oklaunion Power Station. See “2018 Oklahoma Base Rate Case” discussion below for additional information. |
AEP | ||||||||
March 31, | December 31, | |||||||
2019 | 2018 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs - Unrecovered Plant | $ | 50.3 | $ | 50.3 | ||||
Kentucky Deferred Purchase Power Expenses | 18.4 | 14.5 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 16.4 | 14.8 | ||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Storm Related Costs (a) | 152.0 | 152.4 | ||||||
Plant Retirement Costs - Asset Retirement Obligation Costs | 35.3 | 35.3 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 15.4 | 20.7 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval (b) | $ | 287.8 | $ | 288.0 |
AEP | ||||||||
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs – Unrecovered Plant | $ | 50.3 | $ | 50.3 | ||||
Kentucky Deferred Purchase Power Expenses | 22.3 | 14.5 | ||||||
Oklaunion Power Station Accelerated Depreciation | 16.4 | 5.5 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 5.4 | 9.3 | ||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Plant Retirement Costs – Asset Retirement Obligation Costs | 35.3 | 35.3 | ||||||
Storm-Related Costs (a) | — | 152.4 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 13.5 | 20.7 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval (b) | $ | 143.2 | $ | 288.0 |
(a) |
(b) | In 2015, APCo recorded a $91 million reduction to accumulated depreciation related to the remaining net book value of plants retired in 2015, primarily in its Virginia jurisdiction. These plants were normal retirements at the end of their depreciable lives under the group composite method of depreciation. APCo’s recovery of the remaining Virginia net book value for the retired plants will be considered in the Virginia SCC’s 2020 triennial review of APCo’s generation and distribution base rates. |
AEP Texas | AEP Texas | |||||||||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | (in millions) | ||||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||||
Rate Case Expense | $ | 0.7 | $ | 0.2 | ||||||||||||
Storm-Related Costs (a) | $ | 152.0 | $ | 152.4 | — | 152.4 | ||||||||||
Rate Case Expense | 0.4 | 0.2 | ||||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 152.4 | $ | 152.6 | $ | 0.7 | $ | 152.6 |
(a) |
APCo | ||||||||
March 31, | December 31, | |||||||
2019 | 2018 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs - Materials and Supplies | $ | 5.1 | $ | 9.0 | ||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Plant Retirement Costs - Asset Retirement Obligation Costs | 35.3 | 35.3 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | — | 0.6 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval (a) | $ | 40.4 | $ | 44.9 |
APCo | ||||||||
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs – Materials and Supplies | $ | 5.1 | $ | 9.0 | ||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Plant Retirement Costs – Asset Retirement Obligation Costs | 35.3 | 35.3 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | — | 0.6 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval (a) | $ | 40.4 | $ | 44.9 |
(a) | In 2015, APCo recorded a $91 million reduction to accumulated depreciation related to the remaining net book value of plants retired in 2015, primarily in its Virginia jurisdiction. These plants were normal retirements at the end of their depreciable lives under the group composite method of depreciation. APCo’s recovery of the remaining Virginia net book value for the retired plants will be considered in the Virginia SCC’s 2020 triennial review of APCo’s generation and distribution base rates. |
I&M | ||||||||
March 31, | December 31, | |||||||
2019 | 2018 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Other Regulatory Assets Pending Final Regulatory Approval | $ | 3.4 | $ | 3.3 | ||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 3.4 | $ | 3.3 |
I&M | ||||||||
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Other Regulatory Assets Pending Final Regulatory Approval | $ | — | $ | 3.3 | ||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | — | $ | 3.3 |
OPCo | OPCo | |||||||||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | (in millions) | ||||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | $ | 0.1 | $ | 1.0 | $ | 0.1 | $ | 1.0 | ||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 0.1 | $ | 1.0 | $ | 0.1 | $ | 1.0 |
PSO | ||||||||
March 31, | December 31, | |||||||
2019 | 2018 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Oklaunion Power Station Accelerated Depreciation | $ | 10.9 | $ | 5.5 | ||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 10.9 | $ | 5.5 |
PSO | ||||||||
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Oklaunion Power Station Accelerated Depreciation | $ | 16.4 | $ | 5.5 | ||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Other Regulatory Assets Pending Final Regulatory Approval | — | 0.5 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 16.4 | $ | 6.0 |
SWEPCo | SWEPCo | |||||||||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | (in millions) | ||||||||||||||
Regulatory Assets Currently Earning a Return | ||||||||||||||||
Plant Retirement Costs - Unrecovered Plant | $ | 50.3 | $ | 50.3 | ||||||||||||
Plant Retirement Costs – Unrecovered Plant | $ | 50.3 | $ | 50.3 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||||
Asset Retirement Obligation - Arkansas, Louisiana | 5.8 | 5.3 | 6.3 | 5.3 | ||||||||||||
Rate Case Expense - Texas | 0.9 | 4.9 | ||||||||||||||
Rate Case Expense – Texas | 1.2 | 4.9 | ||||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 3.7 | 3.6 | 4.0 | 3.6 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 61.0 | $ | 64.4 | $ | 62.1 | $ | 64.4 |
Total Estimated Distribution-Related System Restoration Costs | ||||||||
(in millions) | (in millions) | |||||||
Distribution-Related System Restoration Costs | $ | 264.6 | $ | 264.6 | ||||
Estimated Carrying Costs | 26.9 | |||||||
Estimated Carrying Costs (through June 2019) (a) | 26.9 | |||||||
Up-front Qualified Costs | 4.6 | 4.4 | ||||||
Total Distribution-Related System Restoration Costs | 296.1 | 295.9 | ||||||
less: | ||||||||
Insurance Proceeds and Government Grants | (3.1 | ) | (3.1 | ) | ||||
Excess ADIT | (63.5 | ) | (63.5 | ) | ||||
Total Requested Distribution-Related System Restoration Costs | $ | 229.5 | ||||||
Total Approved Distribution-Related System Restoration Costs | $ | 229.3 |
(a) | Amount |
(b) | As part of the financing order, AEP Texas agreed to offset a portion of their Excess ADIT that is not subject to rate normalization |
Company | Amount | Maturity | Amount | Maturity | ||||||||
(in millions) | (in millions) | |||||||||||
AEP | $ | 105.8 | June 2019 to March 2020 | $ | 181.0 | July 2019 to June 2020 | ||||||
AEP Texas | 2.2 | January 2020 | 2.2 | January 2020 | ||||||||
OPCo | 1.2 | September 2019 to March 2020 | 3.6 | September 2019 to April 2020 |
Purchase Price Allocation of Sempra Renewables LLC at Acquisition Date - April 22nd, 2019 | ||||||||||||
Assets: | Liabilities and Equity: | Net Purchase Price | ||||||||||
(in millions) | ||||||||||||
Current Assets | $ | 9.7 | Current Liabilities | $ | 12.9 | |||||||
Property, Plant and Equipment | 238.1 | Asset Retirement Obligations | 5.7 | |||||||||
Investment in Joint Ventures | 405.9 | Total Liabilities | 18.6 | |||||||||
Other Noncurrent Assets | 82.9 | Noncontrolling Interest | 134.8 | |||||||||
Total Assets | $ | 736.6 | Liabilities and Noncontrolling Interest | $ | 153.4 | $ | 583.2 |
Pension Plans | OPEB | Pension Plans | OPEB | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||
Service Cost | $ | 23.9 | $ | 24.4 | $ | 2.4 | $ | 2.9 | $ | 23.9 | $ | 24.4 | $ | 2.3 | $ | 2.9 | ||||||||||||||
Interest Cost | 51.1 | 46.9 | 12.6 | 11.8 | 51.1 | 47.0 | 12.7 | 11.9 | ||||||||||||||||||||||
Expected Return on Plan Assets | (74.0 | ) | (72.5 | ) | (23.4 | ) | (25.5 | ) | (74.0 | ) | (72.6 | ) | (23.5 | ) | (25.6 | ) | ||||||||||||||
Amortization of Prior Service Credit | — | — | (17.3 | ) | (17.3 | ) | — | — | (17.2 | ) | (17.2 | ) | ||||||||||||||||||
Amortization of Net Actuarial Loss | 14.4 | 21.3 | 5.5 | 2.6 | 14.4 | 21.3 | 5.6 | 2.6 | ||||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | 15.4 | $ | 20.1 | $ | (20.2 | ) | $ | (25.5 | ) | $ | 15.4 | $ | 20.1 | $ | (20.1 | ) | $ | (25.4 | ) |
Pension Plans | OPEB | ||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 47.8 | $ | 48.8 | $ | 4.7 | $ | 5.8 | |||||||
Interest Cost | 102.2 | 93.9 | 25.3 | 23.7 | |||||||||||
Expected Return on Plan Assets | (148.0 | ) | (145.1 | ) | (46.9 | ) | (51.1 | ) | |||||||
Amortization of Prior Service Credit | — | — | (34.5 | ) | (34.5 | ) | |||||||||
Amortization of Net Actuarial Loss | 28.8 | 42.6 | 11.1 | 5.2 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 30.8 | $ | 40.2 | $ | (40.3 | ) | $ | (50.9 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.2 | $ | 2.3 | $ | 0.2 | $ | 0.1 | |||||||
Interest Cost | 4.3 | 4.0 | 1.0 | 1.0 | |||||||||||
Expected Return on Plan Assets | (6.5 | ) | (6.4 | ) | (1.9 | ) | (2.2 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.4 | ) | (1.4 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.3 | 1.8 | 0.4 | 0.2 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.3 | $ | 1.7 | $ | (1.7 | ) | $ | (2.3 | ) |
Pension Plans | OPEB | Pension Plans | OPEB | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||
Service Cost | $ | 2.1 | $ | 2.3 | $ | 0.2 | $ | 0.3 | $ | 4.3 | $ | 4.6 | $ | 0.4 | $ | 0.4 | ||||||||||||||
Interest Cost | 4.4 | 4.0 | 1.0 | 0.9 | 8.7 | 8.0 | 2.0 | 1.9 | ||||||||||||||||||||||
Expected Return on Plan Assets | (6.4 | ) | (6.4 | ) | (2.0 | ) | (2.1 | ) | (12.9 | ) | (12.8 | ) | (3.9 | ) | (4.3 | ) | ||||||||||||||
Amortization of Prior Service Credit | — | — | (1.5 | ) | (1.5 | ) | — | — | (2.9 | ) | (2.9 | ) | ||||||||||||||||||
Amortization of Net Actuarial Loss | 1.2 | 1.8 | 0.5 | 0.2 | 2.5 | 3.6 | 0.9 | 0.4 | ||||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.3 | $ | 1.7 | $ | (1.8 | ) | $ | (2.2 | ) | $ | 2.6 | $ | 3.4 | $ | (3.5 | ) | $ | (4.5 | ) |
Pension Plans | OPEB | Pension Plans | OPEB | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||
Service Cost | $ | 2.4 | $ | 2.3 | $ | 0.3 | $ | 0.3 | $ | 2.3 | $ | 2.3 | $ | 0.2 | $ | 0.2 | ||||||||||||||
Interest Cost | 6.3 | 5.9 | 2.2 | 2.0 | 6.3 | 5.9 | 2.1 | 2.1 | ||||||||||||||||||||||
Expected Return on Plan Assets | (9.4 | ) | (9.1 | ) | (3.7 | ) | (4.0 | ) | (9.3 | ) | (9.2 | ) | (3.6 | ) | (4.0 | ) | ||||||||||||||
Amortization of Prior Service Credit | — | — | (2.5 | ) | (2.5 | ) | — | — | (2.5 | ) | (2.5 | ) | ||||||||||||||||||
Amortization of Net Actuarial Loss | 1.8 | 2.6 | 0.9 | 0.5 | 1.7 | 2.7 | 0.9 | 0.5 | ||||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.1 | $ | 1.7 | $ | (2.8 | ) | $ | (3.7 | ) | $ | 1.0 | $ | 1.7 | $ | (2.9 | ) | $ | (3.7 | ) |
Pension Plans | OPEB | ||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 4.7 | $ | 4.6 | $ | 0.5 | $ | 0.5 | |||||||
Interest Cost | 12.6 | 11.8 | 4.3 | 4.1 | |||||||||||
Expected Return on Plan Assets | (18.7 | ) | (18.3 | ) | (7.3 | ) | (8.0 | ) | |||||||
Amortization of Prior Service Credit | — | — | (5.0 | ) | (5.0 | ) | |||||||||
Amortization of Net Actuarial Loss | 3.5 | 5.3 | 1.8 | 1.0 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 2.1 | $ | 3.4 | $ | (5.7 | ) | $ | (7.4 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 3.4 | $ | 3.4 | $ | 0.3 | $ | 0.4 | |||||||
Interest Cost | 6.0 | 5.5 | 1.5 | 1.4 | |||||||||||
Expected Return on Plan Assets | (9.2 | ) | (8.9 | ) | (2.8 | ) | (3.1 | ) | |||||||
Amortization of Prior Service Credit | — | — | (2.4 | ) | (2.4 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.6 | 2.5 | 0.7 | 0.3 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.8 | $ | 2.5 | $ | (2.7 | ) | $ | (3.4 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 3.3 | $ | 3.4 | $ | 0.4 | $ | 0.4 | |||||||
Interest Cost | 5.9 | 5.5 | 1.4 | 1.3 | |||||||||||
Expected Return on Plan Assets | (9.2 | ) | (8.9 | ) | (2.9 | ) | (3.1 | ) | |||||||
Amortization of Prior Service Credit | — | — | (2.3 | ) | (2.3 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.7 | 2.4 | 0.6 | 0.3 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.7 | $ | 2.4 | $ | (2.8 | ) | $ | (3.4 | ) |
Pension Plans | OPEB | ||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 6.7 | $ | 6.8 | $ | 0.7 | $ | 0.8 | |||||||
Interest Cost | 11.9 | 11.0 | 2.9 | 2.7 | |||||||||||
Expected Return on Plan Assets | (18.4 | ) | (17.8 | ) | (5.7 | ) | (6.2 | ) | |||||||
Amortization of Prior Service Credit | — | — | (4.7 | ) | (4.7 | ) | |||||||||
Amortization of Net Actuarial Loss | 3.3 | 4.9 | 1.3 | 0.6 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 3.5 | $ | 4.9 | $ | (5.5 | ) | $ | (6.8 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.0 | $ | 2.0 | $ | 0.2 | $ | 0.2 | |||||||
Interest Cost | 4.7 | 4.4 | 1.4 | 1.3 | |||||||||||
Expected Return on Plan Assets | (7.3 | ) | (7.2 | ) | (2.7 | ) | (3.0 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.7 | ) | (1.7 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.3 | 2.0 | 0.6 | 0.3 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 0.7 | $ | 1.2 | $ | (2.2 | ) | $ | (2.9 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.0 | $ | 1.8 | $ | 0.2 | $ | 0.3 | |||||||
Interest Cost | 4.8 | 4.5 | 1.3 | 1.3 | |||||||||||
Expected Return on Plan Assets | (7.4 | ) | (7.2 | ) | (2.7 | ) | (2.9 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.7 | ) | (1.8 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.4 | 2.0 | 0.7 | 0.2 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 0.8 | $ | 1.1 | $ | (2.2 | ) | $ | (2.9 | ) |
Pension Plans | OPEB | ||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 4.0 | $ | 3.8 | $ | 0.4 | $ | 0.5 | |||||||
Interest Cost | 9.5 | 8.9 | 2.7 | 2.6 | |||||||||||
Expected Return on Plan Assets | (14.7 | ) | (14.4 | ) | (5.4 | ) | (5.9 | ) | |||||||
Amortization of Prior Service Credit | — | — | (3.4 | ) | (3.5 | ) | |||||||||
Amortization of Net Actuarial Loss | 2.7 | 4.0 | 1.3 | 0.5 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.5 | $ | 2.3 | $ | (4.4 | ) | $ | (5.8 | ) |
Pension Plans | OPEB | Pension Plans | OPEB | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||
Service Cost | $ | 1.6 | $ | 1.8 | $ | 0.2 | $ | 0.2 | $ | 1.7 | $ | 1.8 | $ | 0.1 | $ | 0.2 | ||||||||||||||
Interest Cost | 2.6 | 2.4 | 0.7 | 0.6 | 2.7 | 2.5 | 0.6 | 0.6 | ||||||||||||||||||||||
Expected Return on Plan Assets | (4.1 | ) | (4.0 | ) | (1.3 | ) | (1.4 | ) | (4.1 | ) | (4.1 | ) | (1.3 | ) | (1.4 | ) | ||||||||||||||
Amortization of Prior Service Credit | — | — | (1.1 | ) | (1.0 | ) | — | — | (1.0 | ) | (1.1 | ) | ||||||||||||||||||
Amortization of Net Actuarial Loss | 0.8 | 1.1 | 0.3 | 0.1 | 0.7 | 1.1 | 0.3 | 0.2 | ||||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | 0.9 | $ | 1.3 | $ | (1.2 | ) | $ | (1.5 | ) | $ | 1.0 | $ | 1.3 | $ | (1.3 | ) | $ | (1.5 | ) |
Pension Plans | OPEB | ||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 3.3 | $ | 3.6 | $ | 0.3 | $ | 0.4 | |||||||
Interest Cost | 5.3 | 4.9 | 1.3 | 1.2 | |||||||||||
Expected Return on Plan Assets | (8.2 | ) | (8.1 | ) | (2.6 | ) | (2.8 | ) | |||||||
Amortization of Prior Service Credit | — | — | (2.1 | ) | (2.1 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.5 | 2.2 | 0.6 | 0.3 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.9 | $ | 2.6 | $ | (2.5 | ) | $ | (3.0 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.1 | $ | 2.3 | $ | 0.2 | $ | 0.3 | |||||||
Interest Cost | 3.1 | 2.9 | 0.8 | 0.7 | |||||||||||
Expected Return on Plan Assets | (4.4 | ) | (4.4 | ) | (1.5 | ) | (1.6 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.3 | ) | (1.3 | ) | |||||||||
Amortization of Net Actuarial Loss | 0.9 | 1.3 | 0.3 | 0.1 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.7 | $ | 2.1 | $ | (1.5 | ) | $ | (1.8 | ) |
Pension Plans | OPEB | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.2 | $ | 2.3 | $ | 0.2 | $ | 0.2 | |||||||
Interest Cost | 3.1 | 2.8 | 0.8 | 0.7 | |||||||||||
Expected Return on Plan Assets | (4.5 | ) | (4.3 | ) | (1.5 | ) | (1.6 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.3 | ) | (1.3 | ) | |||||||||
Amortization of Net Actuarial Loss | 0.8 | 1.2 | 0.4 | 0.2 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.6 | $ | 2.0 | $ | (1.4 | ) | $ | (1.8 | ) |
Pension Plans | OPEB | ||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 4.3 | $ | 4.6 | $ | 0.4 | $ | 0.5 | |||||||
Interest Cost | 6.2 | 5.7 | 1.6 | 1.4 | |||||||||||
Expected Return on Plan Assets | (8.9 | ) | (8.7 | ) | (3.0 | ) | (3.2 | ) | |||||||
Amortization of Prior Service Credit | — | — | (2.6 | ) | (2.6 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.7 | 2.5 | 0.7 | 0.3 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 3.3 | $ | 4.1 | $ | (2.9 | ) | $ | (3.6 | ) |
Three Months Ended March 31, 2019 | Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
External Customers | $ | 2,372.3 | $ | 1,179.8 | $ | 61.2 | $ | 439.7 | $ | 3.8 | $ | — | $ | 4,056.8 | $ | 2,116.4 | $ | 1,001.6 | $ | 69.8 | $ | 382.9 | $ | 2.9 | $ | — | $ | 3,573.6 | ||||||||||||||||||||||||||
Other Operating Segments | 31.0 | 42.2 | 195.2 | 42.1 | 21.7 | (332.2 | ) | — | 7.4 | 44.1 | 209.1 | 29.8 | 20.9 | (311.3 | ) | — | ||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,403.3 | $ | 1,222.0 | $ | 256.4 | $ | 481.8 | $ | 25.5 | $ | (332.2 | ) | $ | 4,056.8 | $ | 2,123.8 | $ | 1,045.7 | $ | 278.9 | $ | 412.7 | $ | 23.8 | $ | (311.3 | ) | $ | 3,573.6 | ||||||||||||||||||||||||
Net Income (Loss) | $ | 303.6 | $ | 156.5 | $ | 125.2 | $ | 39.2 | $ | (50.4 | ) | $ | — | $ | 574.1 | $ | 178.8 | $ | 131.4 | $ | 155.4 | $ | 5.2 | $ | (11.7 | ) | $ | — | $ | 459.1 | ||||||||||||||||||||||||
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 June 30, 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 | $ | 2,340.7 | $ | 1,127.9 | $ | 103.5 | $ | 435.3 | $ | 5.8 | $ | — | $ | 4,013.2 | |||||||||||||
Other Operating Segments | 8.3 | 9.1 | 109.0 | 25.4 | 18.0 | (169.8 | ) | — | |||||||||||||||||||
Total Revenues | $ | 2,349.0 | $ | 1,137.0 | $ | 212.5 | $ | 460.7 | $ | 23.8 | $ | (169.8 | ) | $ | 4,013.2 | ||||||||||||
Net Income (Loss) | $ | 277.9 | $ | 114.0 | $ | 101.9 | $ | 38.6 | $ | (2.3 | ) | $ | — | $ | 530.1 |
Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||
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 | $ | 4,488.7 | $ | 2,181.4 | $ | 131.0 | $ | 822.6 | $ | 6.7 | $ | — | $ | 7,630.4 | |||||||||||||
Other Operating Segments | 38.4 | 86.3 | 404.3 | 71.9 | 42.6 | (643.5 | ) | — | |||||||||||||||||||
Total Revenues | $ | 4,527.1 | $ | 2,267.7 | $ | 535.3 | $ | 894.5 | $ | 49.3 | $ | (643.5 | ) | $ | 7,630.4 | ||||||||||||
Net Income (Loss) | $ | 482.4 | $ | 287.9 | $ | 280.6 | $ | 44.4 | $ | (62.1 | ) | $ | — | $ | 1,033.2 |
Six Months Ended June 30, 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 | $ | 4,722.2 | $ | 2,269.1 | $ | 144.6 | $ | 912.8 | $ | 12.8 | $ | — | $ | 8,061.5 | |||||||||||||
Other Operating Segments | 34.8 | 30.3 | 273.4 | 53.0 | 35.0 | (426.5 | ) | — | |||||||||||||||||||
Total Revenues | $ | 4,757.0 | $ | 2,299.4 | $ | 418.0 | $ | 965.8 | $ | 47.8 | $ | (426.5 | ) | $ | 8,061.5 | ||||||||||||
Net Income (Loss) | $ | 510.7 | $ | 239.4 | $ | 206.7 | $ | 56.7 | $ | (26.7 | ) | $ | — | $ | 986.8 |
March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 45,684.3 | $ | 18,526.1 | $ | 8,973.2 | $ | 915.6 | $ | 406.4 | $ | (354.4 | ) | (b) | $ | 74,151.2 | ||||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation and Amortization | 13,944.5 | 3,856.1 | 318.8 | 58.7 | 190.9 | (186.4 | ) | (b) | 18,182.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Property Plant and Equipment - Net | $ | 31,739.8 | $ | 14,670.0 | $ | 8,654.4 | $ | 856.9 | $ | 215.5 | $ | (168.0 | ) | (b) | $ | 55,968.6 | ||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 40,085.7 | $ | 17,419.0 | $ | 9,790.2 | $ | 1,960.1 | $ | 4,341.2 | (c) | $ | (2,874.2 | ) | (b) (d) | $ | 70,722.0 | |||||||||||||||||||||||||||||||||||||||
Long-term Debt Due Within One Year: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaffiliated | $ | 912.1 | 533.3 | 85.0 | — | (1.9 | ) | (e) | — | $ | 1,528.5 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliated | 50.0 | — | — | 32.2 | — | (82.2 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonaffiliated | 11,999.5 | 4,938.6 | 2,895.3 | (0.3 | ) | 3,065.1 | — | 22,898.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Long-term Debt | $ | 12,961.6 | $ | 5,471.9 | $ | 2,980.3 | $ | 31.9 | $ | 3,063.2 | (e) | $ | (82.2 | ) | $ | 24,426.7 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Property, Plant and Equipment | $ | 45,365.1 | $ | 18,126.7 | $ | 8,659.5 | $ | 893.3 | $ | 395.2 | $ | (354.6 | ) | (b) | $ | 73,085.2 | $ | 46,201.8 | $ | 18,874.5 | $ | 9,330.3 | $ | 1,176.7 | $ | 413.2 | $ | (354.5 | ) | (b) | $ | 75,642.0 | ||||||||||||||||||||||||
Accumulated Depreciation and Amortization | 13,822.5 | 3,833.7 | 282.8 | 47.0 | 186.6 | (186.5 | ) | (b) | 17,986.1 | 14,124.6 | 3,878.3 | 350.1 | 79.2 | 193.3 | (186.4 | ) | (b) | 18,439.1 | ||||||||||||||||||||||||||||||||||||||
Total Property Plant and Equipment - Net | $ | 31,542.6 | $ | 14,293.0 | $ | 8,376.7 | $ | 846.3 | $ | 208.6 | $ | (168.1 | ) | (b) | $ | 55,099.1 | $ | 32,077.2 | $ | 14,996.2 | $ | 8,980.2 | $ | 1,097.5 | $ | 219.9 | $ | (168.1 | ) | (b) | $ | 57,202.9 | ||||||||||||||||||||||||
Total Assets | $ | 38,874.3 | $ | 17,083.4 | $ | 9,543.7 | $ | 1,979.7 | $ | 4,036.5 | (c) | $ | (2,714.8 | ) | (b) (d) | $ | 68,802.8 | $ | 40,430.0 | $ | 17,769.1 | $ | 10,088.4 | $ | 2,795.2 | $ | 4,719.1 | (c) | $ | (3,251.8 | ) | (b) (d) | $ | 72,550.0 | ||||||||||||||||||||||
Long-term Debt Due Within One Year: | �� | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaffiliated | $ | 1,066.3 | $ | 549.1 | $ | 85.0 | $ | 0.1 | $ | (2.0 | ) | (e) | $ | — | $ | 1,698.5 | $ | 674.5 | $ | 334.5 | $ | 248.2 | $ | — | $ | 0.2 | (e) | $ | — | $ | 1,257.4 | |||||||||||||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliated | 50.0 | — | — | 32.2 | — | (82.2 | ) | — | 59.0 | — | — | 32.2 | — | (91.2 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Nonaffiliated | 11,442.7 | 5,048.8 | 2,888.6 | (0.3 | ) | 2,268.4 | — | 21,648.2 | 12,210.3 | 5,798.2 | 3,082.9 | (0.3 | ) | 3,083.3 | — | 24,174.4 | ||||||||||||||||||||||||||||||||||||||||
Total Long-term Debt | $ | 12,559.0 | $ | 5,597.9 | $ | 2,973.6 | $ | 32.0 | $ | 2,266.4 | (e) | $ | (82.2 | ) | $ | 23,346.7 | $ | 12,943.8 | $ | 6,132.7 | $ | 3,331.1 | $ | 31.9 | $ | 3,083.5 | (e) | $ | (91.2 | ) | $ | 25,431.8 |
December 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 | $ | 45,365.1 | $ | 18,126.7 | $ | 8,659.5 | $ | 893.3 | $ | 395.2 | $ | (354.6 | ) | (b) | $ | 73,085.2 | ||||||||||||
Accumulated Depreciation and Amortization | 13,822.5 | 3,833.7 | 282.8 | 47.0 | 186.6 | (186.5 | ) | (b) | 17,986.1 | |||||||||||||||||||
Total Property Plant and Equipment - Net | $ | 31,542.6 | $ | 14,293.0 | $ | 8,376.7 | $ | 846.3 | $ | 208.6 | $ | (168.1 | ) | (b) | $ | 55,099.1 | ||||||||||||
Total Assets | $ | 38,874.3 | $ | 17,083.4 | $ | 9,543.7 | $ | 1,979.7 | $ | 4,036.5 | (c) | $ | (2,714.8 | ) | (b) (d) | $ | 68,802.8 | |||||||||||
Long-term Debt Due Within One Year: | ||||||||||||||||||||||||||||
Nonaffiliated | $ | 1,066.3 | $ | 549.1 | $ | 85.0 | $ | 0.1 | $ | (2.0 | ) | (e) | $ | — | $ | 1,698.5 | ||||||||||||
Long-term Debt: | ||||||||||||||||||||||||||||
Affiliated | 50.0 | — | — | 32.2 | — | (82.2 | ) | — | ||||||||||||||||||||
Nonaffiliated | 11,442.7 | 5,048.8 | 2,888.6 | (0.3 | ) | 2,268.4 | — | 21,648.2 | ||||||||||||||||||||
Total Long-term Debt | $ | 12,559.0 | $ | 5,597.9 | $ | 2,973.6 | $ | 32.0 | $ | 2,266.4 | (e) | $ | (82.2 | ) | $ | 23,346.7 |
(a) | Corporate and Other primarily includes the purchasing of receivables from certain AEP utility subsidiaries. This segment also includes Parent’s guarantee revenue received from affiliates, investment income, interest income and interest expense and other nonallocated costs. |
(b) | Includes eliminations due to an intercompany finance lease. |
(c) | Includes elimination of AEP Parent’s investments in wholly-owned subsidiary companies. |
(d) | Reconciling Adjustments for Total Assets primarily include elimination of intercompany advances to affiliates and intercompany accounts receivable. |
(e) | Amounts reflect the impact of fair value hedge accounting. See “Accounting for Fair Value Hedging Strategies” section of Note 10 for additional information. |
Three Months Ended March 31, 2019 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 50.3 | $ | — | $ | — | $ | 50.3 | |||||||
Sales to AEP Affiliates | 193.2 | — | — | 193.2 | |||||||||||
Total Revenues | $ | 243.5 | $ | — | $ | — | $ | 243.5 | |||||||
Interest Income | $ | 0.2 | $ | 28.4 | $ | (27.9 | ) | (a) | $ | 0.7 | |||||
Interest Expense | 21.7 | 27.9 | (27.9 | ) | (a) | 21.7 | |||||||||
Income Tax Expense | 27.6 | — | — | 27.6 | |||||||||||
Net Income | $ | 104.2 | $ | 0.1 | (b) | — | $ | 104.3 |
Three Months Ended June 30, 2019 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 57.8 | $ | — | $ | — | $ | 57.8 | |||||||
Sales to AEP Affiliates | 209.1 | — | — | 209.1 | |||||||||||
Other Revenues | — | — | — | — | |||||||||||
Total Revenues | $ | 266.9 | $ | — | $ | — | $ | 266.9 | |||||||
Interest Income | $ | 0.2 | $ | 29.0 | $ | (28.6 | ) | (a) | $ | 0.6 | |||||
Interest Expense | 21.4 | 28.6 | (28.6 | ) | (a) | 21.4 | |||||||||
Income Tax Expense | 32.9 | 0.1 | — | 33.0 | |||||||||||
Net Income | $ | 135.6 | $ | 0.4 | (b) | $ | — | $ | 136.0 |
Three Months Ended March 31, 2018 | |||||||||||||||
State Transcos (f) | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated (f) | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 30.9 | $ | — | $ | — | $ | 30.9 | |||||||
Sales to AEP Affiliates | 160.7 | — | — | 160.7 | |||||||||||
Other Revenues | 0.1 | — | — | 0.1 | |||||||||||
Total Revenues | $ | 191.7 | $ | — | $ | — | $ | 191.7 | |||||||
Interest Income | $ | 0.2 | $ | 25.0 | $ | (24.8 | ) | (a) | $ | 0.4 | |||||
Interest Expense | 20.3 | 24.8 | (24.8 | ) | (a) | 20.3 | |||||||||
Income Tax Expense | 21.7 | 0.3 | — | 22.0 | |||||||||||
Net Income | $ | 84.1 | $ | — | $ | — | $ | 84.1 |
Three Months Ended June 30, 2018 | |||||||||||||||
State Transcos (f) | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated (f) | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 55.4 | $ | — | $ | — | $ | 55.4 | |||||||
Sales to AEP Affiliates | 144.7 | — | — | 144.7 | |||||||||||
Other Revenues | — | — | — | — | |||||||||||
Total Revenues | $ | 200.1 | $ | — | $ | — | $ | 200.1 | |||||||
Interest Income | $ | — | $ | 25.2 | $ | (24.8 | ) | (a) | $ | 0.4 | |||||
Interest Expense | 20.6 | 24.8 | (24.8 | ) | (a) | 20.6 | |||||||||
Income Tax Expense | 23.6 | 0.5 | — | 24.1 | |||||||||||
Net Income | $ | 82.4 | $ | (0.4 | ) | (b) | $ | — | $ | 82.0 |
March 31, 2019 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Total Transmission Property | $ | 8,567.2 | $ | — | $ | — | $ | 8,567.2 | |||||||
Accumulated Depreciation and Amortization | 306.7 | — | — | 306.7 | |||||||||||
Total Transmission Property – Net | $ | 8,260.5 | $ | — | $ | — | $ | 8,260.5 | |||||||
Notes Receivable – Affiliated | $ | — | $ | 2,823.4 | $ | (2,823.4 | ) | (c) | $ | — | |||||
Total Assets | $ | 8,584.0 | $ | 2,928.1 | (d) | $ | (2,896.0 | ) | (e) | $ | 8,616.1 | ||||
Total Long-term Debt | $ | 2,850.0 | $ | 2,823.4 | $ | (2,850.0 | ) | (c) | $ | 2,823.4 |
Six Months Ended June 30, 2019 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 108.1 | $ | — | $ | — | $ | 108.1 | |||||||
Sales to AEP Affiliates | 402.3 | — | — | 402.3 | |||||||||||
Other Revenues | — | — | — | — | |||||||||||
Total Revenues | $ | 510.4 | $ | — | $ | — | $ | 510.4 | |||||||
Interest Income | $ | 0.4 | $ | 57.4 | $ | (56.5 | ) | (a) | $ | 1.3 | |||||
Interest Expense | 43.1 | 56.5 | (56.5 | ) | (a) | 43.1 | |||||||||
Income Tax Expense | 60.5 | 0.1 | — | 60.6 | |||||||||||
Net Income | $ | 239.8 | $ | 0.5 | (b) | $ | — | $ | 240.3 |
December 31, 2018 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Total Transmission Property | $ | 8,268.1 | $ | — | $ | — | $ | 8,268.1 | |||||||
Accumulated Depreciation and Amortization | 271.9 | — | — | 271.9 | |||||||||||
Total Transmission Property – Net | $ | 7,996.2 | $ | — | $ | — | $ | 7,996.2 | |||||||
Notes Receivable – Affiliated | $ | — | $ | 2,823.0 | $ | (2,823.0 | ) | (c) | $ | — | |||||
Total Assets | $ | 8,406.8 | $ | 2,857.1 | (d) | $ | (2,869.8 | ) | (e) | $ | 8,394.1 | ||||
Total Long-term Debt | $ | 2,850.0 | $ | 2,823.0 | $ | (2,850.0 | ) | (c) | $ | 2,823.0 |
Six Months Ended June 30, 2018 | |||||||||||||||
State Transcos (f) | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated (f) | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 86.3 | $ | — | $ | — | $ | 86.3 | |||||||
Sales to AEP Affiliates | 305.4 | — | — | 305.4 | |||||||||||
Other Revenues | 0.1 | — | — | 0.1 | |||||||||||
Total Revenues | $ | 391.8 | $ | — | $ | — | $ | 391.8 | |||||||
Interest Income | $ | 0.2 | $ | 50.2 | $ | (49.6 | ) | (a) | $ | 0.8 | |||||
Interest Expense | 40.9 | 49.6 | (49.6 | ) | (a) | 40.9 | |||||||||
Income Tax Expense | 45.3 | 0.8 | — | 46.1 | |||||||||||
Net Income | $ | 166.5 | $ | (0.4 | ) | (b) | $ | — | $ | 166.1 |
June 30, 2019 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Total Transmission Property | $ | 8,907.5 | $ | — | $ | — | $ | 8,907.5 | |||||||
Accumulated Depreciation and Amortization | 336.6 | — | — | 336.6 | |||||||||||
Total Transmission Property – Net | $ | 8,570.9 | $ | — | $ | — | $ | 8,570.9 | |||||||
Notes Receivable - Affiliated | $ | — | $ | 3,167.9 | $ | (3,167.9 | ) | (c) | $ | — | |||||
Total Assets | $ | 8,897.7 | $ | 3,218.9 | (d) | $ | (3,237.4 | ) | (e) | $ | 8,879.2 | ||||
Total Long-term Debt | $ | 3,200.0 | $ | 3,167.9 | $ | (3,200.0 | ) | (c) | $ | 3,167.9 |
December 31, 2018 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Total Transmission Property | $ | 8,268.1 | $ | — | $ | — | $ | 8,268.1 | |||||||
Accumulated Depreciation and Amortization | 271.9 | — | — | 271.9 | |||||||||||
Total Transmission Property – Net | $ | 7,996.2 | $ | — | $ | — | $ | 7,996.2 | |||||||
Notes Receivable - Affiliated | $ | — | $ | 2,823.0 | $ | (2,823.0 | ) | (c) | $ | — | |||||
Total Assets | $ | 8,406.8 | $ | 2,857.1 | (d) | $ | (2,869.8 | ) | (e) | $ | 8,394.1 | ||||
Total Long-term Debt | $ | 2,850.0 | $ | 2,823.0 | $ | (2,850.0 | ) | (c) | $ | 2,823.0 |
(a) | Elimination of intercompany interest income/interest expense on affiliated debt arrangement. |
(b) | Includes the elimination of AEPTCo Parent’s equity earnings in the State Transcos. |
(c) | Elimination of intercompany debt. |
(d) | Includes the elimination of AEPTCo Parent’s investments in State Transcos. |
(e) | Primarily relates to the elimination of Notes Receivable from the State Transcos. |
(f) | The amounts presented reflect the revisions made to AEPTCo’s previously issued financial statements. See the “Revisions to Previously Issued Financial Statements” section of Note 1 for additional information. |
Primary Risk Exposure | Unit of Measure | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | Unit of Measure | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power | MWhs | 310.4 | — | 43.9 | 25.9 | 7.6 | 7.8 | 2.0 | MWhs | 478.4 | — | 125.6 | 45.1 | 7.4 | 31.0 | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | MMBtus | 80.6 | — | 4.0 | 2.3 | — | — | 14.3 | MMBtus | 64.5 | — | — | — | — | — | 13.4 | ||||||||||||||||||||||||||||||||||||||||||||
Heating Oil and Gasoline | Gallons | 5.4 | 1.1 | 1.0 | 0.5 | 1.3 | 0.5 | 0.6 | Gallons | 7.9 | 1.6 | 1.5 | 0.7 | 1.9 | 0.8 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | USD | $ | 33.8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | USD | $ | 143.9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Interest Rate | USD | $ | 500.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | USD | $ | 500.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Primary Risk Exposure | Unit of Measure | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Commodity: | ||||||||||||||||||||||||||||||
Power | MWhs | 371.1 | — | 66.4 | 40.9 | 7.8 | 15.2 | 4.5 | ||||||||||||||||||||||
Natural Gas | MMBtus | 87.9 | — | 4.0 | 2.3 | — | — | 15.2 | ||||||||||||||||||||||
Heating Oil and Gasoline | Gallons | 7.4 | 1.5 | 1.4 | 0.7 | 1.8 | 0.7 | 0.8 | ||||||||||||||||||||||
Interest Rate | USD | $ | 37.7 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest Rate | USD | $ | 500.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
June 30, 2019 | December 31, 2018 | |||||||||||||||
Cash Collateral | Cash Collateral | Cash Collateral | Cash Collateral | |||||||||||||
Received | Paid | Received | Paid | |||||||||||||
Netted Against | Netted Against | Netted Against | Netted Against | |||||||||||||
Risk Management | Risk Management | Risk Management | Risk Management | |||||||||||||
Company | Assets | Liabilities | Assets | Liabilities | ||||||||||||
(in millions) | ||||||||||||||||
AEP | $ | 3.5 | $ | 31.5 | $ | 18.0 | $ | 4.2 | ||||||||
APCo | 0.9 | 3.4 | 1.5 | 0.6 | ||||||||||||
I&M | 0.8 | 2.1 | 1.6 | 0.7 |
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) | 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) | Commodity (a) | Commodity (a) | Interest Rate (a) | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | $ | 228.3 | $ | 20.8 | $ | — | $ | 249.1 | $ | (155.2 | ) | $ | 93.9 | $ | 534.3 | $ | 4.8 | $ | 0.2 | $ | 539.3 | $ | (289.7 | ) | $ | 249.6 | ||||||||||||||||||||||
Long-term Risk Management Assets | 279.0 | 7.4 | — | 286.4 | (36.0 | ) | 250.4 | 358.7 | 4.2 | 11.7 | 374.6 | (61.1 | ) | 313.5 | ||||||||||||||||||||||||||||||||||
Total Assets | 507.3 | 28.2 | — | 535.5 | (191.2 | ) | 344.3 | 893.0 | 9.0 | 11.9 | 913.9 | (350.8 | ) | 563.1 | ||||||||||||||||||||||||||||||||||
Current Risk Management Liabilities | 195.9 | 15.4 | 1.9 | 213.2 | (149.8 | ) | 63.4 | 384.7 | 55.5 | — | 440.2 | (298.8 | ) | 141.4 | ||||||||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 236.6 | 68.6 | 4.4 | 309.6 | (41.7 | ) | 267.9 | 322.8 | 105.7 | — | 428.5 | (80.0 | ) | 348.5 | ||||||||||||||||||||||||||||||||||
Total Liabilities | 432.5 | 84.0 | 6.3 | 522.8 | (191.5 | ) | 331.3 | 707.5 | 161.2 | — | 868.7 | (378.8 | ) | 489.9 | ||||||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 74.8 | $ | (55.8 | ) | $ | (6.3 | ) | $ | 12.7 | $ | 0.3 | $ | 13.0 | $ | 185.5 | $ | (152.2 | ) | $ | 11.9 | $ | 45.2 | $ | 28.0 | $ | 73.2 |
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 | $ | 397.5 | $ | 28.5 | $ | — | $ | 426.0 | $ | (263.2 | ) | $ | 162.8 | |||||||||||
Long-term Risk Management Assets | 276.4 | 16.0 | — | 292.4 | (38.4 | ) | 254.0 | |||||||||||||||||
Total Assets | 673.9 | 44.5 | — | 718.4 | (301.6 | ) | 416.8 | |||||||||||||||||
Current Risk Management Liabilities | 293.8 | 13.2 | 2.0 | 309.0 | (254.0 | ) | 55.0 | |||||||||||||||||
Long-term Risk Management Liabilities | 225.7 | 56.1 | 15.4 | 297.2 | (33.8 | ) | 263.4 | |||||||||||||||||
Total Liabilities | 519.5 | 69.3 | 17.4 | 606.2 | (287.8 | ) | 318.4 | |||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 154.4 | $ | (24.8 | ) | $ | (17.4 | ) | $ | 112.2 | $ | (13.8 | ) | $ | 98.4 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Long-term Risk Management Assets | — | — | — | — | — | — | ||||||||||||||||||
Total Assets | — | — | — | — | — | — | ||||||||||||||||||
Current Risk Management Liabilities | 0.2 | — | 0.2 | 0.2 | — | 0.2 | ||||||||||||||||||
Long-term Risk Management Liabilities | — | — | — | — | — | — | ||||||||||||||||||
Total Liabilities | 0.2 | — | 0.2 | 0.2 | — | 0.2 | ||||||||||||||||||
Total MTM Derivative Contract Net Liabilities | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | $ | (0.2 | ) | $ | — | $ | (0.2 | ) |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Long-term Risk Management Assets | — | — | — | — | — | — | ||||||||||||||||||
Total Assets | — | — | — | — | — | — | ||||||||||||||||||
Current Risk Management Liabilities | 0.7 | (0.5 | ) | 0.2 | 0.7 | (0.5 | ) | 0.2 | ||||||||||||||||
Long-term Risk Management Liabilities | — | — | — | — | — | — | ||||||||||||||||||
Total Liabilities | 0.7 | (0.5 | ) | 0.2 | 0.7 | (0.5 | ) | 0.2 | ||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | (0.7 | ) | $ | 0.5 | $ | (0.2 | ) | $ | (0.7 | ) | $ | 0.5 | $ | (0.2 | ) |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | 40.5 | $ | (27.6 | ) | $ | 12.9 | $ | 138.1 | $ | (63.4 | ) | $ | 74.7 | ||||||||||
Long-term Risk Management Assets | 3.9 | (3.6 | ) | 0.3 | 7.3 | (6.9 | ) | 0.4 | ||||||||||||||||
Total Assets | 44.4 | (31.2 | ) | 13.2 | 145.4 | (70.3 | ) | 75.1 | ||||||||||||||||
Current Risk Management Liabilities | 33.5 | (27.4 | ) | 6.1 | 70.4 | (65.8 | ) | 4.6 | ||||||||||||||||
Long-term Risk Management Liabilities | 3.7 | (3.5 | ) | 0.2 | 7.1 | (7.0 | ) | 0.1 | ||||||||||||||||
Total Liabilities | 37.2 | (30.9 | ) | 6.3 | 77.5 | (72.8 | ) | 4.7 | ||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 7.2 | $ | (0.3 | ) | $ | 6.9 | |||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 67.9 | $ | 2.5 | $ | 70.4 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | 114.4 | $ | (57.2 | ) | $ | 57.2 | $ | 114.4 | $ | (57.2 | ) | $ | 57.2 | ||||||||||
Long-term Risk Management Assets | 3.1 | (2.2 | ) | 0.9 | 3.1 | (2.2 | ) | 0.9 | ||||||||||||||||
Total Assets | 117.5 | (59.4 | ) | 58.1 | 117.5 | (59.4 | ) | 58.1 | ||||||||||||||||
Current Risk Management Liabilities | 56.7 | (56.3 | ) | 0.4 | 56.7 | (56.3 | ) | 0.4 | ||||||||||||||||
Long-term Risk Management Liabilities | 2.4 | (2.2 | ) | 0.2 | 2.4 | (2.2 | ) | 0.2 | ||||||||||||||||
Total Liabilities | 59.1 | (58.5 | ) | 0.6 | 59.1 | (58.5 | ) | 0.6 | ||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 58.4 | $ | (0.9 | ) | $ | 57.5 | $ | 58.4 | $ | (0.9 | ) | $ | 57.5 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | 22.0 | $ | (17.6 | ) | $ | 4.4 | $ | 55.1 | $ | (39.4 | ) | $ | 15.7 | ||||||||||
Long-term Risk Management Assets | 2.3 | (2.2 | ) | 0.1 | 4.5 | (4.2 | ) | 0.3 | ||||||||||||||||
Total Assets | 24.3 | (19.8 | ) | 4.5 | 59.6 | (43.6 | ) | 16.0 | ||||||||||||||||
Current Risk Management Liabilities | 17.6 | (17.3 | ) | 0.3 | 41.8 | (40.6 | ) | 1.2 | ||||||||||||||||
Long-term Risk Management Liabilities | 2.2 | (2.1 | ) | 0.1 | 4.3 | (4.3 | ) | — | ||||||||||||||||
Total Liabilities | 19.8 | (19.4 | ) | 0.4 | 46.1 | (44.9 | ) | 1.2 | ||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 4.5 | $ | (0.4 | ) | $ | 4.1 | |||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 13.5 | $ | 1.3 | $ | 14.8 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | 50.4 | $ | (41.8 | ) | $ | 8.6 | $ | 50.4 | $ | (41.8 | ) | $ | 8.6 | ||||||||||
Long-term Risk Management Assets | 2.0 | (1.4 | ) | 0.6 | 2.0 | (1.4 | ) | 0.6 | ||||||||||||||||
Total Assets | 52.4 | (43.2 | ) | 9.2 | 52.4 | (43.2 | ) | 9.2 | ||||||||||||||||
Current Risk Management Liabilities | 41.1 | (40.8 | ) | 0.3 | 41.1 | (40.8 | ) | 0.3 | ||||||||||||||||
Long-term Risk Management Liabilities | 1.6 | (1.5 | ) | 0.1 | 1.6 | (1.5 | ) | 0.1 | ||||||||||||||||
Total Liabilities | 42.7 | (42.3 | ) | 0.4 | 42.7 | (42.3 | ) | 0.4 | ||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 9.7 | $ | (0.9 | ) | $ | 8.8 | $ | 9.7 | $ | (0.9 | ) | $ | 8.8 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Long-term Risk Management Assets | — | — | — | — | �� | — | — | |||||||||||||||||
Total Assets | — | — | — | — | — | — | ||||||||||||||||||
Current Risk Management Liabilities | 6.9 | — | 6.9 | 7.6 | — | 7.6 | ||||||||||||||||||
Long-term Risk Management Liabilities | 99.4 | — | 99.4 | 104.1 | — | 104.1 | ||||||||||||||||||
Total Liabilities | 106.3 | — | 106.3 | 111.7 | — | 111.7 | ||||||||||||||||||
Total MTM Derivative Contract Net Liabilities | $ | (106.3 | ) | $ | — | $ | (106.3 | ) | $ | (111.7 | ) | $ | — | $ | (111.7 | ) |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Long-term Risk Management Assets | — | — | — | — | — | — | ||||||||||||||||||
Total Assets | — | — | — | — | — | — | ||||||||||||||||||
Current Risk Management Liabilities | 6.4 | (0.6 | ) | 5.8 | 6.4 | (0.6 | ) | 5.8 | ||||||||||||||||
Long-term Risk Management Liabilities | 93.8 | — | 93.8 | 93.8 | — | 93.8 | ||||||||||||||||||
Total Liabilities | 100.2 | (0.6 | ) | 99.6 | 100.2 | (0.6 | ) | 99.6 | ||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | (100.2 | ) | $ | 0.6 | $ | (99.6 | ) | $ | (100.2 | ) | $ | 0.6 | $ | (99.6 | ) |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | 5.4 | $ | (0.4 | ) | $ | 5.0 | $ | 28.4 | $ | (0.4 | ) | $ | 28.0 | ||||||||||
Long-term Risk Management Assets | — | — | — | — | — | — | ||||||||||||||||||
Total Assets | 5.4 | (0.4 | ) | 5.0 | 28.4 | (0.4 | ) | 28.0 | ||||||||||||||||
Current Risk Management Liabilities | 1.1 | (0.4 | ) | 0.7 | 0.7 | (0.4 | ) | 0.3 | ||||||||||||||||
Long-term Risk Management Liabilities | — | — | — | — | — | — | ||||||||||||||||||
Total Liabilities | 1.1 | (0.4 | ) | 0.7 | 0.7 | (0.4 | ) | 0.3 | ||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 4.3 | $ | — | $ | 4.3 | $ | 27.7 | $ | — | $ | 27.7 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | 10.9 | $ | (0.5 | ) | $ | 10.4 | $ | 10.9 | $ | (0.5 | ) | $ | 10.4 | ||||||||||
Long-term Risk Management Assets | — | — | — | — | — | — | ||||||||||||||||||
Total Assets | 10.9 | (0.5 | ) | 10.4 | 10.9 | (0.5 | ) | 10.4 | ||||||||||||||||
Current Risk Management Liabilities | 1.7 | (0.7 | ) | 1.0 | 1.7 | (0.7 | ) | 1.0 | ||||||||||||||||
Long-term Risk Management Liabilities | — | — | — | — | — | — | ||||||||||||||||||
Total Liabilities | 1.7 | (0.7 | ) | 1.0 | 1.7 | (0.7 | ) | 1.0 | ||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 9.2 | $ | 0.2 | $ | 9.4 | $ | 9.2 | $ | 0.2 | $ | 9.4 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | 2.3 | $ | (0.3 | ) | $ | 2.0 | $ | 12.5 | $ | (0.2 | ) | $ | 12.3 | ||||||||||
Long-term Risk Management Assets | — | — | — | — | — | — | ||||||||||||||||||
Total Assets | 2.3 | (0.3 | ) | 2.0 | 12.5 | (0.2 | ) | 12.3 | ||||||||||||||||
Current Risk Management Liabilities | 0.5 | (0.3 | ) | 0.2 | 1.7 | (0.2 | ) | 1.5 | ||||||||||||||||
Long-term Risk Management Liabilities | 1.9 | — | 1.9 | 2.4 | — | 2.4 | ||||||||||||||||||
Total Liabilities | 2.4 | (0.3 | ) | 2.1 | 4.1 | (0.2 | ) | 3.9 | ||||||||||||||||
Total MTM Derivative Contract Net Liabilities | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | ||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 8.4 | $ | — | $ | 8.4 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||
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) | Commodity (a) | Financial Position (b) | Financial Position (c) | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current Risk Management Assets | $ | 5.6 | $ | (0.8 | ) | $ | 4.8 | $ | 5.6 | $ | (0.8 | ) | $ | 4.8 | ||||||||||
Long-term Risk Management Assets | — | — | — | — | — | — | ||||||||||||||||||
Total Assets | 5.6 | (0.8 | ) | 4.8 | 5.6 | (0.8 | ) | 4.8 | ||||||||||||||||
Current Risk Management Liabilities | 1.5 | (1.1 | ) | 0.4 | 1.5 | (1.1 | ) | 0.4 | ||||||||||||||||
Long-term Risk Management Liabilities | 2.2 | — | 2.2 | 2.2 | — | 2.2 | ||||||||||||||||||
Total Liabilities | 3.7 | (1.1 | ) | 2.6 | 3.7 | (1.1 | ) | 2.6 | ||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 1.9 | $ | 0.3 | $ | 2.2 | $ | 1.9 | $ | 0.3 | $ | 2.2 |
(a) | Derivative instruments within these categories are reported gross. These instruments are subject to master netting agreements and are presented on the balance sheets on a net basis in accordance with the accounting guidance for “Derivatives and Hedging.” |
(b) | Amounts include counterparty netting of risk management and hedging contracts and associated cash collateral in accordance with the accounting guidance for “Derivatives and Hedging.” |
(c) | All derivative contracts subject to a master netting arrangement or similar agreement are offset in the statement of financial position. |
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 0.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.2 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Generation & Marketing Revenues | 2.7 | — | — | — | — | — | — | 3.5 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | (0.1 | ) | 0.3 | — | — | 0.1 | — | — | 0.1 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Purchased Electricity for Resale | 1.4 | — | — | — | — | — | — | (0.2 | ) | — | 1.1 | 0.1 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other Operation | (0.4 | ) | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | — | — | (0.1 | ) | — | 0.1 | — | — | — | (0.1 | ) | ||||||||||||||||||||||||||||||||||||
Maintenance | (0.5 | ) | (0.1 | ) | — | — | (0.1 | ) | — | (0.1 | ) | 0.1 | — | (0.1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Regulatory Assets (a) | (6.4 | ) | 0.6 | (2.1 | ) | 0.3 | (8.9 | ) | 0.5 | (0.1 | ) | (8.2 | ) | (0.1 | ) | 2.3 | (0.1 | ) | (8.3 | ) | 0.5 | 1.3 | ||||||||||||||||||||||||||||||||||
Regulatory Liabilities (a) | (22.0 | ) | — | (31.7 | ) | 6.6 | — | 6.2 | 4.7 | 60.2 | — | 16.4 | 7.4 | — | 16.1 | 13.7 | ||||||||||||||||||||||||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | (24.9 | ) | $ | 0.4 | $ | (34.0 | ) | $ | 7.2 | $ | (9.1 | ) | $ | 6.7 | $ | 4.6 | $ | 55.5 | $ | (0.1 | ) | $ | 19.9 | $ | 7.4 | $ | (8.3 | ) | $ | 16.6 | $ | 14.9 |
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | (5.5 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3.2 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Generation & Marketing Revenues | (15.1 | ) | — | — | — | — | — | — | 27.5 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | (0.3 | ) | (5.1 | ) | — | — | — | — | — | (0.5 | ) | (2.6 | ) | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||
Purchased Electricity for Resale | 4.9 | — | 4.6 | 0.2 | — | — | — | 3.1 | — | 2.4 | 0.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other Operation | 0.3 | 0.1 | — | — | 0.1 | — | — | 0.5 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Maintenance | 0.4 | 0.1 | 0.1 | — | 0.1 | — | — | 0.5 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets (a) | 37.3 | — | — | 6.2 | 31.4 | — | (0.3 | ) | 5.9 | — | — | (3.0 | ) | 9.7 | — | (0.8 | ) | |||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities (a) | 87.0 | (0.1 | ) | 64.1 | 0.2 | — | 12.1 | (0.8 | ) | 85.4 | 0.1 | 39.2 | 11.5 | 0.6 | 18.8 | 6.9 | ||||||||||||||||||||||||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | 109.3 | $ | 0.1 | $ | 68.5 | $ | 1.5 | $ | 31.6 | $ | 12.1 | $ | (1.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Total Gain on Risk Management Contracts | $ | 119.7 | $ | 0.3 | $ | 41.3 | $ | 6.7 | $ | 10.5 | $ | 19.0 | $ | 6.4 |
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 0.5 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Generation & Marketing Revenues | 6.2 | — | — | — | — | — | — | |||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | — | 0.3 | — | — | 0.1 | |||||||||||||||||||||
Purchased Electricity for Resale | 1.2 | — | 1.1 | 0.1 | — | — | — | |||||||||||||||||||||
Other Operation | (0.5 | ) | (0.1 | ) | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Maintenance | (0.4 | ) | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||
Regulatory Assets (a) | (14.6 | ) | 0.5 | 0.2 | 0.2 | (17.2 | ) | 1.0 | 1.2 | |||||||||||||||||||
Regulatory Liabilities (a) | 38.2 | — | (15.3 | ) | 14.0 | — | 22.3 | 18.4 | ||||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | 30.6 | $ | 0.3 | $ | (14.1 | ) | $ | 14.6 | $ | (17.4 | ) | $ | 23.3 | $ | 19.5 |
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | (8.7 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Generation & Marketing Revenues | 12.4 | — | — | — | — | — | — | |||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | (0.8 | ) | (7.7 | ) | — | — | 0.1 | |||||||||||||||||||
Purchased Electricity for Resale | 8.0 | — | 7.0 | 0.8 | — | — | — | |||||||||||||||||||||
Other Operation | 0.8 | 0.2 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | |||||||||||||||||||||
Maintenance | 0.9 | 0.2 | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 | |||||||||||||||||||||
Regulatory Assets (a) | 43.2 | — | — | 3.2 | 41.1 | — | (1.1 | ) | ||||||||||||||||||||
Regulatory Liabilities (a) | 172.4 | — | 103.3 | 11.7 | 0.6 | 30.9 | 6.1 | |||||||||||||||||||||
Total Gain on Risk Management Contracts | $ | 229.0 | $ | 0.4 | $ | 109.8 | $ | 8.2 | $ | 42.1 | $ | 31.1 | $ | 5.3 |
(a) | Represents realized and unrealized gains and losses subject to regulatory accounting treatment recorded as either current or noncurrent on the balance sheets. |
Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | |||||||||||||||
March 31, 2019 | December 31, 2018 | March 31, 2019 | December 31, 2018 | |||||||||||||
(in millions) | ||||||||||||||||
Long-term Debt (a) | $ | (489.6 | ) | $ | (478.3 | ) | $ | 6.3 | $ | 17.4 |
Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | |||||||||||||||
June 30, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | |||||||||||||
(in millions) | ||||||||||||||||
Long-term Debt (a) | $ | (507.9 | ) | $ | (478.3 | ) | $ | (11.9 | ) | $ | 17.4 |
(a) | Amounts included on the balance sheets within Long-term Debt Due within One Year and Long-term Debt, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Gain (Loss) on Interest Rate Contracts: | |||||||||||||||
Gain (Loss) on Fair Value Hedging Instruments (a) | $ | 18.2 | $ | (7.3 | ) | $ | 29.3 | $ | (21.8 | ) | |||||
Gain (Loss) on Fair Value Portion of Long-term Debt (a) | (18.2 | ) | 7.3 | (29.3 | ) | 21.8 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
Gain (Loss) on Interest Rate Contracts: | |||||||
Gain (Loss) on Fair Value Hedging Instruments (a) | $ | 11.1 | $ | (14.5 | ) | ||
Gain (Loss) on Fair Value Portion of Long-term Debt (a) | (11.1 | ) | 14.5 |
(a) | Gain (Loss) is included in Interest Expense on the statements of income. |
March 31, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||
Commodity | Interest Rate | Commodity | Interest Rate | Commodity | Interest Rate | Commodity | Interest Rate | |||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||
AOCI Gain (Loss) Net of Tax | (52.1 | ) | (12.4 | ) | (23.0 | ) | (12.6 | ) | $ | (127.2 | ) | $ | (15.9 | ) | (a) | $ | (23.0 | ) | $ | (12.6 | ) | |||||||
Portion Expected to be Reclassed to Net Income During the Next Twelve Months | 1.6 | (1.5 | ) | 10.4 | (1.1 | ) | (45.4 | ) | (2.2 | ) | 10.4 | (1.1 | ) |
(a) | Includes $4 million related to AEP's investment in joint venture wind farms acquired as part of the purchase of Sempra Renewables LLC. See “Sempra Renewables LLC” section of Note 14 for additional information. |
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||
Interest Rate | ||||||||||||||||||||||||||||||||
Expected to be | Expected to be | |||||||||||||||||||||||||||||||
Reclassified to | Reclassified to | |||||||||||||||||||||||||||||||
March 31, 2019 | December 31, 2018 | Net Income During | Net Income During | |||||||||||||||||||||||||||||
Interest Rate | AOCI Gain (Loss) | the Next | AOCI Gain (Loss) | the Next | ||||||||||||||||||||||||||||
Company | AOCI Gain (Loss) Net of Tax | Expected to be Reclassed to Net Income During the Next Twelve Months | AOCI Gain (Loss) Net of Tax | Expected to be Reclassed to Net Income During the Next Twelve Months | Net of Tax | Twelve Months | Net of Tax | Twelve Months | ||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
AEP Texas | $ | (4.1 | ) | $ | (1.1 | ) | $ | (4.4 | ) | $ | (1.1 | ) | $ | (3.9 | ) | $ | (1.1 | ) | $ | (4.4 | ) | $ | (1.1 | ) | ||||||||
APCo | 1.6 | 0.9 | 1.8 | 0.9 | 1.4 | 0.9 | 1.8 | 0.9 | ||||||||||||||||||||||||
I&M | (11.1 | ) | (1.6 | ) | (11.5 | ) | (1.6 | ) | (10.7 | ) | (1.6 | ) | (11.5 | ) | (1.6 | ) | ||||||||||||||||
OPCo | 0.7 | 0.6 | 1.0 | 1.0 | 0.3 | 0.3 | 1.0 | 1.0 | ||||||||||||||||||||||||
PSO | 1.9 | 1.0 | 2.1 | 1.0 | 1.6 | 1.0 | 2.1 | 1.0 | ||||||||||||||||||||||||
SWEPCo | (2.9 | ) | (1.5 | ) | (3.3 | ) | (1.5 | ) | (2.5 | ) | (1.5 | ) | (3.3 | ) | (1.5 | ) |
March 31, 2019 | ||||||||||||
Liabilities for | Additional | |||||||||||
Contracts with Cross | Settlement | |||||||||||
Default Provisions | Liability if Cross | |||||||||||
Prior to Contractual | Amount of Cash | Default Provision | ||||||||||
Company | Netting Arrangements | Collateral Posted | is Triggered | |||||||||
(in millions) | ||||||||||||
AEP | $ | 219.2 | $ | 3.8 | $ | 189.0 | ||||||
APCo | 1.4 | — | 0.1 | |||||||||
I&M | 0.8 | — | 0.1 | |||||||||
SWEPCo | 2.0 | — | 1.9 |
June 30, 2019 | ||||||||||||
Liabilities for | Additional | |||||||||||
Contracts with Cross | Settlement | |||||||||||
Default Provisions | Liability if Cross | |||||||||||
Prior to Contractual | Amount of Cash | Default Provision | ||||||||||
Company | Netting Arrangements | Collateral Posted | is Triggered | |||||||||
(in millions) | ||||||||||||
AEP | $ | 347.0 | $ | 6.7 | $ | 317.8 | ||||||
APCo | 6.1 | — | 0.5 | |||||||||
I&M | 3.6 | — | 0.3 | |||||||||
SWEPCo | 4.0 | — | 2.9 |
December 31, 2018 | ||||||||||||
Liabilities for | Additional | |||||||||||
Contracts with Cross | Settlement | |||||||||||
Default Provisions | Liability if Cross | |||||||||||
Prior to Contractual | Amount of Cash | Default Provision | ||||||||||
Company | Netting Arrangements | Collateral Posted | is Triggered | |||||||||
(in millions) | ||||||||||||
AEP | $ | 225.5 | $ | 1.8 | $ | 181.0 | ||||||
APCo | 0.9 | — | — | |||||||||
I&M | 0.5 | — | — | |||||||||
SWEPCo | 2.3 | — | 2.3 |
March 31, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||
Company | Book Value | Fair Value | Book Value | Fair Value | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
AEP (a) | $ | 24,426.7 | $ | 26,225.6 | $ | 23,346.7 | $ | 24,093.9 | $ | 25,431.8 | $ | 28,377.7 | $ | 23,346.7 | $ | 24,093.9 | ||||||||||||||||
AEP Texas | 3,778.3 | 3,973.4 | 3,881.3 | 3,964.6 | 3,994.6 | 4,403.8 | 3,881.3 | 3,964.6 | ||||||||||||||||||||||||
AEPTCo | 2,823.4 | 2,949.6 | 2,823.0 | 2,782.4 | 3,167.9 | 3,481.7 | 2,823.0 | 2,782.4 | ||||||||||||||||||||||||
APCo | 4,444.0 | 5,040.6 | 4,062.6 | 4,473.3 | 4,374.8 | 5,177.0 | 4,062.6 | 4,473.3 | ||||||||||||||||||||||||
I&M | 3,011.4 | 3,201.8 | 3,035.4 | 3,070.2 | 3,054.5 | 3,389.9 | 3,035.4 | 3,070.2 | ||||||||||||||||||||||||
OPCo | 1,693.6 | 1,989.2 | 1,716.6 | 1,919.7 | 2,138.2 | 2,553.1 | 1,716.6 | 1,919.7 | ||||||||||||||||||||||||
PSO | 1,386.2 | 1,503.6 | 1,287.0 | 1,361.9 | 1,386.3 | 1,579.7 | 1,287.0 | 1,361.9 | ||||||||||||||||||||||||
SWEPCo | 2,659.1 | 2,763.0 | 2,713.4 | 2,670.2 | 2,658.1 | 2,868.5 | 2,713.4 | 2,670.2 |
(a) | The fair value amount includes debt related to AEP’s Equity Units issued in March 2019 and has a fair value of |
June 30, 2019 | ||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||
March 31, 2019 | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||||
Other Temporary Investments | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gains | Losses | Value | ||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash and Other Cash Deposits (a) | $ | 159.6 | $ | — | $ | — | $ | 159.6 | $ | 199.9 | $ | — | $ | — | $ | 199.9 | ||||||||||||||||
Fixed Income Securities – Mutual Funds (b) | 107.2 | — | (1.3 | ) | 105.9 | 115.0 | — | (0.4 | ) | 114.6 | ||||||||||||||||||||||
Equity Securities – Mutual Funds | 22.5 | 16.3 | — | 38.8 | 22.7 | 17.6 | — | 40.3 | ||||||||||||||||||||||||
Total Other Temporary Investments | $ | 289.3 | $ | 16.3 | $ | (1.3 | ) | $ | 304.3 | $ | 337.6 | $ | 17.6 | $ | (0.4 | ) | $ | 354.8 |
December 31, 2018 | ||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||
December 31, 2018 | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||||
Other Temporary Investments | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gains | Losses | Value | ||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash and Other Cash Deposits (a) | $ | 230.6 | $ | — | $ | — | $ | 230.6 | $ | 230.6 | $ | — | $ | — | $ | 230.6 | ||||||||||||||||
Fixed Income Securities – Mutual Funds (b) | 106.6 | — | (2.3 | ) | 104.3 | 106.6 | — | (2.3 | ) | 104.3 | ||||||||||||||||||||||
Equity Securities – Mutual Funds | 17.8 | 16.4 | — | 34.2 | 17.8 | 16.4 | — | 34.2 | ||||||||||||||||||||||||
Total Other Temporary Investments | $ | 355.0 | $ | 16.4 | $ | (2.3 | ) | $ | 369.1 | $ | 355.0 | $ | 16.4 | $ | (2.3 | ) | $ | 369.1 |
(a) | Primarily represents amounts held for the repayment of debt. |
(b) | Primarily short and intermediate maturities which may be sold and do not contain maturity dates. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||
Proceeds from Investment Sales | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Purchases of Investments | 0.1 | 0.6 | 8.8 | 0.8 | 8.9 | 1.4 | ||||||||||||||||
Gross Realized Gains on Investment Sales | — | — | — | — | — | — | ||||||||||||||||
Gross Realized Losses on Investment Sales | — | — | — | — | — | — |
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Gross | Other-Than- | Gross | Other-Than- | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | December 31, 2018 | Fair | Unrealized | Temporary | Fair | Unrealized | Temporary | |||||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Gains | Other-Than-Temporary Impairments | Fair Value | Gross Unrealized Gains | Other-Than-Temporary Impairments | Value | Gains | Impairments | Value | Gains | Impairments | |||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 17.4 | $ | — | $ | — | $ | 22.5 | $ | — | $ | — | $ | 21.1 | $ | — | $ | — | $ | 22.5 | $ | — | $ | — | ||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||||||||||
United States Government | 1,015.6 | 44.0 | (6.7 | ) | 996.1 | 26.7 | (7.1 | ) | 1,026.8 | 54.6 | (6.3 | ) | 996.1 | 26.7 | (7.1 | ) | ||||||||||||||||||||||||||||||
Corporate Debt | 54.2 | 2.9 | (1.8 | ) | 52.4 | 1.1 | (1.9 | ) | 62.3 | 4.6 | (1.7 | ) | 52.4 | 1.1 | (1.9 | ) | ||||||||||||||||||||||||||||||
State and Local Government | 8.7 | 0.7 | (0.2 | ) | 8.6 | 0.6 | (0.2 | ) | 7.6 | 0.7 | (0.2 | ) | 8.6 | 0.6 | (0.2 | ) | ||||||||||||||||||||||||||||||
Subtotal Fixed Income Securities | 1,078.5 | 47.6 | (8.7 | ) | 1,057.1 | 28.4 | (9.2 | ) | 1,096.7 | 59.9 | (8.2 | ) | 1,057.1 | 28.4 | (9.2 | ) | ||||||||||||||||||||||||||||||
Equity Securities – Domestic (a) | 1,588.1 | 945.6 | — | 1,395.3 | 766.3 | — | ||||||||||||||||||||||||||||||||||||||||
Equity Securities - Domestic (a) | 1,658.6 | 1,010.2 | — | 1,395.3 | 766.3 | — | ||||||||||||||||||||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | $ | 2,684.0 | $ | 993.2 | $ | (8.7 | ) | $ | 2,474.9 | $ | 794.7 | $ | (9.2 | ) | $ | 2,776.4 | $ | 1,070.1 | $ | (8.2 | ) | $ | 2,474.9 | $ | 794.7 | $ | (9.2 | ) |
(a) | Amount reported as Gross Unrealized Gains includes unrealized gains of |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||
Proceeds from Investment Sales | $ | 111.9 | $ | 508.6 | $ | 87.6 | $ | 529.2 | $ | 199.5 | $ | 1,037.8 | |||||||||||
Purchases of Investments | 130.3 | 525.3 | 96.3 | 542.5 | 226.6 | 1,067.8 | |||||||||||||||||
Gross Realized Gains on Investment Sales | 12.3 | 12.0 | 3.4 | 11.8 | 15.7 | 23.8 | |||||||||||||||||
Gross Realized Losses on Investment Sales | 13.8 | 10.9 | 6.1 | 7.8 | 19.9 | 18.7 |
Fair Value of Fixed | ||||||
Fair Value of Fixed Income Securities | Income Securities | |||||
(in millions) | (in millions) | |||||
Within 1 year | $ | 356.4 | $ | 335.0 | ||
After 1 year through 5 years | 375.4 | 394.3 | ||||
After 5 years through 10 years | 172.8 | 181.8 | ||||
After 10 years | 173.9 | 185.6 | ||||
Total | $ | 1,078.5 | $ | 1,096.7 |
Level 1 | Level 2 | Level 3 | Other | Total | Level 1 | Level 2 | Level 3 | Other | Total | |||||||||||||||||||||||||||||||
Assets: | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Other Temporary Investments | ||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Other Cash Deposits (a) | $ | 147.1 | $ | — | $ | — | $ | 12.5 | $ | 159.6 | $ | 162.7 | $ | — | $ | — | $ | 37.2 | $ | 199.9 | ||||||||||||||||||||
Fixed Income Securities – Mutual Funds | 105.9 | — | — | — | 105.9 | 114.6 | — | — | — | 114.6 | ||||||||||||||||||||||||||||||
Equity Securities – Mutual Funds (b) | 38.8 | — | — | — | 38.8 | 40.3 | — | — | — | 40.3 | ||||||||||||||||||||||||||||||
Total Other Temporary Investments | 291.8 | — | — | 12.5 | 304.3 | 317.6 | — | — | 37.2 | 354.8 | ||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | 2.5 | 200.4 | 276.6 | (155.4 | ) | 324.1 | 7.2 | 412.8 | 468.7 | (353.2 | ) | 535.5 | ||||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 14.8 | 5.5 | (0.1 | ) | 20.2 | — | 6.6 | 2.0 | 7.1 | 15.7 | |||||||||||||||||||||||||||||
Fair Value Hedges | — | 11.9 | — | — | 11.9 | |||||||||||||||||||||||||||||||||||
Total Risk Management Assets | 2.5 | 215.2 | 282.1 | (155.5 | ) | 344.3 | 7.2 | 431.3 | 470.7 | (346.1 | ) | 563.1 | ||||||||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 9.3 | — | — | 8.1 | 17.4 | 11.5 | — | — | 9.6 | 21.1 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||||
United States Government | — | 1,015.6 | — | — | 1,015.6 | — | 1,026.8 | — | — | 1,026.8 | ||||||||||||||||||||||||||||||
Corporate Debt | — | 54.2 | — | — | 54.2 | — | 62.3 | — | — | 62.3 | ||||||||||||||||||||||||||||||
State and Local Government | — | 8.7 | — | — | 8.7 | — | 7.6 | — | — | 7.6 | ||||||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,078.5 | — | — | 1,078.5 | — | 1,096.7 | — | — | 1,096.7 | ||||||||||||||||||||||||||||||
Equity Securities – Domestic (b) | 1,588.1 | — | — | — | 1,588.1 | 1,658.6 | — | — | — | 1,658.6 | ||||||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,597.4 | 1,078.5 | — | 8.1 | 2,684.0 | 1,670.1 | 1,096.7 | — | 9.6 | 2,776.4 | ||||||||||||||||||||||||||||||
Total Assets | $ | 1,891.7 | $ | 1,293.7 | $ | 282.1 | $ | (134.9 | ) | $ | 3,332.6 | $ | 1,994.9 | $ | 1,528.0 | $ | 470.7 | $ | (299.3 | ) | $ | 3,694.3 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | $ | 2.7 | $ | 204.8 | $ | 197.2 | $ | (155.7 | ) | $ | 249.0 | $ | 7.3 | $ | 430.6 | $ | 265.3 | $ | (381.2 | ) | $ | 322.0 | ||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 29.3 | 46.8 | (0.1 | ) | 76.0 | — | 68.1 | 92.7 | 7.1 | 167.9 | |||||||||||||||||||||||||||||
Fair Value Hedges | — | 6.3 | — | — | 6.3 | |||||||||||||||||||||||||||||||||||
Total Risk Management Liabilities | $ | 2.7 | $ | 240.4 | $ | 244.0 | $ | (155.8 | ) | $ | 331.3 | $ | 7.3 | $ | 498.7 | $ | 358.0 | $ | (374.1 | ) | $ | 489.9 |
Level 1 | Level 2 | Level 3 | Other | Total | Level 1 | Level 2 | Level 3 | Other | Total | |||||||||||||||||||||||||||||||
Assets: | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Other Temporary Investments | ||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Other Cash Deposits (a) | $ | 221.5 | $ | — | $ | — | $ | 9.1 | $ | 230.6 | $ | 221.5 | $ | — | $ | — | $ | 9.1 | $ | 230.6 | ||||||||||||||||||||
Fixed Income Securities – Mutual Funds | 104.3 | — | — | — | 104.3 | 104.3 | — | — | — | 104.3 | ||||||||||||||||||||||||||||||
Equity Securities – Mutual Funds (b) | 34.2 | — | — | — | 34.2 | 34.2 | — | — | — | 34.2 | ||||||||||||||||||||||||||||||
Total Other Temporary Investments | 360.0 | — | — | 9.1 | 369.1 | 360.0 | — | — | 9.1 | 369.1 | ||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | 3.8 | 326.5 | 340.9 | (288.5 | ) | 382.7 | 3.8 | 326.5 | 340.9 | (288.5 | ) | 382.7 | ||||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 24.1 | 12.7 | (2.7 | ) | 34.1 | — | 24.1 | 12.7 | (2.7 | ) | 34.1 | ||||||||||||||||||||||||||||
Total Risk Management Assets | 3.8 | 350.6 | 353.6 | (291.2 | ) | 416.8 | 3.8 | 350.6 | 353.6 | (291.2 | ) | 416.8 | ||||||||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 12.3 | — | — | 10.2 | 22.5 | 12.3 | — | — | 10.2 | 22.5 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||||
United States Government | — | 996.1 | — | — | 996.1 | — | 996.1 | — | — | 996.1 | ||||||||||||||||||||||||||||||
Corporate Debt | — | 52.4 | — | — | 52.4 | — | 52.4 | — | — | 52.4 | ||||||||||||||||||||||||||||||
State and Local Government | — | 8.6 | — | — | 8.6 | — | 8.6 | — | — | 8.6 | ||||||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,057.1 | — | — | 1,057.1 | — | 1,057.1 | — | — | 1,057.1 | ||||||||||||||||||||||||||||||
Equity Securities – Domestic (b) | 1,395.3 | — | — | — | 1,395.3 | 1,395.3 | — | — | — | 1,395.3 | ||||||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,407.6 | 1,057.1 | — | 10.2 | 2,474.9 | 1,407.6 | 1,057.1 | — | 10.2 | 2,474.9 | ||||||||||||||||||||||||||||||
Total Assets | $ | 1,771.4 | $ | 1,407.7 | $ | 353.6 | $ | (271.9 | ) | $ | 3,260.8 | $ | 1,771.4 | $ | 1,407.7 | $ | 353.6 | $ | (271.9 | ) | $ | 3,260.8 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | $ | 4.2 | $ | 327.0 | $ | 185.6 | $ | (274.7 | ) | $ | 242.1 | $ | 4.2 | $ | 327.0 | $ | 185.6 | $ | (274.7 | ) | $ | 242.1 | ||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 24.8 | 36.8 | (2.7 | ) | 58.9 | — | 24.8 | 36.8 | (2.7 | ) | 58.9 | ||||||||||||||||||||||||||||
Fair Value Hedges | — | 17.4 | — | — | 17.4 | — | 17.4 | — | — | 17.4 | ||||||||||||||||||||||||||||||
Total Risk Management Liabilities | $ | 4.2 | $ | 369.2 | $ | 222.4 | $ | (277.4 | ) | $ | 318.4 | $ | 4.2 | $ | 369.2 | $ | 222.4 | $ | (277.4 | ) | $ | 318.4 |
Level 1 | Level 2 | Level 3 | Other | Total | Level 1 | Level 2 | Level 3 | Other | Total | |||||||||||||||||||||||||||||||
Assets: | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 100.6 | $ | — | $ | — | $ | — | $ | 100.6 | $ | 125.4 | $ | — | $ | — | $ | — | $ | 125.4 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 0.2 | $ | — | $ | — | $ | 0.2 | $ | — | $ | 0.2 | $ | — | $ | — | $ | 0.2 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 156.7 | $ | — | $ | — | $ | — | $ | 156.7 | ||||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 0.7 | $ | — | $ | (0.5 | ) | $ | 0.2 |
Level 1 | Level 2 | Level 3 | Other | Total | Level 1 | Level 2 | Level 3 | Other | Total | |||||||||||||||||||||||||||||||
Assets: | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 18.3 | $ | — | $ | — | $ | — | $ | 18.3 | $ | 25.4 | $ | — | $ | — | $ | — | $ | 25.4 | ||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | 0.2 | 26.8 | 13.4 | (27.2 | ) | 13.2 | — | 69.4 | 75.7 | (70.0 | ) | 75.1 | ||||||||||||||||||||||||||||
Total Assets | $ | 18.5 | $ | 26.8 | $ | 13.4 | $ | (27.2 | ) | $ | 31.5 | $ | 25.4 | $ | 69.4 | $ | 75.7 | $ | (70.0 | ) | $ | 100.5 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | 0.2 | $ | 27.0 | $ | 6.0 | $ | (26.9 | ) | $ | 6.3 | $ | — | $ | 70.0 | $ | 7.2 | $ | (72.5 | ) | $ | 4.7 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 25.6 | $ | — | $ | — | $ | — | $ | 25.6 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | 0.1 | 59.1 | 58.3 | (59.4 | ) | 58.1 | ||||||||||||||
Total Assets | $ | 25.7 | $ | 59.1 | $ | 58.3 | $ | (59.4 | ) | $ | 83.7 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | 0.2 | $ | 58.4 | $ | 0.5 | $ | (58.5 | ) | $ | 0.6 |
Level 1 | Level 2 | Level 3 | Other | Total | Level 1 | Level 2 | Level 3 | Other | Total | |||||||||||||||||||||||||||||||
Assets: | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 16.7 | $ | 5.2 | $ | (17.4 | ) | $ | 4.5 | $ | — | $ | 43.7 | $ | 15.6 | $ | (43.3 | ) | $ | 16.0 | ||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 9.3 | — | — | 8.1 | 17.4 | 11.5 | — | — | 9.6 | 21.1 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||||
United States Government | — | 1,015.6 | — | — | 1,015.6 | — | 1,026.8 | — | — | 1,026.8 | ||||||||||||||||||||||||||||||
Corporate Debt | — | 54.2 | — | — | 54.2 | — | 62.3 | — | — | 62.3 | ||||||||||||||||||||||||||||||
State and Local Government | — | 8.7 | — | — | 8.7 | — | 7.6 | — | — | 7.6 | ||||||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,078.5 | — | — | 1,078.5 | — | 1,096.7 | — | — | 1,096.7 | ||||||||||||||||||||||||||||||
Equity Securities - Domestic (b) | 1,588.1 | — | — | — | 1,588.1 | 1,658.6 | — | — | — | 1,658.6 | ||||||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,597.4 | 1,078.5 | — | 8.1 | 2,684.0 | 1,670.1 | 1,096.7 | — | 9.6 | 2,776.4 | ||||||||||||||||||||||||||||||
Total Assets | $ | 1,597.4 | $ | 1,095.2 | $ | 5.2 | $ | (9.3 | ) | $ | 2,688.5 | $ | 1,670.1 | $ | 1,140.4 | $ | 15.6 | $ | (33.7 | ) | $ | 2,792.4 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | 0.1 | $ | 16.5 | $ | 0.8 | $ | (17.0 | ) | $ | 0.4 | $ | — | $ | 42.5 | $ | 3.3 | $ | (44.6 | ) | $ | 1.2 |
Level 1 | Level 2 | Level 3 | Other | Total | Level 1 | Level 2 | Level 3 | Other | Total | |||||||||||||||||||||||||||||||
Assets: | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 42.1 | $ | 10.3 | $ | (43.2 | ) | $ | 9.2 | $ | — | $ | 42.1 | $ | 10.3 | $ | (43.2 | ) | $ | 9.2 | ||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 12.3 | — | — | 10.2 | 22.5 | 12.3 | — | — | 10.2 | 22.5 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||||
United States Government | — | 996.1 | — | — | 996.1 | — | 996.1 | — | — | 996.1 | ||||||||||||||||||||||||||||||
Corporate Debt | — | 52.4 | — | — | 52.4 | — | 52.4 | — | — | 52.4 | ||||||||||||||||||||||||||||||
State and Local Government | — | 8.6 | — | — | 8.6 | — | 8.6 | — | — | 8.6 | ||||||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,057.1 | — | — | 1,057.1 | — | 1,057.1 | — | — | 1,057.1 | ||||||||||||||||||||||||||||||
Equity Securities - Domestic (b) | 1,395.3 | — | — | — | 1,395.3 | 1,395.3 | — | — | — | 1,395.3 | ||||||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,407.6 | 1,057.1 | — | 10.2 | 2,474.9 | 1,407.6 | 1,057.1 | — | 10.2 | 2,474.9 | ||||||||||||||||||||||||||||||
Total Assets | $ | 1,407.6 | $ | 1,099.2 | $ | 10.3 | $ | (33.0 | ) | $ | 2,484.1 | $ | 1,407.6 | $ | 1,099.2 | $ | 10.3 | $ | (33.0 | ) | $ | 2,484.1 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | 0.1 | $ | 41.2 | $ | 1.4 | $ | (42.3 | ) | $ | 0.4 | $ | 0.1 | $ | 41.2 | $ | 1.4 | $ | (42.3 | ) | $ | 0.4 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 16.5 | $ | — | $ | — | $ | — | $ | 16.5 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||||||||||
Liabilities: | (in millions) | |||||||||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.2 | $ | 106.1 | $ | — | $ | 106.3 | $ | — | $ | 0.2 | $ | 111.5 | $ | — | $ | 111.7 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 27.6 | $ | — | $ | — | $ | — | $ | 27.6 | ||||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.8 | $ | 99.4 | $ | (0.6 | ) | $ | 99.6 |
Level 1 | Level 2 | Level 3 | Other | Total | Level 1 | Level 2 | Level 3 | Other | Total | |||||||||||||||||||||||||||||||
Assets: | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 5.4 | $ | (0.4 | ) | $ | 5.0 | $ | — | $ | — | $ | 28.4 | $ | (0.4 | ) | $ | 28.0 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.1 | $ | 1.0 | $ | (0.4 | ) | $ | 0.7 | $ | — | $ | 0.1 | $ | 0.6 | $ | (0.4 | ) | $ | 0.3 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 10.8 | $ | (0.4 | ) | $ | 10.4 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.3 | $ | 1.3 | $ | (0.6 | ) | $ | 1.0 |
Level 1 | Level 2 | Level 3 | Other | Total | Level 1 | Level 2 | Level 3 | Other | Total | |||||||||||||||||||||||||||||||
Assets: | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 2.3 | $ | (0.3 | ) | $ | 2.0 | $ | — | $ | — | $ | 12.5 | $ | (0.2 | ) | $ | 12.3 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.1 | $ | 2.3 | $ | (0.3 | ) | $ | 2.1 | $ | — | $ | 0.1 | $ | 4.0 | $ | (0.2 | ) | $ | 3.9 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 5.6 | $ | (0.8 | ) | $ | 4.8 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.4 | $ | 3.3 | $ | (1.1 | ) | $ | 2.6 |
(a) | Amounts in “Other’’ column primarily represent cash deposits in bank accounts with financial institutions or third-parties. Level 1 and Level 2 amounts primarily represent investments in money market funds. |
(b) | Amounts represent publicly traded equity securities and equity-based mutual funds. |
(c) | Amounts in “Other’’ column primarily represent counterparty netting of risk management and hedging contracts and associated cash collateral under the accounting guidance for “Derivatives and Hedging. |
(d) | The |
(e) | Amounts in “Other’’ column primarily represent accrued interest receivables from financial institutions. Level 1 amounts primarily represent investments in money market funds. |
(f) | The December 31, 2018 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), is as follows: Level 2 matures $(4) million in 2019, $1 million in periods 2020-2022, $1 million in periods 2023-2024 and $1 million in periods 2025-2032; Level 3 matures $108 million in 2019, $37 million in periods 2020-2022, $23 million in periods 2023-2024 and $(12) million in periods 2025-2032. Risk management commodity contracts are substantially comprised of power contracts. |
(g) | Substantially comprised of power contracts for the Registrant Subsidiaries. |
Three Months Ended March 31, 2019 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2019 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 131.2 | $ | 57.8 | $ | 8.9 | $ | (99.4 | ) | $ | 9.5 | $ | 2.3 | |||||||||||||||||||||||||||||||||||
Balance as of March 31, 2019 | $ | 38.1 | $ | 7.4 | $ | 4.4 | $ | (106.1 | ) | $ | 4.4 | $ | — | |||||||||||||||||||||||||||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | (23.0 | ) | (29.0 | ) | — | (0.4 | ) | 6.8 | 3.3 | 36.5 | 17.3 | 3.3 | (0.1 | ) | 7.2 | 2.2 | ||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | 8.5 | — | — | — | — | — | 21.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | (15.8 | ) | — | — | — | — | — | (53.5 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Settlements | (54.5 | ) | (17.8 | ) | (5.1 | ) | 1.8 | (13.0 | ) | (7.3 | ) | (50.6 | ) | (22.1 | ) | (6.3 | ) | 1.9 | (10.0 | ) | (3.3 | ) | ||||||||||||||||||||||||||
Transfers into Level 3 (c) (d) | 0.1 | — | — | — | — | — | (1.5 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Transfers out of Level 3 (d) | (1.2 | ) | (0.7 | ) | (0.4 | ) | — | — | — | (1.6 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (e) | (7.2 | ) | (2.9 | ) | 1.0 | (8.1 | ) | 1.1 | 1.7 | 123.7 | 65.9 | 10.9 | (7.2 | ) | 26.2 | 9.6 | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2019 | $ | 38.1 | $ | 7.4 | $ | 4.4 | $ | (106.1 | ) | $ | 4.4 | $ | — | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | 112.7 | $ | 68.5 | $ | 12.3 | $ | (111.5 | ) | $ | 27.8 | $ | 8.5 |
Three Months Ended March 31, 2018 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2018 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | $ | 40.3 | $ | 24.7 | $ | 7.6 | $ | (132.4 | ) | $ | 6.2 | $ | 5.9 | |||||||||||||||||||||||||||||||||||
Balance as of March 31, 2018 | $ | 62.0 | $ | 9.1 | $ | 2.9 | $ | (98.5 | ) | $ | 2.8 | $ | 0.9 | |||||||||||||||||||||||||||||||||||
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 | 55.0 | 36.0 | 11.8 | 0.2 | 6.1 | (4.0 | ) | |||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | 2.0 | — | — | — | — | — | 5.9 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | 17.9 | — | — | — | — | — | (10.3 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Settlements | (129.8 | ) | (85.4 | ) | (7.4 | ) | 1.1 | (16.1 | ) | (3.9 | ) | (75.8 | ) | (43.2 | ) | (14.6 | ) | 1.3 | (8.9 | ) | 2.6 | |||||||||||||||||||||||||||
Transfers into Level 3 (c) (d) | 2.1 | — | — | — | — | — | 12.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 (d) | (2.0 | ) | — | (0.3 | ) | — | — | — | 0.4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (e) | 34.2 | 1.7 | — | 32.5 | 1.3 | (1.7 | ) | 122.5 | 58.1 | 13.1 | 10.1 | 24.3 | 5.4 | |||||||||||||||||||||||||||||||||||
Balance as of March 31, 2018 | $ | 62.0 | $ | 9.1 | $ | 2.9 | $ | (98.5 | ) | $ | 2.8 | $ | 0.9 | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2018 | $ | 172.3 | $ | 60.0 | $ | 13.2 | $ | (86.9 | ) | $ | 24.3 | $ | 4.9 |
Six Months Ended June 30, 2019 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 131.2 | $ | 57.8 | $ | 8.9 | $ | (99.4 | ) | $ | 9.5 | $ | 2.3 | |||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | 32.7 | (13.6 | ) | 4.3 | (0.7 | ) | 22.8 | 16.2 | ||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | 29.2 | — | — | — | — | — | ||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | (69.2 | ) | — | — | — | — | — | |||||||||||||||||
Settlements | (126.6 | ) | (41.1 | ) | (11.8 | ) | 3.6 | (32.3 | ) | (20.8 | ) | |||||||||||||
Transfers into Level 3 (c) (d) | (1.4 | ) | — | — | — | — | — | |||||||||||||||||
Transfers out of Level 3 (d) | (2.7 | ) | (0.7 | ) | (0.4 | ) | — | — | — | |||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (e) | 119.5 | 66.1 | 11.3 | (15.0 | ) | 27.8 | 10.8 | |||||||||||||||||
Balance as of June 30, 2019 | $ | 112.7 | $ | 68.5 | $ | 12.3 | $ | (111.5 | ) | $ | 27.8 | $ | 8.5 |
Six Months Ended June 30, 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) | 152.6 | 104.7 | 15.1 | 0.9 | 18.1 | (4.8 | ) | |||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | 8.0 | — | — | — | — | — | ||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | 7.6 | — | — | — | — | — | ||||||||||||||||||
Settlements | (204.6 | ) | (128.4 | ) | (22.1 | ) | 2.5 | (24.3 | ) | (1.3 | ) | |||||||||||||
Transfers into Level 3 (c) (d) | 14.7 | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 (d) | (1.5 | ) | — | (0.3 | ) | — | — | — | ||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (e) | 155.2 | 59.0 | 12.9 | 42.1 | 24.3 | 5.1 | ||||||||||||||||||
Balance as of June 30, 2018 | $ | 172.3 | $ | 60.0 | $ | 13.2 | $ | (86.9 | ) | $ | 24.3 | $ | 4.9 |
(a) | Included in revenues on the statements of income. |
(b) | Represents the change in fair value between the beginning of the reporting period and the settlement of the risk management commodity contract. |
(c) | Represents existing assets or liabilities that were previously categorized as Level 2. |
(d) | Transfers are recognized based on their value at the beginning of the reporting period that the transfer occurred. |
(e) | Relates to the net gains (losses) of those contracts that are not reflected on the statements of income. These net gains (losses) are recorded as regulatory assets/liabilities or accounts payable. |
Significant | Input/Range | Significant | Input/Range | |||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | Fair Value | Valuation | Unobservable | Weighted | |||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||
Energy Contracts | $ | 256.7 | $ | 229.0 | Discounted Cash Flow | Forward Market Price (a) | $ | (0.05 | ) | $ | 165.64 | $ | 32.60 | $ | 331.6 | $ | 340.0 | Discounted Cash Flow | Forward Market Price (a) | $ | (0.05 | ) | $ | 113.20 | $ | 29.42 | ||||||||||||||||||||
Natural Gas Contracts | — | 2.0 | Discounted Cash Flow | Forward Market Price (b) | 2.27 | 2.87 | 2.48 | — | 3.8 | Discounted Cash Flow | Forward Market Price (b) | 1.96 | 2.69 | 2.33 | ||||||||||||||||||||||||||||||||
FTRs | 25.4 | 13.0 | Discounted Cash Flow | Forward Market Price (a) | (8.34 | ) | 10.30 | (0.02 | ) | 139.1 | 14.2 | Discounted Cash Flow | Forward Market Price (a) | (7.42 | ) | 7.87 | 0.43 | |||||||||||||||||||||||||||||
Total | $ | 282.1 | $ | 244.0 | $ | 470.7 | $ | 358.0 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 257.1 | $ | 212.5 | Discounted Cash Flow | Forward Market Price (a) | $ | (0.05 | ) | $ | 176.57 | $ | 33.07 | ||||||||||
Natural Gas Contracts | — | 2.5 | Discounted Cash Flow | Forward Market Price (b) | 2.18 | 3.54 | 2.47 | ||||||||||||||||
FTRs | 96.5 | 7.4 | Discounted Cash Flow | Forward Market Price (a) | (11.68 | ) | 17.79 | 1.09 | |||||||||||||||
Total | $ | 353.6 | $ | 222.4 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 3.6 | $ | 0.4 | Discounted Cash Flow | Forward Market Price | $ | 17.40 | $ | 49.25 | $ | 34.91 | |||||||||||
FTRs | 9.8 | 5.6 | Discounted Cash Flow | Forward Market Price | (0.06 | ) | 2.44 | 0.61 | |||||||||||||||
Total | $ | 13.4 | $ | 6.0 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 2.4 | $ | 0.5 | Discounted Cash Flow | Forward Market Price | $ | 16.82 | $ | 62.65 | $ | 37.00 | |||||||||||
FTRs | 55.9 | — | Discounted Cash Flow | Forward Market Price | 0.10 | 15.16 | 3.27 | ||||||||||||||||
Total | $ | 58.3 | $ | 0.5 |
Significant | Input/Range | Significant | Input/Range | |||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | Fair Value | Valuation | Unobservable | Weighted | |||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||
Energy Contracts | $ | 1.9 | $ | 0.3 | Discounted Cash Flow | Forward Market Price | $ | 17.40 | $ | 49.25 | $ | 34.91 | $ | 10.1 | $ | 2.5 | Discounted Cash Flow | Forward Market Price | $ | 12.55 | $ | 45.35 | $ | 27.56 | ||||||||||||||||||||||
FTRs | 3.3 | 0.5 | Discounted Cash Flow | Forward Market Price | (0.10 | ) | 2.02 | 0.86 | 65.6 | 4.7 | Discounted Cash Flow | Forward Market Price | (0.88 | ) | 6.81 | 1.37 | ||||||||||||||||||||||||||||||
Total | $ | 5.2 | $ | 0.8 | $ | 75.7 | $ | 7.2 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 1.4 | $ | 0.9 | Discounted Cash Flow | Forward Market Price | $ | 16.82 | $ | 62.65 | $ | 37.00 | |||||||||||
FTRs | 8.9 | 0.5 | Discounted Cash Flow | Forward Market Price | (2.11 | ) | 6.21 | 1.06 | |||||||||||||||
Total | $ | 10.3 | $ | 1.4 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 2.4 | $ | 0.5 | Discounted Cash Flow | Forward Market Price | $ | 16.82 | $ | 62.65 | $ | 37.00 | |||||||||||
FTRs | 55.9 | — | Discounted Cash Flow | Forward Market Price | 0.10 | 15.16 | 3.27 | ||||||||||||||||
Total | $ | 58.3 | $ | 0.5 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | — | $ | 106.1 | Discounted Cash Flow | Forward Market Price | $ | 25.35 | $ | 66.99 | $ | 43.29 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 5.9 | $ | 1.5 | Discounted Cash Flow | Forward Market Price | $ | 12.55 | $ | 45.35 | $ | 27.56 | |||||||||||
FTRs | 9.7 | 1.8 | Discounted Cash Flow | Forward Market Price | (1.07 | ) | 3.76 | 0.67 | |||||||||||||||
Total | $ | 15.6 | $ | 3.3 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | — | $ | 99.4 | Discounted Cash Flow | Forward Market Price | $ | 26.29 | $ | 62.74 | $ | 42.50 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 1.4 | $ | 0.9 | Discounted Cash Flow | Forward Market Price | $ | 16.82 | $ | 62.65 | $ | 37.00 | |||||||||||
FTRs | 8.9 | 0.5 | Discounted Cash Flow | Forward Market Price | (2.11 | ) | 6.21 | 1.06 | |||||||||||||||
Total | $ | 10.3 | $ | 1.4 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
FTRs | $ | 5.4 | $ | 1.0 | Discounted Cash Flow | Forward Market Price | $ | (8.34 | ) | $ | 10.30 | $ | (1.09 | ) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | — | $ | 111.5 | Discounted Cash Flow | Forward Market Price | $ | 25.96 | $ | 57.96 | $ | 39.66 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
FTRs | $ | 10.8 | $ | 1.3 | Discounted Cash Flow | Forward Market Price | $ | (11.68 | ) | $ | 10.30 | $ | (1.40 | ) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | — | $ | 99.4 | Discounted Cash Flow | Forward Market Price | $ | 26.29 | $ | 62.74 | $ | 42.50 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Contracts | $ | — | $ | 2.0 | Discounted Cash Flow | Forward Market Price (b) | $ | 2.27 | $ | 2.87 | $ | 2.48 | |||||||||||
FTRs | 2.3 | 0.3 | Discounted Cash Flow | Forward Market Price (a) | (8.34 | ) | 10.30 | (1.09 | ) | ||||||||||||||
Total | $ | 2.3 | $ | 2.3 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
FTRs | $ | 28.4 | $ | 0.6 | Discounted Cash Flow | Forward Market Price | $ | (6.94 | ) | $ | 0.63 | $ | (1.97 | ) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Contracts | $ | — | $ | 2.5 | Discounted Cash Flow | Forward Market Price (b) | $ | 2.18 | $ | 3.54 | $ | 2.47 | |||||||||||
FTRs | 5.6 | 0.8 | Discounted Cash Flow | Forward Market Price (a) | (11.68 | ) | 10.30 | (1.40 | ) | ||||||||||||||
Total | $ | 5.6 | $ | 3.3 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
FTRs | $ | 10.8 | $ | 1.3 | Discounted Cash Flow | Forward Market Price | $ | (11.68 | ) | $ | 10.30 | $ | (1.40 | ) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Contracts | $ | — | $ | 3.8 | Discounted Cash Flow | Forward Market Price (b) | $ | 1.96 | $ | 2.69 | $ | 2.33 | |||||||||||
FTRs | 12.5 | 0.2 | Discounted Cash Flow | Forward Market Price (a) | (6.94 | ) | 0.63 | (1.97 | ) | ||||||||||||||
Total | $ | 12.5 | $ | 4.0 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Contracts | $ | — | $ | 2.5 | Discounted Cash Flow | Forward Market Price (b) | $ | 2.18 | $ | 3.54 | $ | 2.47 | |||||||||||
FTRs | 5.6 | 0.8 | Discounted Cash Flow | Forward Market Price (a) | (11.68 | ) | 10.30 | (1.40 | ) | ||||||||||||||
Total | $ | 5.6 | $ | 3.3 |
(a) | Represents market prices in dollars per MWh. |
(b) | Represents market prices in dollars per MMBtu. |
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) |
Registrant (Jurisdiction) | Change in Tax Rate | Excess ADIT Subject to Normalization Requirements | Excess ADIT Not Subject to Normalization Requirements | |||
AEP Texas (Texas-Distribution) | Order Issued | Order Issued | Order Issued – Partial (a) | |||
AEP Texas (Texas-Transmission) | Order Issued | |||||
I&M (Michigan) | Order Issued | Case Pending | Case Pending | |||
SWEPCo (Louisiana) | Case Pending – Rates Implemented (b) | Case Pending – Rates Implemented (b) | Case Pending – Rates Implemented (b) | |||
SWEPCo (Texas) | Order Issued | To be addressed in a later filing | To be addressed in a later filing | |||
(a) | A portion of the Excess ADIT that is not subject to rate normalization requirements is |
(b) | Rates have been implemented through a filed formula rate plan that is subject to true-up and final commission approval. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
Company | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||
AEP | 7.2 | % | 18.3 | % | (13.5 | )% | 12.0 | % | (1.0 | )% | 15.0 | % | ||||||
AEP Texas | 10.4 | % | 16.3 | % | (234.4 | )% | 16.2 | % | (84.0 | )% | 16.2 | % | ||||||
AEPTCo | 20.9 | % | 20.7 | % | 19.5 | % | 22.7 | % | 20.1 | % | 21.7 | % | ||||||
APCo | (22.0 | )% | 18.2 | % | (52.1 | )% | 17.0 | % | (29.5 | )% | 17.8 | % | ||||||
I&M | (2.8 | )% | 16.2 | % | (0.2 | )% | 0.7 | % | (1.8 | )% | 7.6 | % | ||||||
OPCo | 13.4 | % | 20.5 | % | 16.4 | % | 21.6 | % | 14.3 | % | 21.0 | % | ||||||
PSO | 0.6 | % | 16.3 | % | 0.7 | % | 14.9 | % | 0.6 | % | 14.5 | % | ||||||
SWEPCo | 2.4 | % | 18.4 | % | — | % | 12.4 | % | 2.0 | % | 14.0 | % |
Three Months Ended March 31, 2019 | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2019 | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease Cost | $ | 64.6 | $ | 3.8 | $ | 0.6 | $ | 4.6 | $ | 23.0 | $ | 3.6 | $ | 1.5 | $ | 1.8 | $ | 71.3 | $ | 4.4 | $ | 0.5 | $ | 5.0 | $ | 23.3 | $ | 5.3 | $ | 2.0 | $ | 2.1 | ||||||||||||||||||||||||||||||||
Finance Lease Cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Right-of-Use Assets | 14.2 | 1.1 | — | 1.5 | 1.3 | 0.7 | 0.7 | 2.7 | 14.3 | 1.2 | — | 1.5 | 1.3 | 0.8 | 0.7 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest on Lease Liabilities | 4.1 | 0.3 | — | 0.7 | 0.8 | 0.2 | 0.1 | 0.8 | 4.0 | 0.4 | — | 0.7 | 0.7 | 0.1 | 0.2 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Lease Rental Costs (a) | $ | 82.9 | $ | 5.2 | $ | 0.6 | $ | 6.8 | $ | 25.1 | $ | 4.5 | $ | 2.3 | $ | 5.3 | $ | 89.6 | $ | 6.0 | $ | 0.5 | $ | 7.2 | $ | 25.3 | $ | 6.2 | $ | 2.9 | $ | 5.5 |
Six Months Ended June 30, 2019 | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Operating Lease Cost | $ | 135.9 | $ | 8.2 | $ | 1.1 | $ | 9.6 | $ | 46.3 | $ | 8.9 | $ | 3.5 | $ | 3.9 | ||||||||||||||||
Finance Lease Cost: | ||||||||||||||||||||||||||||||||
Amortization of Right-of-Use Assets | 28.5 | 2.3 | — | 3.0 | 2.6 | 1.5 | 1.4 | 5.4 | ||||||||||||||||||||||||
Interest on Lease Liabilities | 8.1 | 0.7 | — | 1.4 | 1.5 | 0.3 | 0.3 | 1.5 | ||||||||||||||||||||||||
Total Lease Rental Costs (a) | $ | 172.5 | $ | 11.2 | $ | 1.1 | $ | 14.0 | $ | 50.4 | $ | 10.7 | $ | 5.2 | $ | 10.8 |
(a) | Excludes variable and short-term lease costs, which were immaterial for the three and six months ended |
Lease Term and Discount Rate | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||
Weighted-Average Remaining Lease Term (years): | ||||||||||||||||||||||||
Operating Leases | 5.43 | 7.30 | 2.71 | 6.34 | 4.32 | 8.21 | 7.11 | 6.67 | ||||||||||||||||
Finance Leases | 5.94 | 7.07 | 1.08 | 6.44 | 6.91 | 6.16 | 6.06 | 5.60 | ||||||||||||||||
Weighted-Average Discount Rate: | ||||||||||||||||||||||||
Operating Leases | 3.61 | % | 3.82 | % | 3.14 | % | 3.66 | % | 3.45 | % | 3.86 | % | 3.67 | % | 3.89 | % | ||||||||
Finance Leases | 6.19 | % | 4.79 | % | 9.33 | % | 8.61 | % | 9.03 | % | 4.81 | % | 4.78 | % | 5.04 | % |
June 30, 2019 | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||
Weighted-Average Remaining Lease Term (years): | ||||||||||||||||||||||||
Operating Leases | 5.45 | 7.19 | 2.53 | 6.34 | 4.25 | 8.19 | 7.12 | 6.67 | ||||||||||||||||
Finance Leases | 5.88 | 7.00 | 0.83 | 6.26 | 6.79 | 6.42 | 6.02 | 5.44 | ||||||||||||||||
Weighted-Average Discount Rate: | ||||||||||||||||||||||||
Operating Leases | 3.63 | % | 3.82 | % | 3.15 | % | 3.68 | % | 3.46 | % | 3.83 | % | 3.71 | % | 3.87 | % | ||||||||
Finance Leases | 6.16 | % | 4.79 | % | 9.33 | % | 8.55 | % | 8.97 | % | 4.80 | % | 4.77 | % | 5.01 | % |
AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||||||||
Operating Cash Flows from Operating Leases | $ | 28.9 | $ | 3.8 | $ | 0.7 | $ | 4.2 | $ | 5.0 | $ | 3.6 | $ | 1.5 | $ | 1.4 | ||||||||||||||||
Operating Cash Flows from Finance Leases | 3.8 | 0.3 | — | 0.7 | 0.7 | 0.2 | 0.1 | 0.7 | ||||||||||||||||||||||||
Financing Cash Flows from Finance Leases | 14.3 | 1.2 | — | 1.6 | 1.2 | 0.7 | 0.7 | 2.7 | ||||||||||||||||||||||||
Non-cash Acquisitions Under Operating Leases | $ | 38.5 | $ | 4.6 | $ | — | $ | 3.5 | $ | 2.6 | $ | 15.8 | $ | 2.3 | $ | 2.6 |
Six Months Ended June 30, 2019 | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||||||||
Operating Cash Flows from Operating Leases | $ | 132.3 | $ | 7.5 | $ | 1.1 | $ | 9.5 | $ | 47.0 | $ | 8.5 | $ | 3.2 | $ | 3.7 | ||||||||||||||||
Operating Cash Flows from Finance Leases | 8.1 | 0.7 | — | 1.4 | 1.5 | 0.3 | 0.3 | 1.5 | ||||||||||||||||||||||||
Financing Cash Flows from Finance Leases | 29.6 | 2.5 | — | 3.1 | 2.7 | 1.8 | 1.5 | 5.5 | ||||||||||||||||||||||||
Non-cash Acquisitions Under Operating Leases | $ | 84.2 | $ | 10.7 | $ | — | $ | 7.0 | $ | 11.3 | $ | 30.0 | $ | 6.2 | $ | 7.5 |
March 31, 2019 | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Under Finance Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generation | $ | 166.3 | $ | — | $ | — | $ | 38.6 | $ | 27.0 | $ | — | $ | 2.6 | $ | 69.4 | $ | 131.2 | $ | — | $ | — | $ | 38.6 | $ | 27.0 | $ | — | $ | 2.6 | $ | 34.3 | ||||||||||||||||||||||||||||||||
Other Property, Plant and Equipment | 277.3 | 39.9 | 0.2 | 17.4 | 33.4 | 21.3 | 18.3 | 11.7 | 325.5 | 40.9 | 0.2 | 20.4 | 35.4 | 23.0 | 19.1 | 48.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Property, Plant and Equipment | 443.6 | 39.9 | 0.2 | 56.0 | 60.4 | 21.3 | 20.9 | 81.1 | 456.7 | 40.9 | 0.2 | 59.0 | 62.4 | 23.0 | 21.7 | 82.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Amortization | 149.4 | 10.1 | 0.1 | 15.7 | 21.2 | 6.7 | 8.1 | 22.1 | 154.3 | 10.6 | 0.1 | 16.7 | 22.0 | 6.5 | 8.6 | 22.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Property, Plant and Equipment Under Finance Leases | $ | 294.2 | $ | 29.8 | $ | 0.1 | $ | 40.3 | $ | 39.2 | $ | 14.6 | $ | 12.8 | $ | 59.0 | $ | 302.4 | $ | 30.3 | $ | 0.1 | $ | 42.3 | $ | 40.4 | $ | 16.5 | $ | 13.1 | $ | 59.8 | ||||||||||||||||||||||||||||||||
Obligations Under Finance Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent Liability | $ | 237.4 | $ | 24.9 | $ | — | $ | 34.0 | $ | 33.7 | $ | 11.4 | $ | 9.8 | $ | 49.3 | $ | 247.1 | $ | 25.3 | $ | — | $ | 35.7 | $ | 34.9 | $ | 13.2 | $ | 10.0 | $ | 49.7 | ||||||||||||||||||||||||||||||||
Liability Due Within One Year | 61.5 | 4.9 | 0.1 | 6.3 | 5.5 | 3.2 | 3.0 | 10.6 | 59.6 | 5.0 | 0.1 | 6.6 | 5.5 | 3.3 | 3.1 | 10.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Obligations Under Finance Leases | $ | 298.9 | $ | 29.8 | $ | 0.1 | $ | 40.3 | $ | 39.2 | $ | 14.6 | $ | 12.8 | $ | 59.9 | $ | 306.7 | $ | 30.3 | $ | 0.1 | $ | 42.3 | $ | 40.4 | $ | 16.5 | $ | 13.1 | $ | 60.6 |
March 31, 2019 | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease Assets | $ | 1,045.4 | $ | 82.4 | $ | 5.8 | $ | 79.1 | $ | 326.3 | $ | 86.6 | $ | 34.8 | $ | 38.0 | $ | 1,016.5 | $ | 80.9 | $ | 5.4 | $ | 78.3 | $ | 312.6 | $ | 88.2 | $ | 35.1 | $ | 37.3 | ||||||||||||||||||||||||||||||||
Obligations Under Operating Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent Liability | $ | 860.2 | $ | 70.2 | $ | 3.2 | $ | 64.8 | $ | 266.0 | $ | 74.0 | $ | 29.1 | $ | 32.3 | $ | 797.2 | $ | 69.9 | $ | 2.8 | $ | 63.8 | $ | 234.7 | $ | 75.4 | $ | 29.3 | $ | 31.5 | ||||||||||||||||||||||||||||||||
Liability Due Within One Year | 228.2 | 12.2 | 2.6 | 15.0 | 81.8 | 13.0 | 5.7 | 6.1 | 229.2 | 11.6 | 2.6 | 14.9 | 82.2 | 13.2 | 5.9 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Obligations Under Operating Leases | $ | 1,088.4 | $ | 82.4 | $ | 5.8 | $ | 79.8 | $ | 347.8 | $ | 87.0 | $ | 34.8 | $ | 38.4 | $ | 1,026.4 | $ | 81.5 | $ | 5.4 | $ | 78.7 | $ | 316.9 | $ | 88.6 | $ | 35.2 | $ | 37.5 |
Finance Leases | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year 1 | $ | 74.1 | $ | 6.2 | $ | 0.1 | $ | 9.2 | $ | 8.4 | $ | 3.8 | $ | 3.6 | $ | 13.2 | $ | 75.1 | $ | 6.3 | $ | 0.1 | $ | 9.5 | $ | 8.5 | $ | 4.0 | $ | 3.6 | $ | 13.1 | ||||||||||||||||||||||||||||||||
Year 2 | 63.6 | 5.8 | — | 8.4 | 7.5 | 3.3 | 2.9 | 11.3 | 65.0 | 5.9 | — | 8.7 | 7.8 | 3.6 | 2.9 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Year 3 | 54.9 | 5.1 | — | 7.6 | 6.9 | 2.7 | 2.1 | 10.5 | 56.2 | 5.2 | — | 7.9 | 7.1 | 3.0 | 2.2 | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Year 4 | 46.2 | 4.5 | — | 7.1 | 6.3 | 2.0 | 1.7 | 9.3 | 47.4 | 4.7 | — | 7.4 | 6.6 | 2.3 | 1.8 | 9.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Year 5 | 38.8 | 3.9 | — | 6.6 | 5.9 | 1.5 | 1.4 | 9.3 | 44.2 | 4.0 | — | 6.9 | 6.3 | 1.9 | 1.5 | 12.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Later Years | 87.4 | 10.2 | — | 12.3 | 20.9 | 4.0 | 3.3 | 15.7 | 84.0 | 10.2 | — | 13.0 | 21.6 | 4.8 | 3.4 | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Future Minimum Lease Payments | 365.0 | 35.7 | 0.1 | 51.2 | 55.9 | 17.3 | 15.0 | 69.3 | 371.9 | 36.3 | 0.1 | 53.4 | 57.9 | 19.6 | 15.4 | 67.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less Imputed Interest | 66.1 | 5.9 | — | 10.9 | 16.7 | 2.7 | 2.2 | 9.4 | 65.2 | 6.0 | — | 11.1 | 17.5 | 3.1 | 2.3 | 7.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Present Value of Future Minimum Lease Payments | $ | 298.9 | $ | 29.8 | $ | 0.1 | $ | 40.3 | $ | 39.2 | $ | 14.6 | $ | 12.8 | $ | 59.9 | $ | 306.7 | $ | 30.3 | $ | 0.1 | $ | 42.3 | $ | 40.4 | $ | 16.5 | $ | 13.1 | $ | 60.6 |
Noncancelable Operating Leases | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year 1 | $ | 263.3 | $ | 15.2 | $ | 2.7 | $ | 18.0 | $ | 92.5 | $ | 16.0 | $ | 6.8 | $ | 7.6 | $ | 265.4 | $ | 15.3 | $ | 2.8 | $ | 18.0 | $ | 92.5 | $ | 16.4 | $ | 7.0 | $ | 8.0 | ||||||||||||||||||||||||||||||||
Year 2 | 253.3 | 14.4 | 2.0 | 16.5 | 89.5 | 14.4 | 6.4 | 7.4 | 253.1 | 14.7 | 1.7 | 16.1 | 89.4 | 14.3 | 6.4 | 7.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Year 3 | 235.9 | 13.5 | 0.9 | 14.0 | 84.9 | 12.4 | 5.4 | 6.9 | 237.7 | 13.6 | 0.7 | 14.3 | 86.0 | 12.9 | 5.6 | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Year 4 | 226.8 | 12.5 | 0.6 | 12.8 | 85.2 | 11.6 | 5.1 | 6.4 | 154.4 | 12.6 | 0.5 | 12.6 | 48.3 | 12.1 | 5.2 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Year 5 | 61.5 | 11.1 | — | 9.7 | 7.0 | 10.2 | 4.6 | 5.2 | 63.0 | 11.1 | — | 9.6 | 7.7 | 10.5 | 4.6 | 5.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Later Years | 180.7 | 29.4 | — | 20.5 | 20.4 | 38.6 | 12.1 | 11.1 | 182.6 | 28.4 | — | 19.8 | 21.9 | 38.9 | 12.0 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Future Minimum Lease Payments | 1,221.5 | 96.1 | 6.2 | 91.5 | 379.5 | 103.2 | 40.4 | 44.6 | 1,156.2 | 95.7 | 5.7 | 90.4 | 345.8 | 105.1 | 40.8 | 46.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less Imputed Interest | 133.1 | 13.7 | 0.4 | 11.7 | 31.7 | 16.2 | 5.6 | 6.2 | 129.8 | 14.2 | 0.3 | 11.7 | 28.9 | 16.5 | 5.6 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Present Value of Future Minimum Lease Payments | $ | 1,088.4 | $ | 82.4 | $ | 5.8 | $ | 79.8 | $ | 347.8 | $ | 87.0 | $ | 34.8 | $ | 38.4 | $ | 1,026.4 | $ | 81.5 | $ | 5.4 | $ | 78.7 | $ | 316.9 | $ | 88.6 | $ | 35.2 | $ | 37.5 |
Finance Leases | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
2019 | $ | 70.8 | $ | 5.8 | $ | 0.1 | $ | 9.0 | $ | 8.2 | $ | 3.3 | $ | 3.4 | $ | 13.1 | ||||||||||||||||
2020 | 60.2 | 5.3 | — | 8.0 | 7.2 | 2.7 | 2.6 | 11.5 | ||||||||||||||||||||||||
2021 | 51.7 | 4.7 | — | 7.3 | 6.6 | 2.3 | 2.0 | 10.5 | ||||||||||||||||||||||||
2022 | 43.8 | 4.2 | — | 6.8 | 6.1 | 1.7 | 1.6 | 9.4 | ||||||||||||||||||||||||
2023 | 35.5 | 3.7 | — | 6.3 | 5.7 | 1.2 | 1.4 | 8.6 | ||||||||||||||||||||||||
Later Years | 90.2 | 10.1 | — | 13.3 | 21.7 | 2.8 | 3.3 | 18.7 | ||||||||||||||||||||||||
Total Future Minimum Lease Payments | 352.2 | 33.8 | 0.1 | 50.7 | 55.5 | 14.0 | 14.3 | 71.8 | ||||||||||||||||||||||||
Less Imputed Interest | 63.2 | 5.3 | — | 10.9 | 16.8 | 1.9 | 2.0 | 11.0 | ||||||||||||||||||||||||
Estimated Present Value of Future Minimum Lease Payments | $ | 289.0 | $ | 28.5 | $ | 0.1 | $ | 39.8 | $ | 38.7 | $ | 12.1 | $ | 12.3 | $ | 60.8 |
Noncancelable Operating Leases | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | $ | 259.6 | $ | 15.1 | $ | 2.3 | $ | 17.6 | $ | 92.6 | $ | 14.5 | $ | 6.5 | $ | 7.4 | $ | 259.6 | $ | 15.1 | $ | 2.3 | $ | 17.6 | $ | 92.6 | $ | 14.5 | $ | 6.5 | $ | 7.4 | ||||||||||||||||||||||||||||||||
2020 | 250.1 | 14.1 | 1.8 | 16.5 | 89.3 | 13.2 | 6.0 | 7.2 | 250.1 | 14.1 | 1.8 | 16.5 | 89.3 | 13.2 | 6.0 | 7.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 232.7 | 13.2 | 1.0 | 13.9 | 84.8 | 10.9 | 5.0 | 6.7 | 232.7 | 13.2 | 1.0 | 13.9 | 84.8 | 10.9 | 5.0 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 222.5 | 12.2 | 0.5 | 12.8 | 83.8 | 10.0 | 4.6 | 6.1 | 222.5 | 12.2 | 0.5 | 12.8 | 83.8 | 10.0 | 4.6 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 58.3 | 10.8 | 0.1 | 9.9 | 6.5 | 8.8 | 4.1 | 5.0 | 58.3 | 10.8 | 0.1 | 9.9 | 6.5 | 8.8 | 4.1 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Later Years | 165.2 | 28.4 | — | 20.5 | 19.5 | 31.7 | 10.7 | 11.7 | 165.2 | 28.4 | — | 20.5 | 19.5 | 31.7 | 10.7 | 11.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Future Minimum Lease Payments | $ | 1,188.4 | $ | 93.8 | $ | 5.7 | $ | 91.2 | $ | 376.5 | $ | 89.1 | $ | 36.9 | $ | 44.1 | $ | 1,188.4 | $ | 93.8 | $ | 5.7 | $ | 91.2 | $ | 376.5 | $ | 89.1 | $ | 36.9 | $ | 44.1 |
Company | Maximum Potential Loss | Maximum Potential Loss | ||||||
(in millions) | (in millions) | |||||||
AEP | $ | 48.8 | $ | 46.1 | ||||
AEP Texas | 10.9 | 10.9 | ||||||
APCo | 8.9 | 6.1 | ||||||
I&M | 3.9 | 4.0 | ||||||
OPCo | 8.4 | 7.7 | ||||||
PSO | 4.0 | 4.1 | ||||||
SWEPCo | 4.4 | 4.4 |
Future Minimum Lease Payments | AEP (a) | I&M | AEP (a) | I&M | ||||||||||||
(in millions) | (in millions) | |||||||||||||||
2019 | $ | 147.8 | $ | 73.9 | $ | 74.2 | $ | 37.1 | ||||||||
2020 | 147.8 | 73.9 | 147.8 | 73.9 | ||||||||||||
2021 | 147.8 | 73.9 | 147.8 | 73.9 | ||||||||||||
2022 | 147.2 | 73.6 | 147.2 | 73.6 | ||||||||||||
Total Future Minimum Lease Payments | $ | 590.6 | $ | 295.3 | $ | 517.0 | $ | 258.5 |
(a) | AEP’s future minimum lease payments include equal shares from AEGCo and I&M. |
Type of Debt | June 30, 2019 | December 31, 2018 | ||||||
(in millions) | ||||||||
Senior Unsecured Notes | $ | 20,468.9 | $ | 18,903.3 | ||||
Pollution Control Bonds | 1,518.1 | 1,643.8 | ||||||
Notes Payable | 216.9 | 204.7 | ||||||
Securitization Bonds | 945.2 | 1,111.4 | ||||||
Spent Nuclear Fuel Obligation (a) | 277.0 | 273.6 | ||||||
Junior Subordinated Notes (b) | 786.1 | — | ||||||
Other Long-term Debt | 1,219.6 | 1,209.9 | ||||||
Total Long-term Debt Outstanding | 25,431.8 | 23,346.7 | ||||||
Long-term Debt Due Within One Year | 1,257.4 | 1,698.5 | ||||||
Long-term Debt | $ | 24,174.4 | $ | 21,648.2 |
Type of Debt | March 31, 2019 | December 31, 2018 | ||||||
(in millions) | ||||||||
Senior Unsecured Notes | $ | 19,411.6 | $ | 18,903.3 | ||||
Pollution Control Bonds | 1,590.0 | 1,643.8 | ||||||
Notes Payable | 177.0 | 204.7 | ||||||
Securitization Bonds | 973.0 | 1,111.4 | ||||||
Spent Nuclear Fuel Obligation (a) | 275.3 | 273.6 | ||||||
Junior Subordinated Notes (b) | 785.0 | — | ||||||
Other Long-term Debt | 1,214.8 | 1,209.9 | ||||||
Total Long-term Debt Outstanding | 24,426.7 | 23,346.7 | ||||||
Long-term Debt Due Within One Year | 1,528.5 | 1,698.5 | ||||||
Long-term Debt | $ | 22,898.2 | $ | 21,648.2 |
(a) | Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for SNF disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were |
(b) | See “Equity Units” section below for additional information. |
Principal | Interest | |||||||||||||||||||
Company | Type of Debt | Principal Amount (a) | Interest Rate | Due Date | Type of Debt | Amount (a) | Rate | Due Date | ||||||||||||
Issuances: | (in millions) | (%) | (in millions) | (%) | ||||||||||||||||
AEP | Junior Subordinated Notes (b) | $ | 805.0 | 3.40 | 2024 | Junior Subordinated Notes (b) | $ | 805.0 | 3.40 | 2024 | ||||||||||
AEP Texas | Senior Unsecured Notes | 300.0 | 4.15 | 2049 | ||||||||||||||||
AEPTCo | Senior Unsecured Notes | 350.0 | 3.80 | 2049 | ||||||||||||||||
APCo | Senior Unsecured Notes | 400.0 | 4.50 | 2049 | Pollution Control Bonds | 86.0 | 2.55 | 2024 | ||||||||||||
APCo | Senior Unsecured Notes | 400.0 | 4.50 | 2049 | ||||||||||||||||
I&M | Notes Payable | 62.8 | Variable | 2023 | ||||||||||||||||
OPCo | Senior Unsecured Notes | 450.0 | 4.00 | 2049 | ||||||||||||||||
PSO | Senior Unsecured Notes | 100.0 | 3.91 | 2029 | ||||||||||||||||
PSO | Senior Unsecured Notes | 150.0 | 4.11 | 2034 | ||||||||||||||||
PSO | Senior Unsecured Notes | 100.0 | 3.91 | 2029 | Senior Unsecured Notes | 100.0 | 4.50 | 2049 | ||||||||||||
Non-Registrant: | ||||||||||||||||||||
Transource Energy | Other Long-term Debt | 6.3 | Variable | 2020 | Other Long-term Debt | 12.6 | Variable | 2020 | ||||||||||||
Total Issuances | $ | 1,311.3 | $ | 2,816.4 |
(a) | Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts. |
(b) | See “Equity Units” section below for additional information. |
Principal | Interest | |||||||||||||||||||
Company | Type of Debt | Principal Amount Paid | Interest Rate | Due Date | Type of Debt | Amount Paid | Rate | Due Date | ||||||||||||
Retirements and Principal Payments: | (in millions) | (%) | (in millions) | (%) | ||||||||||||||||
AEP Texas | Securitization Bonds | $ | 103.5 | 5.31 | 2020 | Senior Unsecured Notes | $ | 50.0 | 2.61 | 2019 | ||||||||||
AEP Texas | Securitization Bonds | 103.5 | 5.31 | 2020 | ||||||||||||||||
AEP Texas | Securitization Bonds | 28.3 | 1.98 | 2020 | ||||||||||||||||
APCo | Pollution Control Bonds | 86.0 | 1.90 | 2019 | ||||||||||||||||
APCo | Pollution Control Bonds | 70.0 | 3.25 | 2019 | ||||||||||||||||
APCo | Securitization Bonds | 12.0 | 2.01 | 2023 | Securitization Bonds | 12.0 | 2.01 | 2023 | ||||||||||||
I&M | Notes Payable | 1.4 | Variable | 2019 | Notes Payable | 2.7 | Variable | 2019 | ||||||||||||
I&M | Notes Payable | 1.4 | Variable | 2019 | Notes Payable | 2.9 | Variable | 2019 | ||||||||||||
I&M | Notes Payable | 7.1 | Variable | 2020 | Notes Payable | 13.1 | Variable | 2020 | ||||||||||||
I&M | Notes Payable | 5.9 | Variable | 2021 | Notes Payable | 11.9 | Variable | 2021 | ||||||||||||
I&M | Notes Payable | 5.0 | Variable | 2022 | Notes Payable | 6.2 | Variable | 2022 | ||||||||||||
I&M | Notes Payable | 5.3 | Variable | 2022 | Notes Payable | 10.6 | Variable | 2022 | ||||||||||||
I&M | Other Long-term Debt | 0.4 | 6.00 | 2025 | Notes Payable | 0.1 | Variable | 2023 | ||||||||||||
I&M | Other Long-term Debt | 0.8 | 6.00 | 2025 | ||||||||||||||||
OPCo | Securitization Bonds | 23.4 | 2.05 | 2019 | Securitization Bonds | 23.3 | 2.05 | 2019 | ||||||||||||
OPCo | Other Long-term Debt | 0.1 | 1.15 | 2028 | ||||||||||||||||
PSO | Senior Unsecured Notes | 250.0 | 5.15 | 2019 | ||||||||||||||||
PSO | Other Long-term Debt | 0.1 | 3.00 | 2027 | Other Long-term Debt | 0.2 | 3.00 | 2027 | ||||||||||||
SWEPCo | Pollution Control Bonds | 53.5 | 1.60 | 2019 | Pollution Control Bonds | 53.5 | 1.60 | 2019 | ||||||||||||
SWEPCo | Notes Payable | 1.6 | 4.58 | 2032 | Other Long-term Debt | 1.5 | 4.68 | 2028 | ||||||||||||
SWEPCo | Notes Payable | 1.6 | 4.58 | 2032 | ||||||||||||||||
Total Retirements and Principal Payments | $ | 220.6 | $ | 728.3 |
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 | 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, 2019 | Authorized Short-term Borrowing Limit | Money Pool | Money Pool | Money Pool | Money Pool | June 30, 2019 | Limit | ||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
AEP Texas | $ | 379.9 | $ | — | $ | 301.9 | $ | — | $ | (271.2 | ) | $ | 500.0 | $ | 390.7 | $ | — | $ | 262.7 | $ | — | $ | (239.0 | ) | $ | 500.0 | ||||||||||||||||||||||||
AEPTCo | 279.0 | 80.0 | 165.3 | 32.2 | (191.1 | ) | 795.0 | (a) | 374.9 | 80.0 | 215.7 | 29.2 | 14.7 | 795.0 | (a) | |||||||||||||||||||||||||||||||||||
APCo | 225.4 | 232.2 | 189.3 | 75.9 | 216.6 | 600.0 | 225.4 | 232.2 | 146.3 | 82.2 | (3.4 | ) | 600.0 | |||||||||||||||||||||||||||||||||||||
I&M | 46.3 | 66.0 | 19.0 | 23.2 | (21.9 | ) | 500.0 | 98.2 | 66.0 | 32.0 | 19.3 | (81.7 | ) | 500.0 | ||||||||||||||||||||||||||||||||||||
OPCo | 238.1 | — | 156.9 | — | (227.6 | ) | 500.0 | 291.2 | 178.6 | 194.4 | 98.8 | 63.9 | 500.0 | |||||||||||||||||||||||||||||||||||||
PSO | 140.5 | — | 89.1 | — | (55.2 | ) | 300.0 | 140.5 | 215.6 | 67.3 | 206.2 | (22.6 | ) | 300.0 | ||||||||||||||||||||||||||||||||||||
SWEPCo | 100.6 | 81.4 | 41.9 | 24.0 | (74.0 | ) | 350.0 | 105.1 | 81.4 | 67.0 | 24.0 | (55.3 | ) | 350.0 |
(a) | Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions. |
Maximum Loans | Average Loans | Loans to the Nonutility | Maximum Loans | Average Loans | Loans to the Nonutility | |||||||||||||||||||
to the Nonutility | to the Nonutility | Money Pool as of | to the Nonutility | to the Nonutility | Money Pool as of | |||||||||||||||||||
Company | Money Pool | Money Pool | March 31, 2019 | Money Pool | Money Pool | June 30, 2019 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
AEP Texas | $ | 8.0 | $ | 7.7 | $ | 7.7 | $ | 8.0 | $ | 7.7 | $ | 7.7 | ||||||||||||
SWEPCo | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
Authorized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum | Maximum | Maximum | Average | Average | Borrowings from | Loans to | Short-term | Maximum | Maximum | Average | Average | Borrowings from | Loans to | Authorized | ||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | Loans | Borrowings | Loans | AEP as of | AEP as of | Borrowing | Borrowings | Loans | Borrowings | Loans | AEP as of | AEP as of | Short-term | ||||||||||||||||||||||||||||||||||||||||
from AEP | from AEP | to AEP | from AEP | to AEP | March 31, 2019 | March 31, 2019 | Limit | from AEP | to AEP | from AEP | to AEP | June 30, 2019 | June 30, 2019 | Borrowing Limit | (in millions) | |||||||||||||||||||||||||||||||||||||||
$ | 1.3 | $ | 117.6 | $ | 1.2 | $ | 61.8 | $ | 1.2 | $ | 42.7 | $ | 75.0 | (a) | 1.3 | $ | 117.6 | $ | 1.3 | $ | 63.3 | $ | 1.3 | $ | 17.3 | $ | 75.0 | (a) |
(a) | Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions. |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Maximum Interest Rate | 3.02 | % | 2.42 | % | 3.02 | % | 2.52 | % | ||||
Minimum Interest Rate | 2.73 | % | 1.83 | % | 2.68 | % | 1.83 | % |
Average Interest Rate for Funds | Average Interest Rate for Funds | Average Interest Rate for Funds | Average Interest Rate for Funds | |||||||||||||||||||||
Borrowed from the Utility Money Pool | Loaned to the Utility Money Pool | Borrowed from the Utility Money Pool | Loaned to the Utility Money Pool | |||||||||||||||||||||
for Three Months Ended March 31, | for Three Months Ended March 31, | for Six Months Ended June 30, | for Six Months Ended June 30, | |||||||||||||||||||||
Company | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
AEP Texas | 2.86 | % | 2.07 | % | — | % | 1.90 | % | 2.81 | % | 2.28 | % | — | % | 2.28 | % | ||||||||
AEPTCo | 2.83 | % | 2.06 | % | 2.90 | % | 1.92 | % | 2.78 | % | 2.30 | % | 2.83 | % | 2.06 | % | ||||||||
APCo | 2.92 | % | 2.00 | % | 2.79 | % | 2.00 | % | 2.91 | % | 2.23 | % | 2.77 | % | 2.23 | % | ||||||||
I&M | 2.80 | % | 2.02 | % | 2.87 | % | 2.00 | % | 2.74 | % | 2.16 | % | 2.82 | % | 2.37 | % | ||||||||
OPCo | 2.85 | % | 2.00 | % | — | % | 2.40 | % | 2.81 | % | 2.24 | % | 2.73 | % | 2.47 | % | ||||||||
PSO | 2.89 | % | 2.01 | % | — | % | — | % | 2.85 | % | 2.24 | % | 2.74 | % | — | % | ||||||||
SWEPCo | 2.81 | % | 2.10 | % | 2.97 | % | 1.88 | % | 2.77 | % | 2.34 | % | 2.97 | % | 1.88 | % |
Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||||
Maximum | Minimum | Average | Maximum | Minimum | Average | Maximum | Minimum | Average | Maximum | Minimum | Average | |||||||||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | |||||||||||||||||||||||||
for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | |||||||||||||||||||||||||
Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | |||||||||||||||||||||||||
the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | 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 | Money Pool | Money Pool | Money Pool | Money Pool | Money Pool | |||||||||||||||||||||||||
AEP Texas | 3.02 | % | 2.73 | % | 2.87 | % | 2.42 | % | 1.83 | % | 2.00 | % | 3.02 | % | 2.68 | % | 2.81 | % | 2.52 | % | 1.83 | % | 2.23 | % | ||||||||||||
SWEPCo | 3.02 | % | 2.73 | % | 2.87 | % | 2.42 | % | 1.83 | % | 2.00 | % | 3.02 | % | 2.68 | % | 2.81 | % | 2.52 | % | 1.83 | % | 2.23 | % |
Maximum | Minimum | Maximum | Minimum | Average | Average | Maximum | Minimum | Maximum | Minimum | Average | Average | |||||||||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | Interest Rate | 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 | ||||||||||||||||||||||||||||||
Six Months | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | ||||||||||||||||||||||||||||||
Ended | Borrowed | Borrowed | Loaned | Loaned | Borrowed | Loaned | Borrowed | Borrowed | Loaned | Loaned | Borrowed | Loaned | ||||||||||||||||||||||||
March 31, | from AEP | from AEP | to AEP | to AEP | from AEP | to AEP | ||||||||||||||||||||||||||||||
June 30, | from AEP | from AEP | to AEP | to AEP | from AEP | to AEP | ||||||||||||||||||||||||||||||
2019 | 3.02 | % | 2.73 | % | 3.02 | % | 2.73 | % | 2.87 | % | 2.86 | % | 3.02 | % | 2.68 | % | 3.02 | % | 2.68 | % | 2.81 | % | 2.80 | % | ||||||||||||
2018 | 2.42 | % | 1.83 | % | 2.42 | % | 1.83 | % | 2.00 | % | 2.02 | % | 2.52 | % | 1.83 | % | 2.52 | % | 1.83 | % | 2.23 | % | 2.23 | % |
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||
March 31, 2019 | December 31, 2018 | Outstanding | Interest | Outstanding | Interest | |||||||||||||||||||||||
Type of Debt | Outstanding Amount | Interest Rate (a) | Outstanding Amount | Interest Rate (a) | Amount | Rate (a) | Amount | Rate (a) | ||||||||||||||||||||
(dollars in millions) | (dollars in millions) | |||||||||||||||||||||||||||
Securitized Debt for Receivables (b) | $ | 750.0 | 2.71 | % | $ | 750.0 | 2.16 | % | $ | 692.0 | 2.66 | % | $ | 750.0 | 2.16 | % | ||||||||||||
Commercial Paper | 1,108.0 | 2.75 | % | 1,160.0 | 2.96 | % | 1,585.0 | 2.67 | % | 1,160.0 | 2.96 | % | ||||||||||||||||
Total Short-term Debt | $ | 1,858.0 | $ | 1,910.0 | $ | 2,277.0 | $ | 1,910.0 |
(a) | Weighted-average rate. |
(b) | Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(dollars in millions) | (dollars in millions) | ||||||||||||||||||||||
Effective Interest Rates on Securitization of Accounts Receivable | 2.71 | % | 1.74 | % | 2.60 | % | 2.16 | % | 2.66 | % | 1.95 | % | |||||||||||
Net Uncollectible Accounts Receivable Written-Off | $ | 6.4 | $ | 4.2 | $ | 4.6 | $ | 5.3 | $ | 11.0 | $ | 9.4 |
March 31, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts | $ | 941.4 | $ | 972.5 | $ | 907.8 | $ | 972.5 | ||||||||
Short-term – Securitized Debt of Receivables | 750.0 | 750.0 | 692.0 | 750.0 | ||||||||||||
Delinquent Securitized Accounts Receivable | 52.7 | 50.3 | 49.9 | 50.3 | ||||||||||||
Bad Debt Reserves Related to Securitization | 29.1 | 27.5 | 32.5 | 27.5 | ||||||||||||
Unbilled Receivables Related to Securitization | 230.3 | 281.4 | 298.5 | 281.4 |
Company | March 31, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | ||||||||||||
(in millions) | (in millions) | |||||||||||||||
APCo | $ | 132.4 | $ | 133.3 | $ | 114.2 | $ | 133.3 | ||||||||
I&M | 165.4 | 152.9 | 153.6 | 152.9 | ||||||||||||
OPCo | 383.8 | 395.2 | 342.9 | 395.2 | ||||||||||||
PSO | 103.2 | 109.7 | 127.7 | 109.7 | ||||||||||||
SWEPCo | 129.1 | 150.3 | 153.7 | 150.3 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Company | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
APCo | $ | 2.2 | $ | 1.7 | $ | 2.4 | $ | 1.6 | $ | 4.6 | $ | 3.3 | ||||||||||||
I&M | 2.8 | 2.1 | 3.2 | 2.2 | 6.0 | 4.3 | ||||||||||||||||||
OPCo | 7.8 | 5.6 | 7.9 | 6.0 | 15.7 | 11.6 | ||||||||||||||||||
PSO | 2.1 | 1.8 | 2.1 | 1.9 | 4.2 | 3.7 | ||||||||||||||||||
SWEPCo | 2.6 | 1.9 | 3.4 | 2.1 | 6.0 | 4.0 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Company | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
APCo | $ | 374.4 | $ | 400.2 | $ | 300.8 | $ | 344.9 | $ | 675.2 | $ | 745.1 | ||||||||||||
I&M | 478.6 | 459.1 | 415.0 | 444.2 | 893.6 | 903.3 | ||||||||||||||||||
OPCo | 636.8 | 680.0 | 506.7 | 671.7 | 1,143.5 | 1,351.7 | ||||||||||||||||||
PSO | 324.5 | 332.6 | 342.6 | 383.7 | 667.1 | 716.4 | ||||||||||||||||||
SWEPCo | 371.9 | 397.6 | 394.5 | 454.5 | 766.4 | 852.0 |
American Electric Power Company, Inc. | |||
Variable Interest Entities | |||
June 30, 2019 | |||
Apple Blossom and Black Oak | |||
(in millions) | |||
ASSETS | |||
Current Assets | $ | 8.6 | |
Net Property, Plant and Equipment | 235.4 | ||
Other Noncurrent Assets | 14.0 | ||
Total Assets | $ | 258.0 | |
LIABILITIES AND EQUITY | |||
Current Liabilities | $ | 6.8 | |
Noncurrent Liabilities | 4.6 | ||
Equity | 246.6 | ||
Total Liabilities and Equity | $ | 258.0 |
Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||
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 | $ | 982.4 | $ | 586.1 | $ | — | $ | — | $ | — | $ | — | $ | 1,568.5 | ||||||||||||||
Commercial Revenues | 511.2 | 310.9 | — | — | — | — | 822.1 | |||||||||||||||||||||
Industrial Revenues | 532.1 | 123.9 | — | — | — | 1.8 | 657.8 | |||||||||||||||||||||
Other Retail Revenues | 43.3 | 11.1 | — | — | — | — | 54.4 | |||||||||||||||||||||
Total Retail Revenues | 2,069.0 | 1,032.0 | — | — | — | 1.8 | 3,102.8 | |||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||
Generation Revenues (a) | 224.7 | — | — | 108.8 | — | (78.5 | ) | 255.0 | ||||||||||||||||||||
Transmission Revenues (b) | 73.5 | 99.6 | 255.1 | — | — | (219.4 | ) | 208.8 | ||||||||||||||||||||
Marketing, Competitive Retail and Renewable Revenues | — | — | — | 361.5 | — | — | 361.5 | |||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 298.2 | 99.6 | 255.1 | 470.3 | — | (297.9 | ) | 825.3 | ||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 39.5 | 46.0 | 3.1 | 2.3 | 23.3 | (36.1 | ) | 78.1 | ||||||||||||||||||||
Total Revenues from Contracts with Customers | 2,406.7 | 1,177.6 | 258.2 | 472.6 | 23.3 | (332.2 | ) | 4,006.2 | ||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues (c) | (3.4 | ) | 5.0 | (1.8 | ) | — | — | — | (0.2 | ) | ||||||||||||||||||
Other Revenues (c) | — | 39.4 | — | 9.2 | 2.2 | — | 50.8 | |||||||||||||||||||||
Total Other Revenues | (3.4 | ) | 44.4 | (1.8 | ) | 9.2 | 2.2 | — | 50.6 | |||||||||||||||||||
Total Revenues | $ | 2,403.3 | $ | 1,222.0 | $ | 256.4 | $ | 481.8 | $ | 25.5 | $ | (332.2 | ) | $ | 4,056.8 |
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
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 | $ | 755.0 | $ | 435.0 | $ | — | $ | — | $ | — | $ | — | $ | 1,190.0 | ||||||||||||||
Commercial Revenues | 517.5 | 287.6 | — | — | — | — | 805.1 | |||||||||||||||||||||
Industrial Revenues | 549.2 | 109.4 | — | — | — | (3.3 | ) | 655.3 | ||||||||||||||||||||
Other Retail Revenues | 43.6 | 11.1 | — | — | — | — | 54.7 | |||||||||||||||||||||
Total Retail Revenues | 1,865.3 | 843.1 | — | — | — | (3.3 | ) | 2,705.1 | ||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||
Generation Revenues (a) | 205.9 | — | — | 299.7 | — | 7.2 | 512.8 | |||||||||||||||||||||
Transmission Revenues (b) | 64.1 | 113.5 | 289.8 | — | — | (173.6 | ) | 293.8 | ||||||||||||||||||||
Marketing, Competitive Retail and Renewable Revenues | — | — | — | 106.9 | — | — | 106.9 | |||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 270.0 | 113.5 | 289.8 | 406.6 | — | (166.4 | ) | 913.5 | ||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 42.0 | 38.7 | 5.0 | (12.6 | ) | 21.5 | (35.3 | ) | 59.3 | |||||||||||||||||||
Total Revenues from Contracts with Customers | 2,177.3 | 995.3 | 294.8 | 394.0 | 21.5 | (205.0 | ) | 3,677.9 | ||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues (c) | (53.5 | ) | 11.4 | (15.9 | ) | — | — | (36.9 | ) | (94.9 | ) | |||||||||||||||||
Other Revenues (c) | — | 39.0 | — | 18.7 | 2.3 | (69.4 | ) | (9.4 | ) | |||||||||||||||||||
Total Other Revenues | (53.5 | ) | 50.4 | (15.9 | ) | 18.7 | 2.3 | (106.3 | ) | (104.3 | ) | |||||||||||||||||
Total Revenues | $ | 2,123.8 | $ | 1,045.7 | $ | 278.9 | $ | 412.7 | $ | 23.8 | $ | (311.3 | ) | $ | 3,573.6 |
(a) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing |
(b) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco |
(c) | Amounts include affiliated and nonaffiliated revenues. |
Three Months Ended March 31, 2018 | Three Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Reconciling Adjustments | AEP Consolidated | Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Reconciling Adjustments | AEP Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 1,001.2 | $ | 567.9 | $ | — | $ | — | $ | — | $ | — | $ | 1,569.1 | $ | 857.0 | $ | 530.9 | $ | — | $ | — | $ | — | $ | — | $ | 1,387.9 | ||||||||||||||||||||||||||||
Commercial Revenues | 508.0 | 294.1 | — | — | — | — | 802.1 | 551.9 | 320.1 | — | — | — | — | 872.0 | ||||||||||||||||||||||||||||||||||||||||||
Industrial Revenues | 526.6 | 118.5 | — | — | — | — | 645.1 | 570.7 | 134.2 | — | — | — | — | 704.9 | ||||||||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 43.9 | 10.4 | — | — | — | — | 54.3 | 46.4 | 10.9 | — | — | — | — | 57.3 | ||||||||||||||||||||||||||||||||||||||||||
Total Retail Revenues (a) | 2,079.7 | 990.9 | — | — | — | — | 3,070.6 | 2,026.0 | 996.1 | — | — | — | — | 3,022.1 | ||||||||||||||||||||||||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues (b) | 217.0 | — | — | 172.2 | — | (30.1 | ) | 359.1 | 245.3 | — | — | 126.1 | — | (26.6 | ) | 344.8 | ||||||||||||||||||||||||||||||||||||||||
Transmission Revenues (c) | 75.0 | 94.1 | 219.5 | — | — | (179.8 | ) | 208.8 | 60.6 | 90.5 | 213.0 | — | — | (99.3 | ) | 264.8 | ||||||||||||||||||||||||||||||||||||||||
Marketing, Competitive Retail and Renewable Revenues | — | — | — | 309.7 | — | — | 309.7 | — | — | — | 331.4 | — | — | 331.4 | ||||||||||||||||||||||||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 292.0 | 94.1 | 219.5 | 481.9 | — | (209.9 | ) | 877.6 | 305.9 | 90.5 | 213.0 | 457.5 | — | (125.9 | ) | 941.0 | ||||||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (d) | 39.9 | 49.7 | 2.0 | 2.2 | 22.0 | (25.1 | ) | 90.7 | 41.6 | 45.5 | 8.4 | 0.1 | 21.3 | (22.6 | ) | 94.3 | ||||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 2,411.6 | 1,134.7 | 221.5 | 484.1 | 22.0 | (235.0 | ) | 4,038.9 | 2,373.5 | 1,132.1 | 221.4 | 457.6 | 21.3 | (148.5 | ) | 4,057.4 | ||||||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenues (d) | (9.1 | ) | 6.0 | (16.0 | ) | — | — | — | (19.1 | ) | (10.3 | ) | (16.4 | ) | (8.9 | ) | — | — | — | (35.6 | ) | |||||||||||||||||||||||||||||||||||
Other Revenues (d) | 5.5 | 21.7 | — | 21.0 | 2.0 | (21.7 | ) | 28.5 | (14.2 | ) | 21.3 | — | 3.1 | 2.5 | (21.3 | ) | (8.6 | ) | ||||||||||||||||||||||||||||||||||||||
Total Other Revenues | (3.6 | ) | 27.7 | (16.0 | ) | 21.0 | 2.0 | (21.7 | ) | 9.4 | (24.5 | ) | 4.9 | (8.9 | ) | 3.1 | 2.5 | (21.3 | ) | (44.2 | ) | |||||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,408.0 | $ | 1,162.4 | $ | 205.5 | $ | 505.1 | $ | 24.0 | $ | (256.7 | ) | $ | 4,048.3 | $ | 2,349.0 | $ | 1,137.0 | $ | 212.5 | $ | 460.7 | $ | 23.8 | $ | (169.8 | ) | $ | 4,013.2 |
(a) | 2018 amounts have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail Revenues. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
(b) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing |
(c) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco |
(d) | Amounts include affiliated and nonaffiliated revenues. |
Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||
Residential Revenues | $ | 120.9 | $ | — | $ | 372.5 | $ | 218.4 | $ | 471.6 | $ | 140.0 | $ | 140.1 | ||||||||||||||
Commercial Revenues | 97.9 | — | 142.2 | 121.3 | 210.5 | 80.8 | 113.7 | |||||||||||||||||||||
Industrial Revenues | 33.0 | — | 147.5 | 138.4 | 89.7 | 71.0 | 81.2 | |||||||||||||||||||||
Other Retail Revenues | 7.3 | — | 19.6 | 1.8 | 3.4 | 18.0 | 2.2 | |||||||||||||||||||||
Total Retail Revenues | 259.1 | — | 681.8 | 479.9 | 775.2 | 309.8 | 337.2 | |||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||
Generation Revenues (a) | — | — | 67.5 | 111.9 | — | 8.6 | 57.2 | |||||||||||||||||||||
Transmission Revenues (b) | 85.8 | 242.1 | 25.7 | 6.3 | 13.9 | 9.8 | 24.2 | |||||||||||||||||||||
Total Wholesale Revenues | 85.8 | 242.1 | 93.2 | 118.2 | 13.9 | 18.4 | 81.4 | |||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 6.9 | 3.1 | 13.4 | 21.0 | 39.0 | 5.8 | 7.8 | |||||||||||||||||||||
Total Revenues from Contracts with Customers | 351.8 | 245.2 | 788.4 | 619.1 | 828.1 | 334.0 | 426.4 | |||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues (d) | (0.9 | ) | (1.7 | ) | 4.4 | (4.8 | ) | 3.6 | (1.2 | ) | (5.3 | ) | ||||||||||||||||
Other Revenues (d) | 39.8 | — | — | — | 5.1 | — | — | |||||||||||||||||||||
Total Other Revenues | 38.9 | (1.7 | ) | 4.4 | (4.8 | ) | 8.7 | (1.2 | ) | (5.3 | ) | |||||||||||||||||
Total Revenues | $ | 390.7 | $ | 243.5 | $ | 792.8 | $ | 614.3 | $ | 836.8 | $ | 332.8 | $ | 421.1 |
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||
Residential Revenues | $ | 142.0 | $ | — | $ | 256.5 | $ | 142.2 | $ | 288.3 | $ | 147.7 | $ | 140.7 | ||||||||||||||
Commercial Revenues | 106.0 | — | 132.1 | 111.8 | 182.7 | 101.3 | 113.1 | |||||||||||||||||||||
Industrial Revenues | 33.6 | — | 144.6 | 134.8 | 77.1 | 83.0 | 83.7 | |||||||||||||||||||||
Other Retail Revenues | 7.9 | — | 18.4 | 1.7 | 3.3 | 20.2 | 2.2 | |||||||||||||||||||||
Total Retail Revenues | 289.5 | — | 551.6 | 390.5 | 551.4 | 352.2 | 339.7 | |||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||
Generation Revenues (a) | — | — | 62.2 | 113.4 | — | 5.8 | 44.8 | |||||||||||||||||||||
Transmission Revenues (b) | 98.5 | 276.8 | 25.7 | 6.1 | 14.4 | 15.5 | 23.8 | |||||||||||||||||||||
Total Wholesale Revenues | 98.5 | 276.8 | 87.9 | 119.5 | 14.4 | 21.3 | 68.6 | |||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 7.8 | 5.0 | 16.1 | 28.6 | 33.3 | 5.8 | 5.3 | |||||||||||||||||||||
Total Revenues from Contracts with Customers | 395.8 | 281.8 | 655.6 | 538.6 | 599.1 | 379.3 | 413.6 | |||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues (d) | 1.2 | (14.9 | ) | 0.2 | 4.5 | 6.0 | (31.2 | ) | (38.1 | ) | ||||||||||||||||||
Other Revenues (d) | 41.0 | — | — | — | 1.5 | — | — | |||||||||||||||||||||
Total Other Revenues | 42.2 | (14.9 | ) | 0.2 | 4.5 | 7.5 | (31.2 | ) | (38.1 | ) | ||||||||||||||||||
Total Revenues | $ | 438.0 | $ | 266.9 | $ | 655.8 | $ | 543.1 | $ | 606.6 | $ | 348.1 | $ | 375.5 |
(a) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo |
(b) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo |
(c) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M |
(d) | Amounts include affiliated and nonaffiliated revenues. |
Three Months Ended March 31, 2018 | Three Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
AEP Texas | AEPTCo (f) | APCo | I&M | OPCo | PSO | SWEPCo | AEP Texas | AEPTCo (f) | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 131.6 | $ | — | $ | 414.0 | $ | 189.0 | $ | 436.8 | $ | 141.1 | $ | 140.1 | $ | 143.2 | $ | — | $ | 282.3 | $ | 163.0 | $ | 388.1 | $ | 169.4 | $ | 158.2 | ||||||||||||||||||||||||||||
Commercial Revenues | 99.4 | — | 146.6 | 109.6 | 194.5 | 84.3 | 108.3 | 103.4 | — | 140.6 | 122.1 | 215.7 | 105.2 | 123.9 | ||||||||||||||||||||||||||||||||||||||||||
Industrial Revenues | 30.9 | — | 147.3 | 132.0 | 87.9 | 69.1 | 77.2 | 31.8 | — | 152.5 | 145.9 | 103.3 | 77.3 | 87.2 | ||||||||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 7.1 | — | 19.6 | 2.2 | 3.2 | 18.3 | 2.1 | 7.3 | — | 18.8 | 1.5 | 3.3 | 22.3 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||
Total Retail Revenues (a) | 269.0 | — | 727.5 | 432.8 | 722.4 | 312.8 | 327.7 | 285.7 | — | 594.2 | 432.5 | 710.4 | 374.2 | 371.4 | ||||||||||||||||||||||||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues (b) | — | — | 62.8 | 114.0 | — | 5.9 | 59.9 | — | — | 56.8 | 142.1 | — | 8.3 | 55.7 | ||||||||||||||||||||||||||||||||||||||||||
Transmission Revenues (c) | 78.0 | 185.0 | 24.8 | 6.8 | 16.0 | 10.6 | 26.0 | 78.0 | 221.4 | 14.5 | 3.9 | 12.0 | 5.3 | 21.8 | ||||||||||||||||||||||||||||||||||||||||||
Total Wholesale Revenues | 78.0 | 185.0 | 87.6 | 120.8 | 16.0 | 16.5 | 85.9 | 78.0 | 221.4 | 71.3 | 146.0 | 12.0 | 13.6 | 77.5 | ||||||||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (d) | 7.1 | 2.0 | 11.2 | 22.7 | 42.3 | 4.2 | 6.1 | 7.2 | 6.4 | 15.1 | 25.9 | 38.9 | 4.9 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 354.1 | 187.0 | 826.3 | 576.3 | 780.7 | 333.5 | 419.7 | 370.9 | 227.8 | 680.6 | 604.4 | 761.3 | 392.7 | 454.2 | ||||||||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenues (e) | (0.3 | ) | 4.7 | (5.9 | ) | (5.0 | ) | 6.3 | 3.3 | (0.3 | ) | 0.2 | (27.7 | ) | (13.6 | ) | (0.5 | ) | (16.6 | ) | 5.6 | 2.9 | ||||||||||||||||||||||||||||||||||
Other Revenues (e) | 17.8 | — | — | 5.5 | 3.9 | — | — | 17.2 | — | — | (14.2 | ) | 4.1 | — | — | |||||||||||||||||||||||||||||||||||||||||
Total Other Revenues | 17.5 | 4.7 | (5.9 | ) | 0.5 | 10.2 | 3.3 | (0.3 | ) | 17.4 | (27.7 | ) | (13.6 | ) | (14.7 | ) | (12.5 | ) | 5.6 | 2.9 | ||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 371.6 | $ | 191.7 | $ | 820.4 | $ | 576.8 | $ | 790.9 | $ | 336.8 | $ | 419.4 | $ | 388.3 | $ | 200.1 | $ | 667.0 | $ | 589.7 | $ | 748.8 | $ | 398.3 | $ | 457.1 |
(a) | 2018 amounts have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail Revenues. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
(b) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo |
(c) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo |
(d) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M |
(e) | Amounts include affiliated and nonaffiliated revenues. |
(f) | These amounts presented reflect the revisions made to AEPTCo’s previously issued financial statement. See the “revisions to Previously Issued Financial Statements” section of Note 1 for additional information. |
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
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 | $ | 1,737.4 | $ | 1,021.1 | $ | — | $ | — | $ | — | $ | — | $ | 2,758.5 | ||||||||||||||
Commercial Revenues | 1,028.7 | 598.5 | — | — | — | — | 1,627.2 | |||||||||||||||||||||
Industrial Revenues | 1,081.3 | 233.3 | — | — | — | (1.5 | ) | 1,313.1 | ||||||||||||||||||||
Other Retail Revenues | 86.9 | 22.2 | — | — | — | — | 109.1 | |||||||||||||||||||||
Total Retail Revenues | 3,934.3 | 1,875.1 | — | — | — | (1.5 | ) | 5,807.9 | ||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||
Generation Revenues (a) | 430.6 | — | — | 408.5 | — | (71.3 | ) | 767.8 | ||||||||||||||||||||
Transmission Revenues (b) | 137.6 | 213.1 | 544.9 | — | — | (386.4 | ) | 509.2 | ||||||||||||||||||||
Marketing, Competitive Retail and Renewable Revenues | — | — | — | 469.5 | — | — | 469.5 | |||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 568.2 | 213.1 | 544.9 | 878.0 | — | (457.7 | ) | 1,746.5 | ||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 81.5 | 84.7 | 8.1 | (10.3 | ) | 44.8 | (71.4 | ) | 137.4 | |||||||||||||||||||
Total Revenues from Contracts with Customers | 4,584.0 | 2,172.9 | 553.0 | 867.7 | 44.8 | (530.6 | ) | 7,691.8 | ||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues (c) | (56.9 | ) | 16.4 | (17.7 | ) | — | — | (43.5 | ) | (101.7 | ) | |||||||||||||||||
Other Revenues (c) | — | 78.4 | — | 26.8 | 4.5 | (69.4 | ) | 40.3 | ||||||||||||||||||||
Total Other Revenues | (56.9 | ) | 94.8 | (17.7 | ) | 26.8 | 4.5 | (112.9 | ) | (61.4 | ) | |||||||||||||||||
Total Revenues | $ | 4,527.1 | $ | 2,267.7 | $ | 535.3 | $ | 894.5 | $ | 49.3 | $ | (643.5 | ) | $ | 7,630.4 |
(a) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing is $71 million. The remaining affiliated amounts are immaterial. |
(b) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco is $399 million. The remaining affiliated amounts are immaterial. |
(c) | Amounts include affiliated and nonaffiliated revenues. |
Six Months Ended June 30, 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 | $ | 1,858.2 | $ | 1,098.8 | $ | — | $ | — | $ | — | $ | — | $ | 2,957.0 | ||||||||||||||
Commercial Revenues | 1,059.9 | 614.4 | — | — | — | — | 1,674.3 | |||||||||||||||||||||
Industrial Revenues | 1,097.3 | 252.7 | — | — | — | — | 1,350.0 | |||||||||||||||||||||
Other Retail Revenues | 90.3 | 21.1 | — | — | — | — | 111.4 | |||||||||||||||||||||
Total Retail Revenues (a) | 4,105.7 | 1,987.0 | — | — | — | — | 6,092.7 | |||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||
Generation Revenues (b) | 462.3 | — | — | 298.3 | — | (56.7 | ) | 703.9 | ||||||||||||||||||||
Transmission Revenues (c) | 135.6 | 184.6 | 432.5 | — | — | (279.1 | ) | 473.6 | ||||||||||||||||||||
Marketing, Competitive Retail and Renewable Revenues | — | — | — | 641.1 | — | — | 641.1 | |||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 597.9 | 184.6 | 432.5 | 939.4 | — | (335.8 | ) | 1,818.6 | ||||||||||||||||||||
Other Revenues from Contracts with Customers (d) | 81.5 | 95.2 | 10.4 | 2.3 | 43.3 | (47.7 | ) | 185.0 | ||||||||||||||||||||
Total Revenues from Contracts with Customers | 4,785.1 | 2,266.8 | 442.9 | 941.7 | 43.3 | (383.5 | ) | 8,096.3 | ||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues (d) | (19.4 | ) | (10.4 | ) | (24.9 | ) | — | — | — | (54.7 | ) | |||||||||||||||||
Other Revenues (d) | (8.7 | ) | 43.0 | — | 24.1 | 4.5 | (43.0 | ) | 19.9 | |||||||||||||||||||
Total Other Revenues | (28.1 | ) | 32.6 | (24.9 | ) | 24.1 | 4.5 | (43.0 | ) | (34.8 | ) | |||||||||||||||||
Total Revenues | $ | 4,757.0 | $ | 2,299.4 | $ | 418.0 | $ | 965.8 | $ | 47.8 | $ | (426.5 | ) | $ | 8,061.5 |
(a) | 2018 amounts have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail Revenues. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
(b) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing is $52 million. The remaining affiliated amounts are immaterial. |
(c) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco is $297 million. The remaining affiliated amounts are immaterial. |
(d) | Amounts include affiliated and nonaffiliated revenues. |
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||
Residential Revenues | $ | 262.9 | $ | — | $ | 629.0 | $ | 360.6 | $ | 759.9 | $ | 287.7 | $ | 280.8 | ||||||||||||||
Commercial Revenues | 203.9 | — | 274.3 | 233.1 | 393.2 | 182.1 | 226.8 | |||||||||||||||||||||
Industrial Revenues | 66.6 | — | 292.1 | 273.2 | 166.8 | 154.0 | 164.9 | |||||||||||||||||||||
Other Retail Revenues | 15.2 | — | 38.0 | 3.5 | 6.7 | 38.2 | 4.4 | |||||||||||||||||||||
Total Retail Revenues | 548.6 | — | 1,233.4 | 870.4 | 1,326.6 | 662.0 | 676.9 | |||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||
Generation Revenues (a) | — | — | 129.7 | 225.3 | — | 14.4 | 102.0 | |||||||||||||||||||||
Transmission Revenues (b) | 184.3 | 518.9 | 51.4 | 12.4 | 28.3 | 25.3 | 48.0 | |||||||||||||||||||||
Total Wholesale Revenues | 184.3 | 518.9 | 181.1 | 237.7 | 28.3 | 39.7 | 150.0 | |||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 14.7 | 8.1 | 29.5 | 49.6 | 72.3 | 11.6 | 13.1 | |||||||||||||||||||||
Total Revenues from Contracts with Customers | 747.6 | 527.0 | 1,444.0 | 1,157.7 | 1,427.2 | 713.3 | 840.0 | |||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues (d) | 0.3 | (16.6 | ) | 4.6 | (0.3 | ) | 9.6 | (32.4 | ) | (43.4 | ) | |||||||||||||||||
Other Revenues (d) | 80.8 | — | — | — | 6.6 | — | — | |||||||||||||||||||||
Total Other Revenues | 81.1 | (16.6 | ) | 4.6 | (0.3 | ) | 16.2 | (32.4 | ) | (43.4 | ) | |||||||||||||||||
Total Revenues | $ | 828.7 | $ | 510.4 | $ | 1,448.6 | $ | 1,157.4 | $ | 1,443.4 | $ | 680.9 | $ | 796.6 |
(a) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo is $64 million primarily relating to the PPA with Kingsport. The remaining affiliated amounts are immaterial. |
(b) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo is $393 million. The remaining affiliated amounts are immaterial. |
(c) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M is $38 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts are immaterial. |
(d) | Amounts include affiliated and nonaffiliated revenues. |
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||
AEP Texas | AEPTCo (f) | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||
Residential Revenues | $ | 274.8 | $ | — | $ | 696.3 | $ | 352.0 | $ | 824.9 | $ | 310.6 | $ | 298.3 | ||||||||||||||
Commercial Revenues | 202.9 | — | 287.2 | 231.8 | 410.3 | 189.3 | 232.2 | |||||||||||||||||||||
Industrial Revenues | 62.7 | — | 299.8 | 277.8 | 191.1 | 146.4 | 164.4 | |||||||||||||||||||||
Other Retail Revenues | 14.3 | — | 38.4 | 3.7 | 6.5 | 40.7 | 4.2 | |||||||||||||||||||||
Total Retail Revenues (a) | 554.7 | — | 1,321.7 | 865.3 | 1,432.8 | 687.0 | 699.1 | |||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||
Generation Revenues (b) | — | — | 119.6 | 256.1 | — | 14.2 | 115.6 | |||||||||||||||||||||
Transmission Revenues (c) | 156.0 | 406.3 | 39.3 | 10.7 | 28.0 | 15.9 | 47.8 | |||||||||||||||||||||
Total Wholesale Revenues | 156.0 | 406.3 | 158.9 | 266.8 | 28.0 | 30.1 | 163.4 | |||||||||||||||||||||
Other Revenues from Contracts with Customers (d) | 14.3 | 8.5 | 26.3 | 48.6 | 81.2 | 9.1 | 11.4 | |||||||||||||||||||||
Total Revenues from Contracts with Customers | 725.0 | 414.8 | 1,506.9 | 1,180.7 | 1,542.0 | 726.2 | 873.9 | |||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||
Alternative Revenues (e) | (0.1 | ) | (23.0 | ) | (19.5 | ) | (5.5 | ) | (10.3 | ) | 8.9 | 2.6 | ||||||||||||||||
Other Revenues (e) | 35.0 | — | — | (8.7 | ) | 8.0 | — | — | ||||||||||||||||||||
Total Other Revenues | 34.9 | (23.0 | ) | (19.5 | ) | (14.2 | ) | (2.3 | ) | 8.9 | 2.6 | |||||||||||||||||
Total Revenues | $ | 759.9 | $ | 391.8 | $ | 1,487.4 | $ | 1,166.5 | $ | 1,539.7 | $ | 735.1 | $ | 876.5 |
(a) | 2018 amounts have been revised to reflect the reclassification of certain customer accounts between Retail classes. This reclassification did not impact previously reported Total Retail Revenues. Management concluded that these prior period disclosure only errors were immaterial individually and in the aggregate. |
(b) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo is $69 million primarily relating to the PPA with Kingsport. The remaining affiliated amounts are immaterial. |
(c) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo is $241 million. The remaining affiliated amounts are immaterial. |
(d) | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M is $41 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts are immaterial. |
(e) | Amounts include affiliated and nonaffiliated revenues. |
(f) | The amounts presented reflect the revisions made to AEPTCo’s previously issued financial statements. |
Company | 2019 | 2020-2021 | 2022-2023 | After 2023 | Total | |||||||||||||||
(in millions) | ||||||||||||||||||||
AEP | $ | 505.5 | $ | 210.3 | $ | 163.1 | $ | 284.7 | $ | 1,163.6 | ||||||||||
AEP Texas | 193.5 | — | — | — | 193.5 | |||||||||||||||
AEPTCo | 451.6 | — | — | — | 451.6 | |||||||||||||||
APCo | 72.9 | 32.7 | 25.5 | 11.6 | 142.7 | |||||||||||||||
I&M | 14.4 | 8.9 | 8.8 | 4.4 | 36.5 | |||||||||||||||
OPCo | 35.6 | 7.5 | — | — | 43.1 | |||||||||||||||
PSO | 8.6 | — | — | — | 8.6 | |||||||||||||||
SWEPCo | 20.0 | — | — | — | 20.0 |
Company | 2019 | 2020-2021 | 2022-2023 | After 2023 | Total | |||||||||||||||
(in millions) | ||||||||||||||||||||
AEP | $ | 732.3 | $ | 199.1 | $ | 162.7 | $ | 285.7 | $ | 1,379.8 | ||||||||||
AEP Texas | 278.2 | — | — | — | 278.2 | |||||||||||||||
AEPTCo | 672.5 | — | — | — | 672.5 | |||||||||||||||
APCo | 108.9 | 31.1 | 23.2 | 11.6 | 174.8 | |||||||||||||||
I&M | 21.5 | 8.8 | 8.8 | 4.4 | 43.5 | |||||||||||||||
OPCo | 47.4 | — | — | — | 47.4 | |||||||||||||||
PSO | 13.6 | — | — | — | 13.6 | |||||||||||||||
SWEPCo | 28.7 | — | — | — | 28.7 |
Company | March 31, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | ||||||||||||
(in millions) | (in millions) | |||||||||||||||
AEPTCo | $ | 65.9 | $ | 58.6 | $ | 82.8 | $ | 58.6 | ||||||||
APCo | 46.3 | 52.5 | 40.4 | 52.5 | ||||||||||||
I&M | 24.0 | 35.3 | 14.5 | 35.3 | ||||||||||||
OPCo | 31.2 | 46.1 | 30.8 | 46.1 | ||||||||||||
PSO | 13.3 | 12.4 | 24.5 | 12.4 | ||||||||||||
SWEPCo | 10.6 | 16.3 | 45.9 | 16.3 |
Exhibit | Description | Previously Filed as Exhibit to: | ||
*4.1 | ||||
AEPTCo‡ File No. 333-217143 | ||||
*4.2 | ||||
OPCo‡ File No.1-6543 | ||||
*4.3 | ||||
Company Order and Officer’s Certificate, between |
Exhibit | Description | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||
3 | Composite of Amended Restated Certificate of Incorporation of American Electric Power Company, Inc. | |||||||||||||||||
10 | Modification to Consent Decree with U.S. District Court dated July 17, 2019. | |||||||||||||||||
31(a) | 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 | |||||||||||||||||
95 | Mine Safety Disclosures | |||||||||||||||||
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