Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 22, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-3525 | |
Entity Registrant Name | AMERICAN ELECTRIC POWER CO INC. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-4922640 | |
Entity Address, Address Line One | 1 Riverside Plaza, | |
Entity Address, City or Town | Columbus, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43215-2373 | |
City Area Code | (614) | |
Local Phone Number | 716-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 499,750,400 | |
Entity Central Index Key | 0000004904 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
AEP Texas Inc. [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 333-221643 | |
Entity Registrant Name | AEP TEXAS INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0007707 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 100 | |
Entity Central Index Key | 0001721781 | |
AEP Transmission Co [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 333-217143 | |
Entity Registrant Name | AEP TRANSMISSION COMPANY, LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1125168 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0001702494 | |
Appalachian Power Co [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 1-3457 | |
Entity Registrant Name | APPALACHIAN POWER COMPANY | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-0124790 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 13,499,500 | |
Entity Central Index Key | 0000006879 | |
Indiana Michigan Power Co [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 1-3570 | |
Entity Registrant Name | INDIANA MICHIGAN POWER COMPANY | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-0410455 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 1,400,000 | |
Entity Central Index Key | 0000050172 | |
Ohio Power Co [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 1-6543 | |
Entity Registrant Name | OHIO POWER COMPANY | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-4271000 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 27,952,473 | |
Entity Central Index Key | 0000073986 | |
Public Service Co Of Oklahoma [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 0-343 | |
Entity Registrant Name | PUBLIC SERVICE COMPANY OF OKLAHOMA | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 73-0410895 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 9,013,000 | |
Entity Central Index Key | 0000081027 | |
Southwestern Electric Power Co [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 1-3146 | |
Entity Registrant Name | SOUTHWESTERN ELECTRIC POWER COMPANY | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-0323455 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 3,680 | |
Entity Central Index Key | 0000092487 | |
The NASDAQ Stock Market LLC | Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $6.50 par value | |
Trading Symbol | AEP | |
Security Exchange Name | NASDAQ | |
The NASDAQ Stock Market LLC | Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.125% Corporate Units | |
Trading Symbol | AEPPL | |
Security Exchange Name | NASDAQ | |
The NASDAQ Stock Market LLC | Preferred Stock 2 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.125% Corporate Units | |
Trading Symbol | AEPPZ | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | |||
Revenues | ||||
Revenue from Contracts with Customers | $ 4,281.1 | $ 3,747.5 | ||
Sales to AEP Affiliates | 0 | 0 | ||
TOTAL REVENUES | 4,281.1 | 3,747.5 | ||
Expenses | ||||
Other Operation | 592.4 | 602.1 | ||
Maintenance | 274.9 | 249.5 | ||
Depreciation and Amortization | 696.3 | 672.2 | ||
Taxes Other Than Income Taxes | 346.5 | 321.1 | ||
TOTAL EXPENSES | 3,470.8 | 2,995.9 | ||
OPERATING INCOME (LOSS) | 810.3 | 751.6 | ||
Other Income (Expense): | ||||
Other Income | 21.7 | (4.4) | ||
Allowance for Equity Funds Used During Construction | 33.4 | 31.4 | ||
Non-Service Cost Components of Net Periodic Benefit Cost | 29.6 | 29.7 | ||
Interest Expense | (290.2) | (292.1) | ||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 604.8 | 516.2 | ||
Income Tax Expense (Benefit) | 54.5 | 46.5 | ||
Equity Earnings (Loss) of Unconsolidated Subsidiaries | 28.5 | 29.6 | ||
Net Income (Loss) | 578.8 | 499.3 | ||
Net Income (Loss) Attributable to Noncontrolling Interests | 3.8 | 4.1 | ||
Earnings Attributable to Common Shareholders | $ 575 | $ 495.2 | ||
Earnings Per Share | ||||
Weighted Average Number of Basic AEP Common Shares Outstanding | 497,058,635 | 494,596,869 | ||
Total Basic Earnings Per Share Attributable to AEP Common Shareholders | $ 1.16 | $ 1 | ||
Weighted Average Number of Diluted AEP Common Shares Outstanding | 498,164,219 | 496,608,918 | ||
Total Diluted Earnings Per Share Attributable to AEP Common Shareholders | $ 1.15 | $ 1 | ||
Common Stock, Dividends Per Share, Declared | $ 0.74 | $ 0.70 | ||
Vertically Integrated Utilities [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | $ 2,504.5 | $ 2,193 | ||
Transmission and Distribution Utilities [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 1,082.3 | 1,075.2 | ||
Generation and Marketing [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 601.7 | 408.4 | ||
Other Revenues [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 92.6 | 70.9 | ||
TOTAL REVENUES | 4.8 | [1] | 19.9 | [2] |
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation [Member] | ||||
Expenses | ||||
Cost of Goods and Services Sold | 1,560.7 | 1,151 | ||
AEP Texas Inc. [Member] | ||||
Revenues | ||||
Sales to AEP Affiliates | 1 | 31.1 | ||
TOTAL REVENUES | 364.2 | 423.6 | ||
Expenses | ||||
Other Operation | 122.2 | 117.5 | ||
Maintenance | 19.1 | 20.6 | ||
Depreciation and Amortization | 97.5 | 162.5 | ||
Taxes Other Than Income Taxes | 36.3 | 34 | ||
TOTAL EXPENSES | 275.1 | 334.6 | ||
OPERATING INCOME (LOSS) | 89.1 | 89 | ||
Other Income (Expense): | ||||
Interest Income | 0.2 | 0.6 | ||
Allowance for Equity Funds Used During Construction | 4.1 | 5.1 | ||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.8 | 2.8 | ||
Interest Expense | (43) | (42.5) | ||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 53.2 | 55 | ||
Income Tax Expense (Benefit) | 7.1 | 7.4 | ||
Net Income (Loss) | 46.1 | 47.6 | ||
AEP Texas Inc. [Member] | Transmission and Distribution Utilities [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 361.7 | 391.6 | ||
AEP Texas Inc. [Member] | Other Revenues [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 1.5 | 0.9 | ||
TOTAL REVENUES | 0 | [3] | 30.2 | [4] |
AEP Transmission Co [Member] | ||||
Revenues | ||||
Sales to AEP Affiliates | 285.6 | 233.7 | ||
TOTAL REVENUES | 361.7 | 295.6 | ||
Expenses | ||||
Other Operation | 21.1 | 23.8 | ||
Maintenance | 3.6 | 3.2 | ||
Depreciation and Amortization | 70.6 | 56 | ||
Taxes Other Than Income Taxes | 57.8 | 50.4 | ||
TOTAL EXPENSES | 153.1 | 133.4 | ||
OPERATING INCOME (LOSS) | 208.6 | 162.2 | ||
Other Income (Expense): | ||||
Interest Income | 0.1 | 0.8 | ||
Allowance for Equity Funds Used During Construction | 16.7 | 16.2 | ||
Interest Expense | (34.1) | (29.6) | ||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 191.3 | 149.6 | ||
Income Tax Expense (Benefit) | 39.6 | 31.8 | ||
Net Income (Loss) | 151.7 | 117.8 | ||
AEP Transmission Co [Member] | Transmission [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 76 | 61.3 | ||
AEP Transmission Co [Member] | Other Revenues [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 0.1 | 0.6 | ||
TOTAL REVENUES | 0 | [3] | 0 | [4] |
Appalachian Power Co [Member] | ||||
Revenues | ||||
Sales to AEP Affiliates | 50.1 | 49.7 | ||
TOTAL REVENUES | 817 | 749.4 | ||
Expenses | ||||
Other Operation | 150.4 | 134 | ||
Maintenance | 65.2 | 50.3 | ||
Depreciation and Amortization | 135.8 | 122.2 | ||
Taxes Other Than Income Taxes | 37.7 | 37.9 | ||
TOTAL EXPENSES | 643.1 | 578 | ||
OPERATING INCOME (LOSS) | 173.9 | 171.4 | ||
Other Income (Expense): | ||||
Interest Income | 0.3 | 0.3 | ||
Allowance for Equity Funds Used During Construction | 3.5 | 2.4 | ||
Non-Service Cost Components of Net Periodic Benefit Cost | 4.7 | 4.7 | ||
Interest Expense | (54.9) | (53.1) | ||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 127.5 | 125.7 | ||
Income Tax Expense (Benefit) | 5 | 10.4 | ||
Net Income (Loss) | 122.5 | 115.3 | ||
Appalachian Power Co [Member] | Vertically Integrated Utilities [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 764.2 | 697 | ||
Appalachian Power Co [Member] | Other Revenues [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 2.7 | 2.7 | ||
TOTAL REVENUES | 0.2 | [3] | 0 | [4] |
Appalachian Power Co [Member] | Fuel and Other Consumables Used for Electric Generation [Member] | ||||
Expenses | ||||
Cost of Goods and Services Sold | 163.9 | 111 | ||
Appalachian Power Co [Member] | Purchased Electricity for Resale [Member] | ||||
Expenses | ||||
Cost of Goods and Services Sold | 90.1 | 122.6 | ||
Indiana Michigan Power Co [Member] | ||||
Revenues | ||||
Sales to AEP Affiliates | 0.8 | 2.9 | ||
Other Revenues - Affiliated | 14.3 | 12.5 | ||
TOTAL REVENUES | 564.5 | 570.3 | ||
Expenses | ||||
Purchased Electricity from AEP Affiliates | 51.6 | 36.2 | ||
Other Operation | 154.6 | 144.7 | ||
Maintenance | 49 | 49.1 | ||
Depreciation and Amortization | 109.2 | 93.9 | ||
Taxes Other Than Income Taxes | 26.2 | 26.4 | ||
TOTAL EXPENSES | 474.2 | 453.6 | ||
OPERATING INCOME (LOSS) | 90.3 | 116.7 | ||
Other Income (Expense): | ||||
Other Income | 3 | 2.5 | ||
Allowance for Equity Funds Used During Construction | 3.5 | 2 | ||
Non-Service Cost Components of Net Periodic Benefit Cost | 4.1 | 4.2 | ||
Interest Expense | (27.3) | (30.7) | ||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 70.1 | 92.7 | ||
Income Tax Expense (Benefit) | (0.7) | 0.4 | ||
Net Income (Loss) | 70.8 | 92.3 | ||
Indiana Michigan Power Co [Member] | Vertically Integrated Utilities [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 547.7 | 553.4 | ||
Indiana Michigan Power Co [Member] | Other Revenues [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 1.7 | 1.5 | ||
Sales to AEP Affiliates | 16 | 16 | ||
TOTAL REVENUES | 0 | [3] | 0 | [4] |
Indiana Michigan Power Co [Member] | Fuel and Other Consumables Used for Electric Generation [Member] | ||||
Expenses | ||||
Cost of Goods and Services Sold | 36.3 | 53.2 | ||
Indiana Michigan Power Co [Member] | Purchased Electricity for Resale [Member] | ||||
Expenses | ||||
Cost of Goods and Services Sold | 47.3 | 50.1 | ||
Ohio Power Co [Member] | ||||
Revenues | ||||
Sales to AEP Affiliates | 4.8 | 8.4 | ||
TOTAL REVENUES | 723.9 | 690.3 | ||
Expenses | ||||
Purchased Electricity from AEP Affiliates | 30.1 | 42.4 | ||
Other Operation | 184.6 | 177.3 | ||
Maintenance | 38.7 | 31.6 | ||
Depreciation and Amortization | 75.1 | 70.5 | ||
Taxes Other Than Income Taxes | 121.3 | 112 | ||
TOTAL EXPENSES | 625.1 | 582.9 | ||
OPERATING INCOME (LOSS) | 98.8 | 107.4 | ||
Other Income (Expense): | ||||
Interest Income | 0.2 | 0.2 | ||
Carrying Costs Income | 0.5 | 0.4 | ||
Allowance for Equity Funds Used During Construction | 2.7 | 1.9 | ||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.7 | 3.8 | ||
Interest Expense | (31.6) | (28.9) | ||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 74.3 | 84.8 | ||
Income Tax Expense (Benefit) | 6.1 | 9.7 | ||
Net Income (Loss) | 68.2 | 75.1 | ||
Ohio Power Co [Member] | Transmission and Distribution Utilities [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 716.7 | 679.2 | ||
Ohio Power Co [Member] | Other Revenues [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 2.4 | 2.7 | ||
TOTAL REVENUES | 5.3 | [3] | 6.1 | [4] |
Ohio Power Co [Member] | Purchased Electricity for Resale [Member] | ||||
Expenses | ||||
Cost of Goods and Services Sold | 175.3 | 149.1 | ||
Public Service Co Of Oklahoma [Member] | ||||
Revenues | ||||
Sales to AEP Affiliates | 1 | 1.1 | ||
TOTAL REVENUES | 296.1 | 297.3 | ||
Expenses | ||||
Other Operation | 79.1 | 87.2 | ||
Maintenance | 24.4 | 24.4 | ||
Depreciation and Amortization | 49.9 | 44.7 | ||
Taxes Other Than Income Taxes | 12.5 | 11.3 | ||
TOTAL EXPENSES | 286.8 | 294.9 | ||
OPERATING INCOME (LOSS) | 9.3 | 2.4 | ||
Other Income (Expense): | ||||
Interest Income | 0.1 | 0.1 | ||
Allowance for Equity Funds Used During Construction | 0.4 | 1 | ||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.1 | 2.1 | ||
Interest Expense | (14.4) | (15.8) | ||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | (2.5) | (10.2) | ||
Income Tax Expense (Benefit) | 0.2 | 0.1 | ||
Net Income (Loss) | (2.7) | (10.3) | ||
Public Service Co Of Oklahoma [Member] | Vertically Integrated Utilities [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 293.6 | 295.4 | ||
Public Service Co Of Oklahoma [Member] | Other Revenues [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 1.5 | 0.8 | ||
TOTAL REVENUES | 0 | [3] | 0 | [4] |
Public Service Co Of Oklahoma [Member] | Purchased Electricity, Fuel and Other Consumables Used for Electric Generation [Member] | ||||
Expenses | ||||
Cost of Goods and Services Sold | 120.9 | 127.3 | ||
Southwestern Electric Power Co [Member] | ||||
Revenues | ||||
Sales to AEP Affiliates | 7.8 | 7.5 | ||
TOTAL REVENUES | 616.1 | 385.9 | ||
Expenses | ||||
Other Operation | 90.3 | 92.2 | ||
Maintenance | 34 | 33.8 | ||
Depreciation and Amortization | 69.6 | 67.3 | ||
Taxes Other Than Income Taxes | 30 | 25.3 | ||
TOTAL EXPENSES | 523.7 | 350.8 | ||
OPERATING INCOME (LOSS) | 92.4 | 35.1 | ||
Other Income (Expense): | ||||
Interest Income | 1 | 0.6 | ||
Allowance for Equity Funds Used During Construction | 2.1 | 1.4 | ||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.1 | 2.1 | ||
Interest Expense | (29.3) | (30.1) | ||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 68.3 | 9.1 | ||
Income Tax Expense (Benefit) | 5.6 | (6.2) | ||
Equity Earnings (Loss) of Unconsolidated Subsidiaries | 0.7 | 0.8 | ||
Net Income (Loss) | 63.4 | 16.1 | ||
Net Income (Loss) Attributable to Noncontrolling Interests | 1 | 1 | ||
Earnings Attributable to Common Shareholders | 62.4 | 15.1 | ||
Southwestern Electric Power Co [Member] | Vertically Integrated Utilities [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 607.7 | 377.6 | ||
Southwestern Electric Power Co [Member] | Other Revenues [Member] | ||||
Revenues | ||||
Revenue from Contracts with Customers | 0.6 | 0.8 | ||
TOTAL REVENUES | 0 | [3] | 0 | [4] |
Southwestern Electric Power Co [Member] | Purchased Electricity, Fuel and Other Consumables Used for Electric Generation [Member] | ||||
Expenses | ||||
Cost of Goods and Services Sold | $ 299.8 | $ 132.2 | ||
[1] | Amounts include affiliated and nonaffiliated revenues. | |||
[2] | Amounts include affiliated and nonaffiliated revenues | |||
[3] | Amounts include affiliated and nonaffiliated revenues. | |||
[4] | Amounts include affiliated and nonaffiliated revenues. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Income (Loss) | $ 578.8 | $ 499.3 |
OTHER COMPREHENSIVE INCOME | ||
Cash Flow Hedges, Net of Tax | 56.3 | (67) |
Amortization of Pension and OPEB Deferred Costs, Net of Tax | (2) | (1.8) |
Other Comprehensive Income (Loss), Net of Tax, Total | 54.3 | (68.8) |
TOTAL COMPREHENSIVE INCOME (LOSS) | 633.1 | 430.5 |
Total Comprehensive Income (Loss) Attributable to Noncontrolling Interest | 3.8 | 4.1 |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | 629.3 | 426.4 |
Cash Flow Hedges, Tax | 15 | (17.8) |
Amortization of Pension and OPEB Deferred Costs, Tax | $ (0.5) | $ (0.5) |
Common Stock, Dividends Per Share, Declared | $ 0.74 | $ 0.70 |
Appalachian Power Co [Member] | ||
Net Income (Loss) | $ 122.5 | $ 115.3 |
OTHER COMPREHENSIVE INCOME | ||
Cash Flow Hedges, Net of Tax | 9 | (4.2) |
Amortization of Pension and OPEB Deferred Costs, Net of Tax | (1.1) | (0.9) |
Other Comprehensive Income (Loss), Net of Tax, Total | 7.9 | (5.1) |
TOTAL COMPREHENSIVE INCOME (LOSS) | 130.4 | 110.2 |
Cash Flow Hedges, Tax | 2.4 | (1.1) |
Amortization of Pension and OPEB Deferred Costs, Tax | (0.3) | (0.3) |
AEP Texas Inc. [Member] | ||
Net Income (Loss) | 46.1 | 47.6 |
OTHER COMPREHENSIVE INCOME | ||
Cash Flow Hedges, Net of Tax | 0.3 | 0.3 |
Other Comprehensive Income (Loss), Net of Tax, Total | 0.3 | 0.3 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 46.4 | 47.9 |
Cash Flow Hedges, Tax | 0.1 | 0.1 |
Indiana Michigan Power Co [Member] | ||
Net Income (Loss) | 70.8 | 92.3 |
OTHER COMPREHENSIVE INCOME | ||
Cash Flow Hedges, Net of Tax | 0.5 | 0.4 |
Other Comprehensive Income (Loss), Net of Tax, Total | 0.5 | 0.4 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 71.3 | 92.7 |
Cash Flow Hedges, Tax | 0.1 | 0.1 |
Ohio Power Co [Member] | ||
Net Income (Loss) | 68.2 | 75.1 |
OTHER COMPREHENSIVE INCOME | ||
Cash Flow Hedges, Net of Tax | 0 | 0 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 68.2 | 75.1 |
Cash Flow Hedges, Tax | 0 | 0 |
Public Service Co Of Oklahoma [Member] | ||
Net Income (Loss) | (2.7) | (10.3) |
OTHER COMPREHENSIVE INCOME | ||
Cash Flow Hedges, Net of Tax | (0.1) | (0.2) |
Other Comprehensive Income (Loss), Net of Tax, Total | (0.1) | (0.2) |
TOTAL COMPREHENSIVE INCOME (LOSS) | (2.8) | (10.5) |
Cash Flow Hedges, Tax | 0 | (0.1) |
Southwestern Electric Power Co [Member] | ||
Net Income (Loss) | 63.4 | 16.1 |
OTHER COMPREHENSIVE INCOME | ||
Cash Flow Hedges, Net of Tax | 0.4 | 0.4 |
Amortization of Pension and OPEB Deferred Costs, Net of Tax | (0.4) | (0.4) |
Other Comprehensive Income (Loss), Net of Tax, Total | 0 | 0 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 63.4 | 16.1 |
Total Comprehensive Income (Loss) Attributable to Noncontrolling Interest | 1 | 1 |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | 62.4 | 15.1 |
Cash Flow Hedges, Tax | 0.1 | 0.1 |
Amortization of Pension and OPEB Deferred Costs, Tax | (0.1) | (0.1) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
OTHER COMPREHENSIVE INCOME | ||
Other Comprehensive Income (Loss), Net of Tax, Total | (2) | (1.8) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Appalachian Power Co [Member] | ||
OTHER COMPREHENSIVE INCOME | ||
Other Comprehensive Income (Loss), Net of Tax, Total | (1.1) | (0.9) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | AEP Texas Inc. [Member] | ||
OTHER COMPREHENSIVE INCOME | ||
Other Comprehensive Income (Loss), Net of Tax, Total | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Indiana Michigan Power Co [Member] | ||
OTHER COMPREHENSIVE INCOME | ||
Other Comprehensive Income (Loss), Net of Tax, Total | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Southwestern Electric Power Co [Member] | ||
OTHER COMPREHENSIVE INCOME | ||
Other Comprehensive Income (Loss), Net of Tax, Total | $ (0.4) | $ (0.4) |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Generation And Marketing [Member] | Appalachian Power Co [Member] | AEP Texas Inc. [Member] | AEP Transmission Co [Member] | Indiana Michigan Power Co [Member] | Ohio Power Co [Member] | Public Service Co Of Oklahoma [Member] | Southwestern Electric Power Co [Member] | Common Stock [Member] | Common Stock [Member]Appalachian Power Co [Member] | Common Stock [Member]Indiana Michigan Power Co [Member] | Common Stock [Member]Ohio Power Co [Member] | Common Stock [Member]Public Service Co Of Oklahoma [Member] | Common Stock [Member]Southwestern Electric Power Co [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Appalachian Power Co [Member] | Additional Paid-in Capital [Member]AEP Texas Inc. [Member] | Additional Paid-in Capital [Member]AEP Transmission Co [Member] | Additional Paid-in Capital [Member]Indiana Michigan Power Co [Member] | Additional Paid-in Capital [Member]Ohio Power Co [Member] | Additional Paid-in Capital [Member]Public Service Co Of Oklahoma [Member] | Additional Paid-in Capital [Member]Southwestern Electric Power Co [Member] | Retained Earnings [Member] | Retained Earnings [Member]Appalachian Power Co [Member] | Retained Earnings [Member]AEP Texas Inc. [Member] | Retained Earnings [Member]AEP Transmission Co [Member] | Retained Earnings [Member]Indiana Michigan Power Co [Member] | Retained Earnings [Member]Ohio Power Co [Member] | Retained Earnings [Member]Public Service Co Of Oklahoma [Member] | Retained Earnings [Member]Southwestern Electric Power Co [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Other Comprehensive Income [Member]Appalachian Power Co [Member] | Accumulated Other Comprehensive Income [Member]AEP Texas Inc. [Member] | Accumulated Other Comprehensive Income [Member]Indiana Michigan Power Co [Member] | Accumulated Other Comprehensive Income [Member]Ohio Power Co [Member] | Accumulated Other Comprehensive Income [Member]Public Service Co Of Oklahoma [Member] | Accumulated Other Comprehensive Income [Member]Southwestern Electric Power Co [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Southwestern Electric Power Co [Member] | Dry Lake Solar Project | Dry Lake Solar ProjectNoncontrolling Interests [Member] | Dry Lake Solar ProjectNoncontrolling Interests [Member]Generation And Marketing [Member] | |
Beginning Balance at Dec. 31, 2019 | $ 4,009.5 | $ 2,480.6 | $ 1,528.9 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2019 | $ 19,913.2 | $ 4,172.4 | $ 2,961.1 | $ 2,544.4 | $ 2,508.5 | $ 1,373.3 | $ 2,441.1 | $ 3,343.4 | $ 260.4 | $ 56.6 | $ 321.2 | $ 157.2 | $ 135.7 | $ 6,535.6 | $ 1,828.7 | $ 1,457.9 | $ 980.9 | $ 838.8 | $ 364 | $ 676.6 | $ 9,900.9 | $ 2,078.3 | $ 1,516 | $ 1,518.5 | $ 1,348.5 | $ 851 | $ 1,629.5 | $ (147.7) | $ 5 | $ (12.8) | $ (11.6) | $ 0 | $ 1.1 | $ (1.3) | $ 281 | $ 0.6 | ||||||||
Beginning Balance, Shares at Dec. 31, 2019 | 514,400,000 | |||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock, Value | 56.1 | $ 6.8 | 49.3 | |||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock, Shares | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (363.7) | (359.1) | [1] | |||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (50) | (21.3) | (21.9) | (50) | (21.3) | (21.9) | ||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (0.7) | (4.6) | (0.7) | |||||||||||||||||||||||||||||||||||||||||
Other Changes in Equity | (30.2) | (29) | (1.2) | |||||||||||||||||||||||||||||||||||||||||
Stockholders Equity ASU 2016-13 Adoption | (1.8) | 0.4 | 0.3 | 0.3 | (1.8) | 0.4 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||||
Capital Contribution from Member | 185 | 185 | ||||||||||||||||||||||||||||||||||||||||||
Dividends Paid on Common Stock | (50) | (21.3) | (21.9) | |||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 495.2 | 15.1 | 495.2 | 15.1 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 4.1 | 1 | 4.1 | 1 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 499.3 | $ 30.5 | 115.3 | 47.6 | 117.8 | 92.3 | 75.1 | (10.3) | 16.1 | 115.3 | 47.6 | 117.8 | 92.3 | 75.1 | (10.3) | |||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | (68.8) | (5.1) | 0.3 | 0.4 | (0.2) | 0 | (68.8) | (5.1) | 0.3 | 0.4 | (0.2) | |||||||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2020 | 4,312.3 | 2,665.6 | 1,646.7 | |||||||||||||||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2020 | $ 20,007.7 | 4,232.6 | 3,009 | 2,616.2 | 2,562 | 1,363.1 | 2,458.1 | $ 3,350.2 | 260.4 | 56.6 | 321.2 | 157.2 | 135.7 | 6,555.9 | 1,828.7 | 1,457.9 | 980.9 | 838.8 | 364 | 676.6 | 10,038.8 | 2,143.6 | 1,563.6 | 1,589.9 | 1,402 | 841 | 1,646.2 | (216.5) | (0.1) | (12.5) | (11.2) | 0 | 0.9 | (1.3) | 279.3 | 0.9 | ||||||||
Ending Balance, Shares at Mar. 31, 2020 | 515,400,000 | |||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock, Dividends Per Share, Declared | $ 0.70 | |||||||||||||||||||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | 4,712.9 | 2,765.6 | 1,947.3 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 20,774.5 | 4,344.3 | 3,206 | 2,749.2 | 2,692.7 | $ 1,545.6 | 2,627.7 | $ 3,359.3 | 260.4 | 56.6 | 321.2 | 157.2 | 0.1 | 6,588.9 | 1,828.7 | 1,457.9 | 980.9 | 838.8 | 414 | 812.2 | 10,687.8 | 2,248 | 1,757 | 1,718.7 | 1,532.7 | 974.3 | 1,811.9 | (85.1) | 7.2 | (8.9) | (7) | 0 | 0.1 | 1.9 | 223.6 | 1.6 | ||||||||
Beginning Balance, Shares at Dec. 31, 2020 | 516,808,354 | 10,482,000 | 516,800,000 | |||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock, Value | $ 184.6 | $ 17.1 | 167.5 | |||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock, Shares | 2,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (372) | (369.5) | [1] | |||||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (12.5) | (25) | (21.9) | (12.5) | (25) | (21.9) | ||||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (1) | (2.5) | (1) | |||||||||||||||||||||||||||||||||||||||||
Other Changes in Equity | (19.1) | (21.9) | (0.6) | 3.4 | ||||||||||||||||||||||||||||||||||||||||
Stockholders Equity ASU 2016-13 Adoption | 1.6 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||
Capital Contribution from Member | 124 | $ 425 | 100 | 124 | 425 | 100 | ||||||||||||||||||||||||||||||||||||||
Acquisition | $ 18.9 | $ 18.9 | $ 19 | |||||||||||||||||||||||||||||||||||||||||
Dividends Paid on Common Stock | (12.5) | (25) | (21.9) | |||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 575 | 62.4 | 575 | 62.4 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 3.8 | 1 | 3.8 | 1 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 578.8 | $ 38.2 | 122.5 | 46.1 | 151.7 | 70.8 | 68.2 | (2.7) | 63.4 | 122.5 | 46.1 | 151.7 | 70.8 | 68.2 | (2.7) | |||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 54.3 | 7.9 | 0.3 | 0.5 | (0.1) | 0 | 54.3 | 7.9 | 0.3 | 0.5 | (0.1) | |||||||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2021 | $ 4,988.6 | $ 2,889.6 | $ 2,099 | |||||||||||||||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2021 | $ 21,220 | $ 4,462.2 | $ 3,252.4 | $ 2,795.5 | $ 2,739 | $ 1,967.8 | $ 2,790.1 | $ 3,376.4 | $ 260.4 | $ 56.6 | $ 321.2 | $ 157.2 | $ 0.1 | $ 6,734.5 | $ 1,828.7 | $ 1,457.9 | $ 980.9 | $ 838.8 | $ 839 | $ 912.2 | $ 10,892.7 | $ 2,358 | $ 1,803.1 | $ 1,764.5 | $ 1,579 | $ 971.6 | $ 1,874.3 | $ (30.8) | $ 15.1 | $ (8.6) | $ (6.5) | $ 0 | $ 0 | $ 1.9 | $ 247.2 | $ 1.6 | ||||||||
Ending Balance, Shares at Mar. 31, 2021 | 519,450,026 | 10,482,000 | 519,500,000 | |||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock, Dividends Per Share, Declared | $ 0.74 | |||||||||||||||||||||||||||||||||||||||||||
[1] | (a) Cash dividends declared per AEP common share were $0.74 and $0.70 for the three months ended March 31, 2021 and 2020. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Current Assets | |||
Cash and Cash Equivalents | $ 273.2 | $ 392.7 | |
Restricted Cash | 50.8 | 45.6 | |
Other Temporary Investments | 199.1 | 200.8 | |
Accounts Receivable: | |||
Customers | 763 | 613.6 | |
Accrued Unbilled Revenues | 199.9 | 248.7 | |
Pledged Accounts Receivable - AEP Credit | 919 | 1,018.4 | |
Miscellaneous | 36.1 | 33.1 | |
Allowance for Uncollectible Accounts | (59.6) | (71.1) | |
Total Accounts Receivable | 1,858.4 | 1,842.7 | |
Fuel | 588.6 | 629.4 | |
Materials and Supplies | 683.3 | 680.6 | |
Risk Management Assets | 72.1 | 94.7 | |
Accrued Tax Benefits | 187.6 | 185.3 | |
Regulatory Asset for Under-Recovered Fuel Costs | 129.8 | 90.7 | |
Margin Deposits | 91 | 62 | |
Prepayments and Other Current Assets | 124.5 | 127 | |
TOTAL CURRENT ASSETS | 4,258.4 | 4,351.5 | |
Property, Plant and Equipment | |||
Generation | 23,186.5 | 23,133.9 | |
Transmission | 28,359.9 | 27,886.7 | |
Distribution | 24,311.8 | 23,972.1 | |
Other Property, Plant and Equipment | 5,465.2 | 5,294.6 | |
Construction Work in Progress | 4,289.5 | 4,025.7 | |
Total Property, Plant and Equipment | 85,612.9 | 84,313 | |
Accumulated Depreciation and Amortization | 20,916.8 | 20,411.4 | |
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 64,696.1 | 63,901.6 | |
Other Noncurrent Assets | |||
Regulatory Assets | 4,885.6 | 3,527 | |
Securitized Assets | 632.5 | 657 | |
Spent Nuclear Fuel and Decommissioning Trusts | 3,414.3 | 3,306.7 | |
Goodwill | 52.5 | 52.5 | |
Long-term Risk Management Assets | 264.8 | 242.2 | |
Operating Lease Assets | 818.9 | 866.4 | |
Deferred Charges and Other Noncurrent Assets | 3,962 | 3,852.3 | |
TOTAL OTHER NONCURRENT ASSETS | 14,030.6 | 12,504.1 | |
TOTAL ASSETS | 82,985.1 | 80,757.2 | |
Current Liabilities | |||
Accounts Payable | 1,703.9 | 1,709.7 | |
Short-term Debt: | |||
Securitized Debt for Receivables - AEP Credit | [1] | 669 | 592 |
Other Short-term Debt | 2,379.4 | 1,887.3 | |
Total Short-term Debt | 3,048.4 | 2,479.3 | |
Long-term Debt Due Within One Year | 2,130.2 | 2,086.1 | |
Risk Management Liabilities | 39.1 | 78.8 | |
Customer Deposits | 331 | 335.6 | |
Accrued Taxes | 1,397.9 | 1,476.4 | |
Accrued Interest | 324.2 | 267.6 | |
Obligations Under Operating Leases | 240.6 | 241.3 | |
Regulatory Liability for Over-Recovered Fuel Costs | 39.1 | 52.6 | |
Other Current Liabilities | 965.7 | 1,199.3 | |
TOTAL CURRENT LIABILITIES | 10,220.1 | 9,926.7 | |
Noncurrent Liabilities | |||
Long-term Debt | 30,214.8 | 28,986.4 | |
Affiliated Long Term Debt Noncurrent | 0 | 0 | |
Long-term Risk Management Liabilities | 273 | 232.8 | |
Deferred Income Taxes | 8,349.9 | 8,240.9 | |
Regulatory Liabilities and Deferred Investment Tax Credits | 8,466.1 | 8,378.7 | |
Asset Retirement Obligations | 2,483.7 | 2,469.2 | |
Employee Benefits and Pension Obligations | 343.4 | 336.4 | |
Obligations Under Operating Leases | 625.1 | 638.4 | |
Deferred Credits and Other Noncurrent Liabilities | 733.7 | 728 | |
TOTAL NONCURRENT LIABILITIES | 51,489.7 | 50,010.8 | |
TOTAL LIABILITIES | 61,709.8 | 59,937.5 | |
Rate Matters | |||
Commitments and Contingencies | |||
Contingently Reedemable Performance Share Awards | 55.3 | 45.2 | |
Total Mezzanine Equity | 55.3 | 45.2 | |
Equity | |||
Common Stock | 3,376.4 | 3,359.3 | |
Paid-in Capital | 6,734.5 | 6,588.9 | |
Retained Earnings | 10,892.7 | 10,687.8 | |
Accumulated Other Comprehensive Income (Loss) | (30.8) | (85.1) | |
TOTAL COMMON SHAREHOLDER'S EQUITY | 20,972.8 | 20,550.9 | |
Noncontrolling Interests | 247.2 | 223.6 | |
TOTAL EQUITY | 21,220 | 20,774.5 | |
TOTAL LIABILITIES AND EQUITY | $ 82,985.1 | $ 80,757.2 | |
Common Stock, No Par Value | $ 6.50 | $ 6.50 | |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | |
Treasury Stock, Shares | 20,204,160 | 20,204,160 | |
Common Stock, Shares, Issued | 519,450,026 | 516,808,354 | |
Commodity [Member] | |||
Equity | |||
Cross Default Provisions Maximum Third Party Obligation Amount | $ 50 | $ 50 | |
Subsidiaries [Member] | |||
Current Assets | |||
Restricted Cash | 50.8 | 45.6 | |
Other Temporary Investments | 191.7 | 194.6 | |
Short-term Debt: | |||
Long-term Debt Due Within One Year | 192.3 | 198.3 | |
Noncurrent Liabilities | |||
Long-term Debt | 921.1 | 950.1 | |
AEP Texas Inc. [Member] | |||
Current Assets | |||
Cash and Cash Equivalents | 0.1 | 0.1 | |
Restricted Cash | 39.3 | 28.7 | |
Advances to Affiliates | 6.8 | 7.1 | |
Accounts Receivable: | |||
Customers | 129.3 | 112.8 | |
Affiliated Companies - Contracts with Customers | 7.2 | 5.1 | |
Accrued Unbilled Revenues | 58.2 | 65.8 | |
Allowance for Uncollectible Accounts | (4.3) | (0.1) | |
Total Accounts Receivable | 190.4 | 183.6 | |
Materials and Supplies | 69.8 | 70 | |
Accrued Tax Benefits | 11.4 | 16.8 | |
Prepayments and Other Current Assets | 4.7 | 4.6 | |
TOTAL CURRENT ASSETS | 322.5 | 310.9 | |
Property, Plant and Equipment | |||
Transmission | 5,434.7 | 5,279.6 | |
Distribution | 4,654.2 | 4,580.8 | |
Other Property, Plant and Equipment | 885 | 868.4 | |
Construction Work in Progress | 567.8 | 614.1 | |
Total Property, Plant and Equipment | 11,541.7 | 11,342.9 | |
Accumulated Depreciation and Amortization | 1,565.9 | 1,529.3 | |
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 9,975.8 | 9,813.6 | |
Other Noncurrent Assets | |||
Regulatory Assets | 274.5 | 266.8 | |
Securitized Assets | 428.6 | 446.8 | |
Deferred Charges and Other Noncurrent Assets | 261.6 | 192.1 | |
TOTAL OTHER NONCURRENT ASSETS | 964.7 | 905.7 | |
TOTAL ASSETS | 11,263 | 11,030.2 | |
Current Liabilities | |||
Advances from Affiliates | 284 | 67.1 | |
Accounts Payable | 198.8 | 231.7 | |
Affiliated Companies | 24.4 | 44 | |
Short-term Debt: | |||
Long-term Debt Due Within One Year | 88.9 | 88.7 | |
Accrued Taxes | 107.1 | 78.3 | |
Accrued Interest | 54.7 | 43.9 | |
Obligations Under Operating Leases | 14.5 | 14.5 | |
Other Current Liabilities | 83.4 | 108.6 | |
TOTAL CURRENT LIABILITIES | 855.8 | 676.8 | |
Noncurrent Liabilities | |||
Long-term Debt | 4,721.3 | 4,731.7 | |
Deferred Income Taxes | 1,024.3 | 1,016.7 | |
Regulatory Liabilities and Deferred Investment Tax Credits | 1,272 | 1,270.8 | |
Obligations Under Operating Leases | 68.9 | 71 | |
Deferred Credits and Other Noncurrent Liabilities | 68.3 | 57.2 | |
TOTAL NONCURRENT LIABILITIES | 7,154.8 | 7,147.4 | |
TOTAL LIABILITIES | 8,010.6 | 7,824.2 | |
Rate Matters | |||
Commitments and Contingencies | |||
Equity | |||
Paid-in Capital | 1,457.9 | 1,457.9 | |
Retained Earnings | 1,803.1 | 1,757 | |
Accumulated Other Comprehensive Income (Loss) | (8.6) | (8.9) | |
TOTAL EQUITY | 3,252.4 | 3,206 | |
TOTAL LIABILITIES AND EQUITY | 11,263 | 11,030.2 | |
AEP Texas Inc. [Member] | AEP Texas Transition Funding and Restoration Funding [Member] | |||
Current Assets | |||
Restricted Cash | 39.3 | 28.7 | |
Other Noncurrent Assets | |||
Securitized Assets | 428.6 | 446.8 | |
Short-term Debt: | |||
Long-term Debt Due Within One Year | 88.9 | 88.7 | |
Accrued Interest | 3.2 | 2.5 | |
Noncurrent Liabilities | |||
Long-term Debt | 392.7 | 403.9 | |
AEP Transmission Co [Member] | |||
Current Assets | |||
Cash and Cash Equivalents | 0 | 0 | |
Advances to Affiliates | 106.1 | 109.1 | |
Accounts Receivable: | |||
Customers | 25.6 | 22.9 | |
Affiliated Companies - Contracts with Customers | 95 | 81.2 | |
Total Accounts Receivable | 120.6 | 104.1 | |
Materials and Supplies | 8.8 | 8.5 | |
Prepayments and Other Current Assets | 3.4 | 14.1 | |
TOTAL CURRENT ASSETS | 238.9 | 235.8 | |
Property, Plant and Equipment | |||
Transmission | 9,788.3 | 9,593.5 | |
Other Property, Plant and Equipment | 356.2 | 329.5 | |
Construction Work in Progress | 1,549.5 | 1,422.6 | |
Total Property, Plant and Equipment | 11,694 | 11,345.6 | |
Accumulated Depreciation and Amortization | 623.6 | 572.8 | |
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 11,070.4 | 10,772.8 | |
Other Noncurrent Assets | |||
Regulatory Assets | 14 | 15.1 | |
Deferred Property Taxes | 190.1 | 220.1 | |
Deferred Charges and Other Noncurrent Assets | 1.7 | 2.2 | |
TOTAL OTHER NONCURRENT ASSETS | 205.8 | 237.4 | |
TOTAL ASSETS | 11,515.1 | 11,246 | |
Current Liabilities | |||
Advances from Affiliates | 229.3 | 156.7 | |
Accounts Payable | 325.3 | 380.4 | |
Affiliated Companies | 72.2 | 97.3 | |
Short-term Debt: | |||
Long-term Debt Due Within One Year | 50 | 50 | |
Accrued Taxes | 373.2 | 418.1 | |
Accrued Interest | 48.2 | 23.9 | |
Obligations Under Operating Leases | 0.8 | 1.2 | |
Other Current Liabilities | 12.3 | 9.9 | |
TOTAL CURRENT LIABILITIES | 1,111.3 | 1,137.5 | |
Noncurrent Liabilities | |||
Long-term Debt | 3,899 | 3,898.5 | |
Deferred Income Taxes | 917.2 | 906.9 | |
Regulatory Liabilities and Deferred Investment Tax Credits | 597.1 | 581.8 | |
Obligations Under Operating Leases | 0.4 | 0.4 | |
Deferred Credits and Other Noncurrent Liabilities | 1.5 | 8 | |
TOTAL NONCURRENT LIABILITIES | 5,415.2 | 5,395.6 | |
TOTAL LIABILITIES | 6,526.5 | 6,533.1 | |
Rate Matters | |||
Commitments and Contingencies | |||
Equity | |||
Paid-in Captial | 2,889.6 | 2,765.6 | |
Retained Earnings | 2,099 | 1,947.3 | |
TOTAL MEMBER'S EQUITY | 4,988.6 | 4,712.9 | |
TOTAL LIABILITIES AND EQUITY | 11,515.1 | 11,246 | |
Appalachian Power Co [Member] | |||
Current Assets | |||
Cash and Cash Equivalents | 4.8 | 5.8 | |
Restricted Cash | 11.6 | 16.9 | |
Advances to Affiliates | 261.1 | 21.4 | |
Accounts Receivable: | |||
Customers | 146.4 | 142.8 | |
Affiliated Companies - Contracts with Customers | 64.9 | 64.3 | |
Accrued Unbilled Revenues | 50.7 | 80.1 | |
Miscellaneous | 0.3 | 0.3 | |
Allowance for Uncollectible Accounts | (2.1) | (3.1) | |
Total Accounts Receivable | 260.2 | 284.4 | |
Fuel | 166.9 | 193.6 | |
Materials and Supplies | 101.2 | 99.6 | |
Risk Management Assets | 6.9 | 22.4 | |
Regulatory Asset for Under-Recovered Fuel Costs | 15.3 | 5.3 | |
Prepayments and Other Current Assets | 24.7 | 24.7 | |
TOTAL CURRENT ASSETS | 852.7 | 674.1 | |
Property, Plant and Equipment | |||
Generation | 6,643.9 | 6,633.7 | |
Transmission | 3,931.7 | 3,900.5 | |
Distribution | 4,511.5 | 4,464.3 | |
Other Property, Plant and Equipment | 644.2 | 627.2 | |
Construction Work in Progress | 525.9 | 484.6 | |
Total Property, Plant and Equipment | 16,257.2 | 16,110.3 | |
Accumulated Depreciation and Amortization | 4,802 | 4,716.2 | |
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 11,455.2 | 11,394.1 | |
Other Noncurrent Assets | |||
Regulatory Assets | 727.1 | 686.3 | |
Securitized Assets | 203.9 | 210.1 | |
Employee Benefits and Pension Assets | 152.3 | 150.1 | |
Operating Lease Assets | 76.3 | 78.8 | |
Deferred Charges and Other Noncurrent Assets | 130.1 | 121.7 | |
TOTAL OTHER NONCURRENT ASSETS | 1,289.7 | 1,247 | |
TOTAL ASSETS | 13,597.6 | 13,315.2 | |
Current Liabilities | |||
Advances from Affiliates | 0 | 18.6 | |
Accounts Payable | 247.1 | 212 | |
Affiliated Companies | 99.3 | 97.1 | |
Short-term Debt: | |||
Long-term Debt Due Within One Year | 168.5 | 518.3 | |
Customer Deposits | 75 | 77.8 | |
Accrued Taxes | 114.4 | 109.9 | |
Accrued Interest | 73.8 | 49.9 | |
Obligations Under Operating Leases | 14.9 | 14.9 | |
Other Current Liabilities | 107.9 | 119.2 | |
TOTAL CURRENT LIABILITIES | 900.9 | 1,217.7 | |
Noncurrent Liabilities | |||
Long-term Debt | 4,797.7 | 4,315.8 | |
Deferred Income Taxes | 1,763.1 | 1,749.9 | |
Regulatory Liabilities and Deferred Investment Tax Credits | 1,215.6 | 1,224.7 | |
Asset Retirement Obligations | 305.5 | 304.8 | |
Employee Benefits and Pension Obligations | 44 | 44 | |
Obligations Under Operating Leases | 61.9 | 64.4 | |
Deferred Credits and Other Noncurrent Liabilities | 46.7 | 49.6 | |
TOTAL NONCURRENT LIABILITIES | 8,234.5 | 7,753.2 | |
TOTAL LIABILITIES | 9,135.4 | 8,970.9 | |
Rate Matters | |||
Commitments and Contingencies | |||
Equity | |||
Common Stock | 260.4 | 260.4 | |
Paid-in Capital | 1,828.7 | 1,828.7 | |
Retained Earnings | 2,358 | 2,248 | |
Accumulated Other Comprehensive Income (Loss) | 15.1 | 7.2 | |
TOTAL EQUITY | 4,462.2 | 4,344.3 | |
TOTAL LIABILITIES AND EQUITY | $ 13,597.6 | $ 13,315.2 | |
Common Stock, No Par Value | $ 0 | $ 0 | |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 | |
Common Stock, Shares, Outstanding | 13,499,500 | 13,499,500 | |
Indiana Michigan Power Co [Member] | |||
Current Assets | |||
Cash and Cash Equivalents | $ 2.8 | $ 3.3 | |
Advances to Affiliates | 13.3 | 13.3 | |
Accounts Receivable: | |||
Customers | 32.7 | 44 | |
Affiliated Companies - Contracts with Customers | 48.8 | 51.3 | |
Accrued Unbilled Revenues | 0.4 | 0 | |
Miscellaneous | 1.6 | 2 | |
Allowance for Uncollectible Accounts | (0.4) | (0.3) | |
Total Accounts Receivable | 83.1 | 97 | |
Fuel | 80.2 | 86 | |
Materials and Supplies | 172.8 | 175.8 | |
Risk Management Assets | 0.9 | 3.6 | |
Accrued Tax Benefits | 1 | 10.3 | |
Regulatory Asset for Under-Recovered Fuel Costs | 3.2 | 5.4 | |
Prepayments and Other Current Assets | 17.9 | 24.1 | |
TOTAL CURRENT ASSETS | 375.2 | 418.8 | |
Property, Plant and Equipment | |||
Generation | 5,302.4 | 5,264.7 | |
Transmission | 1,696.9 | 1,696.4 | |
Distribution | 2,634.3 | 2,594.6 | |
Other Property, Plant and Equipment | 707.4 | 686.7 | |
Construction Work in Progress | 369.5 | 362.4 | |
Total Property, Plant and Equipment | 10,710.5 | 10,604.8 | |
Accumulated Depreciation and Amortization | 3,647.3 | 3,552.5 | |
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 7,063.2 | 7,052.3 | |
Other Noncurrent Assets | |||
Regulatory Assets | 403.4 | 404.8 | |
Spent Nuclear Fuel and Decommissioning Trusts | 3,414.3 | 3,306.7 | |
Operating Lease Assets | 196.8 | 218.1 | |
Deferred Charges and Other Noncurrent Assets | 241.3 | 237.6 | |
TOTAL OTHER NONCURRENT ASSETS | 4,255.8 | 4,167.2 | |
TOTAL ASSETS | 11,694.2 | 11,638.3 | |
Current Liabilities | |||
Advances from Affiliates | 124.6 | 103 | |
Accounts Payable | 113.7 | 153.2 | |
Affiliated Companies | 70.9 | 80.5 | |
Short-term Debt: | |||
Long-term Debt Due Within One Year | 363.1 | 369.6 | |
Customer Deposits | 43.5 | 41.7 | |
Accrued Taxes | 114.8 | 102.5 | |
Accrued Interest | 19.7 | 35.6 | |
Obligations Under Operating Leases | 85.5 | 85.6 | |
Regulatory Liability for Over-Recovered Fuel Costs | 9.3 | 20.8 | |
Other Current Liabilities | 82.6 | 112 | |
TOTAL CURRENT LIABILITIES | 1,027.7 | 1,104.5 | |
Noncurrent Liabilities | |||
Long-term Debt | 2,643.2 | 2,660.3 | |
Deferred Income Taxes | 1,064.9 | 1,064.4 | |
Regulatory Liabilities and Deferred Investment Tax Credits | 2,111.8 | 2,041.9 | |
Asset Retirement Obligations | 1,830.9 | 1,812.9 | |
Obligations Under Operating Leases | 131.3 | 135.9 | |
Deferred Credits and Other Noncurrent Liabilities | 88.9 | 69.2 | |
TOTAL NONCURRENT LIABILITIES | 7,871 | 7,784.6 | |
TOTAL LIABILITIES | 8,898.7 | 8,889.1 | |
Rate Matters | |||
Commitments and Contingencies | |||
Equity | |||
Common Stock | 56.6 | 56.6 | |
Paid-in Capital | 980.9 | 980.9 | |
Retained Earnings | 1,764.5 | 1,718.7 | |
Accumulated Other Comprehensive Income (Loss) | (6.5) | (7) | |
TOTAL EQUITY | 2,795.5 | 2,749.2 | |
TOTAL LIABILITIES AND EQUITY | $ 11,694.2 | $ 11,638.3 | |
Common Stock, No Par Value | $ 0 | $ 0 | |
Common Stock, Shares Authorized | 2,500,000 | 2,500,000 | |
Common Stock, Shares, Outstanding | 1,400,000 | 1,400,000 | |
Indiana Michigan Power Co [Member] | DCC Fuel [Member] | |||
Short-term Debt: | |||
Long-term Debt Due Within One Year | $ 69.2 | $ 75.7 | |
Ohio Power Co [Member] | |||
Current Assets | |||
Cash and Cash Equivalents | 6.1 | 7.4 | |
Advances to Affiliates | 0.5 | 0 | |
Accounts Receivable: | |||
Customers | 66.1 | 50 | |
Affiliated Companies - Contracts with Customers | 78.3 | 65.1 | |
Accrued Unbilled Revenues | 15.3 | 14.8 | |
Miscellaneous | 7.2 | 3.9 | |
Allowance for Uncollectible Accounts | (0.7) | (0.6) | |
Total Accounts Receivable | 166.2 | 133.2 | |
Materials and Supplies | 67.3 | 66.9 | |
Renewable Energy Credits | 32 | 29.5 | |
Prepayments and Other Current Assets | 22.4 | 19.3 | |
TOTAL CURRENT ASSETS | 294.5 | 256.3 | |
Property, Plant and Equipment | |||
Transmission | 2,862.7 | 2,831.9 | |
Distribution | 5,806.3 | 5,708.3 | |
Other Property, Plant and Equipment | 938.3 | 899.6 | |
Construction Work in Progress | 343.8 | 362.3 | |
Total Property, Plant and Equipment | 9,951.1 | 9,802.1 | |
Accumulated Depreciation and Amortization | 2,385.4 | 2,350 | |
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 7,565.7 | 7,452.1 | |
Other Noncurrent Assets | |||
Regulatory Assets | 392.3 | 385.8 | |
Deferred Charges and Other Noncurrent Assets | 536.2 | 616.2 | |
TOTAL OTHER NONCURRENT ASSETS | 928.5 | 1,002 | |
TOTAL ASSETS | 8,788.7 | 8,710.4 | |
Current Liabilities | |||
Advances from Affiliates | 0 | 259.2 | |
Accounts Payable | 174.5 | 181 | |
Affiliated Companies | 117.7 | 118.4 | |
Short-term Debt: | |||
Long-term Debt Due Within One Year | 500.1 | 500.1 | |
Risk Management Liabilities | 8.1 | 8.7 | |
Customer Deposits | 54.3 | 55.1 | |
Accrued Taxes | 484.7 | 631 | |
Obligations Under Operating Leases | 13.1 | 13.1 | |
Other Current Liabilities | 132 | 139.6 | |
TOTAL CURRENT LIABILITIES | 1,484.5 | 1,906.2 | |
Noncurrent Liabilities | |||
Long-term Debt | 2,376.2 | 1,930.1 | |
Long-term Risk Management Liabilities | 95.9 | 101.6 | |
Deferred Income Taxes | 968.8 | 955.1 | |
Regulatory Liabilities and Deferred Investment Tax Credits | 1,008.4 | 1,005.2 | |
Obligations Under Operating Leases | 77 | 79.5 | |
Deferred Credits and Other Noncurrent Liabilities | 38.9 | 40 | |
TOTAL NONCURRENT LIABILITIES | 4,565.2 | 4,111.5 | |
TOTAL LIABILITIES | 6,049.7 | 6,017.7 | |
Rate Matters | |||
Commitments and Contingencies | |||
Equity | |||
Common Stock | 321.2 | 321.2 | |
Paid-in Capital | 838.8 | 838.8 | |
Retained Earnings | 1,579 | 1,532.7 | |
TOTAL EQUITY | 2,739 | 2,692.7 | |
TOTAL LIABILITIES AND EQUITY | $ 8,788.7 | $ 8,710.4 | |
Common Stock, No Par Value | $ 0 | $ 0 | |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 | |
Common Stock, Shares, Outstanding | 27,952,473 | 27,952,473 | |
Public Service Co Of Oklahoma [Member] | |||
Current Assets | |||
Cash and Cash Equivalents | $ 2.4 | $ 2.6 | |
Accounts Receivable: | |||
Customers | 37.7 | 30.8 | |
Affiliated Companies - Contracts with Customers | 21.8 | 15.6 | |
Miscellaneous | 0.1 | 2 | |
Total Accounts Receivable | 59.6 | 48.4 | |
Fuel | 14.1 | 17.9 | |
Materials and Supplies | 53.3 | 54 | |
Risk Management Assets | 5.5 | 10.3 | |
Accrued Tax Benefits | 9.9 | 10.9 | |
Regulatory Asset for Under-Recovered Fuel Costs | 44.8 | 30.1 | |
Prepayments and Other Current Assets | 7.4 | 7.1 | |
TOTAL CURRENT ASSETS | 197 | 181.3 | |
Property, Plant and Equipment | |||
Generation | 1,481.7 | 1,480.7 | |
Transmission | 1,082 | 1,069.9 | |
Distribution | 2,896.4 | 2,853 | |
Other Property, Plant and Equipment | 411 | 393.3 | |
Construction Work in Progress | 98.2 | 128.7 | |
Total Property, Plant and Equipment | 5,969.3 | 5,925.6 | |
Accumulated Depreciation and Amortization | 1,626 | 1,605.6 | |
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 4,343.3 | 4,320 | |
Other Noncurrent Assets | |||
Regulatory Assets | 1,067.6 | 375 | |
Employee Benefits and Pension Assets | 65.9 | 65.8 | |
Operating Lease Assets | 42.4 | 42.6 | |
Deferred Charges and Other Noncurrent Assets | 39.6 | 6 | |
TOTAL OTHER NONCURRENT ASSETS | 1,215.5 | 489.4 | |
TOTAL ASSETS | 5,755.8 | 4,990.7 | |
Current Liabilities | |||
Advances from Affiliates | 245.7 | 155.4 | |
Accounts Payable | 107.4 | 107 | |
Affiliated Companies | 49.6 | 43.4 | |
Short-term Debt: | |||
Long-term Debt Due Within One Year | 0.5 | 0.5 | |
Customer Deposits | 53.6 | 54.8 | |
Accrued Taxes | 48.2 | 26.8 | |
Obligations Under Operating Leases | 6.6 | 6.5 | |
Other Current Liabilities | 57.6 | 84.2 | |
TOTAL CURRENT LIABILITIES | 569.2 | 478.6 | |
Noncurrent Liabilities | |||
Long-term Debt | 1,623.3 | 1,373.3 | |
Deferred Income Taxes | 693.7 | 688.5 | |
Regulatory Liabilities and Deferred Investment Tax Credits | 799.7 | 802.2 | |
Asset Retirement Obligations | 46 | 45.7 | |
Obligations Under Operating Leases | 35.8 | 36.2 | |
Deferred Credits and Other Noncurrent Liabilities | 20.3 | 20.6 | |
TOTAL NONCURRENT LIABILITIES | 3,218.8 | 2,966.5 | |
TOTAL LIABILITIES | 3,788 | 3,445.1 | |
Rate Matters | |||
Commitments and Contingencies | |||
Equity | |||
Common Stock | 157.2 | 157.2 | |
Paid-in Capital | 839 | 414 | |
Retained Earnings | 971.6 | 974.3 | |
Accumulated Other Comprehensive Income (Loss) | 0 | 0.1 | |
TOTAL EQUITY | 1,967.8 | 1,545.6 | |
TOTAL LIABILITIES AND EQUITY | $ 5,755.8 | $ 4,990.7 | |
Common Stock, Shares Authorized | 11,000,000 | 11,000,000 | |
Common Stock, Shares, Outstanding | 9,013,000 | 9,013,000 | |
Common Stock, Par or Stated Value Per Share | $ 15 | $ 15 | |
Common Stock, Shares, Issued | 10,482,000 | 10,482,000 | |
Southwestern Electric Power Co [Member] | |||
Current Assets | |||
Cash and Cash Equivalents | $ 18.2 | $ 13.2 | |
Advances to Affiliates | 2.1 | 2.1 | |
Accounts Receivable: | |||
Customers | 119.4 | 27.1 | |
Affiliated Companies - Contracts with Customers | 34.6 | 25.1 | |
Miscellaneous | 16.7 | 12.7 | |
Total Accounts Receivable | 170.7 | 64.9 | |
Fuel | 195.6 | 191.1 | |
Materials and Supplies | 93 | 95.8 | |
Risk Management Assets | 1.3 | 3.2 | |
Accrued Tax Benefits | 36.3 | 29.9 | |
Regulatory Asset for Under-Recovered Fuel Costs | 5.8 | 2.6 | |
Prepayments and Other Current Assets | 17.9 | 25.2 | |
TOTAL CURRENT ASSETS | 540.9 | 428 | |
Property, Plant and Equipment | |||
Generation | 4,679.8 | 4,681.4 | |
Transmission | 2,203.3 | 2,165.7 | |
Distribution | 2,403.1 | 2,382.5 | |
Other Property, Plant and Equipment | 803.9 | 788.8 | |
Construction Work in Progress | 232.4 | 228.3 | |
Total Property, Plant and Equipment | 10,322.5 | 10,246.7 | |
Accumulated Depreciation and Amortization | 3,275.2 | 3,158.5 | |
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 7,047.3 | 7,088.2 | |
Other Noncurrent Assets | |||
Regulatory Assets | 988.2 | 403.1 | |
Deferred Charges and Other Noncurrent Assets | 291.3 | 234.8 | |
TOTAL OTHER NONCURRENT ASSETS | 1,279.5 | 637.9 | |
TOTAL ASSETS | 8,867.7 | 8,154.1 | |
Current Liabilities | |||
Advances from Affiliates | 86.9 | 124.6 | |
Accounts Payable | 219.7 | 135.9 | |
Affiliated Companies | 51.2 | 43 | |
Short-term Debt: | |||
Other Short-term Debt | 5 | 35 | |
Long-term Debt Due Within One Year | 381.2 | 106.2 | |
Risk Management Liabilities | 0 | 0.7 | |
Customer Deposits | 60.3 | 61.3 | |
Accrued Taxes | 121.3 | 41 | |
Accrued Interest | 22.3 | 34.6 | |
Obligations Under Operating Leases | 8 | 7.9 | |
Other Current Liabilities | 127.7 | 173.4 | |
TOTAL CURRENT LIABILITIES | 1,083.6 | 763.6 | |
Noncurrent Liabilities | |||
Long-term Debt | 2,750.2 | 2,530.2 | |
Long-term Risk Management Liabilities | 0.9 | 1 | |
Deferred Income Taxes | 1,017.4 | 1,017.6 | |
Regulatory Liabilities and Deferred Investment Tax Credits | 878.5 | 863.4 | |
Asset Retirement Obligations | 191.9 | 193.7 | |
Employee Benefits and Pension Obligations | 21.6 | 18.6 | |
Obligations Under Operating Leases | 44.3 | 44.1 | |
Deferred Credits and Other Noncurrent Liabilities | 89.2 | 94.2 | |
TOTAL NONCURRENT LIABILITIES | 4,994 | 4,762.8 | |
TOTAL LIABILITIES | 6,077.6 | 5,526.4 | |
Rate Matters | |||
Commitments and Contingencies | |||
Equity | |||
Common Stock | 0.1 | 0.1 | |
Paid-in Capital | 912.2 | 812.2 | |
Retained Earnings | 1,874.3 | 1,811.9 | |
Accumulated Other Comprehensive Income (Loss) | 1.9 | 1.9 | |
TOTAL COMMON SHAREHOLDER'S EQUITY | 2,788.5 | 2,626.1 | |
Noncontrolling Interests | 1.6 | 1.6 | |
TOTAL EQUITY | 2,790.1 | 2,627.7 | |
TOTAL LIABILITIES AND EQUITY | $ 8,867.7 | $ 8,154.1 | |
Common Stock, No Par Value | $ 18 | $ 18 | |
Common Stock, Shares Authorized | 3,680 | 3,680 | |
Common Stock, Shares, Outstanding | 3,680 | 3,680 | |
Southwestern Electric Power Co [Member] | Sabine Mining Co [Member] | |||
Current Assets | |||
Cash and Cash Equivalents | $ 14.7 | $ 10.1 | |
Accounts Receivable: | |||
Fuel | 17.2 | 35.2 | |
Materials and Supplies | 21.8 | 23.3 | |
Property, Plant and Equipment | |||
Other Property, Plant and Equipment | 223.8 | 223.7 | |
Accumulated Depreciation and Amortization | $ 137.7 | $ 126.5 | |
[1] | Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net Income (Loss) | $ 578.8 | $ 499.3 |
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities: | ||
Depreciation and Amortization | 696.3 | 672.2 |
Rockport Plant, Unit 2 Operating Lease Amortization | 32.8 | 34.1 |
Deferred Income Taxes | 44.3 | 27.9 |
Allowance for Equity Funds Used During Construction | (33.4) | (31.4) |
Mark-to-Market of Risk Management Contracts | 21 | 57.4 |
Amortization of Nuclear Fuel | 22.7 | 23.4 |
Property Taxes | (74.8) | (59.8) |
Deferred Fuel Over/Under-Recovery, Net | (1,225.1) | 63.1 |
Change in Other Noncurrent Assets | (168.9) | (84.9) |
Change in Other Noncurrent Liabilities | 83.5 | (74.8) |
Changes in Certain Components of Working Capital: | ||
Accounts Receivable, Net | (12.9) | (32.6) |
Fuel, Materials and Supplies | 39.5 | (35.8) |
Accounts Payable | 171.8 | (111.1) |
Accrued Taxes, Net | (80.8) | (93.9) |
Other Current Assets | (26.3) | 5.3 |
Other Current Liabilities | (185.7) | (242.7) |
Net Cash Flows from (Used for) Operating Activities | (117.2) | 615.7 |
Investing Activities | ||
Construction Expenditures | (1,492.7) | (1,792.7) |
Purchases of Investment Securities | (337.6) | (632.7) |
Sales of Investment Securities | 325.5 | 635.6 |
Acquisitions of Nuclear Fuel | (55.9) | (1.3) |
Acquisitions of Assets | (102.9) | 0 |
Other Investing Activities | 29.4 | 25.1 |
Net Cash Flows from (Used for) Investing Activities | (1,634.2) | (1,766) |
Financing Activities | ||
Issuance of Common Stock | 184.6 | 56.1 |
Issuance of Long-term Debt | 1,951.5 | 1,418.9 |
Issuance of Short-term Debt with Original Maturities greater than 90 Days | 644.2 | 1,297.5 |
Change in Short-term Debt with Original Maturities less than 90 Days, Net | 16.9 | 328.3 |
Retirement of Long-term Debt | (650.7) | (300.5) |
Redemption of Short-term Debt with Original Maturities Greater than 90 Days | (92) | 0 |
Principal Payments for Finance Leases Obligations | (15) | (15.4) |
Dividends Paid on Common Stock | (372) | (363.7) |
Other Financing Activities | (30.4) | (32.7) |
Net Cash Flows from (Used for) Financing Activities | 1,637.1 | 2,388.5 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (114.3) | 1,238.2 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 438.3 | 432.6 |
Cash and Cash Equivalents at Beginning of Period | 392.7 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 324 | 1,670.8 |
Cash and Cash Equivalents at End of Period | 273.2 | |
Supplementary Information | ||
Cash Paid for Interest, Net of Capitalized Amounts | 220.5 | 212.6 |
Net Cash Paid (Received) for Income Taxes | (0.2) | (0.6) |
Noncash Acquisitions Under Finance Leases | 9 | 19.4 |
Construction Expenditures Included in Current Liabilities as of March 31, | 762.7 | 874.1 |
Construction Expenditures Included in Noncurrent Liabilities as of March 31, | 0 | 8.3 |
Acquisition of Nuclear Fuel Included in Current Liabilities as of March 31, | 6.7 | 0 |
Expected Reimbursement for Spent Nuclear Fuel Dry Cask Storage | 0.1 | 1.3 |
AEP Texas Inc. [Member] | ||
Operating Activities | ||
Net Income (Loss) | 46.1 | 47.6 |
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities: | ||
Depreciation and Amortization | 97.5 | 162.5 |
Deferred Income Taxes | 1.7 | (7.6) |
Allowance for Equity Funds Used During Construction | (4.1) | (5.1) |
Property Taxes | (71.1) | (69.3) |
Change in Other Noncurrent Assets | (14.8) | (10.8) |
Change in Other Noncurrent Liabilities | 14.7 | 3.2 |
Changes in Certain Components of Working Capital: | ||
Accounts Receivable, Net | (6.8) | (34.3) |
Fuel, Materials and Supplies | 0.3 | (7.6) |
Accounts Payable | 1.4 | 2.4 |
Accrued Taxes, Net | 34.1 | 38.9 |
Other Current Assets | 0.3 | (1.4) |
Other Current Liabilities | (15.2) | (4.6) |
Net Cash Flows from (Used for) Operating Activities | 84.1 | 113.9 |
Investing Activities | ||
Construction Expenditures | (295.1) | (327.5) |
Change in Advances to Affiliates, Net | 0.3 | 200.1 |
Other Investing Activities | 17 | 7.4 |
Net Cash Flows from (Used for) Investing Activities | (277.8) | (120) |
Financing Activities | ||
Change in Advances from Affiliates, Net | 216.9 | 63.9 |
Retirement of Long-term Debt | (11.2) | (114.3) |
Principal Payments for Finance Leases Obligations | (1.7) | (1.5) |
Other Financing Activities | 0.3 | 0.4 |
Net Cash Flows from (Used for) Financing Activities | 204.3 | (51.5) |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 10.6 | (57.6) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 28.8 | 157.8 |
Cash and Cash Equivalents at Beginning of Period | 0.1 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 39.4 | 100.2 |
Cash and Cash Equivalents at End of Period | 0.1 | |
Supplementary Information | ||
Cash Paid for Interest, Net of Capitalized Amounts | 30 | 21.1 |
Noncash Acquisitions Under Finance Leases | 0.8 | 3.7 |
Construction Expenditures Included in Current Liabilities as of March 31, | 120.5 | 175.1 |
AEP Transmission Co [Member] | ||
Operating Activities | ||
Net Income (Loss) | 151.7 | 117.8 |
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities: | ||
Depreciation and Amortization | 70.6 | 56 |
Deferred Income Taxes | 8.3 | 13.7 |
Allowance for Equity Funds Used During Construction | (16.7) | (16.2) |
Property Taxes | 30 | 28.4 |
Change in Other Noncurrent Assets | 1.4 | 2.4 |
Change in Other Noncurrent Liabilities | 0.6 | 0.6 |
Changes in Certain Components of Working Capital: | ||
Accounts Receivable, Net | (16.5) | (22) |
Fuel, Materials and Supplies | (0.3) | 0.4 |
Accounts Payable | (18.9) | 22.7 |
Accrued Taxes, Net | (35.1) | (37.8) |
Accrued Interest | 24.3 | 19.4 |
Other Current Assets | 0.9 | 0.4 |
Other Current Liabilities | 1.4 | 1.2 |
Net Cash Flows from (Used for) Operating Activities | 201.7 | 187 |
Investing Activities | ||
Construction Expenditures | (400.5) | (491.5) |
Change in Advances to Affiliates, Net | 3 | (43) |
Other Investing Activities | (0.8) | 2.1 |
Net Cash Flows from (Used for) Investing Activities | (398.3) | (532.4) |
Financing Activities | ||
Capital Contributions from Parent | 124 | 185 |
Change in Advances from Affiliates, Net | 72.6 | 160.4 |
Net Cash Flows from (Used for) Financing Activities | 196.6 | 345.4 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 |
Supplementary Information | ||
Cash Paid for Interest, Net of Capitalized Amounts | 8.9 | 9.3 |
Net Cash Paid (Received) for Income Taxes | 0 | 0.1 |
Construction Expenditures Included in Current Liabilities as of March 31, | 244.5 | 290.6 |
Appalachian Power Co [Member] | ||
Operating Activities | ||
Net Income (Loss) | 122.5 | 115.3 |
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities: | ||
Depreciation and Amortization | 135.8 | 122.2 |
Deferred Income Taxes | (1.7) | (5.1) |
Allowance for Equity Funds Used During Construction | (3.5) | (2.4) |
Mark-to-Market of Risk Management Contracts | 12.1 | 29.6 |
Deferred Fuel Over/Under-Recovery, Net | (6.4) | 7.6 |
Change in Other Noncurrent Assets | (54.3) | (24.4) |
Change in Other Noncurrent Liabilities | 6.8 | (16.1) |
Changes in Certain Components of Working Capital: | ||
Accounts Receivable, Net | 25.1 | (2.6) |
Fuel, Materials and Supplies | 25.2 | (5.5) |
Accounts Payable | 46 | (86.6) |
Accrued Taxes, Net | 8.2 | 14.5 |
Other Current Assets | (3.6) | 19.2 |
Other Current Liabilities | 3.1 | (11.1) |
Net Cash Flows from (Used for) Operating Activities | 315.3 | 154.6 |
Investing Activities | ||
Construction Expenditures | (187.5) | (219.1) |
Change in Advances to Affiliates, Net | (239.7) | 0.3 |
Other Investing Activities | 6.6 | 1.1 |
Net Cash Flows from (Used for) Investing Activities | (420.6) | (217.7) |
Financing Activities | ||
Issuance of Long-term Debt | 494.3 | 0 |
Change in Advances from Affiliates, Net | (18.6) | 118.6 |
Retirement of Long-term Debt | (362.5) | (12.2) |
Principal Payments for Finance Leases Obligations | (1.9) | (1.8) |
Dividends Paid on Common Stock | (12.5) | (50) |
Other Financing Activities | 0.2 | 0.2 |
Net Cash Flows from (Used for) Financing Activities | 99 | 54.8 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (6.3) | (8.3) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 22.7 | 26.8 |
Cash and Cash Equivalents at Beginning of Period | 5.8 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 16.4 | 18.5 |
Cash and Cash Equivalents at End of Period | 4.8 | |
Supplementary Information | ||
Cash Paid for Interest, Net of Capitalized Amounts | 28.9 | 31.9 |
Noncash Acquisitions Under Finance Leases | 0.4 | 1.9 |
Construction Expenditures Included in Current Liabilities as of March 31, | 96.1 | 103.7 |
Indiana Michigan Power Co [Member] | ||
Operating Activities | ||
Net Income (Loss) | 70.8 | 92.3 |
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities: | ||
Depreciation and Amortization | 109.2 | 93.9 |
Rockport Plant, Unit 2 Operating Lease Amortization | 16.6 | 17.3 |
Deferred Income Taxes | (12.1) | (16.3) |
Amortization (Deferral) of Incremental Nuclear Refueling Outage Expenses, Net | 4.9 | 15.2 |
Allowance for Equity Funds Used During Construction | (3.5) | (2) |
Mark-to-Market of Risk Management Contracts | 2.7 | 4.4 |
Amortization of Nuclear Fuel | 22.7 | 23.4 |
Deferred Fuel Over/Under-Recovery, Net | (9.3) | 22.5 |
Change in Other Noncurrent Assets | 2.6 | (2.9) |
Change in Other Noncurrent Liabilities | 24.1 | 10 |
Changes in Certain Components of Working Capital: | ||
Accounts Receivable, Net | 14.4 | 8.6 |
Fuel, Materials and Supplies | 8.8 | (16.2) |
Accounts Payable | (14.8) | (21.6) |
Accrued Taxes, Net | 21.6 | 25 |
Other Current Assets | 5.2 | 18.2 |
Other Current Liabilities | (45.8) | (62.7) |
Net Cash Flows from (Used for) Operating Activities | 218.1 | 209.1 |
Investing Activities | ||
Construction Expenditures | (120.2) | (141.4) |
Change in Advances to Affiliates, Net | 0 | (0.1) |
Purchases of Investment Securities | (336.9) | (626) |
Sales of Investment Securities | 320 | 612.4 |
Acquisitions of Nuclear Fuel | (55.9) | (1.3) |
Other Investing Activities | 3.2 | 4.2 |
Net Cash Flows from (Used for) Investing Activities | (189.8) | (152.2) |
Financing Activities | ||
Change in Advances from Affiliates, Net | 21.6 | (10.7) |
Retirement of Long-term Debt | (24.1) | (23.7) |
Principal Payments for Finance Leases Obligations | (1.5) | (1.5) |
Dividends Paid on Common Stock | (25) | (21.3) |
Other Financing Activities | 0.2 | 0.1 |
Net Cash Flows from (Used for) Financing Activities | (28.8) | (57.1) |
Net Increase (Decrease) in Cash and Cash Equivalents | (0.5) | (0.2) |
Cash and Cash Equivalents at Beginning of Period | 3.3 | 2 |
Cash and Cash Equivalents at End of Period | 2.8 | 1.8 |
Supplementary Information | ||
Cash Paid for Interest, Net of Capitalized Amounts | 42 | 44.3 |
Noncash Acquisitions Under Finance Leases | 2.4 | 1.4 |
Construction Expenditures Included in Current Liabilities as of March 31, | 50.5 | 67.8 |
Acquisition of Nuclear Fuel Included in Current Liabilities as of March 31, | 6.7 | 0 |
Expected Reimbursement for Spent Nuclear Fuel Dry Cask Storage | 0.1 | 1.3 |
Ohio Power Co [Member] | ||
Operating Activities | ||
Net Income (Loss) | 68.2 | 75.1 |
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities: | ||
Depreciation and Amortization | 75.1 | 70.5 |
Deferred Income Taxes | 4.5 | 12.9 |
Carrying Costs Income | (0.5) | (0.4) |
Allowance for Equity Funds Used During Construction | (2.7) | (1.9) |
Mark-to-Market of Risk Management Contracts | (6.3) | 17.3 |
Property Taxes | 78.3 | 74.4 |
Change in Other Noncurrent Assets | (20.9) | (61.5) |
Change in Other Noncurrent Liabilities | 3.8 | (36.4) |
Changes in Certain Components of Working Capital: | ||
Accounts Receivable, Net | (31.8) | (19.9) |
Fuel, Materials and Supplies | (3.7) | (10.2) |
Accounts Payable | (6.4) | 35.5 |
Accrued Taxes, Net | (144.7) | (141.9) |
Other Current Assets | (0.2) | (2) |
Other Current Liabilities | (2) | (8.4) |
Net Cash Flows from (Used for) Operating Activities | 11.2 | 3.5 |
Investing Activities | ||
Construction Expenditures | (178.2) | (232.8) |
Change in Advances to Affiliates, Net | (0.5) | 0 |
Other Investing Activities | 2.6 | 5.9 |
Net Cash Flows from (Used for) Investing Activities | (176.1) | (226.9) |
Financing Activities | ||
Issuance of Long-term Debt | 445.8 | 347.1 |
Change in Advances from Affiliates, Net | (259.2) | (101.6) |
Principal Payments for Finance Leases Obligations | (1.2) | (1.2) |
Dividends Paid on Common Stock | (21.9) | (21.9) |
Other Financing Activities | 0.1 | 0.4 |
Net Cash Flows from (Used for) Financing Activities | 163.6 | 222.8 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (1.3) | (0.6) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 7.4 | 3.7 |
Cash and Cash Equivalents at Beginning of Period | 7.4 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 6.1 | 3.1 |
Cash and Cash Equivalents at End of Period | 6.1 | |
Supplementary Information | ||
Cash Paid for Interest, Net of Capitalized Amounts | 15.8 | 16.7 |
Noncash Acquisitions Under Finance Leases | 0.4 | 4.3 |
Construction Expenditures Included in Current Liabilities as of March 31, | 72.4 | 72.9 |
Public Service Co Of Oklahoma [Member] | ||
Operating Activities | ||
Net Income (Loss) | (2.7) | (10.3) |
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities: | ||
Depreciation and Amortization | 49.9 | 44.7 |
Deferred Income Taxes | (0.8) | (5.3) |
Allowance for Equity Funds Used During Construction | (0.4) | (1) |
Mark-to-Market of Risk Management Contracts | 4.8 | 9.5 |
Property Taxes | (32.8) | (29.8) |
Deferred Fuel Over/Under-Recovery, Net | (703.5) | 4.1 |
Change in Other Noncurrent Assets | (7.3) | (0.1) |
Change in Other Noncurrent Liabilities | 1.5 | 4.2 |
Changes in Certain Components of Working Capital: | ||
Accounts Receivable, Net | (11.2) | 0.9 |
Fuel, Materials and Supplies | 4.5 | (8.5) |
Accounts Payable | 15.2 | (39.1) |
Accrued Taxes, Net | 22.4 | 25.1 |
Other Current Assets | (0.3) | (1.7) |
Other Current Liabilities | (24.7) | (7.2) |
Net Cash Flows from (Used for) Operating Activities | (685.4) | (14.5) |
Investing Activities | ||
Construction Expenditures | (79.9) | (96.5) |
Change in Advances to Affiliates, Net | 0 | 38.8 |
Other Investing Activities | 0.5 | 1.6 |
Net Cash Flows from (Used for) Investing Activities | (79.4) | (56.1) |
Financing Activities | ||
Capital Contributions from Parent | 425 | 0 |
Issuance of Long-term Debt | 500 | 0 |
Change in Advances from Affiliates, Net | 90.3 | 70.9 |
Retirement of Long-term Debt | (250.1) | (0.1) |
Principal Payments for Finance Leases Obligations | (0.9) | (0.8) |
Other Financing Activities | 0.3 | 0.2 |
Net Cash Flows from (Used for) Financing Activities | 764.6 | 70.2 |
Net Increase (Decrease) in Cash and Cash Equivalents | (0.2) | (0.4) |
Cash and Cash Equivalents at Beginning of Period | 2.6 | 1.5 |
Cash and Cash Equivalents at End of Period | 2.4 | 1.1 |
Supplementary Information | ||
Cash Paid for Interest, Net of Capitalized Amounts | 16.9 | 16.7 |
Noncash Acquisitions Under Finance Leases | 1 | 0.9 |
Construction Expenditures Included in Current Liabilities as of March 31, | 22.2 | 30.8 |
Southwestern Electric Power Co [Member] | ||
Operating Activities | ||
Net Income (Loss) | 63.4 | 16.1 |
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities: | ||
Depreciation and Amortization | 69.6 | 67.3 |
Deferred Income Taxes | 8.6 | (9.2) |
Allowance for Equity Funds Used During Construction | (2.1) | (1.4) |
Mark-to-Market of Risk Management Contracts | 1.1 | 3.9 |
Property Taxes | (61.6) | (49) |
Deferred Fuel Over/Under-Recovery, Net | (461.1) | 21 |
Change in Regulatory Assets | (89.1) | (15.1) |
Change in Other Noncurrent Assets | 6.1 | 11.1 |
Change in Other Noncurrent Liabilities | 16.6 | 9.8 |
Changes in Certain Components of Working Capital: | ||
Accounts Receivable, Net | (105.8) | 11.3 |
Fuel, Materials and Supplies | 0.4 | (7.6) |
Accounts Payable | 95.1 | (31.2) |
Accrued Taxes, Net | 73.9 | 51.2 |
Other Current Assets | 8.2 | (4) |
Other Current Liabilities | (51) | (48.4) |
Net Cash Flows from (Used for) Operating Activities | (427.7) | 25.8 |
Investing Activities | ||
Construction Expenditures | (91.4) | (122.4) |
Other Investing Activities | 0.1 | 0.8 |
Net Cash Flows from (Used for) Investing Activities | (91.3) | (121.6) |
Financing Activities | ||
Capital Contributions from Parent | 100 | 0 |
Issuance of Long-term Debt | 496.8 | 0 |
Change in Short-term Debt with Original Maturities less than 90 Days, Net | (30) | 12.2 |
Change in Advances from Affiliates, Net | (37.7) | 88.2 |
Retirement of Long-term Debt | (1.6) | (1.6) |
Principal Payments for Finance Leases Obligations | (2.6) | (2.7) |
Dividends Paid on Common Stock | (1) | (0.7) |
Other Financing Activities | 0.1 | 0.2 |
Net Cash Flows from (Used for) Financing Activities | 524 | 95.6 |
Net Increase (Decrease) in Cash and Cash Equivalents | 5 | (0.2) |
Cash and Cash Equivalents at Beginning of Period | 13.2 | 1.6 |
Cash and Cash Equivalents at End of Period | 18.2 | 1.4 |
Supplementary Information | ||
Cash Paid for Interest, Net of Capitalized Amounts | 39.7 | 40.7 |
Noncash Acquisitions Under Finance Leases | 1.5 | 3 |
Construction Expenditures Included in Current Liabilities as of March 31, | 40.2 | 45.2 |
Noncontrolling Interest [Member] | ||
Supplementary Information | ||
Noncontrolling Interest Assumed with Dry Lake Solar Project Acquisition | $ 18.9 | $ 0 |
Significant Accounting Matters
Significant Accounting Matters | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Matters | SIGNIFICANT ACCOUNTING MATTERS The disclosures in this note apply to all Registrants unless indicated otherwise. General The unaudited condensed financial statements and footnotes were prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, the unaudited condensed interim financial statements reflect all normal and recurring accruals and adjustments necessary for a fair statement of the net income, financial position and cash flows for the interim periods for each Registrant. Net income for the three months ended March 31, 2021 is not necessarily indicative of results that may be expected for the year ending December 31, 2021. The condensed financial statements are unaudited and should be read in conjunction with the audited 2020 financial statements and notes thereto, which are included in the Registrants’ Annual Reports on Form 10-K as filed with the SEC on February 25, 2021. COVID-19 In 2020, COVID-19 was declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention. Its rapid spread around the world and throughout the United States prompted many countries, including the United States, to institute restrictions on travel, public gatherings and certain business operations. These restrictions significantly disrupted economic activity in AEP’s service territory and resulted in reduced demand for energy, particularly from commercial and industrial customers. The Registrants continue to take steps to mitigate the potential risks to customers, suppliers and employees posed by the spread of COVID-19. As of March 31, 2021 and through the date of this report, the Registrants assessed certain accounting matters that require consideration of forecasted financial information, including, but not limited to, the allowance for credit losses and the carrying value of long-lived assets. While there were not any impairments or significant increases in credit allowances resulting from these assessments for the three months ended March 31, 2021 and 2020, the ultimate impact of COVID-19 also depends on factors beyond management’s knowledge or control, including the duration and severity of this outbreak as well as third-party actions taken to contain its spread and mitigate its public health effects. Therefore, management cannot estimate the potential future impact to financial position, results of operations and cash flows, but the impacts could be material. Earnings Per Share (EPS) (Applies to AEP) Basic EPS is calculated by dividing net earnings available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted-average outstanding common shares, assuming conversion of all potentially dilutive stock awards. The following table presents AEP’s basic and diluted EPS calculations included on the statements of income: Three Months Ended March 31, 2021 2020 (in millions, except per share data) $/share $/share Earnings Attributable to AEP Common Shareholders $ 575.0 $ 495.2 Weighted-Average Number of Basic AEP Common Shares Outstanding 497.1 $ 1.16 494.6 $ 1.00 Weighted-Average Dilutive Effect of Stock-Based Awards 1.1 (0.01) 2.0 — Weighted-Average Number of Diluted AEP Common Shares Outstanding 498.2 $ 1.15 496.6 $ 1.00 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the three months ended March 31, 2021 and 2020, as the dilutive stock price thresholds were not met. See Note 12 - Financing Activities for more information related to Equity Units. There were 0 and 697 thousand antidilutive shares outstanding as of March 31, 2021 and 2020, respectively. The antidilutive shares were excluded from the calculation of diluted EPS. Restricted Cash (Applies to AEP, AEP Texas and APCo) Restricted Cash primarily includes funds held by trustees for the payment of securitization bonds. Reconciliation of Cash, Cash Equivalents and Restricted Cash The following tables provide a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the balance sheets that sum to the total of the same amounts shown on the statements of cash flows: March 31, 2021 AEP AEP Texas APCo (in millions) Cash and Cash Equivalents $ 273.2 $ 0.1 $ 4.8 Restricted Cash 50.8 39.3 11.6 Total Cash, Cash Equivalents and Restricted Cash $ 324.0 $ 39.4 $ 16.4 December 31, 2020 AEP AEP Texas APCo (in millions) Cash and Cash Equivalents $ 392.7 $ 0.1 $ 5.8 Restricted Cash 45.6 28.7 16.9 Total Cash, Cash Equivalents and Restricted Cash $ 438.3 $ 28.8 $ 22.7 |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
New Accounting Standards | NEW ACCOUNTING STANDARDS The disclosures in this note apply to all Registrants unless indicated otherwise. During the FASB’s standard-setting process and upon issuance of final standards, management reviews the new accounting literature to determine its relevance, if any, to the Registrants’ business. There are no new standards expected to have a material impact on the Registrants’ financial statements. |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Comprehensive Income | COMPREHENSIVE INCOME The disclosures in this note apply to all Registrants except AEPTCo unless indicated otherwise. Presentation of Comprehensive Income The following tables provide the components of changes in AOCI and details of reclassifications from AOCI. The amortization of pension and OPEB AOCI components are included in the computation of net periodic pension and OPEB costs. See Note 7 - Benefit Plans for additional information. AEP Cash Flow Hedges Pension Three Months Ended March 31, 2021 Commodity Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (60.6) $ (47.5) $ 23.0 $ (85.1) Change in Fair Value Recognized in AOCI 177.3 13.1 (a) — 190.4 Amount of (Gain) Loss Reclassified from AOCI Generation & Marketing Revenues (b) 0.8 — — 0.8 Purchased Electricity for Resale (b) (172.0) — — (172.0) Interest Expense (b) — 1.5 — 1.5 Amortization of Prior Service Cost (Credit) — — (4.8) (4.8) Amortization of Actuarial (Gains) Losses — — 2.3 2.3 Reclassifications from AOCI, before Income Tax (Expense) Benefit (171.2) 1.5 (2.5) (172.2) Income Tax (Expense) Benefit (36.0) 0.4 (0.5) (36.1) Reclassifications from AOCI, Net of Income Tax (Expense) Benefit (135.2) 1.1 (2.0) (136.1) Net Current Period Other Comprehensive Income (Loss) 42.1 14.2 (2.0) 54.3 Balance in AOCI as of March 31, 2021 $ (18.5) $ (33.3) $ 21.0 $ (30.8) Cash Flow Hedges Pension Three Months Ended March 31, 2020 Commodity Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ (103.5) $ (11.5) $ (32.7) $ (147.7) Change in Fair Value Recognized in AOCI (65.3) (42.7) (a) — (108.0) Amount of (Gain) Loss Reclassified from AOCI Generation & Marketing Revenues (b) (0.1) — — (0.1) Purchased Electricity for Resale (b) 51.1 — — 51.1 Interest Expense (b) — 0.9 — 0.9 Amortization of Prior Service Cost (Credit) — — (4.9) (4.9) Amortization of Actuarial (Gains) Losses — — 2.6 2.6 Reclassifications from AOCI, before Income Tax (Expense) Benefit 51.0 0.9 (2.3) 49.6 Income Tax (Expense) Benefit 10.7 0.2 (0.5) 10.4 Reclassifications from AOCI, Net of Income Tax (Expense) Benefit 40.3 0.7 (1.8) 39.2 Net Current Period Other Comprehensive Income (Loss) (25.0) (42.0) (1.8) (68.8) Balance in AOCI as of March 31, 2020 $ (128.5) $ (53.5) $ (34.5) $ (216.5) AEP Texas Cash Flow Hedge – Pension Three Months Ended March 31, 2021 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (2.3) $ (6.6) $ (8.9) Change in Fair Value Recognized in AOCI 0.1 — 0.1 Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 0.3 — 0.3 Reclassifications from AOCI, before Income Tax (Expense) Benefit 0.3 — 0.3 Income Tax (Expense) Benefit 0.1 — 0.1 Reclassifications from AOCI, Net of Income Tax (Expense) Benefit 0.2 — 0.2 Net Current Period Other Comprehensive Income (Loss) 0.3 — 0.3 Balance in AOCI as of March 31, 2021 $ (2.0) $ (6.6) $ (8.6) Cash Flow Hedge – Pension Three Months Ended March 31, 2020 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ (3.4) $ (9.4) $ (12.8) Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 0.4 — 0.4 Reclassifications from AOCI, before Income Tax (Expense) Benefit 0.4 — 0.4 Income Tax (Expense) Benefit 0.1 — 0.1 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 March 31, 2020 $ (3.1) $ (9.4) $ (12.5) APCo Cash Flow Hedge – Pension Three Months Ended March 31, 2021 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (0.8) $ 8.0 $ 7.2 Change in Fair Value Recognized in AOCI 9.3 — 9.3 Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) (0.4) — (0.4) Amortization of Prior Service Cost (Credit) — (1.4) (1.4) Reclassifications from AOCI, before Income Tax (Expense) Benefit (0.4) (1.4) (1.8) Income Tax (Expense) Benefit (0.1) (0.3) (0.4) Reclassifications from AOCI, Net of Income Tax (Expense) Benefit (0.3) (1.1) (1.4) Net Current Period Other Comprehensive Income (Loss) 9.0 (1.1) 7.9 Balance in AOCI as of March 31, 2021 $ 8.2 $ 6.9 $ 15.1 Cash Flow Hedge – Pension Three Months Ended March 31, 2020 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ 0.9 $ 4.1 $ 5.0 Change in Fair Value Recognized in AOCI (3.9) — (3.9) Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) (0.4) — (0.4) Amortization of Prior Service Cost (Credit) — (1.3) (1.3) Amortization of Actuarial (Gains) Losses — 0.1 0.1 Reclassifications from AOCI, before Income Tax (Expense) Benefit (0.4) (1.2) (1.6) Income Tax (Expense) Benefit (0.1) (0.3) (0.4) Reclassifications from AOCI, Net of Income Tax (Expense) Benefit (0.3) (0.9) (1.2) Net Current Period Other Comprehensive Income (Loss) (4.2) (0.9) (5.1) Balance in AOCI as of March 31, 2020 $ (3.3) $ 3.2 $ (0.1) I&M Cash Flow Hedge – Pension Three Months Ended March 31, 2021 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (8.3) $ 1.3 $ (7.0) Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 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 March 31, 2021 $ (7.8) $ 1.3 $ (6.5) Cash Flow Hedge – Pension Three Months Ended March 31, 2020 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ (9.9) $ (1.7) $ (11.6) Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 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, 2020 $ (9.5) $ (1.7) $ (11.2) OPCo Cash Flow Hedge – Three Months Ended March 31, 2021 Interest Rate (in millions) Balance in AOCI as of December 31, 2020 $ — Change in Fair Value Recognized in AOCI — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) — Reclassifications from AOCI, before Income Tax (Expense) Benefit — Income Tax (Expense) Benefit — Reclassifications from AOCI, Net of Income Tax (Expense) Benefit — Net Current Period Other Comprehensive Income (Loss) — Balance in AOCI as of March 31, 2021 $ — Cash Flow Hedge – Three Months Ended March 31, 2020 Interest Rate (in millions) Balance in AOCI as of December 31, 2019 $ — Change in Fair Value Recognized in AOCI — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) — Reclassifications from AOCI, before Income Tax (Expense) Benefit — Income Tax (Expense) Benefit — Reclassifications from AOCI, Net of Income Tax (Expense) Benefit — Net Current Period Other Comprehensive Income (Loss) — Balance in AOCI as of March 31, 2020 $ — PSO Cash Flow Hedge – Three Months Ended March 31, 2021 Interest Rate (in millions) Balance in AOCI as of December 31, 2020 $ 0.1 Change in Fair Value Recognized in AOCI — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) (0.1) Reclassifications from AOCI, before Income Tax (Expense) Benefit (0.1) Income Tax (Expense) Benefit — Reclassifications from AOCI, Net of Income Tax (Expense) Benefit (0.1) Net Current Period Other Comprehensive Income (Loss) (0.1) Balance in AOCI as of March 31, 2021 $ — Cash Flow Hedge – Three Months Ended March 31, 2020 Interest Rate (in millions) Balance in AOCI as of December 31, 2019 $ 1.1 Change in Fair Value Recognized in AOCI — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) (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, 2020 $ 0.9 SWEPCo Cash Flow Hedge – Pension Three Months Ended March 31, 2021 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (0.3) $ 2.2 $ 1.9 Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 0.5 — 0.5 Amortization of Prior Service Cost (Credit) — (0.5) (0.5) 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, 2021 $ 0.1 $ 1.8 $ 1.9 Cash Flow Hedge – Pension Three Months Ended March 31, 2020 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ (1.8) $ 0.5 $ (1.3) Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 0.5 — 0.5 Amortization of Prior Service Cost (Credit) — (0.5) (0.5) 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, 2020 $ (1.4) $ 0.1 $ (1.3) (a) The change in fair value includes $4 million and $5 million related to AEP's investment in joint venture wind farms acquired as part of the purchase of Sempra Renewables LLC for the three months ended March 31, 2021 and 2020, respectively. (b) Amounts reclassified to the referenced line item on the statements of income. |
Rate Matters
Rate Matters | 3 Months Ended |
Mar. 31, 2021 | |
Rate Matters | RATE MATTERS The disclosures in this note apply to all Registrants unless indicated otherwise. As discussed in the 2020 Annual Report, the Registrants are involved in rate and regulatory proceedings at the FERC and their state commissions. The Rate Matters note within the 2020 Annual Report should be read in conjunction with this report to gain a complete understanding of material rate matters still pending that could impact net income, cash flows and possibly financial condition. The following discusses ratemaking developments in 2021 and updates the 2020 Annual Report. Coal-Fired Generation Plants (Applies to AEP, PSO and SWEPCo) Compliance with extensive environmental regulations requires significant capital investment in environmental monitoring, installation of pollution control equipment, emission fees, disposal costs and permits. Management continuously evaluates cost estimates of complying with these regulations which has resulted in, and in the future may result in, a decision to retire coal-fired generating facilities earlier than their currently estimated useful lives. Management is seeking or will seek regulatory recovery, as necessary, for any net book value remaining when the plants are retired. To the extent the net book value of these generation assets are not deemed recoverable, it could materially reduce future net income and cash flows and impact financial condition. Regulated Generating Units that have been Retired PSO In September 2020, the Oklaunion Power Station was retired. As of March 31, 2021, PSO has a regulatory asset for accelerated depreciation pending approval recorded on its balance sheet of $34 million. PSO will seek recovery of the Oklaunion Power Station in its next base rate case. In October 2020, the Oklaunion Power Station site was sold to a nonaffiliated third-party. SWEPCo In April 2016, Welsh Plant, Unit 2 was retired. As part of the 2016 Texas Base Rate Case, SWEPCo received approval from the PUCT to recover the Texas jurisdictional share of Welsh Plant, Unit 2. See “2016 Texas Base Rate Case” section of Note 4 for additional information. As part of the 2019 Arkansas Base Rate Case, SWEPCo received approval from the APSC to recover the Arkansas jurisdictional share of Welsh Plant, Unit 2. In December 2020, SWEPCo filed a request with the LPSC to recover the Louisiana jurisdictional share of Welsh Plant, Unit 2. As of March 31, 2021, SWEPCo has a regulatory asset for plant retirement costs pending approval recorded on its balance sheet of $35 million related to the Louisiana jurisdictional share of Welsh Plant, Unit 2. See “2020 Louisiana Base Rate Case” section below for additional information. Regulated Generating Units to be Retired PSO In 2014, PSO received final approval from the Federal EPA to close Northeastern Plant, Unit 3, in 2026. The plant was originally scheduled to close in 2040. As a result of the early retirement date, PSO revised the useful life of Northeastern Plant, Unit 3, to the projected retirement date of 2026 and the incremental depreciation is being deferred as a regulatory asset. In 2016, as part of the 2015 Oklahoma Base Rate Case, the OCC issued an order approving the continued depreciation of Northeastern Plant, Unit 3 through 2040. The order did not approve accelerating the recovery of the incremental depreciation based on the revised retirement date of 2026. SWEPCo In January 2020, as part of the 2019 Arkansas Base Rate Case, management announced that the Dolet Hills Power Station was probable of abandonment and was to be retired by December 2026. As a result of the announcement, SWEPCo began recording a regulatory asset for accelerated depreciation. In March 2020, management announced plans to retire the plant in 2021. In November 2020, management announced plans to retire Pirkey Power Plant in 2023 and that it will cease using coal at the Welsh Plant in 2028. As a result of the announcement, SWEPCo began recording a regulatory asset for accelerated depreciation. The table below summarizes the net book value including CWIP, before cost of removal and materials and supplies, as of March 31, 2021, of generating facilities planned for early retirement: Plant Net Accelerated Depreciation Regulatory Asset Cost of Removal Projected Current Authorized Annual (dollars in millions) Northeastern Plant, Unit 3 $ 190.5 $ 114.8 $ 19.8 (b) 2026 (c) $ 14.9 Dolet Hills Power Station 51.3 92.6 1.1 2021 (d) 7.7 Pirkey Power Plant 178.3 30.8 18.4 2023 (e) 13.7 Welsh Plant, Units 1 and 3 528.8 14.2 11.4 (f) 2028 (g) 33.3 (a) Represents the amount of annual depreciation that has been collected from customers over the prior 12-month period. (b) Includes Northeastern Plant, Unit 4, which was retired in 2016. Removal of Northeastern Plant, Unit 4, will be performed with Northeastern Plant, Unit 3, after retirement. (c) Northeastern Plant, Unit 3 is currently being recovered through 2040. (d) Dolet Hills Power Station is currently being recovered through 2026 in the Louisiana jurisdiction and through 2046 in the Arkansas and Texas jurisdictions. (e) Pirkey Power Plant is currently being recovered through 2025 in the Louisiana jurisdiction and through 2045 in the Arkansas and Texas jurisdictions. (f) Includes Welsh Plant, Unit 2, which was retired in 2016. Removal of Welsh Plant, Unit 2, will be performed with Welsh Plant, Units 1 and 3, after retirement. (g) Unit 1 is being recovered through 2027 in the Louisiana jurisdiction and through 2037 in the Arkansas and Texas jurisdictions. Unit 3 is being recovered through 2032 in the Louisiana jurisdiction and through 2042 in the Arkansas and Texas jurisdictions. Dolet Hills Power Station and Related Fuel Operations (Applies to AEP and SWEPCo) During the second quarter of 2019, the Dolet Hills Power Station initiated a seasonal operating schedule. In January 2020, in accordance with the terms of SWEPCo’s settlement of its base rate review filed with the APSC, management announced that SWEPCo will seek regulatory approval to retire the Dolet Hills Power Station by the end of 2026. DHLC provides 100% of the fuel supply to Dolet Hills Power Station. After careful consideration of current economic conditions, and particularly for the benefit of their customers, management of SWEPCo and CLECO determined DHLC would not proceed developing additional Oxbow Lignite Company (Oxbow) mining areas for future lignite extraction and ceased extraction of lignite at the mine in May 2020. Based on these actions, management revised the estimated useful life of DHLC’s and Oxbow’s assets to coincide with the date at which extraction was discontinued in the second quarter of 2020 and the date at which delivery of lignite is expected to cease in September 2021. Management also revised the useful life of the Dolet Hills Power Station to 2021 based on the remaining estimated fuel supply available for continued seasonal operation. In March 2020, primarily due to the revision in the useful life of DHLC, SWEPCo recorded a revision to increase estimated ARO liabilities by $21 million. In April 2020, SWEPCo and CLECO jointly filed a notification letter to the LPSC providing notice of the cessation of lignite mining. The Dolet Hills Power Station costs are recoverable by SWEPCo through base rates. SWEPCo’s share of the net investment in the Dolet Hills Power Station is $150 million, including CWIP and materials and supplies, before cost of removal. Fuel costs incurred by the Dolet Hills Power Station are recoverable by SWEPCo through active fuel clauses. Under the fuel agreements, SWEPCo’s fuel inventory and unbilled fuel costs from mining related activities were $126 million as of March 31, 2021. Also, as of March 31, 2021, SWEPCo had a net over-recovered fuel balance of $20 million, excluding impacts of the February 2021 severe winter weather event, which includes fuel consumed at the Dolet Hills Power Station. Additional operational and land-related costs are expected to be incurred by DHLC and Oxbow and billed to SWEPCo prior to the closure of the Dolet Hills Power Station and recovered through fuel clauses. In June 2020, SWEPCo filed a fuel reconciliation with the PUCT for its retail operations in Texas, including Dolet Hills, for the reconciliation period of March 1, 2017 to December 31, 2019. See “2020 Texas Fuel Reconciliation” section below for additional information. In October 2020, SWEPCo filed a request with the LPSC seeking approval to close the mines and to recover the Louisiana jurisdictional share of the additional fuel costs. In March 2021, the LPSC issued an order allowing SWEPCo to recover up to $20 million of fuel costs in 2021 and defer approximately $30 million of additional costs with a recovery period to be determined at a later date. In March 2021, the APSC approved fuel rates that provide recovery of the Arkansas share of the 2021 Dolet Hills Power Station fuel costs over five years through the existing fuel clause. If any of these costs are not recoverable, it could reduce future net income and cash flows and impact financial condition. Pirkey Power Plant and Related Fuel Operations (Applies to AEP and SWEPCo) In November 2020, management announced plans to retire the Pirkey Power Plant in 2023. The Pirkey Power Plant costs are recoverable by SWEPCo through base rates. SWEPCo’s share of the net investment in the Pirkey Power Plant is $209 million, including CWIP, before cost of removal. Sabine is a mining operator providing mining services to the Pirkey Power Plant. Under the provisions of the mining agreement, SWEPCo is required to pay, as part of the cost of lignite delivered, an amount equal to mining costs plus a management fee. SWEPCo expects fuel deliveries, including billings of all fixed and operating costs, from Sabine to cease during the first quarter of 2023. Under the fuel agreements, SWEPCo’s fuel inventory and unbilled fuel costs from mining related activities were $163 million as of March 31, 2021. Also, as of March 31, 2021, SWEPCo had a net over-recovered fuel balance of $20 million, excluding impacts of the February 2021 severe winter weather event, which includes fuel consumed at the Pirkey Power Plant. Additional operational costs are expected to be incurred by Sabine and billed to SWEPCo, as well as land-related costs incurred by SWEPCo, prior to the closure of the Pirkey Power Plant and recovered through fuel clauses. If any of these costs are not recoverable, it could reduce future net income and cash flows and impact financial condition. 2020 Texas Fuel Reconciliation (Applies to AEP and SWEPCo) In June 2020, SWEPCo filed a fuel reconciliation with the PUCT for its retail operations in Texas for the reconciliation period of March 1, 2017 to December 31, 2019. The fuel reconciliation included total fuel costs of $1.7 billion ($616 million of which is related to the Texas jurisdiction). In January 2021, various parties filed testimony recommending fuel cost disallowances totaling $125 million relating to the Texas jurisdiction. Also in January 2021, SWEPCo filed rebuttal testimony disputing the recommended disallowances. In February 2021, SWEPCo and various parties reached a settlement in principle which resulted in an immaterial impact to SWEPCo’s 2020 financial statements. If additional costs are not recoverable, it could reduce future net income and cash flows and impact financial condition. Regulatory Assets Pending Final Regulatory Approval (Applies to all Registrants except AEPTCo) AEP March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Unrecovered Winter Storm Fuel Costs (a) $ 1,185.0 $ — Dolet Hills Power Station Accelerated Depreciation 92.6 71.2 Kentucky Deferred Purchase Power Expenses 42.8 41.3 Plant Retirement Costs – Unrecovered Plant, Louisiana 35.2 35.2 Oklaunion Power Station Accelerated Depreciation 34.0 34.4 Pirkey Power Plant Accelerated Depreciation 30.8 12.2 Other Regulatory Assets Pending Final Regulatory Approval 37.5 26.4 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 285.0 134.2 Plant Retirement Costs – Asset Retirement Obligation Costs 25.9 25.9 COVID-19 19.5 24.9 Environmental Expense Deferral - Virginia 12.3 9.3 Other Regulatory Assets Pending Final Regulatory Approval 33.0 27.2 Total Regulatory Assets Pending Final Regulatory Approval $ 1,833.6 $ 442.2 (a) PSO and SWEPCo have active fuel clauses that allow for the recovery of prudently incurred fuel and purchased power expenses. However, the recovery of these costs from customers may be extended over longer than usual time periods to mitigate the impact on customer bills. See “Impacts of Severe Winter Weather” section below for additional information. AEP Texas March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Advanced Metering System $ 16.4 $ 16.3 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 10.5 0.8 COVID-19 8.6 10.5 Texas Retail Electric Provider Bad Debt Expense 4.1 — Vegetation Management Program 3.8 3.8 Other Regulatory Assets Pending Final Regulatory Approval 2.6 1.5 Total Regulatory Assets Pending Final Regulatory Approval $ 46.0 $ 32.9 APCo March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return COVID-19 – Virginia $ 4.0 $ 3.7 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 49.1 3.4 Plant Retirement Costs – Asset Retirement Obligation Costs 25.9 25.9 Environmental Expense Deferral - Virginia 12.3 9.3 COVID-19 – West Virginia 1.6 1.5 Total Regulatory Assets Pending Final Regulatory Approval $ 92.9 $ 43.8 I&M March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Other Regulatory Assets Pending Final Regulatory Approval $ — $ 0.5 Regulatory Assets Currently Not Earning a Return COVID-19 2.8 3.8 Other Regulatory Assets Pending Final Regulatory Approval 0.6 — Total Regulatory Assets Pending Final Regulatory Approval $ 3.4 $ 4.3 OPCo March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Not Earning a Return Storm-Related Costs $ 6.8 $ 4.0 COVID-19 1.5 4.4 Other Regulatory Assets Pending Final Regulatory Approval 0.1 — Total Regulatory Assets Pending Final Regulatory Approval $ 8.4 $ 8.4 PSO March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Unrecovered Winter Storm Fuel Costs (a) $ 688.7 $ — Oklaunion Power Station Accelerated Depreciation 34.0 34.4 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 24.8 15.8 Other Regulatory Assets Pending Final Regulatory Approval 0.8 0.3 Total Regulatory Assets Pending Final Regulatory Approval $ 748.3 $ 50.5 (a) PSO has an active fuel clause that allows for the recovery of prudently incurred fuel and purchased power expenses. However, the recovery of these costs from customers may be extended over longer than usual time periods to mitigate the impact on customer bills. See “Impacts of Severe Winter Weather” section below for additional information. SWEPCo March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Unrecovered Winter Storm Fuel Costs (a) $ 496.3 $ — Dolet Hills Power Station Accelerated Depreciation 92.6 71.2 Plant Retirement Costs – Unrecovered Plant, Louisiana 35.2 35.2 Pirkey Power Plant Accelerated Depreciation 30.8 12.2 Welsh Plant, Units 1 and 3 Accelerated Depreciation 14.2 3.6 Other Regulatory Assets Pending Final Regulatory Approval 2.8 2.2 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 139.1 99.3 Asset Retirement Obligation - Louisiana 9.4 9.1 Other Regulatory Assets Pending Final Regulatory Approval 15.4 14.5 Total Regulatory Assets Pending Final Regulatory Approval $ 835.8 $ 247.3 (a) SWEPCo has an active fuel clause that allows for the recovery of prudently incurred fuel and purchased power expenses. However, the recovery of these costs from customers may be extended over longer than usual time periods to mitigate the impact on customer bills. See “Impacts of Severe Winter Weather” section below for additional information. If these costs are ultimately determined not to be recoverable, it could reduce future net income and cash flows and impact financial condition. Impacts of Severe Winter Weather Storm Restoration Costs (Applies to AEP, APCo and SWEPCo) In February 2021, severe winter weather impacted the service territories of APCo, KPCo and SWEPCo resulting in power outages and extensive damage to transmission and distribution infrastructures. As a result, incremental restoration expenses have been deferred related to the severe winter weather. The current estimate of storm restoration costs are as follows: March 31, 2021 Company Jurisdiction Capital O&M Regulatory Asset Total (in millions) APCo Virginia $ 5.4 $ 2.2 $ 5.6 $ 13.2 APCo West Virginia 19.6 — 39.1 58.7 SWEPCo Louisiana 4.9 — 42.1 47.0 KPCo Kentucky 26.7 3.8 44.1 74.6 Total $ 56.6 $ 6.0 $ 130.9 $ 193.5 The amounts in the table above represent estimates as of March 31, 2021, and are subject to true-up as additional information becomes available. In March 2021, the LPSC approved the deferral of incremental other operation and maintenance storm restoration expenses related to the Louisiana jurisdiction for SWEPCo. Similarly, in April 2021, the KPSC approved deferral of KPCo’s incremental other operation and maintenance storm restoration expenses. APCo and KPCo intend to seek recovery of these incremental storm restoration costs in their next respective base rate cases while SWEPCo is expected to seek recovery in a separate filing. If any of the restoration costs are not recoverable, it could reduce future net income and cash flows and impact financial condition. February 2021 Severe Winter Weather Impacts in SPP (Applies to AEP, PSO and SWEPCo) The February 2021 severe winter weather also had a significant impact in SPP resulting in the declaration of Energy Emergency Alert Levels 2 and 3 for the first time in SPP’s history. The winter storm increased the demand for natural gas and restricted the available natural gas supply resulting in significantly increased market prices for natural gas power plants to meet reliability needs for the SPP electric system. From February 9, 2021, to February 20, 2021, PSO’s and SWEPCo’s estimates of natural gas expenses and purchases of electricity to be recovered from customers are as follows: PSO SWEPCo Total (in millions) Retail Customers (a) $ 688.7 $ 496.3 $ 1,185.0 Wholesale Customers — 88.4 88.4 Total $ 688.7 $ 584.7 $ 1,273.4 (a) These costs were deferred as regulatory assets as of March 31, 2021. The amounts in the table above represent estimates as of March 31, 2021, and are subject to final settlement as additional information becomes available. Retail Customers PSO and SWEPCo have active fuel clauses that allow for the recovery of prudently incurred fuel and purchased power expenses. Given the significance of these costs, PSO and SWEPCo expect the costs to be subject to prudency reviews. Management believes these costs are probable of future recovery, but expects the recovery period to be extended to mitigate the impact on customer bills. In March 2021, the APSC issued an order authorizing recovery of the Arkansas jurisdictional share of the retail customer fuel costs over five years, with the appropriate carrying charge to be determined at a later date. Accordingly, in April 2021, SWEPCo began recovery of its Arkansas jurisdictional share of these fuel costs, which are subject to true-up by the APSC. Also in April 2021, SWEPCo filed testimony supporting a five-year recovery with a pretax rate of return of 6.05%. A hearing is expected in the third quarter of 2021. A separate proceeding will address the prudency of the fuel costs. Also in March 2021, the LPSC approved a special order granting a temporary modification to the FAC that allows SWEPCo to recover the Louisiana jurisdictional share of the retail fuel costs over a longer period. In April 2021, SWEPCo began recovery of its Louisiana jurisdictional share of these fuel costs based on a five year recovery period. SWEPCo will work with the LPSC to finalize the actual recovery period and determine the appropriate carrying charge in future proceedings. In April 2021, the OCC approved a waiver for PSO allowing the deferral of the extraordinary fuel and purchase of electricity costs, including carrying costs, over a longer time period than what the FAC traditionally allows. A time frame for recovery and the appropriate carrying charge will be decided at a later date. Also in April 2021, legislation was introduced in Oklahoma proposing to securitize the extraordinary fuel and purchase of electricity costs impacting the utilities within the state. Under the proposal, the State of Oklahoma would issue securitization bonds and provide the proceeds to utilities to recover their share of the costs. PSO will continue to evaluate and monitor the advancement of the proposed legislation. SWEPCo expects to make a filing with the PUCT in the second quarter of 2021 to seek a recovery mechanism and an appropriate carrying charge for the Texas jurisdictional share of the retail fuel costs. Wholesale Customers SWEPCo is also working with certain wholesale customers to establish payment terms for $88 million of accounts receivable resulting from the severe winter weather events. Management believes these receivables are probable of future collection. PSO and SWEPCo Cash Flow Implications PSO and SWEPCo evaluated financing alternatives to address the timing difference between the payment of the estimated natural gas expenses and purchases of electricity to suppliers and subsequent recovery from customers. In March 2021, PSO drew $100 million on its revolving credit facility and SWEPCo issued $500 million of Senior Unsecured Notes. In March 2021, Parent entered into a $500 million 364-day Term Loan and borrowed the full amount. The proceeds from this loan were used to help fund capital contributions to PSO and SWEPCo totaling $425 million and $100 million, respectively. In April 2021, PSO received an additional capital contribution from Parent of $125 million to further address these costs. Although the February 2021 severe winter weather did not materially impact AEP’s results of operations for the three months ended March 31, 2021, if either PSO or SWEPCo is unable to recover these fuel and purchased power costs, or obtain authorization of a reasonable carrying charge on these costs, it could reduce future net income and cash flows and impact financial condition. ERCOT (Applies to AEP and AEP Texas) In response to the extreme winter weather event, the Governor of Texas issued a Declaration of a State of Disaster for all counties in Texas. To assist with a return to normalcy, the PUCT issued an order that placed a temporary moratorium on customer disconnections due to non-payment for transmission and distribution utilities. This moratorium will be in effect until otherwise ordered by the PUCT. If related costs are not recoverable, it could reduce future net income and cash flows and impact financial condition. COVID-19 Pandemic During 2020, AEP’s electric operating companies informed both retail customers and state regulators that disconnections for non-payment were temporarily suspended. Shortly thereafter, AEP’s state regulators also imposed temporary moratoria on customary disconnection practices. As of March 31, 2021, AEP’s electric operating companies have resumed customary disconnection practices in all regulated jurisdictions with the exception of Arkansas and Virginia. In March 2021, the APSC issued an order allowing electric utilities in Arkansas to begin disconnections for non-payment beginning on May 3, 2021. AEP continues to work with regulators and stakeholders in Virginia and management currently anticipates resuming customary disconnection practices in the third quarter of 2021. Continuing adverse economic conditions may result in the inability of customers to pay for electric service, which could affect revenue recognition and the collectability of accounts receivable. If any costs related to COVID-19 are not recoverable, it could reduce future net income and cash flows and impact financial condition. AEP Texas Rate Matters (Applies to AEP and AEP Texas) AEP Texas Interim Transmission and Distribution Rates Through March 31, 2021, AEP Texas’ cumulative revenues from interim base rate increases that are subject to review is estimated to be $118 million. A base rate review could result in a refund to customers if AEP Texas incurs a disallowance of the transmission or distribution investment on which an interim increase was based. Management is unable to determine a range of potential losses, if any, that are reasonably possible of occurring. A revenue decrease, including a refund of interim transmission and distribution rates, could reduce future net income and cash flows and impact financial condition. AEP Texas is required to file for a comprehensive rate review no later than April 3, 2024. APCo and WPCo Rate Matters (Applies to AEP and APCo) 2017-2019 Virginia Triennial Review In November 2020, the Virginia SCC issued an order on APCo’s 2017-2019 Triennial Review filing concluding that APCo earned above its authorized ROE but within its ROE band for the 2017-2019 period, resulting in no refund to customers and no change to APCo base rates on a prospective basis. The Virginia SCC approved a prospective 9.2% ROE for APCo's 2020-2022 triennial review period with the continuation of a 140 basis point band (8.5% bottom, 9.2% midpoint, 9.9% top). In December 2020, an intervenor filed a petition at the Virginia SCC requesting reconsideration of: (a) the failure of the Virginia SCC to apply a threshold earnings test to the approved regulatory asset for APCo’s closed coal-fired generation assets, (b) the Virginia SCC’s use of a 2011 benchmark study to measure the replacement value of capacity for purposes of APCo’s 2017 – 2019 earnings test and (c) the reasonableness and prudency of APCo’s investments in AMI meters. In December 2020, APCo filed a petition at the Virginia SCC requesting reconsideration of: (a) certain issues related to APCo’s going-forward rates and (b) the Virginia SCC’s decision to deny APCo tariff changes that align rates with underlying costs. For APCo’s going-forward rates, APCo requested that the Virginia SCC clarify its final order and clarify whether APCo’s current rates will allow it to earn a fair return. If the Virginia SCC’s order did conclude on APCo’s ability to earn a fair return through existing base rates, APCo further requested that the Virginia SCC clarify whether it has the authority to also permit an increase in base rates. In March 2021, an intervenor filed its assignments of error with the Virginia Supreme Court related to the appeal of the November 2020 order in which it stated the Virginia SCC erred: (a) in determining that Virginia law did not apply to its determination to permit amortization for recovery of costs associated with retired coal-fired generation assets, (b) in establishing a new regulatory asset for a cost incurred outside of the triennial review period due to its failure to apply a threshold earnings test before approving deferred cost recovery and (c) in misapplying the requirement that APCo bear the burden of demonstrating that power purchases made by APCo from its affiliate, OVEC, were priced at the lower of OVEC’s cost or the market price for nonaffiliated power. In March 2021, APCo filed its assignments of error with the Virginia Supreme Court related to its appeal of the November 2020 order in which it stated the Virginia SCC erred: (a) in finding that costs associated with asset impairments related to early retirement determinations made by APCo for certain generation facilities should not be attributed to the test periods under review and deemed fully recovered in the period recorded, (b) in finding that it was permitted to evaluate the reasonableness of APCo’s decision to record, per books for financial reporting purposes, asset impairments related to early retirement determinations for certain generation facilities, (c) as a result of the errors described in (a) and (b), in denying APCo an increase in rates, (d) in failing to review and make any findings regarding whether APCo’s rates would allow it to earn a fair rate of return going forward, (e) in denying APCo an increase in base rates by failing to ensure that APCo has an opportunity to recover its costs and earn a fair rate of return, thereby resulting in a taking of private property for public use without just compensation and (f) in retroactively adjusting APCo’s depreciation expense for purposes of calculating APCo’s earnings for the 2017-2019 triennial period. In March 2021, the Virginia SCC issued an order confirming certain of its decisions from the November 2020 order and rejecting the various requests for reconsideration from APCo and an intervenor. In confirming its decision to reject an intervenor’s recommendation that APCo’s AMI costs incurred during the triennial period be disallowed, the Virginia SCC clarified that APCo established the need to replace its existing AMR meters, and that based on the uncertainty surrounding the continued manufacturing and support of AMR technology, APCo reasonably chose to replace them with AMI meters. In March 2021, APCo filed a notice of appeal of the reconsideration order with the Virginia Supreme Court. APCo expects to submit its brief before the Virginia Supreme Court in the second or third quarter of 2021. In April 2021, and in conjunction with APCo’s November 2020 and March 2021 appeals with the Virginia Supreme Court, APCo filed a petition for interim rates with the Virginia Supreme Court (subject to refund with interest and supported by a bond issuance) requesting a $40 million increase in annual APCo Virginia base rates. APCo submitted this filing based on Virginia law that allows the Virginia Supreme Court to authorize interim rates until the final disposition on APCo’s appeals. APCo also requested an expedited schedule from the Virginia Supreme Court on APCo’s appeals. APCo ultimately seeks an increase in base rates through its appeal to the Virginia Supreme Court. Among other issues, this appeal includes APCo’s request for proper treatment of the closed coal-fired plant assets in APCo’s 2017-2019 triennial period, reducing APCo’s earnings below the bottom of its authorized ROE band. If APCo’s appeals regarding treatment of the closed coal plants are granted by the Virginia Supreme Court, it could initially reduce future net income and impact financial condition. December 2020 Virginia Environmental Rate Adjustment Clause (E-RAC) Rider Filing In December 2020, APCo submitted an E-RAC filing with the Virginia SCC requesting the regulatory approvals necessary to implement CCR/ELG compliance plans at APCo’s Amos and Mountaineer plants. In this filing, APCo requested an initial E-RAC revenue requirement of $31 million to recover CCR/ELG construction costs and ongoing environmental operation and maintenance expenses. APCo’s current estimate of total company CCR/ELG costs for the Amos and Mountaineer plants, including AFUDC, is approximately $240 million. In April 2021, intervenors submitted testimony. Testimony included recommendations that APCo construct only the CCR-related investments at the Amos and Mountaineer plants and, as a consequence, APCo close the Amos and Mountaineer plants at the end of 2028. As of March 31, 2021, APCo’s total company combined CCR and ELG investment balances in CWIP for these plants were $8 million and $14 million, respectively. Virginia Staff will submit testimony in May 2021 with a hearing scheduled to occur in June 2021. If any APCo CCR/ELG costs are not approved for recovery, it would reduce future net income and cash flows and impact financial condition. ETT Rate Matters (Applies to AEP) ETT Interim Transmission Rates AEP has a 50% equity ownership interest in ETT. Predominantly all of ETT’s revenues are based on interim rate changes that can be filed twice annually and are subject to review and possible true-up in the next base rate proceeding. Through March 31, 2021, AEP’s share of ETT’s cumulative revenues that are subject to review is estimated to be $1.2 billion. A base rate review could produce a refund if ETT incurs a disallowance of the transmission investment on |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments, Guarantees and Contingencies | COMMITMENTS, GUARANTEES AND CONTINGENCIES The disclosures in this note apply to all Registrants unless indicated otherwise. The Registrants are subject to certain claims and legal actions arising in the ordinary course of business. In addition, the Registrants’ business activities are subject to extensive governmental regulation related to public health and the environment. The ultimate outcome of such pending or potential litigation against the Registrants cannot be predicted. Management accrues contingent liabilities only when management concludes that it is both probable that a liability has been incurred at the date of the financial statements and the amount of loss can be reasonably estimated. When management determines that it is not probable, but rather reasonably possible that a liability has been incurred at the date of the financial statements, management discloses such contingencies and the possible loss or range of loss if such estimate can be made. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the maximum possible loss exposure. Circumstances change over time and actual results may vary significantly from estimates. For current proceedings not specifically discussed below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial statements. The Commitments, Guarantees and Contingencies note within the 2020 Annual Report should be read in conjunction with this report. GUARANTEES Liabilities for guarantees are recorded in accordance with the accounting guidance for “Guarantees.” There is no collateral held in relation to any guarantees. In the event any guarantee is drawn, there is no recourse to third-parties unless specified below. Letters of Credit (Applies to AEP and AEP Texas) Standby letters of credit are entered into with third-parties. These letters of credit are issued in the ordinary course of business and cover items such as natural gas and electricity risk management contracts, construction contracts, insurance programs, security deposits and debt service reserves. AEP has $4 billion and $1 billion revolving credit facilities due in March 2026 and 2023, respectively, under which up to $1.2 billion may be issued as letters of credit on behalf of subsidiaries. As of March 31, 2021, no letters of credit were issued under the revolving credit facility. An uncommitted facility gives the issuer of the facility the right to accept or decline each request made under the facility. AEP issues letters of credit on behalf of subsidiaries under six uncommitted facilities totaling $425 million. The Registrants’ maximum future payments for letters of credit issued under the uncommitted facilities as of March 31, 2021 were as follows: Company Amount Maturity (in millions) AEP $ 183.2 April 2021 to March 2022 AEP Texas 2.2 July 2021 Guarantees of Equity Method Investees (Applies to AEP) In 2019, AEP acquired Sempra Renewables LLC. The transaction resulted in the acquisition of a 50% ownership interest in five non-consolidated joint ventures and the acquisition of two tax equity partnerships. Parent has issued guarantees over the performance of the joint ventures. If a joint venture were to default on payments or performance, Parent would be required to make payments on behalf of the joint venture. As of March 31, 2021, the maximum potential amount of future payments associated with these guarantees was $157 million, with the last guarantee expiring in December 2037. The non-contingent liability recorded associated with these guarantees was $30 million, with an additional $1 million expected credit loss liability for the contingent portion of the guarantees. Management considered historical losses, economic conditions and reasonable and supportable forecasts in the calculation of the expected credit loss. As the joint ventures generate cash flows through PPAs, the measurement of the contingent portion of the guarantee liability is based upon assessments of the credit quality and default probabilities of the respective PPA counterparties. Indemnifications and Other Guarantees Contracts The Registrants enter into certain types of contracts which require indemnifications. Typically these contracts include, but are not limited to, sale agreements, lease agreements, purchase agreements and financing agreements. Generally, these agreements may include, but are not limited to, indemnifications around certain tax, contractual and environmental matters. With respect to sale agreements, exposure generally does not exceed the sale price. As of March 31, 2021, there were no material liabilities recorded for any indemnifications. AEPSC conducts power purchase-and-sale activity on behalf of APCo, I&M, KPCo and WPCo, who are jointly and severally liable for activity conducted on their behalf. AEPSC also conducts power purchase-and-sale activity on behalf of PSO and SWEPCo, who are jointly and severally liable for activity conducted on their behalf. Master Lease Agreements (Applies to all Registrants except AEPTCo) The Registrants lease certain equipment under master lease agreements. Under the lease agreements, the lessor is guaranteed a residual value up to a stated percentage of the equipment cost at the end of the lease term. If the actual fair value of the leased equipment is below the guaranteed residual value at the end of the lease term, the Registrants are committed to pay the difference between the actual fair value and the residual value guarantee. Historically, at the end of the lease term the fair value has been in excess of the amount guaranteed. As of March 31, 2021, the maximum potential loss by the Registrants for these lease agreements assuming the fair value of the equipment is zero at the end of the lease term was as follows: Company Maximum (in millions) AEP $ 48.6 AEP Texas 11.3 APCo 6.3 I&M 4.2 OPCo 7.7 PSO 4.7 SWEPCo 5.4 Rockport Lease (Applies to AEP and I&M) AEGCo and I&M entered into a sale-and-leaseback transaction in 1989 with Wilmington Trust Company (Owner Trustee), an unrelated, unconsolidated trustee for Rockport Plant, Unit 2 (the Plant). The Owner Trustee was capitalized with equity from six owner participants with no relationship to AEP or any of its subsidiaries and debt from a syndicate of banks and securities in a private placement to certain institutional investors. The Owner Trustee owns the Plant and leases equal portions to AEGCo and I&M. The lease is accounted for as an operating lease. The lease term is for 33 years and at the end of the lease term, AEGCo and I&M have the option to renew the lease at a rate that approximates fair value. In November 2020, management announced that AEP will not renew the lease when it expires in 2022. AEP, AEGCo and I&M have no ownership interest in the Owner Trustee and do not guarantee its debt. The future minimum lease payments for this sale-and-leaseback transaction as of March 31, 2021 were as follows: Future Minimum Lease Payments AEP (a) I&M (in millions) 2021 $ 147.8 $ 73.9 2022 147.6 73.8 Total Future Minimum Lease Payments $ 295.4 $ 147.7 (a) AEP’s future minimum lease payments include equal shares from AEGCo and I&M. AEPRO Boat and Barge Leases (Applies to AEP) In 2015, AEP sold its commercial barge transportation subsidiary, AEPRO, to a nonaffiliated party. Certain boat and barge leases acquired by the nonaffiliated party are subject to an AEP guarantee in favor of the respective lessors, ensuring future payments under such leases with maturities up to 2027. As of March 31, 2021, the maximum potential amount of future payments required under the guaranteed leases was $47 million. Under the terms of certain of the arrangements, upon the lessors exercising their rights after an event of default by the nonaffiliated party, AEP is entitled to enter into new lease arrangements as a lessee that would have substantially the same terms as the existing leases. Alternatively, for the arrangements with one of the lessors, upon an event of default by the nonaffiliated party and the lessor exercising its rights, payment to the lessor would allow AEP to step into the lessor’s rights as well as obtaining title to the assets. Under either situation, AEP would have the ability to utilize the assets in the normal course of barging operations. AEP would also have the right to sell the acquired assets for which it obtained title. As of March 31, 2021, AEP’s boat and barge lease guarantee liability was $3 million, of which $1 million was recorded in Other Current Liabilities and $2 million was recorded in Deferred Credits and Other Noncurrent Liabilities on AEP’s balance sheets. In February 2020, the nonaffiliated party filed Chapter 11 bankruptcy. The party entered into a restructuring support agreement and has announced it expected to continue their operations as normal. In March 2020, the bankruptcy court approved the party’s recapitalization plan. In April 2020, the nonaffiliated party emerged from bankruptcy. Management has determined that it is reasonably possible that enforcement of AEP’s liability for future payments under these leases will be exercised within the next twelve months. In such an event, if AEP is unable to sell or incorporate any of the acquired assets into its fleet operations, it could reduce future net income and cash flows and impact financial condition. ENVIRONMENTAL CONTINGENCIES (Applies to all Registrants except AEPTCo) The Comprehensive Environmental Response Compensation and Liability Act (Superfund) and State Remediation By-products from the generation of electricity include materials such as ash, slag, sludge, low-level radioactive waste and SNF. Coal combustion by-products, which constitute the overwhelming percentage of these materials, are typically treated and deposited in captive disposal facilities or are beneficially utilized. In addition, the generation plants and transmission and distribution facilities have used asbestos, polychlorinated biphenyls and other hazardous and non-hazardous materials. The Registrants currently incur costs to dispose of these substances safely. For remediation processes not specifically discussed, management does not anticipate that the liabilities, if any, arising from such remediation processes would have a material effect on the financial statements. NUCLEAR CONTINGENCIES (Applies to AEP and I&M) I&M owns and operates the Cook Plant under licenses granted by the Nuclear Regulatory Commission. I&M has a significant future financial commitment to dispose of SNF and to safely decommission and decontaminate the plant. The licenses to operate the two nuclear units at the Cook Plant expire in 2034 and 2037. The operation of a nuclear facility also involves special risks, potential liabilities and specific regulatory and safety requirements. By agreement, I&M is partially liable, together with all other electric utility companies that own nuclear generation units, for a nuclear power plant incident at any nuclear plant in the U.S. Should a nuclear incident occur at any nuclear power plant in the U.S., the resultant liability could be substantial. OPERATIONAL CONTINGENCIES Rockport Plant Litigation (Applies to AEP and I&M) In 2013, the Wilmington Trust Company filed a complaint in the U.S. District Court for the Southern District of New York against AEGCo and I&M alleging that it would be unlawfully burdened by the terms of the modified NSR consent decree after the Rockport Plant, Unit 2 lease expiration in December 2022. The terms of the consent decree allow the installation of environmental emission control equipment, repowering, refueling or retirement of the unit. The plaintiffs seek a judgment declaring that the defendants breached the lease, must satisfy obligations related to installation of emission control equipment and indemnify the plaintiffs. The New York court granted a motion to transfer this case to the U.S. District Court for the Southern District of Ohio. AEGCo and I&M sought and were granted dismissal by the U.S. District Court for the Southern District of Ohio of certain of the plaintiffs’ claims, including claims for compensatory damages, breach of contract, breach of the implied covenant of good faith and fair dealing and indemnification of costs. Plaintiffs voluntarily dismissed the surviving claims that AEGCo and I&M failed to exercise prudent utility practices with prejudice, and the court issued a final judgment. The plaintiffs subsequently filed an appeal in the U.S. Court of Appeals for the Sixth Circuit. In 2017, the U.S. Court of Appeals for the Sixth Circuit issued an opinion and judgment affirming the district court’s dismissal of the owners’ breach of good faith and fair dealing claim as duplicative of the breach of contract claims, reversing the district court’s dismissal of the breach of contract claims and remanding the case for further proceedings. Thereafter, AEP filed a motion with the U.S. District Court for the Southern District of Ohio in the original NSR litigation, seeking to modify the consent decree. The district court granted the owners’ unopposed motion to stay the lease litigation to afford time for resolution of AEP’s motion to modify the consent decree. The consent decree was modified based on an agreement among the parties in July 2019. The district court’s stay of the lease litigation expired in August 2020. Upon expiration of the stay, plaintiffs filed a motion for partial summary judgment, arguing that the consent decree violates the facility lease and the participation agreement and requesting that the district court enter a judgment for the plaintiffs on their breach of contract claim. AEP’s memorandum in opposition to plaintiffs’ motion for partial summary judgment was filed in October 2020. At the parties’ request, the district court stayed the case until April 19, 2021 to provide the parties an opportunity to resolve the case. On April 20, 2021, I&M and AEGCo reached an agreement to acquire 100% of the interests in Rockport Plant, Unit 2 for $115.5 million from certain financial institutions that own the unit through trusts established by Wilmington Trust, the nonaffiliated owner trustee of the ownership interests in the unit, with closing to occur as of the end of the Rockport Plant, Unit 2 lease in December 2022. As a result, the parties have submitted a stipulation and order of dismissal requesting that the district court dismiss the case without prejudice to plaintiffs asserting their claims in a re-filed action or in a new action. The agreement is subject to customary closing conditions, including regulatory approvals, and as of the closing will result in a final settlement of, and release of claims in, the lease litigation. Management believes its financial statements appropriately reflect the expected resolution of the pending litigation. Claims Challenging Transition of American Electric Power System Retirement Plan to Cash Balance Formula The American Electric Power System Retirement Plan (the Plan) has received a letter written on behalf of four participants (the Claimants) making a claim for additional plan benefits and purporting to advance such claims on behalf of a class. When the Plan’s benefit formula was changed in the year 2000, AEP provided a special provision for employees hired before January 1, 2001, allowing them to continue benefit accruals under the then benefit formula for a full 10 years alongside of the new cash balance benefit formula then being implemented. Employees who were hired on or after January 1, 2001 accrued benefits only under the new cash balance benefit formula. The Claimants have asserted claims that: (a) the Plan violates the requirements under the Employee Retirement Income Security Act (ERISA) intended to preclude back-loading the accrual of benefits to the end of a participant’s career, (b) the Plan violates the age discrimination prohibitions of ERISA and the Age Discrimination in Employment Act and (c) the company failed to provide required notice regarding the changes to the Plan. AEP has responded to the Claimants providing a reasoned explanation for why each of their claims have been denied. The denial of those claims was appealed to the AEP System Retirement Plan Appeal Committee and the Committee upheld the denial of claims. Management will continue to defend against the claims. Management is unable to determine a range of potential losses that is reasonably possible of occurring. Litigation Related to Ohio House Bill 6 (HB 6) In August 2020, an AEP shareholder filed a putative class action lawsuit in the United States District Court for the Southern District of Ohio against AEP and certain of its officers for alleged violations of securities laws. The amended complaint alleges misrepresentations or omissions by AEP regarding: (a) its alleged participation in or connection to public corruption with respect to the passage of HB 6 and (b) its regulatory, legislative, political contribution, 501 (c)(4) organization contribution and lobbying activities in Ohio. The complaint seeks monetary damages, among other forms of relief. The company will continue to defend against the claims. Management is unable to determine a range of potential losses that is reasonably possible of occurring. In January 2021, an AEP shareholder filed a derivative action in the United States District Court for the Southern District of Ohio purporting to assert claims on behalf of AEP against certain AEP officers and directors. In February 2021, a second AEP shareholder filed a similar derivative action in the Court of Common Pleas of Franklin County, Ohio. In April 2021, a third AEP shareholder filed a similar derivative action in the U.S. District Court for the Southern District of Ohio. These derivative complaints allege the officers and directors made misrepresentations and omissions similar to those alleged in the putative securities class action lawsuit filed against AEP. The derivative complaints together assert claims for: (a) breach of fiduciary duty, (b) waste of corporate assets, (c) unjust enrichment, (d) breach of duty for insider trading and (e) contribution for violations of sections 10(b) and 21D of the Securities Exchange Act of 1934; and seek monetary damages and changes to AEP’s corporate governance and internal policies among other forms of relief. The company will continue to defend against the claims. Management is unable to determine a range of potential losses that is reasonably possible of occurring. On March 1, 2021, AEP received a litigation demand letter from counsel representing a purported AEP shareholder. The litigation demand letter is directed to the Board of Directors of AEP and contains factual allegations involving HB 6 that are generally consistent with those in the derivative litigation filed in state and federal court. The letter demands, among other things, that the AEP Board undertake an independent investigation into alleged legal violations by directors and officers, and that, following such investigation, the Company commence a civil action for breaches of fiduciary duty and related claims and take appropriate disciplinary action against those individuals who allegedly harmed the company. The AEP Board will act in response to the letter as appropriate. Management is unable to determine a range of potential losses that is reasonably possible of occurring. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Benefit Plans | BENEFIT PLANS The disclosures in this note apply to all Registrants except AEPTCo unless indicated otherwise. AEP sponsors a qualified pension plan and two unfunded nonqualified pension plans. Substantially all AEP employees are covered by the qualified plan or both the qualified and a nonqualified pension plan. AEP also sponsors OPEB plans to provide health and life insurance benefits for retired employees. Components of Net Periodic Benefit Cost The following tables provide the components of net periodic benefit cost (credit) by Registrant for the plans: AEP Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 32.3 $ 28.0 $ 2.4 $ 2.5 Interest Cost 34.3 42.0 7.6 9.9 Expected Return on Plan Assets (57.5) (66.2) (22.8) (23.9) Amortization of Prior Service Credit — — (17.7) (17.4) Amortization of Net Actuarial Loss 25.4 23.4 — 1.5 Net Periodic Benefit Cost (Credit) $ 34.5 $ 27.2 $ (30.5) $ (27.4) AEP Texas Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 3.0 $ 2.6 $ 0.2 $ 0.2 Interest Cost 2.8 3.5 0.6 0.8 Expected Return on Plan Assets (4.9) (5.7) (1.9) (2.0) Amortization of Prior Service Credit — — (1.5) (1.4) Amortization of Net Actuarial Loss 2.1 1.9 — 0.1 Net Periodic Benefit Cost (Credit) $ 3.0 $ 2.3 $ (2.6) $ (2.3) APCo Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 3.0 $ 2.6 $ 0.3 $ 0.3 Interest Cost 4.1 5.1 1.2 1.6 Expected Return on Plan Assets (7.3) (8.4) (3.4) (3.6) Amortization of Prior Service Credit — — (2.6) (2.5) Amortization of Net Actuarial Loss 3.0 2.8 — 0.2 Net Periodic Benefit Cost (Credit) $ 2.8 $ 2.1 $ (4.5) $ (4.0) I&M Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 4.4 $ 3.9 $ 0.3 $ 0.3 Interest Cost 4.0 4.9 0.9 1.2 Expected Return on Plan Assets (7.2) (8.3) (2.8) (2.9) Amortization of Prior Service Credit — — (2.4) (2.4) Amortization of Net Actuarial Loss 2.9 2.7 — 0.2 Net Periodic Benefit Cost (Credit) $ 4.1 $ 3.2 $ (4.0) $ (3.6) OPCo Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 2.9 $ 2.4 $ 0.2 $ 0.2 Interest Cost 3.1 3.9 0.8 1.0 Expected Return on Plan Assets (5.6) (6.6) (2.4) (2.6) Amortization of Prior Service Credit — — (1.8) (1.8) Amortization of Net Actuarial Loss 2.2 2.1 — 0.2 Net Periodic Benefit Cost (Credit) $ 2.6 $ 1.8 $ (3.2) $ (3.0) PSO Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 1.9 $ 1.8 $ 0.2 $ 0.2 Interest Cost 1.7 2.1 0.4 0.5 Expected Return on Plan Assets (3.1) (3.6) (1.3) (1.3) Amortization of Prior Service Credit — — (1.1) (1.1) Amortization of Net Actuarial Loss 1.3 1.2 — 0.1 Net Periodic Benefit Cost (Credit) $ 1.8 $ 1.5 $ (1.8) $ (1.6) SWEPCo Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 2.9 $ 2.5 $ 0.1 $ 0.2 Interest Cost 2.1 2.5 0.5 0.6 Expected Return on Plan Assets (3.4) (3.9) (1.5) (1.5) Amortization of Prior Service Credit — — (1.3) (1.3) Amortization of Net Actuarial Loss 1.5 1.4 — 0.1 Net Periodic Benefit Cost (Credit) $ 3.1 $ 2.5 $ (2.2) $ (1.9) |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Business Segments | BUSINESS SEGMENTS The disclosures in this note apply to all Registrants unless indicated otherwise. AEP’s Reportable Segments AEP’s primary business is the generation, transmission and distribution of electricity. Within its Vertically Integrated Utilities segment, AEP centrally dispatches generation assets and manages its overall utility operations on an integrated basis because of the substantial impact of cost-based rates and regulatory oversight. Intersegment sales and transfers are generally based on underlying contractual arrangements and agreements. AEP’s reportable segments and their related business activities are outlined below: Vertically Integrated Utilities • Generation, transmission and distribution of electricity for sale to retail and wholesale customers through assets owned and operated by AEGCo, APCo, I&M, KGPCo, KPCo, PSO, SWEPCo and WPCo. Transmission and Distribution Utilities • Transmission and distribution of electricity for sale to retail and wholesale customers through assets owned and operated by AEP Texas and OPCo. • OPCo purchases energy and capacity to serve standard service offer customers and provides transmission and distribution services for all connected load. AEP Transmission Holdco • Development, construction and operation of transmission facilities through investments in AEPTCo. These investments have FERC-approved ROEs. • Development, construction and operation of transmission facilities through investments in AEP’s transmission-only joint ventures. These investments have PUCT-approved or FERC-approved ROEs. Generation & Marketing • Contracted renewable energy investments and management services. • Marketing, risk management and retail activities in ERCOT, PJM, SPP and MISO. • Competitive generation in PJM. The remainder of AEP’s activities is presented as Corporate and Other. While not considered a reportable segment, Corporate and Other primarily includes the purchasing of receivables from certain AEP utility subsidiaries, Parent’s guarantee revenue received from affiliates, investment income, interest income, interest expense, income tax expense and other nonallocated costs. The tables below present AEP’s reportable segment income statement information for the three months ended March 31, 2021 and 2020 and reportable segment balance sheet information as of March 31, 2021 and December 31, 2020. Three Months Ended March 31, 2021 Vertically Integrated Utilities Transmission and Distribution Utilities AEP Transmission Holdco Generation Corporate and Other (a) Reconciling Adjustments Consolidated (in millions) Revenues from: External Customers $ 2,504.5 $ 1,082.3 $ 87.9 $ 601.7 $ 4.7 $ — $ 4,281.1 Other Operating Segments 32.8 5.8 289.1 32.5 8.2 (368.4) — Total Revenues $ 2,537.3 $ 1,088.1 $ 377.0 $ 634.2 $ 12.9 $ (368.4) $ 4,281.1 Net Income (Loss) $ 271.4 $ 114.4 $ 173.2 $ 38.2 $ (18.4) $ — $ 578.8 Three Months Ended March 31, 2020 Vertically Integrated Utilities Transmission and Distribution Utilities AEP Transmission Holdco Generation Corporate and Other (a) Reconciling Adjustments Consolidated (in millions) Revenues from: External Customers $ 2,193.0 $ 1,075.2 $ 73.1 $ 408.4 $ (2.2) $ — $ 3,747.5 Other Operating Segments 33.7 31.7 237.1 30.2 22.1 (354.8) — Total Revenues $ 2,226.7 $ 1,106.9 $ 310.2 $ 438.6 $ 19.9 $ (354.8) $ 3,747.5 Net Income (Loss) $ 246.3 $ 116.2 $ 141.6 $ 30.5 $ (35.3) $ — $ 499.3 March 31, 2021 Vertically Integrated Utilities Transmission and Distribution Utilities AEP Transmission Holdco Generation Corporate and Other (a) Reconciling Consolidated (in millions) Total Property, Plant and Equipment $ 49,448.9 $ 21,492.9 $ 12,185.2 $ 2,080.6 $ 405.3 $ — $ 85,612.9 Accumulated Depreciation and Amortization 15,950.1 3,951.3 648.1 183.8 183.5 — 20,916.8 Total Property Plant and Equipment - Net $ 33,498.8 $ 17,541.6 $ 11,537.1 $ 1,896.8 $ 221.8 $ — $ 64,696.1 Total Assets $ 44,591.3 $ 20,076.9 $ 12,925.8 $ 3,881.8 $ 6,072.0 (b) $ (4,562.7) (c) $ 82,985.1 Long-term Debt Due Within One Year: Nonaffiliated $ 1,078.3 $ 589.0 $ 52.4 $ — $ 410.5 (d) $ — $ 2,130.2 Long-term Debt: Affiliated 65.0 — — — — (65.0) — Nonaffiliated 13,185.8 7,097.4 4,089.7 — 5,841.9 (d) — 30,214.8 Total Long-term Debt $ 14,329.1 $ 7,686.4 $ 4,142.1 $ — $ 6,252.4 (d) $ (65.0) $ 32,345.0 December 31, 2020 Vertically Integrated Utilities Transmission and Distribution Utilities AEP Transmission Holdco Generation Corporate and Other (a) Reconciling Consolidated (in millions) Total Property, Plant and Equipment $ 49,023.3 $ 21,145.0 $ 11,827.2 $ 1,910.2 $ 407.3 $ — $ 84,313.0 Accumulated Depreciation and Amortization 15,586.2 3,879.3 595.7 166.1 184.1 — 20,411.4 Total Property Plant and Equipment - Net $ 33,437.1 $ 17,265.7 $ 11,231.5 $ 1,744.1 $ 223.2 $ — $ 63,901.6 Total Assets $ 42,752.7 $ 19,765.9 $ 12,627.3 $ 3,585.9 $ 5,987.1 (b) $ (3,961.7) (c) $ 80,757.2 Long-term Debt Due Within One Year: Nonaffiliated $ 1,034.6 $ 588.8 $ 52.3 $ — $ 410.4 (d) $ — $ 2,086.1 Long-term Debt: Affiliated 65.0 — — — — (65.0) — Nonaffiliated 12,375.6 6,661.9 4,075.7 — 5,873.2 (d) — 28,986.4 Total Long-term Debt $ 13,475.2 $ 7,250.7 $ 4,128.0 $ — $ 6,283.6 (d) $ (65.0) $ 31,072.5 (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, interest expense and other nonallocated costs. (b) Includes elimination of AEP Parent’s investments in wholly-owned subsidiary companies. (c) Reconciling Adjustments for Total Assets primarily include elimination of intercompany advances to affiliates and intercompany accounts receivable. (d) Amounts are inclusive of the impact of fair value hedge accounting. See “Accounting for Fair Value Hedging Strategies” section of Note 10 for additional information. Registrant Subsidiaries’ Reportable Segments (Applies to all Registrant Subsidiaries except AEPTCo) The Registrant Subsidiaries each have one reportable segment, an integrated electricity generation, transmission and distribution business for APCo, I&M, PSO and SWEPCo, and an integrated electricity transmission and distribution business for AEP Texas and OPCo. Other activities are insignificant. The Registrant Subsidiaries’ operations are managed on an integrated basis because of the substantial impact of cost-based rates and regulatory oversight on the business process, cost structures and operating results. AEPTCo’s Reportable Segments AEPTCo Parent is the holding company of seven FERC-regulated transmission-only electric utilities. The seven State Transcos have been identified as operating segments of AEPTCo under the accounting guidance for “Segment Reporting.” The State Transcos business consists of developing, constructing and operating transmission facilities at the request of the RTOs in which they operate and in replacing and upgrading facilities, assets and components of the existing AEP transmission system as needed to maintain reliability standards and provide service to AEP’s wholesale and retail customers. The State Transcos are regulated for rate-making purposes exclusively by the FERC and earn revenues through tariff rates charged for the use of their electric transmission systems. AEPTCo’s Chief Operating Decision Maker makes operating decisions, allocates resources to and assesses performance based on these operating segments. The State Transcos operating segments all have similar economic characteristics and meet all of the criteria under the accounting guidance for “Segment Reporting” to be aggregated into one operating segment. As a result, AEPTCo has one reportable segment. The remainder of AEPTCo’s activity is presented in AEPTCo Parent. While not considered a reportable segment, AEPTCo Parent represents the activity of the holding company which primarily relates to debt financing activity and general corporate activities. The tables below present AEPTCo’s reportable segment income statement information for the three months ended March 31, 2021 and 2020 and reportable segment balance sheet information as of March 31, 2021 and December 31, 2020. Three Months Ended March 31, 2021 State Transcos AEPTCo Parent Reconciling Adjustments AEPTCo (in millions) Revenues from: External Customers $ 76.0 $ — $ — $ 76.0 Sales to AEP Affiliates 285.6 — — 285.6 Other Revenues 0.1 — — 0.1 Total Revenues $ 361.7 $ — $ — $ 361.7 Interest Income $ — $ 38.3 $ (38.2) (a) $ 0.1 Interest Expense 34.1 38.2 (38.2) (a) 34.1 Income Tax Expense 39.6 — — 39.6 Net Income $ 151.7 $ — (b) $ — $ 151.7 Three Months Ended March 31, 2020 State Transcos AEPTCo Parent Reconciling Adjustments AEPTCo (in millions) Revenues from: External Customers $ 61.3 $ — $ — $ 61.3 Sales to AEP Affiliates 233.7 — — 233.7 Other Revenues 0.6 — — 0.6 Total Revenues $ 295.6 $ — $ — $ 295.6 Interest Income $ 0.2 $ 34.0 $ (33.4) (a) $ 0.8 Interest Expense 29.6 33.4 (33.4) (a) 29.6 Income Tax Expense 31.8 — — 31.8 Net Income $ 117.3 $ 0.5 (b) $ — $ 117.8 March 31, 2021 State Transcos AEPTCo Parent Reconciling Adjustments AEPTCo (in millions) Total Transmission Property $ 11,694.0 $ — $ — $ 11,694.0 Accumulated Depreciation and Amortization 623.6 — — 623.6 Total Transmission Property – Net $ 11,070.4 $ — $ — $ 11,070.4 Notes Receivable - Affiliated $ — $ 3,899.0 $ (3,899.0) (c) $ — Total Assets $ 11,458.3 $ 4,107.2 (d) $ (4,050.4) (e) $ 11,515.1 Total Long-term Debt $ 3,990.0 $ 3,949.0 $ (3,990.0) (c) $ 3,949.0 December 31, 2020 State Transcos AEPTCo Parent Reconciling Adjustments AEPTCo (in millions) Total Transmission Property $ 11,345.6 $ — $ — $ 11,345.6 Accumulated Depreciation and Amortization 572.8 — — 572.8 Total Transmission Property – Net $ 10,772.8 $ — $ — $ 10,772.8 Notes Receivable - Affiliated $ — $ 3,948.5 $ (3,948.5) (c) $ — Total Assets $ 11,185.1 $ 4,084.0 (d) $ (4,023.1) (e) $ 11,246.0 Total Long-term Debt $ 3,990.0 $ 3,948.5 $ (3,990.0) (c) $ 3,948.5 (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. |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Mar. 31, 2021 | |
Derivatives and Hedging | DERIVATIVES AND HEDGING The disclosures in this note apply to all Registrants unless indicated otherwise. For the periods presented, AEPTCo did not have any derivative and hedging activity. OBJECTIVES FOR UTILIZATION OF DERIVATIVE INSTRUMENTS AEPSC is agent for and transacts on behalf of AEP subsidiaries, including the Registrant Subsidiaries. AEPEP is agent for and transacts on behalf of other AEP subsidiaries. The Registrants are exposed to certain market risks as major power producers and participants in the electricity, capacity, natural gas, coal and emission allowance markets. These risks include commodity price risks which may be subject to capacity risk, interest rate risk and credit risk. These risks represent the risk of loss that may impact the Registrants due to changes in the underlying market prices or rates. Management utilizes derivative instruments to manage these risks. STRATEGIES FOR UTILIZATION OF DERIVATIVE INSTRUMENTS TO ACHIEVE OBJECTIVES Risk Management Strategies The strategy surrounding the use of derivative instruments primarily focuses on managing risk exposures, future cash flows and creating value utilizing both economic and formal hedging strategies. The risk management strategies also include the use of derivative instruments for trading purposes which focus on seizing market opportunities to create value driven by expected changes in the market prices of the commodities. To accomplish these objectives, the Registrants primarily employ risk management contracts including physical and financial forward purchase-and-sale contracts and, to a lesser extent, OTC swaps and options. Not all risk management contracts meet the definition of a derivative under the accounting guidance for “Derivatives and Hedging.” Derivative risk management contracts elected normal under the normal purchases and normal sales scope exception are not subject to the requirements of this accounting guidance. The Registrants utilize power, capacity, coal, natural gas, interest rate and, to a lesser extent, heating oil, gasoline and other commodity contracts to manage the risk associated with the energy business. The Registrants utilize interest rate derivative contracts in order to manage the interest rate exposure associated with the commodity portfolio. For disclosure purposes, such risks are grouped as “Commodity,” as these risks are related to energy risk management activities. The Registrants also utilize derivative contracts to manage interest rate risk associated with debt financing. For disclosure purposes, these risks are grouped as “Interest Rate.” The amount of risk taken is determined by the Commercial Operations, Energy Supply and Finance groups in accordance with established risk management policies as approved by the Finance Committee of the Board of Directors. The following tables represent the gross notional volume of the Registrants’ outstanding derivative contracts: Notional Volume of Derivative Instruments March 31, 2021 Primary Risk Unit of AEP AEP Texas APCo I&M OPCo PSO SWEPCo (in millions) Commodity: Power MWhs 271.2 — 23.3 10.8 2.9 3.8 1.6 Natural Gas MMBtus 22.7 — — — — — 7.0 Heating Oil and Gasoline Gallons 5.0 1.3 0.8 0.5 1.0 0.5 0.7 Interest Rate USD $ 123.6 $ — $ — $ — $ — $ — $ — Interest Rate on Long-term Debt USD $ 950.0 $ — $ — $ — $ — $ — $ — December 31, 2020 Primary Risk Unit of AEP AEP Texas APCo I&M OPCo PSO SWEPCo (in millions) Commodity: Power MWhs 331.3 — 46.9 19.7 3.0 11.9 4.0 Natural Gas MMBtus 26.9 — — — — — 7.9 Heating Oil and Gasoline Gallons 6.9 1.8 1.1 0.6 1.4 0.7 0.9 Interest Rate USD $ 129.8 $ — $ — $ — $ — $ — $ — Interest Rate on Long-term Debt USD $ 1,150.0 $ — $ 200.0 $ — $ — $ — $ — Fair Value Hedging Strategies (Applies to AEP) Parent enters into interest rate derivative transactions as part of an overall strategy to manage the mix of fixed-rate and floating-rate debt. Certain interest rate derivative transactions effectively modify exposure to interest rate risk by converting a portion of fixed-rate debt to a floating-rate. Provided specific criteria are met, these interest rate derivatives may be designated as fair value hedges. Cash Flow Hedging Strategies The Registrants utilize cash flow hedges on certain derivative transactions for the purchase and sale of power (“Commodity”) in order to manage the variable price risk related to forecasted purchases and sales. Management monitors the potential impacts of commodity price changes and, where appropriate, enters into derivative transactions to protect profit margins for a portion of future electricity sales and purchases. The Registrants do not hedge all commodity price risk. The Registrants utilize a variety of interest rate derivative transactions in order to manage interest rate risk exposure. The Registrants also utilize interest rate derivative contracts to manage interest rate exposure related to future borrowings of fixed-rate debt. The Registrants do not hedge all interest rate exposure. ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND THE IMPACT ON THE FINANCIAL STATEMENTS The accounting guidance for “Derivatives and Hedging” requires recognition of all qualifying derivative instruments as either assets or liabilities on the balance sheets at fair value. The fair values of derivative instruments accounted for using MTM accounting or hedge accounting are based on exchange prices and broker quotes. If a quoted market price is not available, the estimate of fair value is based on the best information available including valuation models that estimate future energy prices based on existing market and broker quotes and other assumptions. In order to determine the relevant fair values of the derivative instruments, the Registrants apply valuation adjustments for discounting, liquidity and credit quality. Credit risk is the risk that a counterparty will fail to perform on the contract or fail to pay amounts due. Liquidity risk represents the risk that imperfections in the market will cause the price to vary from estimated fair value based upon prevailing market supply and demand conditions. Since energy markets are imperfect and volatile, there are inherent risks related to the underlying assumptions in models used to fair value risk management contracts. Unforeseen events may cause reasonable price curves to differ from actual price curves throughout a contract’s term and at the time a contract settles. Consequently, there could be significant adverse or favorable effects on future net income and cash flows if market prices are not consistent with management’s estimates of current market consensus for forward prices in the current period. This is particularly true for longer term contracts. Cash flows may vary based on market conditions, margin requirements and the timing of settlement of risk management contracts. According to the accounting guidance for “Derivatives and Hedging,” the Registrants reflect the fair values of derivative instruments subject to netting agreements with the same counterparty net of related cash collateral. For certain risk management contracts, the Registrants are required to post or receive cash collateral based on third-party contractual agreements and risk profiles. AEP netted cash collateral received from third-parties against short-term and long-term risk management assets in the amounts of $3 million and $3 million as of March 31, 2021 and December 31, 2020, respectively. AEP netted cash collateral paid to third-parties against short-term and long-term risk management liabilities in the amounts of $8 million and $7 million as of March 31, 2021 and December 31, 2020, respectively. The netted cash collateral from third-parties against short-term and long-term risk management assets and netted cash collateral paid to third-parties against short-term and long-term risk management liabilities were immaterial for the Registrant Subsidiaries as of March 31, 2021 and December 31, 2020. The following tables represent the gross fair value of the Registrants’ derivative activity on the balance sheets: AEP March 31, 2021 Risk Hedging Contracts Gross Amounts Gross Net Amounts of Balance Sheet Location Commodity (a) Commodity (a) Interest Rate (a) (in millions) Current Risk Management Assets $ 164.1 $ 34.8 $ 2.7 $ 201.6 $ (129.5) $ 72.1 Long-term Risk Management Assets 266.9 18.8 — 285.7 (20.9) 264.8 Total Assets 431.0 53.6 2.7 487.3 (150.4) 336.9 Current Risk Management Liabilities 133.6 34.8 — 168.4 (129.3) 39.1 Long-term Risk Management Liabilities 219.8 41.6 37.4 298.8 (25.8) 273.0 Total Liabilities 353.4 76.4 37.4 467.2 (155.1) 312.1 Total MTM Derivative Contract Net Assets (Liabilities) $ 77.6 $ (22.8) $ (34.7) $ 20.1 $ 4.7 $ 24.8 December 31, 2020 Risk Hedging Contracts Gross Amounts Gross Net Amounts of Balance Sheet Location Commodity (a) Commodity (a) Interest Rate (a) (in millions) Current Risk Management Assets $ 239.1 $ 21.1 $ 5.0 $ 265.2 $ (170.5) $ 94.7 Long-term Risk Management Assets 275.9 18.0 — 293.9 (51.7) 242.2 Total Assets 515.0 39.1 5.0 559.1 (222.2) 336.9 Current Risk Management Liabilities 193.0 54.4 3.4 250.8 (172.0) 78.8 Long-term Risk Management Liabilities 222.2 60.1 4.1 286.4 (53.6) 232.8 Total Liabilities 415.2 114.5 7.5 537.2 (225.6) 311.6 Total MTM Derivative Contract Net Assets (Liabilities) $ 99.8 $ (75.4) $ (2.5) $ 21.9 $ 3.4 $ 25.3 AEP Texas March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 0.8 $ (0.8) $ — Long-term Risk Management Assets — — — Total Assets 0.8 (0.8) — Current Risk Management Liabilities — — — Long-term Risk Management Liabilities — — — Total Liabilities — — — Total MTM Derivative Contract Net Assets (Liabilities) $ 0.8 $ (0.8) $ — December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 0.4 $ (0.4) $ — Long-term Risk Management Assets — — — Total Assets 0.4 (0.4) — Current Risk Management Liabilities — — — Long-term Risk Management Liabilities — — — Total Liabilities — — — Total MTM Derivative Contract Net Assets (Liabilities) $ 0.4 $ (0.4) $ — APCo March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement Balance Sheet Location Commodity (a) Financial Position (b) of Financial Position (c) (in millions) Current Risk Management Assets $ 16.5 $ (9.6) $ 6.9 Deferred Charges and Other Noncurrent Assets - Long-term Risk Management Assets 0.5 (0.5) — Total Assets 17.0 (10.1) 6.9 Other Current Liabilities - Current Risk Management Liabilities 9.3 (9.1) 0.2 Deferred Credits and Other Noncurrent Liabilities - Long-term Risk Management Liabilities 0.5 (0.5) — Total Liabilities 9.8 (9.6) 0.2 Total MTM Derivative Contract Net Assets (Liabilities) $ 7.2 $ (0.5) $ 6.7 December 31, 2020 Gross Amounts Risk of Risk Gross Amounts Net Amounts of Assets/ Management Hedging Management Offset in the Liabilities Presented in Contracts – Contracts – Assets/Liabilities Statement of the Statement of Balance Sheet Location Commodity (a) Interest Rate (a) Recognized Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 38.8 $ 2.4 $ 41.2 $ (18.8) $ 22.4 Deferred Charges and Other Noncurrent Assets - Long-term Risk Management Assets 0.7 — 0.7 (0.6) 0.1 Total Assets 39.5 2.4 41.9 (19.4) 22.5 Other Current Liabilities - Current Risk Management Liabilities 19.7 3.4 23.1 (18.5) 4.6 Deferred Credits and Other Noncurrent Liabilities - Long-term Risk Management Liabilities 0.6 — 0.6 (0.5) 0.1 Total Liabilities 20.3 3.4 23.7 (19.0) 4.7 Total MTM Derivative Contract Net Assets (Liabilities) $ 19.2 $ (1.0) $ 18.2 $ (0.4) $ 17.8 I&M March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 6.8 $ (5.9) $ 0.9 Deferred Charges and Other Noncurrent Assets - Long-term Risk Management Assets 0.3 (0.3) — Total Assets 7.1 (6.2) 0.9 Other Current Liabilities - Current Risk Management Liabilities 6.2 (6.0) 0.2 Deferred Credits and Other Noncurrent Liabilities - Long-term Risk Management Liabilities 0.3 (0.3) — Total Liabilities 6.5 (6.3) 0.2 Total MTM Derivative Contract Net Assets $ 0.6 $ 0.1 $ 0.7 December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 17.2 $ (13.6) $ 3.6 Deferred Charges and Other Noncurrent Assets - Long-term Risk Management Assets 0.5 (0.4) 0.1 Total Assets 17.7 (14.0) 3.7 Other Current Liabilities - Current Risk Management Liabilities 12.1 (12.0) 0.1 Deferred Credits and Other Noncurrent Liabilities - Long-term Risk Management Liabilities 0.4 (0.3) 0.1 Total Liabilities 12.5 (12.3) 0.2 Total MTM Derivative Contract Net Assets (Liabilities) $ 5.2 $ (1.7) $ 3.5 OPCo March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 0.6 $ (0.6) $ — Long-term Risk Management Assets — — — Total Assets 0.6 (0.6) — Current Risk Management Liabilities 8.1 — 8.1 Long-term Risk Management Liabilities 95.9 — 95.9 Total Liabilities 104.0 — 104.0 Total MTM Derivative Contract Net Liabilities $ (103.4) $ (0.6) $ (104.0) December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 0.3 $ (0.3) $ — Long-term Risk Management Assets — — — Total Assets 0.3 (0.3) — Current Risk Management Liabilities 8.7 — 8.7 Long-term Risk Management Liabilities 101.6 — 101.6 Total Liabilities 110.3 — 110.3 Total MTM Derivative Contract Net Liabilities $ (110.0) $ (0.3) $ (110.3) PSO March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 5.8 $ (0.3) $ 5.5 Long-term Risk Management Assets — — — Total Assets 5.8 (0.3) 5.5 Current Risk Management Liabilities — — — Long-term Risk Management Liabilities — — — Total Liabilities — — — Total MTM Derivative Contract Net Assets (Liabilities) $ 5.8 $ (0.3) $ 5.5 December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 10.5 $ (0.2) $ 10.3 Long-term Risk Management Assets — — — Total Assets 10.5 (0.2) 10.3 Current Risk Management Liabilities — — — Long-term Risk Management Liabilities — — — Total Liabilities — — — Total MTM Derivative Contract Net Assets (Liabilities) $ 10.5 $ (0.2) $ 10.3 SWEPCo March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 1.7 $ (0.4) $ 1.3 Long-term Risk Management Assets — — — Total Assets 1.7 (0.4) 1.3 Current Risk Management Liabilities — — — Long-term Risk Management Liabilities 0.9 — 0.9 Total Liabilities 0.9 — 0.9 Total MTM Derivative Contract Net Assets (Liabilities) $ 0.8 $ (0.4) $ 0.4 December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 3.4 $ (0.2) $ 3.2 Long-term Risk Management Assets — — — Total Assets 3.4 (0.2) 3.2 Current Risk Management Liabilities 0.7 — 0.7 Long-term Risk Management Liabilities 1.0 — 1.0 Total Liabilities 1.7 — 1.7 Total MTM Derivative Contract Net Assets (Liabilities) $ 1.7 $ (0.2) $ 1.5 (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. The tables below present the Registrants’ amount of gain (loss) recognized on risk management contracts: Amount of Gain (Loss) Recognized on Risk Management Contracts Three Months Ended March 31, 2021 Location of Gain (Loss) AEP AEP Texas APCo I&M OPCo PSO SWEPCo (in millions) Vertically Integrated Utilities Revenues $ 0.2 $ — $ — $ — $ — $ — $ — Generation & Marketing Revenues (0.4) — — — — — — Electric Generation, Transmission and Distribution Revenues — — 0.2 — — — — Purchased Electricity for Resale 0.4 — 0.4 — — — — Other Operation 0.3 0.1 — — 0.1 — — Maintenance 0.5 0.1 0.1 0.1 0.1 0.1 0.1 Regulatory Assets (a) 6.4 — — (0.9) 6.6 — 0.8 Regulatory Liabilities (a) 22.0 0.4 3.4 (3.2) 2.9 11.2 6.2 Total Gain (Loss) on Risk Management Contracts $ 29.4 $ 0.6 $ 4.1 $ (4.0) $ 9.7 $ 11.3 $ 7.1 Three Months Ended March 31, 2020 Location of Gain (Loss) AEP AEP Texas APCo I&M OPCo PSO SWEPCo (in millions) Vertically Integrated Utilities Revenues $ 0.4 $ — $ — $ — $ — $ — $ — Generation & Marketing Revenues (10.3) — — — — — — Electric Generation, Transmission and Distribution Revenues — — 0.2 0.1 — — — Purchased Electricity for Resale 0.1 — 0.1 — — — — Other Operation (0.2) (0.1) — — (0.1) — — Maintenance (0.2) (0.1) (0.1) — — — — Regulatory Assets (a) (33.9) (1.2) (8.9) (0.7) (18.4) (0.5) (0.2) Regulatory Liabilities (a) 11.2 — (7.3) 3.2 3.5 8.1 3.3 Total Gain (Loss) on Risk Management Contracts $ (32.9) $ (1.4) $ (16.0) $ 2.6 $ (15.0) $ 7.6 $ 3.1 (a) Represents realized and unrealized gains and losses subject to regulatory accounting treatment recorded as either current or noncurrent on the balance sheets. Certain qualifying derivative instruments have been designated as normal purchase or normal sale contracts, as provided in the accounting guidance for “Derivatives and Hedging.” Derivative contracts that have been designated as normal purchases or normal sales under that accounting guidance are not subject to MTM accounting treatment and are recognized on the statements of income on an accrual basis. The accounting for the changes in the fair value of a derivative instrument depends on whether it qualifies for and has been designated as part of a hedging relationship and further, on the type of hedging relationship. Depending on the exposure, management designates a hedging instrument as a fair value hedge or a cash flow hedge. For contracts that have not been designated as part of a hedging relationship, the accounting for changes in fair value depends on whether the derivative instrument is held for trading purposes. Unrealized and realized gains and losses on derivative instruments held for trading purposes are included in revenues on a net basis on the statements of income. Unrealized and realized gains and losses on derivative instruments not held for trading purposes are included in revenues or expenses on the statements of income depending on the relevant facts and circumstances. Certain derivatives that economically hedge future commodity risk are recorded in the same expense line item on the statements of income as that of the associated risk. However, unrealized and some realized gains and losses in regulated jurisdictions for both trading and non-trading derivative instruments are recorded as regulatory assets (for losses) or regulatory liabilities (for gains) in accordance with the accounting guidance for “Regulated Operations.” Accounting for Fair Value Hedging Strategies (Applies to AEP) For fair value hedges (i.e. hedging the exposure to changes in the fair value of an asset, liability or an identified portion thereof attributable to a particular risk), the gain or loss on the derivative instrument as well as the offsetting gain or loss on the hedged item associated with the hedged risk impacts net income during the period of change. AEP records realized and unrealized gains or losses on interest rate swaps that are designated and qualify for fair value hedge accounting treatment and any offsetting changes in the fair value of the debt being hedged in Interest Expense on the statements of income. The following table shows the impacts recognized on the balance sheets related to the hedged items in fair value hedging relationships: Carrying Amount of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 (in millions) Long-term Debt (a) (b) $ (959.4) $ (995.9) $ (16.6) $ (51.7) (a) Amounts included on the balance sheets within Long-term Debt Due within One Year and Long-term Debt, respectively. (b) Amounts include $(51) million and $(53) million as of March 31, 2021 and December 31, 2020, respectively, for the fair value hedge adjustment of hedged debt obligations for which hedge accounting has been discontinued. The pretax effects of fair value hedge accounting on income were as follows: Three Months Ended March 31, 2021 2020 (in millions) Gain (Loss) on Interest Rate Contracts: Fair Value Hedging Instruments (a) $ (33.2) $ 42.5 Fair Value Portion of Long-term Debt (a) 33.2 (42.5) (a) Gain (Loss) is included in Interest Expense on the statements of income. In June 2020, AEP terminated a $500 million notional amount interest rate swap resulting in the discontinuance of the hedging relationship. A gain of $57 million on the fair value of the hedging instrument was settled in cash and recorded within operating activities on the statements of cash flows. Subsequent to the discontinuation of hedge accounting, the remaining adjustment to the carrying amount of the hedged item of $57 million will be amortized on a straight line basis through November 2027 in Interest Expense on the statements of income. Accounting for Cash Flow Hedging Strategies For cash flow hedges (i.e. hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the Registrants initially report the gain or loss on the derivative instrument as a component of Accumulated Other Comprehensive Income (Loss) on the balance sheets until the period the hedged item affects net income. Realized gains and losses on derivative contracts for the purchase and sale of power designated as cash flow hedges are included in Total Revenues or Purchased Electricity for Resale on the statements of income or in Regulatory Assets or Regulatory Liabilities on the balance sheets, depending on the specific nature of the risk being hedged. During the three months ended March 31, 2021 and 2020, AEP applied cash flow hedging to outstanding power derivatives. During the three months ended March 31, 2021 and 2020, the Registrant Subsidiaries did not apply cash flow hedging to outstanding power derivatives. The Registrants reclassify gains and losses on interest rate derivative hedges related to debt financings from Accumulated Other Comprehensive Income (Loss) on the balance sheets into Interest Expense on the statements of income in those periods in which hedged interest payments occur. During the three months ended March 31, 2021 and 2020, AEP and APCo applied cash flow hedging to outstanding interest rate derivatives and the other Registrant Subsidiaries did not. For details on effective cash flow hedges included in Accumulated Other Comprehensive Income (Loss) on the balance sheets and the reasons for changes in cash flow hedges, see Note 3 - Comprehensive Income. Cash flow hedges included in Accumulated Other Comprehensive Income (Loss) on the balance sheets were: Impact of Cash Flow Hedges on AEP’s Balance Sheets March 31, 2021 December 31, 2020 Commodity Interest Rate Commodity Interest Rate (in millions) AOCI Loss Net of Tax $ (18.5) $ (33.3) $ (60.6) $ (47.5) Portion Expected to be Reclassed to Net Income During the Next Twelve Months (0.3) (5.1) (27.1) (5.7) As of March 31, 2021 the maximum length of time that AEP is hedging its exposure to variability in future cash flows related to forecasted transactions is 120 months and 117 months for commodity and interest rate hedges, respectively. Impact of Cash Flow Hedges on the Registrant Subsidiaries’ Balance Sheets March 31, 2021 December 31, 2020 Interest Rate Expected to be Expected to be Reclassified to Reclassified to Net Income During Net Income During AOCI Gain (Loss) the Next AOCI Gain (Loss) the Next Company Net of Tax Twelve Months Net of Tax Twelve Months (in millions) AEP Texas $ (2.0) $ (1.1) $ (2.3) $ (1.1) APCo 8.2 0.8 (0.8) 0.4 I&M (7.8) (1.6) (8.3) (1.6) PSO — — 0.1 0.1 SWEPCo 0.1 (1.2) (0.3) (1.5) The actual amounts reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income can differ from the estimate above due to market price changes. Credit Risk Management mitigates credit risk in wholesale marketing and trading activities by assessing the creditworthiness of potential counterparties before entering into transactions with them and continuing to evaluate their creditworthiness on an ongoing basis. Management uses credit agency ratings and current market-based qualitative and quantitative data as well as financial statements to assess the financial health of counterparties on an ongoing basis. Master agreements are typically used to facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Collateral requirements in the form of cash, letters of credit and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. Some master agreements include margining, which requires a counterparty to post cash or letters of credit in the event exposure exceeds the established threshold. The threshold represents an unsecured credit limit which may be supported by a parental/affiliate guaranty, as determined in accordance with AEP’s credit policy. In addition, master agreements allow for termination and liquidation of all positions in the event of a default including a failure or inability to post collateral when required. Collateral Triggering Events Credit Downgrade Triggers (Applies to AEP, APCo, I&M, PSO and SWEPCo) A limited number of derivative contracts include collateral triggering events, which include a requirement to maintain certain credit ratings. On an ongoing basis, AEP’s risk management organization assesses the appropriateness of these collateral triggering events in contracts. The Registrants have not experienced a downgrade below a specified credit rating threshold that would require the posting of additional collateral. AEP had two derivative contracts with collateral triggering events in a net liability position as of March 31, 2021, however the exposure is immaterial. The Registrant Subsidiaries had no derivative contracts with collateral triggering events in a net liability position as of March 31, 2021. The Registrants had no derivative contracts with collateral triggering events in a net liability position as of December 31, 2020. Cross-Default Triggers (Applies to AEP, APCo, I&M and SWEPCo) In addition, a majority of non-exchange traded commodity contracts contain cross-default provisions that, if triggered, would permit the counterparty to declare a default and require settlement of the outstanding payable. These cross-default provisions could be triggered if there was a non-performance event by Parent or the obligor under outstanding debt or a third-party obligation that is $50 million or greater. On an ongoing basis, AEP’s risk management organization assesses the appropriateness of these cross-default provisions in the contracts. The following tables represent: (a) the fair value of these derivative liabilities subject to cross-default provisions prior to consideration of contractual netting arrangements, (b) the amount that the exposure has been reduced by cash collateral posted and (c) if a cross-default provision would have been triggered, the settlement amount that would be required after considering contractual netting arrangements: March 31, 2021 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 $ 156.8 $ — $ 127.7 APCo 0.6 — 0.1 I&M 0.4 — 0.1 SWEPCo 0.9 — 0.9 December 31, 2020 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 $ 188.4 $ — $ 169.2 APCo 4.3 — 3.5 I&M 0.5 — 0.1 SWEPCo 1.8 — 1.8 Warrants Held in Investee (Applies to AEP) AEP holds an investment in ChargePoint, which completed an initial public offering (IPO) in February 2021 via a reverse merger with a public special purpose acquisition company. Before the IPO, AEP’s interests in ChargePoint consisted of a noncontrolling equity interest of preferred shares, which were accounted for at their historical cost of $8 million as of December 31, 2020, and common share warrants. After the IPO, AEP’s interests in ChargePoint consisted of a noncontrolling equity interest of common shares, which were accounted for at their fair value of $35 million as of March 31, 2021, and common share warrants. AEP recorded an unrealized gain of $27 million associated with the common shares for the three months ended March 31, 2021, presented in Other Income (Expense) on AEP’s statements of income. Management has determined the common share warrants are derivative instruments based on the accounting guidance for “Derivatives and Hedging”. As of March 31, 2021 and December 31, 2020, the warrants were valued at $22 million and $32 million, respectively, and were recorded in Deferred Charges and Other Noncurrent Assets on AEP’s balance sheets. AEP recognized an unrealized loss of $10 million associated with the warrants for the three months ended March 31, 2021, presented in Other Income (Expense) on AEP’s statements of income. Management utilized a Black-Scholes options pricing model to value the warrants as of March 31, 2021 and December 31, 2020. The valuation contemplated a liquidity adjustment that resulted in the overall fair value of the warrants being categorized as Level 3 in the fair value hierarchy as of December 31, 2020. After the IPO, there was an observable publicly traded stock price to use in the Black-Scholes options pricing model, which resulted in the warrants being categorized as Level 2 as of March 31, 2021. The common shares are also categorized as Level 2 as management applied a discount to the shares due to a six month lock-up agreement post IPO. After the six month lock-up period, the common shares will be valued as Level 1 based on the publicly traded share prices. See “Fair Value Measurements of Financial Assets and Liabilities” section of Note 10 for additional information. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The disclosures in this note apply to all Registrants except AEPTCo unless indicated otherwise. Fair Value Hierarchy and Valuation Techniques The accounting guidance for “Fair Value Measurements and Disclosures” establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. When quoted market prices are not available, pricing may be completed using comparable securities, dealer values, operating data and general market conditions to determine fair value. Valuation models utilize various inputs such as commodity, interest rate and, to a lesser degree, volatility and credit that include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, market corroborated inputs (i.e. inputs derived principally from, or correlated to, observable market data) and other observable inputs for the asset or liability. For commercial activities, exchange-traded derivatives, namely futures contracts, are generally fair valued based on unadjusted quoted prices in active markets and are classified as Level 1. Level 2 inputs primarily consist of OTC broker quotes in moderately active or less active markets, as well as exchange-traded derivatives where there is insufficient market liquidity to warrant inclusion in Level 1. Management verifies price curves using these broker quotes and classifies these fair values within Level 2 when substantially all of the fair value can be corroborated. Management typically obtains multiple broker quotes, which are nonbinding in nature but are based on recent trades in the marketplace. When multiple broker quotes are obtained, the quoted bid and ask prices are averaged. In certain circumstances, a broker quote may be discarded if it is a clear outlier. Management uses a historical correlation analysis between the broker quoted location and the illiquid locations. If the points are highly correlated, these locations are included within Level 2 as well. Certain OTC and bilaterally executed derivative instruments are executed in less active markets with a lower availability of pricing information. Illiquid transactions, complex structured transactions, FTRs and counterparty credit risk may require nonmarket-based inputs. Some of these inputs may be internally developed or extrapolated and utilized to estimate fair value. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized as Level 3. The main driver of contracts being classified as Level 3 is the inability to substantiate energy price curves in the market. A portion of the Level 3 instruments have been economically hedged which limits potential earnings volatility. AEP utilizes its trustee’s external pricing service to estimate the fair value of the underlying investments held in the nuclear trusts. AEP’s investment managers review and validate the prices utilized by the trustee to determine fair value. AEP’s management performs its own valuation testing to verify the fair values of the securities. AEP receives audit reports of the trustee’s operating controls and valuation processes. Assets in the nuclear trusts, cash and cash equivalents, other temporary investments restricted cash for securitized funding are classified using the following methods. Equities are classified as Level 1 holdings if they are actively traded on exchanges. Items classified as Level 1 are investments in money market funds, fixed income and equity mutual funds and equity securities. They are valued based on observable inputs, primarily unadjusted quoted prices in active markets for identical assets. Items classified as Level 2 are primarily investments in individual fixed income securities. Fixed income securities generally do not trade on exchanges and do not have an official closing price but their valuation inputs are based on observable market data. Pricing vendors calculate bond valuations using financial models and matrices. The models use observable inputs including yields on benchmark securities, quotes by securities brokers, rating agency actions, discounts or premiums on securities compared to par prices, changes in yields for U.S. Treasury securities, corporate actions by bond issuers, prepayment schedules and histories, economic events and, for certain securities, adjustments to yields to reflect changes in the rate of inflation. Other securities with model-derived valuation inputs that are observable are also classified as Level 2 investments. Investments with unobservable valuation inputs are classified as Level 3 investments. Fair Value Measurements of Long-term Debt (Applies to all Registrants) The fair values of Long-term Debt are based on quoted market prices, without credit enhancements, for the same or similar issues and the current interest rates offered for instruments with similar maturities classified as Level 2 measurement inputs. These instruments are not marked-to-market. The estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange. The fair value of AEP’s Equity Units (Level 1) are valued based on publicly traded securities issued by AEP. The book values and fair values of Long-term Debt are summarized in the following table: March 31, 2021 December 31, 2020 Company Book Value Fair Value Book Value Fair Value (in millions) AEP (a) $ 32,345.0 $ 35,802.4 $ 31,072.5 $ 37,457.0 AEP Texas 4,810.2 5,235.6 4,820.4 5,682.6 AEPTCo 3,949.0 4,460.1 3,948.5 4,984.3 APCo 4,966.2 5,871.1 4,834.1 6,391.8 I&M 3,006.3 3,422.9 3,029.9 3,775.3 OPCo 2,876.3 3,316.1 2,430.2 3,154.9 PSO 1,623.8 1,842.4 1,373.8 1,732.1 SWEPCo 3,131.4 3,444.8 2,636.4 3,210.1 (a) The fair value amounts include debt related to AEP’s Equity Units and had a fair value of $1.6 billion and $1.7 billion as of March 31, 2021 and December 31, 2020, respectively. See “Equity Units” section of Note 12 for additional information. Fair Value Measurements of Other Temporary Investments (Applies to AEP) Other Temporary Investments include marketable securities that management intends to hold for less than one year and investments by AEP’s protected cell of EIS. The following is a summary of Other Temporary Investments: March 31, 2021 Gross Gross Unrealized Unrealized Fair Other Temporary Investments Cost Gains Losses Value (in millions) Restricted Cash and Other Cash Deposits (a) $ 74.6 $ — $ — $ 74.6 Fixed Income Securities – Mutual Funds (b) 116.7 2.0 — 118.7 Equity Securities – Mutual Funds 24.9 31.7 — 56.6 Total Other Temporary Investments $ 216.2 $ 33.7 $ — $ 249.9 December 31, 2020 Gross Gross Unrealized Unrealized Fair Other Temporary Investments Cost Gains Losses Value (in millions) Restricted Cash and Other Cash Deposits (a) $ 68.3 $ — $ — $ 68.3 Fixed Income Securities – Mutual Funds (b) 120.7 2.8 — 123.5 Equity Securities – Mutual Funds 25.9 28.7 — 54.6 Total Other Temporary Investments $ 214.9 $ 31.5 $ — $ 246.4 (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. The following table provides the activity for fixed income and equity securities within Other Temporary Investments: Three Months Ended March 31, 2021 2020 (in millions) Proceeds from Investment Sales $ 5.5 $ 23.2 Purchases of Investments 0.7 6.7 Gross Realized Gains on Investment Sales 0.1 2.0 Gross Realized Losses on Investment Sales — 0.1 Fair Value Measurements of Trust Assets for Decommissioning and SNF Disposal (Applies to AEP and I&M) Nuclear decommissioning and SNF trust funds represent funds that regulatory commissions allow I&M to collect through rates to fund future decommissioning and SNF disposal liabilities. By rules or orders, the IURC, the MPSC and the FERC established investment limitations and general risk management guidelines. In general, limitations include: • Acceptable investments (rated investment grade or above when purchased). • Maximum percentage invested in a specific type of investment. • Prohibition of investment in obligations of AEP, I&M or their affiliates. • Withdrawals permitted only for payment of decommissioning costs and trust expenses. I&M maintains trust funds for each regulatory jurisdiction. Regulatory approval is required to withdraw decommissioning funds. These funds are managed by an external investment manager that must comply with the guidelines and rules of the applicable regulatory authorities. The trust assets are invested to optimize the net of tax earnings of the trust giving consideration to liquidity, risk, diversification and other prudent investment objectives. I&M records securities held in these trust funds in Spent Nuclear Fuel and Decommissioning Trusts on its balance sheets. I&M records these securities at fair value. I&M classifies debt securities in the trust funds as available-for-sale due to their long-term purpose. Other-than-temporary impairments for investments in debt securities are considered realized losses as a result of securities being managed by an external investment management firm. The external investment management firm makes specific investment decisions regarding the debt and equity investments held in these trusts and generally intends to sell debt securities in an unrealized loss position as part of a tax optimization strategy. Impairments reduce the cost basis of the securities which will affect any future unrealized gain or realized gain or loss due to the adjusted cost of investment. I&M records unrealized gains, unrealized losses and other-than-temporary impairments from securities in these trust funds as adjustments to the regulatory liability account for the nuclear decommissioning trust funds and to regulatory assets or liabilities for the SNF disposal trust funds in accordance with their treatment in rates. Consequently, changes in fair value of trust assets do not affect earnings or AOCI. The following is a summary of nuclear trust fund investments: March 31, 2021 December 31, 2020 Gross Other-Than- Gross Other-Than- Fair Unrealized Temporary Fair Unrealized Temporary Value Gains Impairments Value Gains Impairments (in millions) Cash and Cash Equivalents $ 47.7 $ — $ — $ 25.8 $ — $ — Fixed Income Securities: United States Government 998.9 54.8 (13.0) 1,025.6 98.5 (7.1) Corporate Debt 76.4 4.8 (2.6) 86.3 9.6 (1.7) State and Local Government 83.8 0.4 (0.7) 114.3 0.9 (0.4) Subtotal Fixed Income Securities 1,159.1 60.0 (16.3) 1,226.2 109.0 (9.2) Equity Securities - Domestic (a) 2,207.5 1,543.5 — 2,054.7 1,400.8 — Spent Nuclear Fuel and Decommissioning Trusts $ 3,414.3 $ 1,603.5 $ (16.3) $ 3,306.7 $ 1,509.8 $ (9.2) (a) Amount reported as Gross Unrealized Gains includes unrealized gains of $1.5 billion and $1.4 billion and unrealized losses of $5 million and $9 million as of March 31, 2021 and December 31, 2020, respectively. The following table provides the securities activity within the decommissioning and SNF trusts: Three Months Ended March 31, 2021 2020 (in millions) Proceeds from Investment Sales $ 320.0 $ 612.4 Purchases of Investments 336.9 626.0 Gross Realized Gains on Investment Sales 5.4 10.9 Gross Realized Losses on Investment Sales 4.2 17.0 The base cost of fixed income securities was $1.1 billion and $1.1 billion as of March 31, 2021 and December 31, 2020, respectively. The base cost of equity securities was $664 million and $654 million as of March 31, 2021 and December 31, 2020, respectively. The fair value of fixed income securities held in the nuclear trust funds, summarized by contractual maturities, as of March 31, 2021 was as follows: Fair Value of Fixed Income Securities (in millions) Within 1 year $ 320.5 After 1 year through 5 years 334.7 After 5 years through 10 years 233.6 After 10 years 270.3 Total $ 1,159.1 Fair Value Measurements of Financial Assets and Liabilities The following tables set forth, by level within the fair value hierarchy, the Registrants’ financial assets and liabilities that were accounted for at fair value on a recurring basis. As required by the accounting guidance for “Fair Value Measurements and Disclosures,” financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There have not been any significant changes in management’s valuation techniques. AEP Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Other Temporary Investments Restricted Cash and Other Cash Deposits (a) $ 62.9 $ — $ — $ 11.7 $ 74.6 Fixed Income Securities – Mutual Funds 118.7 — — — 118.7 Equity Securities – Mutual Funds (b) 56.6 — — — 56.6 Total Other Temporary Investments 238.2 — — 11.7 249.9 Risk Management Assets Risk Management Commodity Contracts (c) (d) 1.2 217.9 194.8 (94.8) 319.1 Cash Flow Hedges: Commodity Hedges (c) — 44.4 2.7 (32.0) 15.1 Fair Value Hedges — 2.7 — — 2.7 Total Risk Management Assets 1.2 265.0 197.5 (126.8) 336.9 Spent Nuclear Fuel and Decommissioning Trusts Cash and Cash Equivalents (e) 39.5 — — 8.2 47.7 Fixed Income Securities: United States Government — 998.9 — — 998.9 Corporate Debt — 76.4 — — 76.4 State and Local Government — 83.8 — — 83.8 Subtotal Fixed Income Securities — 1,159.1 — — 1,159.1 Equity Securities – Domestic (b) 2,207.5 — — — 2,207.5 Total Spent Nuclear Fuel and Decommissioning Trusts 2,247.0 1,159.1 — 8.2 3,414.3 Other Investments (h) — 56.7 — — 56.7 Total Assets $ 2,486.4 $ 1,480.8 $ 197.5 $ (106.9) $ 4,057.8 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (d) $ 0.8 $ 182.7 $ 152.8 $ (99.5) $ 236.8 Cash Flow Hedges: Commodity Hedges (c) — 67.0 2.9 (32.0) 37.9 Fair Value Hedges — 37.4 — — 37.4 Total Risk Management Liabilities $ 0.8 $ 287.1 $ 155.7 $ (131.5) $ 312.1 AEP Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Other Temporary Investments Restricted Cash and Other Cash Deposits (a) $ 57.8 $ — $ — $ 10.5 $ 68.3 Fixed Income Securities – Mutual Funds 123.5 — — — 123.5 Equity Securities – Mutual Funds (b) 54.6 — — — 54.6 Total Other Temporary Investments 235.9 — — 10.5 246.4 Risk Management Assets Risk Management Commodity Contracts (c) (f) 0.9 258.8 252.4 (190.0) 322.1 Cash Flow Hedges: Commodity Hedges (c) — 34.4 3.9 (28.5) 9.8 Interest Rate Hedges — 2.4 — — 2.4 Fair Value Hedges — 2.6 — — 2.6 Total Risk Management Assets 0.9 298.2 256.3 (218.5) 336.9 Spent Nuclear Fuel and Decommissioning Trusts Cash and Cash Equivalents (e) 16.8 — — 9.0 25.8 Fixed Income Securities: United States Government — 1,025.6 — — 1,025.6 Corporate Debt — 86.3 — — 86.3 State and Local Government — 114.3 — — 114.3 Subtotal Fixed Income Securities — 1,226.2 — — 1,226.2 Equity Securities – Domestic (b) 2,054.7 — — — 2,054.7 Total Spent Nuclear Fuel and Decommissioning Trusts 2,071.5 1,226.2 — 9.0 3,306.7 Other Investments (h) — — 31.8 — 31.8 Total Assets $ 2,308.3 $ 1,524.4 $ 288.1 $ (199.0) $ 3,921.8 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (f) $ 0.9 $ 244.2 $ 167.2 $ (193.4) $ 218.9 Cash Flow Hedges: Commodity Hedges (c) — 106.1 7.6 (28.5) 85.2 Interest Rate Hedges — 3.4 — — 3.4 Fair Value Hedges — 4.1 — — 4.1 Total Risk Management Liabilities $ 0.9 $ 357.8 $ 174.8 $ (221.9) $ 311.6 AEP Texas Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Restricted Cash for Securitized Funding $ 39.3 $ — $ — $ — $ 39.3 Risk Management Assets Risk Management Commodity Contracts (c) — 0.8 — (0.8) — Total Assets $ 39.3 $ 0.8 $ — $ (0.8) $ 39.3 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Restricted Cash for Securitized Funding $ 28.7 $ — $ — $ — $ 28.7 Risk Management Assets Risk Management Commodity Contracts (c) — 0.4 — (0.4) — Total Assets $ 28.7 $ 0.4 $ — $ (0.4) $ 28.7 APCo Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Restricted Cash for Securitized Funding $ 11.6 $ — $ — $ — $ 11.6 Risk Management Assets Risk Management Commodity Contracts (c) (g) — 9.8 7.1 (10.0) 6.9 Total Assets $ 11.6 $ 9.8 $ 7.1 $ (10.0) $ 18.5 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ 9.2 $ 0.5 $ (9.5) $ 0.2 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Restricted Cash for Securitized Funding $ 16.9 $ — $ — $ — $ 16.9 Risk Management Assets Risk Management Commodity Contracts (c) (g) — 19.4 19.9 (19.2) 20.1 Cash Flow Hedges: Interest Rate Hedges — 2.4 — — 2.4 Total Risk Management Assets — 21.8 19.9 (19.2) 22.5 Total Assets $ 16.9 $ 21.8 $ 19.9 $ (19.2) $ 39.4 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ 19.5 $ 0.6 $ (18.8) $ 1.3 Cash Flow Hedges: Interest Rate Hedges — 3.4 — — 3.4 Total Risk Management Liabilities $ — $ 22.9 $ 0.6 $ (18.8) $ 4.7 I&M Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 6.0 $ 1.1 $ (6.2) $ 0.9 Spent Nuclear Fuel and Decommissioning Trusts Cash and Cash Equivalents (e) 39.5 — — 8.2 47.7 Fixed Income Securities: United States Government — 998.9 — — 998.9 Corporate Debt — 76.4 — — 76.4 State and Local Government — 83.8 — — 83.8 Subtotal Fixed Income Securities — 1,159.1 — — 1,159.1 Equity Securities - Domestic (b) 2,207.5 — — — 2,207.5 Total Spent Nuclear Fuel and Decommissioning Trusts 2,247.0 1,159.1 — 8.2 3,414.3 Total Assets $ 2,247.0 $ 1,165.1 $ 1.1 $ 2.0 $ 3,415.2 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ 6.1 $ 0.4 $ (6.3) $ 0.2 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 15.1 $ 2.5 $ (13.9) $ 3.7 Spent Nuclear Fuel and Decommissioning Trusts Cash and Cash Equivalents (e) 16.8 — — 9.0 25.8 Fixed Income Securities: United States Government — 1,025.6 — — 1,025.6 Corporate Debt — 86.3 — — 86.3 State and Local Government — 114.3 — — 114.3 Subtotal Fixed Income Securities — 1,226.2 — — 1,226.2 Equity Securities - Domestic (b) 2,054.7 — — — 2,054.7 Total Spent Nuclear Fuel and Decommissioning Trusts 2,071.5 1,226.2 — 9.0 3,306.7 Total Assets $ 2,071.5 $ 1,241.3 $ 2.5 $ (4.9) $ 3,310.4 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ 12.0 $ 0.4 $ (12.2) $ 0.2 OPCo Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.6 $ — $ (0.6) $ — Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ — $ 104.0 $ — $ 104.0 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.3 $ — $ (0.3) $ — Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ — $ 110.3 $ — $ 110.3 PSO Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.3 $ 5.5 $ (0.3) $ 5.5 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.2 $ 10.3 $ (0.2) $ 10.3 SWEPCo Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.3 $ 1.4 $ (0.4) $ 1.3 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ — $ 0.9 $ — $ 0.9 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.1 $ 3.3 $ (0.2) $ 3.2 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ — $ 1.7 $ — $ 1.7 (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 March 31, 2021 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 2 matures $(3) million in 2021, $11 million in periods 2022-2024, $17 million in periods 2025-2026 and $10 million in periods 2027-2033; Level 3 matures $23 million in 2021, $32 million in periods 2022-2024, $8 million in periods 2025-2026 and $(21) million in periods 2027-2033. Risk management commodity contracts are substantially comprised of power contracts. (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, 2020 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 2 matures $3 million in periods 2022-2024, $11 million in periods 2025-2026 and $1 million in periods 2027-2033; Level 3 matures $47 million in 2021, $37 million in periods 2022-2024, $14 million in periods 2025-2026 and $(13) million in periods 2027-2033. Risk management commodity contracts are substantially comprised of power contracts. (g) Substantially comprised of power contracts for the Registrant Subsidiaries. (h) See “Warrants Held in Investee” section of Note 9 for additional information. The following tables set forth a reconciliation of changes in the fair value of net trading derivatives classified as Level 3 in the fair value hierarchy: Three Months Ended March 31, 2021 AEP APCo I&M OPCo PSO SWEPCo (in millions) Balance as of December 31, 2020 $ 113.3 $ 19.3 $ 2.1 $ (110.3) $ 10.3 $ 1.6 Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) 19.8 2.1 0.3 — 9.3 6.1 Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) (21.3) — — — — — Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) 3.1 — — — — — Settlements (47.9) (15.6) (1.4) 2.7 (16.3) (8.2) Transfers into Level 3 (d) (e) 0.5 — — — — — Transfers out of Level 3 (e) (33.0) — — — — — Changes in Fair Value Allocated to Regulated Jurisdictions (f) 7.3 0.8 (0.3) 3.6 2.2 1.0 Balance as of March 31, 2021 $ 41.8 $ 6.6 $ 0.7 $ (104.0) $ 5.5 $ 0.5 Three Months Ended March 31, 2020 AEP APCo I&M OPCo PSO SWEPCo (in millions) Balance as of December 31, 2019 $ 109.9 $ 37.7 $ 5.8 $ (103.6) $ 15.8 $ 1.4 Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) 0.9 (9.2) 0.2 (0.3) 8.0 1.9 Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) 10.9 — — — — — Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) (4.1) — — — — — Settlements (59.2) (21.9) (4.0) 2.5 (17.7) (5.3) Transfers into Level 3 (d) (e) (0.5) — — — — — Transfers out of Level 3 (e) 5.3 0.7 0.4 — — — Changes in Fair Value Allocated to Regulated Jurisdictions (f) (20.7) (0.7) (0.3) (19.5) 0.2 (0.5) Balance as of March 31, 2020 $ 42.5 $ 6.6 $ 2.1 $ (120.9) $ 6.3 $ (2.5) (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) Included in cash flow hedges on the statements of comprehensive income. (d) Represents existing assets or liabilities that were previously categorized as Level 2. (e) Transfers are recognized based on their value at the beginning of the reporting period that the transfer occurred. (f) 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. The following tables quantify the significant unobservable inputs used in developing the fair value of Level 3 positions: AEP Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input Low High Average (in millions) Energy Contracts $ 178.5 $ 151.7 Discounted Cash Flow Forward Market Price (a) (c) $ 0.10 $ 98.66 $ 28.85 Natural Gas Contracts — 0.9 Discounted Cash Flow Forward Market Price (b) (c) 2.24 2.92 2.50 FTRs 19.0 3.1 Discounted Cash Flow Forward Market Price (a) (c) (13.61) 9.08 0.02 Total $ 197.5 $ 155.7 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input Low High Average (in millions) Energy Contracts $ 213.5 $ 169.7 Discounted Cash Flow Forward Market Price (a) (c) $ 5.33 $ 100.47 $ 32.73 Natural Gas Contracts — 1.7 Discounted Cash Flow Forward Market Price (b) (c) 2.18 2.77 2.40 FTRs 42.8 3.4 Discounted Cash Flow Forward Market Price (a) (c) (15.08) 9.66 0.19 Other Investments 31.8 — Black-Scholes Model Liquidity Adjustment (d) 10 % 20 % 15 % Total $ 288.1 $ 174.8 APCo Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ 0.4 $ 0.5 Discounted Cash Flow Forward Market Price $ 10.92 $ 44.29 $ 25.13 FTRs 6.7 — Discounted Cash Flow Forward Market Price 0.08 4.99 0.99 Total $ 7.1 $ 0.5 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ 1.0 $ 0.6 Discounted Cash Flow Forward Market Price $ 10.84 $ 41.09 $ 25.08 FTRs 18.9 — Discounted Cash Flow Forward Market Price 0.04 5.61 1.13 Total $ 19.9 $ 0.6 I&M Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ 0.3 $ 0.3 Discounted Cash Flow Forward Market Price $ 10.92 $ 44.29 $ 25.13 FTRs 0.8 0.1 Discounted Cash Flow Forward Market Price (2.29) 3.66 0.33 Total $ 1.1 $ 0.4 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ 0.6 $ 0.3 Discounted Cash Flow Forward Market Price $ 10.84 $ 41.09 $ 25.08 FTRs 1.9 0.1 Discounted Cash Flow Forward Market Price (1.96) 3.69 0.33 Total $ 2.5 $ 0.4 OPCo Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ — $ 104.0 Discounted Cash Flow Forward Market Price $ 15.08 $ 49.09 $ 27.79 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ — $ 110.3 Discounted Cash Flow Forward Market Price $ 16.19 $ 46.98 $ 28.30 PSO Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) FTRs $ 5.5 $ — Discounted Cash Flow Forward Market Price $ (13.61) $ 2.04 $ (3.01) December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) FTRs $ 10.3 $ — Discounted Cash Flow Forward Market Price $ (6.93) $ 0.48 $ (1.93) SWEPCo Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input Low High Average (c) (in millions) Natural Gas Contracts $ — $ 0.9 Discounted Cash Flow Forward Market Price (b) $ 2.24 $ 2.92 $ 2.50 FTRs 1.4 — Discounted Cash Flow Forward Market Price (a) (13.61) 2.04 (3.01) Total $ 1.4 $ 0.9 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input Low High Average (c) (in millions) Natural Gas Contracts $ — $ 1.7 Discounted Cash Flow Forward Market Price (b) $ 2.18 $ 2.77 $ 2.41 FTRs 3.3 — Discounted Cash Flow Forward Market Price (a) (6.93) 0.48 (1.93) Total $ 3.3 $ 1.7 (a) Represents market prices in dollars per MWh. (b) Represents market prices in dollars per MMBtu. (c) The weighted average is the product of the forward market price of the underlying commodity and volume weighted by term. (d) Represents percentage discount applied to the publically available share price. The following table provides the measurement uncertainty of fair value measurements to increases (decreases) in significant unobservable inputs related to Energy Contracts, Natural Gas Contracts, FTRs and Other Investments for the Registrants as of March 31, 2021 and December 31, 2020: Uncertainty of Fair Value Measurements Significant Unobservable Input Position Change in Input Impact on Fair Value Forward Market Price Buy Increase (Decrease) Higher (Lower) Forward Market Price Sell Increase (Decrease) Lower (Higher) Liquidity Adjustment Buy Increase (Decrease) Lower (Higher) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes | INCOME TAXES The disclosures in this note apply to all Registrants unless indicated otherwise. Effective Tax Rates (ETR) The Registrants’ interim ETR reflect the estimated annual ETR for 2021 and 2020, adjusted for tax expense associated with certain discrete items. The Registrants include the amortization of Excess ADIT not subject to normalization requirements in the annual estimated ETR when regulatory proceedings instruct the Registrants to provide the benefits of Tax Reform to customers over multiple interim periods. Certain regulatory proceedings instruct the Registrants to provide the benefits of Tax Reform to customers in a single period (e.g. by applying the Excess ADIT not subject to normalization requirements against an existing regulatory asset balance) and in these circumstances, the Registrants recognize the tax benefit discretely in the period recorded. The annual amount of Excess ADIT approved by the Registrant’s regulatory commissions may not impact the ETR ratably during each interim period due to the variability of pretax book income between interim periods and the application of an annual estimated ETR. The ETR for each of the Registrants are included in the following tables: Three Months Ended March 31, 2021 AEP AEP Texas AEPTCo APCo I&M OPCo PSO SWEPCo U.S. Federal Statutory Rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) due to: State Income Tax, net of Federal Benefit 2.3 % 1.4 % 2.7 % 3.2 % 1.3 % 0.7 % 4.7 % (0.8) % Tax Reform Excess ADIT Reversal (9.2) % (7.8) % 0.3 % (18.0) % (17.9) % (9.7) % (24.7) % (5.9) % Production and Investment Tax Credits (5.5) % (0.3) % — % — % (1.7) % — % (8.2) % (5.1) % Flow Through 0.3 % 0.3 % 0.2 % 1.6 % (1.0) % 1.1 % 0.6 % (0.7) % AFUDC Equity (0.9) % (1.4) % (1.7) % (1.1) % (0.2) % (1.1) % (0.5) % (0.4) % Parent Company Loss Benefit — % — % (1.9) % (2.9) % (2.5) % — % — % — % Discrete Tax Adjustments 0.5 % — % — % — % — % (4.0) % — % — % Other 0.1 % 0.1 % 0.1 % 0.1 % — % 0.2 % (0.9) % 0.1 % Effective Income Tax Rate 8.6 % 13.3 % 20.7 % 3.9 % (1.0) % 8.2 % (8.0) % 8.2 % Three Months Ended March 31, 2020 AEP AEP Texas AEPTCo APCo I&M OPCo PSO SWEPCo U.S. Federal Statutory Rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) due to: State Income Tax, net of Federal Benefit 2.5 % 1.5 % 2.9 % 3.0 % 3.2 % 0.7 % 4.6 % 2.7 % Tax Reform Excess ADIT Reversal (9.4) % (6.2) % 0.4 % (13.0) % (19.6) % (10.2) % (23.1) % (94.7) % Production and Investment Tax Credits (4.3) % (0.4) % — % — % (1.9) % — % (1.3) % (0.5) % Flow Through 0.5 % 0.1 % 0.5 % 1.5 % 0.2 % 1.0 % 0.6 % (1.0) % AFUDC Equity (1.4) % (2.6) % (2.6) % (1.0) % (1.1) % (1.0) % (0.7) % (0.4) % Parent Company Loss Benefit — % (0.2) % (0.9) % (3.3) % (3.9) % (0.1) % (2.2) % (2.4) % Discrete Tax Adjustments — % — % — % — % 2.7 % — % — % — % Other (0.4) % 0.3 % — % 0.1 % (0.2) % — % 0.1 % 7.2 % Effective Income Tax Rate 8.5 % 13.5 % 21.3 % 8.3 % 0.4 % 11.4 % (1.0) % (68.1) % Federal and State Income Tax Audit Status The statute of limitations for the IRS to examine AEP and subsidiaries originally filed federal return has expired for tax years 2016 and earlier. In the third quarter of 2019, AEP and subsidiaries elected to amend the 2014 and 2015 federal returns. In the first quarter of 2020, the IRS notified AEP that it was beginning an examination of these amended returns, including the net operating losses (NOL) carryback to 2015 that originated in the 2017 return. As of March 31, 2021, the IRS has not challenged any items on these returns and the IRS is limited in their proposed adjustments to the amount AEP claimed on the amended returns. Federal Legislation In March 2020, the CARES Act was signed into law. The CARES Act includes tax relief provisions including a 5-year NOL carryback from years 2018-2020. In the third quarter of 2020, AEP requested a $95 million refund of taxes paid in 2014 under the 5-year NOL carryback provision of the CARES Act. AEP carried back a NOL generated on the 2019 Federal income tax return at a 21% federal corporate income tax rate to the 2014 Federal income tax return at a 35% corporate income tax rate. As a result of the change in the corporate income tax rates between the two periods, AEP realized a tax benefit of $48 million primarily at the Generation & Marketing segment in 2020. Management expects to receive the $95 million refund in the second quarter of 2021. |
Financing Activities
Financing Activities | 3 Months Ended |
Mar. 31, 2021 | |
Financing Activities | FINANCING ACTIVITIES The disclosures in this note apply to all Registrants, unless indicated otherwise. Common Stock (Applies to AEP) At-the-Market (ATM) Program In 2020, AEP filed a prospectus supplement and executed an Equity Distribution Agreement, pursuant to which AEP may sell, from time to time, up to an aggregate of $1 billion of its common stock through an ATM offering program, including an equity forward sales component. The compensation paid to the selling agents by AEP may be up to 2% of the gross offering proceeds of the shares. In the first quarter of 2021, AEP issued 1,917,140 shares of common stock and received net cash proceeds of $158 million under the ATM program . In April 2021, AEP issued an additional 438,165 shares of common stock and received net cash proceeds of $37 million. Long-term Debt Outstanding (Applies to AEP) The following table details long-term debt outstanding, net of issuance costs and premiums or discounts: Type of Debt March 31, 2021 December 31, 2020 (in millions) Senior Unsecured Notes $ 25,919.8 $ 25,116.1 Pollution Control Bonds 1,937.0 1,936.7 Notes Payable 213.9 239.1 Securitization Bonds 693.0 716.4 Spent Nuclear Fuel Obligation (a) 281.2 281.2 Junior Subordinated Notes (b) 1,626.0 1,624.1 Other Long-term Debt 1,674.1 1,158.9 Total Long-term Debt Outstanding 32,345.0 31,072.5 Long-term Debt Due Within One Year 2,130.2 2,086.1 Long-term Debt $ 30,214.8 $ 28,986.4 (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 $326 million and $324 million as of March 31, 2021 and December 31, 2020, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets. (b) See “Equity Units” section below for additional information. Long-term Debt Activity Long-term debt and other securities issued, retired and principal payments made during the first three months of 2021 are shown in the following tables: Principal Interest Company Type of Debt Amount (a) Rate Due Date Issuances: (in millions) (%) APCo Senior Unsecured Notes $ 500.0 2.70 2031 OPCo Senior Unsecured Notes 450.0 1.63 2031 PSO Other Long-term Debt 500.0 Variable 2022 SWEPCo Senior Unsecured Notes 500.0 1.65 2026 Non-Registrant: Transource Energy Other Long-term Debt 14.6 Variable 2023 Total Issuances $ 1,964.6 (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. Principal Interest Company Type of Debt Amount Paid Rate Due Date Retirements and Principal Payments: (in millions) (%) AEP Texas Securitization Bonds $ 11.2 2.06 2025 APCo Senior Unsecured Notes 350.0 4.60 2021 APCo Securitization Bonds 12.5 2.01 2023 I&M Notes Payable 1.5 Variable 2021 I&M Notes Payable 1.5 Variable 2022 I&M Notes Payable 3.4 Variable 2022 I&M Notes Payable 4.8 Variable 2023 I&M Notes Payable 5.9 Variable 2024 I&M Notes Payable 6.5 Variable 2025 I&M Other Long-term Debt 0.5 6.00 2025 PSO Senior Unsecured Notes 250.0 4.40 2021 PSO Other Long-term Debt 0.1 3.00 2027 SWEPCo Notes Payable 1.6 4.58 2032 Non-Registrant: Transource Energy Senior Unsecured Notes 1.2 2.75 2050 Total Retirements and Principal Payments $ 650.7 Long-term Debt Subsequent Events In April 2021, APCo retired $18 million of Pollution Control Bonds. In April 2021, I&M retired $6 million of Notes Payable related to DCC Fuel. Equity Units (Applies to AEP) 2020 Equity Units In August 2020, AEP issued 17 million Equity Units initially in the form of corporate units, at a stated amount of $50 per unit, for a total stated amount of $850 million. Net proceeds from the issuance were approximately $833 million. The proceeds were used to support AEP’s overall capital expenditure plans. Each corporate unit represents a 1/20 undivided beneficial ownership interest in $1,000 principal amount of AEP’s 1.30% Junior Subordinated Notes (notes) due in 2025 and a forward equity purchase contract which settles after three years in 2023. The notes are expected to be remarketed in 2023, at which time the interest rate will reset at the then current market rate. Investors may choose to remarket their notes to receive the remarketing proceeds and use those funds to settle the forward equity purchase contract, or accept the remarketed debt and use other funds for the equity purchase. If the remarketing is unsuccessful, investors have the right to put their notes to AEP at a price equal to the principal. The Equity Units carry an annual distribution rate of 6.125%, which is comprised of a quarterly coupon rate of interest of 1.30% and a quarterly forward equity purchase contract payment of 4.825%. Each forward equity purchase contract obligates the holder to purchase, and AEP to sell, for $50 a number of shares in common stock in accordance with the conversion ratios set forth below (subject to an anti-dilution adjustment): • If the AEP common stock market price is equal to or greater than $99.95: 0.5003 shares per contract. • If the AEP common stock market price is less than $99.95 but greater than $83.29: a number of shares per contract equal to $50 divided by the applicable market price. The holder receives a variable number of shares at $50. • If the AEP common stock market price is less than or equal to $83.29: 0.6003 shares per contract. A holder’s ownership interest in the notes is pledged to AEP to secure the holder’s obligation under the related forward equity purchase contract. If a holder of the forward equity purchase contract chooses at any time to no longer be a holder of the notes, such holder’s obligation under the forward equity purchase contract must be secured by a U.S. Treasury security which must be equal to the aggregate principal amount of the notes. At the time of issuance, the $850 million of notes were recorded within Long-term Debt on the balance sheets. The present value of the purchase contract payments of $121 million were recorded in Deferred Credits and Other Noncurrent Liabilities with a current portion in Other Current Liabilities at the time of issuance, representing the obligation to make forward equity contract payments, with an offsetting reduction to Paid-in Capital. The difference between the face value and present value of the purchase contract payments will be accreted to Interest Expense on the statements of income over the three year period ending in 2023. The liability recorded for the contract payments is considered non-cash and excluded from the statements of cash flows. Until settlement of the forward equity purchase contract, earnings per share dilution resulting from the equity unit issuance will be determined under the treasury stock method. The maximum amount of shares AEP will be required to issue to settle the purchase contract is 10,205,100 shares (subject to an anti-dilution adjustment). 2019 Equity Units In March 2019, AEP issued 16.1 million Equity Units initially in the form of corporate units, at a stated amount of $50 per unit, for a total stated amount of $805 million. Net proceeds from the issuance were approximately $785 million. The proceeds were used to support AEP’s overall capital expenditure plans including the acquisition of Sempra Renewables LLC. Each corporate unit represents a 1/20 undivided beneficial ownership interest in $1,000 principal amount of AEP’s 3.40% Junior Subordinated Notes (notes) due in 2024 and a forward equity purchase contract which settles after three years in 2022. The notes are expected to be remarketed in 2022, at which time the interest rate will reset at the then current market rate. Investors may choose to remarket their notes to receive the remarketing proceeds and use those funds to settle the forward equity purchase contract, or accept the remarketed debt and use other funds for the equity purchase. If the remarketing is unsuccessful, investors have the right to put their notes to AEP at a price equal to the principal. The Equity Units carry an annual distribution rate of 6.125%, which is comprised of a quarterly coupon rate of interest of 3.40% and a quarterly forward equity purchase contract payment of 2.725%. Each forward equity purchase contract obligates the holder to purchase, and AEP to sell, for $50 a number of shares in common stock in accordance with the conversion ratios set forth below (subject to an anti-dilution adjustment): • If the AEP common stock market price is equal to or greater than $99.58: 0.5021 shares per contract. • If the AEP common stock market price is less than $99.58 but greater than $82.98: a number of shares per contract equal to $50 divided by the applicable market price. The holder receives a variable number of shares at $50. • If the AEP common stock market price is less than or equal to $82.98: 0.6026 shares per contract. A holder’s ownership interest in the notes is pledged to AEP to secure the holder’s obligation under the related forward equity purchase contract. If a holder of the forward equity purchase contract chooses at any time to no longer be a holder of the notes, such holder’s obligation under the forward equity purchase contract must be secured by a U.S. Treasury security which must be equal to the aggregate principal amount of the notes. At the time of issuance, the $805 million of notes were recorded within Long-term Debt on the balance sheets. The present value of the purchase contract payments of $62 million were recorded in Deferred Credits and Other Noncurrent Liabilities with a current portion in Other Current Liabilities at the time of issuance, representing the obligation to make forward equity contract payments, with an offsetting reduction to Paid-in Capital. The difference between the face value and present value of the purchase contract payments will be accreted to Interest Expense on the statements of income over the three year period ending in 2022. The liability recorded for the contract payments is considered non-cash and excluded from the statements of cash flows. Until settlement of the forward equity purchase contract, earnings per share dilution resulting from the equity unit issuance will be determined under the treasury stock method. The maximum amount of shares AEP will be required to issue to settle the purchase contract is 9,701,860 shares (subject to an anti-dilution adjustment). Debt Covenants (Applies to AEP and AEPTCo) Covenants in AEPTCo’s note purchase agreements and indenture limit the amount of contractually-defined priority debt (which includes a further sub-limit of $50 million of secured debt) to 10% of consolidated tangible net assets. AEPTCo’s contractually-defined priority debt was 2.5% of consolidated tangible net assets as of March 31, 2021. The method for calculating the consolidated tangible net assets is contractually-defined in the note purchase agreements. Dividend Restrictions Utility Subsidiaries’ Restrictions Parent depends on its utility subsidiaries to pay dividends to shareholders. AEP utility subsidiaries pay dividends to Parent provided funds are legally available. Various financing arrangements and regulatory requirements may impose certain restrictions on the ability of the subsidiaries to transfer funds to Parent in the form of dividends. All of the dividends declared by AEP’s utility subsidiaries that provide transmission or local distribution services are subject to a Federal Power Act restriction that prohibits the payment of dividends out of capital accounts without regulatory approval; payment of dividends is allowed out of retained earnings only. The Federal Power Act also creates a reserve on earnings attributable to hydroelectric generation plants. Because of their ownership of such plants, this reserve applies to AGR, APCo and I&M. Certain AEP subsidiaries have credit agreements that contain covenants that limit their debt to capitalization ratio to 67.5%. The method for calculating outstanding debt and capitalization is contractually-defined in the credit agreements. The Federal Power Act restriction does not limit the ability of the AEP subsidiaries to pay dividends out of retained earnings. Parent Restrictions (Applies to AEP) The holders of AEP’s common stock are entitled to receive the dividends declared by the Board of Directors provided funds are legally available for such dividends. Parent’s income primarily derives from common stock equity in the earnings of its utility subsidiaries. Pursuant to the leverage restrictions in credit agreements, AEP must maintain a percentage of debt to total capitalization at a level that does not exceed 67.5%. The method for calculating outstanding debt and capitalization is contractually-defined in the credit agreements. Corporate Borrowing Program - AEP System (Applies to all Registrant Subsidiaries) The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of AEP’s subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds AEP’s utility subsidiaries; a Nonutility Money Pool, which funds certain AEP nonutility subsidiaries; and direct borrowing from AEP. The AEP System Utility Money Pool operates in accordance with the terms and conditions of its agreement filed with the FERC. The amounts of outstanding loans to (borrowings from) the Utility Money Pool as of March 31, 2021 and December 31, 2020 are included in Advances to Affiliates and Advances from Affiliates, respectively, on the Registrant Subsidiaries’ balance sheets. The Utility Money Pool participants’ activity and corresponding authorized borrowing limits for the three months ended March 31, 2021 are described in the following table: Maximum Average Net Loans to Borrowings Maximum Borrowings Average (Borrowings) from Authorized from the Loans to the from the Loans to the the Utility Money Short-term Utility Utility Utility Utility Pool as of Borrowing Company Money Pool Money Pool Money Pool Money Pool March 31, 2021 Limit (in millions) AEP Texas $ 295.5 $ — $ 197.8 $ — $ (284.0) $ 500.0 AEPTCo 330.6 3.5 230.1 1.6 (227.8) 820.0 (a) APCo 27.8 616.9 13.2 152.4 261.1 500.0 I&M 166.5 13.3 118.2 13.3 (111.3) 500.0 OPCo 259.2 222.4 175.1 107.4 0.5 500.0 PSO 262.0 210.1 130.3 122.0 (245.7) 300.0 SWEPCo 280.3 156.4 169.3 142.0 (86.9) 350.0 (a) Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions. The activity in the above table does not include short-term lending activity of certain AEP nonutility subsidiaries. AEP Texas’ wholly-owned subsidiary, AEP Texas North Generation Company, LLC and SWEPCo’s wholly-owned subsidiary, Mutual Energy SWEPCo, LLC participate in the Nonutility Money Pool. The amounts of outstanding loans to the Nonutility Money Pool as of March 31, 2021 and December 31, 2020 are included in Advances to Affiliates on the subsidiaries’ balance sheets. The Nonutility Money Pool participants’ activity for the three months ended March 31, 2021 is described in the following table: Maximum Loans Average Loans Loans to the Nonutility to the Nonutility to the Nonutility Money Pool as of Company Money Pool Money Pool March 31, 2021 (in millions) AEP Texas $ 7.1 $ 6.9 $ 6.8 SWEPCo 2.1 2.1 2.1 AEP has a direct financing relationship with AEPTCo to meet its short-term borrowing needs. The amounts of outstanding loans to and borrowings from AEP as of March 31, 2021 and December 31, 2020 are included in Advances to Affiliates and Advances from Affiliates, respectively, on AEPTCo’s balance sheets. AEPTCo’s direct borrowing and lending activity with AEP and corresponding authorized borrowing limit for the three months ended March 31, 2021 are described in the following table: Maximum Maximum Average Average Borrowings from Loans to Authorized Borrowings Loans Borrowings Loans AEP as of AEP as of Short-term from AEP to AEP from AEP to AEP March 31, 2021 March 31, 2021 Borrowing Limit (in millions) $ 1.2 $ 220.6 $ 1.2 $ 148.7 $ 1.2 $ 105.8 $ 50.0 (a) (a) Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions. The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool are summarized in the following table: Three Months Ended March 31, 2021 2020 Maximum Interest Rate 0.40 % 2.24 % Minimum Interest Rate 0.25 % 1.76 % The average interest rates for funds borrowed from and loaned to the Utility Money Pool are summarized for all Registrant Subsidiaries in the following table: Average Interest Rate for Funds Average Interest Rate for Funds Borrowed from the Utility Money Pool Loaned to the Utility Money Pool for Three Months Ended March 31, for Three Months Ended March 31, Company 2021 2020 2021 2020 AEP Texas 0.31 % 2.05 % — % 1.97 % AEPTCo 0.31 % 1.95 % 0.28 % 1.91 % APCo 0.28 % 1.95 % 0.36 % 1.94 % I&M 0.31 % 1.95 % 0.30 % 1.94 % OPCo 0.29 % 1.90 % 0.29 % 2.06 % PSO 0.33 % 2.00 % 0.28 % 1.95 % SWEPCo 0.28 % 1.95 % 0.38 % — % Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool are summarized in the following table: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Maximum Minimum Average Maximum Minimum Average Interest Rate Interest Rate Interest Rate Interest Rate Interest Rate Interest Rate for Funds for Funds for Funds for Funds for Funds for Funds Loaned to Loaned to Loaned to Loaned to Loaned to Loaned to the Nonutility the Nonutility the Nonutility the Nonutility the Nonutility the Nonutility Company Money Pool Money Pool Money Pool Money Pool Money Pool Money Pool AEP Texas 0.40 % 0.25 % 0.30 % 2.24 % 1.76 % 1.94 % SWEPCo 0.40 % 0.25 % 0.30 % 2.24 % 1.76 % 1.94 % AEPTCo’s maximum, minimum and average interest rates for funds either borrowed from or loaned to AEP are summarized in the following table: Maximum Minimum Maximum Minimum Average Average 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 Ended Borrowed Borrowed Loaned Loaned Borrowed Loaned March 31, from AEP from AEP to AEP to AEP from AEP to AEP 2021 0.86 % 0.25 % 0.86 % 0.25 % 0.31 % 0.31 % 2020 2.24 % 1.76 % 2.24 % 1.76 % 1.94 % 1.94 % Short-term Debt (Applies to AEP and SWEPCo) Outstanding short-term debt was as follows: March 31, 2021 December 31, 2020 Outstanding Interest Outstanding Interest Company Type of Debt Amount Rate (a) Amount Rate (a) (dollars in millions) AEP Securitized Debt for Receivables (b) $ 669.0 0.20 % $ 592.0 0.85 % AEP Commercial Paper 1,874.4 0.27 % 1,852.3 0.29 % AEP 364-Day Term Loan 500.0 0.71 % — — % SWEPCo Notes Payable 5.0 2.75 % 35.0 2.55 % Total Short-term Debt $ 3,048.4 $ 2,479.3 (a) Weighted-average rate. (b) Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance. Credit Facilities For a discussion of credit facilities, see “Letters of Credit” section of Note 5. Securitized Accounts Receivables – AEP Credit (Applies to AEP) AEP Credit has a receivables securitization agreement that provides a commitment of $750 million from bank conduits to purchase receivables and expires in September 2022. Under the securitization agreement, AEP Credit receives financing from the bank conduits for the interest in the receivables AEP Credit acquires from affiliated utility subsidiaries. These securitized transactions allow AEP Credit to repay its outstanding debt obligations, continue to purchase the operating companies’ receivables and accelerate AEP Credit’s cash collections. In March 2021, AEP Credit amended its receivables securitization agreement to extend trigger levels established in October 2020 and to also provide a step down approach to these levels as management continues to monitor the accounts receivable balances across the affiliated utility subsidiaries in response to the COVID-19 pandemic. As of March 31, 2021, the affiliated utility subsidiaries are in compliance with all requirements under the agreement. To the extent that an affiliated utility subsidiary is deemed ineligible under the agreement, the affiliated utility subsidiary would no longer participate in the receivables securitization agreement and the Registrants would need to rely on additional sources of funding for operation and working capital, which may adversely impact liquidity. The receivables that are ineligible under the receivables securitization agreement are financed with short-term debt at AEP Credit. Accounts receivable information for AEP Credit was as follows: Three Months Ended March 31, 2021 2020 (dollars in millions) Effective Interest Rates on Securitization of Accounts Receivable 0.20 % 1.75 % Net Uncollectible Accounts Receivable Written-Off $ 9.3 $ 4.2 March 31, 2021 December 31, 2020 (in millions) Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts $ 871.4 $ 958.4 Short-term – Securitized Debt of Receivables 669.0 592.0 Delinquent Securitized Accounts Receivable 67.7 62.3 Bad Debt Reserves Related to Securitization 47.6 60.0 Unbilled Receivables Related to Securitization 211.2 296.8 AEP Credit’s delinquent customer accounts receivable represent accounts greater than 30 days past due. Securitized Accounts Receivables – AEP Credit (Applies to all Registrant Subsidiaries except AEP Texas and AEPTCo) Under this sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit’s financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary’s receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries’ statements of income. The Registrant Subsidiaries manage and service their customer accounts receivable, which are sold to AEP Credit. AEP Credit securitizes the eligible receivables for the operating companies and retains the remainder. The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreements were: Company March 31, 2021 December 31, 2020 (in millions) APCo $ 132.6 $ 136.0 I&M 154.0 170.5 OPCo 360.2 398.8 PSO 76.2 85.0 SWEPCo 132.9 158.6 The fees paid to AEP Credit for customer accounts receivable sold were: Three Months Ended March 31, Company 2021 2020 (in millions) APCo $ 1.2 $ 1.7 I&M 1.6 2.8 OPCo 1.3 4.8 PSO 0.7 1.3 SWEPCo 1.5 2.1 The proceeds on the sale of receivables to AEP Credit were: Three Months Ended March 31, Company 2021 2020 (in millions) APCo $ 362.4 $ 352.6 I&M 478.8 471.4 OPCo 601.3 570.3 PSO 284.9 294.9 SWEPCo 384.4 365.6 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer | 13. REVENUE FROM CONTRACTS WITH CUSTOMERS The disclosures in this note apply to all Registrants, unless indicated otherwise. Disaggregated Revenues from Contracts with Customers The tables below represent AEP’s reportable segment revenues from contracts with customers, net of respective provisions for refund, by type of revenue: Three Months Ended March 31, 2021 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 $ 1,046.1 $ 548.1 $ — $ — $ — $ — $ 1,594.2 Commercial Revenues 486.2 239.2 — — — — 725.4 Industrial Revenues 484.0 85.7 — — — (0.2) 569.5 Other Retail Revenues 37.8 10.0 — — — — 47.8 Total Retail Revenues 2,054.1 883.0 — — — (0.2) 2,936.9 Wholesale and Competitive Retail Revenues: Generation Revenues 352.6 — — 40.5 — — 393.1 Transmission Revenues (a) 89.0 130.5 360.4 — — (299.3) 280.6 Renewable Generation Revenues (b) — — — 22.4 — (0.7) 21.7 Retail, Trading and Marketing Revenues (c) — — — 569.8 1.2 (31.8) 539.2 Total Wholesale and Competitive Retail Revenues 441.6 130.5 360.4 632.7 1.2 (331.8) 1,234.6 Other Revenues from Contracts with Customers (b) 42.3 52.1 4.6 1.5 8.6 (21.2) 87.9 Total Revenues from Contracts with Customers 2,538.0 1,065.6 365.0 634.2 9.8 (353.2) 4,259.4 Other Revenues: Alternative Revenues (b) (0.7) 17.2 12.0 — — (11.6) 16.9 Other Revenues (b) — 5.3 — — 3.1 (3.6) 4.8 Total Other Revenues (0.7) 22.5 12.0 — 3.1 (15.2) 21.7 Total Revenues $ 2,537.3 $ 1,088.1 $ 377.0 $ 634.2 $ 12.9 $ (368.4) $ 4,281.1 (a) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $273 million. The remaining affiliated amounts were immaterial. (b) Amounts include affiliated and nonaffiliated revenues. (c) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $32 million. The remaining affiliated amounts were immaterial. Three Months Ended March 31, 2020 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 $ 915.1 $ 521.3 $ — $ — $ — $ — $ 1,436.4 Commercial Revenues 489.4 276.9 — — — — 766.3 Industrial Revenues 518.2 97.8 — — — (0.2) 615.8 Other Retail Revenues 39.9 11.8 — — — — 51.7 Total Retail Revenues 1,962.6 907.8 — — — (0.2) 2,870.2 Wholesale and Competitive Retail Revenues: Generation Revenues 140.4 — — 44.1 — — 184.5 Transmission Revenues (a) 79.9 114.1 309.8 — — (263.0) 240.8 Renewable Generation Revenues (b) — — — 17.2 — (0.6) 16.6 Retail, Trading and Marketing Revenues (c) — — — 358.7 (6.0) (29.4) 323.3 Total Wholesale and Competitive Retail Revenues 220.3 114.1 309.8 420.0 (6.0) (293.0) 765.2 Other Revenues from Contracts with Customers (b) 43.6 36.4 3.7 0.3 28.1 (40.6) 71.5 Total Revenues from Contracts with Customers 2,226.5 1,058.3 313.5 420.3 22.1 (333.8) 3,706.9 Other Revenues: Alternative Revenues (b) 0.2 19.3 (3.3) — — 4.5 20.7 Other Revenues (b) — 29.3 — 18.3 (2.2) (25.5) 19.9 Total Other Revenues 0.2 48.6 (3.3) 18.3 (2.2) (21.0) 40.6 Total Revenues $ 2,226.7 $ 1,106.9 $ 310.2 $ 438.6 $ 19.9 $ (354.8) $ 3,747.5 (a) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $239 million. The remaining affiliated amounts were immaterial. (b) Amounts include affiliated and nonaffiliated revenues. (c) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $35 million. The remaining affiliated amounts were immaterial. Three Months Ended March 31, 2021 AEP Texas AEPTCo APCo I&M OPCo PSO SWEPCo (in millions) Retail Revenues: Residential Revenues $ 122.7 $ — $ 416.9 $ 213.6 $ 425.3 $ 136.8 $ 166.3 Commercial Revenues 80.7 — 130.2 113.6 158.5 72.7 112.9 Industrial Revenues 26.5 — 130.9 128.4 59.2 56.4 70.6 Other Retail Revenues 6.8 — 16.9 1.4 3.2 15.7 2.3 Total Retail Revenues 236.7 — 694.9 457.0 646.2 281.6 352.1 Wholesale Revenues: Generation Revenues (a) — — 72.4 79.6 — (7.1) 228.6 Transmission Revenues (b) 112.0 345.2 34.2 8.3 18.5 9.4 28.9 Total Wholesale Revenues 112.0 345.2 106.6 87.9 18.5 2.3 257.5 Other Revenues from Contracts with Customers (c) 16.2 4.6 13.1 20.7 36.0 12.6 6.4 Total Revenues from Contracts with Customers 364.9 349.8 814.6 565.6 700.7 296.5 616.0 Other Revenues: Alternative Revenues (d) (0.7) 11.9 2.2 (1.1) 17.9 (0.4) 0.1 Other Revenues (d) — — 0.2 — 5.3 — — Total Other Revenues (0.7) 11.9 2.4 (1.1) 23.2 (0.4) 0.1 Total Revenues $ 364.2 $ 361.7 $ 817.0 $ 564.5 $ 723.9 $ 296.1 $ 616.1 (a) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $32 million primarily relating to the PPA with KGPCo. The remaining affiliated amounts were immaterial. (b) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $270 million. The remaining affiliated amounts were immaterial. (c) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $16 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. (d) Amounts include affiliated and nonaffiliated revenues. Three Months Ended March 31, 2020 AEP Texas AEPTCo APCo I&M OPCo PSO SWEPCo (in millions) Retail Revenues: Residential Revenues $ 132.9 $ — $ 357.5 $ 201.3 $ 388.4 $ 128.5 $ 131.6 Commercial Revenues 112.8 — 132.3 122.2 164.0 76.1 105.6 Industrial Revenues 35.2 — 141.1 137.8 62.7 61.3 79.8 Other Retail Revenues 8.4 — 17.9 1.8 3.4 16.6 2.0 Total Retail Revenues 289.3 — 648.8 463.1 618.5 282.5 319.0 Wholesale Revenues: Generation Revenues (a) — — 54.1 78.4 — 1.9 34.1 Transmission Revenues (b) 96.9 298.2 30.4 7.4 17.1 7.8 25.4 Total Wholesale Revenues 96.9 298.2 84.5 85.8 17.1 9.7 59.5 Other Revenues from Contracts with Customers (c) 7.9 3.4 17.2 21.0 28.6 4.7 5.8 Total Revenues from Contracts with Customers 394.1 301.6 750.5 569.9 664.2 296.9 384.3 Other Revenues: Alternative Revenues (d) (0.7) (6.0) (1.1) 0.4 20.0 0.4 1.6 Other Revenues (d) 30.2 — — — 6.1 — — Total Other Revenues 29.5 (6.0) (1.1) 0.4 26.1 0.4 1.6 Total Revenues $ 423.6 $ 295.6 $ 749.4 $ 570.3 $ 690.3 $ 297.3 $ 385.9 (a) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $33 million primarily relating to the PPA with KGPCo. The remaining affiliated amounts were immaterial. (b) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $235 million. The remaining affiliated amounts were immaterial. (c) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $16 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. (d) Amounts include affiliated and nonaffiliated revenues. Fixed Performance Obligations The following table represents the Registrants’ remaining fixed performance obligations satisfied over time as of March 31, 2021. Fixed performance obligations primarily include wholesale transmission services, electricity sales for fixed amounts of energy and stand ready services into PJM’s RPM market. The Registrant Subsidiaries amounts shown in the table below include affiliated and nonaffiliated revenues. Company 2021 2022-2023 2024-2025 After 2025 Total (in millions) AEP $ 873.4 $ 171.3 $ 160.4 $ 161.5 $ 1,366.6 AEP Texas 349.0 — — — 349.0 AEPTCo 1,001.3 — — — 1,001.3 APCo 130.4 32.3 24.3 11.7 198.7 I&M 25.8 8.8 8.8 4.4 47.8 OPCo 49.7 — — 0.1 49.8 PSO 14.8 — — — 14.8 SWEPCo 41.6 — — — 41.6 Contract Assets and Liabilities Contract assets are recognized when the Registrants have a right to consideration that is conditional upon the occurrence of an event other than the passage of time, such as future performance under a contract. The Registrants did not have material contract assets as of March 31, 2021 and December 31, 2020. When the Registrants receive consideration, or such consideration is unconditionally due from a customer prior to transferring goods or services to the customer under the terms of a sales contract, they recognize a contract liability on the balance sheets in the amount of that consideration. Revenue for such consideration is subsequently recognized in the period or periods in which the remaining performance obligations in the contract are satisfied. The Registrants’ contract liabilities typically arise from services provided under joint use agreements for utility poles. The Registrants did not have material contract liabilities as of March 31, 2021 and December 31, 2020. Accounts Receivable from Contracts with Customers Accounts receivable from contracts with customers are presented on the Registrant Subsidiaries’ balance sheets within the Accounts Receivable - Customers line item. The Registrant Subsidiaries’ balances for receivables from contracts that are not recognized in accordance with the accounting guidance for “Revenue from Contracts with Customers” included in Accounts Receivable - Customers were not material as of March 31, 2021 and December 31, 2020. See “Securitized Accounts Receivable - AEP Credit” section of Note 12 for additional information. The following table represents the amount of affiliated accounts receivable from contracts with customers included in Accounts Receivable - Affiliated Companies on the Registrant Subsidiaries’ balance sheets: Company March 31, 2021 December 31, 2020 (in millions) AEPTCo $ 92.3 $ 81.0 APCo 52.6 52.7 I&M 31.4 34.8 OPCo 47.8 45.9 PSO 14.9 7.8 SWEPCo 22.8 11.2 |
Significant Accounting Matters
Significant Accounting Matters (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Accounting | General The unaudited condensed financial statements and footnotes were prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, the unaudited condensed interim financial statements reflect all normal and recurring accruals and adjustments necessary for a fair statement of the net income, financial position and cash flows for the interim periods for each Registrant. Net income for the three months ended March 31, 2021 is not necessarily indicative of results that may be expected for the year ending December 31, 2021. The condensed financial statements are unaudited and should be read in conjunction with the audited 2020 financial statements and notes thereto, which are included in the Registrants’ Annual Reports on Form 10-K as filed with the SEC on February 25, 2021. |
Earnings Per Share | Earnings Per Share (EPS) (Applies to AEP) Basic EPS is calculated by dividing net earnings available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted-average outstanding common shares, assuming conversion of all potentially dilutive stock awards. |
Derivatives and Hedging (Polici
Derivatives and Hedging (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Derivatives and Hedging | OBJECTIVES FOR UTILIZATION OF DERIVATIVE INSTRUMENTS AEPSC is agent for and transacts on behalf of AEP subsidiaries, including the Registrant Subsidiaries. AEPEP is agent for and transacts on behalf of other AEP subsidiaries. The Registrants are exposed to certain market risks as major power producers and participants in the electricity, capacity, natural gas, coal and emission allowance markets. These risks include commodity price risks which may be subject to capacity risk, interest rate risk and credit risk. These risks represent the risk of loss that may impact the Registrants due to changes in the underlying market prices or rates. Management utilizes derivative instruments to manage these risks. STRATEGIES FOR UTILIZATION OF DERIVATIVE INSTRUMENTS TO ACHIEVE OBJECTIVES Risk Management Strategies The strategy surrounding the use of derivative instruments primarily focuses on managing risk exposures, future cash flows and creating value utilizing both economic and formal hedging strategies. The risk management strategies also include the use of derivative instruments for trading purposes which focus on seizing market opportunities to create value driven by expected changes in the market prices of the commodities. To accomplish these objectives, the Registrants primarily employ risk management contracts including physical and financial forward purchase-and-sale contracts and, to a lesser extent, OTC swaps and options. Not all risk management contracts meet the definition of a derivative under the accounting guidance for “Derivatives and Hedging.” Derivative risk management contracts elected normal under the normal purchases and normal sales scope exception are not subject to the requirements of this accounting guidance. The Registrants utilize power, capacity, coal, natural gas, interest rate and, to a lesser extent, heating oil, gasoline and other commodity contracts to manage the risk associated with the energy business. The Registrants utilize interest rate derivative contracts in order to manage the interest rate exposure associated with the commodity portfolio. For disclosure purposes, such risks are grouped as “Commodity,” as these risks are related to energy risk management activities. The Registrants also utilize derivative contracts to manage interest rate risk associated with debt financing. For disclosure purposes, these risks are grouped as “Interest Rate.” The amount of risk taken is determined by the Commercial Operations, Energy Supply and Finance groups in accordance with established risk management policies as approved by the Finance Committee of the Board of Directors. Fair Value Hedging Strategies (Applies to AEP) Parent enters into interest rate derivative transactions as part of an overall strategy to manage the mix of fixed-rate and floating-rate debt. Certain interest rate derivative transactions effectively modify exposure to interest rate risk by converting a portion of fixed-rate debt to a floating-rate. Provided specific criteria are met, these interest rate derivatives may be designated as fair value hedges. Cash Flow Hedging Strategies The Registrants utilize cash flow hedges on certain derivative transactions for the purchase and sale of power (“Commodity”) in order to manage the variable price risk related to forecasted purchases and sales. Management monitors the potential impacts of commodity price changes and, where appropriate, enters into derivative transactions to protect profit margins for a portion of future electricity sales and purchases. The Registrants do not hedge all commodity price risk. The Registrants utilize a variety of interest rate derivative transactions in order to manage interest rate risk exposure. The Registrants also utilize interest rate derivative contracts to manage interest rate exposure related to future borrowings of fixed-rate debt. The Registrants do not hedge all interest rate exposure. ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND THE IMPACT ON THE FINANCIAL STATEMENTS The accounting guidance for “Derivatives and Hedging” requires recognition of all qualifying derivative instruments as either assets or liabilities on the balance sheets at fair value. The fair values of derivative instruments accounted for using MTM accounting or hedge accounting are based on exchange prices and broker quotes. If a quoted market price is not available, the estimate of fair value is based on the best information available including valuation models that estimate future energy prices based on existing market and broker quotes and other assumptions. In order to determine the relevant fair values of the derivative instruments, the Registrants apply valuation adjustments for discounting, liquidity and credit quality. Credit risk is the risk that a counterparty will fail to perform on the contract or fail to pay amounts due. Liquidity risk represents the risk that imperfections in the market will cause the price to vary from estimated fair value based upon prevailing market supply and demand conditions. Since energy markets are imperfect and volatile, there are inherent risks related to the underlying assumptions in models used to fair value risk management contracts. Unforeseen events may cause reasonable price curves to differ from actual price curves throughout a contract’s term and at the time a contract settles. Consequently, there could be significant adverse or favorable effects on future net income and cash flows if market prices are not consistent with management’s estimates of current market consensus for forward prices in the current period. This is particularly true for longer term contracts. Cash flows may vary based on market conditions, margin requirements and the timing of settlement of risk management contracts. Certain qualifying derivative instruments have been designated as normal purchase or normal sale contracts, as provided in the accounting guidance for “Derivatives and Hedging.” Derivative contracts that have been designated as normal purchases or normal sales under that accounting guidance are not subject to MTM accounting treatment and are recognized on the statements of income on an accrual basis. The accounting for the changes in the fair value of a derivative instrument depends on whether it qualifies for and has been designated as part of a hedging relationship and further, on the type of hedging relationship. Depending on the exposure, management designates a hedging instrument as a fair value hedge or a cash flow hedge. For contracts that have not been designated as part of a hedging relationship, the accounting for changes in fair value depends on whether the derivative instrument is held for trading purposes. Unrealized and realized gains and losses on derivative instruments held for trading purposes are included in revenues on a net basis on the statements of income. Unrealized and realized gains and losses on derivative instruments not held for trading purposes are included in revenues or expenses on the statements of income depending on the relevant facts and circumstances. Certain derivatives that economically hedge future commodity risk are recorded in the same expense line item on the statements of income as that of the associated risk. However, unrealized and some realized gains and losses in regulated jurisdictions for both trading and non-trading derivative instruments are recorded as regulatory assets (for losses) or regulatory liabilities (for gains) in accordance with the accounting guidance for “Regulated Operations.” Accounting for Fair Value Hedging Strategies (Applies to AEP) For fair value hedges (i.e. hedging the exposure to changes in the fair value of an asset, liability or an identified portion thereof attributable to a particular risk), the gain or loss on the derivative instrument as well as the offsetting gain or loss on the hedged item associated with the hedged risk impacts net income during the period of change. AEP records realized and unrealized gains or losses on interest rate swaps that are designated and qualify for fair value hedge accounting treatment and any offsetting changes in the fair value of the debt being hedged in Interest Expense on the statements of income. Accounting for Cash Flow Hedging Strategies For cash flow hedges (i.e. hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the Registrants initially report the gain or loss on the derivative instrument as a component of Accumulated Other Comprehensive Income (Loss) on the balance sheets until the period the hedged item affects net income. Credit Risk Management mitigates credit risk in wholesale marketing and trading activities by assessing the creditworthiness of potential counterparties before entering into transactions with them and continuing to evaluate their creditworthiness on an ongoing basis. Management uses credit agency ratings and current market-based qualitative and quantitative data as well as financial statements to assess the financial health of counterparties on an ongoing basis. Master agreements are typically used to facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Collateral requirements in the form of cash, letters of credit and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. Some master agreements include margining, which requires a counterparty to post cash or letters of credit in the event exposure exceeds the established threshold. The threshold represents an unsecured credit limit which may be supported by a parental/affiliate guaranty, as determined in accordance with AEP’s credit policy. In addition, master agreements allow for termination and liquidation of all positions in the event of a default including a failure or inability to post collateral when required. Collateral Triggering Events Credit Downgrade Triggers (Applies to AEP, APCo, I&M, PSO and SWEPCo) |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Valuation Techniques | Fair Value Hierarchy and Valuation Techniques The accounting guidance for “Fair Value Measurements and Disclosures” establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. When quoted market prices are not available, pricing may be completed using comparable securities, dealer values, operating data and general market conditions to determine fair value. Valuation models utilize various inputs such as commodity, interest rate and, to a lesser degree, volatility and credit that include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, market corroborated inputs (i.e. inputs derived principally from, or correlated to, observable market data) and other observable inputs for the asset or liability. For commercial activities, exchange-traded derivatives, namely futures contracts, are generally fair valued based on unadjusted quoted prices in active markets and are classified as Level 1. Level 2 inputs primarily consist of OTC broker quotes in moderately active or less active markets, as well as exchange-traded derivatives where there is insufficient market liquidity to warrant inclusion in Level 1. Management verifies price curves using these broker quotes and classifies these fair values within Level 2 when substantially all of the fair value can be corroborated. Management typically obtains multiple broker quotes, which are nonbinding in nature but are based on recent trades in the marketplace. When multiple broker quotes are obtained, the quoted bid and ask prices are averaged. In certain circumstances, a broker quote may be discarded if it is a clear outlier. Management uses a historical correlation analysis between the broker quoted location and the illiquid locations. If the points are highly correlated, these locations are included within Level 2 as well. Certain OTC and bilaterally executed derivative instruments are executed in less active markets with a lower availability of pricing information. Illiquid transactions, complex structured transactions, FTRs and counterparty credit risk may require nonmarket-based inputs. Some of these inputs may be internally developed or extrapolated and utilized to estimate fair value. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized as Level 3. The main driver of contracts being classified as Level 3 is the inability to substantiate energy price curves in the market. A portion of the Level 3 instruments have been economically hedged which limits potential earnings volatility. AEP utilizes its trustee’s external pricing service to estimate the fair value of the underlying investments held in the nuclear trusts. AEP’s investment managers review and validate the prices utilized by the trustee to determine fair value. AEP’s management performs its own valuation testing to verify the fair values of the securities. AEP receives audit reports of the trustee’s operating controls and valuation processes. Assets in the nuclear trusts, cash and cash equivalents, other temporary investments restricted cash for securitized funding are classified using the following methods. Equities are classified as Level 1 holdings if they are actively traded on exchanges. Items classified as Level 1 are investments in money market funds, fixed income and equity mutual funds and equity securities. They are valued based on observable inputs, primarily unadjusted quoted prices in active markets for identical assets. Items classified as Level 2 are primarily investments in individual fixed income securities. Fixed income securities generally do not trade on exchanges and do not have an official closing price but their valuation inputs are based on observable market data. Pricing vendors calculate bond valuations using financial models and matrices. The models use observable inputs including yields on benchmark securities, quotes by securities brokers, rating agency actions, discounts or premiums on securities compared to par prices, changes in yields for U.S. Treasury securities, corporate actions by bond issuers, prepayment schedules and histories, economic events and, for certain securities, adjustments to yields to reflect changes in the rate of inflation. Other securities with model-derived valuation inputs that are observable are also classified as Level 2 investments. Investments with unobservable valuation inputs are classified as Level 3 investments. |
Fair Values of Long-term Debt | Fair Value Measurements of Long-term Debt (Applies to all Registrants) The fair values of Long-term Debt are based on quoted market prices, without credit enhancements, for the same or similar issues and the current interest rates offered for instruments with similar maturities classified as Level 2 measurement inputs. These instruments are not marked-to-market. The estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange. The fair value of AEP’s Equity Units (Level 1) are valued based on publicly traded securities issued by AEP. |
Trust Assets for Decommissioning and Spent Nuclear Fuel Disposal | Fair Value Measurements of Trust Assets for Decommissioning and SNF Disposal (Applies to AEP and I&M) Nuclear decommissioning and SNF trust funds represent funds that regulatory commissions allow I&M to collect through rates to fund future decommissioning and SNF disposal liabilities. By rules or orders, the IURC, the MPSC and the FERC established investment limitations and general risk management guidelines. In general, limitations include: • Acceptable investments (rated investment grade or above when purchased). • Maximum percentage invested in a specific type of investment. • Prohibition of investment in obligations of AEP, I&M or their affiliates. • Withdrawals permitted only for payment of decommissioning costs and trust expenses. I&M maintains trust funds for each regulatory jurisdiction. Regulatory approval is required to withdraw decommissioning funds. These funds are managed by an external investment manager that must comply with the guidelines and rules of the applicable regulatory authorities. The trust assets are invested to optimize the net of tax earnings of the trust giving consideration to liquidity, risk, diversification and other prudent investment objectives. I&M records securities held in these trust funds in Spent Nuclear Fuel and Decommissioning Trusts on its balance sheets. I&M records these securities at fair value. I&M classifies debt securities in the trust funds as available-for-sale due to their long-term purpose. Other-than-temporary impairments for investments in debt securities are considered realized losses as a result of securities being managed by an external investment management firm. The external investment management firm makes specific investment decisions regarding the debt and equity investments held in these trusts and generally intends to sell debt securities in an unrealized loss position as part of a tax optimization strategy. Impairments reduce the cost basis of the securities which will affect any future unrealized gain or realized gain or loss due to the adjusted cost of investment. I&M records unrealized gains, unrealized losses and other-than-temporary impairments from securities in these trust funds as adjustments to the regulatory liability account for the nuclear decommissioning trust funds and to regulatory assets or liabilities for the SNF disposal trust funds in accordance with their treatment in rates. Consequently, changes in fair value of trust assets do not affect earnings or AOCI. |
Fair Value Assets and Liabilities Measured on Recurring Basis | Fair Value Measurements of Financial Assets and Liabilities The following tables set forth, by level within the fair value hierarchy, the Registrants’ financial assets and liabilities that were accounted for at fair value on a recurring basis. As required by the accounting guidance for “Fair Value Measurements and Disclosures,” financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There have not been any significant changes in management’s valuation techniques. |
Income Taxes (Policies)
Income Taxes (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Amortization of Excess ADIT Not Subject to Normalization Requirements Policy | The Registrants include the amortization of Excess ADIT not subject to normalization requirements in the annual estimated ETR when regulatory proceedings instruct the Registrants to provide the benefits of Tax Reform to customers over multiple interim periods. Certain regulatory proceedings instruct the Registrants to provide the benefits of Tax Reform to customers in a single period (e.g. by applying the Excess ADIT not subject to normalization requirements against an existing regulatory asset balance) and in these circumstances, the Registrants recognize the tax benefit discretely in the period recorded. The annual amount of Excess ADIT approved by the Registrant’s regulatory commissions may not impact the ETR ratably during each interim period due to the variability of pretax book income between interim periods and the application of an annual estimated ETR. |
Significant Accounting Matter_2
Significant Accounting Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share | Three Months Ended March 31, 2021 2020 (in millions, except per share data) $/share $/share Earnings Attributable to AEP Common Shareholders $ 575.0 $ 495.2 Weighted-Average Number of Basic AEP Common Shares Outstanding 497.1 $ 1.16 494.6 $ 1.00 Weighted-Average Dilutive Effect of Stock-Based Awards 1.1 (0.01) 2.0 — Weighted-Average Number of Diluted AEP Common Shares Outstanding 498.2 $ 1.15 496.6 $ 1.00 |
Supplementary Information | March 31, 2021 AEP AEP Texas APCo (in millions) Cash and Cash Equivalents $ 273.2 $ 0.1 $ 4.8 Restricted Cash 50.8 39.3 11.6 Total Cash, Cash Equivalents and Restricted Cash $ 324.0 $ 39.4 $ 16.4 December 31, 2020 AEP AEP Texas APCo (in millions) Cash and Cash Equivalents $ 392.7 $ 0.1 $ 5.8 Restricted Cash 45.6 28.7 16.9 Total Cash, Cash Equivalents and Restricted Cash $ 438.3 $ 28.8 $ 22.7 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | AEP Cash Flow Hedges Pension Three Months Ended March 31, 2021 Commodity Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (60.6) $ (47.5) $ 23.0 $ (85.1) Change in Fair Value Recognized in AOCI 177.3 13.1 (a) — 190.4 Amount of (Gain) Loss Reclassified from AOCI Generation & Marketing Revenues (b) 0.8 — — 0.8 Purchased Electricity for Resale (b) (172.0) — — (172.0) Interest Expense (b) — 1.5 — 1.5 Amortization of Prior Service Cost (Credit) — — (4.8) (4.8) Amortization of Actuarial (Gains) Losses — — 2.3 2.3 Reclassifications from AOCI, before Income Tax (Expense) Benefit (171.2) 1.5 (2.5) (172.2) Income Tax (Expense) Benefit (36.0) 0.4 (0.5) (36.1) Reclassifications from AOCI, Net of Income Tax (Expense) Benefit (135.2) 1.1 (2.0) (136.1) Net Current Period Other Comprehensive Income (Loss) 42.1 14.2 (2.0) 54.3 Balance in AOCI as of March 31, 2021 $ (18.5) $ (33.3) $ 21.0 $ (30.8) Cash Flow Hedges Pension Three Months Ended March 31, 2020 Commodity Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ (103.5) $ (11.5) $ (32.7) $ (147.7) Change in Fair Value Recognized in AOCI (65.3) (42.7) (a) — (108.0) Amount of (Gain) Loss Reclassified from AOCI Generation & Marketing Revenues (b) (0.1) — — (0.1) Purchased Electricity for Resale (b) 51.1 — — 51.1 Interest Expense (b) — 0.9 — 0.9 Amortization of Prior Service Cost (Credit) — — (4.9) (4.9) Amortization of Actuarial (Gains) Losses — — 2.6 2.6 Reclassifications from AOCI, before Income Tax (Expense) Benefit 51.0 0.9 (2.3) 49.6 Income Tax (Expense) Benefit 10.7 0.2 (0.5) 10.4 Reclassifications from AOCI, Net of Income Tax (Expense) Benefit 40.3 0.7 (1.8) 39.2 Net Current Period Other Comprehensive Income (Loss) (25.0) (42.0) (1.8) (68.8) Balance in AOCI as of March 31, 2020 $ (128.5) $ (53.5) $ (34.5) $ (216.5) AEP Texas Cash Flow Hedge – Pension Three Months Ended March 31, 2021 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (2.3) $ (6.6) $ (8.9) Change in Fair Value Recognized in AOCI 0.1 — 0.1 Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 0.3 — 0.3 Reclassifications from AOCI, before Income Tax (Expense) Benefit 0.3 — 0.3 Income Tax (Expense) Benefit 0.1 — 0.1 Reclassifications from AOCI, Net of Income Tax (Expense) Benefit 0.2 — 0.2 Net Current Period Other Comprehensive Income (Loss) 0.3 — 0.3 Balance in AOCI as of March 31, 2021 $ (2.0) $ (6.6) $ (8.6) Cash Flow Hedge – Pension Three Months Ended March 31, 2020 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ (3.4) $ (9.4) $ (12.8) Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 0.4 — 0.4 Reclassifications from AOCI, before Income Tax (Expense) Benefit 0.4 — 0.4 Income Tax (Expense) Benefit 0.1 — 0.1 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 March 31, 2020 $ (3.1) $ (9.4) $ (12.5) APCo Cash Flow Hedge – Pension Three Months Ended March 31, 2021 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (0.8) $ 8.0 $ 7.2 Change in Fair Value Recognized in AOCI 9.3 — 9.3 Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) (0.4) — (0.4) Amortization of Prior Service Cost (Credit) — (1.4) (1.4) Reclassifications from AOCI, before Income Tax (Expense) Benefit (0.4) (1.4) (1.8) Income Tax (Expense) Benefit (0.1) (0.3) (0.4) Reclassifications from AOCI, Net of Income Tax (Expense) Benefit (0.3) (1.1) (1.4) Net Current Period Other Comprehensive Income (Loss) 9.0 (1.1) 7.9 Balance in AOCI as of March 31, 2021 $ 8.2 $ 6.9 $ 15.1 Cash Flow Hedge – Pension Three Months Ended March 31, 2020 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ 0.9 $ 4.1 $ 5.0 Change in Fair Value Recognized in AOCI (3.9) — (3.9) Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) (0.4) — (0.4) Amortization of Prior Service Cost (Credit) — (1.3) (1.3) Amortization of Actuarial (Gains) Losses — 0.1 0.1 Reclassifications from AOCI, before Income Tax (Expense) Benefit (0.4) (1.2) (1.6) Income Tax (Expense) Benefit (0.1) (0.3) (0.4) Reclassifications from AOCI, Net of Income Tax (Expense) Benefit (0.3) (0.9) (1.2) Net Current Period Other Comprehensive Income (Loss) (4.2) (0.9) (5.1) Balance in AOCI as of March 31, 2020 $ (3.3) $ 3.2 $ (0.1) I&M Cash Flow Hedge – Pension Three Months Ended March 31, 2021 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (8.3) $ 1.3 $ (7.0) Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 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 March 31, 2021 $ (7.8) $ 1.3 $ (6.5) Cash Flow Hedge – Pension Three Months Ended March 31, 2020 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ (9.9) $ (1.7) $ (11.6) Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 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, 2020 $ (9.5) $ (1.7) $ (11.2) OPCo Cash Flow Hedge – Three Months Ended March 31, 2021 Interest Rate (in millions) Balance in AOCI as of December 31, 2020 $ — Change in Fair Value Recognized in AOCI — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) — Reclassifications from AOCI, before Income Tax (Expense) Benefit — Income Tax (Expense) Benefit — Reclassifications from AOCI, Net of Income Tax (Expense) Benefit — Net Current Period Other Comprehensive Income (Loss) — Balance in AOCI as of March 31, 2021 $ — Cash Flow Hedge – Three Months Ended March 31, 2020 Interest Rate (in millions) Balance in AOCI as of December 31, 2019 $ — Change in Fair Value Recognized in AOCI — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) — Reclassifications from AOCI, before Income Tax (Expense) Benefit — Income Tax (Expense) Benefit — Reclassifications from AOCI, Net of Income Tax (Expense) Benefit — Net Current Period Other Comprehensive Income (Loss) — Balance in AOCI as of March 31, 2020 $ — PSO Cash Flow Hedge – Three Months Ended March 31, 2021 Interest Rate (in millions) Balance in AOCI as of December 31, 2020 $ 0.1 Change in Fair Value Recognized in AOCI — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) (0.1) Reclassifications from AOCI, before Income Tax (Expense) Benefit (0.1) Income Tax (Expense) Benefit — Reclassifications from AOCI, Net of Income Tax (Expense) Benefit (0.1) Net Current Period Other Comprehensive Income (Loss) (0.1) Balance in AOCI as of March 31, 2021 $ — Cash Flow Hedge – Three Months Ended March 31, 2020 Interest Rate (in millions) Balance in AOCI as of December 31, 2019 $ 1.1 Change in Fair Value Recognized in AOCI — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) (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, 2020 $ 0.9 SWEPCo Cash Flow Hedge – Pension Three Months Ended March 31, 2021 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2020 $ (0.3) $ 2.2 $ 1.9 Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 0.5 — 0.5 Amortization of Prior Service Cost (Credit) — (0.5) (0.5) 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, 2021 $ 0.1 $ 1.8 $ 1.9 Cash Flow Hedge – Pension Three Months Ended March 31, 2020 Interest Rate and OPEB Total (in millions) Balance in AOCI as of December 31, 2019 $ (1.8) $ 0.5 $ (1.3) Change in Fair Value Recognized in AOCI — — — Amount of (Gain) Loss Reclassified from AOCI Interest Expense (b) 0.5 — 0.5 Amortization of Prior Service Cost (Credit) — (0.5) (0.5) 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, 2020 $ (1.4) $ 0.1 $ (1.3) (a) The change in fair value includes $4 million and $5 million related to AEP's investment in joint venture wind farms acquired as part of the purchase of Sempra Renewables LLC for the three months ended March 31, 2021 and 2020, respectively. (b) Amounts reclassified to the referenced line item on the statements of income. |
Rate Matters (Tables)
Rate Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Regulated Generating Units to be Retired | Plant Net Accelerated Depreciation Regulatory Asset Cost of Removal Projected Current Authorized Annual (dollars in millions) Northeastern Plant, Unit 3 $ 190.5 $ 114.8 $ 19.8 (b) 2026 (c) $ 14.9 Dolet Hills Power Station 51.3 92.6 1.1 2021 (d) 7.7 Pirkey Power Plant 178.3 30.8 18.4 2023 (e) 13.7 Welsh Plant, Units 1 and 3 528.8 14.2 11.4 (f) 2028 (g) 33.3 (a) Represents the amount of annual depreciation that has been collected from customers over the prior 12-month period. (b) Includes Northeastern Plant, Unit 4, which was retired in 2016. Removal of Northeastern Plant, Unit 4, will be performed with Northeastern Plant, Unit 3, after retirement. (c) Northeastern Plant, Unit 3 is currently being recovered through 2040. (d) Dolet Hills Power Station is currently being recovered through 2026 in the Louisiana jurisdiction and through 2046 in the Arkansas and Texas jurisdictions. (e) Pirkey Power Plant is currently being recovered through 2025 in the Louisiana jurisdiction and through 2045 in the Arkansas and Texas jurisdictions. (f) Includes Welsh Plant, Unit 2, which was retired in 2016. Removal of Welsh Plant, Unit 2, will be performed with Welsh Plant, Units 1 and 3, after retirement. |
Regulatory Assets Pending Final Regulatory Approval | AEP March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Unrecovered Winter Storm Fuel Costs (a) $ 1,185.0 $ — Dolet Hills Power Station Accelerated Depreciation 92.6 71.2 Kentucky Deferred Purchase Power Expenses 42.8 41.3 Plant Retirement Costs – Unrecovered Plant, Louisiana 35.2 35.2 Oklaunion Power Station Accelerated Depreciation 34.0 34.4 Pirkey Power Plant Accelerated Depreciation 30.8 12.2 Other Regulatory Assets Pending Final Regulatory Approval 37.5 26.4 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 285.0 134.2 Plant Retirement Costs – Asset Retirement Obligation Costs 25.9 25.9 COVID-19 19.5 24.9 Environmental Expense Deferral - Virginia 12.3 9.3 Other Regulatory Assets Pending Final Regulatory Approval 33.0 27.2 Total Regulatory Assets Pending Final Regulatory Approval $ 1,833.6 $ 442.2 (a) PSO and SWEPCo have active fuel clauses that allow for the recovery of prudently incurred fuel and purchased power expenses. However, the recovery of these costs from customers may be extended over longer than usual time periods to mitigate the impact on customer bills. See “Impacts of Severe Winter Weather” section below for additional information. AEP Texas March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Advanced Metering System $ 16.4 $ 16.3 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 10.5 0.8 COVID-19 8.6 10.5 Texas Retail Electric Provider Bad Debt Expense 4.1 — Vegetation Management Program 3.8 3.8 Other Regulatory Assets Pending Final Regulatory Approval 2.6 1.5 Total Regulatory Assets Pending Final Regulatory Approval $ 46.0 $ 32.9 APCo March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return COVID-19 – Virginia $ 4.0 $ 3.7 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 49.1 3.4 Plant Retirement Costs – Asset Retirement Obligation Costs 25.9 25.9 Environmental Expense Deferral - Virginia 12.3 9.3 COVID-19 – West Virginia 1.6 1.5 Total Regulatory Assets Pending Final Regulatory Approval $ 92.9 $ 43.8 I&M March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Other Regulatory Assets Pending Final Regulatory Approval $ — $ 0.5 Regulatory Assets Currently Not Earning a Return COVID-19 2.8 3.8 Other Regulatory Assets Pending Final Regulatory Approval 0.6 — Total Regulatory Assets Pending Final Regulatory Approval $ 3.4 $ 4.3 OPCo March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Not Earning a Return Storm-Related Costs $ 6.8 $ 4.0 COVID-19 1.5 4.4 Other Regulatory Assets Pending Final Regulatory Approval 0.1 — Total Regulatory Assets Pending Final Regulatory Approval $ 8.4 $ 8.4 PSO March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Unrecovered Winter Storm Fuel Costs (a) $ 688.7 $ — Oklaunion Power Station Accelerated Depreciation 34.0 34.4 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 24.8 15.8 Other Regulatory Assets Pending Final Regulatory Approval 0.8 0.3 Total Regulatory Assets Pending Final Regulatory Approval $ 748.3 $ 50.5 (a) PSO has an active fuel clause that allows for the recovery of prudently incurred fuel and purchased power expenses. However, the recovery of these costs from customers may be extended over longer than usual time periods to mitigate the impact on customer bills. See “Impacts of Severe Winter Weather” section below for additional information. SWEPCo March 31, December 31, 2021 2020 Noncurrent Regulatory Assets (in millions) Regulatory Assets Currently Earning a Return Unrecovered Winter Storm Fuel Costs (a) $ 496.3 $ — Dolet Hills Power Station Accelerated Depreciation 92.6 71.2 Plant Retirement Costs – Unrecovered Plant, Louisiana 35.2 35.2 Pirkey Power Plant Accelerated Depreciation 30.8 12.2 Welsh Plant, Units 1 and 3 Accelerated Depreciation 14.2 3.6 Other Regulatory Assets Pending Final Regulatory Approval 2.8 2.2 Regulatory Assets Currently Not Earning a Return Storm-Related Costs 139.1 99.3 Asset Retirement Obligation - Louisiana 9.4 9.1 Other Regulatory Assets Pending Final Regulatory Approval 15.4 14.5 Total Regulatory Assets Pending Final Regulatory Approval $ 835.8 $ 247.3 (a) SWEPCo has an active fuel clause that allows for the recovery of prudently incurred fuel and purchased power expenses. However, the recovery of these costs from customers may be extended over longer than usual time periods to mitigate the impact on customer bills. See “Impacts of Severe Winter Weather” section below for additional information. |
February 2021 Winter Storm Costs | March 31, 2021 Company Jurisdiction Capital O&M Regulatory Asset Total (in millions) APCo Virginia $ 5.4 $ 2.2 $ 5.6 $ 13.2 APCo West Virginia 19.6 — 39.1 58.7 SWEPCo Louisiana 4.9 — 42.1 47.0 KPCo Kentucky 26.7 3.8 44.1 74.6 Total $ 56.6 $ 6.0 $ 130.9 $ 193.5 |
February 2021 Winter Storm Fuel Costs | PSO SWEPCo Total (in millions) Retail Customers (a) $ 688.7 $ 496.3 $ 1,185.0 Wholesale Customers — 88.4 88.4 Total $ 688.7 $ 584.7 $ 1,273.4 (a) These costs were deferred as regulatory assets as of March 31, 2021. |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Maximum Future Payments for Letters of Credit Uncommitted Facilities | Company Amount Maturity (in millions) AEP $ 183.2 April 2021 to March 2022 AEP Texas 2.2 July 2021 |
Max Potential Loss on Master Lease Agreements | Company Maximum (in millions) AEP $ 48.6 AEP Texas 11.3 APCo 6.3 I&M 4.2 OPCo 7.7 PSO 4.7 SWEPCo 5.4 |
Future Minimum Lease Payments for Sale and Leaseback | Future Minimum Lease Payments AEP (a) I&M (in millions) 2021 $ 147.8 $ 73.9 2022 147.6 73.8 Total Future Minimum Lease Payments $ 295.4 $ 147.7 (a) AEP’s future minimum lease payments include equal shares from AEGCo and I&M. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Components of Net Periodic Benefit Cost | AEP Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 32.3 $ 28.0 $ 2.4 $ 2.5 Interest Cost 34.3 42.0 7.6 9.9 Expected Return on Plan Assets (57.5) (66.2) (22.8) (23.9) Amortization of Prior Service Credit — — (17.7) (17.4) Amortization of Net Actuarial Loss 25.4 23.4 — 1.5 Net Periodic Benefit Cost (Credit) $ 34.5 $ 27.2 $ (30.5) $ (27.4) AEP Texas Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 3.0 $ 2.6 $ 0.2 $ 0.2 Interest Cost 2.8 3.5 0.6 0.8 Expected Return on Plan Assets (4.9) (5.7) (1.9) (2.0) Amortization of Prior Service Credit — — (1.5) (1.4) Amortization of Net Actuarial Loss 2.1 1.9 — 0.1 Net Periodic Benefit Cost (Credit) $ 3.0 $ 2.3 $ (2.6) $ (2.3) APCo Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 3.0 $ 2.6 $ 0.3 $ 0.3 Interest Cost 4.1 5.1 1.2 1.6 Expected Return on Plan Assets (7.3) (8.4) (3.4) (3.6) Amortization of Prior Service Credit — — (2.6) (2.5) Amortization of Net Actuarial Loss 3.0 2.8 — 0.2 Net Periodic Benefit Cost (Credit) $ 2.8 $ 2.1 $ (4.5) $ (4.0) I&M Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 4.4 $ 3.9 $ 0.3 $ 0.3 Interest Cost 4.0 4.9 0.9 1.2 Expected Return on Plan Assets (7.2) (8.3) (2.8) (2.9) Amortization of Prior Service Credit — — (2.4) (2.4) Amortization of Net Actuarial Loss 2.9 2.7 — 0.2 Net Periodic Benefit Cost (Credit) $ 4.1 $ 3.2 $ (4.0) $ (3.6) OPCo Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 2.9 $ 2.4 $ 0.2 $ 0.2 Interest Cost 3.1 3.9 0.8 1.0 Expected Return on Plan Assets (5.6) (6.6) (2.4) (2.6) Amortization of Prior Service Credit — — (1.8) (1.8) Amortization of Net Actuarial Loss 2.2 2.1 — 0.2 Net Periodic Benefit Cost (Credit) $ 2.6 $ 1.8 $ (3.2) $ (3.0) PSO Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 1.9 $ 1.8 $ 0.2 $ 0.2 Interest Cost 1.7 2.1 0.4 0.5 Expected Return on Plan Assets (3.1) (3.6) (1.3) (1.3) Amortization of Prior Service Credit — — (1.1) (1.1) Amortization of Net Actuarial Loss 1.3 1.2 — 0.1 Net Periodic Benefit Cost (Credit) $ 1.8 $ 1.5 $ (1.8) $ (1.6) SWEPCo Pension Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (in millions) Service Cost $ 2.9 $ 2.5 $ 0.1 $ 0.2 Interest Cost 2.1 2.5 0.5 0.6 Expected Return on Plan Assets (3.4) (3.9) (1.5) (1.5) Amortization of Prior Service Credit — — (1.3) (1.3) Amortization of Net Actuarial Loss 1.5 1.4 — 0.1 Net Periodic Benefit Cost (Credit) $ 3.1 $ 2.5 $ (2.2) $ (1.9) |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended | |
Mar. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||
Reportable Segment Information | Three Months Ended March 31, 2021 Vertically Integrated Utilities Transmission and Distribution Utilities AEP Transmission Holdco Generation Corporate and Other (a) Reconciling Adjustments Consolidated (in millions) Revenues from: External Customers $ 2,504.5 $ 1,082.3 $ 87.9 $ 601.7 $ 4.7 $ — $ 4,281.1 Other Operating Segments 32.8 5.8 289.1 32.5 8.2 (368.4) — Total Revenues $ 2,537.3 $ 1,088.1 $ 377.0 $ 634.2 $ 12.9 $ (368.4) $ 4,281.1 Net Income (Loss) $ 271.4 $ 114.4 $ 173.2 $ 38.2 $ (18.4) $ — $ 578.8 Three Months Ended March 31, 2020 Vertically Integrated Utilities Transmission and Distribution Utilities AEP Transmission Holdco Generation Corporate and Other (a) Reconciling Adjustments Consolidated (in millions) Revenues from: External Customers $ 2,193.0 $ 1,075.2 $ 73.1 $ 408.4 $ (2.2) $ — $ 3,747.5 Other Operating Segments 33.7 31.7 237.1 30.2 22.1 (354.8) — Total Revenues $ 2,226.7 $ 1,106.9 $ 310.2 $ 438.6 $ 19.9 $ (354.8) $ 3,747.5 Net Income (Loss) $ 246.3 $ 116.2 $ 141.6 $ 30.5 $ (35.3) $ — $ 499.3 March 31, 2021 Vertically Integrated Utilities Transmission and Distribution Utilities AEP Transmission Holdco Generation Corporate and Other (a) Reconciling Consolidated (in millions) Total Property, Plant and Equipment $ 49,448.9 $ 21,492.9 $ 12,185.2 $ 2,080.6 $ 405.3 $ — $ 85,612.9 Accumulated Depreciation and Amortization 15,950.1 3,951.3 648.1 183.8 183.5 — 20,916.8 Total Property Plant and Equipment - Net $ 33,498.8 $ 17,541.6 $ 11,537.1 $ 1,896.8 $ 221.8 $ — $ 64,696.1 Total Assets $ 44,591.3 $ 20,076.9 $ 12,925.8 $ 3,881.8 $ 6,072.0 (b) $ (4,562.7) (c) $ 82,985.1 Long-term Debt Due Within One Year: Nonaffiliated $ 1,078.3 $ 589.0 $ 52.4 $ — $ 410.5 (d) $ — $ 2,130.2 Long-term Debt: Affiliated 65.0 — — — — (65.0) — Nonaffiliated 13,185.8 7,097.4 4,089.7 — 5,841.9 (d) — 30,214.8 Total Long-term Debt $ 14,329.1 $ 7,686.4 $ 4,142.1 $ — $ 6,252.4 (d) $ (65.0) $ 32,345.0 December 31, 2020 Vertically Integrated Utilities Transmission and Distribution Utilities AEP Transmission Holdco Generation Corporate and Other (a) Reconciling Consolidated (in millions) Total Property, Plant and Equipment $ 49,023.3 $ 21,145.0 $ 11,827.2 $ 1,910.2 $ 407.3 $ — $ 84,313.0 Accumulated Depreciation and Amortization 15,586.2 3,879.3 595.7 166.1 184.1 — 20,411.4 Total Property Plant and Equipment - Net $ 33,437.1 $ 17,265.7 $ 11,231.5 $ 1,744.1 $ 223.2 $ — $ 63,901.6 Total Assets $ 42,752.7 $ 19,765.9 $ 12,627.3 $ 3,585.9 $ 5,987.1 (b) $ (3,961.7) (c) $ 80,757.2 Long-term Debt Due Within One Year: Nonaffiliated $ 1,034.6 $ 588.8 $ 52.3 $ — $ 410.4 (d) $ — $ 2,086.1 Long-term Debt: Affiliated 65.0 — — — — (65.0) — Nonaffiliated 12,375.6 6,661.9 4,075.7 — 5,873.2 (d) — 28,986.4 Total Long-term Debt $ 13,475.2 $ 7,250.7 $ 4,128.0 $ — $ 6,283.6 (d) $ (65.0) $ 31,072.5 (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, interest expense and other nonallocated costs. (b) Includes elimination of AEP Parent’s investments in wholly-owned subsidiary companies. (c) Reconciling Adjustments for Total Assets primarily include elimination of intercompany advances to affiliates and intercompany accounts receivable. (d) Amounts are inclusive of 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, 2021 State Transcos AEPTCo Parent Reconciling Adjustments AEPTCo (in millions) Revenues from: External Customers $ 76.0 $ — $ — $ 76.0 Sales to AEP Affiliates 285.6 — — 285.6 Other Revenues 0.1 — — 0.1 Total Revenues $ 361.7 $ — $ — $ 361.7 Interest Income $ — $ 38.3 $ (38.2) (a) $ 0.1 Interest Expense 34.1 38.2 (38.2) (a) 34.1 Income Tax Expense 39.6 — — 39.6 Net Income $ 151.7 $ — (b) $ — $ 151.7 Three Months Ended March 31, 2020 State Transcos AEPTCo Parent Reconciling Adjustments AEPTCo (in millions) Revenues from: External Customers $ 61.3 $ — $ — $ 61.3 Sales to AEP Affiliates 233.7 — — 233.7 Other Revenues 0.6 — — 0.6 Total Revenues $ 295.6 $ — $ — $ 295.6 Interest Income $ 0.2 $ 34.0 $ (33.4) (a) $ 0.8 Interest Expense 29.6 33.4 (33.4) (a) 29.6 Income Tax Expense 31.8 — — 31.8 Net Income $ 117.3 $ 0.5 (b) $ — $ 117.8 March 31, 2021 State Transcos AEPTCo Parent Reconciling Adjustments AEPTCo (in millions) Total Transmission Property $ 11,694.0 $ — $ — $ 11,694.0 Accumulated Depreciation and Amortization 623.6 — — 623.6 Total Transmission Property – Net $ 11,070.4 $ — $ — $ 11,070.4 Notes Receivable - Affiliated $ — $ 3,899.0 $ (3,899.0) (c) $ — Total Assets $ 11,458.3 $ 4,107.2 (d) $ (4,050.4) (e) $ 11,515.1 Total Long-term Debt $ 3,990.0 $ 3,949.0 $ (3,990.0) (c) $ 3,949.0 December 31, 2020 State Transcos AEPTCo Parent Reconciling Adjustments AEPTCo (in millions) Total Transmission Property $ 11,345.6 $ — $ — $ 11,345.6 Accumulated Depreciation and Amortization 572.8 — — 572.8 Total Transmission Property – Net $ 10,772.8 $ — $ — $ 10,772.8 Notes Receivable - Affiliated $ — $ 3,948.5 $ (3,948.5) (c) $ — Total Assets $ 11,185.1 $ 4,084.0 (d) $ (4,023.1) (e) $ 11,246.0 Total Long-term Debt $ 3,990.0 $ 3,948.5 $ (3,990.0) (c) $ 3,948.5 (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. | [1] |
[1] | Includes elimination of AEP Parent’s investments in wholly-owned subsidiary companies. |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notional Volume of Derivative Instruments | Notional Volume of Derivative Instruments March 31, 2021 Primary Risk Unit of AEP AEP Texas APCo I&M OPCo PSO SWEPCo (in millions) Commodity: Power MWhs 271.2 — 23.3 10.8 2.9 3.8 1.6 Natural Gas MMBtus 22.7 — — — — — 7.0 Heating Oil and Gasoline Gallons 5.0 1.3 0.8 0.5 1.0 0.5 0.7 Interest Rate USD $ 123.6 $ — $ — $ — $ — $ — $ — Interest Rate on Long-term Debt USD $ 950.0 $ — $ — $ — $ — $ — $ — December 31, 2020 Primary Risk Unit of AEP AEP Texas APCo I&M OPCo PSO SWEPCo (in millions) Commodity: Power MWhs 331.3 — 46.9 19.7 3.0 11.9 4.0 Natural Gas MMBtus 26.9 — — — — — 7.9 Heating Oil and Gasoline Gallons 6.9 1.8 1.1 0.6 1.4 0.7 0.9 Interest Rate USD $ 129.8 $ — $ — $ — $ — $ — $ — Interest Rate on Long-term Debt USD $ 1,150.0 $ — $ 200.0 $ — $ — $ — $ — |
Fair Value of Derivative Instruments | AEP March 31, 2021 Risk Hedging Contracts Gross Amounts Gross Net Amounts of Balance Sheet Location Commodity (a) Commodity (a) Interest Rate (a) (in millions) Current Risk Management Assets $ 164.1 $ 34.8 $ 2.7 $ 201.6 $ (129.5) $ 72.1 Long-term Risk Management Assets 266.9 18.8 — 285.7 (20.9) 264.8 Total Assets 431.0 53.6 2.7 487.3 (150.4) 336.9 Current Risk Management Liabilities 133.6 34.8 — 168.4 (129.3) 39.1 Long-term Risk Management Liabilities 219.8 41.6 37.4 298.8 (25.8) 273.0 Total Liabilities 353.4 76.4 37.4 467.2 (155.1) 312.1 Total MTM Derivative Contract Net Assets (Liabilities) $ 77.6 $ (22.8) $ (34.7) $ 20.1 $ 4.7 $ 24.8 December 31, 2020 Risk Hedging Contracts Gross Amounts Gross Net Amounts of Balance Sheet Location Commodity (a) Commodity (a) Interest Rate (a) (in millions) Current Risk Management Assets $ 239.1 $ 21.1 $ 5.0 $ 265.2 $ (170.5) $ 94.7 Long-term Risk Management Assets 275.9 18.0 — 293.9 (51.7) 242.2 Total Assets 515.0 39.1 5.0 559.1 (222.2) 336.9 Current Risk Management Liabilities 193.0 54.4 3.4 250.8 (172.0) 78.8 Long-term Risk Management Liabilities 222.2 60.1 4.1 286.4 (53.6) 232.8 Total Liabilities 415.2 114.5 7.5 537.2 (225.6) 311.6 Total MTM Derivative Contract Net Assets (Liabilities) $ 99.8 $ (75.4) $ (2.5) $ 21.9 $ 3.4 $ 25.3 AEP Texas March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 0.8 $ (0.8) $ — Long-term Risk Management Assets — — — Total Assets 0.8 (0.8) — Current Risk Management Liabilities — — — Long-term Risk Management Liabilities — — — Total Liabilities — — — Total MTM Derivative Contract Net Assets (Liabilities) $ 0.8 $ (0.8) $ — December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 0.4 $ (0.4) $ — Long-term Risk Management Assets — — — Total Assets 0.4 (0.4) — Current Risk Management Liabilities — — — Long-term Risk Management Liabilities — — — Total Liabilities — — — Total MTM Derivative Contract Net Assets (Liabilities) $ 0.4 $ (0.4) $ — APCo March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement Balance Sheet Location Commodity (a) Financial Position (b) of Financial Position (c) (in millions) Current Risk Management Assets $ 16.5 $ (9.6) $ 6.9 Deferred Charges and Other Noncurrent Assets - Long-term Risk Management Assets 0.5 (0.5) — Total Assets 17.0 (10.1) 6.9 Other Current Liabilities - Current Risk Management Liabilities 9.3 (9.1) 0.2 Deferred Credits and Other Noncurrent Liabilities - Long-term Risk Management Liabilities 0.5 (0.5) — Total Liabilities 9.8 (9.6) 0.2 Total MTM Derivative Contract Net Assets (Liabilities) $ 7.2 $ (0.5) $ 6.7 December 31, 2020 Gross Amounts Risk of Risk Gross Amounts Net Amounts of Assets/ Management Hedging Management Offset in the Liabilities Presented in Contracts – Contracts – Assets/Liabilities Statement of the Statement of Balance Sheet Location Commodity (a) Interest Rate (a) Recognized Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 38.8 $ 2.4 $ 41.2 $ (18.8) $ 22.4 Deferred Charges and Other Noncurrent Assets - Long-term Risk Management Assets 0.7 — 0.7 (0.6) 0.1 Total Assets 39.5 2.4 41.9 (19.4) 22.5 Other Current Liabilities - Current Risk Management Liabilities 19.7 3.4 23.1 (18.5) 4.6 Deferred Credits and Other Noncurrent Liabilities - Long-term Risk Management Liabilities 0.6 — 0.6 (0.5) 0.1 Total Liabilities 20.3 3.4 23.7 (19.0) 4.7 Total MTM Derivative Contract Net Assets (Liabilities) $ 19.2 $ (1.0) $ 18.2 $ (0.4) $ 17.8 I&M March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 6.8 $ (5.9) $ 0.9 Deferred Charges and Other Noncurrent Assets - Long-term Risk Management Assets 0.3 (0.3) — Total Assets 7.1 (6.2) 0.9 Other Current Liabilities - Current Risk Management Liabilities 6.2 (6.0) 0.2 Deferred Credits and Other Noncurrent Liabilities - Long-term Risk Management Liabilities 0.3 (0.3) — Total Liabilities 6.5 (6.3) 0.2 Total MTM Derivative Contract Net Assets $ 0.6 $ 0.1 $ 0.7 December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 17.2 $ (13.6) $ 3.6 Deferred Charges and Other Noncurrent Assets - Long-term Risk Management Assets 0.5 (0.4) 0.1 Total Assets 17.7 (14.0) 3.7 Other Current Liabilities - Current Risk Management Liabilities 12.1 (12.0) 0.1 Deferred Credits and Other Noncurrent Liabilities - Long-term Risk Management Liabilities 0.4 (0.3) 0.1 Total Liabilities 12.5 (12.3) 0.2 Total MTM Derivative Contract Net Assets (Liabilities) $ 5.2 $ (1.7) $ 3.5 OPCo March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 0.6 $ (0.6) $ — Long-term Risk Management Assets — — — Total Assets 0.6 (0.6) — Current Risk Management Liabilities 8.1 — 8.1 Long-term Risk Management Liabilities 95.9 — 95.9 Total Liabilities 104.0 — 104.0 Total MTM Derivative Contract Net Liabilities $ (103.4) $ (0.6) $ (104.0) December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 0.3 $ (0.3) $ — Long-term Risk Management Assets — — — Total Assets 0.3 (0.3) — Current Risk Management Liabilities 8.7 — 8.7 Long-term Risk Management Liabilities 101.6 — 101.6 Total Liabilities 110.3 — 110.3 Total MTM Derivative Contract Net Liabilities $ (110.0) $ (0.3) $ (110.3) PSO March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 5.8 $ (0.3) $ 5.5 Long-term Risk Management Assets — — — Total Assets 5.8 (0.3) 5.5 Current Risk Management Liabilities — — — Long-term Risk Management Liabilities — — — Total Liabilities — — — Total MTM Derivative Contract Net Assets (Liabilities) $ 5.8 $ (0.3) $ 5.5 December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 10.5 $ (0.2) $ 10.3 Long-term Risk Management Assets — — — Total Assets 10.5 (0.2) 10.3 Current Risk Management Liabilities — — — Long-term Risk Management Liabilities — — — Total Liabilities — — — Total MTM Derivative Contract Net Assets (Liabilities) $ 10.5 $ (0.2) $ 10.3 SWEPCo March 31, 2021 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 1.7 $ (0.4) $ 1.3 Long-term Risk Management Assets — — — Total Assets 1.7 (0.4) 1.3 Current Risk Management Liabilities — — — Long-term Risk Management Liabilities 0.9 — 0.9 Total Liabilities 0.9 — 0.9 Total MTM Derivative Contract Net Assets (Liabilities) $ 0.8 $ (0.4) $ 0.4 December 31, 2020 Risk Management Gross Amounts Offset Net Amounts of Assets/Liabilities Contracts – in the Statement of Presented in the Statement of Balance Sheet Location Commodity (a) Financial Position (b) Financial Position (c) (in millions) Current Risk Management Assets $ 3.4 $ (0.2) $ 3.2 Long-term Risk Management Assets — — — Total Assets 3.4 (0.2) 3.2 Current Risk Management Liabilities 0.7 — 0.7 Long-term Risk Management Liabilities 1.0 — 1.0 Total Liabilities 1.7 — 1.7 Total MTM Derivative Contract Net Assets (Liabilities) $ 1.7 $ (0.2) $ 1.5 (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. |
Amount of Gain (Loss) Recognized on Risk Management Contracts | Amount of Gain (Loss) Recognized on Risk Management Contracts Three Months Ended March 31, 2021 Location of Gain (Loss) AEP AEP Texas APCo I&M OPCo PSO SWEPCo (in millions) Vertically Integrated Utilities Revenues $ 0.2 $ — $ — $ — $ — $ — $ — Generation & Marketing Revenues (0.4) — — — — — — Electric Generation, Transmission and Distribution Revenues — — 0.2 — — — — Purchased Electricity for Resale 0.4 — 0.4 — — — — Other Operation 0.3 0.1 — — 0.1 — — Maintenance 0.5 0.1 0.1 0.1 0.1 0.1 0.1 Regulatory Assets (a) 6.4 — — (0.9) 6.6 — 0.8 Regulatory Liabilities (a) 22.0 0.4 3.4 (3.2) 2.9 11.2 6.2 Total Gain (Loss) on Risk Management Contracts $ 29.4 $ 0.6 $ 4.1 $ (4.0) $ 9.7 $ 11.3 $ 7.1 Three Months Ended March 31, 2020 Location of Gain (Loss) AEP AEP Texas APCo I&M OPCo PSO SWEPCo (in millions) Vertically Integrated Utilities Revenues $ 0.4 $ — $ — $ — $ — $ — $ — Generation & Marketing Revenues (10.3) — — — — — — Electric Generation, Transmission and Distribution Revenues — — 0.2 0.1 — — — Purchased Electricity for Resale 0.1 — 0.1 — — — — Other Operation (0.2) (0.1) — — (0.1) — — Maintenance (0.2) (0.1) (0.1) — — — — Regulatory Assets (a) (33.9) (1.2) (8.9) (0.7) (18.4) (0.5) (0.2) Regulatory Liabilities (a) 11.2 — (7.3) 3.2 3.5 8.1 3.3 Total Gain (Loss) on Risk Management Contracts $ (32.9) $ (1.4) $ (16.0) $ 2.6 $ (15.0) $ 7.6 $ 3.1 (a) Represents realized and unrealized gains and losses subject to regulatory accounting treatment recorded as either current or noncurrent on the balance sheets. |
Impact of Fair Value Hedges on the Condensed Balance Sheet | Carrying Amount of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 (in millions) Long-term Debt (a) (b) $ (959.4) $ (995.9) $ (16.6) $ (51.7) (a) Amounts included on the balance sheets within Long-term Debt Due within One Year and Long-term Debt, respectively. |
Gain (Loss) on Hedging Instruments | Three Months Ended March 31, 2021 2020 (in millions) Gain (Loss) on Interest Rate Contracts: Fair Value Hedging Instruments (a) $ (33.2) $ 42.5 Fair Value Portion of Long-term Debt (a) 33.2 (42.5) (a) Gain (Loss) is included in Interest Expense on the statements of income. |
Impact of Cash Flow Hedges on the Condensed Balance Sheet | Impact of Cash Flow Hedges on AEP’s Balance Sheets March 31, 2021 December 31, 2020 Commodity Interest Rate Commodity Interest Rate (in millions) AOCI Loss Net of Tax $ (18.5) $ (33.3) $ (60.6) $ (47.5) Portion Expected to be Reclassed to Net Income During the Next Twelve Months (0.3) (5.1) (27.1) (5.7) Impact of Cash Flow Hedges on the Registrant Subsidiaries’ Balance Sheets March 31, 2021 December 31, 2020 Interest Rate Expected to be Expected to be Reclassified to Reclassified to Net Income During Net Income During AOCI Gain (Loss) the Next AOCI Gain (Loss) the Next Company Net of Tax Twelve Months Net of Tax Twelve Months (in millions) AEP Texas $ (2.0) $ (1.1) $ (2.3) $ (1.1) APCo 8.2 0.8 (0.8) 0.4 I&M (7.8) (1.6) (8.3) (1.6) PSO — — 0.1 0.1 SWEPCo 0.1 (1.2) (0.3) (1.5) |
Liabilities Subject to Cross Default Provisions | March 31, 2021 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 $ 156.8 $ — $ 127.7 APCo 0.6 — 0.1 I&M 0.4 — 0.1 SWEPCo 0.9 — 0.9 December 31, 2020 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 $ 188.4 $ — $ 169.2 APCo 4.3 — 3.5 I&M 0.5 — 0.1 SWEPCo 1.8 — 1.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Book Values and Fair Values of Long-term Debt | March 31, 2021 December 31, 2020 Company Book Value Fair Value Book Value Fair Value (in millions) AEP (a) $ 32,345.0 $ 35,802.4 $ 31,072.5 $ 37,457.0 AEP Texas 4,810.2 5,235.6 4,820.4 5,682.6 AEPTCo 3,949.0 4,460.1 3,948.5 4,984.3 APCo 4,966.2 5,871.1 4,834.1 6,391.8 I&M 3,006.3 3,422.9 3,029.9 3,775.3 OPCo 2,876.3 3,316.1 2,430.2 3,154.9 PSO 1,623.8 1,842.4 1,373.8 1,732.1 SWEPCo 3,131.4 3,444.8 2,636.4 3,210.1 (a) The fair value amounts include debt related to AEP’s Equity Units and had a fair value of $1.6 billion and $1.7 billion as of March 31, 2021 and December 31, 2020, respectively. See “Equity Units” section of Note 12 for additional information. |
Other Temporary Investments | March 31, 2021 Gross Gross Unrealized Unrealized Fair Other Temporary Investments Cost Gains Losses Value (in millions) Restricted Cash and Other Cash Deposits (a) $ 74.6 $ — $ — $ 74.6 Fixed Income Securities – Mutual Funds (b) 116.7 2.0 — 118.7 Equity Securities – Mutual Funds 24.9 31.7 — 56.6 Total Other Temporary Investments $ 216.2 $ 33.7 $ — $ 249.9 December 31, 2020 Gross Gross Unrealized Unrealized Fair Other Temporary Investments Cost Gains Losses Value (in millions) Restricted Cash and Other Cash Deposits (a) $ 68.3 $ — $ — $ 68.3 Fixed Income Securities – Mutual Funds (b) 120.7 2.8 — 123.5 Equity Securities – Mutual Funds 25.9 28.7 — 54.6 Total Other Temporary Investments $ 214.9 $ 31.5 $ — $ 246.4 (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. |
Debt and Equity Securities Within Other Temporary Investments | Three Months Ended March 31, 2021 2020 (in millions) Proceeds from Investment Sales $ 5.5 $ 23.2 Purchases of Investments 0.7 6.7 Gross Realized Gains on Investment Sales 0.1 2.0 Gross Realized Losses on Investment Sales — 0.1 |
Nuclear Trust Fund Investments | March 31, 2021 December 31, 2020 Gross Other-Than- Gross Other-Than- Fair Unrealized Temporary Fair Unrealized Temporary Value Gains Impairments Value Gains Impairments (in millions) Cash and Cash Equivalents $ 47.7 $ — $ — $ 25.8 $ — $ — Fixed Income Securities: United States Government 998.9 54.8 (13.0) 1,025.6 98.5 (7.1) Corporate Debt 76.4 4.8 (2.6) 86.3 9.6 (1.7) State and Local Government 83.8 0.4 (0.7) 114.3 0.9 (0.4) Subtotal Fixed Income Securities 1,159.1 60.0 (16.3) 1,226.2 109.0 (9.2) Equity Securities - Domestic (a) 2,207.5 1,543.5 — 2,054.7 1,400.8 — Spent Nuclear Fuel and Decommissioning Trusts $ 3,414.3 $ 1,603.5 $ (16.3) $ 3,306.7 $ 1,509.8 $ (9.2) |
Securities Activity Within the Decommissioning and SNF Trusts | Three Months Ended March 31, 2021 2020 (in millions) Proceeds from Investment Sales $ 320.0 $ 612.4 Purchases of Investments 336.9 626.0 Gross Realized Gains on Investment Sales 5.4 10.9 Gross Realized Losses on Investment Sales 4.2 17.0 |
Contractual Maturities, Fair Value of Debt Securities in Nuclear Trusts | Fair Value of Fixed Income Securities (in millions) Within 1 year $ 320.5 After 1 year through 5 years 334.7 After 5 years through 10 years 233.6 After 10 years 270.3 Total $ 1,159.1 |
Fair Value, Assets and Liabilities Measured on Recurring Basis | AEP Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Other Temporary Investments Restricted Cash and Other Cash Deposits (a) $ 62.9 $ — $ — $ 11.7 $ 74.6 Fixed Income Securities – Mutual Funds 118.7 — — — 118.7 Equity Securities – Mutual Funds (b) 56.6 — — — 56.6 Total Other Temporary Investments 238.2 — — 11.7 249.9 Risk Management Assets Risk Management Commodity Contracts (c) (d) 1.2 217.9 194.8 (94.8) 319.1 Cash Flow Hedges: Commodity Hedges (c) — 44.4 2.7 (32.0) 15.1 Fair Value Hedges — 2.7 — — 2.7 Total Risk Management Assets 1.2 265.0 197.5 (126.8) 336.9 Spent Nuclear Fuel and Decommissioning Trusts Cash and Cash Equivalents (e) 39.5 — — 8.2 47.7 Fixed Income Securities: United States Government — 998.9 — — 998.9 Corporate Debt — 76.4 — — 76.4 State and Local Government — 83.8 — — 83.8 Subtotal Fixed Income Securities — 1,159.1 — — 1,159.1 Equity Securities – Domestic (b) 2,207.5 — — — 2,207.5 Total Spent Nuclear Fuel and Decommissioning Trusts 2,247.0 1,159.1 — 8.2 3,414.3 Other Investments (h) — 56.7 — — 56.7 Total Assets $ 2,486.4 $ 1,480.8 $ 197.5 $ (106.9) $ 4,057.8 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (d) $ 0.8 $ 182.7 $ 152.8 $ (99.5) $ 236.8 Cash Flow Hedges: Commodity Hedges (c) — 67.0 2.9 (32.0) 37.9 Fair Value Hedges — 37.4 — — 37.4 Total Risk Management Liabilities $ 0.8 $ 287.1 $ 155.7 $ (131.5) $ 312.1 AEP Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Other Temporary Investments Restricted Cash and Other Cash Deposits (a) $ 57.8 $ — $ — $ 10.5 $ 68.3 Fixed Income Securities – Mutual Funds 123.5 — — — 123.5 Equity Securities – Mutual Funds (b) 54.6 — — — 54.6 Total Other Temporary Investments 235.9 — — 10.5 246.4 Risk Management Assets Risk Management Commodity Contracts (c) (f) 0.9 258.8 252.4 (190.0) 322.1 Cash Flow Hedges: Commodity Hedges (c) — 34.4 3.9 (28.5) 9.8 Interest Rate Hedges — 2.4 — — 2.4 Fair Value Hedges — 2.6 — — 2.6 Total Risk Management Assets 0.9 298.2 256.3 (218.5) 336.9 Spent Nuclear Fuel and Decommissioning Trusts Cash and Cash Equivalents (e) 16.8 — — 9.0 25.8 Fixed Income Securities: United States Government — 1,025.6 — — 1,025.6 Corporate Debt — 86.3 — — 86.3 State and Local Government — 114.3 — — 114.3 Subtotal Fixed Income Securities — 1,226.2 — — 1,226.2 Equity Securities – Domestic (b) 2,054.7 — — — 2,054.7 Total Spent Nuclear Fuel and Decommissioning Trusts 2,071.5 1,226.2 — 9.0 3,306.7 Other Investments (h) — — 31.8 — 31.8 Total Assets $ 2,308.3 $ 1,524.4 $ 288.1 $ (199.0) $ 3,921.8 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (f) $ 0.9 $ 244.2 $ 167.2 $ (193.4) $ 218.9 Cash Flow Hedges: Commodity Hedges (c) — 106.1 7.6 (28.5) 85.2 Interest Rate Hedges — 3.4 — — 3.4 Fair Value Hedges — 4.1 — — 4.1 Total Risk Management Liabilities $ 0.9 $ 357.8 $ 174.8 $ (221.9) $ 311.6 AEP Texas Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Restricted Cash for Securitized Funding $ 39.3 $ — $ — $ — $ 39.3 Risk Management Assets Risk Management Commodity Contracts (c) — 0.8 — (0.8) — Total Assets $ 39.3 $ 0.8 $ — $ (0.8) $ 39.3 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Restricted Cash for Securitized Funding $ 28.7 $ — $ — $ — $ 28.7 Risk Management Assets Risk Management Commodity Contracts (c) — 0.4 — (0.4) — Total Assets $ 28.7 $ 0.4 $ — $ (0.4) $ 28.7 APCo Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Restricted Cash for Securitized Funding $ 11.6 $ — $ — $ — $ 11.6 Risk Management Assets Risk Management Commodity Contracts (c) (g) — 9.8 7.1 (10.0) 6.9 Total Assets $ 11.6 $ 9.8 $ 7.1 $ (10.0) $ 18.5 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ 9.2 $ 0.5 $ (9.5) $ 0.2 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Restricted Cash for Securitized Funding $ 16.9 $ — $ — $ — $ 16.9 Risk Management Assets Risk Management Commodity Contracts (c) (g) — 19.4 19.9 (19.2) 20.1 Cash Flow Hedges: Interest Rate Hedges — 2.4 — — 2.4 Total Risk Management Assets — 21.8 19.9 (19.2) 22.5 Total Assets $ 16.9 $ 21.8 $ 19.9 $ (19.2) $ 39.4 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ 19.5 $ 0.6 $ (18.8) $ 1.3 Cash Flow Hedges: Interest Rate Hedges — 3.4 — — 3.4 Total Risk Management Liabilities $ — $ 22.9 $ 0.6 $ (18.8) $ 4.7 I&M Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 6.0 $ 1.1 $ (6.2) $ 0.9 Spent Nuclear Fuel and Decommissioning Trusts Cash and Cash Equivalents (e) 39.5 — — 8.2 47.7 Fixed Income Securities: United States Government — 998.9 — — 998.9 Corporate Debt — 76.4 — — 76.4 State and Local Government — 83.8 — — 83.8 Subtotal Fixed Income Securities — 1,159.1 — — 1,159.1 Equity Securities - Domestic (b) 2,207.5 — — — 2,207.5 Total Spent Nuclear Fuel and Decommissioning Trusts 2,247.0 1,159.1 — 8.2 3,414.3 Total Assets $ 2,247.0 $ 1,165.1 $ 1.1 $ 2.0 $ 3,415.2 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ 6.1 $ 0.4 $ (6.3) $ 0.2 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 15.1 $ 2.5 $ (13.9) $ 3.7 Spent Nuclear Fuel and Decommissioning Trusts Cash and Cash Equivalents (e) 16.8 — — 9.0 25.8 Fixed Income Securities: United States Government — 1,025.6 — — 1,025.6 Corporate Debt — 86.3 — — 86.3 State and Local Government — 114.3 — — 114.3 Subtotal Fixed Income Securities — 1,226.2 — — 1,226.2 Equity Securities - Domestic (b) 2,054.7 — — — 2,054.7 Total Spent Nuclear Fuel and Decommissioning Trusts 2,071.5 1,226.2 — 9.0 3,306.7 Total Assets $ 2,071.5 $ 1,241.3 $ 2.5 $ (4.9) $ 3,310.4 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ 12.0 $ 0.4 $ (12.2) $ 0.2 OPCo Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.6 $ — $ (0.6) $ — Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ — $ 104.0 $ — $ 104.0 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.3 $ — $ (0.3) $ — Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ — $ 110.3 $ — $ 110.3 PSO Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.3 $ 5.5 $ (0.3) $ 5.5 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.2 $ 10.3 $ (0.2) $ 10.3 SWEPCo Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2021 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.3 $ 1.4 $ (0.4) $ 1.3 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ — $ 0.9 $ — $ 0.9 December 31, 2020 Level 1 Level 2 Level 3 Other Total Assets: (in millions) Risk Management Assets Risk Management Commodity Contracts (c) (g) $ — $ 0.1 $ 3.3 $ (0.2) $ 3.2 Liabilities: Risk Management Liabilities Risk Management Commodity Contracts (c) (g) $ — $ — $ 1.7 $ — $ 1.7 (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 March 31, 2021 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 2 matures $(3) million in 2021, $11 million in periods 2022-2024, $17 million in periods 2025-2026 and $10 million in periods 2027-2033; Level 3 matures $23 million in 2021, $32 million in periods 2022-2024, $8 million in periods 2025-2026 and $(21) million in periods 2027-2033. Risk management commodity contracts are substantially comprised of power contracts. (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, 2020 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 2 matures $3 million in periods 2022-2024, $11 million in periods 2025-2026 and $1 million in periods 2027-2033; Level 3 matures $47 million in 2021, $37 million in periods 2022-2024, $14 million in periods 2025-2026 and $(13) million in periods 2027-2033. Risk management commodity contracts are substantially comprised of power contracts. (g) Substantially comprised of power contracts for the Registrant Subsidiaries. (h) See “Warrants Held in Investee” section of Note 9 for additional information. |
Changes in Fair Value of Net Trading Derivatives and Other Investments | Three Months Ended March 31, 2021 AEP APCo I&M OPCo PSO SWEPCo (in millions) Balance as of December 31, 2020 $ 113.3 $ 19.3 $ 2.1 $ (110.3) $ 10.3 $ 1.6 Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) 19.8 2.1 0.3 — 9.3 6.1 Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) (21.3) — — — — — Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) 3.1 — — — — — Settlements (47.9) (15.6) (1.4) 2.7 (16.3) (8.2) Transfers into Level 3 (d) (e) 0.5 — — — — — Transfers out of Level 3 (e) (33.0) — — — — — Changes in Fair Value Allocated to Regulated Jurisdictions (f) 7.3 0.8 (0.3) 3.6 2.2 1.0 Balance as of March 31, 2021 $ 41.8 $ 6.6 $ 0.7 $ (104.0) $ 5.5 $ 0.5 Three Months Ended March 31, 2020 AEP APCo I&M OPCo PSO SWEPCo (in millions) Balance as of December 31, 2019 $ 109.9 $ 37.7 $ 5.8 $ (103.6) $ 15.8 $ 1.4 Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) 0.9 (9.2) 0.2 (0.3) 8.0 1.9 Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) 10.9 — — — — — Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) (4.1) — — — — — Settlements (59.2) (21.9) (4.0) 2.5 (17.7) (5.3) Transfers into Level 3 (d) (e) (0.5) — — — — — Transfers out of Level 3 (e) 5.3 0.7 0.4 — — — Changes in Fair Value Allocated to Regulated Jurisdictions (f) (20.7) (0.7) (0.3) (19.5) 0.2 (0.5) Balance as of March 31, 2020 $ 42.5 $ 6.6 $ 2.1 $ (120.9) $ 6.3 $ (2.5) (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) Included in cash flow hedges on the statements of comprehensive income. (d) Represents existing assets or liabilities that were previously categorized as Level 2. (e) Transfers are recognized based on their value at the beginning of the reporting period that the transfer occurred. (f) 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 Unobservable Inputs for Level 3 | AEP Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input Low High Average (in millions) Energy Contracts $ 178.5 $ 151.7 Discounted Cash Flow Forward Market Price (a) (c) $ 0.10 $ 98.66 $ 28.85 Natural Gas Contracts — 0.9 Discounted Cash Flow Forward Market Price (b) (c) 2.24 2.92 2.50 FTRs 19.0 3.1 Discounted Cash Flow Forward Market Price (a) (c) (13.61) 9.08 0.02 Total $ 197.5 $ 155.7 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input Low High Average (in millions) Energy Contracts $ 213.5 $ 169.7 Discounted Cash Flow Forward Market Price (a) (c) $ 5.33 $ 100.47 $ 32.73 Natural Gas Contracts — 1.7 Discounted Cash Flow Forward Market Price (b) (c) 2.18 2.77 2.40 FTRs 42.8 3.4 Discounted Cash Flow Forward Market Price (a) (c) (15.08) 9.66 0.19 Other Investments 31.8 — Black-Scholes Model Liquidity Adjustment (d) 10 % 20 % 15 % Total $ 288.1 $ 174.8 APCo Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ 0.4 $ 0.5 Discounted Cash Flow Forward Market Price $ 10.92 $ 44.29 $ 25.13 FTRs 6.7 — Discounted Cash Flow Forward Market Price 0.08 4.99 0.99 Total $ 7.1 $ 0.5 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ 1.0 $ 0.6 Discounted Cash Flow Forward Market Price $ 10.84 $ 41.09 $ 25.08 FTRs 18.9 — Discounted Cash Flow Forward Market Price 0.04 5.61 1.13 Total $ 19.9 $ 0.6 I&M Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ 0.3 $ 0.3 Discounted Cash Flow Forward Market Price $ 10.92 $ 44.29 $ 25.13 FTRs 0.8 0.1 Discounted Cash Flow Forward Market Price (2.29) 3.66 0.33 Total $ 1.1 $ 0.4 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ 0.6 $ 0.3 Discounted Cash Flow Forward Market Price $ 10.84 $ 41.09 $ 25.08 FTRs 1.9 0.1 Discounted Cash Flow Forward Market Price (1.96) 3.69 0.33 Total $ 2.5 $ 0.4 OPCo Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ — $ 104.0 Discounted Cash Flow Forward Market Price $ 15.08 $ 49.09 $ 27.79 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) Energy Contracts $ — $ 110.3 Discounted Cash Flow Forward Market Price $ 16.19 $ 46.98 $ 28.30 PSO Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) FTRs $ 5.5 $ — Discounted Cash Flow Forward Market Price $ (13.61) $ 2.04 $ (3.01) December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input (a) Low High Average (c) (in millions) FTRs $ 10.3 $ — Discounted Cash Flow Forward Market Price $ (6.93) $ 0.48 $ (1.93) SWEPCo Significant Unobservable Inputs March 31, 2021 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input Low High Average (c) (in millions) Natural Gas Contracts $ — $ 0.9 Discounted Cash Flow Forward Market Price (b) $ 2.24 $ 2.92 $ 2.50 FTRs 1.4 — Discounted Cash Flow Forward Market Price (a) (13.61) 2.04 (3.01) Total $ 1.4 $ 0.9 December 31, 2020 Significant Input/Range Fair Value Valuation Unobservable Weighted Assets Liabilities Technique Input Low High Average (c) (in millions) Natural Gas Contracts $ — $ 1.7 Discounted Cash Flow Forward Market Price (b) $ 2.18 $ 2.77 $ 2.41 FTRs 3.3 — Discounted Cash Flow Forward Market Price (a) (6.93) 0.48 (1.93) Total $ 3.3 $ 1.7 (a) Represents market prices in dollars per MWh. (b) Represents market prices in dollars per MMBtu. (c) The weighted average is the product of the forward market price of the underlying commodity and volume weighted by term. (d) Represents percentage discount applied to the publically available share price. |
Sensitivity of Fair Value Measurements | Uncertainty of Fair Value Measurements Significant Unobservable Input Position Change in Input Impact on Fair Value Forward Market Price Buy Increase (Decrease) Higher (Lower) Forward Market Price Sell Increase (Decrease) Lower (Higher) Liquidity Adjustment Buy Increase (Decrease) Lower (Higher) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Effective Income Tax Rate Reconciliation | Three Months Ended March 31, 2021 AEP AEP Texas AEPTCo APCo I&M OPCo PSO SWEPCo U.S. Federal Statutory Rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) due to: State Income Tax, net of Federal Benefit 2.3 % 1.4 % 2.7 % 3.2 % 1.3 % 0.7 % 4.7 % (0.8) % Tax Reform Excess ADIT Reversal (9.2) % (7.8) % 0.3 % (18.0) % (17.9) % (9.7) % (24.7) % (5.9) % Production and Investment Tax Credits (5.5) % (0.3) % — % — % (1.7) % — % (8.2) % (5.1) % Flow Through 0.3 % 0.3 % 0.2 % 1.6 % (1.0) % 1.1 % 0.6 % (0.7) % AFUDC Equity (0.9) % (1.4) % (1.7) % (1.1) % (0.2) % (1.1) % (0.5) % (0.4) % Parent Company Loss Benefit — % — % (1.9) % (2.9) % (2.5) % — % — % — % Discrete Tax Adjustments 0.5 % — % — % — % — % (4.0) % — % — % Other 0.1 % 0.1 % 0.1 % 0.1 % — % 0.2 % (0.9) % 0.1 % Effective Income Tax Rate 8.6 % 13.3 % 20.7 % 3.9 % (1.0) % 8.2 % (8.0) % 8.2 % Three Months Ended March 31, 2020 AEP AEP Texas AEPTCo APCo I&M OPCo PSO SWEPCo U.S. Federal Statutory Rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) due to: State Income Tax, net of Federal Benefit 2.5 % 1.5 % 2.9 % 3.0 % 3.2 % 0.7 % 4.6 % 2.7 % Tax Reform Excess ADIT Reversal (9.4) % (6.2) % 0.4 % (13.0) % (19.6) % (10.2) % (23.1) % (94.7) % Production and Investment Tax Credits (4.3) % (0.4) % — % — % (1.9) % — % (1.3) % (0.5) % Flow Through 0.5 % 0.1 % 0.5 % 1.5 % 0.2 % 1.0 % 0.6 % (1.0) % AFUDC Equity (1.4) % (2.6) % (2.6) % (1.0) % (1.1) % (1.0) % (0.7) % (0.4) % Parent Company Loss Benefit — % (0.2) % (0.9) % (3.3) % (3.9) % (0.1) % (2.2) % (2.4) % Discrete Tax Adjustments — % — % — % — % 2.7 % — % — % — % Other (0.4) % 0.3 % — % 0.1 % (0.2) % — % 0.1 % 7.2 % Effective Income Tax Rate 8.5 % 13.5 % 21.3 % 8.3 % 0.4 % 11.4 % (1.0) % (68.1) % |
Financing Activities (Tables)
Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Long-term Debt | Type of Debt March 31, 2021 December 31, 2020 (in millions) Senior Unsecured Notes $ 25,919.8 $ 25,116.1 Pollution Control Bonds 1,937.0 1,936.7 Notes Payable 213.9 239.1 Securitization Bonds 693.0 716.4 Spent Nuclear Fuel Obligation (a) 281.2 281.2 Junior Subordinated Notes (b) 1,626.0 1,624.1 Other Long-term Debt 1,674.1 1,158.9 Total Long-term Debt Outstanding 32,345.0 31,072.5 Long-term Debt Due Within One Year 2,130.2 2,086.1 Long-term Debt $ 30,214.8 $ 28,986.4 (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 $326 million and $324 million as of March 31, 2021 and December 31, 2020, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets. (b) See “Equity Units” section below for additional information. |
Long-term Debt Issuances | Principal Interest Company Type of Debt Amount (a) Rate Due Date Issuances: (in millions) (%) APCo Senior Unsecured Notes $ 500.0 2.70 2031 OPCo Senior Unsecured Notes 450.0 1.63 2031 PSO Other Long-term Debt 500.0 Variable 2022 SWEPCo Senior Unsecured Notes 500.0 1.65 2026 Non-Registrant: Transource Energy Other Long-term Debt 14.6 Variable 2023 Total Issuances $ 1,964.6 (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. |
Retirements and Principal Payments | Principal Interest Company Type of Debt Amount Paid Rate Due Date Retirements and Principal Payments: (in millions) (%) AEP Texas Securitization Bonds $ 11.2 2.06 2025 APCo Senior Unsecured Notes 350.0 4.60 2021 APCo Securitization Bonds 12.5 2.01 2023 I&M Notes Payable 1.5 Variable 2021 I&M Notes Payable 1.5 Variable 2022 I&M Notes Payable 3.4 Variable 2022 I&M Notes Payable 4.8 Variable 2023 I&M Notes Payable 5.9 Variable 2024 I&M Notes Payable 6.5 Variable 2025 I&M Other Long-term Debt 0.5 6.00 2025 PSO Senior Unsecured Notes 250.0 4.40 2021 PSO Other Long-term Debt 0.1 3.00 2027 SWEPCo Notes Payable 1.6 4.58 2032 Non-Registrant: Transource Energy Senior Unsecured Notes 1.2 2.75 2050 Total Retirements and Principal Payments $ 650.7 |
Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits | Maximum Average Net Loans to Borrowings Maximum Borrowings Average (Borrowings) from Authorized from the Loans to the from the Loans to the the Utility Money Short-term Utility Utility Utility Utility Pool as of Borrowing Company Money Pool Money Pool Money Pool Money Pool March 31, 2021 Limit (in millions) AEP Texas $ 295.5 $ — $ 197.8 $ — $ (284.0) $ 500.0 AEPTCo 330.6 3.5 230.1 1.6 (227.8) 820.0 (a) APCo 27.8 616.9 13.2 152.4 261.1 500.0 I&M 166.5 13.3 118.2 13.3 (111.3) 500.0 OPCo 259.2 222.4 175.1 107.4 0.5 500.0 PSO 262.0 210.1 130.3 122.0 (245.7) 300.0 SWEPCo 280.3 156.4 169.3 142.0 (86.9) 350.0 (a) Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions. |
Nonutility Money Pool Activity | Maximum Loans Average Loans Loans to the Nonutility to the Nonutility to the Nonutility Money Pool as of Company Money Pool Money Pool March 31, 2021 (in millions) AEP Texas $ 7.1 $ 6.9 $ 6.8 SWEPCo 2.1 2.1 2.1 |
Direct Borrowing Activity | Maximum Maximum Average Average Borrowings from Loans to Authorized Borrowings Loans Borrowings Loans AEP as of AEP as of Short-term from AEP to AEP from AEP to AEP March 31, 2021 March 31, 2021 Borrowing Limit (in millions) $ 1.2 $ 220.6 $ 1.2 $ 148.7 $ 1.2 $ 105.8 $ 50.0 (a) (a) Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions. |
Maximum and Minimum Interest Rates for Funds Either Borrowed from or Loaned to Utility Money Pool | Three Months Ended March 31, 2021 2020 Maximum Interest Rate 0.40 % 2.24 % Minimum Interest Rate 0.25 % 1.76 % |
Average Interest Rates for Funds Borrowed from and Loaned to Utility Money Pool | Average Interest Rate for Funds Average Interest Rate for Funds Borrowed from the Utility Money Pool Loaned to the Utility Money Pool for Three Months Ended March 31, for Three Months Ended March 31, Company 2021 2020 2021 2020 AEP Texas 0.31 % 2.05 % — % 1.97 % AEPTCo 0.31 % 1.95 % 0.28 % 1.91 % APCo 0.28 % 1.95 % 0.36 % 1.94 % I&M 0.31 % 1.95 % 0.30 % 1.94 % OPCo 0.29 % 1.90 % 0.29 % 2.06 % PSO 0.33 % 2.00 % 0.28 % 1.95 % SWEPCo 0.28 % 1.95 % 0.38 % — % |
Maximum Minimum Average Interest Rates for Funds Borrowed from Loaned to Nonutility Money Pool | Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Maximum Minimum Average Maximum Minimum Average Interest Rate Interest Rate Interest Rate Interest Rate Interest Rate Interest Rate for Funds for Funds for Funds for Funds for Funds for Funds Loaned to Loaned to Loaned to Loaned to Loaned to Loaned to the Nonutility the Nonutility the Nonutility the Nonutility the Nonutility the Nonutility Company Money Pool Money Pool Money Pool Money Pool Money Pool Money Pool AEP Texas 0.40 % 0.25 % 0.30 % 2.24 % 1.76 % 1.94 % SWEPCo 0.40 % 0.25 % 0.30 % 2.24 % 1.76 % 1.94 % |
Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP | Maximum Minimum Maximum Minimum Average Average 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 Ended Borrowed Borrowed Loaned Loaned Borrowed Loaned March 31, from AEP from AEP to AEP to AEP from AEP to AEP 2021 0.86 % 0.25 % 0.86 % 0.25 % 0.31 % 0.31 % 2020 2.24 % 1.76 % 2.24 % 1.76 % 1.94 % 1.94 % |
Short Term Debt | March 31, 2021 December 31, 2020 Outstanding Interest Outstanding Interest Company Type of Debt Amount Rate (a) Amount Rate (a) (dollars in millions) AEP Securitized Debt for Receivables (b) $ 669.0 0.20 % $ 592.0 0.85 % AEP Commercial Paper 1,874.4 0.27 % 1,852.3 0.29 % AEP 364-Day Term Loan 500.0 0.71 % — — % SWEPCo Notes Payable 5.0 2.75 % 35.0 2.55 % Total Short-term Debt $ 3,048.4 $ 2,479.3 (a) Weighted-average rate. (b) Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance. |
Comparative Accounts Receivable Information | Three Months Ended March 31, 2021 2020 (dollars in millions) Effective Interest Rates on Securitization of Accounts Receivable 0.20 % 1.75 % Net Uncollectible Accounts Receivable Written-Off $ 9.3 $ 4.2 |
Customer Accounts Receivable Managed Portfolio | March 31, 2021 December 31, 2020 (in millions) Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts $ 871.4 $ 958.4 Short-term – Securitized Debt of Receivables 669.0 592.0 Delinquent Securitized Accounts Receivable 67.7 62.3 Bad Debt Reserves Related to Securitization 47.6 60.0 Unbilled Receivables Related to Securitization 211.2 296.8 |
Accounts Receivable and Accrued Unbilled Revenues | Company March 31, 2021 December 31, 2020 (in millions) APCo $ 132.6 $ 136.0 I&M 154.0 170.5 OPCo 360.2 398.8 PSO 76.2 85.0 SWEPCo 132.9 158.6 |
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | Three Months Ended March 31, Company 2021 2020 (in millions) APCo $ 1.2 $ 1.7 I&M 1.6 2.8 OPCo 1.3 4.8 PSO 0.7 1.3 SWEPCo 1.5 2.1 |
Proceeds on Sale of Receivables to AEP Credit | Three Months Ended March 31, Company 2021 2020 (in millions) APCo $ 362.4 $ 352.6 I&M 478.8 471.4 OPCo 601.3 570.3 PSO 284.9 294.9 SWEPCo 384.4 365.6 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disaggregated Revenues from Contracts with Customers | Three Months Ended March 31, 2021 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 $ 1,046.1 $ 548.1 $ — $ — $ — $ — $ 1,594.2 Commercial Revenues 486.2 239.2 — — — — 725.4 Industrial Revenues 484.0 85.7 — — — (0.2) 569.5 Other Retail Revenues 37.8 10.0 — — — — 47.8 Total Retail Revenues 2,054.1 883.0 — — — (0.2) 2,936.9 Wholesale and Competitive Retail Revenues: Generation Revenues 352.6 — — 40.5 — — 393.1 Transmission Revenues (a) 89.0 130.5 360.4 — — (299.3) 280.6 Renewable Generation Revenues (b) — — — 22.4 — (0.7) 21.7 Retail, Trading and Marketing Revenues (c) — — — 569.8 1.2 (31.8) 539.2 Total Wholesale and Competitive Retail Revenues 441.6 130.5 360.4 632.7 1.2 (331.8) 1,234.6 Other Revenues from Contracts with Customers (b) 42.3 52.1 4.6 1.5 8.6 (21.2) 87.9 Total Revenues from Contracts with Customers 2,538.0 1,065.6 365.0 634.2 9.8 (353.2) 4,259.4 Other Revenues: Alternative Revenues (b) (0.7) 17.2 12.0 — — (11.6) 16.9 Other Revenues (b) — 5.3 — — 3.1 (3.6) 4.8 Total Other Revenues (0.7) 22.5 12.0 — 3.1 (15.2) 21.7 Total Revenues $ 2,537.3 $ 1,088.1 $ 377.0 $ 634.2 $ 12.9 $ (368.4) $ 4,281.1 (a) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $273 million. The remaining affiliated amounts were immaterial. (b) Amounts include affiliated and nonaffiliated revenues. (c) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $32 million. The remaining affiliated amounts were immaterial. Three Months Ended March 31, 2020 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 $ 915.1 $ 521.3 $ — $ — $ — $ — $ 1,436.4 Commercial Revenues 489.4 276.9 — — — — 766.3 Industrial Revenues 518.2 97.8 — — — (0.2) 615.8 Other Retail Revenues 39.9 11.8 — — — — 51.7 Total Retail Revenues 1,962.6 907.8 — — — (0.2) 2,870.2 Wholesale and Competitive Retail Revenues: Generation Revenues 140.4 — — 44.1 — — 184.5 Transmission Revenues (a) 79.9 114.1 309.8 — — (263.0) 240.8 Renewable Generation Revenues (b) — — — 17.2 — (0.6) 16.6 Retail, Trading and Marketing Revenues (c) — — — 358.7 (6.0) (29.4) 323.3 Total Wholesale and Competitive Retail Revenues 220.3 114.1 309.8 420.0 (6.0) (293.0) 765.2 Other Revenues from Contracts with Customers (b) 43.6 36.4 3.7 0.3 28.1 (40.6) 71.5 Total Revenues from Contracts with Customers 2,226.5 1,058.3 313.5 420.3 22.1 (333.8) 3,706.9 Other Revenues: Alternative Revenues (b) 0.2 19.3 (3.3) — — 4.5 20.7 Other Revenues (b) — 29.3 — 18.3 (2.2) (25.5) 19.9 Total Other Revenues 0.2 48.6 (3.3) 18.3 (2.2) (21.0) 40.6 Total Revenues $ 2,226.7 $ 1,106.9 $ 310.2 $ 438.6 $ 19.9 $ (354.8) $ 3,747.5 (a) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $239 million. The remaining affiliated amounts were immaterial. (b) Amounts include affiliated and nonaffiliated revenues. (c) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $35 million. The remaining affiliated amounts were immaterial. Three Months Ended March 31, 2021 AEP Texas AEPTCo APCo I&M OPCo PSO SWEPCo (in millions) Retail Revenues: Residential Revenues $ 122.7 $ — $ 416.9 $ 213.6 $ 425.3 $ 136.8 $ 166.3 Commercial Revenues 80.7 — 130.2 113.6 158.5 72.7 112.9 Industrial Revenues 26.5 — 130.9 128.4 59.2 56.4 70.6 Other Retail Revenues 6.8 — 16.9 1.4 3.2 15.7 2.3 Total Retail Revenues 236.7 — 694.9 457.0 646.2 281.6 352.1 Wholesale Revenues: Generation Revenues (a) — — 72.4 79.6 — (7.1) 228.6 Transmission Revenues (b) 112.0 345.2 34.2 8.3 18.5 9.4 28.9 Total Wholesale Revenues 112.0 345.2 106.6 87.9 18.5 2.3 257.5 Other Revenues from Contracts with Customers (c) 16.2 4.6 13.1 20.7 36.0 12.6 6.4 Total Revenues from Contracts with Customers 364.9 349.8 814.6 565.6 700.7 296.5 616.0 Other Revenues: Alternative Revenues (d) (0.7) 11.9 2.2 (1.1) 17.9 (0.4) 0.1 Other Revenues (d) — — 0.2 — 5.3 — — Total Other Revenues (0.7) 11.9 2.4 (1.1) 23.2 (0.4) 0.1 Total Revenues $ 364.2 $ 361.7 $ 817.0 $ 564.5 $ 723.9 $ 296.1 $ 616.1 (a) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $32 million primarily relating to the PPA with KGPCo. The remaining affiliated amounts were immaterial. (b) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $270 million. The remaining affiliated amounts were immaterial. (c) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $16 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. (d) Amounts include affiliated and nonaffiliated revenues. Three Months Ended March 31, 2020 AEP Texas AEPTCo APCo I&M OPCo PSO SWEPCo (in millions) Retail Revenues: Residential Revenues $ 132.9 $ — $ 357.5 $ 201.3 $ 388.4 $ 128.5 $ 131.6 Commercial Revenues 112.8 — 132.3 122.2 164.0 76.1 105.6 Industrial Revenues 35.2 — 141.1 137.8 62.7 61.3 79.8 Other Retail Revenues 8.4 — 17.9 1.8 3.4 16.6 2.0 Total Retail Revenues 289.3 — 648.8 463.1 618.5 282.5 319.0 Wholesale Revenues: Generation Revenues (a) — — 54.1 78.4 — 1.9 34.1 Transmission Revenues (b) 96.9 298.2 30.4 7.4 17.1 7.8 25.4 Total Wholesale Revenues 96.9 298.2 84.5 85.8 17.1 9.7 59.5 Other Revenues from Contracts with Customers (c) 7.9 3.4 17.2 21.0 28.6 4.7 5.8 Total Revenues from Contracts with Customers 394.1 301.6 750.5 569.9 664.2 296.9 384.3 Other Revenues: Alternative Revenues (d) (0.7) (6.0) (1.1) 0.4 20.0 0.4 1.6 Other Revenues (d) 30.2 — — — 6.1 — — Total Other Revenues 29.5 (6.0) (1.1) 0.4 26.1 0.4 1.6 Total Revenues $ 423.6 $ 295.6 $ 749.4 $ 570.3 $ 690.3 $ 297.3 $ 385.9 (a) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $33 million primarily relating to the PPA with KGPCo. The remaining affiliated amounts were immaterial. (b) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $235 million. The remaining affiliated amounts were immaterial. (c) Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $16 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. (d) Amounts include affiliated and nonaffiliated revenues. |
Fixed Performance Obligations | Company 2021 2022-2023 2024-2025 After 2025 Total (in millions) AEP $ 873.4 $ 171.3 $ 160.4 $ 161.5 $ 1,366.6 AEP Texas 349.0 — — — 349.0 AEPTCo 1,001.3 — — — 1,001.3 APCo 130.4 32.3 24.3 11.7 198.7 I&M 25.8 8.8 8.8 4.4 47.8 OPCo 49.7 — — 0.1 49.8 PSO 14.8 — — — 14.8 SWEPCo 41.6 — — — 41.6 |
Affiliated Accounts Receivable Contracts with Customers | Company March 31, 2021 December 31, 2020 (in millions) AEPTCo $ 92.3 $ 81.0 APCo 52.6 52.7 I&M 31.4 34.8 OPCo 47.8 45.9 PSO 14.9 7.8 SWEPCo 22.8 11.2 |
Significant Accounting Matter_3
Significant Accounting Matters (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Amounts Attributable to AEP Common Shareholders | |||||
Earnings Attributable to Common Shareholders | $ 575 | $ 495.2 | |||
Weighted Average Number of Basic AEP Common Shares Outstanding | 497,058,635 | 494,596,869 | |||
Total Basic Earnings Per Share Attributable to AEP Common Shareholders | $ 1.16 | $ 1 | |||
Weighted Average Dilutive Effect of: | |||||
Weighted Average Number of Diluted AEP Common Shares Outstanding | 498,164,219 | 496,608,918 | |||
Total Diluted Earnings Per Share Attributable to AEP Common Shareholders | $ 1.15 | $ 1 | |||
Organization and Summary of Significant Accounting Policies (Textuals) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 697,000 | |||
Cash, Cash Equivalents and Restricted Cash | |||||
Cash and Cash Equivalents | $ 273.2 | $ 392.7 | |||
Restricted Cash | 50.8 | 45.6 | |||
Total Cash, Cash Equivalents and Restricted Cash | 324 | $ 1,670.8 | 438.3 | $ 432.6 | |
Proceeds from Issuance of Debt | [1] | 1,964.6 | |||
AEP Texas Inc. [Member] | |||||
Cash, Cash Equivalents and Restricted Cash | |||||
Cash and Cash Equivalents | 0.1 | 0.1 | |||
Restricted Cash | 39.3 | 28.7 | |||
Total Cash, Cash Equivalents and Restricted Cash | 39.4 | 100.2 | 28.8 | 157.8 | |
AEP Transmission Co [Member] | |||||
Cash, Cash Equivalents and Restricted Cash | |||||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 | |
Appalachian Power Co [Member] | |||||
Cash, Cash Equivalents and Restricted Cash | |||||
Cash and Cash Equivalents | 4.8 | 5.8 | |||
Restricted Cash | 11.6 | 16.9 | |||
Total Cash, Cash Equivalents and Restricted Cash | 16.4 | 18.5 | 22.7 | 26.8 | |
Indiana Michigan Power Co [Member] | |||||
Cash, Cash Equivalents and Restricted Cash | |||||
Cash and Cash Equivalents | 2.8 | 1.8 | 3.3 | 2 | |
Ohio Power Co [Member] | |||||
Cash, Cash Equivalents and Restricted Cash | |||||
Cash and Cash Equivalents | 6.1 | 7.4 | |||
Total Cash, Cash Equivalents and Restricted Cash | 6.1 | 3.1 | 7.4 | 3.7 | |
Public Service Co Of Oklahoma [Member] | |||||
Cash, Cash Equivalents and Restricted Cash | |||||
Cash and Cash Equivalents | 2.4 | 1.1 | 2.6 | 1.5 | |
Southwestern Electric Power Co [Member] | |||||
Amounts Attributable to AEP Common Shareholders | |||||
Earnings Attributable to Common Shareholders | 62.4 | 15.1 | |||
Cash, Cash Equivalents and Restricted Cash | |||||
Cash and Cash Equivalents | $ 18.2 | $ 1.4 | $ 13.2 | $ 1.6 | |
Restricted Stock Units and Performance Share Units [Member] | |||||
Weighted Average Dilutive Effect of: | |||||
Weighted Average Dilutive Effect of Shares | 1,100,000 | 2,000,000 | |||
Dilutive Securities, Effect on Basic Earnings Per Share | $ (0.01) | $ 0 | |||
[1] | 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. |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | $ (85.1) | $ (147.7) | ||
Change in Fair Value Recognized in AOCI | 190.4 | (108) | ||
Commodity | ||||
Generation & Marketing Revenues | 4,281.1 | 3,747.5 | ||
Interest Rate | ||||
Interest Expense | 290.2 | 292.1 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | (172.2) | 49.6 | ||
Income Tax (Expense) Benefit | 54.5 | 46.5 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | (136.1) | 39.2 | ||
Net Current Period Other Comprehensive Income (Loss) | 54.3 | (68.8) | ||
Ending Balance in AOCI | (30.8) | (216.5) | ||
Pension and OPEB [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | 23 | (32.7) | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | (2.5) | (2.3) | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | (2) | (1.8) | ||
Net Current Period Other Comprehensive Income (Loss) | (2) | (1.8) | ||
Ending Balance in AOCI | 21 | (34.5) | ||
Accumulated Other Comprehensive Income [Member] | ||||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Net Current Period Other Comprehensive Income (Loss) | 54.3 | (68.8) | ||
Commodity [Member] | Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | (60.6) | (103.5) | ||
Change in Fair Value Recognized in AOCI | 177.3 | (65.3) | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | (171.2) | 51 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | (135.2) | 40.3 | ||
Net Current Period Other Comprehensive Income (Loss) | 42.1 | (25) | ||
Ending Balance in AOCI | (18.5) | (128.5) | ||
Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | (47.5) | (11.5) | ||
Change in Fair Value Recognized in AOCI | 13.1 | [1] | (42.7) | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 1.5 | 0.9 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 1.1 | 0.7 | ||
Net Current Period Other Comprehensive Income (Loss) | 14.2 | (42) | ||
Ending Balance in AOCI | (33.3) | (53.5) | ||
Generation and Marketing [Member] | ||||
Commodity | ||||
Generation & Marketing Revenues | 601.7 | 408.4 | ||
Reclassifications from Accumulated Other Comprehensive Income [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 1.5 | 0.9 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | (4.8) | (4.9) | ||
Amortization of Actuarial (Gains) Losses | 2.3 | 2.6 | ||
Income Tax (Expense) Benefit | (36.1) | 10.4 | ||
Reclassifications from Accumulated Other Comprehensive Income [Member] | Pension and OPEB [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0 | 0 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | (4.8) | (4.9) | ||
Amortization of Actuarial (Gains) Losses | 2.3 | 2.6 | ||
Income Tax (Expense) Benefit | (0.5) | (0.5) | ||
Reclassifications from Accumulated Other Comprehensive Income [Member] | Commodity [Member] | Cash Flow Hedges [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0 | 0 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | 0 | 0 | ||
Amortization of Actuarial (Gains) Losses | 0 | 0 | ||
Income Tax (Expense) Benefit | (36) | 10.7 | ||
Reclassifications from Accumulated Other Comprehensive Income [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 1.5 | 0.9 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | 0 | 0 | ||
Amortization of Actuarial (Gains) Losses | 0 | 0 | ||
Income Tax (Expense) Benefit | 0.4 | 0.2 | ||
Reclassifications from Accumulated Other Comprehensive Income [Member] | Generation and Marketing [Member] | ||||
Commodity | ||||
Generation & Marketing Revenues | [2] | 0.8 | (0.1) | |
Reclassifications from Accumulated Other Comprehensive Income [Member] | Generation and Marketing [Member] | Pension and OPEB [Member] | ||||
Commodity | ||||
Generation & Marketing Revenues | [2] | 0 | 0 | |
Reclassifications from Accumulated Other Comprehensive Income [Member] | Generation and Marketing [Member] | Commodity [Member] | Cash Flow Hedges [Member] | ||||
Commodity | ||||
Generation & Marketing Revenues | [2] | 0.8 | (0.1) | |
Reclassifications from Accumulated Other Comprehensive Income [Member] | Generation and Marketing [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Commodity | ||||
Generation & Marketing Revenues | [2] | 0 | 0 | |
Reclassifications from Accumulated Other Comprehensive Income [Member] | Purchased Electricity for Resale [Member] | ||||
Commodity | ||||
Purchased Electricity for Resale | [2] | (172) | 51.1 | |
Reclassifications from Accumulated Other Comprehensive Income [Member] | Purchased Electricity for Resale [Member] | Pension and OPEB [Member] | ||||
Commodity | ||||
Purchased Electricity for Resale | [2] | 0 | 0 | |
Reclassifications from Accumulated Other Comprehensive Income [Member] | Purchased Electricity for Resale [Member] | Commodity [Member] | Cash Flow Hedges [Member] | ||||
Commodity | ||||
Purchased Electricity for Resale | [2] | (172) | 51.1 | |
Reclassifications from Accumulated Other Comprehensive Income [Member] | Purchased Electricity for Resale [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Commodity | ||||
Purchased Electricity for Resale | [2] | 0 | 0 | |
Apple Blossom and Black Oak [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Change in Fair Value Recognized in AOCI | 4 | 5 | ||
AEP Texas Inc. [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | (8.9) | (12.8) | ||
Change in Fair Value Recognized in AOCI | 0.1 | 0 | ||
Interest Rate | ||||
Interest Expense | 43 | 42.5 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 0.3 | 0.4 | ||
Income Tax (Expense) Benefit | 7.1 | 7.4 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 0.2 | 0.3 | ||
Net Current Period Other Comprehensive Income (Loss) | 0.3 | 0.3 | ||
Ending Balance in AOCI | (8.6) | (12.5) | ||
AEP Texas Inc. [Member] | Pension and OPEB [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | (6.6) | (9.4) | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 0 | 0 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 0 | 0 | ||
Net Current Period Other Comprehensive Income (Loss) | 0 | 0 | ||
Ending Balance in AOCI | (6.6) | (9.4) | ||
AEP Texas Inc. [Member] | Accumulated Other Comprehensive Income [Member] | ||||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Net Current Period Other Comprehensive Income (Loss) | 0.3 | 0.3 | ||
AEP Texas Inc. [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | (2.3) | (3.4) | ||
Change in Fair Value Recognized in AOCI | 0.1 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 0.3 | 0.4 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 0.2 | 0.3 | ||
Net Current Period Other Comprehensive Income (Loss) | 0.3 | 0.3 | ||
Ending Balance in AOCI | (2) | (3.1) | ||
AEP Texas Inc. [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0.3 | 0.4 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Income Tax (Expense) Benefit | 0.1 | 0.1 | ||
AEP Texas Inc. [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Pension and OPEB [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0 | 0 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Income Tax (Expense) Benefit | 0 | 0 | ||
AEP Texas Inc. [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0.3 | 0.4 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Income Tax (Expense) Benefit | 0.1 | 0.1 | ||
Appalachian Power Co [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | 7.2 | 5 | ||
Change in Fair Value Recognized in AOCI | 9.3 | (3.9) | ||
Interest Rate | ||||
Interest Expense | 54.9 | 53.1 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | (1.8) | (1.6) | ||
Income Tax (Expense) Benefit | 5 | 10.4 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | (1.4) | (1.2) | ||
Net Current Period Other Comprehensive Income (Loss) | 7.9 | (5.1) | ||
Ending Balance in AOCI | 15.1 | (0.1) | ||
Appalachian Power Co [Member] | Pension and OPEB [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | 8 | 4.1 | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | (1.4) | (1.2) | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | (1.1) | (0.9) | ||
Net Current Period Other Comprehensive Income (Loss) | (1.1) | (0.9) | ||
Ending Balance in AOCI | 6.9 | 3.2 | ||
Appalachian Power Co [Member] | Accumulated Other Comprehensive Income [Member] | ||||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Net Current Period Other Comprehensive Income (Loss) | 7.9 | (5.1) | ||
Appalachian Power Co [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | (0.8) | 0.9 | ||
Change in Fair Value Recognized in AOCI | 9.3 | (3.9) | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | (0.4) | (0.4) | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | (0.3) | (0.3) | ||
Net Current Period Other Comprehensive Income (Loss) | 9 | (4.2) | ||
Ending Balance in AOCI | 8.2 | (3.3) | ||
Appalachian Power Co [Member] | Purchased Electricity for Resale [Member] | ||||
Commodity | ||||
Purchased Electricity for Resale | 90.1 | 122.6 | ||
Appalachian Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | (0.4) | (0.4) | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | (1.4) | (1.3) | ||
Amortization of Actuarial (Gains) Losses | 0.1 | |||
Income Tax (Expense) Benefit | (0.4) | (0.4) | ||
Appalachian Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Pension and OPEB [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0 | 0 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | (1.4) | (1.3) | ||
Amortization of Actuarial (Gains) Losses | 0.1 | |||
Income Tax (Expense) Benefit | (0.3) | (0.3) | ||
Appalachian Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | (0.4) | (0.4) | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | 0 | 0 | ||
Amortization of Actuarial (Gains) Losses | 0 | |||
Income Tax (Expense) Benefit | (0.1) | (0.1) | ||
Indiana Michigan Power Co [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | (7) | (11.6) | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Interest Rate | ||||
Interest Expense | 27.3 | 30.7 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 0.6 | 0.5 | ||
Income Tax (Expense) Benefit | (0.7) | 0.4 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 0.5 | 0.4 | ||
Net Current Period Other Comprehensive Income (Loss) | 0.5 | 0.4 | ||
Ending Balance in AOCI | (6.5) | (11.2) | ||
Indiana Michigan Power Co [Member] | Pension and OPEB [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | 1.3 | (1.7) | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 0 | 0 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 0 | 0 | ||
Net Current Period Other Comprehensive Income (Loss) | 0 | 0 | ||
Ending Balance in AOCI | 1.3 | (1.7) | ||
Indiana Michigan Power Co [Member] | Accumulated Other Comprehensive Income [Member] | ||||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Net Current Period Other Comprehensive Income (Loss) | 0.5 | 0.4 | ||
Indiana Michigan Power Co [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | (8.3) | (9.9) | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 0.6 | 0.5 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 0.5 | 0.4 | ||
Net Current Period Other Comprehensive Income (Loss) | 0.5 | 0.4 | ||
Ending Balance in AOCI | (7.8) | (9.5) | ||
Indiana Michigan Power Co [Member] | Purchased Electricity for Resale [Member] | ||||
Commodity | ||||
Purchased Electricity for Resale | 47.3 | 50.1 | ||
Indiana Michigan Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0.6 | 0.5 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | (0.2) | (0.2) | ||
Amortization of Actuarial (Gains) Losses | 0.2 | 0.2 | ||
Income Tax (Expense) Benefit | 0.1 | 0.1 | ||
Indiana Michigan Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Pension and OPEB [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0 | 0 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | (0.2) | (0.2) | ||
Amortization of Actuarial (Gains) Losses | 0.2 | 0.2 | ||
Income Tax (Expense) Benefit | 0 | 0 | ||
Indiana Michigan Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0.6 | 0.5 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | 0 | 0 | ||
Amortization of Actuarial (Gains) Losses | 0 | 0 | ||
Income Tax (Expense) Benefit | 0.1 | 0.1 | ||
Ohio Power Co [Member] | ||||
Interest Rate | ||||
Interest Expense | 31.6 | 28.9 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Income Tax (Expense) Benefit | 6.1 | 9.7 | ||
Ohio Power Co [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | 0 | 0 | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 0 | 0 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 0 | 0 | ||
Net Current Period Other Comprehensive Income (Loss) | 0 | 0 | ||
Ending Balance in AOCI | 0 | 0 | ||
Ohio Power Co [Member] | Purchased Electricity for Resale [Member] | ||||
Commodity | ||||
Purchased Electricity for Resale | 175.3 | 149.1 | ||
Ohio Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0 | 0 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Income Tax (Expense) Benefit | 0 | 0 | ||
Public Service Co Of Oklahoma [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | 0.1 | |||
Interest Rate | ||||
Interest Expense | 14.4 | 15.8 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Income Tax (Expense) Benefit | 0.2 | 0.1 | ||
Net Current Period Other Comprehensive Income (Loss) | (0.1) | (0.2) | ||
Ending Balance in AOCI | 0 | |||
Public Service Co Of Oklahoma [Member] | Accumulated Other Comprehensive Income [Member] | ||||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Net Current Period Other Comprehensive Income (Loss) | (0.1) | (0.2) | ||
Public Service Co Of Oklahoma [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | 0.1 | 1.1 | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | (0.1) | (0.3) | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | (0.1) | (0.2) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.1) | (0.2) | ||
Ending Balance in AOCI | 0 | 0.9 | ||
Public Service Co Of Oklahoma [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | (0.1) | (0.3) | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Income Tax (Expense) Benefit | 0 | (0.1) | ||
Southwestern Electric Power Co [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | 1.9 | (1.3) | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Interest Rate | ||||
Interest Expense | 29.3 | 30.1 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 0 | 0 | ||
Income Tax (Expense) Benefit | 5.6 | (6.2) | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 0 | 0 | ||
Net Current Period Other Comprehensive Income (Loss) | 0 | 0 | ||
Ending Balance in AOCI | 1.9 | (1.3) | ||
Southwestern Electric Power Co [Member] | Pension and OPEB [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | 2.2 | 0.5 | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | (0.5) | (0.5) | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | (0.4) | (0.4) | ||
Net Current Period Other Comprehensive Income (Loss) | (0.4) | (0.4) | ||
Ending Balance in AOCI | 1.8 | 0.1 | ||
Southwestern Electric Power Co [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||
Beginning Balance in AOCI | (0.3) | (1.8) | ||
Change in Fair Value Recognized in AOCI | 0 | 0 | ||
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Reclassification from AOCI, before Income Tax (Expense) Benefit | 0.5 | 0.5 | ||
Reclassification from AOCI, Net of Income Tax (Expense) Benefit | 0.4 | 0.4 | ||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | 0.4 | ||
Ending Balance in AOCI | 0.1 | (1.4) | ||
Southwestern Electric Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0.5 | 0.5 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | (0.5) | (0.5) | ||
Income Tax (Expense) Benefit | 0 | 0 | ||
Southwestern Electric Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Pension and OPEB [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0 | 0 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | (0.5) | (0.5) | ||
Income Tax (Expense) Benefit | (0.1) | (0.1) | ||
Southwestern Electric Power Co [Member] | Reclassifications from Accumulated Other Comprehensive Income [Member] | Interest Rate [Member] | Cash Flow Hedges [Member] | ||||
Interest Rate | ||||
Interest Expense | [2] | 0.5 | 0.5 | |
Amortization Of Pension And Other Postretirement Benefit Plans | ||||
Amortization of Prior Service Cost (Credit) | 0 | 0 | ||
Income Tax (Expense) Benefit | $ 0.1 | $ 0.1 | ||
[1] | The change in fair value includes $4 million and $5 million related to AEP's investment in joint venture wind farms acquired as part of the purchase of Sempra Renewables LLC for the three months ended March 31, 2021 and 2020, respectively. | |||
[2] | Amounts reclassified to the referenced line item on the statements of income. |
Rate Matters Regulated Operatio
Rate Matters Regulated Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Apr. 22, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Public Utilities, General Disclosures [Line Items] | |||||
Gross Investment Including CWIP | $ 23,186.5 | $ 23,133.9 | |||
Accumulated Depreciation | 20,916.8 | 20,411.4 | |||
Net Investment | 64,696.1 | 63,901.6 | |||
Materials and Supplies | 683.3 | 680.6 | |||
Regulatory Assets, Noncurrent | 4,885.6 | 3,527 | |||
Customers | 763 | 613.6 | |||
Proceeds from Issuance of Debt | [1] | 1,964.6 | |||
February 2021 Storm Event | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capitalized Storm Costs | 56.6 | ||||
Incremental Other Operation and Maintenance Expenses | 6 | ||||
Deferred Storm Costs as a Regulated Asset | 130.9 | ||||
Total Estimated February 2021 Storm Restoration Expenditures | 193.5 | ||||
February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Customers | 88.4 | ||||
Total Estimated 2021 February Winter Storm Fuel Costs | 1,273.4 | ||||
February 2021 Severe Storm Fuel Costs | 364 Day Term Loan | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Proceeds from Issuance of Debt | 500 | ||||
AEP Texas Inc. [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Accumulated Depreciation | 1,565.9 | 1,529.3 | |||
Net Investment | 9,975.8 | 9,813.6 | |||
Materials and Supplies | 69.8 | 70 | |||
Regulatory Assets, Noncurrent | 274.5 | 266.8 | |||
Customers | 129.3 | 112.8 | |||
AEP Transmission Co [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Accumulated Depreciation | 623.6 | 572.8 | |||
Net Investment | 11,070.4 | 10,772.8 | |||
Materials and Supplies | 8.8 | 8.5 | |||
Regulatory Assets, Noncurrent | 14 | 15.1 | |||
Customers | 25.6 | 22.9 | |||
Capital Contribution from Member | 124 | $ 185 | |||
AEP Transmission Co [Member] | Additional Paid-in Capital [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capital Contribution from Member | 124 | $ 185 | |||
Appalachian Power Co [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Gross Investment Including CWIP | 6,643.9 | 6,633.7 | |||
Accumulated Depreciation | 4,802 | 4,716.2 | |||
Net Investment | 11,455.2 | 11,394.1 | |||
Materials and Supplies | 101.2 | 99.6 | |||
Regulatory Assets, Noncurrent | 727.1 | 686.3 | |||
Customers | 146.4 | 142.8 | |||
Appalachian Power Co [Member] | Senior Unsecured Notes [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Proceeds from Issuance of Debt | [1] | 500 | |||
Appalachian Power Co [Member] | February 2021 Storm Event | Virginia | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capitalized Storm Costs | 5.4 | ||||
Incremental Other Operation and Maintenance Expenses | 2.2 | ||||
Deferred Storm Costs as a Regulated Asset | 5.6 | ||||
Total Estimated February 2021 Storm Restoration Expenditures | 13.2 | ||||
Appalachian Power Co [Member] | February 2021 Storm Event | West Virginia | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capitalized Storm Costs | 19.6 | ||||
Incremental Other Operation and Maintenance Expenses | 0 | ||||
Deferred Storm Costs as a Regulated Asset | 39.1 | ||||
Total Estimated February 2021 Storm Restoration Expenditures | 58.7 | ||||
Indiana Michigan Power Co [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Gross Investment Including CWIP | 5,302.4 | 5,264.7 | |||
Accumulated Depreciation | 3,647.3 | 3,552.5 | |||
Net Investment | 7,063.2 | 7,052.3 | |||
Materials and Supplies | 172.8 | 175.8 | |||
Regulatory Assets, Noncurrent | 403.4 | 404.8 | |||
Customers | 32.7 | 44 | |||
Ohio Power Co [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Accumulated Depreciation | 2,385.4 | 2,350 | |||
Net Investment | 7,565.7 | 7,452.1 | |||
Materials and Supplies | 67.3 | 66.9 | |||
Regulatory Assets, Noncurrent | 392.3 | 385.8 | |||
Customers | 66.1 | 50 | |||
Ohio Power Co [Member] | Senior Unsecured Notes [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Proceeds from Issuance of Debt | [1] | 450 | |||
Public Service Co Of Oklahoma [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Gross Investment Including CWIP | 1,481.7 | 1,480.7 | |||
Accumulated Depreciation | 1,626 | 1,605.6 | |||
Net Investment | 4,343.3 | 4,320 | |||
Materials and Supplies | 53.3 | 54 | |||
Regulatory Assets, Noncurrent | 1,067.6 | 375 | |||
Customers | 37.7 | 30.8 | |||
Capital Contribution from Member | 425 | ||||
Public Service Co Of Oklahoma [Member] | Additional Paid-in Capital [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capital Contribution from Member | 425 | ||||
Public Service Co Of Oklahoma [Member] | Other Long Term Debt [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Proceeds from Issuance of Debt | [1] | 500 | |||
Public Service Co Of Oklahoma [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Customers | 0 | ||||
Total Estimated 2021 February Winter Storm Fuel Costs | 688.7 | ||||
Public Service Co Of Oklahoma [Member] | Northeastern Plant, Unit 3 | Generating Units Probable of Abandonment [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net Investment | 190.5 | ||||
Accelerated Depreciation Regulatory Asset | 114.8 | ||||
Cost of Removal Regulatory Liability | [2] | $ 19.8 | |||
Expected Retirement Date | [3] | 2026 | |||
Depreciation | [4] | $ 14.9 | |||
Public Service Co Of Oklahoma [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capital Contribution from Member | 425 | ||||
Public Service Co Of Oklahoma [Member] | February 2021 Severe Storm Fuel Costs | Subsequent Event [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capital Contribution from Member | $ 125 | ||||
Public Service Co Of Oklahoma [Member] | February 2021 Severe Storm Fuel Costs | Other Long Term Debt [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Proceeds from Issuance of Debt | 100 | ||||
Southwestern Electric Power Co [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Gross Investment Including CWIP | 4,679.8 | 4,681.4 | |||
Accumulated Depreciation | 3,275.2 | 3,158.5 | |||
Net Investment | 7,047.3 | 7,088.2 | |||
Materials and Supplies | 93 | 95.8 | |||
Regulatory Assets, Noncurrent | 988.2 | 403.1 | |||
Net Over-Recovered Fuel Costs | 20 | ||||
Customers | 119.4 | 27.1 | |||
Capital Contribution from Member | 100 | ||||
Southwestern Electric Power Co [Member] | Additional Paid-in Capital [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capital Contribution from Member | 100 | ||||
Southwestern Electric Power Co [Member] | Senior Unsecured Notes [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Proceeds from Issuance of Debt | [1] | 500 | |||
Southwestern Electric Power Co [Member] | 2020 Texas Fuel Reconciliation | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Amount of Fuel Costs Under Review | 1,700 | ||||
Southwestern Electric Power Co [Member] | 2020 Texas Fuel Reconciliation | TEXAS | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Amount of Fuel Costs Under Review | 616 | ||||
Recommended Disallowance from Staff or Intervenors | 125 | ||||
Southwestern Electric Power Co [Member] | February 2021 Storm Event | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capitalized Storm Costs | 4.9 | ||||
Incremental Other Operation and Maintenance Expenses | 0 | ||||
Deferred Storm Costs as a Regulated Asset | 42.1 | ||||
Total Estimated February 2021 Storm Restoration Expenditures | 47 | ||||
Southwestern Electric Power Co [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Customers | 88.4 | ||||
Total Estimated 2021 February Winter Storm Fuel Costs | $ 584.7 | ||||
Southwestern Electric Power Co [Member] | February 2021 Severe Storm Fuel Costs | Arkansas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Requested Weighted Average Cost of Capital | 6.05% | ||||
Southwestern Electric Power Co [Member] | Dolet Hills Power Station [Member] | Generating Units Probable of Abandonment [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net Investment | $ 51.3 | ||||
Accelerated Depreciation Regulatory Asset | 92.6 | ||||
Cost of Removal Regulatory Liability | $ 1.1 | ||||
Expected Retirement Date | [5] | 2021 | |||
Depreciation | [4] | $ 7.7 | |||
Southwestern Electric Power Co [Member] | Dolet Hills Power Station and Related Fuel Operations | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Percent of Fuel Supply Provided by DHLC | 100.00% | ||||
Asset Retirement Obligation, Revision of Estimate | $ 21 | ||||
Share of Net Investment in Dolet Hills Power Station | 150 | ||||
Dolet Hills Lignite Company Unbilled Fixed Costs | 126 | ||||
Recovery of 2021 Dolet Hills Fuel Costs | 20 | ||||
Approved Deferral of Dolet Hills Fuel Costs | 30 | ||||
Southwestern Electric Power Co [Member] | Pirkey Power Plant and Related Fuel Operations | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Share of Net Investment in Pirkey Power Plant | 209 | ||||
Pirkey Power Plant and Sabine Unbilled Fixed Costs | 163 | ||||
Southwestern Electric Power Co [Member] | Pirkey Generating Station (Unit No. 1) | Generating Units Probable of Abandonment [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net Investment | 178.3 | ||||
Accelerated Depreciation Regulatory Asset | 30.8 | ||||
Cost of Removal Regulatory Liability | $ 18.4 | ||||
Expected Retirement Date | [6] | 2023 | |||
Depreciation | [4] | $ 13.7 | |||
Southwestern Electric Power Co [Member] | Welsh Plant Unit 1 and 3 | Generating Units Probable of Abandonment [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net Investment | 528.8 | ||||
Accelerated Depreciation Regulatory Asset | 14.2 | ||||
Cost of Removal Regulatory Liability | [7] | $ 11.4 | |||
Expected Retirement Date | [8] | 2028 | |||
Depreciation | [4] | $ 33.3 | |||
Southwestern Electric Power Co [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capital Contribution from Member | 100 | ||||
Southwestern Electric Power Co [Member] | February 2021 Severe Storm Fuel Costs | Senior Unsecured Notes [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Proceeds from Issuance of Debt | 500 | ||||
Kentucky Power Co [Member] | February 2021 Storm Event | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Capitalized Storm Costs | 26.7 | ||||
Incremental Other Operation and Maintenance Expenses | 3.8 | ||||
Deferred Storm Costs as a Regulated Asset | 44.1 | ||||
Total Estimated February 2021 Storm Restoration Expenditures | 74.6 | ||||
Regulatory Assets Pending Final Regulatory Approval [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 1,833.6 | 442.2 | |||
Regulatory Assets Pending Final Regulatory Approval [Member] | AEP Texas Inc. [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 46 | 32.9 | |||
Regulatory Assets Pending Final Regulatory Approval [Member] | Appalachian Power Co [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 92.9 | 43.8 | |||
Regulatory Assets Pending Final Regulatory Approval [Member] | Indiana Michigan Power Co [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 3.4 | 4.3 | |||
Regulatory Assets Pending Final Regulatory Approval [Member] | Ohio Power Co [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 8.4 | 8.4 | |||
Regulatory Assets Pending Final Regulatory Approval [Member] | Public Service Co Of Oklahoma [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 748.3 | 50.5 | |||
Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 835.8 | 247.3 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | [9] | 1,185 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Oklaunion Power Station Accelerated Depreciation [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 34 | 34.4 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Kentucky Deferred Purchase Power Expenses [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 42.8 | 41.3 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Plant Retirement Costs - Unrecovered Plant [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 35.2 | 35.2 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Dolet Hills Power Station Accelerated Depreciation [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 92.6 | 71.2 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Other Regulatory Assets Not Yet Being Recovered [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 37.5 | 26.4 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | [10] | 1,185 | 0 | ||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Pirkey Power Plant Accelerated Depreciation | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 30.8 | 12.2 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | AEP Texas Inc. [Member] | Adavanced Metering System | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 16.4 | 16.3 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Appalachian Power Co [Member] | COVID-19 - Virginia | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 4 | 3.7 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Indiana Michigan Power Co [Member] | Other Regulatory Assets Not Yet Being Recovered [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 0 | 0.5 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Public Service Co Of Oklahoma [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | [9] | 688.7 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Public Service Co Of Oklahoma [Member] | Oklaunion Power Station Accelerated Depreciation [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 34 | 34.4 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Public Service Co Of Oklahoma [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | [11] | 688.7 | 0 | ||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | [9] | 496.3 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | Dolet Hills Power Station Accelerated Depreciation [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 92.6 | 71.2 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | Plant Retirement Costs - Unrecovered Plant, Louisiana [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 35.2 | 35.2 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | Other Regulatory Assets Not Yet Being Recovered [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 2.8 | 2.2 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | February 2021 Severe Storm Fuel Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | [12] | 496.3 | 0 | ||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | Pirkey Power Plant Accelerated Depreciation | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 30.8 | 12.2 | |||
Regulatory Assets Currently Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | Welsh Unit 1 and 3 Accelerated Depreciation | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 14.2 | 3.6 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | COVID-19 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 19.5 | 24.9 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Plant Retirement Costs - Asset Retirement Obligation Costs [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 25.9 | 25.9 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Storm Related Costs [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 285 | 134.2 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Other Regulatory Assets Not Yet Being Recovered [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 33 | 27.2 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Environmental Expense Deferral - Virginia | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 12.3 | 9.3 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | AEP Texas Inc. [Member] | COVID-19 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 8.6 | 10.5 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | AEP Texas Inc. [Member] | Storm Related Costs [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 10.5 | 0.8 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | AEP Texas Inc. [Member] | Vegetation Management Program [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 3.8 | 3.8 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | AEP Texas Inc. [Member] | Other Regulatory Assets Not Yet Being Recovered [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 2.6 | 1.5 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | AEP Texas Inc. [Member] | Texas Retail Electric Provider Bad Debt Expense | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 4.1 | 0 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Appalachian Power Co [Member] | Plant Retirement Costs - Asset Retirement Obligation Costs [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 25.9 | 25.9 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Appalachian Power Co [Member] | Storm Related Costs [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 49.1 | 3.4 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Appalachian Power Co [Member] | COVID-19 - West Virginia | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 1.6 | 1.5 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Appalachian Power Co [Member] | Environmental Expense Deferral - Virginia | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 12.3 | 9.3 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Indiana Michigan Power Co [Member] | COVID-19 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 2.8 | 3.8 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Indiana Michigan Power Co [Member] | Other Regulatory Assets Not Yet Being Recovered [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 0.6 | 0 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Ohio Power Co [Member] | COVID-19 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 1.5 | 4.4 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Ohio Power Co [Member] | Storm Related Costs [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 6.8 | 4 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Ohio Power Co [Member] | Other Regulatory Assets Not Yet Being Recovered [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 0.1 | 0 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Public Service Co Of Oklahoma [Member] | COVID-19 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 0.8 | 0.3 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Public Service Co Of Oklahoma [Member] | Storm Related Costs [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 24.8 | 15.8 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | Asset Retirement Obligation - Louisiana [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 9.4 | 9.1 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | Other Regulatory Assets Not Yet Being Recovered [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | 15.4 | 14.5 | |||
Regulatory Assets Currently Not Earning Return [Member] | Regulatory Assets Pending Final Regulatory Approval [Member] | Southwestern Electric Power Co [Member] | Storm Related Costs - Louisiana | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory Assets, Noncurrent | $ 139.1 | $ 99.3 | |||
[1] | 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. | ||||
[2] | Includes Northeastern Plant, Unit 4, which was retired in 2016. Removal of Northeastern Plant, Unit 4, will be performed with Northeastern Plant, Unit 3, after retirement. | ||||
[3] | Northeastern Plant, Unit 3 is currently being recovered through 2040. | ||||
[4] | Represents the amount of annual depreciation that has been collected from customers over the prior 12-month period | ||||
[5] | Dolet Hills Power Station is currently being recovered through 2026 in the Louisiana jurisdiction and through 2046 in the Arkansas and Texas jurisdictions. | ||||
[6] | Pirkey Power Plant is currently being recovered through 2025 in the Louisiana jurisdiction and through 2045 in the Arkansas and Texas jurisdictions. | ||||
[7] | Includes Welsh Plant, Unit 2, which was retired in 2016. Removal of Welsh Plant, Unit 2, will be performed with Welsh Plant, Units 1 and 3, after retirement. | ||||
[8] | Unit 1 is being recovered through 2027 in the Louisiana jurisdiction and through 2037 in the Arkansas and Texas jurisdictions. Unit 3 is being recovered through 2032 in the Louisiana jurisdiction and through 2042 in the Arkansas and Texas jurisdictions. | ||||
[9] | (a) These costs were deferred as regulatory assets as of March 31, 2021. | ||||
[10] | PSO and SWEPCo have active fuel clauses that allow for the recovery of prudently incurred fuel and purchased power expenses. However, the recovery of these costs from customers may be extended over longer than usual time periods to mitigate the impact on customer bills. See “Impacts of Severe Winter Weather” section below for additional information. | ||||
[11] | PSO has an active fuel clause that allows for the recovery of prudently incurred fuel and purchased power expenses. However, the recovery of these costs from customers may be extended over longer than usual time periods to mitigate the impact on customer bills. See “Impacts of Severe Winter Weather” section below for additional information. | ||||
[12] | SWEPCo has an active fuel clause that allows for the recovery of prudently incurred fuel and purchased power expenses. However, the recovery of these costs from customers may be extended over longer than usual time periods to mitigate the impact on customer bills. See “Impacts of Severe Winter Weather” section below for additional information |
Rate Matters East Companies (De
Rate Matters East Companies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Public Utilities, General Disclosures [Line Items] | ||
Property, Plant and Equipment, Net | $ 64,696.1 | $ 63,901.6 |
AEP Transmission Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Property, Plant and Equipment, Net | 11,070.4 | 10,772.8 |
Appalachian Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Property, Plant and Equipment, Net | 11,455.2 | 11,394.1 |
Indiana Michigan Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Property, Plant and Equipment, Net | 7,063.2 | 7,052.3 |
Ohio Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Property, Plant and Equipment, Net | 7,565.7 | $ 7,452.1 |
2017-2019 Virginia Triennial Review [Member] | Appalachian Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested Annual Increase | $ 40 | |
Approved Return on Common Equity | 9.20% | |
Total Basis Point Band for Authorized Return on Equity | 140.00% | |
2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested Annual Increase | $ 42 | |
Requested Return on Equity | 10.15% | |
Staff Recommended Annual Revenue Cap for the DIR in 2022 | $ 78 | |
Staff Recommended Annual Revenue Cap for the DIR for the First Five Months of 2024 | 46 | |
Proposed Settlement Annual Rate Increase | $ 68 | |
Proposed Settlement Agreement ROE | 9.70% | |
Settlement Annual Revenue Cap for the DIR in 2021 | $ 57 | |
Settlement Annual Revenue Cap for the DIR in 2022 | 91 | |
Settlement Annual Revenue Cap for the DIR in 2023 | 116 | |
Settlement Annual Revenue Cap for the DIR in for the first five months of 2024 | 51 | |
Staff Recommended Annual Revenue Cap for the DIR in 2023 | 96 | |
Staff Recommended Annual Revenue Cap for the DIR in 2021 | 57 | |
2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Demand Side Management Programs | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Adjustments to Companies Request | 40 | |
2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Employee Related Expense | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Adjustments to Companies Request | 23 | |
2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Rate Base | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Adjustments to Companies Request | 19 | |
2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Property Tax | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Adjustments to Companies Request | 17 | |
2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Other Various Expenses | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Adjustments to Companies Request | 15 | |
2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Vegetation Management Programs | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Adjustments to Companies Request | 10 | |
2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Depreciation Expense | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Adjustments to Companies Request | 11 | |
2019 DIR Audit [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
DIR Revenue Amount above 2019 Authorized Limit | 17 | |
Virginia E-RAC | Appalachian Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested Annual Increase | 31 | |
Investment in CCR/ELG | 240 | |
CCR Investment | 8 | |
ELG Investment | $ 14 | |
Minimum [Member] | 2017-2019 Virginia Triennial Review [Member] | Appalachian Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved Return on Common Equity | 8.50% | |
Minimum [Member] | 2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Return on Common Equity | 8.76% | |
Staff Recommended Annual Rate Decrease | $ 102 | |
Minimum [Member] | 2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Return on Common Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Adjustments to Companies Request | $ 9 | |
Maximum [Member] | 2017-2019 Virginia Triennial Review [Member] | Appalachian Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved Return on Common Equity | 9.90% | |
Maximum [Member] | 2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Return on Common Equity | 9.78% | |
Staff Recommended Annual Rate Decrease | $ 123 | |
Maximum [Member] | 2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Return on Common Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Staff Recommended Adjustments to Companies Request | 30 | |
Maximum [Member] | 2020 Ohio Base Rate Case [Member] | Ohio Power Co [Member] | Plant in Service | ||
Public Utilities, General Disclosures [Line Items] | ||
Recommended Disallowance from Staff or Intervenors | $ 27 |
Rate Matters West Companies (De
Rate Matters West Companies (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)customer | Dec. 31, 2020USD ($) | |
Public Utilities, General Disclosures [Line Items] | ||
Construction Work in Progress | $ 4,289.5 | $ 4,025.7 |
AEP Texas Inc. [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Construction Work in Progress | 567.8 | 614.1 |
Public Service Co Of Oklahoma [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Construction Work in Progress | 98.2 | 128.7 |
Southwestern Electric Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Construction Work in Progress | 232.4 | $ 228.3 |
AEP Texas Interim Transmission and Distribution Rates [Member] | AEP Texas Inc. [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
AEP Texas Cumulative Revenues Subject to Review | $ 118 | |
ETT Interim Transmission Rates [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Parent Ownership Interest In ETT | 50.00% | |
AEP Share Of ETT Cumulative Revenues Subject To Review | $ 1,200 | |
2012 Texas Base Rate Case [Member] | Southwestern Electric Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
2013 Reversal Of Previously Recorded Regulatory Disallowances | 114 | |
Resulting Approved Base Rate Increase | 52 | |
2012 Texas Base Rate Case [Member] | Turk Generating Plant [Member] | Southwestern Electric Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Property, Plant and Equipment, Net | $ 1,400 | |
Texas Jurisdictional Share of Turk Plant | 33.00% | |
2016 Texas Base Rate Case [Member] | Southwestern Electric Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested Return on Equity | 10.00% | |
Requested Net Increase in Texas Annual Revenues | $ 69 | |
Approved Net Increase in Texas Annual Revenues | $ 50 | |
Approved Return on Common Equity | 9.60% | |
Approved Additional Vegetation Management Expenses | $ 2 | |
Impairment Charge Total | 19 | |
Impairment Charge Welsh Plant, Unit 2 | 7 | |
Impairment Charge Disallowed Plant Investments | 12 | |
Additional Revenues Recognized to be Surcharged to Customers | 32 | |
Additional Recognized Expenses Consisting Primarily of Depreciation and Vegetation Management | 7 | |
Hurricane Laura [Member] | Southwestern Electric Power Co [Member] | Louisiana Jurisdiction [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Incremental Other Operation and Maintenance Expenses | $ 79 | |
Hurricane Laura [Member] | Southwestern Electric Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Customers without Power | customer | 130,000 | |
Incremental Other Operation and Maintenance Expenses | $ 82 | |
Capitalized Storm Costs | $ 31 | |
Hurricane Delta [Member] | Southwestern Electric Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Customers without Power | customer | 23,000 | |
Incremental Other Operation and Maintenance Expenses | $ 17 | |
Capitalized Storm Costs | 3 | |
2020 Texas Base Rate Case [Member] | Southwestern Electric Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested Annual Increase | 105 | |
Staff Recommended Annual Rate Increase | $ 45 | |
Requested Return on Equity | 10.35% | |
Requested Net Annual Increase | $ 90 | |
Amount of Increase Related to Vegetation Management | 5 | |
Amount of Increase Related to Annual Depreciation Expense | 10 | |
Amount of Increase Related to Storm Catastrophe Reserve | 2 | |
Requested Recovery of Dolet Hills Power Station | $ 45 | |
Staff Recommended Return on Common Equity | 9.22% | |
2020 Texas Base Rate Case [Member] | Southwestern Electric Power Co [Member] | Minimum [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Intervenor Recommended Annual Increase | $ 20 | |
Intervenor Recommended Return on Common Equity | 9.00% | |
2020 Texas Base Rate Case [Member] | Southwestern Electric Power Co [Member] | Maximum [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Intervenor Recommended Annual Increase | $ 70 | |
Intervenor Recommended Return on Common Equity | 9.15% | |
2020 Louisiana Base Rate Case | Southwestern Electric Power Co [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested Annual Increase | $ 134 | |
Requested Return on Equity | 10.35% | |
Amount of Increase Related to Annual Depreciation Expense | $ 32 | |
Amount of Increase Related to Recovering Deferred Hurricane Costs | $ 10 |
Commitments, Guarantees and C_3
Commitments, Guarantees and Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Apr. 22, 2021 | Mar. 31, 2021 | ||
Maximum Potential Loss [Abstract] | |||
Max Potential Loss on Master Lease Agreements | $ 48.6 | ||
Vertically Integrated Utilities [Member] | Subsequent Event [Member] | |||
Commitments, Guarantees and Contingencies (Textuals) [Abstract] | |||
Rockport Plant, Unit 2 Acquisition Price | $ 115.5 | ||
AEP Wind Holdings LLC [Member] | Generation And Marketing [Member] | |||
Commitments, Guarantees and Contingencies (Textuals) [Abstract] | |||
Maximum Potential Amount of Future Payments Associated with Guarantee | 157 | ||
Guarantor Obligations, Current Carrying Value | 30 | ||
Guarantor Obligations, Current Carrying Value, Contingent Portion | 1 | ||
AEP Texas Inc. [Member] | |||
Maximum Potential Loss [Abstract] | |||
Max Potential Loss on Master Lease Agreements | 11.3 | ||
Appalachian Power Co [Member] | |||
Maximum Potential Loss [Abstract] | |||
Max Potential Loss on Master Lease Agreements | 6.3 | ||
Indiana Michigan Power Co [Member] | |||
Maximum Potential Loss [Abstract] | |||
Max Potential Loss on Master Lease Agreements | 4.2 | ||
Ohio Power Co [Member] | |||
Maximum Potential Loss [Abstract] | |||
Max Potential Loss on Master Lease Agreements | 7.7 | ||
Public Service Co Of Oklahoma [Member] | |||
Maximum Potential Loss [Abstract] | |||
Max Potential Loss on Master Lease Agreements | 4.7 | ||
Southwestern Electric Power Co [Member] | |||
Maximum Potential Loss [Abstract] | |||
Max Potential Loss on Master Lease Agreements | 5.4 | ||
Rockport Lease [Member] | |||
Present Value of Future Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | |||
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | [1] | 147.8 | |
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | [1] | 147.6 | |
Minimum Lease Payments, Sale Leaseback Transactions | [1] | 295.4 | |
Rockport Lease [Member] | Indiana Michigan Power Co [Member] | |||
Present Value of Future Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | |||
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | 73.9 | ||
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 73.8 | ||
Minimum Lease Payments, Sale Leaseback Transactions | 147.7 | ||
Boat and Barge Leases [Member] | |||
Commitments, Guarantees and Contingencies (Textuals) [Abstract] | |||
Guarantor Obligations, Current Carrying Value | 3 | ||
Maximum Potential Lease Payments, AEPRO Barge and Boat Leases | 47 | ||
Guarantee Obligations Current Carrying Value Other Liabilities Current | 1 | ||
Guarantee Obligations Current Carrying Value Other Liabilities Noncurrent | 2 | ||
Letters of Credit [Member] | |||
Maximum Future Payments for Letters of Credit [Abstract] | |||
Maximum Future Payments for Letters of Credit Issued Under the Uncommitted Facility | 183.2 | ||
Commitments, Guarantees and Contingencies (Textuals) [Abstract] | |||
Letters of Credit Limit | 1,200 | ||
Uncommitted Facility | 425 | ||
Letters of Credit [Member] | AEP Texas Inc. [Member] | |||
Maximum Future Payments for Letters of Credit [Abstract] | |||
Maximum Future Payments for Letters of Credit Issued Under the Uncommitted Facility | 2.2 | ||
March 2026 | Letters of Credit [Member] | |||
Commitments, Guarantees and Contingencies (Textuals) [Abstract] | |||
Revolving Credit Facilities | 4,000 | ||
March 2023 | Letters of Credit [Member] | |||
Commitments, Guarantees and Contingencies (Textuals) [Abstract] | |||
Revolving Credit Facilities | $ 1,000 | ||
[1] | AEP’s future minimum lease payments include equal shares from AEGCo and I&M. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022MW | Dec. 31, 2021MW | Jun. 30, 2021USD ($)MW | Mar. 31, 2021USD ($)MW | |
Dry Lake Solar Project | ||||
Noncash or Part Noncash Acquisition, Other Assets Acquired | $ 18.9 | |||
Dry Lake Solar Project | Noncontrolling Interest [Member] | ||||
Noncash or Part Noncash Acquisition, Other Assets Acquired | $ 18.9 | |||
Generation And Marketing [Member] | Dry Lake Solar Project | ||||
Percentage of an Asset Acquired | 75.00% | |||
Wind Generation MWs | MW | 100 | |||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 114 | |||
Payments to Acquire Businesses, Gross | 103 | |||
Generation And Marketing [Member] | Dry Lake Solar Project | Noncontrolling Interest [Member] | ||||
Noncash or Part Noncash Acquisition, Other Assets Acquired | $ 19 | |||
Vertically Integrated Utilities [Member] | North Central Wind Energy Facilities | ||||
Wind Generation MWs | MW | 1,485 | |||
Vertically Integrated Utilities [Member] | North Central Wind Energy Facilities | Subsequent Event [Member] | ||||
Wind Generation MWs | MW | 999 | 287 | 199 | |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 2,000 | |||
Payments to Acquire Businesses, Gross | $ 307 | |||
Property, Plant and Equipment | Generation And Marketing [Member] | Dry Lake Solar Project | ||||
Noncash or Part Noncash Acquisition, Other Assets Acquired | $ 133 | |||
Accounts Payable [Member] | Generation And Marketing [Member] | Dry Lake Solar Project | ||||
Noncash or Part Noncash Acquisition, Other Assets Acquired | $ 11 | |||
Public Service Co Of Oklahoma [Member] | Vertically Integrated Utilities [Member] | North Central Wind Energy Facilities | Subsequent Event [Member] | ||||
Percentage of an Asset Acquired | 45.50% | |||
Southwestern Electric Power Co [Member] | Vertically Integrated Utilities [Member] | North Central Wind Energy Facilities | Subsequent Event [Member] | ||||
Percentage of an Asset Acquired | 54.50% |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plans [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | $ 32.3 | $ 28 |
Interest Cost | 34.3 | 42 |
Expected Return on Plan Assets | (57.5) | (66.2) |
Amortization of Prior Service Cost (Credit) | 0 | 0 |
Amortization of Net Actuarial Loss | 25.4 | 23.4 |
Net Periodic Benefit Cost (Credit) | 34.5 | 27.2 |
Pension Plans [Member] | AEP Texas Inc. [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 3 | 2.6 |
Interest Cost | 2.8 | 3.5 |
Expected Return on Plan Assets | (4.9) | (5.7) |
Amortization of Prior Service Cost (Credit) | 0 | 0 |
Amortization of Net Actuarial Loss | 2.1 | 1.9 |
Net Periodic Benefit Cost (Credit) | 3 | 2.3 |
Pension Plans [Member] | Appalachian Power Co [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 3 | 2.6 |
Interest Cost | 4.1 | 5.1 |
Expected Return on Plan Assets | (7.3) | (8.4) |
Amortization of Prior Service Cost (Credit) | 0 | 0 |
Amortization of Net Actuarial Loss | 3 | 2.8 |
Net Periodic Benefit Cost (Credit) | 2.8 | 2.1 |
Pension Plans [Member] | Indiana Michigan Power Co [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 4.4 | 3.9 |
Interest Cost | 4 | 4.9 |
Expected Return on Plan Assets | (7.2) | (8.3) |
Amortization of Prior Service Cost (Credit) | 0 | 0 |
Amortization of Net Actuarial Loss | 2.9 | 2.7 |
Net Periodic Benefit Cost (Credit) | 4.1 | 3.2 |
Pension Plans [Member] | Ohio Power Co [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 2.9 | 2.4 |
Interest Cost | 3.1 | 3.9 |
Expected Return on Plan Assets | (5.6) | (6.6) |
Amortization of Prior Service Cost (Credit) | 0 | 0 |
Amortization of Net Actuarial Loss | 2.2 | 2.1 |
Net Periodic Benefit Cost (Credit) | 2.6 | 1.8 |
Pension Plans [Member] | Public Service Co Of Oklahoma [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 1.9 | 1.8 |
Interest Cost | 1.7 | 2.1 |
Expected Return on Plan Assets | (3.1) | (3.6) |
Amortization of Prior Service Cost (Credit) | 0 | 0 |
Amortization of Net Actuarial Loss | 1.3 | 1.2 |
Net Periodic Benefit Cost (Credit) | 1.8 | 1.5 |
Pension Plans [Member] | Southwestern Electric Power Co [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 2.9 | 2.5 |
Interest Cost | 2.1 | 2.5 |
Expected Return on Plan Assets | (3.4) | (3.9) |
Amortization of Prior Service Cost (Credit) | 0 | 0 |
Amortization of Net Actuarial Loss | 1.5 | 1.4 |
Net Periodic Benefit Cost (Credit) | 3.1 | 2.5 |
Other Postretirement Benefit Plans [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 2.4 | 2.5 |
Interest Cost | 7.6 | 9.9 |
Expected Return on Plan Assets | (22.8) | (23.9) |
Amortization of Prior Service Cost (Credit) | (17.7) | (17.4) |
Amortization of Net Actuarial Loss | 0 | 1.5 |
Net Periodic Benefit Cost (Credit) | (30.5) | (27.4) |
Other Postretirement Benefit Plans [Member] | AEP Texas Inc. [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 0.2 | 0.2 |
Interest Cost | 0.6 | 0.8 |
Expected Return on Plan Assets | (1.9) | (2) |
Amortization of Prior Service Cost (Credit) | (1.5) | (1.4) |
Amortization of Net Actuarial Loss | 0 | 0.1 |
Net Periodic Benefit Cost (Credit) | (2.6) | (2.3) |
Other Postretirement Benefit Plans [Member] | Appalachian Power Co [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 0.3 | 0.3 |
Interest Cost | 1.2 | 1.6 |
Expected Return on Plan Assets | (3.4) | (3.6) |
Amortization of Prior Service Cost (Credit) | (2.6) | (2.5) |
Amortization of Net Actuarial Loss | 0 | 0.2 |
Net Periodic Benefit Cost (Credit) | (4.5) | (4) |
Other Postretirement Benefit Plans [Member] | Indiana Michigan Power Co [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 0.3 | 0.3 |
Interest Cost | 0.9 | 1.2 |
Expected Return on Plan Assets | (2.8) | (2.9) |
Amortization of Prior Service Cost (Credit) | (2.4) | (2.4) |
Amortization of Net Actuarial Loss | 0 | 0.2 |
Net Periodic Benefit Cost (Credit) | (4) | (3.6) |
Other Postretirement Benefit Plans [Member] | Ohio Power Co [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 0.2 | 0.2 |
Interest Cost | 0.8 | 1 |
Expected Return on Plan Assets | (2.4) | (2.6) |
Amortization of Prior Service Cost (Credit) | (1.8) | (1.8) |
Amortization of Net Actuarial Loss | 0 | 0.2 |
Net Periodic Benefit Cost (Credit) | (3.2) | (3) |
Other Postretirement Benefit Plans [Member] | Public Service Co Of Oklahoma [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 0.2 | 0.2 |
Interest Cost | 0.4 | 0.5 |
Expected Return on Plan Assets | (1.3) | (1.3) |
Amortization of Prior Service Cost (Credit) | (1.1) | (1.1) |
Amortization of Net Actuarial Loss | 0 | 0.1 |
Net Periodic Benefit Cost (Credit) | (1.8) | (1.6) |
Other Postretirement Benefit Plans [Member] | Southwestern Electric Power Co [Member] | ||
Components of Net Periodic Benefit Cost | ||
Service Cost | 0.1 | 0.2 |
Interest Cost | 0.5 | 0.6 |
Expected Return on Plan Assets | (1.5) | (1.5) |
Amortization of Prior Service Cost (Credit) | (1.3) | (1.3) |
Amortization of Net Actuarial Loss | 0 | 0.1 |
Net Periodic Benefit Cost (Credit) | $ (2.2) | $ (1.9) |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | $ 4,281.1 | $ 3,747.5 | ||||
Revenue from Related Parties | 0 | 0 | ||||
Revenues | 4,281.1 | 3,747.5 | ||||
Net Income (Loss) | 578.8 | 499.3 | ||||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 85,612.9 | $ 84,313 | ||||
Accumulated Depreciation and Amortization | 20,916.8 | 20,411.4 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 64,696.1 | 63,901.6 | ||||
Total Assets | 82,985.1 | 80,757.2 | ||||
Long-term Debt Due Within One Year | 2,130.2 | 2,086.1 | ||||
Long-term Debt - Affiliated | 0 | 0 | ||||
Long-term Debt | 30,214.8 | 28,986.4 | ||||
Total Long-term Debt Outstanding | 32,345 | 31,072.5 | ||||
Income Tax (Expense) Benefit | 54.5 | 46.5 | ||||
Interest Expense | 290.2 | 292.1 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Balance Sheet Information | ||||||
Income Tax (Expense) Benefit | (36.1) | 10.4 | ||||
Interest Expense | [1] | 1.5 | 0.9 | |||
Interest Rate [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Balance Sheet Information | ||||||
Income Tax (Expense) Benefit | 0.4 | 0.2 | ||||
Interest Expense | [1] | 1.5 | 0.9 | |||
Vertically Integrated Utilities [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 2,504.5 | 2,193 | ||||
Transmission and Distribution Utilities Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 1,082.3 | 1,075.2 | ||||
Generation and Marketing Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 601.7 | 408.4 | ||||
Generation and Marketing Revenues [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | [1] | 0.8 | (0.1) | |||
Generation and Marketing Revenues [Member] | Interest Rate [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | [1] | 0 | 0 | |||
Other Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 92.6 | 70.9 | ||||
Revenues | 4.8 | [2] | 19.9 | [3] | ||
AEP Transmission Co [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Related Parties | 285.6 | 233.7 | ||||
Revenues | 361.7 | 295.6 | ||||
Net Income (Loss) | 151.7 | 117.8 | ||||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 11,694 | 11,345.6 | ||||
Accumulated Depreciation and Amortization | 623.6 | 572.8 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 11,070.4 | 10,772.8 | ||||
Notes Receivable, Related Parties | 0 | 0 | ||||
Total Assets | 11,515.1 | 11,246 | ||||
Long-term Debt Due Within One Year | 50 | 50 | ||||
Long-term Debt | 3,899 | 3,898.5 | ||||
Total Long-term Debt Outstanding | 3,949 | 3,948.5 | ||||
Income Tax (Expense) Benefit | 39.6 | 31.8 | ||||
Interest Income | 0.1 | 0.8 | ||||
Interest Expense | 34.1 | 29.6 | ||||
AEP Transmission Co [Member] | Other Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 0.1 | 0.6 | ||||
Revenues | 0 | [4] | 0 | [5] | ||
AEP Transmission Co [Member] | Transmission [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 76 | 61.3 | ||||
Reconciling Adjustments [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Revenue from Related Parties | (368.4) | (354.8) | ||||
Revenues | (368.4) | (354.8) | ||||
Net Income (Loss) | 0 | 0 | ||||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 0 | 0 | ||||
Accumulated Depreciation and Amortization | 0 | 0 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 0 | 0 | ||||
Total Assets | [6] | (4,562.7) | (3,961.7) | |||
Long-term Debt Due Within One Year | 0 | 0 | ||||
Long-term Debt - Affiliated | (65) | (65) | ||||
Long-term Debt | 0 | 0 | ||||
Total Long-term Debt Outstanding | (65) | (65) | ||||
Reconciling Adjustments [Member] | Other Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenues | (3.6) | [2] | (25.5) | [3] | ||
Reconciling Adjustments [Member] | AEP Transmission Co [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Revenue from Related Parties | 0 | 0 | ||||
Revenues | 0 | 0 | ||||
Net Income (Loss) | 0 | 0 | ||||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 0 | 0 | ||||
Accumulated Depreciation and Amortization | 0 | 0 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 0 | 0 | ||||
Notes Receivable, Related Parties | [7] | (3,899) | (3,948.5) | |||
Total Assets | [8] | (4,050.4) | (4,023.1) | |||
Total Long-term Debt Outstanding | [7] | (3,990) | (3,990) | |||
Income Tax (Expense) Benefit | 0 | 0 | ||||
Interest Income | [9] | (38.2) | (33.4) | |||
Interest Expense | [9] | (38.2) | (33.4) | |||
Reconciling Adjustments [Member] | AEP Transmission Co [Member] | Other Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Vertically Integrated Utilities [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Related Parties | 32.8 | 33.7 | ||||
Revenues | 2,537.3 | 2,226.7 | ||||
Net Income (Loss) | 271.4 | 246.3 | ||||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 49,448.9 | 49,023.3 | ||||
Accumulated Depreciation and Amortization | 15,950.1 | 15,586.2 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 33,498.8 | 33,437.1 | ||||
Total Assets | 44,591.3 | 42,752.7 | ||||
Long-term Debt Due Within One Year | 1,078.3 | 1,034.6 | ||||
Long-term Debt - Affiliated | 65 | 65 | ||||
Long-term Debt | 13,185.8 | 12,375.6 | ||||
Total Long-term Debt Outstanding | 14,329.1 | 13,475.2 | ||||
Vertically Integrated Utilities [Member] | Vertically Integrated Utilities [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 2,504.5 | 2,193 | ||||
Vertically Integrated Utilities [Member] | Other Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenues | 0 | [2] | 0 | [3] | ||
Transmission And Distribution Utilities [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Related Parties | 5.8 | 31.7 | ||||
Revenues | 1,088.1 | 1,106.9 | ||||
Net Income (Loss) | 114.4 | 116.2 | ||||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 21,492.9 | 21,145 | ||||
Accumulated Depreciation and Amortization | 3,951.3 | 3,879.3 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 17,541.6 | 17,265.7 | ||||
Total Assets | 20,076.9 | 19,765.9 | ||||
Long-term Debt Due Within One Year | 589 | 588.8 | ||||
Long-term Debt - Affiliated | 0 | 0 | ||||
Long-term Debt | 7,097.4 | 6,661.9 | ||||
Total Long-term Debt Outstanding | 7,686.4 | 7,250.7 | ||||
Transmission And Distribution Utilities [Member] | Transmission and Distribution Utilities Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 1,082.3 | 1,075.2 | ||||
Transmission And Distribution Utilities [Member] | Other Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenues | 5.3 | [2] | 29.3 | [3] | ||
AEP Transmission Holdco [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Related Parties | 289.1 | 237.1 | ||||
Revenues | 377 | 310.2 | ||||
Net Income (Loss) | 173.2 | 141.6 | ||||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 12,185.2 | 11,827.2 | ||||
Accumulated Depreciation and Amortization | 648.1 | 595.7 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 11,537.1 | 11,231.5 | ||||
Total Assets | 12,925.8 | 12,627.3 | ||||
Long-term Debt Due Within One Year | 52.4 | 52.3 | ||||
Long-term Debt - Affiliated | 0 | 0 | ||||
Long-term Debt | 4,089.7 | 4,075.7 | ||||
Total Long-term Debt Outstanding | 4,142.1 | 4,128 | ||||
AEP Transmission Holdco [Member] | Transmission [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 87.9 | 73.1 | ||||
Generation And Marketing [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Related Parties | 32.5 | 30.2 | ||||
Revenues | 634.2 | 438.6 | ||||
Net Income (Loss) | 38.2 | 30.5 | ||||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 2,080.6 | 1,910.2 | ||||
Accumulated Depreciation and Amortization | 183.8 | 166.1 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 1,896.8 | 1,744.1 | ||||
Total Assets | 3,881.8 | 3,585.9 | ||||
Long-term Debt Due Within One Year | 0 | 0 | ||||
Long-term Debt - Affiliated | 0 | 0 | ||||
Long-term Debt | 0 | 0 | ||||
Total Long-term Debt Outstanding | 0 | 0 | ||||
Generation And Marketing [Member] | Generation and Marketing Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 601.7 | 408.4 | ||||
Generation And Marketing [Member] | Other Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenues | 0 | [2] | 18.3 | [3] | ||
All Other [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Related Parties | [10] | 8.2 | 22.1 | |||
Revenues | [10] | 12.9 | 19.9 | |||
Net Income (Loss) | [10] | (18.4) | (35.3) | |||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | [10] | 405.3 | 407.3 | |||
Accumulated Depreciation and Amortization | [10] | 183.5 | 184.1 | |||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | [10] | 221.8 | 223.2 | |||
Total Assets | [10],[11] | 6,072 | 5,987.1 | |||
Long-term Debt Due Within One Year | [10],[12] | 410.5 | 410.4 | |||
Long-term Debt - Affiliated | [10] | 0 | 0 | |||
Long-term Debt | [10],[12] | 5,841.9 | 5,873.2 | |||
Total Long-term Debt Outstanding | [10],[12] | 6,252.4 | 6,283.6 | |||
All Other [Member] | Other Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | [10] | 4.7 | (2.2) | |||
Revenues | 3.1 | [2] | (2.2) | [3] | ||
State Transcos [Member] | AEP Transmission Co [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Related Parties | 285.6 | 233.7 | ||||
Revenues | 361.7 | 295.6 | ||||
Net Income (Loss) | 151.7 | 117.3 | ||||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 11,694 | 11,345.6 | ||||
Accumulated Depreciation and Amortization | 623.6 | 572.8 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 11,070.4 | 10,772.8 | ||||
Notes Receivable, Related Parties | 0 | 0 | ||||
Total Assets | 11,458.3 | 11,185.1 | ||||
Total Long-term Debt Outstanding | 3,990 | 3,990 | ||||
Income Tax (Expense) Benefit | 39.6 | 31.8 | ||||
Interest Income | 0 | 0.2 | ||||
Interest Expense | 34.1 | 29.6 | ||||
State Transcos [Member] | AEP Transmission Co [Member] | Other Revenues [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 0.1 | 0.6 | ||||
State Transcos [Member] | AEP Transmission Co [Member] | Transmission [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 76 | 61.3 | ||||
AEPTCo Parent [Member] | AEP Transmission Co [Member] | ||||||
Reportable Segment Information | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Revenue from Related Parties | 0 | 0 | ||||
Revenues | 0 | 0 | ||||
Net Income (Loss) | [13] | 0 | 0.5 | |||
Balance Sheet Information | ||||||
Total Property, Plant and Equipment | 0 | 0 | ||||
Accumulated Depreciation and Amortization | 0 | 0 | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT - NET | 0 | 0 | ||||
Notes Receivable, Related Parties | 3,899 | 3,948.5 | ||||
Total Assets | [14] | 4,107.2 | 4,084 | |||
Total Long-term Debt Outstanding | 3,949 | $ 3,948.5 | ||||
Income Tax (Expense) Benefit | 0 | 0 | ||||
Interest Income | 38.3 | 34 | ||||
Interest Expense | $ 38.2 | $ 33.4 | ||||
[1] | Amounts reclassified to the referenced line item on the statements of income. | |||||
[2] | Amounts include affiliated and nonaffiliated revenues. | |||||
[3] | Amounts include affiliated and nonaffiliated revenues | |||||
[4] | Amounts include affiliated and nonaffiliated revenues. | |||||
[5] | Amounts include affiliated and nonaffiliated revenues. | |||||
[6] | Reconciling Adjustments for Total Assets primarily include elimination of intercompany advances to affiliates and intercompany accounts receivable. | |||||
[7] | Elimination of intercompany debt. | |||||
[8] | Primarily relates to the elimination of Notes Receivable from the State Transcos. | |||||
[9] | Elimination of intercompany interest income/interest expense on affiliated debt arrangement. | |||||
[10] | 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, interest expense and other nonallocated costs. | |||||
[11] | Includes elimination of AEP Parent’s investments in wholly-owned subsidiary companies. | |||||
[12] | Amounts are inclusive of the impact of fair value hedge accounting. See “Accounting for Fair Value Hedging Strategies” section of Note 10 for additional information. | |||||
[13] | Includes the elimination of AEPTCo Parent’s equity earnings in the State Transcos. | |||||
[14] | Includes the elimination of AEPTCo Parent’s investments in State Transcos. |
Derivatives and Hedging (Detail
Derivatives and Hedging (Details) gal in Millions, MWh in Millions, MMBTU in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021USD ($)MWhMMBTUgal | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)MWhMMBTUgal | ||||
Cash Collateral Netting | ||||||
Cash Collateral Received Netted Against Risk Management Assets | $ 3,000,000 | $ 3,000,000 | ||||
Cash Collateral Paid Netted Against Risk Management Liabilities | 8,000,000 | 7,000,000 | ||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | 72,100,000 | 94,700,000 | ||||
Long-term Risk Management Assets | 264,800,000 | 242,200,000 | ||||
Total Assets | 336,900,000 | 336,900,000 | ||||
Current Risk Management Liabilities | 39,100,000 | 78,800,000 | ||||
Long-term Risk Management Liabilities | 273,000,000 | 232,800,000 | ||||
Total Liabilities | 312,100,000 | 311,600,000 | ||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 29,400,000 | $ (32,900,000) | ||||
Carrying Amount of Hedged Asset (Liability) | [1],[2] | (959,400,000) | (995,900,000) | |||
Cumulative Fair Value Hedging Adjustment in the Carrying Amount of the Hedged Asset (Liability) | [1],[2] | (16,600,000) | (51,700,000) | |||
Gain (Loss) on Hedging Instruments | ||||||
Gain (Loss) on Fair Value Hedging Instruments | [3] | (33,200,000) | 42,500,000 | |||
Gain (Loss) on Fair Value Portion of Long Term Debt | [3] | 33,200,000 | (42,500,000) | |||
Collateral Triggering Events [Abstract] | ||||||
Fair Value Of Derivative Liabilities Subject To Cross Default Provisions | 156,800,000 | 188,400,000 | ||||
Amount of Cash Collateral Posted | 0 | 0 | ||||
Additional Settlement Liability if Cross Default Provision is Triggered | 127,700,000 | 169,200,000 | ||||
Derivatives and Hedging (Textuals) [Abstract] | ||||||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (51,000,000) | (53,000,000) | ||||
Investment in Private Investee | ||||||
Derivatives and Hedging (Textuals) [Abstract] | ||||||
Cost Method Investments | 8,000,000 | |||||
Equity Method Investments, Fair Value Disclosure | 35,000,000 | |||||
Unrealized Gain (Loss) on Investments | 27,000,000 | |||||
AEP Texas Inc. [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 600,000 | (1,400,000) | ||||
Appalachian Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | 6,900,000 | 22,400,000 | ||||
Total Assets | 22,500,000 | |||||
Total Liabilities | 4,700,000 | |||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 4,100,000 | (16,000,000) | ||||
Collateral Triggering Events [Abstract] | ||||||
Fair Value Of Derivative Liabilities Subject To Cross Default Provisions | 600,000 | 4,300,000 | ||||
Amount of Cash Collateral Posted | 0 | 0 | ||||
Additional Settlement Liability if Cross Default Provision is Triggered | 100,000 | 3,500,000 | ||||
Indiana Michigan Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | 900,000 | 3,600,000 | ||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | (4,000,000) | 2,600,000 | ||||
Collateral Triggering Events [Abstract] | ||||||
Fair Value Of Derivative Liabilities Subject To Cross Default Provisions | 400,000 | 500,000 | ||||
Amount of Cash Collateral Posted | 0 | 0 | ||||
Additional Settlement Liability if Cross Default Provision is Triggered | 100,000 | 100,000 | ||||
Ohio Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Liabilities | 8,100,000 | 8,700,000 | ||||
Long-term Risk Management Liabilities | 95,900,000 | 101,600,000 | ||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 9,700,000 | (15,000,000) | ||||
Public Service Co Of Oklahoma [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | 5,500,000 | 10,300,000 | ||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 11,300,000 | 7,600,000 | ||||
Southwestern Electric Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | 1,300,000 | 3,200,000 | ||||
Current Risk Management Liabilities | 0 | 700,000 | ||||
Long-term Risk Management Liabilities | 900,000 | 1,000,000 | ||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 7,100,000 | 3,100,000 | ||||
Collateral Triggering Events [Abstract] | ||||||
Fair Value Of Derivative Liabilities Subject To Cross Default Provisions | 900,000 | 1,800,000 | ||||
Amount of Cash Collateral Posted | 0 | 0 | ||||
Additional Settlement Liability if Cross Default Provision is Triggered | 900,000 | 1,800,000 | ||||
Risk Management Contracts [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Total Assets | [4] | 319,100,000 | [5] | 322,100,000 | [6] | |
Total Liabilities | [4] | 236,800,000 | [5] | 218,900,000 | [6] | |
Risk Management Contracts [Member] | AEP Texas Inc. [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Total Assets | [4] | 0 | 0 | |||
Risk Management Contracts [Member] | Appalachian Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Total Assets | [4],[7] | 6,900,000 | 20,100,000 | |||
Total Liabilities | [4],[7] | 200,000 | 1,300,000 | |||
Risk Management Contracts [Member] | Indiana Michigan Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Total Assets | [4],[7] | 900,000 | 3,700,000 | |||
Total Liabilities | [4],[7] | 200,000 | 200,000 | |||
Risk Management Contracts [Member] | Ohio Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Total Assets | [4],[7] | 0 | 0 | |||
Total Liabilities | [4],[7] | 104,000,000 | 110,300,000 | |||
Risk Management Contracts [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Total Assets | [4],[7] | 5,500,000 | 10,300,000 | |||
Risk Management Contracts [Member] | Southwestern Electric Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Total Assets | [4],[7] | 1,300,000 | 3,200,000 | |||
Total Liabilities | [4],[7] | 900,000 | 1,700,000 | |||
Commodity [Member] | ||||||
Impact of Cash Flow Hedges on the Condensed Balance Sheet | ||||||
AOCI Gain (Loss) Net of Tax | (18,500,000) | (60,600,000) | ||||
Portion Expected to be Reclassified to Net Income During the Next Twelve Months | $ (300,000) | (27,100,000) | ||||
Derivatives and Hedging (Textuals) [Abstract] | ||||||
Maximum Term for Exposure to Variability of Future Cash Flows | 120 months | |||||
Cross Default Provisions Maximum Third Party Obligation Amount | $ 50,000,000 | 50,000,000 | ||||
Commodity [Member] | Risk Management Contracts [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 164,100,000 | 239,100,000 | |||
Long-term Risk Management Assets | [8] | 266,900,000 | 275,900,000 | |||
Total Assets | [8] | 431,000,000 | 515,000,000 | |||
Current Risk Management Liabilities | [8] | 133,600,000 | 193,000,000 | |||
Long-term Risk Management Liabilities | [8] | 219,800,000 | 222,200,000 | |||
Total Liabilities | [8] | 353,400,000 | 415,200,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | 77,600,000 | 99,800,000 | |||
Commodity [Member] | Risk Management Contracts [Member] | AEP Texas Inc. [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 800,000 | 400,000 | |||
Long-term Risk Management Assets | [8] | 0 | 0 | |||
Total Assets | [8] | 800,000 | 400,000 | |||
Current Risk Management Liabilities | [8] | 0 | 0 | |||
Long-term Risk Management Liabilities | [8] | 0 | 0 | |||
Total Liabilities | [8] | 0 | 0 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | 800,000 | 400,000 | |||
Commodity [Member] | Risk Management Contracts [Member] | Appalachian Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 16,500,000 | 38,800,000 | |||
Long-term Risk Management Assets | [8] | 500,000 | 700,000 | |||
Total Assets | [8] | 17,000,000 | 39,500,000 | |||
Current Risk Management Liabilities | [8] | 9,300,000 | 19,700,000 | |||
Long-term Risk Management Liabilities | [8] | 500,000 | 600,000 | |||
Total Liabilities | [8] | 9,800,000 | 20,300,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | 7,200,000 | 19,200,000 | |||
Commodity [Member] | Risk Management Contracts [Member] | Indiana Michigan Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 6,800,000 | 17,200,000 | |||
Long-term Risk Management Assets | [8] | 300,000 | 500,000 | |||
Total Assets | [8] | 7,100,000 | 17,700,000 | |||
Current Risk Management Liabilities | [8] | 6,200,000 | 12,100,000 | |||
Long-term Risk Management Liabilities | [8] | 300,000 | 400,000 | |||
Total Liabilities | [8] | 6,500,000 | 12,500,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | 600,000 | 5,200,000 | |||
Commodity [Member] | Risk Management Contracts [Member] | Ohio Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 600,000 | 300,000 | |||
Long-term Risk Management Assets | [8] | 0 | 0 | |||
Total Assets | [8] | 600,000 | 300,000 | |||
Current Risk Management Liabilities | [8] | 8,100,000 | 8,700,000 | |||
Long-term Risk Management Liabilities | [8] | 95,900,000 | 101,600,000 | |||
Total Liabilities | [8] | 104,000,000 | 110,300,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | (103,400,000) | (110,000,000) | |||
Commodity [Member] | Risk Management Contracts [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 5,800,000 | 10,500,000 | |||
Long-term Risk Management Assets | [8] | 0 | 0 | |||
Total Assets | [8] | 5,800,000 | 10,500,000 | |||
Current Risk Management Liabilities | [8] | 0 | 0 | |||
Long-term Risk Management Liabilities | [8] | 0 | 0 | |||
Total Liabilities | [8] | 0 | 0 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | 5,800,000 | 10,500,000 | |||
Commodity [Member] | Risk Management Contracts [Member] | Southwestern Electric Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 1,700,000 | 3,400,000 | |||
Long-term Risk Management Assets | [8] | 0 | 0 | |||
Total Assets | [8] | 1,700,000 | 3,400,000 | |||
Current Risk Management Liabilities | [8] | 0 | 700,000 | |||
Long-term Risk Management Liabilities | [8] | 900,000 | 1,000,000 | |||
Total Liabilities | [8] | 900,000 | 1,700,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | 800,000 | 1,700,000 | |||
Commodity [Member] | Hedging Contracts [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 34,800,000 | 21,100,000 | |||
Long-term Risk Management Assets | [8] | 18,800,000 | 18,000,000 | |||
Total Assets | [8] | 53,600,000 | 39,100,000 | |||
Current Risk Management Liabilities | [8] | 34,800,000 | 54,400,000 | |||
Long-term Risk Management Liabilities | [8] | 41,600,000 | 60,100,000 | |||
Total Liabilities | [8] | 76,400,000 | 114,500,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | (22,800,000) | (75,400,000) | |||
Interest Rate [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 950,000,000 | 1,150,000,000 | ||||
Impact of Cash Flow Hedges on the Condensed Balance Sheet | ||||||
AOCI Gain (Loss) Net of Tax | (33,300,000) | (47,500,000) | ||||
Portion Expected to be Reclassified to Net Income During the Next Twelve Months | $ (5,100,000) | (5,700,000) | ||||
Derivatives and Hedging (Textuals) [Abstract] | ||||||
Maximum Term for Exposure to Variability of Future Cash Flows | 117 months | |||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 57,000,000 | |||||
Notional Amount of a Discontinued Hedge | 500,000,000 | |||||
Interest Rate [Member] | AEP Texas Inc. [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Impact of Cash Flow Hedges on the Condensed Balance Sheet | ||||||
AOCI Gain (Loss) Net of Tax | (2,000,000) | (2,300,000) | ||||
Portion Expected to be Reclassified to Net Income During the Next Twelve Months | (1,100,000) | (1,100,000) | ||||
Interest Rate [Member] | Appalachian Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 200,000,000 | ||||
Impact of Cash Flow Hedges on the Condensed Balance Sheet | ||||||
AOCI Gain (Loss) Net of Tax | 8,200,000 | (800,000) | ||||
Portion Expected to be Reclassified to Net Income During the Next Twelve Months | 800,000 | 400,000 | ||||
Interest Rate [Member] | Indiana Michigan Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Impact of Cash Flow Hedges on the Condensed Balance Sheet | ||||||
AOCI Gain (Loss) Net of Tax | (7,800,000) | (8,300,000) | ||||
Portion Expected to be Reclassified to Net Income During the Next Twelve Months | (1,600,000) | (1,600,000) | ||||
Interest Rate [Member] | Ohio Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Interest Rate [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Impact of Cash Flow Hedges on the Condensed Balance Sheet | ||||||
AOCI Gain (Loss) Net of Tax | 0 | 100,000 | ||||
Portion Expected to be Reclassified to Net Income During the Next Twelve Months | 0 | 100,000 | ||||
Interest Rate [Member] | Southwestern Electric Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Impact of Cash Flow Hedges on the Condensed Balance Sheet | ||||||
AOCI Gain (Loss) Net of Tax | 100,000 | (300,000) | ||||
Portion Expected to be Reclassified to Net Income During the Next Twelve Months | (1,200,000) | (1,500,000) | ||||
Interest Rate [Member] | Hedging Contracts [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 2,700,000 | 5,000,000 | |||
Long-term Risk Management Assets | [8] | 0 | 0 | |||
Total Assets | [8] | 2,700,000 | 5,000,000 | |||
Current Risk Management Liabilities | [8] | 0 | 3,400,000 | |||
Long-term Risk Management Liabilities | [8] | 37,400,000 | 4,100,000 | |||
Total Liabilities | [8] | 37,400,000 | 7,500,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | (34,700,000) | (2,500,000) | |||
Interest Rate [Member] | Hedging Contracts [Member] | Appalachian Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [8] | 2,400,000 | ||||
Long-term Risk Management Assets | [8] | 0 | ||||
Total Assets | [8] | 2,400,000 | ||||
Current Risk Management Liabilities | [8] | 3,400,000 | ||||
Long-term Risk Management Liabilities | [8] | 0 | ||||
Total Liabilities | [8] | 3,400,000 | ||||
Total MTM Derivative Contract Net Assets (Liabilities) | [8] | (1,000,000) | ||||
Gross Amounts of Risk Management Assets/Liabilities Recognized [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | 201,600,000 | 265,200,000 | ||||
Long-term Risk Management Assets | 285,700,000 | 293,900,000 | ||||
Total Assets | 487,300,000 | 559,100,000 | ||||
Current Risk Management Liabilities | 168,400,000 | 250,800,000 | ||||
Long-term Risk Management Liabilities | 298,800,000 | 286,400,000 | ||||
Total Liabilities | 467,200,000 | 537,200,000 | ||||
Total MTM Derivative Contract Net Assets (Liabilities) | 20,100,000 | 21,900,000 | ||||
Gross Amounts of Risk Management Assets/Liabilities Recognized [Member] | Appalachian Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | 41,200,000 | |||||
Long-term Risk Management Assets | 700,000 | |||||
Total Assets | 41,900,000 | |||||
Current Risk Management Liabilities | 23,100,000 | |||||
Long-term Risk Management Liabilities | 600,000 | |||||
Total Liabilities | 23,700,000 | |||||
Total MTM Derivative Contract Net Assets (Liabilities) | 18,200,000 | |||||
Gross Amounts Offset in the Statement of Financial Position [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [9] | (129,500,000) | (170,500,000) | |||
Long-term Risk Management Assets | [9] | (20,900,000) | (51,700,000) | |||
Total Assets | [9] | (150,400,000) | (222,200,000) | |||
Current Risk Management Liabilities | [9] | (129,300,000) | (172,000,000) | |||
Long-term Risk Management Liabilities | [9] | (25,800,000) | (53,600,000) | |||
Total Liabilities | [9] | (155,100,000) | (225,600,000) | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [9] | 4,700,000 | 3,400,000 | |||
Gross Amounts Offset in the Statement of Financial Position [Member] | AEP Texas Inc. [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [9] | (800,000) | (400,000) | |||
Long-term Risk Management Assets | [9] | 0 | 0 | |||
Total Assets | [9] | (800,000) | (400,000) | |||
Current Risk Management Liabilities | [9] | 0 | 0 | |||
Long-term Risk Management Liabilities | [9] | 0 | 0 | |||
Total Liabilities | [9] | 0 | 0 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [9] | (800,000) | (400,000) | |||
Gross Amounts Offset in the Statement of Financial Position [Member] | Appalachian Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [9] | (9,600,000) | (18,800,000) | |||
Long-term Risk Management Assets | [9] | (500,000) | (600,000) | |||
Total Assets | [9] | (10,100,000) | (19,400,000) | |||
Current Risk Management Liabilities | [9] | (9,100,000) | (18,500,000) | |||
Long-term Risk Management Liabilities | [9] | (500,000) | (500,000) | |||
Total Liabilities | [9] | (9,600,000) | (19,000,000) | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [9] | (500,000) | (400,000) | |||
Gross Amounts Offset in the Statement of Financial Position [Member] | Indiana Michigan Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [9] | (5,900,000) | (13,600,000) | |||
Long-term Risk Management Assets | [9] | (300,000) | (400,000) | |||
Total Assets | [9] | (6,200,000) | (14,000,000) | |||
Current Risk Management Liabilities | [9] | (6,000,000) | (12,000,000) | |||
Long-term Risk Management Liabilities | [9] | (300,000) | (300,000) | |||
Total Liabilities | [9] | (6,300,000) | (12,300,000) | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [9] | 100,000 | (1,700,000) | |||
Gross Amounts Offset in the Statement of Financial Position [Member] | Ohio Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [9] | (600,000) | (300,000) | |||
Long-term Risk Management Assets | [9] | 0 | 0 | |||
Total Assets | [9] | (600,000) | (300,000) | |||
Current Risk Management Liabilities | [9] | 0 | 0 | |||
Long-term Risk Management Liabilities | [9] | 0 | 0 | |||
Total Liabilities | [9] | 0 | 0 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [9] | (600,000) | (300,000) | |||
Gross Amounts Offset in the Statement of Financial Position [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [9] | (300,000) | (200,000) | |||
Long-term Risk Management Assets | [9] | 0 | 0 | |||
Total Assets | [9] | (300,000) | (200,000) | |||
Current Risk Management Liabilities | [9] | 0 | 0 | |||
Long-term Risk Management Liabilities | [9] | 0 | 0 | |||
Total Liabilities | [9] | 0 | 0 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [9] | (300,000) | (200,000) | |||
Gross Amounts Offset in the Statement of Financial Position [Member] | Southwestern Electric Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [9] | (400,000) | (200,000) | |||
Long-term Risk Management Assets | [9] | 0 | 0 | |||
Total Assets | [9] | (400,000) | (200,000) | |||
Current Risk Management Liabilities | [9] | 0 | 0 | |||
Long-term Risk Management Liabilities | [9] | 0 | 0 | |||
Total Liabilities | [9] | 0 | 0 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [9] | (400,000) | (200,000) | |||
Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [10] | 72,100,000 | 94,700,000 | |||
Long-term Risk Management Assets | [10] | 264,800,000 | 242,200,000 | |||
Total Assets | [10] | 336,900,000 | 336,900,000 | |||
Current Risk Management Liabilities | [10] | 39,100,000 | 78,800,000 | |||
Long-term Risk Management Liabilities | [10] | 273,000,000 | 232,800,000 | |||
Total Liabilities | [10] | 312,100,000 | 311,600,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [10] | 24,800,000 | 25,300,000 | |||
Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position [Member] | AEP Texas Inc. [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [10] | 0 | 0 | |||
Long-term Risk Management Assets | [10] | 0 | 0 | |||
Total Assets | [10] | 0 | 0 | |||
Current Risk Management Liabilities | [10] | 0 | 0 | |||
Long-term Risk Management Liabilities | [10] | 0 | 0 | |||
Total Liabilities | [10] | 0 | 0 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [10] | 0 | 0 | |||
Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position [Member] | Appalachian Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [10] | 6,900,000 | 22,400,000 | |||
Long-term Risk Management Assets | [10] | 0 | 100,000 | |||
Total Assets | [10] | 6,900,000 | 22,500,000 | |||
Current Risk Management Liabilities | [10] | 200,000 | 4,600,000 | |||
Long-term Risk Management Liabilities | [10] | 0 | 100,000 | |||
Total Liabilities | [10] | 200,000 | 4,700,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [10] | 6,700,000 | 17,800,000 | |||
Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position [Member] | Indiana Michigan Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [10] | 900,000 | 3,600,000 | |||
Long-term Risk Management Assets | [10] | 0 | 100,000 | |||
Total Assets | [10] | 900,000 | 3,700,000 | |||
Current Risk Management Liabilities | [10] | 200,000 | 100,000 | |||
Long-term Risk Management Liabilities | [10] | 0 | 100,000 | |||
Total Liabilities | [10] | 200,000 | 200,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [10] | 700,000 | 3,500,000 | |||
Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position [Member] | Ohio Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [10] | 0 | 0 | |||
Long-term Risk Management Assets | [10] | 0 | 0 | |||
Total Assets | [10] | 0 | 0 | |||
Current Risk Management Liabilities | [10] | 8,100,000 | 8,700,000 | |||
Long-term Risk Management Liabilities | [10] | 95,900,000 | 101,600,000 | |||
Total Liabilities | [10] | 104,000,000 | 110,300,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [10] | (104,000,000) | (110,300,000) | |||
Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [10] | 5,500,000 | 10,300,000 | |||
Long-term Risk Management Assets | [10] | 0 | 0 | |||
Total Assets | [10] | 5,500,000 | 10,300,000 | |||
Current Risk Management Liabilities | [10] | 0 | 0 | |||
Long-term Risk Management Liabilities | [10] | 0 | 0 | |||
Total Liabilities | [10] | 0 | 0 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [10] | 5,500,000 | 10,300,000 | |||
Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position [Member] | Southwestern Electric Power Co [Member] | ||||||
Fair Value of Derivative Instruments | ||||||
Current Risk Management Assets | [10] | 1,300,000 | 3,200,000 | |||
Long-term Risk Management Assets | [10] | 0 | 0 | |||
Total Assets | [10] | 1,300,000 | 3,200,000 | |||
Current Risk Management Liabilities | [10] | 0 | 700,000 | |||
Long-term Risk Management Liabilities | [10] | 900,000 | 1,000,000 | |||
Total Liabilities | [10] | 900,000 | 1,700,000 | |||
Total MTM Derivative Contract Net Assets (Liabilities) | [10] | $ 400,000 | $ 1,500,000 | |||
Power [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MWh | 271.2 | 331.3 | ||||
Power [Member] | AEP Texas Inc. [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MWh | 0 | 0 | ||||
Power [Member] | Appalachian Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MWh | 23.3 | 46.9 | ||||
Power [Member] | Indiana Michigan Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MWh | 10.8 | 19.7 | ||||
Power [Member] | Ohio Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MWh | 2.9 | 3 | ||||
Power [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MWh | 3.8 | 11.9 | ||||
Power [Member] | Southwestern Electric Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MWh | 1.6 | 4 | ||||
Natural Gas [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MMBTU | 22.7 | 26.9 | ||||
Natural Gas [Member] | AEP Texas Inc. [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MMBTU | 0 | 0 | ||||
Natural Gas [Member] | Appalachian Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MMBTU | 0 | 0 | ||||
Natural Gas [Member] | Indiana Michigan Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MMBTU | 0 | 0 | ||||
Natural Gas [Member] | Ohio Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MMBTU | 0 | 0 | ||||
Natural Gas [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MMBTU | 0 | 0 | ||||
Natural Gas [Member] | Southwestern Electric Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Energy Notional Amount | MMBTU | 7 | 7.9 | ||||
Heating Oil and Gasoline [Member] | ||||||
Commodity: | ||||||
Derivative, Volume Notional Amount | gal | 5 | 6.9 | ||||
Heating Oil and Gasoline [Member] | AEP Texas Inc. [Member] | ||||||
Commodity: | ||||||
Derivative, Volume Notional Amount | gal | 1.3 | 1.8 | ||||
Heating Oil and Gasoline [Member] | Appalachian Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Volume Notional Amount | gal | 0.8 | 1.1 | ||||
Heating Oil and Gasoline [Member] | Indiana Michigan Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Volume Notional Amount | gal | 0.5 | 0.6 | ||||
Heating Oil and Gasoline [Member] | Ohio Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Volume Notional Amount | gal | 1 | 1.4 | ||||
Heating Oil and Gasoline [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Commodity: | ||||||
Derivative, Volume Notional Amount | gal | 0.5 | 0.7 | ||||
Heating Oil and Gasoline [Member] | Southwestern Electric Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Volume Notional Amount | gal | 0.7 | 0.9 | ||||
Interest Rate Contract [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | $ 123,600,000 | $ 129,800,000 | ||||
Interest Rate Contract [Member] | AEP Texas Inc. [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Interest Rate Contract [Member] | Appalachian Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Interest Rate Contract [Member] | Indiana Michigan Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Interest Rate Contract [Member] | Ohio Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Interest Rate Contract [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Interest Rate Contract [Member] | Southwestern Electric Power Co [Member] | ||||||
Commodity: | ||||||
Derivative, Notional Amount | 0 | 0 | ||||
Warrants Held in Investee | ||||||
Fair Value of Derivative Instruments | ||||||
Total Assets | 22,000,000 | $ 32,000,000 | ||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 10,000,000 | |||||
Vertically Integrated Utilities Revenues [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 200,000 | 400,000 | ||||
Vertically Integrated Utilities Revenues [Member] | AEP Texas Inc. [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Vertically Integrated Utilities Revenues [Member] | Appalachian Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Vertically Integrated Utilities Revenues [Member] | Indiana Michigan Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Vertically Integrated Utilities Revenues [Member] | Ohio Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Vertically Integrated Utilities Revenues [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Vertically Integrated Utilities Revenues [Member] | Southwestern Electric Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Generation and Marketing Revenues [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | (400,000) | (10,300,000) | ||||
Generation and Marketing Revenues [Member] | AEP Texas Inc. [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Generation and Marketing Revenues [Member] | Appalachian Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Generation and Marketing Revenues [Member] | Indiana Michigan Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Generation and Marketing Revenues [Member] | Ohio Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Generation and Marketing Revenues [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Generation and Marketing Revenues [Member] | Southwestern Electric Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Electric Generation, Transmission and Distribution Revenues [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Electric Generation, Transmission and Distribution Revenues [Member] | AEP Texas Inc. [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Electric Generation, Transmission and Distribution Revenues [Member] | Appalachian Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 200,000 | 200,000 | ||||
Electric Generation, Transmission and Distribution Revenues [Member] | Indiana Michigan Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 100,000 | ||||
Electric Generation, Transmission and Distribution Revenues [Member] | Ohio Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Electric Generation, Transmission and Distribution Revenues [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Electric Generation, Transmission and Distribution Revenues [Member] | Southwestern Electric Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Purchased Electricity for Resale [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 400,000 | 100,000 | ||||
Purchased Electricity for Resale [Member] | AEP Texas Inc. [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Purchased Electricity for Resale [Member] | Appalachian Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 400,000 | 100,000 | ||||
Purchased Electricity for Resale [Member] | Indiana Michigan Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Purchased Electricity for Resale [Member] | Ohio Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Purchased Electricity for Resale [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Purchased Electricity for Resale [Member] | Southwestern Electric Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Other Operation Expense [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 300,000 | (200,000) | ||||
Other Operation Expense [Member] | AEP Texas Inc. [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 100,000 | (100,000) | ||||
Other Operation Expense [Member] | Appalachian Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Other Operation Expense [Member] | Indiana Michigan Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Other Operation Expense [Member] | Ohio Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 100,000 | (100,000) | ||||
Other Operation Expense [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Other Operation Expense [Member] | Southwestern Electric Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 0 | 0 | ||||
Maintenance Expense [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 500,000 | (200,000) | ||||
Maintenance Expense [Member] | AEP Texas Inc. [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 100,000 | (100,000) | ||||
Maintenance Expense [Member] | Appalachian Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 100,000 | (100,000) | ||||
Maintenance Expense [Member] | Indiana Michigan Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 100,000 | 0 | ||||
Maintenance Expense [Member] | Ohio Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 100,000 | 0 | ||||
Maintenance Expense [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 100,000 | 0 | ||||
Maintenance Expense [Member] | Southwestern Electric Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | 100,000 | 0 | ||||
Regulatory Assets [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 6,400,000 | (33,900,000) | |||
Regulatory Assets [Member] | AEP Texas Inc. [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 0 | (1,200,000) | |||
Regulatory Assets [Member] | Appalachian Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 0 | (8,900,000) | |||
Regulatory Assets [Member] | Indiana Michigan Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | (900,000) | (700,000) | |||
Regulatory Assets [Member] | Ohio Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 6,600,000 | (18,400,000) | |||
Regulatory Assets [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 0 | (500,000) | |||
Regulatory Assets [Member] | Southwestern Electric Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 800,000 | (200,000) | |||
Regulatory Liabilities [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 22,000,000 | 11,200,000 | |||
Regulatory Liabilities [Member] | AEP Texas Inc. [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 400,000 | 0 | |||
Regulatory Liabilities [Member] | Appalachian Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 3,400,000 | (7,300,000) | |||
Regulatory Liabilities [Member] | Indiana Michigan Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | (3,200,000) | 3,200,000 | |||
Regulatory Liabilities [Member] | Ohio Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 2,900,000 | 3,500,000 | |||
Regulatory Liabilities [Member] | Public Service Co Of Oklahoma [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | 11,200,000 | 8,100,000 | |||
Regulatory Liabilities [Member] | Southwestern Electric Power Co [Member] | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | ||||||
Amount of Gain (Loss) Recognized on Risk Management Contracts | [11] | $ 6,200,000 | $ 3,300,000 | |||
[1] | Amounts include $(51) million and $(53) million as of March 31, 2021 and December 31, 2020, respectively, for the fair value hedge adjustment of hedged debt obligations for which hedge accounting has been discontinued. | |||||
[2] | Amounts included on the balance sheets within Long-term Debt Due within One Year and Long-term Debt, respectively. | |||||
[3] | Gain (Loss) is included in Interest Expense on the statements of income. | |||||
[4] | 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.’’ | |||||
[5] | The March 31, 2021 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 2 matures $(3) million in 2021, $11 million in periods 2022-2024, $17 million in periods 2025-2026 and $10 million in periods 2027-2033; Level 3 matures $23 million in 2021, $32 million in periods 2022-2024, $8 million in periods 2025-2026 and $(21) million in periods 2027-2033. Risk management commodity contracts are substantially comprised of power contracts. | |||||
[6] | The December 31, 2020 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 2 matures $3 million in periods 2022-2024, $11 million in periods 2025-2026 and $1 million in periods 2027-2033; Level 3 matures $47 million in 2021, $37 million in periods 2022-2024, $14 million in periods 2025-2026 and $(13) million in periods 2027-2033. Risk management commodity contracts are substantially comprised of power contracts. | |||||
[7] | Substantially comprised of power contracts for the Registrant Subsidiaries. | |||||
[8] | Derivative instruments within these categories are reported gross. These instruments are subject to master netting agreements and are presented on the balance sheets on a net basis in accordance with the accounting guidance for “Derivatives and Hedging.” | |||||
[9] | Amounts include counterparty netting of risk management and hedging contracts and associated cash collateral in accordance with the accounting guidance for “Derivatives and Hedging.” | |||||
[10] | All derivative contracts subject to a master netting arrangement or similar agreement are offset in the statement of financial position. | |||||
[11] | Represents realized and unrealized gains and losses subject to regulatory accounting treatment recorded as either current or noncurrent on the balance sheets. |
Fair Value Long-term Debt, Othe
Fair Value Long-term Debt, Other Temporary Investments, Nuclear Trusts (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |||
Book Values and Fair Values of Long - term Debt | |||||
Total Long-term Debt Outstanding | $ 32,345,000,000 | $ 31,072,500,000 | |||
Long Term Debt, Fair Value | [1] | 35,802,400,000 | 37,457,000,000 | ||
Other Temporary Investments | |||||
Cost | 216,200,000 | 214,900,000 | |||
Gross Unrealized Gains | 33,700,000 | 31,500,000 | |||
Gross Unrealized Losses | 0 | 0 | |||
Other Short-term Investments | 249,900,000 | 246,400,000 | |||
Debt and Equity Securities Within Other Temporary Investments | |||||
Proceeds from Investment Sales | 5,500,000 | $ 23,200,000 | |||
Purchases of Investments | 700,000 | 6,700,000 | |||
Gross Realized Gains on Investment Sales | 100,000 | 2,000,000 | |||
Gross Realized Losses on Investment Sales | 0 | 100,000 | |||
Nuclear Trust Fund Investments | |||||
Fair Value | 3,414,300,000 | 3,306,700,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 3,414,300,000 | 3,306,700,000 | |||
Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Unrealized Gain on Securities | 1,500,000,000 | 1,400,000,000 | |||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 1,603,500,000 | 1,509,800,000 | |||
Other-Than-Temporary Impairments | (16,300,000) | (9,200,000) | |||
Securities Activity Within Decommissioning and SNF Trusts | |||||
Proceeds from Investment Sales | 320,000,000 | 612,400,000 | |||
Purchases of Investments | 336,900,000 | 626,000,000 | |||
Gross Realized Gains on Investment Sales | 5,400,000 | 10,900,000 | |||
Gross Realized Losses on Investment Sales | 4,200,000 | 17,000,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Within 1 year | 320,500,000 | ||||
After 1 year through 5 years | 334,700,000 | ||||
After 5 years through 10 years | 233,600,000 | ||||
After 10 years | 270,300,000 | ||||
Fair Value Measurements (Textuals) | |||||
Adjusted Cost of Debt Securities | 1,100,000,000 | 1,100,000,000 | |||
Adjusted Cost of Domestic Equity Securities | 664,000,000 | 654,000,000 | |||
Unrealized Loss on Securities | 5,000,000 | 9,000,000 | |||
Cash [Member] | |||||
Other Temporary Investments | |||||
Cost | [2] | 74,600,000 | 68,300,000 | ||
Gross Unrealized Gains | [2] | 0 | 0 | ||
Gross Unrealized Losses | [2] | 0 | 0 | ||
Other Short-term Investments | [2],[3] | 74,600,000 | 68,300,000 | ||
Fixed Income Funds [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | 1,159,100,000 | 1,226,200,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 1,159,100,000 | 1,226,200,000 | |||
Fixed Income Funds [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 60,000,000 | 109,000,000 | |||
Other-Than-Temporary Impairments | (16,300,000) | (9,200,000) | |||
Mutual Funds Fixed Income [Member] | |||||
Other Temporary Investments | |||||
Cost | [4] | 116,700,000 | 120,700,000 | ||
Gross Unrealized Gains | [4] | 2,000,000 | 2,800,000 | ||
Gross Unrealized Losses | [4] | 0 | 0 | ||
Other Short-term Investments | [4] | 118,700,000 | 123,500,000 | ||
Domestic [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | [5] | 2,207,500,000 | 2,054,700,000 | ||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | [5] | 2,207,500,000 | 2,054,700,000 | ||
Domestic [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | [6] | 1,543,500,000 | 1,400,800,000 | ||
Other-Than-Temporary Impairments | 0 | 0 | |||
Mutual Funds Equity [Member] | |||||
Other Temporary Investments | |||||
Cost | 24,900,000 | 25,900,000 | |||
Gross Unrealized Gains | 31,700,000 | 28,700,000 | |||
Gross Unrealized Losses | 0 | 0 | |||
Other Short-term Investments | [5] | 56,600,000 | 54,600,000 | ||
Cash and Cash Equivalents [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | [7] | 47,700,000 | 25,800,000 | ||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | [7] | 47,700,000 | 25,800,000 | ||
Cash and Cash Equivalents [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 0 | 0 | |||
Other-Than-Temporary Impairments | 0 | 0 | |||
US Government Agencies Debt Securities [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | 998,900,000 | 1,025,600,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 998,900,000 | 1,025,600,000 | |||
US Government Agencies Debt Securities [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 54,800,000 | 98,500,000 | |||
Other-Than-Temporary Impairments | (13,000,000) | (7,100,000) | |||
Corporate Debt [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | 76,400,000 | 86,300,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 76,400,000 | 86,300,000 | |||
Corporate Debt [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 4,800,000 | 9,600,000 | |||
Other-Than-Temporary Impairments | (2,600,000) | (1,700,000) | |||
State and Local Jurisdiction [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | 83,800,000 | 114,300,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 83,800,000 | 114,300,000 | |||
State and Local Jurisdiction [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 400,000 | 900,000 | |||
Other-Than-Temporary Impairments | (700,000) | (400,000) | |||
AEP Texas Inc. [Member] | |||||
Book Values and Fair Values of Long - term Debt | |||||
Total Long-term Debt Outstanding | 4,810,200,000 | 4,820,400,000 | |||
Long Term Debt, Fair Value | 5,235,600,000 | 5,682,600,000 | |||
AEP Transmission Co [Member] | |||||
Book Values and Fair Values of Long - term Debt | |||||
Total Long-term Debt Outstanding | 3,949,000,000 | 3,948,500,000 | |||
Long Term Debt, Fair Value | 4,460,100,000 | 4,984,300,000 | |||
Appalachian Power Co [Member] | |||||
Book Values and Fair Values of Long - term Debt | |||||
Total Long-term Debt Outstanding | 4,966,200,000 | 4,834,100,000 | |||
Long Term Debt, Fair Value | 5,871,100,000 | 6,391,800,000 | |||
Indiana Michigan Power Co [Member] | |||||
Book Values and Fair Values of Long - term Debt | |||||
Total Long-term Debt Outstanding | 3,006,300,000 | 3,029,900,000 | |||
Long Term Debt, Fair Value | 3,422,900,000 | 3,775,300,000 | |||
Nuclear Trust Fund Investments | |||||
Fair Value | 3,414,300,000 | 3,306,700,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 3,414,300,000 | 3,306,700,000 | |||
Indiana Michigan Power Co [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Unrealized Gain on Securities | 1,500,000,000 | 1,400,000,000 | |||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 1,603,500,000 | 1,509,800,000 | |||
Other-Than-Temporary Impairments | (16,300,000) | (9,200,000) | |||
Securities Activity Within Decommissioning and SNF Trusts | |||||
Proceeds from Investment Sales | 320,000,000 | 612,400,000 | |||
Purchases of Investments | 336,900,000 | 626,000,000 | |||
Gross Realized Gains on Investment Sales | 5,400,000 | 10,900,000 | |||
Gross Realized Losses on Investment Sales | 4,200,000 | $ 17,000,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Within 1 year | 320,500,000 | ||||
After 1 year through 5 years | 334,700,000 | ||||
After 5 years through 10 years | 233,600,000 | ||||
After 10 years | 270,300,000 | ||||
Fair Value Measurements (Textuals) | |||||
Adjusted Cost of Debt Securities | 1,100,000,000 | 1,100,000,000 | |||
Adjusted Cost of Domestic Equity Securities | 664,000,000 | 654,000,000 | |||
Unrealized Loss on Securities | 5,000,000 | 9,000,000 | |||
Indiana Michigan Power Co [Member] | Fixed Income Funds [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | 1,159,100,000 | 1,226,200,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 1,159,100,000 | 1,226,200,000 | |||
Indiana Michigan Power Co [Member] | Fixed Income Funds [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 60,000,000 | 109,000,000 | |||
Other-Than-Temporary Impairments | (16,300,000) | (9,200,000) | |||
Indiana Michigan Power Co [Member] | Domestic [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | [5] | 2,207,500,000 | 2,054,700,000 | ||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | [5] | 2,207,500,000 | 2,054,700,000 | ||
Indiana Michigan Power Co [Member] | Domestic [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 1,543,500,000 | [6] | 1,400,800,000 | ||
Other-Than-Temporary Impairments | 0 | 0 | |||
Indiana Michigan Power Co [Member] | Cash and Cash Equivalents [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | [7] | 47,700,000 | 25,800,000 | ||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | [7] | 47,700,000 | 25,800,000 | ||
Indiana Michigan Power Co [Member] | Cash and Cash Equivalents [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 0 | 0 | |||
Other-Than-Temporary Impairments | 0 | 0 | |||
Indiana Michigan Power Co [Member] | US Government Agencies Debt Securities [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | 998,900,000 | 1,025,600,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 998,900,000 | 1,025,600,000 | |||
Indiana Michigan Power Co [Member] | US Government Agencies Debt Securities [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 54,800,000 | 98,500,000 | |||
Other-Than-Temporary Impairments | (13,000,000) | (7,100,000) | |||
Indiana Michigan Power Co [Member] | Corporate Debt [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | 76,400,000 | 86,300,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 76,400,000 | 86,300,000 | |||
Indiana Michigan Power Co [Member] | Corporate Debt [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 4,800,000 | 9,600,000 | |||
Other-Than-Temporary Impairments | (2,600,000) | (1,700,000) | |||
Indiana Michigan Power Co [Member] | State and Local Jurisdiction [Member] | |||||
Nuclear Trust Fund Investments | |||||
Fair Value | 83,800,000 | 114,300,000 | |||
Contractual Maturities, Fair Value of Debt Securities | |||||
Fair Value | 83,800,000 | 114,300,000 | |||
Indiana Michigan Power Co [Member] | State and Local Jurisdiction [Member] | Spent Nuclear Fuel and Decommissioning Trusts [Member] | |||||
Nuclear Trust Fund Investments | |||||
Gross Unrealized Gains | 400,000 | 900,000 | |||
Other-Than-Temporary Impairments | (700,000) | (400,000) | |||
Ohio Power Co [Member] | |||||
Book Values and Fair Values of Long - term Debt | |||||
Total Long-term Debt Outstanding | 2,876,300,000 | 2,430,200,000 | |||
Long Term Debt, Fair Value | 3,316,100,000 | 3,154,900,000 | |||
Public Service Co Of Oklahoma [Member] | |||||
Book Values and Fair Values of Long - term Debt | |||||
Total Long-term Debt Outstanding | 1,623,800,000 | 1,373,800,000 | |||
Long Term Debt, Fair Value | 1,842,400,000 | 1,732,100,000 | |||
Southwestern Electric Power Co [Member] | |||||
Book Values and Fair Values of Long - term Debt | |||||
Total Long-term Debt Outstanding | 3,131,400,000 | 2,636,400,000 | |||
Long Term Debt, Fair Value | 3,444,800,000 | 3,210,100,000 | |||
Equity Units [Member] | |||||
Book Values and Fair Values of Long - term Debt | |||||
Long Term Debt, Fair Value | $ 1,600,000,000 | $ 1,700,000,000 | |||
[1] | The fair value amounts include debt related to AEP’s Equity Units and had a fair value of $1.6 billion and $1.7 billion as of March 31, 2021 and December 31, 2020, respectively. See “Equity Units” section of Note 12 for additional information. | ||||
[2] | Primarily represents amounts held for the repayment of debt. | ||||
[3] | 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. | ||||
[4] | Primarily short and intermediate maturities which may be sold and do not contain maturity dates. | ||||
[5] | Amounts represent publicly traded equity securities and equity-based mutual funds. | ||||
[6] | Amount reported as Gross Unrealized Gains includes unrealized gains of $1.5 billion and $1.4 billion and unrealized losses of $5 million and $9 million as of March 31, 2021 and December 31, 2020, respectively. | ||||
[7] | Amounts in “Other’’ column primarily represent accrued interest receivables from financial institutions. Level 1 amounts primarily represent investments in money market funds. |
Fair Value Assets and Liabiliti
Fair Value Assets and Liabilities (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||||
Other [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | $ 11,700,000 | $ 10,500,000 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 8,200,000 | 9,000,000 | ||||
Total Assets | (106,900,000) | (199,000,000) | ||||
Risk Management Assets | ||||||
Risk Management Assets | (126,800,000) | (218,500,000) | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | (131,500,000) | (221,900,000) | ||||
Other Short-term Investments | 249,900,000 | 246,400,000 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | 3,414,300,000 | 3,306,700,000 | ||||
Total Assets | 4,057,800,000 | 3,921,800,000 | ||||
Risk Management Assets | 336,900,000 | 336,900,000 | ||||
Risk Management Liabilities | 312,100,000 | 311,600,000 | ||||
Changes in the Fair Value of Net Trading Derivatives and other investments | ||||||
Beginning Balance | 113,300,000 | $ 109,900,000 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2] | 19,800,000 | 900,000 | |||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date | [1] | (21,300,000) | 10,900,000 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [3] | 3,100,000 | (4,100,000) | |||
Settlements | (47,900,000) | (59,200,000) | ||||
Transfers into Level 3 | [4],[5] | 500,000 | (500,000) | |||
Transfers out of Level 3 | [5] | (33,000,000) | 5,300,000 | |||
Changes in Fair Value Allocated to Regulated Jurisdiction | [6] | 7,300,000 | (20,700,000) | |||
Ending Balance | 41,800,000 | 42,500,000 | ||||
Level 1 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | 238,200,000 | 235,900,000 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 2,247,000,000 | 2,071,500,000 | ||||
Total Assets | 2,486,400,000 | 2,308,300,000 | ||||
Risk Management Assets | ||||||
Risk Management Assets | 1,200,000 | 900,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 800,000 | 900,000 | ||||
Level 2 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | 0 | 0 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 1,159,100,000 | 1,226,200,000 | ||||
Total Assets | 1,480,800,000 | 1,524,400,000 | ||||
Risk Management Assets | ||||||
Risk Management Assets | 265,000,000 | 298,200,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 287,100,000 | 357,800,000 | ||||
Level 3 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | 0 | 0 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Total Assets | 197,500,000 | 288,100,000 | ||||
Risk Management Assets | ||||||
Risk Management Assets | 197,500,000 | 256,300,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 155,700,000 | 174,800,000 | ||||
2021 [Member] | Level 2 [Member] | ||||||
Fair Value Measurements 1 (Textuals) | ||||||
Maturity of Net Fair Value of Risk Management Contracts Prior to Cash Collateral, Assets/Liabilities | (3,000,000) | |||||
2021 [Member] | Level 3 [Member] | ||||||
Fair Value Measurements 1 (Textuals) | ||||||
Maturity of Net Fair Value of Risk Management Contracts Prior to Cash Collateral, Assets/Liabilities | 23,000,000 | 47,000,000 | ||||
2022 - 2024 [Member] | Level 2 [Member] | ||||||
Fair Value Measurements 1 (Textuals) | ||||||
Maturity of Net Fair Value of Risk Management Contracts Prior to Cash Collateral, Assets/Liabilities | 11,000,000 | 3,000,000 | ||||
2022 - 2024 [Member] | Level 3 [Member] | ||||||
Fair Value Measurements 1 (Textuals) | ||||||
Maturity of Net Fair Value of Risk Management Contracts Prior to Cash Collateral, Assets/Liabilities | 32,000,000 | 37,000,000 | ||||
2025 - 2026 [Member] | Level 2 [Member] | ||||||
Fair Value Measurements 1 (Textuals) | ||||||
Maturity of Net Fair Value of Risk Management Contracts Prior to Cash Collateral, Assets/Liabilities | 17,000,000 | 11,000,000 | ||||
2025 - 2026 [Member] | Level 3 [Member] | ||||||
Fair Value Measurements 1 (Textuals) | ||||||
Maturity of Net Fair Value of Risk Management Contracts Prior to Cash Collateral, Assets/Liabilities | 8,000,000 | 14,000,000 | ||||
2027 - 2033 [Member] | Level 2 [Member] | ||||||
Fair Value Measurements 1 (Textuals) | ||||||
Maturity of Net Fair Value of Risk Management Contracts Prior to Cash Collateral, Assets/Liabilities | 10,000,000 | 1,000,000 | ||||
2027 - 2033 [Member] | Level 3 [Member] | ||||||
Fair Value Measurements 1 (Textuals) | ||||||
Maturity of Net Fair Value of Risk Management Contracts Prior to Cash Collateral, Assets/Liabilities | (21,000,000) | (13,000,000) | ||||
Risk Management Commodity Contracts [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | (94,800,000) | [8] | (190,000,000) | [9] | |
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | (99,500,000) | [8] | (193,400,000) | [9] | |
Risk Management Commodity Contracts [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 319,100,000 | [8] | 322,100,000 | [9] | |
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | 236,800,000 | [8] | 218,900,000 | [9] | |
Risk Management Commodity Contracts [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 1,200,000 | [8] | 900,000 | [9] | |
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | 800,000 | [8] | 900,000 | [9] | |
Risk Management Commodity Contracts [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 217,900,000 | [8] | 258,800,000 | [9] | |
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | 182,700,000 | [8] | 244,200,000 | [9] | |
Risk Management Commodity Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 194,800,000 | [8] | 252,400,000 | [9] | |
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | 152,800,000 | [8] | 167,200,000 | [9] | |
Energy Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 178,500,000 | 213,500,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 151,700,000 | 169,700,000 | ||||
Energy Contracts [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 0.10 | 5.33 | |||
Energy Contracts [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 98.66 | 100.47 | |||
Energy Contracts [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10],[11] | 28.85 | 32.73 | |||
Natural Gas Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | 0 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 900,000 | 1,700,000 | ||||
Natural Gas Contracts [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [12] | 2.24 | 2.18 | |||
Natural Gas Contracts [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [12] | 2.92 | 2.77 | |||
Natural Gas Contracts [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [11],[12] | 2.50 | 2.40 | |||
FTRs [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 19,000,000 | 42,800,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 3,100,000 | 3,400,000 | ||||
FTRs [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | (13.61) | (15.08) | |||
FTRs [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 9.08 | 9.66 | |||
FTRs [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10],[11] | 0.02 | 0.19 | |||
Commodity Hedges [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | (32,000,000) | (28,500,000) | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | (32,000,000) | (28,500,000) | |||
Commodity Hedges [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 15,100,000 | 9,800,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | 37,900,000 | 85,200,000 | |||
Commodity Hedges [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 0 | 0 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | 0 | 0 | |||
Commodity Hedges [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 44,400,000 | 34,400,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | 67,000,000 | 106,100,000 | |||
Commodity Hedges [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 2,700,000 | 3,900,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7] | 2,900,000 | 7,600,000 | |||
Interest Rate [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | |||||
Interest Rate [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 2,400,000 | |||||
Interest Rate [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | |||||
Interest Rate [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 2,400,000 | |||||
Interest Rate [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | |||||
Fair Value Hedges [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | 0 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | 0 | ||||
Fair Value Hedges [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 2,700,000 | 2,600,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 37,400,000 | 4,100,000 | ||||
Fair Value Hedges [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | 0 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | 0 | ||||
Fair Value Hedges [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 2,700,000 | 2,600,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 37,400,000 | 4,100,000 | ||||
Fair Value Hedges [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | 0 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | 0 | ||||
Other Investments | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [13] | 0 | 0 | |||
Other Investments | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [13] | 56,700,000 | 31,800,000 | |||
Other Investments | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [13] | 0 | 0 | |||
Other Investments | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [13] | 56,700,000 | 0 | |||
Other Investments | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [13] | 0 | 31,800,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | |||||
Other Investments | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [14] | 0.10 | ||||
Other Investments | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [14] | 0.20 | ||||
Other Investments | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [14] | 0.15 | ||||
Interest Rate Foreign Currency Hedges | Other [Member] | ||||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | |||||
Interest Rate Foreign Currency Hedges | ||||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 3,400,000 | |||||
Interest Rate Foreign Currency Hedges | Level 1 [Member] | ||||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | |||||
Interest Rate Foreign Currency Hedges | Level 2 [Member] | ||||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 3,400,000 | |||||
Interest Rate Foreign Currency Hedges | Level 3 [Member] | ||||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | |||||
AEP Texas Inc. [Member] | Other [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 0 | 0 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | (800,000) | (400,000) | ||||
AEP Texas Inc. [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 39,300,000 | 28,700,000 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | 39,300,000 | 28,700,000 | ||||
AEP Texas Inc. [Member] | Level 1 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 39,300,000 | 28,700,000 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | 39,300,000 | 28,700,000 | ||||
AEP Texas Inc. [Member] | Level 2 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 0 | 0 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | 800,000 | 400,000 | ||||
AEP Texas Inc. [Member] | Level 3 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 0 | 0 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | 0 | 0 | ||||
AEP Texas Inc. [Member] | Risk Management Commodity Contracts [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | (800,000) | (400,000) | |||
AEP Texas Inc. [Member] | Risk Management Commodity Contracts [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 0 | 0 | |||
AEP Texas Inc. [Member] | Risk Management Commodity Contracts [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 0 | 0 | |||
AEP Texas Inc. [Member] | Risk Management Commodity Contracts [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 800,000 | 400,000 | |||
AEP Texas Inc. [Member] | Risk Management Commodity Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7] | 0 | 0 | |||
Appalachian Power Co [Member] | Other [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 0 | 0 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | (10,000,000) | (19,200,000) | ||||
Risk Management Assets | ||||||
Risk Management Assets | (19,200,000) | |||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | (18,800,000) | |||||
Appalachian Power Co [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 11,600,000 | 16,900,000 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | 18,500,000 | 39,400,000 | ||||
Risk Management Assets | ||||||
Risk Management Assets | 22,500,000 | |||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 4,700,000 | |||||
Changes in the Fair Value of Net Trading Derivatives and other investments | ||||||
Beginning Balance | 19,300,000 | 37,700,000 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2] | 2,100,000 | (9,200,000) | |||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date | [1] | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [3] | 0 | 0 | |||
Settlements | (15,600,000) | (21,900,000) | ||||
Transfers into Level 3 | [4],[5] | 0 | 0 | |||
Transfers out of Level 3 | [5] | 0 | 700,000 | |||
Changes in Fair Value Allocated to Regulated Jurisdiction | [6] | 800,000 | (700,000) | |||
Ending Balance | 6,600,000 | 6,600,000 | ||||
Appalachian Power Co [Member] | Level 1 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 11,600,000 | 16,900,000 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | 11,600,000 | 16,900,000 | ||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | |||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | |||||
Appalachian Power Co [Member] | Level 2 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 0 | 0 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | 9,800,000 | 21,800,000 | ||||
Risk Management Assets | ||||||
Risk Management Assets | 21,800,000 | |||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 22,900,000 | |||||
Appalachian Power Co [Member] | Level 3 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Cash and Cash Equivalents | 0 | 0 | ||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Total Assets | 7,100,000 | 19,900,000 | ||||
Risk Management Assets | ||||||
Risk Management Assets | 7,100,000 | 19,900,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 500,000 | 600,000 | ||||
Appalachian Power Co [Member] | Risk Management Commodity Contracts [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | (10,000,000) | (19,200,000) | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | (9,500,000) | (18,800,000) | |||
Appalachian Power Co [Member] | Risk Management Commodity Contracts [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 6,900,000 | 20,100,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 200,000 | 1,300,000 | |||
Appalachian Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 0 | 0 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 0 | 0 | |||
Appalachian Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 9,800,000 | 19,400,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 9,200,000 | 19,500,000 | |||
Appalachian Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 7,100,000 | 19,900,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 500,000 | 600,000 | |||
Appalachian Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 400,000 | 1,000,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 500,000 | 600,000 | ||||
Appalachian Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 10.92 | 10.84 | |||
Appalachian Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 44.29 | 41.09 | |||
Appalachian Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10],[11] | 25.13 | 25.08 | |||
Appalachian Power Co [Member] | FTRs [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 6,700,000 | 18,900,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | 0 | ||||
Appalachian Power Co [Member] | FTRs [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 0.08 | 0.04 | |||
Appalachian Power Co [Member] | FTRs [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 4.99 | 5.61 | |||
Appalachian Power Co [Member] | FTRs [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10],[11] | 0.99 | 1.13 | |||
Appalachian Power Co [Member] | Interest Rate Foreign Currency Hedges | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | |||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | |||||
Appalachian Power Co [Member] | Interest Rate Foreign Currency Hedges | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 2,400,000 | |||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 3,400,000 | |||||
Appalachian Power Co [Member] | Interest Rate Foreign Currency Hedges | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | |||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | |||||
Appalachian Power Co [Member] | Interest Rate Foreign Currency Hedges | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 2,400,000 | |||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 3,400,000 | |||||
Appalachian Power Co [Member] | Interest Rate Foreign Currency Hedges | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | |||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | |||||
Indiana Michigan Power Co [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 8,200,000 | 9,000,000 | ||||
Total Assets | 2,000,000 | (4,900,000) | ||||
Indiana Michigan Power Co [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 3,414,300,000 | 3,306,700,000 | ||||
Total Assets | 3,415,200,000 | 3,310,400,000 | ||||
Changes in the Fair Value of Net Trading Derivatives and other investments | ||||||
Beginning Balance | 2,100,000 | 5,800,000 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2] | 300,000 | 200,000 | |||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date | [1] | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [3] | 0 | 0 | |||
Settlements | (1,400,000) | (4,000,000) | ||||
Transfers into Level 3 | [4],[5] | 0 | 0 | |||
Transfers out of Level 3 | [5] | 0 | 400,000 | |||
Changes in Fair Value Allocated to Regulated Jurisdiction | [6] | (300,000) | (300,000) | |||
Ending Balance | 700,000 | 2,100,000 | ||||
Indiana Michigan Power Co [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 2,247,000,000 | 2,071,500,000 | ||||
Total Assets | 2,247,000,000 | 2,071,500,000 | ||||
Indiana Michigan Power Co [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 1,159,100,000 | 1,226,200,000 | ||||
Total Assets | 1,165,100,000 | 1,241,300,000 | ||||
Indiana Michigan Power Co [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Total Assets | 1,100,000 | 2,500,000 | ||||
Risk Management Assets | ||||||
Risk Management Assets | 1,100,000 | 2,500,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 400,000 | 400,000 | ||||
Indiana Michigan Power Co [Member] | Risk Management Commodity Contracts [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | (6,200,000) | (13,900,000) | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | (6,300,000) | (12,200,000) | |||
Indiana Michigan Power Co [Member] | Risk Management Commodity Contracts [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 900,000 | 3,700,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 200,000 | 200,000 | |||
Indiana Michigan Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 0 | 0 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 0 | 0 | |||
Indiana Michigan Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 6,000,000 | 15,100,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 6,100,000 | 12,000,000 | |||
Indiana Michigan Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 1,100,000 | 2,500,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 400,000 | 400,000 | |||
Indiana Michigan Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 300,000 | 600,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 300,000 | 300,000 | ||||
Indiana Michigan Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 10.92 | 10.84 | |||
Indiana Michigan Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 44.29 | 41.09 | |||
Indiana Michigan Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10],[11] | 25.13 | 25.08 | |||
Indiana Michigan Power Co [Member] | FTRs [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 800,000 | 1,900,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 100,000 | 100,000 | ||||
Indiana Michigan Power Co [Member] | FTRs [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | (2.29) | (1.96) | |||
Indiana Michigan Power Co [Member] | FTRs [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 3.66 | 3.69 | |||
Indiana Michigan Power Co [Member] | FTRs [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10],[11] | 0.33 | 0.33 | |||
Ohio Power Co [Member] | ||||||
Changes in the Fair Value of Net Trading Derivatives and other investments | ||||||
Beginning Balance | (110,300,000) | (103,600,000) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2] | 0 | (300,000) | |||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date | [1] | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [3] | 0 | 0 | |||
Settlements | 2,700,000 | 2,500,000 | ||||
Transfers into Level 3 | [4],[5] | 0 | 0 | |||
Transfers out of Level 3 | [5] | 0 | 0 | |||
Changes in Fair Value Allocated to Regulated Jurisdiction | [6] | 3,600,000 | (19,500,000) | |||
Ending Balance | (104,000,000) | (120,900,000) | ||||
Ohio Power Co [Member] | Risk Management Commodity Contracts [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | (600,000) | (300,000) | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 0 | 0 | |||
Ohio Power Co [Member] | Risk Management Commodity Contracts [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 0 | 0 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 104,000,000 | 110,300,000 | |||
Ohio Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 0 | 0 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 0 | 0 | |||
Ohio Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 600,000 | 300,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 0 | 0 | |||
Ohio Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 0 | 0 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 104,000,000 | 110,300,000 | |||
Ohio Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | 0 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 104,000,000 | 110,300,000 | ||||
Ohio Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 15.08 | 16.19 | |||
Ohio Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 49.09 | 46.98 | |||
Ohio Power Co [Member] | Energy Contracts [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10],[11] | 27.79 | 28.30 | |||
Public Service Co Of Oklahoma [Member] | ||||||
Changes in the Fair Value of Net Trading Derivatives and other investments | ||||||
Beginning Balance | 10,300,000 | 15,800,000 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2] | 9,300,000 | 8,000,000 | |||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date | [1] | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [3] | 0 | 0 | |||
Settlements | (16,300,000) | (17,700,000) | ||||
Transfers into Level 3 | [4],[5] | 0 | 0 | |||
Transfers out of Level 3 | [5] | 0 | 0 | |||
Changes in Fair Value Allocated to Regulated Jurisdiction | [6] | 2,200,000 | 200,000 | |||
Ending Balance | 5,500,000 | 6,300,000 | ||||
Public Service Co Of Oklahoma [Member] | Risk Management Commodity Contracts [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | (300,000) | (200,000) | |||
Public Service Co Of Oklahoma [Member] | Risk Management Commodity Contracts [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 5,500,000 | 10,300,000 | |||
Public Service Co Of Oklahoma [Member] | Risk Management Commodity Contracts [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 0 | 0 | |||
Public Service Co Of Oklahoma [Member] | Risk Management Commodity Contracts [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 300,000 | 200,000 | |||
Public Service Co Of Oklahoma [Member] | Risk Management Commodity Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 5,500,000 | 10,300,000 | |||
Public Service Co Of Oklahoma [Member] | FTRs [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 5,500,000 | 10,300,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | 0 | ||||
Public Service Co Of Oklahoma [Member] | FTRs [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | (13.61) | (6.93) | |||
Public Service Co Of Oklahoma [Member] | FTRs [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 2.04 | 0.48 | |||
Public Service Co Of Oklahoma [Member] | FTRs [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10],[11] | (3.01) | (1.93) | |||
Southwestern Electric Power Co [Member] | ||||||
Changes in the Fair Value of Net Trading Derivatives and other investments | ||||||
Beginning Balance | 1,600,000 | 1,400,000 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2] | 6,100,000 | 1,900,000 | |||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date | [1] | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [3] | 0 | 0 | |||
Settlements | (8,200,000) | (5,300,000) | ||||
Transfers into Level 3 | [4],[5] | 0 | 0 | |||
Transfers out of Level 3 | [5] | 0 | 0 | |||
Changes in Fair Value Allocated to Regulated Jurisdiction | [6] | 1,000,000 | (500,000) | |||
Ending Balance | 500,000 | $ (2,500,000) | ||||
Southwestern Electric Power Co [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 1,400,000 | 3,300,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 900,000 | 1,700,000 | ||||
Southwestern Electric Power Co [Member] | Risk Management Commodity Contracts [Member] | Other [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | (400,000) | (200,000) | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 0 | 0 | |||
Southwestern Electric Power Co [Member] | Risk Management Commodity Contracts [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 1,300,000 | 3,200,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 900,000 | 1,700,000 | |||
Southwestern Electric Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 1 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 0 | 0 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 0 | 0 | |||
Southwestern Electric Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 2 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 300,000 | 100,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 0 | 0 | |||
Southwestern Electric Power Co [Member] | Risk Management Commodity Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | [7],[15] | 1,400,000 | 3,300,000 | |||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | [7],[15] | 900,000 | 1,700,000 | |||
Southwestern Electric Power Co [Member] | Natural Gas Contracts [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 0 | 0 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 900,000 | 1,700,000 | ||||
Southwestern Electric Power Co [Member] | Natural Gas Contracts [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [12] | 2.24 | 2.18 | |||
Southwestern Electric Power Co [Member] | Natural Gas Contracts [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [12] | 2.92 | 2.77 | |||
Southwestern Electric Power Co [Member] | Natural Gas Contracts [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [11],[12] | 2.50 | 2.41 | |||
Southwestern Electric Power Co [Member] | FTRs [Member] | Level 3 [Member] | ||||||
Risk Management Assets | ||||||
Risk Management Assets | 1,400,000 | 3,300,000 | ||||
Liabilities, Fair Value Disclosure | ||||||
Risk Management Liabilities | 0 | 0 | ||||
Southwestern Electric Power Co [Member] | FTRs [Member] | Level 3 [Member] | Low [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | (13.61) | (6.93) | |||
Southwestern Electric Power Co [Member] | FTRs [Member] | Level 3 [Member] | High [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10] | 2.04 | 0.48 | |||
Southwestern Electric Power Co [Member] | FTRs [Member] | Level 3 [Member] | Weighted Average [Member] | ||||||
Level 3 Quantitative Information | ||||||
Fair Value Significant Unobservable Input Price Per Unit | [10],[11] | (3.01) | (1.93) | |||
Cash [Member] | Other [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [16] | 11,700,000 | 10,500,000 | |||
Cash [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [16],[17] | 74,600,000 | 68,300,000 | |||
Cash [Member] | Level 1 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [16] | 62,900,000 | 57,800,000 | |||
Cash [Member] | Level 2 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [16] | 0 | 0 | |||
Cash [Member] | Level 3 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [16] | 0 | 0 | |||
Fixed Income Funds [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Fixed Income Funds [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 1,159,100,000 | 1,226,200,000 | ||||
Fixed Income Funds [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Fixed Income Funds [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 1,159,100,000 | 1,226,200,000 | ||||
Fixed Income Funds [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Fixed Income Funds [Member] | Indiana Michigan Power Co [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Fixed Income Funds [Member] | Indiana Michigan Power Co [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 1,159,100,000 | 1,226,200,000 | ||||
Fixed Income Funds [Member] | Indiana Michigan Power Co [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Fixed Income Funds [Member] | Indiana Michigan Power Co [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 1,159,100,000 | 1,226,200,000 | ||||
Fixed Income Funds [Member] | Indiana Michigan Power Co [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Mutual Funds Fixed Income [Member] | Other [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | 0 | 0 | ||||
Mutual Funds Fixed Income [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [18] | 118,700,000 | 123,500,000 | |||
Mutual Funds Fixed Income [Member] | Level 1 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | 118,700,000 | 123,500,000 | ||||
Mutual Funds Fixed Income [Member] | Level 2 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | 0 | 0 | ||||
Mutual Funds Fixed Income [Member] | Level 3 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | 0 | 0 | ||||
Mutual Funds Equity [Member] | Other [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [19] | 0 | 0 | |||
Mutual Funds Equity [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [19] | 56,600,000 | 54,600,000 | |||
Mutual Funds Equity [Member] | Level 1 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [19] | 56,600,000 | 54,600,000 | |||
Mutual Funds Equity [Member] | Level 2 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [19] | 0 | 0 | |||
Mutual Funds Equity [Member] | Level 3 [Member] | ||||||
Assets, Fair Value Disclosure | ||||||
Other Short-term Investments | [19] | 0 | 0 | |||
Cash and Cash Equivalents [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 8,200,000 | 9,000,000 | |||
Cash and Cash Equivalents [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 47,700,000 | 25,800,000 | |||
Cash and Cash Equivalents [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 39,500,000 | 16,800,000 | |||
Cash and Cash Equivalents [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 0 | 0 | |||
Cash and Cash Equivalents [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 0 | 0 | |||
Cash and Cash Equivalents [Member] | Indiana Michigan Power Co [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 8,200,000 | 9,000,000 | |||
Cash and Cash Equivalents [Member] | Indiana Michigan Power Co [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 47,700,000 | 25,800,000 | |||
Cash and Cash Equivalents [Member] | Indiana Michigan Power Co [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 39,500,000 | 16,800,000 | |||
Cash and Cash Equivalents [Member] | Indiana Michigan Power Co [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 0 | 0 | |||
Cash and Cash Equivalents [Member] | Indiana Michigan Power Co [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [20] | 0 | 0 | |||
US Government Agencies Debt Securities [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 998,900,000 | 1,025,600,000 | ||||
US Government Agencies Debt Securities [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 998,900,000 | 1,025,600,000 | ||||
US Government Agencies Debt Securities [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | Indiana Michigan Power Co [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | Indiana Michigan Power Co [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 998,900,000 | 1,025,600,000 | ||||
US Government Agencies Debt Securities [Member] | Indiana Michigan Power Co [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | Indiana Michigan Power Co [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 998,900,000 | 1,025,600,000 | ||||
US Government Agencies Debt Securities [Member] | Indiana Michigan Power Co [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Corporate Debt [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Corporate Debt [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 76,400,000 | 86,300,000 | ||||
Corporate Debt [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Corporate Debt [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 76,400,000 | 86,300,000 | ||||
Corporate Debt [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Corporate Debt [Member] | Indiana Michigan Power Co [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Corporate Debt [Member] | Indiana Michigan Power Co [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 76,400,000 | 86,300,000 | ||||
Corporate Debt [Member] | Indiana Michigan Power Co [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Corporate Debt [Member] | Indiana Michigan Power Co [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 76,400,000 | 86,300,000 | ||||
Corporate Debt [Member] | Indiana Michigan Power Co [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
State and Local Jurisdiction [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
State and Local Jurisdiction [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 83,800,000 | 114,300,000 | ||||
State and Local Jurisdiction [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
State and Local Jurisdiction [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 83,800,000 | 114,300,000 | ||||
State and Local Jurisdiction [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
State and Local Jurisdiction [Member] | Indiana Michigan Power Co [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
State and Local Jurisdiction [Member] | Indiana Michigan Power Co [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 83,800,000 | 114,300,000 | ||||
State and Local Jurisdiction [Member] | Indiana Michigan Power Co [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
State and Local Jurisdiction [Member] | Indiana Michigan Power Co [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 83,800,000 | 114,300,000 | ||||
State and Local Jurisdiction [Member] | Indiana Michigan Power Co [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 0 | 0 | ||||
Domestic [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | 0 | 0 | |||
Domestic [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | 2,207,500,000 | 2,054,700,000 | |||
Domestic [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | 2,207,500,000 | 2,054,700,000 | |||
Domestic [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | 0 | 0 | |||
Domestic [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | 0 | 0 | |||
Domestic [Member] | Indiana Michigan Power Co [Member] | Other [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | 0 | 0 | |||
Domestic [Member] | Indiana Michigan Power Co [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | 2,207,500,000 | 2,054,700,000 | |||
Domestic [Member] | Indiana Michigan Power Co [Member] | Level 1 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | 2,207,500,000 | 2,054,700,000 | |||
Domestic [Member] | Indiana Michigan Power Co [Member] | Level 2 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | 0 | 0 | |||
Domestic [Member] | Indiana Michigan Power Co [Member] | Level 3 [Member] | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | [19] | $ 0 | $ 0 | |||
[1] | Included in revenues on the statements of income. | |||||
[2] | Represents the change in fair value between the beginning of the reporting period and the settlement of the risk management commodity contract. | |||||
[3] | Included in cash flow hedges on the statements of comprehensive income. | |||||
[4] | Represents existing assets or liabilities that were previously categorized as Level 2. | |||||
[5] | Transfers are recognized based on their value at the beginning of the reporting period that the transfer occurred. | |||||
[6] | 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. | |||||
[7] | 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.’’ | |||||
[8] | The March 31, 2021 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 2 matures $(3) million in 2021, $11 million in periods 2022-2024, $17 million in periods 2025-2026 and $10 million in periods 2027-2033; Level 3 matures $23 million in 2021, $32 million in periods 2022-2024, $8 million in periods 2025-2026 and $(21) million in periods 2027-2033. Risk management commodity contracts are substantially comprised of power contracts. | |||||
[9] | The December 31, 2020 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 2 matures $3 million in periods 2022-2024, $11 million in periods 2025-2026 and $1 million in periods 2027-2033; Level 3 matures $47 million in 2021, $37 million in periods 2022-2024, $14 million in periods 2025-2026 and $(13) million in periods 2027-2033. Risk management commodity contracts are substantially comprised of power contracts. | |||||
[10] | Represents market prices in dollars per MWh. | |||||
[11] | The weighted average is the product of the forward market price of the underlying commodity and volume weighted by term. | |||||
[12] | Represents market prices in dollars per MMBtu. | |||||
[13] | See “Warrants Held in Investee” section of Note 9 for additional information. | |||||
[14] | Represents percentage discount applied to the publically available share price. | |||||
[15] | Substantially comprised of power contracts for the Registrant Subsidiaries. | |||||
[16] | Amounts in “Other’’ column primarily represent cash deposits in bank accounts with financial institutions or third-parties. Level 1 and Level 2 amounts primarily represent investments in money market funds. | |||||
[17] | Primarily represents amounts held for the repayment of debt. | |||||
[18] | Primarily short and intermediate maturities which may be sold and do not contain maturity dates. | |||||
[19] | Amounts represent publicly traded equity securities and equity-based mutual funds. | |||||
[20] | Amounts in “Other’’ column primarily represent accrued interest receivables from financial institutions. Level 1 amounts primarily represent investments in money market funds. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
U.S. Federal Statutory Rate | 21.00% | 21.00% | ||
State Income Tax, net of Federal Benefit | 2.30% | 2.50% | ||
Tax Reform Excess ADIT Reversal | (9.20%) | (9.40%) | ||
Production and Investment Tax Credits | (5.50%) | (4.30%) | ||
Flow Through | 0.30% | 0.50% | ||
AFUDC Equity | (0.90%) | (1.40%) | ||
Parent Company Loss Benefit | 0.00% | 0.00% | ||
Discrete Tax Adjustments | 0.50% | 0.00% | ||
Other | 0.10% | (0.40%) | ||
Effective Income Tax Rate | 8.60% | 8.50% | ||
Income Taxes (Textuals) [Abstract] | ||||
Income Taxes Receivable | $ 95 | |||
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense | $ 48 | |||
AEP Texas Inc. [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
U.S. Federal Statutory Rate | 21.00% | 21.00% | ||
State Income Tax, net of Federal Benefit | 1.40% | 1.50% | ||
Tax Reform Excess ADIT Reversal | (7.80%) | (6.20%) | ||
Production and Investment Tax Credits | (0.30%) | (0.40%) | ||
Flow Through | 0.30% | 0.10% | ||
AFUDC Equity | (1.40%) | (2.60%) | ||
Parent Company Loss Benefit | 0.00% | (0.20%) | ||
Discrete Tax Adjustments | 0.00% | 0.00% | ||
Other | 0.10% | 0.30% | ||
Effective Income Tax Rate | 13.30% | 13.50% | ||
AEP Transmission Co [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
U.S. Federal Statutory Rate | 21.00% | 21.00% | ||
State Income Tax, net of Federal Benefit | 2.70% | 2.90% | ||
Tax Reform Excess ADIT Reversal | 0.30% | 0.40% | ||
Production and Investment Tax Credits | 0.00% | 0.00% | ||
Flow Through | 0.20% | 0.50% | ||
AFUDC Equity | (1.70%) | (2.60%) | ||
Parent Company Loss Benefit | (1.90%) | (0.90%) | ||
Discrete Tax Adjustments | 0.00% | 0.00% | ||
Other | 0.10% | 0.00% | ||
Effective Income Tax Rate | 20.70% | 21.30% | ||
Appalachian Power Co [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
U.S. Federal Statutory Rate | 21.00% | 21.00% | ||
State Income Tax, net of Federal Benefit | 3.20% | 3.00% | ||
Tax Reform Excess ADIT Reversal | (18.00%) | (13.00%) | ||
Production and Investment Tax Credits | 0.00% | 0.00% | ||
Flow Through | 1.60% | 1.50% | ||
AFUDC Equity | (1.10%) | (1.00%) | ||
Parent Company Loss Benefit | (2.90%) | (3.30%) | ||
Discrete Tax Adjustments | 0.00% | 0.00% | ||
Other | 0.10% | 0.10% | ||
Effective Income Tax Rate | 3.90% | 8.30% | ||
Indiana Michigan Power Co [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
U.S. Federal Statutory Rate | 21.00% | 21.00% | ||
State Income Tax, net of Federal Benefit | 1.30% | 3.20% | ||
Tax Reform Excess ADIT Reversal | (17.90%) | (19.60%) | ||
Production and Investment Tax Credits | (1.70%) | (1.90%) | ||
Flow Through | (1.00%) | 0.20% | ||
AFUDC Equity | (0.20%) | (1.10%) | ||
Parent Company Loss Benefit | (2.50%) | (3.90%) | ||
Discrete Tax Adjustments | 0.00% | 2.70% | ||
Other | 0.00% | (0.20%) | ||
Effective Income Tax Rate | (1.00%) | 0.40% | ||
Ohio Power Co [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
U.S. Federal Statutory Rate | 21.00% | 21.00% | ||
State Income Tax, net of Federal Benefit | 0.70% | 0.70% | ||
Tax Reform Excess ADIT Reversal | (9.70%) | (10.20%) | ||
Production and Investment Tax Credits | 0.00% | 0.00% | ||
Flow Through | 1.10% | 1.00% | ||
AFUDC Equity | (1.10%) | (1.00%) | ||
Parent Company Loss Benefit | 0.00% | (0.10%) | ||
Discrete Tax Adjustments | (4.00%) | 0.00% | ||
Other | 0.20% | 0.00% | ||
Effective Income Tax Rate | 8.20% | 11.40% | ||
Public Service Co Of Oklahoma [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
U.S. Federal Statutory Rate | 21.00% | 21.00% | ||
State Income Tax, net of Federal Benefit | 4.70% | 4.60% | ||
Tax Reform Excess ADIT Reversal | (24.70%) | (23.10%) | ||
Production and Investment Tax Credits | (8.20%) | (1.30%) | ||
Flow Through | 0.60% | 0.60% | ||
AFUDC Equity | (0.50%) | (0.70%) | ||
Parent Company Loss Benefit | 0.00% | (2.20%) | ||
Discrete Tax Adjustments | 0.00% | 0.00% | ||
Other | (0.90%) | 0.10% | ||
Effective Income Tax Rate | (8.00%) | (1.00%) | ||
Southwestern Electric Power Co [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
U.S. Federal Statutory Rate | 21.00% | 21.00% | ||
State Income Tax, net of Federal Benefit | (0.80%) | 2.70% | ||
Tax Reform Excess ADIT Reversal | (5.90%) | (94.70%) | ||
Production and Investment Tax Credits | (5.10%) | (0.50%) | ||
Flow Through | (0.70%) | (1.00%) | ||
AFUDC Equity | (0.40%) | (0.40%) | ||
Parent Company Loss Benefit | 0.00% | (2.40%) | ||
Discrete Tax Adjustments | 0.00% | 0.00% | ||
Other | 0.10% | 7.20% | ||
Effective Income Tax Rate | 8.20% | (68.10%) |
Financing Activities (Details)
Financing Activities (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Apr. 22, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Long-term Debt | |||||
Senior Unsecured Notes | $ 25,919,800,000 | $ 25,116,100,000 | |||
Pollution Control Bonds | 1,937,000,000 | 1,936,700,000 | |||
Notes Payable | 213,900,000 | 239,100,000 | |||
Securitization Bonds | 693,000,000 | 716,400,000 | |||
Spent Nuclear Fuel Obligation | [1] | 281,200,000 | 281,200,000 | ||
Junior Subordinated Notes | [2] | 1,626,000,000 | 1,624,100,000 | ||
Other Long-term Debt | 1,674,100,000 | 1,158,900,000 | |||
Total Long-term Debt Outstanding | 32,345,000,000 | 31,072,500,000 | |||
Long-term Debt Due Within One Year | 2,130,200,000 | 2,086,100,000 | |||
Long-term Debt | 30,214,800,000 | 28,986,400,000 | |||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Proceeds from Issuance of Debt | [3] | 1,964,600,000 | |||
Repayments of Long-term Debt | 650,700,000 | $ 300,500,000 | |||
Short-term Debt: | |||||
Securitized Debt for Receivables | [4] | 669,000,000 | 592,000,000 | ||
Commercial Paper | 1,874,400,000 | 1,852,300,000 | |||
364-Day Term Loan | 500,000,000 | 0 | |||
Notes Payable | 5,000,000 | 35,000,000 | |||
Total Short-term Debt | $ 3,048,400,000 | $ 2,479,300,000 | |||
Securitized Debt for Receivables | [4],[5] | 0.20% | 0.85% | ||
Comparative Accounts Receivable Information | |||||
Effective Interest Rates on Securitization of Accounts Receivable | 0.20% | 1.75% | |||
Net Uncollectible Accounts Receivable Written Off | $ 9,300,000 | $ 4,200,000 | |||
Customer Accounts Receivable Managed Portfolio | |||||
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts | 871,400,000 | $ 958,400,000 | |||
Total Principal Outstanding | 669,000,000 | 592,000,000 | |||
Delinquent Securitized Accounts Receivable | 67,700,000 | 62,300,000 | |||
Bad Debt Reserves Related to Securitization, Sale of Accounts Receivable | 47,600,000 | 60,000,000 | |||
Unbilled Receivables Related to Securitization, Sale of Accounts Receivable | 211,200,000 | 296,800,000 | |||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | 4,281,100,000 | 3,747,500,000 | |||
Financing Activities (Textuals) | |||||
Maximum Value of Shares to be Issued Under ATM Program | $ 1,000,000,000 | ||||
Maximum Percentage Paid to Selling Agents | 2.00% | ||||
Issuance of Common Stock | $ 184,600,000 | 56,100,000 | |||
Trust Fund Assets One Time Fee Obligation for Nuclear Fuel Disposition | $ 326,000,000 | $ 324,000,000 | |||
Maximum Percentage Debt to Capitalization | 67.50% | ||||
Total Commitment from Bank Conduits to Finance Receivables | $ 750,000,000 | ||||
Forward Equity Purchase Contract Included in Current and Noncurrent Liabilities as of March 31, | $ 19,100,000 | 30,200,000 | |||
Equity Distribution Agreement | |||||
Financing Activities (Textuals) | |||||
Stock Issued During Period, Shares, New Issues | 1,917,140 | ||||
Issuance of Common Stock | $ 158,000,000 | ||||
2020 Equity Units [Member] | |||||
Financing Activities (Textuals) | |||||
Equity Units Issued | 17,000,000 | ||||
Per Unit Conversion for Equity Units | $ 50 | ||||
Net Equity Units Issuance Proceeds | $ 833,000,000 | ||||
Corporate unit ownership share of an equity unit | 5.00% | ||||
Principal Amounts of Junior Subordinated Debt | $ 1,000 | ||||
Forward Equity Purchase Contract Date | 2023 | ||||
Equity Units Annual Distribution Rate | 6.125% | ||||
Forward Equity Contract Payment Rate | 4.825% | ||||
Maximum Shares Issued Under Equity Units Conversion | 10,205,100 | ||||
2019 Equity Units [Member] | |||||
Financing Activities (Textuals) | |||||
Equity Units Issued | 16,100,000 | ||||
Per Unit Conversion for Equity Units | $ 50 | ||||
Net Equity Units Issuance Proceeds | $ 785,000,000 | ||||
Corporate unit ownership share of an equity unit | 5.00% | ||||
Principal Amounts of Junior Subordinated Debt | $ 1,000 | ||||
Forward Equity Purchase Contract Date | 2022 | ||||
Equity Units Annual Distribution Rate | 6.125% | ||||
Forward Equity Contract Payment Rate | 2.725% | ||||
Maximum Shares Issued Under Equity Units Conversion | 9,701,860 | ||||
Subsequent Event [Member] | Equity Distribution Agreement | |||||
Financing Activities (Textuals) | |||||
Stock Issued During Period, Shares, New Issues | 438,165 | ||||
Issuance of Common Stock | $ 37,000,000 | ||||
Junior Subordinated Debt [Member] | 2020 Equity Units [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Proceeds from Issuance of Debt | $ 850,000,000 | ||||
Interest Rate (Percentage) | 1.30% | ||||
Junior Subordinated Debt [Member] | 2019 Equity Units [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Proceeds from Issuance of Debt | $ 805,000,000 | ||||
Interest Rate (Percentage) | 3.40% | ||||
Commercial Paper [Member] | |||||
Short-term Debt: | |||||
Weighted Average Interest Rate | [5] | 0.27% | 0.29% | ||
364 Day Term Loan | |||||
Short-term Debt: | |||||
Weighted Average Interest Rate | [5] | 0.71% | 0.00% | ||
Loans Payable [Member] | |||||
Short-term Debt: | |||||
Weighted Average Interest Rate | [5] | 2.75% | 2.55% | ||
AEP Texas Inc. [Member] | |||||
Long-term Debt | |||||
Total Long-term Debt Outstanding | $ 4,810,200,000 | $ 4,820,400,000 | |||
Long-term Debt Due Within One Year | 88,900,000 | 88,700,000 | |||
Long-term Debt | 4,721,300,000 | 4,731,700,000 | |||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 11,200,000 | $ 114,300,000 | |||
Financing Activities (Textuals) | |||||
Maximum Percentage Debt to Capitalization | 67.50% | ||||
AEP Texas Inc. [Member] | Utility [Member] | |||||
Maximum Interest Rate | 0.40% | 2.24% | |||
Minimum Interest Rate | 0.25% | 1.76% | |||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Borrowings from Money Pool | $ 295,500,000 | ||||
Maximum Loans to Money Pool | 0 | ||||
Average Borrowings from Money Pool | 197,800,000 | ||||
Average Loans to Money Pool | 0 | ||||
Net Loans (Borrowings) to/from Money Pool | (284,000,000) | ||||
Authorized Short Term Borrowing Limit | $ 500,000,000 | ||||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Borrowed | 0.31% | 2.05% | |||
Average Interest Rate For Funds Loaned | 0.00% | 1.97% | |||
AEP Texas Inc. [Member] | Nonutility [Member] | |||||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Loans to Money Pool | $ 7,100,000 | ||||
Average Loans to Money Pool | 6,900,000 | ||||
Net Loans (Borrowings) to/from Money Pool | $ 6,800,000 | ||||
Maximum and Minimum Interest Rates | |||||
Maximum Interest Rate For Funds Loaned | 0.40% | 2.24% | |||
Minimum Interest Rate for Funds Loaned | 0.25% | 1.76% | |||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Loaned | 0.30% | 1.94% | |||
AEP Texas Inc. [Member] | Securitization Bonds [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 11,200,000 | ||||
Due Date | 2025 | ||||
Interest Rate (Percentage) | 2.06% | ||||
AEP Transmission Co [Member] | |||||
Long-term Debt | |||||
Total Long-term Debt Outstanding | $ 3,949,000,000 | 3,948,500,000 | |||
Long-term Debt Due Within One Year | 50,000,000 | 50,000,000 | |||
Long-term Debt | 3,899,000,000 | 3,898,500,000 | |||
Financing Activities (Textuals) | |||||
Sub-Limit of Secured Debt | $ 50,000,000 | ||||
Maximum Percentage of Consolidated Tangible Net Assets | 10.00% | ||||
Tangible Capital to Tangible Assets | 2.50% | ||||
Maximum Percentage Debt to Capitalization | 67.50% | ||||
AEP Transmission Co [Member] | Utility [Member] | |||||
Maximum Interest Rate | 0.40% | 2.24% | |||
Minimum Interest Rate | 0.25% | 1.76% | |||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Borrowings from Money Pool | $ 330,600,000 | ||||
Maximum Loans to Money Pool | 3,500,000 | ||||
Average Borrowings from Money Pool | 230,100,000 | ||||
Average Loans to Money Pool | 1,600,000 | ||||
Net Loans (Borrowings) to/from Money Pool | (227,800,000) | ||||
Authorized Short Term Borrowing Limit | [6] | $ 820,000,000 | |||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Borrowed | 0.31% | 1.95% | |||
Average Interest Rate For Funds Loaned | 0.28% | 1.91% | |||
AEP Transmission Co [Member] | Direct Borrowing [Member] | |||||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Borrowings from Money Pool | $ 1,200,000 | ||||
Maximum Loans to Money Pool | 220,600,000 | ||||
Average Borrowings from Money Pool | 1,200,000 | ||||
Average Loans to Money Pool | 148,700,000 | ||||
Borrowings from Parent | 1,200,000 | ||||
Loans to Parent | 105,800,000 | ||||
Authorized Short Term Borrowing Limit | [7] | $ 50,000,000 | |||
Maximum and Minimum Interest Rates | |||||
Maximum Interest Rate for Funds Borrowed | 0.86% | 2.24% | |||
Minimum Interest Rate For Funds Borrowed | 0.25% | 1.76% | |||
Maximum Interest Rate For Funds Loaned | 0.86% | 2.24% | |||
Minimum Interest Rate for Funds Loaned | 0.25% | 1.76% | |||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Borrowed | 0.31% | 1.94% | |||
Average Interest Rate For Funds Loaned | 0.31% | 1.94% | |||
Appalachian Power Co [Member] | |||||
Long-term Debt | |||||
Total Long-term Debt Outstanding | $ 4,966,200,000 | 4,834,100,000 | |||
Long-term Debt Due Within One Year | 168,500,000 | 518,300,000 | |||
Long-term Debt | 4,797,700,000 | 4,315,800,000 | |||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | 362,500,000 | $ 12,200,000 | |||
Accounts Receivable and Accrued Unbilled Revenues | |||||
Accounts Receivable and Accrued Unbilled Revenues | 132,600,000 | 136,000,000 | |||
Proceeds from Sale of Receivables | |||||
Proceeds from Sale of Receivables to AEP Credit | $ 362,400,000 | 352,600,000 | |||
Financing Activities (Textuals) | |||||
Maximum Percentage Debt to Capitalization | 67.50% | ||||
Appalachian Power Co [Member] | Servicing Contracts [Member] | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | $ 1,200,000 | $ 1,700,000 | |||
Appalachian Power Co [Member] | Utility [Member] | |||||
Maximum Interest Rate | 0.40% | 2.24% | |||
Minimum Interest Rate | 0.25% | 1.76% | |||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Borrowings from Money Pool | $ 27,800,000 | ||||
Maximum Loans to Money Pool | 616,900,000 | ||||
Average Borrowings from Money Pool | 13,200,000 | ||||
Average Loans to Money Pool | 152,400,000 | ||||
Net Loans (Borrowings) to/from Money Pool | 261,100,000 | ||||
Authorized Short Term Borrowing Limit | $ 500,000,000 | ||||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Borrowed | 0.28% | 1.95% | |||
Average Interest Rate For Funds Loaned | 0.36% | 1.94% | |||
Appalachian Power Co [Member] | Pollution Control Bond [Member] | Subsequent Event [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | 18,000,000 | ||||
Appalachian Power Co [Member] | Securitization Bonds [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 12,500,000 | ||||
Due Date | 2023 | ||||
Interest Rate (Percentage) | 2.01% | ||||
Appalachian Power Co [Member] | Senior Unsecured Notes [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Proceeds from Issuance of Debt | [3] | $ 500,000,000 | |||
Due Date | 2031 | ||||
Interest Rate (Percentage) | 2.70% | ||||
Appalachian Power Co [Member] | Senior Unsecured Notes Two [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 350,000,000 | ||||
Due Date | 2021 | ||||
Interest Rate (Percentage) | 4.60% | ||||
Indiana Michigan Power Co [Member] | |||||
Long-term Debt | |||||
Total Long-term Debt Outstanding | $ 3,006,300,000 | 3,029,900,000 | |||
Long-term Debt Due Within One Year | 363,100,000 | 369,600,000 | |||
Long-term Debt | 2,643,200,000 | 2,660,300,000 | |||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | 24,100,000 | $ 23,700,000 | |||
Accounts Receivable and Accrued Unbilled Revenues | |||||
Accounts Receivable and Accrued Unbilled Revenues | 154,000,000 | 170,500,000 | |||
Proceeds from Sale of Receivables | |||||
Proceeds from Sale of Receivables to AEP Credit | 478,800,000 | 471,400,000 | |||
Financing Activities (Textuals) | |||||
Trust Fund Assets One Time Fee Obligation for Nuclear Fuel Disposition | $ 326,000,000 | 324,000,000 | |||
Maximum Percentage Debt to Capitalization | 67.50% | ||||
Indiana Michigan Power Co [Member] | Servicing Contracts [Member] | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | $ 1,600,000 | $ 2,800,000 | |||
Indiana Michigan Power Co [Member] | Utility [Member] | |||||
Maximum Interest Rate | 0.40% | 2.24% | |||
Minimum Interest Rate | 0.25% | 1.76% | |||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Borrowings from Money Pool | $ 166,500,000 | ||||
Maximum Loans to Money Pool | 13,300,000 | ||||
Average Borrowings from Money Pool | 118,200,000 | ||||
Average Loans to Money Pool | 13,300,000 | ||||
Net Loans (Borrowings) to/from Money Pool | (111,300,000) | ||||
Authorized Short Term Borrowing Limit | $ 500,000,000 | ||||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Borrowed | 0.31% | 1.95% | |||
Average Interest Rate For Funds Loaned | 0.30% | 1.94% | |||
Indiana Michigan Power Co [Member] | Notes Payable, Other Payables [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 1,500,000 | ||||
Due Date | 2021 | ||||
Interest Rate (Variable) | Variable | ||||
Indiana Michigan Power Co [Member] | Notes Payable, Other Payables [Member] | Subsequent Event [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 6,000,000 | ||||
Indiana Michigan Power Co [Member] | Notes Payable, Other Payable Two [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 1,500,000 | ||||
Due Date | 2022 | ||||
Interest Rate (Variable) | Variable | ||||
Indiana Michigan Power Co [Member] | Notes Payable, Other Payable Three [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 3,400,000 | ||||
Due Date | 2022 | ||||
Interest Rate (Variable) | Variable | ||||
Indiana Michigan Power Co [Member] | Notes Payable, Other Payable Four [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 4,800,000 | ||||
Due Date | 2023 | ||||
Interest Rate (Variable) | Variable | ||||
Indiana Michigan Power Co [Member] | Notes Payable, Other Payable Five [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 5,900,000 | ||||
Due Date | 2024 | ||||
Interest Rate (Variable) | Variable | ||||
Indiana Michigan Power Co [Member] | Notes Payable, Other Payables Six [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 6,500,000 | ||||
Due Date | 2025 | ||||
Interest Rate (Variable) | Variable | ||||
Indiana Michigan Power Co [Member] | Other Long Term Debt [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 500,000 | ||||
Due Date | 2025 | ||||
Interest Rate (Percentage) | 6.00% | ||||
Ohio Power Co [Member] | |||||
Long-term Debt | |||||
Total Long-term Debt Outstanding | $ 2,876,300,000 | 2,430,200,000 | |||
Long-term Debt Due Within One Year | 500,100,000 | 500,100,000 | |||
Long-term Debt | 2,376,200,000 | 1,930,100,000 | |||
Accounts Receivable and Accrued Unbilled Revenues | |||||
Accounts Receivable and Accrued Unbilled Revenues | 360,200,000 | 398,800,000 | |||
Proceeds from Sale of Receivables | |||||
Proceeds from Sale of Receivables to AEP Credit | 601,300,000 | $ 570,300,000 | |||
Ohio Power Co [Member] | Servicing Contracts [Member] | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | $ 1,300,000 | $ 4,800,000 | |||
Ohio Power Co [Member] | Utility [Member] | |||||
Maximum Interest Rate | 0.40% | 2.24% | |||
Minimum Interest Rate | 0.25% | 1.76% | |||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Borrowings from Money Pool | $ 259,200,000 | ||||
Maximum Loans to Money Pool | 222,400,000 | ||||
Average Borrowings from Money Pool | 175,100,000 | ||||
Average Loans to Money Pool | 107,400,000 | ||||
Net Loans (Borrowings) to/from Money Pool | 500,000 | ||||
Authorized Short Term Borrowing Limit | $ 500,000,000 | ||||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Borrowed | 0.29% | 1.90% | |||
Average Interest Rate For Funds Loaned | 0.29% | 2.06% | |||
Ohio Power Co [Member] | Senior Unsecured Notes [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Proceeds from Issuance of Debt | [3] | $ 450,000,000 | |||
Due Date | 2031 | ||||
Interest Rate (Percentage) | 1.63% | ||||
Public Service Co Of Oklahoma [Member] | |||||
Long-term Debt | |||||
Total Long-term Debt Outstanding | $ 1,623,800,000 | 1,373,800,000 | |||
Long-term Debt Due Within One Year | 500,000 | 500,000 | |||
Long-term Debt | 1,623,300,000 | 1,373,300,000 | |||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | 250,100,000 | $ 100,000 | |||
Accounts Receivable and Accrued Unbilled Revenues | |||||
Accounts Receivable and Accrued Unbilled Revenues | 76,200,000 | 85,000,000 | |||
Proceeds from Sale of Receivables | |||||
Proceeds from Sale of Receivables to AEP Credit | $ 284,900,000 | 294,900,000 | |||
Financing Activities (Textuals) | |||||
Maximum Percentage Debt to Capitalization | 67.50% | ||||
Public Service Co Of Oklahoma [Member] | Servicing Contracts [Member] | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | $ 700,000 | $ 1,300,000 | |||
Public Service Co Of Oklahoma [Member] | Utility [Member] | |||||
Maximum Interest Rate | 0.40% | 2.24% | |||
Minimum Interest Rate | 0.25% | 1.76% | |||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Borrowings from Money Pool | $ 262,000,000 | ||||
Maximum Loans to Money Pool | 210,100,000 | ||||
Average Borrowings from Money Pool | 130,300,000 | ||||
Average Loans to Money Pool | 122,000,000 | ||||
Net Loans (Borrowings) to/from Money Pool | (245,700,000) | ||||
Authorized Short Term Borrowing Limit | $ 300,000,000 | ||||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Borrowed | 0.33% | 2.00% | |||
Average Interest Rate For Funds Loaned | 0.28% | 1.95% | |||
Public Service Co Of Oklahoma [Member] | Other Long Term Debt [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Proceeds from Issuance of Debt | [3] | $ 500,000,000 | |||
Due Date | 2022 | ||||
Interest Rate (Variable) | Variable | ||||
Public Service Co Of Oklahoma [Member] | Other Long Term Debt Two [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 100,000 | ||||
Due Date | 2027 | ||||
Interest Rate (Percentage) | 3.00% | ||||
Public Service Co Of Oklahoma [Member] | Senior Unsecured Notes [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 250,000,000 | ||||
Due Date | 2021 | ||||
Interest Rate (Percentage) | 4.40% | ||||
Southwestern Electric Power Co [Member] | |||||
Long-term Debt | |||||
Total Long-term Debt Outstanding | $ 3,131,400,000 | 2,636,400,000 | |||
Long-term Debt Due Within One Year | 381,200,000 | 106,200,000 | |||
Long-term Debt | 2,750,200,000 | 2,530,200,000 | |||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | 1,600,000 | $ 1,600,000 | |||
Short-term Debt: | |||||
Notes Payable | 5,000,000 | 35,000,000 | |||
Accounts Receivable and Accrued Unbilled Revenues | |||||
Accounts Receivable and Accrued Unbilled Revenues | 132,900,000 | $ 158,600,000 | |||
Proceeds from Sale of Receivables | |||||
Proceeds from Sale of Receivables to AEP Credit | $ 384,400,000 | 365,600,000 | |||
Financing Activities (Textuals) | |||||
Maximum Percentage Debt to Capitalization | 67.50% | ||||
Southwestern Electric Power Co [Member] | Servicing Contracts [Member] | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | |||||
Fees Paid to AEP Credit for Customer Accounts Receivable Sold | $ 1,500,000 | $ 2,100,000 | |||
Southwestern Electric Power Co [Member] | Utility [Member] | |||||
Maximum Interest Rate | 0.40% | 2.24% | |||
Minimum Interest Rate | 0.25% | 1.76% | |||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Borrowings from Money Pool | $ 280,300,000 | ||||
Maximum Loans to Money Pool | 156,400,000 | ||||
Average Borrowings from Money Pool | 169,300,000 | ||||
Average Loans to Money Pool | 142,000,000 | ||||
Net Loans (Borrowings) to/from Money Pool | (86,900,000) | ||||
Authorized Short Term Borrowing Limit | $ 350,000,000 | ||||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Borrowed | 0.28% | 1.95% | |||
Average Interest Rate For Funds Loaned | 0.38% | 0.00% | |||
Southwestern Electric Power Co [Member] | Nonutility [Member] | |||||
Money Pool Participants Money Pool Activity And Authorized Borrowing Limits | |||||
Maximum Loans to Money Pool | $ 2,100,000 | ||||
Average Loans to Money Pool | 2,100,000 | ||||
Net Loans (Borrowings) to/from Money Pool | $ 2,100,000 | ||||
Maximum and Minimum Interest Rates | |||||
Maximum Interest Rate For Funds Loaned | 0.40% | 2.24% | |||
Minimum Interest Rate for Funds Loaned | 0.25% | 1.76% | |||
Average Interest Rates for Funds Borrowed From and Loaned to Money Pool | |||||
Average Interest Rate For Funds Loaned | 0.30% | 1.94% | |||
Southwestern Electric Power Co [Member] | Notes Payable, Other Payables [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 1,600,000 | ||||
Due Date | 2032 | ||||
Interest Rate (Percentage) | 4.58% | ||||
Southwestern Electric Power Co [Member] | Senior Unsecured Notes [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Proceeds from Issuance of Debt | [3] | $ 500,000,000 | |||
Due Date | 2026 | ||||
Interest Rate (Percentage) | 1.65% | ||||
Southwestern Electric Power Co [Member] | Loans Payable [Member] | |||||
Short-term Debt: | |||||
Weighted Average Interest Rate | [5] | 2.75% | 2.55% | ||
Transource Energy [Member] | Other Long Term Debt [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Proceeds from Issuance of Debt | [3] | $ 14,600,000 | |||
Due Date | 2023 | ||||
Interest Rate (Variable) | Variable | ||||
Transource Energy [Member] | Senior Unsecured Notes [Member] | |||||
Long-term Debt and Other Securities Issued, Retired and Principal Payments Made | |||||
Repayments of Long-term Debt | $ 1,200,000 | ||||
Due Date | 2050 | ||||
Interest Rate (Percentage) | 2.75% | ||||
Maximum [Member] | 2020 Equity Units [Member] | |||||
Financing Activities (Textuals) | |||||
AEP Share Price for Equity Unit Conversion | $ 99.95 | ||||
Shares Per Equity Unit | 0.6003 | ||||
Maximum [Member] | 2019 Equity Units [Member] | |||||
Financing Activities (Textuals) | |||||
AEP Share Price for Equity Unit Conversion | $ 99.58 | ||||
Shares Per Equity Unit | 0.6026 | ||||
Minimum [Member] | 2020 Equity Units [Member] | |||||
Financing Activities (Textuals) | |||||
AEP Share Price for Equity Unit Conversion | $ 83.29 | ||||
Shares Per Equity Unit | 0.5003 | ||||
Minimum [Member] | 2019 Equity Units [Member] | |||||
Financing Activities (Textuals) | |||||
AEP Share Price for Equity Unit Conversion | $ 82.98 | ||||
Shares Per Equity Unit | 0.5021 | ||||
Retained Earnings [Member] | |||||
Financing Activities (Textuals) | |||||
Forward Equity Purchase Contract Included in Current and Noncurrent Liabilities as of March 31, | $ 600,000 | ||||
Additional Paid-in Capital [Member] | |||||
Financing Activities (Textuals) | |||||
Forward Equity Purchase Contract Included in Current and Noncurrent Liabilities as of March 31, | 21,900,000 | $ 29,000,000 | |||
Additional Paid-in Capital [Member] | 2020 Equity Units [Member] | |||||
Financing Activities (Textuals) | |||||
Forward Equity Purchase Contract Included in Current and Noncurrent Liabilities as of March 31, | 121,000,000 | ||||
Additional Paid-in Capital [Member] | 2019 Equity Units [Member] | |||||
Financing Activities (Textuals) | |||||
Forward Equity Purchase Contract Included in Current and Noncurrent Liabilities as of March 31, | $ 62,000,000 | ||||
[1] | 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 $326 million and $324 million as of March 31, 2021 and December 31, 2020, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets. | ||||
[2] | See “Equity Units” section below for additional information. | ||||
[3] | Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts. | ||||
[4] | Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance. | ||||
[5] | Weighted-average rate. | ||||
[6] | Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions. | ||||
[7] | Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | $ 4,281.1 | $ 3,747.5 | ||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 1,366.6 | |||||
Revenues | 4,281.1 | 3,747.5 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 0 | 0 | ||||
Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 2,936.9 | 2,870.2 | ||||
Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1,594.2 | 1,436.4 | ||||
Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 725.4 | 766.3 | ||||
Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 569.5 | 615.8 | ||||
Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 47.8 | 51.7 | ||||
Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1,234.6 | 765.2 | ||||
Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 393.1 | 184.5 | ||||
Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 280.6 | [1] | 240.8 | [2] | ||
Renewable Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 21.7 | [3] | 16.6 | [4] | ||
Retail, Trading and Marketing Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 539.2 | [5] | 323.3 | [6] | ||
Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 87.9 | [3] | 71.5 | [4] | ||
Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 4,259.4 | 3,706.9 | ||||
Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 21.7 | 40.6 | ||||
Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 16.9 | [3] | 20.7 | [4] | ||
Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 92.6 | 70.9 | ||||
Revenue, Performance Obligation | ||||||
Revenues | 4.8 | [3] | 19.9 | [4] | ||
2021 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 873.4 | |||||
2022-2023 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 171.3 | |||||
2024-2025 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 160.4 | |||||
2025 and Forward [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 161.5 | |||||
AEP Texas Inc. [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 349 | |||||
Revenues | 364.2 | 423.6 | ||||
Affiliated Companies - Contracts with Customers | 7.2 | $ 5.1 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 1 | 31.1 | ||||
AEP Texas Inc. [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 236.7 | 289.3 | ||||
AEP Texas Inc. [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 122.7 | 132.9 | ||||
AEP Texas Inc. [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 80.7 | 112.8 | ||||
AEP Texas Inc. [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 26.5 | 35.2 | ||||
AEP Texas Inc. [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 6.8 | 8.4 | ||||
AEP Texas Inc. [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 112 | 96.9 | ||||
AEP Texas Inc. [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [7] | 0 | [8] | ||
AEP Texas Inc. [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 112 | [9] | 96.9 | [10] | ||
AEP Texas Inc. [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 16.2 | [11] | 7.9 | [12] | ||
AEP Texas Inc. [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 364.9 | 394.1 | ||||
AEP Texas Inc. [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (0.7) | 29.5 | ||||
AEP Texas Inc. [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (0.7) | [13] | (0.7) | [14] | ||
AEP Texas Inc. [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1.5 | 0.9 | ||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [13] | 30.2 | [14] | ||
AEP Texas Inc. [Member] | 2021 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 349 | |||||
AEP Texas Inc. [Member] | 2022-2023 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
AEP Texas Inc. [Member] | 2024-2025 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
AEP Texas Inc. [Member] | 2025 and Forward [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
AEP Transmission Co [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 1,001.3 | |||||
Revenues | 361.7 | 295.6 | ||||
Affiliated Companies - Contracts with Customers | 95 | 81.2 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 285.6 | 233.7 | ||||
AEP Transmission Co [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Co [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Co [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Co [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Co [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Co [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 345.2 | 298.2 | ||||
AEP Transmission Co [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [7] | 0 | [8] | ||
AEP Transmission Co [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 345.2 | [9] | 298.2 | [10] | ||
Revenue Textuals | ||||||
Revenue from Related Parties | 270 | 235 | ||||
AEP Transmission Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 4.6 | [11] | 3.4 | [12] | ||
AEP Transmission Co [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 349.8 | 301.6 | ||||
AEP Transmission Co [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 11.9 | (6) | ||||
AEP Transmission Co [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 11.9 | [13] | (6) | [14] | ||
AEP Transmission Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0.1 | 0.6 | ||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [13] | 0 | [14] | ||
AEP Transmission Co [Member] | Short-term Contract with Customer [Member] | ||||||
Revenue, Performance Obligation | ||||||
Affiliated Companies - Contracts with Customers | 92.3 | 81 | ||||
AEP Transmission Co [Member] | 2021 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 1,001.3 | |||||
AEP Transmission Co [Member] | 2022-2023 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
AEP Transmission Co [Member] | 2024-2025 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
AEP Transmission Co [Member] | 2025 and Forward [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
Appalachian Power Co [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 198.7 | |||||
Revenues | 817 | 749.4 | ||||
Affiliated Companies - Contracts with Customers | 64.9 | 64.3 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 50.1 | 49.7 | ||||
Appalachian Power Co [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 694.9 | 648.8 | ||||
Appalachian Power Co [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 416.9 | 357.5 | ||||
Appalachian Power Co [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 130.2 | 132.3 | ||||
Appalachian Power Co [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 130.9 | 141.1 | ||||
Appalachian Power Co [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 16.9 | 17.9 | ||||
Appalachian Power Co [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 106.6 | 84.5 | ||||
Appalachian Power Co [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 72.4 | [7] | 54.1 | [8] | ||
Revenue Textuals | ||||||
Revenue from Related Parties | 32 | 33 | ||||
Appalachian Power Co [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 34.2 | [9] | 30.4 | [10] | ||
Appalachian Power Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 13.1 | [11] | 17.2 | [12] | ||
Appalachian Power Co [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 814.6 | 750.5 | ||||
Appalachian Power Co [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 2.4 | (1.1) | ||||
Appalachian Power Co [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 2.2 | [13] | (1.1) | [14] | ||
Appalachian Power Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 2.7 | 2.7 | ||||
Revenue, Performance Obligation | ||||||
Revenues | 0.2 | [13] | 0 | [14] | ||
Appalachian Power Co [Member] | Short-term Contract with Customer [Member] | ||||||
Revenue, Performance Obligation | ||||||
Affiliated Companies - Contracts with Customers | 52.6 | 52.7 | ||||
Appalachian Power Co [Member] | 2021 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 130.4 | |||||
Appalachian Power Co [Member] | 2022-2023 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 32.3 | |||||
Appalachian Power Co [Member] | 2024-2025 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 24.3 | |||||
Appalachian Power Co [Member] | 2025 and Forward [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 11.7 | |||||
Indiana Michigan Power Co [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 47.8 | |||||
Revenues | 564.5 | 570.3 | ||||
Affiliated Companies - Contracts with Customers | 48.8 | 51.3 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 0.8 | 2.9 | ||||
Indiana Michigan Power Co [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 457 | 463.1 | ||||
Indiana Michigan Power Co [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 213.6 | 201.3 | ||||
Indiana Michigan Power Co [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 113.6 | 122.2 | ||||
Indiana Michigan Power Co [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 128.4 | 137.8 | ||||
Indiana Michigan Power Co [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1.4 | 1.8 | ||||
Indiana Michigan Power Co [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 87.9 | 85.8 | ||||
Indiana Michigan Power Co [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 79.6 | [7] | 78.4 | [8] | ||
Indiana Michigan Power Co [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 8.3 | [9] | 7.4 | [10] | ||
Indiana Michigan Power Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 20.7 | [11] | 21 | [12] | ||
Indiana Michigan Power Co [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 565.6 | 569.9 | ||||
Indiana Michigan Power Co [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (1.1) | 0.4 | ||||
Indiana Michigan Power Co [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (1.1) | [13] | 0.4 | [14] | ||
Indiana Michigan Power Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1.7 | 1.5 | ||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [13] | 0 | [14] | ||
Revenue Textuals | ||||||
Revenue from Related Parties | 16 | 16 | ||||
Indiana Michigan Power Co [Member] | Short-term Contract with Customer [Member] | ||||||
Revenue, Performance Obligation | ||||||
Affiliated Companies - Contracts with Customers | 31.4 | 34.8 | ||||
Indiana Michigan Power Co [Member] | 2021 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 25.8 | |||||
Indiana Michigan Power Co [Member] | 2022-2023 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 8.8 | |||||
Indiana Michigan Power Co [Member] | 2024-2025 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 8.8 | |||||
Indiana Michigan Power Co [Member] | 2025 and Forward [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 4.4 | |||||
Ohio Power Co [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 49.8 | |||||
Revenues | 723.9 | 690.3 | ||||
Affiliated Companies - Contracts with Customers | 78.3 | 65.1 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 4.8 | 8.4 | ||||
Ohio Power Co [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 646.2 | 618.5 | ||||
Ohio Power Co [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 425.3 | 388.4 | ||||
Ohio Power Co [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 158.5 | 164 | ||||
Ohio Power Co [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 59.2 | 62.7 | ||||
Ohio Power Co [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 3.2 | 3.4 | ||||
Ohio Power Co [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 18.5 | 17.1 | ||||
Ohio Power Co [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [7] | 0 | [8] | ||
Ohio Power Co [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 18.5 | [9] | 17.1 | [10] | ||
Ohio Power Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 36 | [11] | 28.6 | [12] | ||
Ohio Power Co [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 700.7 | 664.2 | ||||
Ohio Power Co [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 23.2 | 26.1 | ||||
Ohio Power Co [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 17.9 | [13] | 20 | [14] | ||
Ohio Power Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 2.4 | 2.7 | ||||
Revenue, Performance Obligation | ||||||
Revenues | 5.3 | [13] | 6.1 | [14] | ||
Ohio Power Co [Member] | Short-term Contract with Customer [Member] | ||||||
Revenue, Performance Obligation | ||||||
Affiliated Companies - Contracts with Customers | 47.8 | 45.9 | ||||
Ohio Power Co [Member] | 2021 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 49.7 | |||||
Ohio Power Co [Member] | 2022-2023 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
Ohio Power Co [Member] | 2024-2025 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
Ohio Power Co [Member] | 2025 and Forward [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0.1 | |||||
Public Service Co Of Oklahoma [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 14.8 | |||||
Revenues | 296.1 | 297.3 | ||||
Affiliated Companies - Contracts with Customers | 21.8 | 15.6 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 1 | 1.1 | ||||
Public Service Co Of Oklahoma [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 281.6 | 282.5 | ||||
Public Service Co Of Oklahoma [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 136.8 | 128.5 | ||||
Public Service Co Of Oklahoma [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 72.7 | 76.1 | ||||
Public Service Co Of Oklahoma [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 56.4 | 61.3 | ||||
Public Service Co Of Oklahoma [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 15.7 | 16.6 | ||||
Public Service Co Of Oklahoma [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 2.3 | 9.7 | ||||
Public Service Co Of Oklahoma [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | (7.1) | [7] | 1.9 | [8] | ||
Public Service Co Of Oklahoma [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 9.4 | [9] | 7.8 | [10] | ||
Public Service Co Of Oklahoma [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 12.6 | [11] | 4.7 | [12] | ||
Public Service Co Of Oklahoma [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 296.5 | 296.9 | ||||
Public Service Co Of Oklahoma [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (0.4) | 0.4 | ||||
Public Service Co Of Oklahoma [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (0.4) | [13] | 0.4 | [14] | ||
Public Service Co Of Oklahoma [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1.5 | 0.8 | ||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [13] | 0 | [14] | ||
Public Service Co Of Oklahoma [Member] | Short-term Contract with Customer [Member] | ||||||
Revenue, Performance Obligation | ||||||
Affiliated Companies - Contracts with Customers | 14.9 | 7.8 | ||||
Public Service Co Of Oklahoma [Member] | 2021 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 14.8 | |||||
Public Service Co Of Oklahoma [Member] | 2022-2023 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
Public Service Co Of Oklahoma [Member] | 2024-2025 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
Public Service Co Of Oklahoma [Member] | 2025 and Forward [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
Southwestern Electric Power Co [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 41.6 | |||||
Revenues | 616.1 | 385.9 | ||||
Affiliated Companies - Contracts with Customers | 34.6 | 25.1 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 7.8 | 7.5 | ||||
Southwestern Electric Power Co [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 352.1 | 319 | ||||
Southwestern Electric Power Co [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 166.3 | 131.6 | ||||
Southwestern Electric Power Co [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 112.9 | 105.6 | ||||
Southwestern Electric Power Co [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 70.6 | 79.8 | ||||
Southwestern Electric Power Co [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 2.3 | 2 | ||||
Southwestern Electric Power Co [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 257.5 | 59.5 | ||||
Southwestern Electric Power Co [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 228.6 | [7] | 34.1 | [8] | ||
Southwestern Electric Power Co [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 28.9 | [9] | 25.4 | [10] | ||
Southwestern Electric Power Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 6.4 | [11] | 5.8 | [12] | ||
Southwestern Electric Power Co [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 616 | 384.3 | ||||
Southwestern Electric Power Co [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 0.1 | 1.6 | ||||
Southwestern Electric Power Co [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 0.1 | [13] | 1.6 | [14] | ||
Southwestern Electric Power Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0.6 | 0.8 | ||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [13] | 0 | [14] | ||
Southwestern Electric Power Co [Member] | Short-term Contract with Customer [Member] | ||||||
Revenue, Performance Obligation | ||||||
Affiliated Companies - Contracts with Customers | 22.8 | $ 11.2 | ||||
Southwestern Electric Power Co [Member] | 2021 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 41.6 | |||||
Southwestern Electric Power Co [Member] | 2022-2023 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
Southwestern Electric Power Co [Member] | 2024-2025 [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
Southwestern Electric Power Co [Member] | 2025 and Forward [Member] | ||||||
Revenue, Performance Obligation | ||||||
Fixed Performance Obligations | 0 | |||||
Consolidation Eliminations [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Revenue, Performance Obligation | ||||||
Revenues | (368.4) | (354.8) | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | (368.4) | (354.8) | ||||
Consolidation Eliminations [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | (0.2) | (0.2) | ||||
Consolidation Eliminations [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Consolidation Eliminations [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Consolidation Eliminations [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | (0.2) | (0.2) | ||||
Consolidation Eliminations [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Consolidation Eliminations [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | (331.8) | (293) | ||||
Consolidation Eliminations [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Consolidation Eliminations [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | (299.3) | [1] | (263) | [2] | ||
Consolidation Eliminations [Member] | Renewable Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | (0.7) | [3] | (0.6) | [4] | ||
Consolidation Eliminations [Member] | Retail, Trading and Marketing Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | (31.8) | [5] | (29.4) | [6] | ||
Consolidation Eliminations [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | (21.2) | [3] | (40.6) | [4] | ||
Consolidation Eliminations [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | (353.2) | (333.8) | ||||
Consolidation Eliminations [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (15.2) | (21) | ||||
Consolidation Eliminations [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (11.6) | [3] | 4.5 | [4] | ||
Consolidation Eliminations [Member] | Other Revenues [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (3.6) | [3] | (25.5) | [4] | ||
Consolidation Eliminations [Member] | AEP Transmission Co [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | 0 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 0 | 0 | ||||
Consolidation Eliminations [Member] | AEP Transmission Co [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Vertically Integrated Utilities [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 2,537.3 | 2,226.7 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 32.8 | 33.7 | ||||
Vertically Integrated Utilities [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 2,054.1 | 1,962.6 | ||||
Vertically Integrated Utilities [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1,046.1 | 915.1 | ||||
Vertically Integrated Utilities [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 486.2 | 489.4 | ||||
Vertically Integrated Utilities [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 484 | 518.2 | ||||
Vertically Integrated Utilities [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 37.8 | 39.9 | ||||
Vertically Integrated Utilities [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 441.6 | 220.3 | ||||
Vertically Integrated Utilities [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 352.6 | 140.4 | ||||
Vertically Integrated Utilities [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 89 | [1] | 79.9 | [2] | ||
Vertically Integrated Utilities [Member] | Renewable Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [3] | 0 | [4] | ||
Vertically Integrated Utilities [Member] | Retail, Trading and Marketing Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [5] | 0 | [6] | ||
Vertically Integrated Utilities [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 42.3 | [3] | 43.6 | [4] | ||
Vertically Integrated Utilities [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 2,538 | 2,226.5 | ||||
Vertically Integrated Utilities [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (0.7) | 0.2 | ||||
Vertically Integrated Utilities [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | (0.7) | [3] | 0.2 | [4] | ||
Vertically Integrated Utilities [Member] | Other Revenues [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [3] | 0 | [4] | ||
Transmission And Distribution Utilities [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 1,088.1 | 1,106.9 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 5.8 | 31.7 | ||||
Transmission And Distribution Utilities [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 883 | 907.8 | ||||
Transmission And Distribution Utilities [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 548.1 | 521.3 | ||||
Transmission And Distribution Utilities [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 239.2 | 276.9 | ||||
Transmission And Distribution Utilities [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 85.7 | 97.8 | ||||
Transmission And Distribution Utilities [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 10 | 11.8 | ||||
Transmission And Distribution Utilities [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 130.5 | 114.1 | ||||
Transmission And Distribution Utilities [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Transmission And Distribution Utilities [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 130.5 | [1] | 114.1 | [2] | ||
Transmission And Distribution Utilities [Member] | Renewable Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [3] | 0 | [4] | ||
Transmission And Distribution Utilities [Member] | Retail, Trading and Marketing Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [5] | 0 | [6] | ||
Transmission And Distribution Utilities [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 52.1 | [3] | 36.4 | [4] | ||
Transmission And Distribution Utilities [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1,065.6 | 1,058.3 | ||||
Transmission And Distribution Utilities [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 22.5 | 48.6 | ||||
Transmission And Distribution Utilities [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 17.2 | [3] | 19.3 | [4] | ||
Transmission And Distribution Utilities [Member] | Other Revenues [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 5.3 | [3] | 29.3 | [4] | ||
AEP Transmission Holdco [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 377 | 310.2 | ||||
AEP Transmission Holdco [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Holdco [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Holdco [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Holdco [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Holdco [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Holdco [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 360.4 | 309.8 | ||||
AEP Transmission Holdco [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
AEP Transmission Holdco [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 360.4 | [1] | 309.8 | [2] | ||
Revenue Textuals | ||||||
Revenue from Related Parties | 273 | 239 | ||||
AEP Transmission Holdco [Member] | Renewable Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [3] | 0 | [4] | ||
AEP Transmission Holdco [Member] | Retail, Trading and Marketing Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [5] | 0 | [6] | ||
AEP Transmission Holdco [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 4.6 | [3] | 3.7 | [4] | ||
AEP Transmission Holdco [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 365 | 313.5 | ||||
AEP Transmission Holdco [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 12 | (3.3) | ||||
AEP Transmission Holdco [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 12 | [3] | (3.3) | [4] | ||
AEP Transmission Holdco [Member] | Other Revenues [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [3] | 0 | [4] | ||
Generation And Marketing [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 634.2 | 438.6 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 32.5 | 30.2 | ||||
Generation And Marketing [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Generation And Marketing [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Generation And Marketing [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Generation And Marketing [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Generation And Marketing [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Generation And Marketing [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 632.7 | 420 | ||||
Generation And Marketing [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 40.5 | 44.1 | ||||
Revenue Textuals | ||||||
Revenue from Related Parties | 32 | 35 | ||||
Generation And Marketing [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [1] | 0 | [2] | ||
Generation And Marketing [Member] | Renewable Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 22.4 | [3] | 17.2 | [4] | ||
Generation And Marketing [Member] | Retail, Trading and Marketing Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 569.8 | [5] | 358.7 | [6] | ||
Generation And Marketing [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1.5 | [3] | 0.3 | [4] | ||
Generation And Marketing [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 634.2 | 420.3 | ||||
Generation And Marketing [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | 18.3 | ||||
Generation And Marketing [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [3] | 0 | [4] | ||
Generation And Marketing [Member] | Other Revenues [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [3] | 18.3 | [4] | ||
Other Segments [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | [15] | 12.9 | 19.9 | |||
Revenue Textuals | ||||||
Revenue from Related Parties | [15] | 8.2 | 22.1 | |||
Other Segments [Member] | Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Other Segments [Member] | Residential [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Other Segments [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Other Segments [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Other Segments [Member] | Other Retail [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Other Segments [Member] | Wholesale and Competitive [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1.2 | (6) | ||||
Other Segments [Member] | Wholesale Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | 0 | ||||
Other Segments [Member] | Wholesale Transmission [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [1] | 0 | [2] | ||
Other Segments [Member] | Renewable Generation [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 0 | [3] | 0 | [4] | ||
Other Segments [Member] | Retail, Trading and Marketing Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 1.2 | [5] | (6) | [6] | ||
Other Segments [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 8.6 | [3] | 28.1 | [4] | ||
Other Segments [Member] | Affiliated and Nonaffiliated [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | 9.8 | 22.1 | ||||
Other Segments [Member] | Alternative and Other [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 3.1 | (2.2) | ||||
Other Segments [Member] | Alternative [Member] | ||||||
Revenue, Performance Obligation | ||||||
Revenues | 0 | [3] | 0 | [4] | ||
Other Segments [Member] | Other Revenues [Member] | ||||||
Disaggregation of Revenue | ||||||
Revenue from Contracts with Customers | [15] | 4.7 | (2.2) | |||
Revenue, Performance Obligation | ||||||
Revenues | $ 3.1 | [3] | $ (2.2) | [4] | ||
[1] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $273 million. The remaining affiliated amounts were immaterial. | |||||
[2] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $239 million. The remaining affiliated amounts were immaterial | |||||
[3] | Amounts include affiliated and nonaffiliated revenues. | |||||
[4] | Amounts include affiliated and nonaffiliated revenues | |||||
[5] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $32 million. The remaining affiliated amounts were immaterial. | |||||
[6] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $35 million. The remaining affiliated amounts were immaterial. | |||||
[7] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $32 million primarily relating to the PPA with KGPCo. The remaining affiliated amounts were immaterial | |||||
[8] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $33 million primarily relating to the PPA with KGPCo. The remaining affiliated amounts were immaterial. | |||||
[9] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $270 million. The remaining affiliated amounts were immaterial. | |||||
[10] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $235 million. The remaining affiliated amounts were immaterial. | |||||
[11] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $16 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. | |||||
[12] | Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $16 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. | |||||
[13] | Amounts include affiliated and nonaffiliated revenues. | |||||
[14] | Amounts include affiliated and nonaffiliated revenues. | |||||
[15] | 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, interest expense and other nonallocated costs. |