v3.24.0.1
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2023
Reportable Segment Information
Vertically Integrated UtilitiesTransmission and Distribution UtilitiesAEP Transmission HoldcoGeneration & MarketingCorporate and Other (a)Reconciling AdjustmentsConsolidated
(in millions)
2023
Revenues from:
External Customers
$11,303.7 $5,677.2 $397.4 $1,543.3 $60.7 $— $18,982.3 
Other Operating Segments
145.8 36.1 1,331.1 88.9 107.3 (1,709.2)(b)— 
Total Revenues$11,449.5 $5,713.3 $1,728.5 $1,632.2 $168.0 $(1,709.2)$18,982.3 
Asset Impairments and Other Related Charges
$85.6 $— $— $— $— $— $85.6 
Loss on the Sale of the Competitive Contracted Renewables Portfolio— — — 92.7 — — 92.7 
Depreciation and Amortization
1,876.4 784.7 402.6 42.7 (16.0)— 3,090.4 
Interest Expense764.5 363.6 202.6 76.0 594.7 (194.5)1,806.9 
Income Tax Expense (Benefit)
(45.2)140.2 166.0 (122.9)(83.5)— 54.6 
Equity Earnings (Loss) of Unconsolidated Subsidiaries1.4 — 82.9 (16.5)(9.3)— 58.5 
Net Income (Loss)$1,093.9 $698.7 $706.7 $(29.1)$(257.6)$— $2,212.6 
Gross Property Additions$3,486.8 $2,467.4 $1,528.7 $12.6 $36.6 $1.4 $7,533.5 
Total Assets $51,802.1 $24,838.4 $16,575.6 $2,598.5 $5,194.0 (c)$(4,324.6)(d)$96,684.0 
Investments in Equity Method Investees $10.0 $3.0 $905.8 $100.6 $54.2 $— $1,073.6 
Vertically Integrated UtilitiesTransmission and Distribution UtilitiesAEP Transmission HoldcoGeneration & MarketingCorporate and Other (a)Reconciling AdjustmentsConsolidated
(in millions)
2022
Revenues from:
External Customers
$11,292.8 $5,489.6 $357.5 $2,448.9 $50.7 $— $19,639.5 
Other Operating Segments
184.7 22.4 1,319.5 18.0 59.2 (1,603.8)(b)— 
Total Revenues$11,477.5 $5,512.0 $1,677.0 $2,466.9 $109.9 $(1,603.8)$19,639.5 
Loss on the Expected Sale of the Kentucky Operations$— $— $— $— $363.3 $— $363.3 
Asset Impairments and Other Related Charges
24.9 — — — 23.9 — 48.8 
Establishment of 2017-2019 Virginia Triennial Review Regulatory Asset(37.0)— — — — — (37.0)
Gain on Sale of Mineral Rights— — — (116.3)— — (116.3)
Depreciation and Amortization
2,007.2 746.7 355.0 93.0 0.9 — 3,202.8 
Interest Expense650.9 328.0 169.3 51.8 308.9 (112.8)1,396.1 
Income Tax Expense (Benefit)
(93.8)116.9 193.6 (83.1)(128.2)— 5.4 
Equity Earnings (Loss) of Unconsolidated Subsidiaries1.4 0.6 83.4 (192.4)(2.4)— (109.4)
Net Income (Loss)$1,296.2 $595.7 $676.8 $274.5 $(537.6)$— $2,305.6 
Gross Property Additions$4,164.6 $2,177.3 $1,470.8 $69.2 $25.9 $(28.8)$7,879.0 
Total Assets $49,761.8 $22,920.2 $15,215.8 $4,520.1 $6,768.4 (c)$(5,783.0)(d)$93,403.3 
Investments in Equity Method Investees
$10.1 $3.0 $858.3 $337.6 $67.7 $— $1,276.7 
Vertically Integrated UtilitiesTransmission and Distribution UtilitiesAEP Transmission HoldcoGeneration & MarketingCorporate and Other (a)Reconciling AdjustmentsConsolidated
(in millions)
2021
Revenues from:
External Customers
$9,852.2 $4,464.1 $351.1 $2,108.3 $16.3 $— $16,792.0 
Other Operating Segments
146.3 28.8 1,175.1 55.4 55.9 (1,461.5)(b)— 
Total Revenues$9,998.5 $4,492.9 $1,526.2 $2,163.7 $72.2 $(1,461.5)$16,792.0 
Asset Impairments and Other Related Charges
$11.6 $— $— $— $— $— $11.6 
Depreciation and Amortization
1,747.6 690.3 306.0 80.9 0.9 — 2,825.7 
Interest Expense
574.2 300.9 146.3 15.6 180.8 (18.7)1,199.1 
Income Tax Expense (Benefit)(11.2)77.5 159.6 (48.8)(61.6)— 115.5 
Equity Earnings (Loss) of Unconsolidated Subsidiaries3.4 — 75.0 (10.6)23.9 — 91.7 
Net Income (Loss)
$1,116.7 $543.4 $682.0 $210.2 $(64.2)$— $2,488.1 
Gross Property Additions$2,963.1 $1,766.0 $1,468.6 $232.8 $25.5 $(29.2)$6,426.8 
Investments in Equity Method Investees
$33.5 $2.5 $830.4 $487.8 $93.3 $— $1,447.5 

(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)Represents inter-segment revenues.
(c)Includes elimination of AEP Parent’s investments in wholly-owned subsidiary companies.
(d)Reconciling Adjustments for Total Assets primarily include elimination of intercompany advances to affiliates and intercompany accounts receivable.
State TranscosAEPTCo ParentReconciling AdjustmentsAEPTCo
Consolidated
2023(in millions)
Revenues from:
External Customers
$354.2 $— $— $354.2 
Sales to AEP Affiliates
1,317.8 — — 1,317.8 
Total Revenues$1,672.0 $— $— $1,672.0 
Depreciation and Amortization
$393.8 $— $— $393.8 
Interest Income
3.8 218.0 (214.8)(a)7.0 
Allowance for Equity Funds Used During Construction 83.2 — — 83.2 
Interest Expense 194.2 215.1 (214.8)(a)194.5 
Income Tax Expense 145.7 1.4 — 147.1 
Net Income $612.9 $1.3 (b)$— $614.2 
Gross Property Additions$1,503.1 $— $— $1,503.1 
Total Assets $15,120.6 $5,486.6 (c)$(5,534.7)(d)$15,072.5 
State Transcos AEPTCo ParentReconciling AdjustmentsAEPTCo
Consolidated
2022(in millions)
Revenues from:
External Customers
$340.9 $— $— $340.9 
Sales to AEP Affiliates
1,283.8 — — 1,283.8 
Other Revenues
(0.2)— — (0.2)
Total Revenues$1,624.5 $— $— $1,624.5 
Depreciation and Amortization
$346.2 $— $— $346.2 
Interest Income
0.7 177.8 (176.9)(a)1.6 
Allowance for Equity Funds Used During Construction 70.7 — — 70.7 
Interest Expense 162.5 177.1 (176.9)(a)162.7 
Income Tax Expense 169.1 — — 169.1 
Net Income $594.2 $— (b)$— $594.2 
Gross Property Additions$1,468.3 $— $— $1,468.3 
Total Assets $13,875.6 $4,817.4 (c)$(4,878.8)(d)$13,814.2 
State TranscosAEPTCo ParentReconciling AdjustmentsAEPTCo
Consolidated
2021(in millions)
Revenues from:
External Customers
$315.1 $— $— $315.1 
Sales to AEP Affiliates
1,153.9 — — 1,153.9 
Other Revenues0.3 — — 0.3 
Total Revenues$1,469.3 $— $— $1,469.3 
Depreciation and Amortization
$297.3 $— $— $297.3 
Interest Income
0.1 158.1 (157.7)(a)0.5 
Allowance for Equity Funds Used During Construction 67.2 — — 67.2 
Interest Expense141.2 157.7 (157.7)(a)141.2 
Income Tax Expense 144.1 — — 144.1 
Net Income$591.5 $0.2 (b)$— $591.7 
Gross Property Additions$1,442.7 $— $— $1,442.7 

(a)    Elimination of intercompany interest income/interest expense on affiliated debt arrangement.
(b)    Includes elimination of AEPTCo Parent’s equity earnings in the State Transcos.
(c)    Primarily relates to Notes Receivable from the State Transcos.
(d)    Primarily relates to elimination of Notes Receivable from the State Transcos.