Financing Activities (Tables)

12 Months Ended

Dec. 31, 2023


Shares of AEP Common Stock	Issued	Held in Treasury
Balance, December 31, 2020	516,808,354	20,204,160
Issued	7,607,821	—

Balance, December 31, 2021	524,416,175	20,204,160
Issued	683,146	—
Treasury Stock Reissued	—	(8,970,920)	(a)
Balance, December 31, 2022	525,099,321	11,233,240
Issued	2,269,836	—
Treasury Stock Reissued	—	(10,048,668)	(a)
Balance, December 31, 2023	527,369,157	1,184,572

(a)Reissued Treasury Stock used to fulfill share commitments related to AEP’s Equity Units. See “Equity Units” section below for additional information.

Long-term Debt


		Weighted-Average	Interest Rate Ranges as of		Outstanding as of
		Interest Rate as of	December 31,		December 31,
Company	Maturity	December 31, 2023	2023	2022	2023		2022
AEP					(in millions)
Senior Unsecured Notes	2024-2053	4.23%	1.00%-8.13%	0.75%-8.13%	$	33,779.4	$	30,174.8
Pollution Control Bonds (a)	2024-2036 (b)	2.98%	0.63%-4.90%	0.63%-4.55%	1,771.6		1,770.2
Notes Payable – Nonaffiliated (c)	2024-2028	4.67%	0.93%-6.59%	0.93%-6.37%	193.3		269.7
Securitization Bonds	2024-2029 (d)	2.97%	2.06%-3.77%	2.01%-3.77%	368.9		487.8
Spent Nuclear Fuel Obligation (e)					300.4		285.6
Junior Subordinated Notes (f)	2024-2027	3.90%	2.03%-5.70%	1.30%-3.88%	2,388.1		2,381.3
Other Long-term Debt	2024-2059	6.58%	3.00%-13.72%	1.15%-13.72%	1,341.5		1,431.6
Total Long-term Debt Outstanding					$	40,143.2	$	36,801.0

AEP Texas
Senior Unsecured Notes	2025-2052	4.20%	2.10%-6.76%	2.10%-6.76%	$	5,027.2	$	4,702.7
Pollution Control Bonds	2029-2030 (b)	3.88%	2.60%-4.55%	0.90%-4.55%	440.3		440.2

Securitization Bonds	2024-2029 (d)	2.43%	2.06%-2.84%	2.06%-2.84%	221.8		314.4
Other Long-term Debt	2025-2059	6.70%	4.50%-6.71%	4.50%-5.67%	200.5		200.5
Total Long-term Debt Outstanding					$	5,889.8	$	5,657.8

AEPTCo
Senior Unsecured Notes	2024-2053	4.02%	2.75%-5.52%	2.75%-5.52%	$	5,414.4	$	4,782.8



Total Long-term Debt Outstanding					$	5,414.4	$	4,782.8

APCo
Senior Unsecured Notes	2025-2050	4.68%	2.70%-7.00%	2.70%-7.00%	$	4,584.9	$	4,581.4
Pollution Control Bonds (a)	2024-2036 (b)	2.89%	0.63%-4.90%	0.63%-3.80%	430.0		429.4

Securitization Bonds	2028 (d)	3.77%	3.77%	2.01%-3.77%	147.0		173.3
Other Long-term Debt	2024-2026	6.53%	6.46%-13.72%	4.84%-13.72%	426.4		226.4
Total Long-term Debt Outstanding					$	5,588.3	$	5,410.5

I&M
Senior Unsecured Notes	2028-2053	4.52%	3.25%-6.05%	3.20%-6.05%	$	2,843.6	$	2,597.3
Pollution Control Bonds (a)	2025 (b)	2.49%	0.75%-3.05%	0.75%-3.05%	189.4		189.0
Notes Payable – Nonaffiliated (c)	2024-2028	5.08%	0.93%-6.59%	0.93%-5.93%	163.3		183.8

Spent Nuclear Fuel Obligation (e)					300.4		285.6
Other Long-term Debt	2025	6.00%	6.00%	6.00%	2.7		5.1
Total Long-term Debt Outstanding					$	3,499.4	$	3,260.8

OPCo
Senior Unsecured Notes	2030-2051	4.00%	1.63%-6.60%	1.63%-6.60%	$	3,366.8	$	2,969.7



Other Long-term Debt		—%	—%	1.15%	—		0.6
Total Long-term Debt Outstanding					$	3,366.8	$	2,970.3

PSO
Senior Unsecured Notes	2025-2051	4.05%	2.20%-6.63%	2.20%-6.63%	$	2,257.8	$	1,785.6



Other Long-term Debt	2025-2027	6.65%	3.00%-6.71%	3.00%-5.75%	126.8		127.2
Total Long-term Debt Outstanding					$	2,384.6	$	1,912.8

SWEPCo
Senior Unsecured Notes	2026-2051	3.73%	1.65%-6.20%	1.65%-6.20%	$	3,646.9	$	3,297.6

Notes Payable – Nonaffiliated (c)		—%	—%	4.58%-6.37%	—		55.9

Other Long-term Debt		—%	—%	4.68%	—		38.1
Total Long-term Debt Outstanding					$	3,646.9	$	3,391.6

(a)For certain series of Pollution Control Bonds, interest rates are subject to periodic adjustment. Certain series may be purchased on demand at periodic interest adjustment dates. Letters of credit from banks and insurance policies support certain series. Consequently, these bonds have been classified for maturity purposes as Long-term Debt Due Within One Year - Nonaffiliated on the balance sheets.

(b)Certain Pollution Control Bonds are subject to redemption earlier than the maturity date.

(c)Notes payable represent outstanding promissory notes issued under term loan agreements and credit agreements with a number of banks and other financial institutions. At expiration, all notes then issued and outstanding are due and payable. Interest rates are both fixed and variable. Variable rates generally relate to specified short-term interest rates.

(d)Dates represent the scheduled final payment dates for the securitization bonds. The legal maturity date is one to two years later. These bonds have been classified for maturity and repayment purposes based on the scheduled final payment date.

(e)Spent Nuclear Fuel Obligation consists of a liability along with accrued interest for disposal of SNF. See “Spent Nuclear Fuel Disposal” section of Note 6 for additional information.

(f)See “Equity Units” section below for additional information.

Long-term Debt 5-Year Maturity


	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
2024	$	2,490.5	$	96.0	$	95.0	$	538.8	$	83.7	$	—	$	0.6	$	—
2025	3,308.5		524.5		90.0		673.3		241.2		—		250.6		—
2026	1,780.5		75.0		425.0		30.9		26.3		—		50.6		900.0
2027	2,215.9		25.6		—		355.6		4.1		—		0.3		—
2028	2,326.6		526.2		60.0		31.8		350.8		—		—		575.0
After 2028	28,349.7		4,690.2		4,806.0		4,000.0		2,825.4		3,400.0		2,100.0		2,200.0
Principal Amount	40,471.7		5,937.5		5,476.0		5,630.4		3,531.5		3,400.0		2,402.1		3,675.0
Unamortized Discount, Net and Debt Issuance Costs	(328.5)		(47.7)		(61.6)		(42.1)		(32.1)		(33.2)		(17.5)		(28.1)
Total Long-term Debt Outstanding	$	40,143.2	$	5,889.8	$	5,414.4	$	5,588.3	$	3,499.4	$	3,366.8	$	2,384.6	$	3,646.9

Dividend Payment Restrictions


	AEP			AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Restricted Retained Earnings	$	3,003.4	(a)	$	737.1	$	—	$	721.5	$	702.6	$	—	$	1.3	$	337.3

(a) Includes the restrictions of consolidated and non-consolidated subsidiaries.

Lines of Credit and Short-term Debt


		December 31,
		2023				2022
Company	Type of Debt	Outstanding Amount		Interest Rate (a)		Outstanding Amount		Interest Rate (a)
		(in millions)				(in millions)
AEP	Securitized Debt for Receivables (b)	$	888.0	5.65	%	$	750.0	4.67	%
AEP	Commercial Paper	1,937.9		5.69	%	2,862.2		4.80	%

AEP	Term Loan	—		—	%	125.0		5.17	%
AEP	Term Loan	—		—	%	150.0		5.17	%
AEP	Term Loan	—		—	%	100.0		5.23	%
AEP	Term Loan	—		—	%	125.0		4.87	%


SWEPCo	Notes Payable	4.3		7.71	%	—		—	%
	Total Short-term Debt	$	2,830.2			$	4,112.2

(a) Weighted-average rate as of December 31, 2023 and 2022, respectively.

(b) Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance.

Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits

Year Ended December 31, 2023:


	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		December 31, 2023		Limit
	(in millions)
AEP Texas	$	477.5	$	42.0	$	216.8	$	12.9	$	(103.7)	$	600.0
AEPTCo	471.3		309.4		135.6		70.5		(62.8)		820.0		(a)
APCo	388.6		19.8		283.5		19.0		(320.7)		750.0
I&M	475.3		112.2		84.0		44.2		(63.3)		500.0
OPCo	485.7		64.7		183.0		40.2		(110.5)		500.0
PSO	375.0		121.5		92.5		49.6		(54.4)		750.0
SWEPCo	401.6		25.8		150.7		16.5		(88.7)		750.0

Year Ended December 31, 2022:


	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		December 31, 2022		Limit
	(in millions)
AEP Texas	$	348.8	$	652.3	$	173.3	$	247.8	$	(96.5)	$	500.0
AEPTCo	480.2		137.0		189.4		28.9		(195.5)		820.0		(a)
APCo	438.4		214.2		181.7		45.4		(162.4)		500.0
I&M	318.6		23.0		105.2		22.3		(226.9)		500.0
OPCo	262.5		246.1		101.3		86.9		(172.9)		500.0
PSO	364.2		432.5		224.5		402.8		(364.2)		400.0
SWEPCo	358.4		156.6		219.3		109.7		(310.7)		400.0

(a) Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions.

Nonutility Money Pool Activity

Year Ended December 31, 2023:


	Maximum Loans		Average Loans		Loans to the Nonutility
	to the Nonutility		to the Nonutility		Money Pool as of
Company	Money Pool		Money Pool		December 31, 2023
	(in millions)
AEP Texas	$	7.1	$	6.9	$	7.1
SWEPCo	2.8		2.4		2.2

Year Ended December 31, 2022:


	Maximum Loans		Average Loans		Loans to the Nonutility
	to the Nonutility		to the Nonutility		Money Pool as of
Company	Money Pool		Money Pool		December 31, 2022
	(in millions)
AEP Texas	$	7.0	$	6.8	$	6.9
SWEPCo	2.1		2.1		2.1

Direct Borrowing Activity

Year Ended December 31, 2023:

Maximum

Average

Borrowings from

Loans to

Authorized

Borrowings

Loans

Borrowings

Loans

AEP as of

Short-term

from AEP

to AEP

from AEP

to AEP

December 31, 2023

Borrowing Limit

(in millions)

44.4

158.1

3.9

64.2

44.4

—

50.0

(a)

Year Ended December 31, 2022:

Maximum

Average

Borrowings from

Loans to

Authorized

Borrowings

Loans

Borrowings

Loans

AEP as of

Short-term

from AEP

to AEP

from AEP

to AEP

December 31, 2022

Borrowing Limit

(in millions)

52.4

141.8

6.7

57.5

29.4

—

50.0

(a)

(a) Amount represents the authorized short-term borrowing limit from FERC or state regulatory agencies not otherwise included in the utility money pool above.

Maximum and Minimum Interest Rates for Funds Either Borrowed from or Loaned to Utility Money Pool


	Years Ended December 31,
	2023		2022		2021
Maximum Interest Rate	5.81	%	5.28	%	0.48	%
Minimum Interest Rate	4.66	%	0.10	%	0.02	%

Average Interest Rates for Funds Borrowed from and Loaned to Utility Money Pool


	Average Interest Rate for Funds Borrowed from the Utility Money Pool for the Years Ended December 31,						Average Interest Rate for Funds Loaned to the Utility Money Pool for the Years Ended December 31,
Company	2023		2022		2021		2023		2022		2021
AEP Texas	5.46	%	1.08	%	0.33	%	5.71	%	1.99	%	0.26	%
AEPTCo	5.41	%	1.81	%	0.32	%	5.56	%	2.47	%	0.10	%
APCo	5.54	%	2.34	%	0.41	%	5.54	%	2.39	%	0.25	%
I&M	5.14	%	2.57	%	0.33	%	5.57	%	2.20	%	0.23	%
OPCo	5.43	%	3.51	%	0.27	%	5.60	%	1.22	%	0.14	%
PSO	5.51	%	2.65	%	0.34	%	5.35	%	0.75	%	0.07	%
SWEPCo	5.34	%	2.80	%	0.26	%	5.72	%	0.55	%	0.18	%

Maximum, Minimum and Average Interest Rates for Funds Borrowed from and Loaned to the Nonutility Money Pool


		Maximum Interest Rate		Minimum Interest Rate		Average Interest Rate
Year Ended		for Funds Loaned to		for Funds Loaned to		for Funds Loaned to
December 31,	Company	the Nonutility Money Pool		the Nonutility Money Pool		the Nonutility Money Pool
2023	AEP Texas	5.81	%	4.66	%	5.54	%
2023	SWEPCo	5.81	%	4.66	%	5.56	%

2022	AEP Texas	5.28	%	0.46	%	2.23	%
2022	SWEPCo	5.28	%	0.46	%	2.23	%

2021	AEP Texas	0.58	%	0.21	%	0.37	%
2021	SWEPCo	0.58	%	0.21	%	0.37	%

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
	for Funds		for Funds		for Funds		for Funds		for Funds		for Funds
Year Ended	Borrowed from		Borrowed from		Loaned to		Loaned to		Borrowed from		Loaned to
December 31,	AEP		AEP		AEP		AEP		AEP		AEP
2023	5.81	%	4.53	%	5.81	%	4.53	%	5.56	%	5.51	%
2022	5.28	%	0.46	%	5.28	%	0.46	%	2.08	%	2.07	%
2021	0.86	%	0.25	%	0.86	%	0.25	%	0.38	%	0.35	%

Customer Accounts Receivable Managed Portfolio


	December 31,
	2023		2022
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	1,207.4	$	1,167.7
Short-term – Securitized Debt of Receivables	888.0		750.0
Delinquent Securitized Accounts Receivable	52.2		44.2
Bad Debt Reserves Related to Securitization	42.0		39.7
Unbilled Receivables Related to Securitization	409.8		360.9

Accounts Receivable and Accrued Unbilled Revenues


	December 31,
Company	2023		2022
	(in millions)
APCo	$	184.6	$	194.4
I&M	156.4		166.9
OPCo	541.7		478.6
PSO	134.6		155.5
SWEPCo	168.3		194.0

Fees Paid to AEP Credit for Customer Accounts Receivable Sold


	Years Ended December 31,
Company	2023		2022		2021 (a)
	(in millions)
APCo	$	16.9	$	9.4	$	4.9
I&M	16.3		9.7		7.0
OPCo	29.5		29.8		8.3
PSO	15.3		7.4		3.4
SWEPCo	18.5		9.4		5.4

(a)In 2021, due to the successful collection of accounts receivable balances during the COVID-19 pandemic, the allowance for doubtful accounts was reduced, resulting in the issuance of credits to offset the higher fees previously paid and to lower subsequent fees paid.

Proceeds on Sale of Receivables to AEP Credit


	Years Ended December 31,
Company	2023		2022		2021
	(in millions)
APCo	$	1,819.8	$	1,552.9	$	1,324.1
I&M	2,054.8		2,045.6		1,927.0
OPCo	3,339.3		3,101.3		2,458.5
PSO	1,944.5		1,809.5		1,406.4
SWEPCo	1,866.4		1,858.4		1,636.1

Interest Expense Incurred For Funds Borrowed from Utility Money Pool


	Years Ended December 31,
Company	2023		2022		2021
	(in millions)
AEP Texas	$	10.8	$	0.9	$	0.3
AEPTCo	7.6		3.5		0.6
APCo	16.8		5.6		0.1
I&M	3.2		2.9		0.2
OPCo	9.7		2.3		0.1
PSO	2.3		5.5		0.3
SWEPCo	7.9		4.9		0.3

Interest Income Earned for Funds Loaned to Utility Money Pool


	Years Ended December 31,
Company	2023		2022		2021
	(in millions)
AEP Texas	$	0.1	$	2.6	$	0.1
AEPTCo	7.0		1.6		0.4
APCo	1.1		2.8		0.3
I&M	2.4		0.5		0.2
OPCo	0.1		0.4		0.1
PSO	1.5		0.3		—
SWEPCo	0.2		0.2		0.1

Comparative Accounts Receivable Information


	Years Ended December 31,
	2023			2022			2021
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	5.33		%	1.84		%	0.19		%
Net Uncollectible Accounts Receivable Written Off	$	30.7		$	29.5		$	26.5