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v3.23.3

Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Book Values and Fair Values of Long-term Debt |
|  | September 30, 2023 |  | December 31, 2022
Company |  | Book Value |  | Fair Value |  | Book Value |  | Fair Value
|  | (in millions)
AEP (a) |  | $ | 39,489.1 |  |  | $ | 33,559.8 |  |  | $ | 36,801.0 |  |  | $ | 32,915.9 |
AEP Texas |  | 5,926.7 |  |  | 4,963.8 |  |  | 5,657.8 |  |  | 5,045.8 |
AEPTCo |  | 5,473.7 |  |  | 4,270.8 |  |  | 4,782.8 |  |  | 3,940.5 |
APCo |  | 5,587.3 |  |  | 4,901.4 |  |  | 5,410.5 |  |  | 5,079.2 |
I&M |  | 3,443.6 |  |  | 2,920.6 |  |  | 3,260.8 |  |  | 2,929.0 |
OPCo |  | 3,366.2 |  |  | 2,645.2 |  |  | 2,970.3 |  |  | 2,516.6 |
PSO |  | 2,384.2 |  |  | 1,942.5 |  |  | 1,912.8 |  |  | 1,635.8 |
SWEPCo |  | 3,646.2 |  |  | 2,944.8 |  |  | 3,391.6 |  |  | 2,870.9 |
(a)The fair value amounts include debt related to AEP’s Equity Units and had a fair value of $0 and $877 million as of September 30, 2023 and December 31, 2022, respectively. See “Equity Units” section of Note 12 for additional information.
Other Temporary Investments |
|  | September 30, 2023
|  |  |  | Gross |  | Gross |  |
|  |  |  | Unrealized |  | Unrealized |  | Fair
Other Temporary Investments and Restricted Cash |  | Cost |  | Gains |  | Losses |  | Value
|  | (in millions)
Restricted Cash (a) |  | $ | 53.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 53.8 |
Other Cash Deposits |  | 13.4 |  |  | — |  |  | — |  |  | 13.4 |
Fixed Income Securities – Mutual Funds (b) |  | 170.4 |  |  | — |  |  | (10.4) |  |  | 160.0 |
Equity Securities – Mutual Funds |  | 15.0 |  |  | 22.6 |  |  | — |  |  | 37.6 |
Total Other Temporary Investments and Restricted Cash |  | $ | 252.6 |  |  | $ | 22.6 |  |  | $ | (10.4) |  |  | $ | 264.8 |
|  | December 31, 2022
|  |  |  | Gross |  | Gross |  |
|  |  |  | Unrealized |  | Unrealized |  | Fair
Other Temporary Investments and Restricted Cash |  | Cost |  | Gains |  | Losses |  | Value
|  | (in millions)
Restricted Cash (a) |  | $ | 47.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 47.1 |
Other Cash Deposits |  | 9.0 |  |  | — |  |  | — |  |  | 9.0 |
Fixed Income Securities – Mutual Funds (b) |  | 152.4 |  |  | — |  |  | (8.3) |  |  | 144.1 |
Equity Securities – Mutual Funds |  | 15.1 |  |  | 19.4 |  |  | — |  |  | 34.5 |
Total Other Temporary Investments and Restricted Cash |  | $ | 223.6 |  |  | $ | 19.4 |  |  | $ | (8.3) |  |  | $ | 234.7 |
(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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Proceeds from Investment Sales | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 15.0 |
Purchases of Investments | 14.6 |  |  | 11.8 |  |  | 16.9 |  |  | 13.4 |
Gross Realized Gains on Investment Sales | 0.3 |  |  | — |  |  | 0.3 |  |  | 3.6 |
Gross Realized Losses on Investment Sales | — |  |  | — |  |  | — |  |  | 0.5 |
Nuclear Trust Fund Investments |
| September 30, 2023 |  | December 31, 2022
|  |  | Gross |  | Gross |  | Other-Than- |  |  |  | Gross |  | Gross |  | Other-Than-
| Fair |  | Unrealized |  | Unrealized |  | Temporary |  | Fair |  | Unrealized |  | Unrealized |  | Temporary
| Value |  | Gains |  | Losses |  | Impairments |  | Value |  | Gains |  | Losses |  | Impairments
| (in millions)
Cash and Cash Equivalents | $ | 20.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 21.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States Government | 1,204.7 |  |  | 0.6 |  |  | (30.8) |  |  | (38.5) |  |  | 1,123.8 |  |  | 11.8 |  |  | (14.9) |  |  | (18.8) |
Corporate Debt | 136.8 |  |  | 0.4 |  |  | (12.4) |  |  | (5.3) |  |  | 61.6 |  |  | 0.7 |  |  | (7.7) |  |  | (9.6) |
State and Local Government | 3.2 |  |  | — |  |  | — |  |  | — |  |  | 3.3 |  |  | 0.1 |  |  | — |  |  | (0.1) |
Subtotal Fixed Income Securities | 1,344.7 |  |  | 1.0 |  |  | (43.2) |  |  | (43.8) |  |  | 1,188.7 |  |  | 12.6 |  |  | (22.6) |  |  | (28.5) |
Equity Securities - Domestic | 2,174.5 |  |  | 1,620.5 |  |  | (1.9) |  |  | — |  |  | 2,131.3 |  |  | 1,483.7 |  |  | (6.4) |  |  | — |
Spent Nuclear Fuel and Decommissioning Trusts | $ | 3,539.7 |  |  | $ | 1,621.5 |  |  | $ | (45.1) |  |  | $ | (43.8) |  |  | $ | 3,341.2 |  |  | $ | 1,496.3 |  |  | $ | (29.0) |  |  | $ | (28.5) |
Securities Activity Within the Decommissioning and SNF Trusts |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (in millions)
Proceeds from Investment Sales |  | $ | 933.0 |  |  | $ | 588.5 |  |  | $ | 2,139.3 |  |  | $ | 1,818.4 |
Purchases of Investments |  | 949.5 |  |  | 601.6 |  |  | 2,182.8 |  |  | 1,854.8 |
Gross Realized Gains on Investment Sales |  | 36.8 |  |  | 24.6 |  |  | 91.6 |  |  | 41.3 |
Gross Realized Losses on Investment Sales |  | 7.7 |  |  | 8.4 |  |  | 20.0 |  |  | 33.5 |
Contractual Maturities, Fair Value of Debt Securities in Nuclear Trusts |
| Fair Value of Fixed
| Income Securities
| (in millions)
Within 1 year | $ | 393.6 |
After 1 year through 5 years | 504.4 |
After 5 years through 10 years | 188.6 |
After 10 years | 258.1 |
Total | $ | 1,344.7 |
Fair Value, Assets and Liabilities Measured on Recurring Basis | AEP Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Other Temporary Investments and Restricted Cash |  |  |  |  |  |  |  |  |  |
Restricted Cash |  | $ | 53.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 53.8 |
Other Cash Deposits (a) |  | — |  |  | — |  |  | — |  |  | 13.4 |  |  | 13.4 |
Fixed Income Securities – Mutual Funds |  | 160.0 |  |  | — |  |  | — |  |  | — |  |  | 160.0 |
Equity Securities – Mutual Funds (b) |  | 37.6 |  |  | — |  |  | — |  |  | — |  |  | 37.6 |
Total Other Temporary Investments and Restricted Cash |  | 251.4 |  |  | — |  |  | — |  |  | 13.4 |  |  | 264.8 |
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (d) |  | 11.4 |  |  | 721.3 |  |  | 319.2 |  |  | (627.4) |  |  | 424.5 |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |
Commodity Hedges (c) |  | — |  |  | 119.3 |  |  | 19.3 |  |  | (10.2) |  |  | 128.4 |
Total Risk Management Assets |  | 11.4 |  |  | 840.6 |  |  | 338.5 |  |  | (637.6) |  |  | 552.9 |
Spent Nuclear Fuel and Decommissioning Trusts |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents (e) |  | 10.0 |  |  | — |  |  | — |  |  | 10.5 |  |  | 20.5 |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |
United States Government |  | — |  |  | 1,204.7 |  |  | — |  |  | — |  |  | 1,204.7 |
Corporate Debt |  | — |  |  | 136.8 |  |  | — |  |  | — |  |  | 136.8 |
State and Local Government |  | — |  |  | 3.2 |  |  | — |  |  | — |  |  | 3.2 |
Subtotal Fixed Income Securities |  | — |  |  | 1,344.7 |  |  | — |  |  | — |  |  | 1,344.7 |
Equity Securities – Domestic (b) |  | 2,174.5 |  |  | — |  |  | — |  |  | — |  |  | 2,174.5 |
Total Spent Nuclear Fuel and Decommissioning Trusts |  | 2,184.5 |  |  | 1,344.7 |  |  | — |  |  | 10.5 |  |  | 3,539.7 |
Total Assets |  | $ | 2,447.3 |  |  | $ | 2,185.3 |  |  | $ | 338.5 |  |  | $ | (613.7) |  |  | $ | 4,357.4 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (d) |  | $ | 24.8 |  |  | $ | 646.3 |  |  | $ | 155.0 |  |  | $ | (534.9) |  |  | $ | 291.2 |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |
Commodity Hedges (c) |  | — |  |  | 10.1 |  |  | 0.7 |  |  | (10.2) |  |  | 0.6 |
Fair Value Hedges |  | — |  |  | 138.1 |  |  | — |  |  | — |  |  | 138.1 |
Total Risk Management Liabilities |  | $ | 24.8 |  |  | $ | 794.5 |  |  | $ | 155.7 |  |  | $ | (545.1) |  |  | $ | 429.9 |
AEP Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Other Temporary Investments and Restricted Cash |  |  |  |  |  |  |  |  |  |
Restricted Cash |  | $ | 47.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 47.1 |
Other Cash Deposits (a) |  | — |  |  | — |  |  | — |  |  | 9.0 |  |  | 9.0 |
Fixed Income Securities – Mutual Funds |  | 144.1 |  |  | — |  |  | — |  |  | — |  |  | 144.1 |
Equity Securities – Mutual Funds (b) |  | 34.5 |  |  | — |  |  | — |  |  | — |  |  | 34.5 |
Total Other Temporary Investments and Restricted Cash |  | 225.7 |  |  | — |  |  | — |  |  | 9.0 |  |  | 234.7 |
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (f) |  | 15.0 |  |  | 1,197.5 |  |  | 314.4 |  |  | (1,211.5) |  |  | 315.4 |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |
Commodity Hedges (c) |  | — |  |  | 332.6 |  |  | 26.7 |  |  | (52.8) |  |  | 306.5 |
Interest Rate Hedges |  | — |  |  | 11.0 |  |  | — |  |  | — |  |  | 11.0 |
Total Risk Management Assets |  | 15.0 |  |  | 1,541.1 |  |  | 341.1 |  |  | (1,264.3) |  |  | 632.9 |
Spent Nuclear Fuel and Decommissioning Trusts |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents (e) |  | 11.3 |  |  | — |  |  | — |  |  | 9.9 |  |  | 21.2 |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |
United States Government |  | — |  |  | 1,123.8 |  |  | — |  |  | — |  |  | 1,123.8 |
Corporate Debt |  | — |  |  | 61.6 |  |  | — |  |  | — |  |  | 61.6 |
State and Local Government |  | — |  |  | 3.3 |  |  | — |  |  | — |  |  | 3.3 |
Subtotal Fixed Income Securities |  | — |  |  | 1,188.7 |  |  | — |  |  | — |  |  | 1,188.7 |
Equity Securities – Domestic (b) |  | 2,131.3 |  |  | — |  |  | — |  |  | — |  |  | 2,131.3 |
Total Spent Nuclear Fuel and Decommissioning Trusts |  | 2,142.6 |  |  | 1,188.7 |  |  | — |  |  | 9.9 |  |  | 3,341.2 |
Total Assets |  | $ | 2,383.3 |  |  | $ | 2,729.8 |  |  | $ | 341.1 |  |  | $ | (1,245.4) |  |  | $ | 4,208.8 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (f) |  | $ | 21.8 |  |  | $ | 870.9 |  |  | $ | 179.0 |  |  | $ | (731.9) |  |  | $ | 339.8 |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |
Commodity Hedges (c) |  | — |  |  | 74.3 |  |  | 1.7 |  |  | (52.8) |  |  | 23.2 |
Fair Value Hedges |  | — |  |  | 127.4 |  |  | — |  |  | — |  |  | 127.4 |
Total Risk Management Liabilities |  | $ | 21.8 |  |  | $ | 1,072.6 |  |  | $ | 180.7 |  |  | $ | (784.7) |  |  | $ | 490.4 |
AEP Texas Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Restricted Cash for Securitized Funding |  | $ | 46.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 46.9 |
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (g) |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Total Assets |  | $ | 46.9 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 47.3 |
December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Restricted Cash for Securitized Funding |  | $ | 32.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32.7 |
APCo Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Restricted Cash for Securitized Funding |  | $ | 6.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6.9 |
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | — |  |  | 3.8 |  |  | 45.2 |  |  | (2.4) |  |  | 46.6 |
Total Assets |  | $ | 6.9 |  |  | $ | 3.8 |  |  | $ | 45.2 |  |  | $ | (2.4) |  |  | $ | 53.5 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 5.0 |  |  | $ | 0.1 |  |  | $ | (2.4) |  |  | $ | 2.7 |
December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Restricted Cash for Securitized Funding |  | $ | 14.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14.4 |
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | — |  |  | 0.7 |  |  | 69.4 |  |  | (1.0) |  |  | 69.1 |
Total Assets |  | $ | 14.4 |  |  | $ | 0.7 |  |  | $ | 69.4 |  |  | $ | (1.0) |  |  | $ | 83.5 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 4.6 |  |  | $ | 0.3 |  |  | $ | (1.4) |  |  | $ | 3.5 |
I&M Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 18.1 |  |  | $ | 7.9 |  |  | $ | (4.8) |  |  | $ | 21.2 |
Spent Nuclear Fuel and Decommissioning Trusts |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents (e) |  | 10.0 |  |  | — |  |  | — |  |  | 10.5 |  |  | 20.5 |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |
United States Government |  | — |  |  | 1,204.7 |  |  | — |  |  | — |  |  | 1,204.7 |
Corporate Debt |  | — |  |  | 136.8 |  |  | — |  |  | — |  |  | 136.8 |
State and Local Government |  | — |  |  | 3.2 |  |  | — |  |  | — |  |  | 3.2 |
Subtotal Fixed Income Securities |  | — |  |  | 1,344.7 |  |  | — |  |  | — |  |  | 1,344.7 |
Equity Securities - Domestic (b) |  | 2,174.5 |  |  | — |  |  | — |  |  | — |  |  | 2,174.5 |
Total Spent Nuclear Fuel and Decommissioning Trusts |  | 2,184.5 |  |  | 1,344.7 |  |  | — |  |  | 10.5 |  |  | 3,539.7 |
Total Assets |  | $ | 2,184.5 |  |  | $ | 1,362.8 |  |  | $ | 7.9 |  |  | $ | 5.7 |  |  | $ | 3,560.9 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 4.2 |  |  | $ | 1.3 |  |  | $ | (4.4) |  |  | $ | 1.1 |
December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 11.3 |  |  | $ | 5.3 |  |  | $ | (1.2) |  |  | $ | 15.4 |
Spent Nuclear Fuel and Decommissioning Trusts |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents (e) |  | 11.3 |  |  | — |  |  | — |  |  | 9.9 |  |  | 21.2 |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |
United States Government |  | — |  |  | 1,123.8 |  |  | — |  |  | — |  |  | 1,123.8 |
Corporate Debt |  | — |  |  | 61.6 |  |  | — |  |  | — |  |  | 61.6 |
State and Local Government |  | — |  |  | 3.3 |  |  | — |  |  | — |  |  | 3.3 |
Subtotal Fixed Income Securities |  | — |  |  | 1,188.7 |  |  | — |  |  | — |  |  | 1,188.7 |
Equity Securities - Domestic (b) |  | 2,131.3 |  |  | — |  |  | — |  |  | — |  |  | 2,131.3 |
Total Spent Nuclear Fuel and Decommissioning Trusts |  | 2,142.6 |  |  | 1,188.7 |  |  | — |  |  | 9.9 |  |  | 3,341.2 |
Total Assets |  | $ | 2,142.6 |  |  | $ | 1,200.0 |  |  | $ | 5.3 |  |  | $ | 8.7 |  |  | $ | 3,356.6 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 0.6 |  |  | $ | 0.7 |  |  | $ | (1.3) |  |  | $ | — |
OPCo Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (g) |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |
Liabilities: |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (g) |  | $ | — |  |  | $ | — |  |  | $ | 51.6 |  |  | $ | — |  |  | $ | 51.6 |
December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Liabilities: |  | (in millions)
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | — |  |  | $ | 40.0 |  |  | $ | (0.3) |  |  | $ | 39.7 |
PSO Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 0.5 |  |  | $ | 28.1 |  |  | $ | (0.4) |  |  | $ | 28.2 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 6.6 |  |  | $ | 0.9 |  |  | $ | (0.3) |  |  | $ | 7.2 |
December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | — |  |  | $ | 24.0 |  |  | $ | 1.3 |  |  | $ | 25.3 |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |
Interest Rate Hedges |  | — |  |  | 1.6 |  |  | — |  |  | (1.6) |  |  | — |
Total Assets |  | $ | — |  |  | $ | 1.6 |  |  | $ | 24.0 |  |  | $ | (0.3) |  |  | $ | 25.3 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 1.7 |  |  | $ | 0.3 |  |  | $ | (0.4) |  |  | $ | 1.6 |
SWEPCo Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 0.2 |  |  | $ | 17.4 |  |  | $ | (0.5) |  |  | $ | 17.1 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 3.1 |  |  | $ | 0.9 |  |  | $ | (0.5) |  |  | $ | 3.5 |
December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Other |  | Total
Assets: |  | (in millions)
Risk Management Assets |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 2.2 |  |  | $ | 14.6 |  |  | $ | (0.4) |  |  | $ | 16.4 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Risk Management Liabilities |  |  |  |  |  |  |  |  |  |
Risk Management Commodity Contracts (c) (g) |  | $ | — |  |  | $ | 1.6 |  |  | $ | 0.4 |  |  | $ | (0.6) |  |  | $ | 1.4 |
(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 September 30, 2023 maturities of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 1 matures $(4) million in 2023 and $(9) million in periods 2024-2026; Level 2 matures $64 million in periods 2024-2026, $10 million in periods 2027-2028 and $1 million in periods 2029-2033; Level 3 matures $37 million in 2023, $118 million in periods 2024-2026, $18 million in periods 2027-2028 and $(9) million in periods 2029-2033. 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, 2022 maturities of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 1 matures $(7) million in 2023; Level 2 matures $182 million in 2023, $134 million in periods 2024-2026, $10 million in periods 2027-2028 and $1 million in periods 2029-2033; Level 3 matures $128 million in 2023, $6 million in periods 2024-2026, $6 million in periods 2027-2028 and $(5) million in periods 2029-2033. Risk management commodity contracts are substantially comprised of power contracts. (g)Substantially comprised of power contracts for the Registrant Subsidiaries.
Changes in Fair Value of Net Trading Derivatives and Other Investments |
Three Months Ended September 30, 2023 |  | AEP |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Balance as of June 30, 2023 |  | $ | 126.1 |  |  | $ | 39.4 |  |  | $ | 6.8 |  |  | $ | (54.0) |  |  | $ | 43.1 |  |  | $ | 26.0 |
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) |  | 39.7 |  |  | 10.0 |  |  | 2.3 |  |  | — |  |  | 14.2 |  |  | 14.0 |
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) |  | 72.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) |  | 4.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements |  | (87.1) |  |  | (16.5) |  |  | (3.7) |  |  | 1.1 |  |  | (30.5) |  |  | (24.8) |
Transfers out of Level 3 (e) |  | 6.6 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | — |  |  | — |
Changes in Fair Value Allocated to Regulated Jurisdictions (f) |  | 19.9 |  |  | 12.1 |  |  | 1.3 |  |  | 1.3 |  |  | 0.4 |  |  | 1.3 |
Balance as of September 30, 2023 |  | $ | 182.8 |  |  | $ | 45.1 |  |  | $ | 6.6 |  |  | $ | (51.6) |  |  | $ | 27.2 |  |  | $ | 16.5 |
Three Months Ended September 30, 2022 |  | AEP |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Balance as of June 30, 2022 |  | $ | 283.9 |  |  | $ | 79.6 |  |  | $ | 9.8 |  |  | $ | (48.4) |  |  | $ | 64.5 |  |  | $ | 45.4 |
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) |  | 64.3 |  |  | 20.1 |  |  | 2.1 |  |  | 0.3 |  |  | 23.8 |  |  | 15.4 |
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) |  | (12.6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) |  | 13.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements |  | (138.3) |  |  | (34.6) |  |  | (4.8) |  |  | (1.1) |  |  | (49.1) |  |  | (31.6) |
Transfers into Level 3 (d) (e) |  | (0.5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (e) |  | 3.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Changes in Fair Value Allocated to Regulated Jurisdictions (f) |  | 72.5 |  |  | 41.5 |  |  | 2.5 |  |  | 6.0 |  |  | 5.2 |  |  | 7.0 |
Balance as of September 30, 2022 |  | $ | 285.9 |  |  | $ | 106.6 |  |  | $ | 9.6 |  |  | $ | (43.2) |  |  | $ | 44.4 |  |  | $ | 36.2 |
Nine Months Ended September 30, 2023 |  | AEP |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Balance as of December 31, 2022 |  | $ | 160.4 |  |  | $ | 69.1 |  |  | $ | 4.6 |  |  | $ | (40.0) |  |  | $ | 23.7 |  |  | $ | 14.2 |
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) |  | (41.3) |  |  | (47.0) |  |  | (1.7) |  |  | (2.4) |  |  | 3.5 |  |  | 5.9 |
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) |  | 67.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) |  | (10.5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements |  | (85.9) |  |  | (22.1) |  |  | (2.9) |  |  | 3.5 |  |  | (27.2) |  |  | (20.0) |
Transfers into Level 3 (d) (e) |  | (6.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (e) |  | 3.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Changes in Fair Value Allocated to Regulated Jurisdictions (f) |  | 94.7 |  |  | 45.1 |  |  | 6.6 |  |  | (12.7) |  |  | 27.2 |  |  | 16.4 |
Balance as of September 30, 2023 |  | $ | 182.8 |  |  | $ | 45.1 |  |  | $ | 6.6 |  |  | $ | (51.6) |  |  | $ | 27.2 |  |  | $ | 16.5 |
Nine Months Ended September 30, 2022 |  | AEP |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Balance as of December 31, 2021 |  | $ | 103.1 |  |  | $ | 41.7 |  |  | $ | (0.7) |  |  | $ | (92.5) |  |  | $ | 12.1 |  |  | $ | 10.9 |
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) |  | 69.3 |  |  | 3.0 |  |  | 3.7 |  |  | 4.6 |  |  | 24.2 |  |  | 35.8 |
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) |  | (44.6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) |  | 29.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements |  | (153.8) |  |  | (44.7) |  |  | (3.0) |  |  | 0.2 |  |  | (36.3) |  |  | (45.0) |
Transfers into Level 3 (d) (e) |  | 1.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (e) |  | 13.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Changes in Fair Value Allocated to Regulated Jurisdictions (f) |  | 267.6 |  |  | 106.6 |  |  | 9.6 |  |  | 44.5 |  |  | 44.4 |  |  | 34.5 |
Balance as of September 30, 2022 |  | $ | 285.9 |  |  | $ | 106.6 |  |  | $ | 9.6 |  |  | $ | (43.2) |  |  | $ | 44.4 |  |  | $ | 36.2 |
(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 changes in fair value are recorded as regulatory liabilities for net gains and as regulatory assets for net losses or accounts payable.
Significant Unobservable Inputs for Level 3 | Significant Unobservable Inputs September 30, 2023
|  |  |  |  |  |  |  | Significant |  | Input/Range
|  | Type of |  | Fair Value | Valuation |  | Unobservable |  |  |  |  |  | Weighted
Company |  | Input |  | Assets |  | Liabilities |  | Technique |  | Input |  | Low |  | High |  | Average (c)
|  |  |  | (in millions) |  |  |  |  |  |  |  |  |  |
AEP |  | Energy Contracts |  | $ | 224.3 |  |  | $ | 147.7 |  |  | Discounted Cash Flow |  | Forward Market Price (a) |  | $ | 5.98 |  |  | $ | 137.52 |  |  | $ | 45.43 |
AEP |  | Natural Gas Contracts |  | — |  |  | 0.2 |  |  | Discounted Cash Flow |  | Forward Market Price (b) |  | 3.55 |  |  | 3.55 |  |  | 3.55 |
AEP |  | FTRs |  | 114.2 |  |  | 7.8 |  |  | Discounted Cash Flow |  | Forward Market Price (a) |  | (17.92) |  |  | 17.07 |  |  | 0.29 |
APCo |  | FTRs |  | 45.2 |  |  | 0.1 |  |  | Discounted Cash Flow |  | Forward Market Price (a) |  | (3.92) |  |  | 9.08 |  |  | 1.63 |
I&M |  | FTRs |  | 7.9 |  |  | 1.3 |  |  | Discounted Cash Flow |  | Forward Market Price (a) |  | (4.36) |  |  | 9.08 |  |  | 1.08 |
OPCo |  | Energy Contracts |  | — |  |  | 51.6 |  |  | Discounted Cash Flow |  | Forward Market Price (a) |  | 19.89 |  |  | 65.40 |  |  | 41.66 |
PSO |  | FTRs |  | 28.1 |  |  | 0.9 |  |  | Discounted Cash Flow |  | Forward Market Price (a) |  | (17.92) |  |  | 2.04 |  |  | (4.42) |
SWEPCo |  | Natural Gas Contracts |  | — |  |  | 0.2 |  |  | Discounted Cash Flow |  | Forward Market Price (b) |  | 3.55 |  |  | 3.55 |  |  | 3.55 |
SWEPCo |  | FTRs |  | 17.4 |  |  | 0.7 |  |  | Discounted Cash Flow |  | Forward Market Price (a) |  | (17.92) |  |  | 2.04 |  |  | (4.42) |
December 31, 2022
|  |  |  |  |  |  |  | Significant |  | Input/Range
|  | Type of |  | Fair Value | Valuation |  | Unobservable |  |  |  |  |  | Weighted
Company |  | Input |  | Assets |  | Liabilities |  | Technique |  | Input (a) |  | Low |  | High |  | Average (c)
|  |  |  | (in millions) |  |  |  |  |  |  |  |  |  |
AEP |  | Energy Contracts |  | $ | 204.0 |  |  | $ | 167.4 |  |  | Discounted Cash Flow |  | Forward Market Price |  | $ | 2.91 |  |  | $ | 187.34 |  |  | $ | 49.14 |
AEP |  | FTRs |  | 137.1 |  |  | 13.3 |  |  | Discounted Cash Flow |  | Forward Market Price |  | (36.45) |  |  | 20.72 |  |  | 1.18 |
APCo |  | FTRs |  | 69.4 |  |  | 0.3 |  |  | Discounted Cash Flow |  | Forward Market Price |  | (2.82) |  |  | 18.88 |  |  | 3.89 |
I&M |  | FTRs |  | 5.3 |  |  | 0.7 |  |  | Discounted Cash Flow |  | Forward Market Price |  | 0.16 |  |  | 18.79 |  |  | 1.23 |
OPCo |  | Energy Contracts |  | — |  |  | 40.0 |  |  | Discounted Cash Flow |  | Forward Market Price |  | 2.91 |  |  | 187.34 |  |  | 48.76 |
PSO |  | FTRs |  | 24.0 |  |  | 0.3 |  |  | Discounted Cash Flow |  | Forward Market Price |  | (36.45) |  |  | 3.40 |  |  | (7.55) |
SWEPCo |  | FTRs |  | 14.6 |  |  | 0.4 |  |  | Discounted Cash Flow |  | Forward Market Price |  | (36.45) |  |  | 3.40 |  |  | (7.55) |
(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.
Sensitivity of Fair Value Measurements |
Significant Unobservable Input |  | Position |  | Change in Input |  | Impact on Fair Value Measurement
Forward Market Price |  | Buy |  | Increase (Decrease) |  | Higher (Lower)
Forward Market Price |  | Sell |  | Increase (Decrease) |  | Lower (Higher)

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