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v3.23.3

Benefit Plans | 9 Months Ended
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Sep. 30, 2023
Benefit Plans | BENEFIT PLANS The disclosures in this note apply to all Registrants except AEPTCo. 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 (Credit) Pension Plans
Three Months Ended September 30, 2023 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 23.6 |  |  | $ | 2.1 |  |  | $ | 2.3 |  |  | $ | 2.9 |  |  | $ | 2.1 |  |  | $ | 1.4 |  |  | $ | 2.0 |
Interest Cost |  | 54.8 |  |  | 4.5 |  |  | 6.6 |  |  | 6.3 |  |  | 5.0 |  |  | 2.7 |  |  | 3.4 |
Expected Return on Plan Assets |  | (84.8) |  |  | (7.0) |  |  | (11.2) |  |  | (11.0) |  |  | (8.6) |  |  | (4.6) |  |  | (4.8) |
Amortization of Net Actuarial Loss |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net Periodic Benefit Cost (Credit) |  | $ | (6.1) |  |  | $ | (0.4) |  |  | $ | (2.3) |  |  | $ | (1.8) |  |  | $ | (1.5) |  |  | $ | (0.5) |  |  | $ | 0.6 |
Three Months Ended September 30, 2022 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 30.7 |  |  | $ | 2.8 |  |  | $ | 2.9 |  |  | $ | 4.0 |  |  | $ | 2.8 |  |  | $ | 1.8 |  |  | $ | 2.7 |
Interest Cost |  | 37.1 |  |  | 3.1 |  |  | 4.3 |  |  | 4.3 |  |  | 3.4 |  |  | 1.8 |  |  | 2.2 |
Expected Return on Plan Assets |  | (63.4) |  |  | (5.3) |  |  | (8.1) |  |  | (8.1) |  |  | (6.2) |  |  | (3.3) |  |  | (3.6) |
Amortization of Net Actuarial Loss |  | 15.8 |  |  | 1.2 |  |  | 1.9 |  |  | 1.8 |  |  | 1.3 |  |  | 0.7 |  |  | 0.9 |
Net Periodic Benefit Cost |  | $ | 20.2 |  |  | $ | 1.8 |  |  | $ | 1.0 |  |  | $ | 2.0 |  |  | $ | 1.3 |  |  | $ | 1.0 |  |  | $ | 2.2 |
Nine Months Ended September 30, 2023 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 70.8 |  |  | $ | 6.2 |  |  | $ | 6.8 |  |  | $ | 8.9 |  |  | $ | 6.3 |  |  | $ | 4.2 |  |  | $ | 5.8 |
Interest Cost |  | 164.4 |  |  | 13.7 |  |  | 19.8 |  |  | 18.7 |  |  | 14.9 |  |  | 8.1 |  |  | 10.4 |
Expected Return on Plan Assets |  | (254.4) |  |  | (21.0) |  |  | (33.5) |  |  | (33.1) |  |  | (25.6) |  |  | (13.8) |  |  | (14.5) |
Amortization of Net Actuarial Loss |  | 1.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net Periodic Benefit Cost (Credit) |  | $ | (18.2) |  |  | $ | (1.1) |  |  | $ | (6.9) |  |  | $ | (5.5) |  |  | $ | (4.4) |  |  | $ | (1.5) |  |  | $ | 1.7 |
Nine Months Ended September 30, 2022 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 92.3 |  |  | $ | 8.4 |  |  | $ | 8.6 |  |  | $ | 12.1 |  |  | $ | 8.4 |  |  | $ | 5.5 |  |  | $ | 8.0 |
Interest Cost |  | 111.2 |  |  | 9.1 |  |  | 13.1 |  |  | 12.7 |  |  | 10.0 |  |  | 5.3 |  |  | 6.8 |
Expected Return on Plan Assets |  | (190.1) |  |  | (15.8) |  |  | (24.3) |  |  | (24.2) |  |  | (18.6) |  |  | (10.1) |  |  | (10.9) |
Amortization of Net Actuarial Loss |  | 47.3 |  |  | 3.8 |  |  | 5.5 |  |  | 5.3 |  |  | 4.1 |  |  | 2.2 |  |  | 2.8 |
Net Periodic Benefit Cost |  | $ | 60.7 |  |  | $ | 5.5 |  |  | $ | 2.9 |  |  | $ | 5.9 |  |  | $ | 3.9 |  |  | $ | 2.9 |  |  | $ | 6.7 |
OPEB
Three Months Ended September 30, 2023 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 1.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | — |
Interest Cost |  | 11.6 |  |  | 0.9 |  |  | 1.8 |  |  | 1.3 |  |  | 1.2 |  |  | 0.6 |  |  | 0.8 |
Expected Return on Plan Assets |  | (27.4) |  |  | (2.2) |  |  | (4.0) |  |  | (3.3) |  |  | (2.9) |  |  | (1.5) |  |  | (1.8) |
Amortization of Prior Service Credit |  | (15.8) |  |  | (1.3) |  |  | (2.3) |  |  | (2.2) |  |  | (1.6) |  |  | (1.0) |  |  | (1.3) |
Amortization of Net Actuarial Loss |  | 3.7 |  |  | 0.3 |  |  | 0.6 |  |  | 0.5 |  |  | 0.4 |  |  | 0.2 |  |  | 0.3 |
Net Periodic Benefit Credit |  | $ | (26.8) |  |  | $ | (2.2) |  |  | $ | (3.8) |  |  | $ | (3.6) |  |  | $ | (2.8) |  |  | $ | (1.6) |  |  | $ | (2.0) |
Three Months Ended September 30, 2022 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 1.8 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.1 |
Interest Cost |  | 7.3 |  |  | 0.6 |  |  | 1.2 |  |  | 0.8 |  |  | 0.7 |  |  | 0.4 |  |  | 0.5 |
Expected Return on Plan Assets |  | (27.5) |  |  | (2.3) |  |  | (4.1) |  |  | (3.3) |  |  | (3.0) |  |  | (1.6) |  |  | (1.8) |
Amortization of Prior Service Credit |  | (17.9) |  |  | (1.5) |  |  | (2.6) |  |  | (2.4) |  |  | (1.8) |  |  | (1.1) |  |  | (1.4) |
Net Periodic Benefit Credit |  | $ | (36.3) |  |  | $ | (3.1) |  |  | $ | (5.3) |  |  | $ | (4.7) |  |  | $ | (3.9) |  |  | $ | (2.1) |  |  | $ | (2.6) |
Nine Months Ended September 30, 2023 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 3.4 |  |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Interest Cost |  | 34.7 |  |  | 2.7 |  |  | 5.5 |  |  | 4.0 |  |  | 3.5 |  |  | 1.8 |  |  | 2.2 |
Expected Return on Plan Assets |  | (82.2) |  |  | (6.7) |  |  | (12.0) |  |  | (10.1) |  |  | (8.8) |  |  | (4.4) |  |  | (5.4) |
Amortization of Prior Service Credit |  | (47.3) |  |  | (4.0) |  |  | (6.9) |  |  | (6.5) |  |  | (4.7) |  |  | (3.0) |  |  | (3.7) |
Amortization of Net Actuarial Loss |  | 11.1 |  |  | 0.9 |  |  | 1.7 |  |  | 1.4 |  |  | 1.2 |  |  | 0.6 |  |  | 0.8 |
Net Periodic Benefit Credit |  | $ | (80.3) |  |  | $ | (6.8) |  |  | $ | (11.3) |  |  | $ | (10.7) |  |  | $ | (8.5) |  |  | $ | (4.8) |  |  | $ | (5.9) |
Nine Months Ended September 30, 2022 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 5.5 |  |  | $ | 0.3 |  |  | $ | 0.6 |  |  | $ | 0.7 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Interest Cost |  | 21.9 |  |  | 1.7 |  |  | 3.5 |  |  | 2.5 |  |  | 2.2 |  |  | 1.1 |  |  | 1.4 |
Expected Return on Plan Assets |  | (82.5) |  |  | (6.8) |  |  | (12.2) |  |  | (10.2) |  |  | (8.9) |  |  | (4.6) |  |  | (5.5) |
Amortization of Prior Service Credit |  | (53.6) |  |  | (4.5) |  |  | (7.8) |  |  | (7.3) |  |  | (5.4) |  |  | (3.3) |  |  | (4.0) |
Net Periodic Benefit Credit |  | $ | (108.7) |  |  | $ | (9.3) |  |  | $ | (15.9) |  |  | $ | (14.3) |  |  | $ | (11.6) |  |  | $ | (6.4) |  |  | $ | (7.7) |

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