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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Performance Units and Reinvested Dividends on Outstanding Performance Units |
|  | Years Ended December 31,
Performance Shares |  | 2023 |  | 2022 |  | 2021
Awarded Shares (in thousands) |  | 486.7 |  |  | 530.3 |  |  | 565.0 |
Weighted-Average Share Fair Value at Grant Date |  | $ | 98.63 |  |  | $ | 97.61 |  |  | $ | 81.02 |
Vesting Period (in years) |  | 3 |  | 3 |  | 3
Performance Shares and AEP Career Shares (Reinvested Dividends Portion) |  | Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Awarded Shares (in thousands) |  | 81.3 |  |  | 63.3 |  |  | 74.5 |
Weighted-Average Fair Value at Grant Date |  | $ | 82.02 |  |  | $ | 98.73 |  |  | $ | 84.48 |
Vesting Period (in years) |  | (a) |  | (a) |  | (a)
(a)The vesting period for the reinvested dividends on performance shares is equal to the remaining life of the related performance shares. Dividends on AEP career shares vest immediately when the dividend is awarded but are not settled in AEP common stock until after the participant’s AEP employment ends.
Summary of Performance Scores and Performance Units Earned |
|  | Years Ended December 31,
Performance Shares |  | 2023 |  | 2022 |  | 2021
Certified Performance Score |  | 106.1 | % |  | 131.1 | % |  | 102.9 | %
Performance Shares Earned |  | 540,863 |  |  | 512,660 |  |  | 537,166 |
Performance Shares Mandatorily Deferred as AEP Career Shares |  | 70,377 |  |  | 28,282 |  |  | 14,613 |
Performance Shares Voluntarily Deferred into the Incentive Compensation Deferral Program |  | 22,716 |  |  | 23,609 |  |  | 22,915 |
Performance Shares to be Settled (a) |  | 447,770 |  |  | 460,769 |  |  | 499,638 |
(a)Performance shares settled in AEP common stock in the quarter following the end of the year shown.
Summary of Cash Payouts for Performance Units and Career Shares |
|  | Years Ended December 31,
Performance Shares and AEP Career Shares |  | 2023 |  | 2022 |  | 2021
|  | (in millions)
AEP Common Stock Settlements for Performance Shares |  | $ | 41.8 |  |  | $ | 43.2 |  |  | $ | 54.7 |
AEP Common Stock Settlements for Career Share Distributions |  | 8.3 |  |  | 5.1 |  |  | 4.0 |
Status of Nonvested Performance Units |
Nonvested Performance Shares |  | Shares |  | Weighted Average Grant Date Fair Value
|  | (in thousands) |  |
Nonvested as of January 1, 2023 |  | 1,012.2 |  |  | $ | 90.27 |
Awarded |  | 486.7 |  |  | 98.63 |
Dividends |  | 59.8 |  |  | 82.02 |
Vested (a) |  | (514.6) |  |  | 82.33 |
Forfeited |  | (154.2) |  |  | 86.73 |
Nonvested as of December 31, 2023 |  | 889.9 |  |  | 99.49 |
(a)The vested Performance Shares will be converted to 448 thousand shares based on the closing share price on the day before settlement.
Monte Carlo Valuation Assumptions |
|  | Years Ended December 31,
Assumptions |  | 2023 |  | 2022 |  | 2021
Valuation Period (in years) (a) |  | 2.87 |  | 2.86 |  | 2.88
Expected Volatility Minimum |  | 21.23 | % |  | 25.92 | % |  | 25.87 | %
Expected Volatility Maximum |  | 39.00 | % |  | 40.82 | % |  | 39.90 | %
Expected Volatility Average |  | 25.35 | % |  | 31.09 | % |  | 31.01 | %
Dividend Rate (b) |  | — | % |  | — | % |  | — | %
Risk Free Rate |  | 4.32 | % |  | 1.64 | % |  | 0.19 | %
(a)Period from award date to vesting date. (b)Equivalent to reinvesting dividends.
Summary of Units Awarded and Fair Value of Restricted Stock Units |
|  | Years Ended December 31,
Restricted Stock Units |  | 2023 |  | 2022 |  | 2021
Awarded Units (in thousands) |  | 268.4 |  |  | 290.4 |  |  | 280.0 |
Weighted-Average Grant Date Fair Value |  | $ | 88.52 |  |  | $ | 90.48 |  |  | $ | 80.39 |
Total Fair Value and Total Intrinsic Value of Restricted Shares and Restricted Stock Units Vested |
|  | Years Ended December 31,
Restricted Stock Units |  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Fair Value of Restricted Stock Units Vested |  | $ | 18.8 |  |  | $ | 17.8 |  |  | $ | 20.5 |
Intrinsic Value of Restricted Stock Units Vested (a) |  | 19.0 |  |  | 20.3 |  |  | 22.0 |
(a)Intrinsic value is calculated as market price at the vesting date.
Status of Nonvested Restricted Shares and Restricted Stock Units |
Nonvested Restricted Stock Units |  | Shares/Units |  | Weighted Average Grant Date Fair Value
|  | (in thousands) |  |
Nonvested as of January 1, 2023 |  | 459.6 |  |  | $ | 88.05 |
Awarded |  | 268.4 |  |  | 88.52 |
Vested |  | (212.4) |  |  | 88.47 |
Forfeited |  | (84.5) |  |  | 86.84 |
Nonvested as of December 31, 2023 |  | 431.1 |  |  | 88.57 |
Stock Unit Accumulation Plan for Non-employee Directors |
|  | Years Ended December 31,
Stock Unit Accumulation Plan for Non-Employee Directors |  | 2023 |  | 2022 |  | 2021
Awarded Units (in thousands) |  | 19.8 |  |  | 14.5 |  |  | 12.6 |
Weighted-Average Grant Date Fair Value |  | $ | 82.14 |  |  | $ | 95.16 |  |  | $ | 84.54 |
Compensation Cost and Actual Tax Benefit Realized for Tax Deductions from Compensation Cost for Share-based Payment Arrangements |
|  | Years Ended December 31,
Share-based Compensation Plans |  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Compensation Cost for Share-based Payment Arrangements (a) |  | $ | 50.9 |  |  | $ | 63.3 |  |  | $ | 61.1 |
Actual Tax Benefit |  | 6.4 |  |  | 8.0 |  |  | 8.7 |
Total Compensation Cost Capitalized |  | 15.3 |  |  | 16.0 |  |  | 16.9 |
(a)Compensation cost for share-based payment arrangements is included in Other Operation and Maintenance expenses on the statements of income.

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