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v3.24.2

Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting Information [Line Items] |
Reportable Segment Information |
| Three Months Ended June 30, 2024
| Vertically Integrated Utilities |  | Transmission and Distribution Utilities |  | AEP Transmission Holdco |  | Generation & Marketing |  | Corporate and Other (a) |  | Reconciling Adjustments |  | Consolidated
| (in millions)
Revenues from: |  |  |  |  |  |  |  |  |  |  |  |  |
External Customers | $ | 2,572.0 |  |  | $ | 1,428.8 |  |  | $ | 108.7 |  |  | $ | 442.5 |  |  | $ | 27.2 |  |  | $ | — |  |  | $ | 4,579.2 |
Other Operating Segments | 47.0 |  |  | 7.1 |  |  | 381.2 |  |  | 25.0 |  |  | 30.5 |  |  | (490.8) |  | (b) | — |
Total Revenues | $ | 2,619.0 |  |  | $ | 1,435.9 |  |  | $ | 489.9 |  |  | $ | 467.5 |  |  | $ | 57.7 |  |  | $ | (490.8) |  |  | $ | 4,579.2 |
Net Income (Loss) | $ | 66.7 |  |  | $ | 146.8 |  |  | $ | 201.9 |  |  | $ | (4.8) |  |  | $ | (68.1) |  |  | $ | — |  |  | $ | 342.5 |
| Three Months Ended June 30, 2023
| Vertically Integrated Utilities |  | Transmission and Distribution Utilities |  | AEP Transmission Holdco |  | Generation & Marketing |  | Corporate and Other (a) |  | Reconciling Adjustments |  | Consolidated
| (in millions)
Revenues from: |  |  |  |  |  |  |  |  |  |  |  |  |
External Customers | $ | 2,629.0 |  |  | $ | 1,330.8 |  |  | $ | 88.3 |  |  | $ | 318.2 |  |  | $ | 6.2 |  |  | $ | — |  |  | $ | 4,372.5 |
Other Operating Segments | 45.5 |  |  | 9.4 |  |  | 370.3 |  |  | 13.2 |  |  | 25.8 |  |  | (464.2) |  | (b) | — |
Total Revenues | $ | 2,674.5 |  |  | $ | 1,340.2 |  |  | $ | 458.6 |  |  | $ | 331.4 |  |  | $ | 32.0 |  |  | $ | (464.2) |  |  | $ | 4,372.5 |
Net Income (Loss) | $ | 278.4 |  |  | $ | 176.7 |  |  | $ | 197.3 |  |  | $ | (38.6) |  |  | $ | (97.7) |  |  | $ | — |  |  | $ | 516.1 |
| Six Months Ended June 30, 2024
| Vertically Integrated Utilities |  | Transmission and Distribution Utilities |  | AEP Transmission Holdco |  | Generation & Marketing |  | Corporate and Other (a) |  | Reconciling Adjustments |  | Consolidated
| (in millions)
Revenues from: |  |  |  |  |  |  |  |  |  |  |  |  |
External Customers | $ | 5,473.2 |  |  | $ | 2,912.0 |  |  | $ | 219.2 |  |  | $ | 958.4 |  |  | $ | 42.1 |  |  | $ | — |  |  | $ | 9,604.9 |
Other Operating Segments | 93.7 |  |  | 14.1 |  |  | 768.0 |  |  | 72.6 |  |  | 68.4 |  |  | (1,016.8) |  | (b) | — |
Total Revenues | $ | 5,566.9 |  |  | $ | 2,926.1 |  |  | $ | 987.2 |  |  | $ | 1,031.0 |  |  | $ | 110.5 |  |  | $ | (1,016.8) |  |  | $ | 9,604.9 |
Net Income (Loss) | $ | 629.0 |  |  | $ | 297.1 |  |  | $ | 411.7 |  |  | $ | 132.8 |  |  | $ | (122.4) |  |  | $ | — |  |  | $ | 1,348.2 |
| Six Months Ended June 30, 2023
| Vertically Integrated Utilities |  | Transmission and Distribution Utilities |  | AEP Transmission Holdco |  | Generation & Marketing |  | Corporate and Other (a) |  | Reconciling Adjustments |  | Consolidated
| (in millions)
Revenues from: |  |  |  |  |  |  |  |  |  |  |  |  |
External Customers | $ | 5,445.3 |  |  | $ | 2,786.1 |  |  | $ | 178.4 |  |  | $ | 645.1 |  |  | $ | 8.5 |  |  | $ | — |  |  | $ | 9,063.4 |
Other Operating Segments | 87.0 |  |  | 18.3 |  |  | 735.7 |  |  | 13.3 |  |  | 53.6 |  |  | (907.9) |  | (b) | — |
Total Revenues | $ | 5,532.3 |  |  | $ | 2,804.4 |  |  | $ | 914.1 |  |  | $ | 658.4 |  |  | $ | 62.1 |  |  | $ | (907.9) |  |  | $ | 9,063.4 |
Net Income (Loss) | $ | 540.6 |  |  | $ | 302.4 |  |  | $ | 379.7 |  |  | $ | (195.0) |  |  | $ | (111.2) |  |  | $ | — |  |  | $ | 916.5 |
|  | June 30, 2024
|  | Vertically Integrated Utilities |  | Transmission and Distribution Utilities |  | AEP Transmission Holdco |  | Generation & Marketing |  | Corporate and Other (a) |  | Reconciling Adjustments |  | Consolidated
|  | (in millions)
Total Assets (c) |  | $ | 53,576.1 |  |  | $ | 25,969.4 |  |  | $ | 17,358.2 |  |  | $ | 2,263.7 |  |  | $ | 4,578.1 |  | (d) | $ | (4,122.9) |  | (e) | $ | 99,622.6 |
|  | December 31, 2023
|  | Vertically Integrated Utilities |  | Transmission and Distribution Utilities |  | AEP Transmission Holdco |  | Generation & Marketing |  | Corporate and Other (a) |  | Reconciling Adjustments |  | Consolidated
|  | (in millions)
Total Assets |  | $ | 51,802.1 |  |  | $ | 24,838.4 |  |  | $ | 16,575.6 |  |  | $ | 2,598.5 |  |  | $ | 5,194.0 |  | (d) | $ | (4,324.6) |  | (e) | $ | 96,684.0 |
(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)Amount includes Assets Held for Sale on the balance sheet. See “Planned Disposition of AEP OnSite Partners” section of Note 6 for additional information. (d)Includes elimination of Parent’s investments in wholly-owned subsidiary companies. (e)Reconciling Adjustments for Total Assets primarily include elimination of intercompany advances to affiliates and intercompany accounts receivable.
| Three Months Ended June 30, 2024
| State Transcos |  | AEPTCo Parent |  | Reconciling Adjustments |  | AEPTCo Consolidated
| (in millions)
Revenues from: |  |  |  |  |  |  |
External Customers | $ | 97.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 97.0 |
Sales to AEP Affiliates | 377.8 |  |  | — |  |  | — |  |  | 377.8 |
Other Revenues | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Total Revenues | $ | 475.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 475.2 |
Net Income | $ | 175.2 |  |  | $ | 0.5 |  | (a) | $ | — |  |  | $ | 175.7 |
| Three Months Ended June 30, 2023
| State Transcos |  | AEPTCo Parent |  | Reconciling Adjustments |  | AEPTCo Consolidated
| (in millions)
Revenues from: |  |  |  |  |  |  |
External Customers | $ | 87.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 87.4 |
Sales to AEP Affiliates | 357.5 |  |  | — |  |  | — |  |  | 357.5 |
Total Revenues | $ | 444.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 444.9 |
Net Income | $ | 174.2 |  |  | $ | 1.5 |  | (a) | $ | — |  |  | $ | 175.7 |
| Six Months Ended June 30, 2024
| State Transcos |  | AEPTCo Parent |  | Reconciling Adjustments |  | AEPTCo Consolidated
| (in millions)
Revenues from: |  |  |  |  |  |  |
External Customers | $ | 194.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 194.0 |
Sales to AEP Affiliates | 761.2 |  |  | — |  |  | — |  |  | 761.2 |
Other Revenues | 2.8 |  |  | — |  |  | — |  |  | 2.8 |
Total Revenues | $ | 958.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 958.0 |
Net Income | $ | 356.9 |  |  | $ | — |  | (a) | $ | — |  |  | $ | 356.9 |
| Six Months Ended June 30, 2023
| State Transcos |  | AEPTCo Parent |  | Reconciling Adjustments |  | AEPTCo Consolidated
| (in millions)
Revenues from: |  |  |  |  |  |  |
External Customers | $ | 176.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 176.4 |
Sales to AEP Affiliates | 710.1 |  |  | — |  |  | — |  |  | 710.1 |
Total Revenues | $ | 886.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 886.5 |
Net Income | $ | 335.8 |  |  | $ | 2.6 |  | (a) | $ | — |  |  | $ | 338.4 |
| June 30, 2024
| State Transcos |  | AEPTCo Parent |  | Reconciling Adjustments |  | AEPTCo Consolidated
| (in millions)
Total Assets | $ | 15,835.5 |  |  | $ | 5,942.2 |  | (b) | $ | (5,991.5) |  | (c) | $ | 15,786.2 |
| December 31, 2023
| State Transcos |  | AEPTCo Parent |  | Reconciling Adjustments |  | AEPTCo Consolidated
| (in millions)
Total Assets | $ | 15,120.6 |  |  | $ | 5,486.6 |  | (b) | $ | (5,534.7) |  | (c) | $ | 15,072.5 |
(a)Includes the elimination of AEPTCo Parent’s equity earnings in the State Transcos. (b)Primarily relates to Notes Receivable from the State Transcos. (c)Primarily relates to the elimination of Notes Receivable from the State Transcos.

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