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Voluntary Severance Program | 3 Months Ended
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Jun. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Related Activities Disclosure | VOLUNTARY SEVERANCE PROGRAM In April 2024, management announced a voluntary severance program designed to achieve a reduction in the size of AEP’s workforce and help offset increasing operating expenses due to inflation and high interest costs in order to keep electricity costs affordable for customers. Approximately 7,400 of AEP’s 16,800 employees were eligible to participate in the program. Approximately 1,000 employees have chosen to take the voluntary severance package and substantially all will terminate employment in July 2024. The severance program provides two weeks of base pay for every year of service with a minimum of four weeks and a maximum of 52 weeks of base pay. AEP recorded a charge to expense in the second quarter of 2024 related to this voluntary severance program:
|  | AEP |  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Severance Expense Incurred |  | $ | 122.0 |  |  | $ | 19.8 |  |  | $ | 10.7 |  |  | $ | 26.5 |  |  | $ | 14.8 |  |  | $ | 14.8 |  |  | $ | 10.1 |  |  | $ | 16.9 |
These expenses are primarily included in Other Operation and Maintenance on the statements of income and Other Current Liabilities on the balance sheets. Severance payments to participants through June 30, 2024 were immaterial. The Registrants expect to pay substantially all of the severance benefits in the third quarter of 2024. The voluntary severance program did not trigger any material curtailment or settlement accounting considerations under the accounting guidance for “Compensation - Retirement Benefits”.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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