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v3.24.3

Benefit Plans | 9 Months Ended
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Sep. 30, 2024
Benefit Plans | BENEFIT PLANS The disclosures in this note apply to all Registrants except AEPTCo. AEPSC sponsors a qualified pension plan and two unfunded non-qualified pension plans. Substantially all AEP subsidiary employees are covered by the qualified plan or both the qualified and a non-qualified pension plan. AEPSC 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, 2024 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 25.6 |  |  | $ | 2.3 |  |  | $ | 2.4 |  |  | $ | 3.3 |  |  | $ | 2.3 |  |  | $ | 1.5 |  |  | $ | 1.9 |
Interest Cost |  | 51.9 |  |  | 4.4 |  |  | 6.2 |  |  | 5.9 |  |  | 4.8 |  |  | 2.5 |  |  | 3.1 |
Expected Return on Plan Assets |  | (80.2) |  |  | (6.5) |  |  | (10.7) |  |  | (10.7) |  |  | (8.2) |  |  | (4.3) |  |  | (4.4) |
Amortization of Net Actuarial Loss |  | 1.0 |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | 0.1 |
Net Periodic Benefit Cost (Credit) (a) |  | $ | (1.7) |  |  | $ | 0.2 |  |  | $ | (2.0) |  |  | $ | (1.4) |  |  | $ | (1.0) |  |  | $ | (0.3) |  |  | $ | 0.7 |
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 |
Nine Months Ended September 30, 2024 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 76.8 |  |  | $ | 6.7 |  |  | $ | 7.3 |  |  | $ | 9.9 |  |  | $ | 7.0 |  |  | $ | 4.6 |  |  | $ | 5.9 |
Interest Cost |  | 155.7 |  |  | 13.1 |  |  | 18.6 |  |  | 17.8 |  |  | 14.2 |  |  | 7.5 |  |  | 9.3 |
Expected Return on Plan Assets |  | (240.6) |  |  | (19.5) |  |  | (32.1) |  |  | (32.1) |  |  | (24.5) |  |  | (13.0) |  |  | (13.2) |
Amortization of Net Actuarial Loss |  | 3.2 |  |  | 0.2 |  |  | 0.3 |  |  | 0.3 |  |  | 0.2 |  |  | 0.1 |  |  | 0.2 |
Net Periodic Benefit Cost (Credit) (a) |  | $ | (4.9) |  |  | $ | 0.5 |  |  | $ | (5.9) |  |  | $ | (4.1) |  |  | $ | (3.1) |  |  | $ | (0.8) |  |  | $ | 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 |
(a)Excludes an immaterial settlement amount to a non-qualified pension plan in the second quarter of 2024 for AEP. Management continues to monitor settlements under the qualified pension plan as a result of the voluntary severance program announced in the second quarter of 2024. See Note 13 - Voluntary Severance Program for additional information. OPEB
Three Months Ended September 30, 2024 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 1.1 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest Cost |  | 10.3 |  |  | 0.9 |  |  | 1.7 |  |  | 1.2 |  |  | 1.1 |  |  | 0.6 |  |  | 0.7 |
Expected Return on Plan Assets |  | (27.8) |  |  | (2.3) |  |  | (4.1) |  |  | (3.4) |  |  | (3.0) |  |  | (1.5) |  |  | (1.9) |
Amortization of Prior Service Credit |  | (3.1) |  |  | (0.3) |  |  | (0.5) |  |  | (0.4) |  |  | (0.3) |  |  | (0.2) |  |  | (0.3) |
Amortization of Net Actuarial Loss |  | 0.8 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | 0.1 |
Net Periodic Benefit Credit (a) |  | $ | (18.7) |  |  | $ | (1.6) |  |  | $ | (2.6) |  |  | $ | (2.4) |  |  | $ | (2.1) |  |  | $ | (1.0) |  |  | $ | (1.3) |
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) |
Nine Months Ended September 30, 2024 |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Service Cost |  | $ | 3.3 |  |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.3 |
Interest Cost |  | 31.4 |  |  | 2.5 |  |  | 5.0 |  |  | 3.6 |  |  | 3.2 |  |  | 1.7 |  |  | 2.0 |
Expected Return on Plan Assets |  | (83.5) |  |  | (6.8) |  |  | (12.2) |  |  | (10.1) |  |  | (8.9) |  |  | (4.5) |  |  | (5.6) |
Amortization of Prior Service Credit |  | (9.5) |  |  | (0.8) |  |  | (1.4) |  |  | (1.3) |  |  | (0.9) |  |  | (0.6) |  |  | (0.8) |
Amortization of Net Actuarial Loss |  | 2.3 |  |  | 0.2 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  |  | 0.1 |  |  | 0.2 |
Net Periodic Benefit Credit (a) |  | $ | (56.0) |  |  | $ | (4.7) |  |  | $ | (7.9) |  |  | $ | (7.1) |  |  | $ | (6.1) |  |  | $ | (3.1) |  |  | $ | (3.9) |
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) |
(a)Excludes an immaterial amount related to special termination benefits resulting from the voluntary severance program announced in the second quarter of 2024. See Note 13 - Voluntary Severance Program for additional information.

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