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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY | SCHEDULE I AMERICAN ELECTRIC POWER COMPANY, INC. (Parent) CONDENSED FINANCIAL INFORMATION CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2024, 2023 and 2022 (in millions, except per-share and share amounts)
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
REVENUES |  |  |  |  |  |
Revenues |  | $ | 5.5 |  |  | $ | 5.1 |  |  | $ | 5.1 |
TOTAL REVENUES |  | 5.5 |  |  | 5.1 |  |  | 5.1 |
EXPENSES |  |  |  |  |  |
Other Operation |  | 66.0 |  |  | 16.7 |  |  | 84.9 |
Loss on the Expected Sale of the Kentucky Operations |  | — |  |  | — |  |  | 363.3 |
Depreciation and Amortization |  | 0.6 |  |  | 0.5 |  |  | 0.4 |
Amortization of KPCo Basis Difference |  | (21.4) |  |  | (16.5) |  |  | — |
TOTAL EXPENSES |  | 45.2 |  |  | 0.7 |  |  | 448.6 |
OPERATING INCOME (LOSS) |  | (39.7) |  |  | 4.4 |  |  | (443.5) |
Other Income (Expense): |  |  |  |  |  |
Interest Income |  | 107.9 |  |  | 181.0 |  |  | 80.3 |
Interest Expense |  | (531.8) |  |  | (526.3) |  |  | (275.5) |
LOSS BEFORE INCOME TAX BENEFIT AND EQUITY EARNINGS |  | (463.6) |  |  | (340.9) |  |  | (638.7) |
Income Tax Benefit |  | (150.5) |  |  | (80.8) |  |  | (136.3) |
Equity Earnings of Unconsolidated Subsidiaries |  | 3,280.2 |  |  | 2,468.2 |  |  | 2,809.6 |
NET INCOME |  | 2,967.1 |  |  | 2,208.1 |  |  | 2,307.2 |
Other Comprehensive Income (Loss) |  | 52.4 |  |  | (139.2) |  |  | (101.1) |
TOTAL COMPREHENSIVE INCOME |  | $ | 3,019.5 |  |  | $ | 2,068.9 |  |  | $ | 2,206.1 |
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING |  | 530,092,672 |  |  | 518,903,682 |  |  | 511,841,946 |
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS |  | $ | 5.60 |  |  | $ | 4.26 |  |  | $ | 4.51 |
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING |  | 531,337,703 |  |  | 520,206,258 |  |  | 513,484,609 |
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS |  | $ | 5.58 |  |  | $ | 4.24 |  |  | $ | 4.49 |
See Condensed Notes to Condensed Financial Information beginning on page S-6.
SCHEDULE I AMERICAN ELECTRIC POWER COMPANY, INC. (Parent) CONDENSED FINANCIAL INFORMATION CONDENSED BALANCE SHEETS ASSETS December 31, 2024 and 2023 (in millions)
|  | December 31,
|  | 2024 |  | 2023
CURRENT ASSETS |  |  |  |
Cash and Cash Equivalents |  | $ | 87.5 |  |  | $ | 197.8 |
Other Temporary Investments |  | 2.9 |  |  | 2.6 |
Advances to Affiliates |  | 1,944.6 |  |  | 2,004.5 |
Accounts Receivable: |  |  |  |
Affiliated Companies |  | 32.5 |  |  | 47.7 |
General |  | — |  |  | 2.7 |
Total Accounts Receivable |  | 32.5 |  |  | 50.4 |
Accrued Tax Benefits |  | 93.7 |  |  | 77.7 |
Prepayments and Other Current Assets |  | 11.6 |  |  | 11.6 |
TOTAL CURRENT ASSETS |  | 2,172.8 |  |  | 2,344.6 |
PROPERTY, PLANT AND EQUIPMENT |  |  |  |
General |  | 3.2 |  |  | 3.1 |
Total Property, Plant and Equipment |  | 3.2 |  |  | 3.1 |
Accumulated Depreciation, Depletion and Amortization |  | 1.7 |  |  | 1.4 |
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET |  | 1.5 |  |  | 1.7 |
OTHER NONCURRENT ASSETS |  |  |  |
Investments in Unconsolidated Subsidiaries |  | 35,306.2 |  |  | 33,598.6 |
Affiliated Notes Receivable |  | 105.0 |  |  | 295.0 |
Deferred Charges and Other Noncurrent Assets |  | 184.6 |  |  | 137.0 |
TOTAL OTHER NONCURRENT ASSETS |  | 35,595.8 |  |  | 34,030.6 |
TOTAL ASSETS |  | $ | 37,770.1 |  |  | $ | 36,376.9 |
See Condensed Notes to Condensed Financial Information beginning on page S-6.
SCHEDULE I AMERICAN ELECTRIC POWER COMPANY, INC. (Parent) CONDENSED FINANCIAL INFORMATION CONDENSED BALANCE SHEETS LIABILITIES AND EQUITY December 31, 2024 and 2023 (dollars in millions)
|  | December 31,
|  | 2024 |  | 2023
CURRENT LIABILITIES |  |  |  |
Advances from Affiliates |  | $ | 506.6 |  |  | $ | 728.3 |
Accounts Payable: |  |  |  |
General |  | 4.7 |  |  | 11.1 |
Affiliated Companies |  | 2.2 |  |  | 12.3 |
Short-term Debt |  | 1,618.3 |  |  | 1,937.9 |
Long-term Debt Due Within One Year – Nonaffiliated |  | 1,281.5 |  |  | 1,104.0 |
Other Current Liabilities |  | 202.4 |  |  | 137.7 |
TOTAL CURRENT LIABILITIES |  | 3,615.7 |  |  | 3,931.3 |
NONCURRENT LIABILITIES |  |  |  |
Long-term Debt – Nonaffiliated |  | 7,124.3 |  |  | 7,086.9 |
Deferred Credits and Other Noncurrent Liabilities |  | 48.5 |  |  | 69.5 |
TOTAL NONCURRENT LIABILITIES |  | 7,172.8 |  |  | 7,156.4 |
TOTAL LIABILITIES |  | 10,788.5 |  |  | 11,087.7 |
MEZZANINE EQUITY |  |  |  |
Contingently Redeemable Performance Share Awards |  | 37.8 |  |  | 42.5 |
COMMON SHAREHOLDERS’ EQUITY |  |  |  |
Common Stock – Par Value – $6.50 Per Share: |  |  |  |
| 2024 |  | 2023 |  |  |  |  |
Shares Authorized | 600,000,000 |  | 600,000,000 |  |  |  |  |
Shares Issued | 534,094,530 |  | 527,369,157 |  |  |  |  |
(1,186,815 and 1,184,572 Shares were Held in Treasury as of December 31, 2024 and 2023, Respectively) |  | 3,471.6 |  |  | 3,427.9 |
Paid-in Capital |  | 9,606.1 |  |  | 9,073.9 |
Retained Earnings |  | 13,869.2 |  |  | 12,800.4 |
Accumulated Other Comprehensive Income (Loss) |  | (3.1) |  |  | (55.5) |
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY |  | 26,943.8 |  |  | 25,246.7 |
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY |  | $ | 37,770.1 |  |  | $ | 36,376.9 |
See Condensed Notes to Condensed Financial Information beginning on page S-6.
SCHEDULE I AMERICAN ELECTRIC POWER COMPANY, INC. (Parent) CONDENSED FINANCIAL INFORMATION CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2024, 2023 and 2022 (in millions)
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
OPERATING ACTIVITIES |  |  |  |  |  |
Net Income |  | $ | 2,967.1 |  |  | $ | 2,208.1 |  |  | $ | 2,307.2 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: |  |  |  |  |  |
Depreciation and Amortization |  | 0.6 |  |  | 0.5 |  |  | 0.4 |
Amortization of KPCo Basis Difference |  | (21.4) |  |  | (16.5) |  |  | — |
Deferred Income Taxes |  | (53.3) |  |  | 59.7 |  |  | (63.3) |
Loss on the Expected Sale of the Kentucky Operations |  | — |  |  | — |  |  | 363.3 |
Equity Earnings of Unconsolidated Subsidiaries |  | (3,280.2) |  |  | (2,468.2) |  |  | (2,809.6) |
Cash Dividends Received from Unconsolidated Subsidiaries |  | 1,143.4 |  |  | 686.3 |  |  | 603.9 |
Change in Other Noncurrent Assets |  | 4.9 |  |  | (28.4) |  |  | (5.0) |
Change in Other Noncurrent Liabilities |  | 70.8 |  |  | 92.3 |  |  | 83.5 |
Changes in Certain Components of Working Capital: |  |  |  |  |  |
Accounts Receivable, Net |  | 17.9 |  |  | 28.7 |  |  | (61.0) |
Accounts Payable |  | (16.5) |  |  | (15.9) |  |  | 1.1 |
Other Current Assets |  | — |  |  | (3.6) |  |  | (6.0) |
Other Current Liabilities |  | 55.3 |  |  | (14.5) |  |  | (76.6) |
Net Cash Flows from Operating Activities |  | 888.6 |  |  | 528.5 |  |  | 337.9 |
INVESTING ACTIVITIES |  |  |  |  |  |
Construction Expenditures |  | (0.6) |  |  | (0.8) |  |  | (0.7) |
Change in Advances to Affiliates, Net |  | 59.9 |  |  | 2,007.6 |  |  | (1,411.3) |
Capital Contributions to Unconsolidated Subsidiaries |  | (399.9) |  |  | (789.9) |  |  | (568.3) |
Return of Capital Contributions from Unconsolidated Subsidiaries |  | 898.9 |  |  | 56.6 |  |  | 24.5 |
Issuance of Notes Receivable to Unconsolidated Subsidiaries |  | — |  |  | (210.0) |  |  | (20.0) |
Repayment of Notes Receivable from Unconsolidated Subsidiaries |  | 190.0 |  |  | — |  |  | — |
Other Investing Activities |  | — |  |  | — |  |  | (0.2) |
Net Cash Flows from (Used for) Investing Activities |  | 748.3 |  |  | 1,063.5 |  |  | (1,976.0) |
FINANCING ACTIVITIES |  |  |  |  |  |
Issuance of Common Stock, Net |  | 552.1 |  |  | 999.6 |  |  | 826.5 |
Issuance of Long-term Debt |  | 1,285.4 |  |  | 1,829.8 |  |  | 986.6 |
Issuance of Short-term Debt with Original Maturities Greater Than 90 Days |  | 723.8 |  |  | 1,069.9 |  |  | 833.9 |
Change in Short-term Debt with Original Maturities Less Than 90 Day, Net |  | (172.3) |  |  | (1,365.4) |  |  | 1,650.4 |
Retirement of Long-term Debt |  | (1,104.0) |  |  | (1,050.0) |  |  | (300.0) |
Change in Advances from Affiliates, Net |  | (221.7) |  |  | (191.6) |  |  | 336.9 |
Redemption of Short-term Debt with Original Maturities Greater Than 90 Days |  | (871.1) |  |  | (1,128.8) |  |  | (986.1) |
Dividends Paid on Common Stock |  | (1,898.3) |  |  | (1,752.3) |  |  | (1,628.7) |
Other Financing Activities |  | (41.1) |  |  | (59.6) |  |  | (74.5) |
Net Cash Flows from (Used for) Financing Activities |  | (1,747.2) |  |  | (1,648.4) |  |  | 1,645.0 |
Net Increase (Decrease) in Cash and Cash Equivalents |  | (110.3) |  |  | (56.4) |  |  | 6.9 |
Cash and Cash Equivalents at Beginning of Period |  | 197.8 |  |  | 254.2 |  |  | 247.3 |
Cash and Cash Equivalents at End of Period |  | $ | 87.5 |  |  | $ | 197.8 |  |  | $ | 254.2 |
See Condensed Notes to Condensed Financial Information beginning on page S-6.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed financial information of Parent is required as a result of the restricted net assets of AEP consolidated subsidiaries exceeding 25% of AEP consolidated net assets as of December 31, 2024. Parent is a public utility holding company that owns all of the outstanding common stock of its public utility subsidiaries and varying percentages of other subsidiaries, including joint ventures and equity investments. The primary source of income for Parent is equity in its subsidiaries’ earnings. Its major source of cash is dividends from the subsidiaries, which are evaluated for cash flow presentation based on the nature of the distribution. Parent borrows the funds for the money pool that is used by the subsidiaries for their short-term cash needs. Parent financial statements should be read in conjunction with the AEP consolidated financial statements and the accompanying notes thereto. For purposes of these condensed financial statements, AEP wholly-owned and majority-owned subsidiaries are recorded based upon its proportionate share of the subsidiaries’ net assets (similar to presenting them on the equity method). Income Taxes Parent files a consolidated federal income tax return with its subsidiaries. The benefit of current tax loss of the parent company (Parent Company Loss Benefit) to the AEP System subsidiaries is accounted for as an allocation through equity. The consolidated NOL of the AEP System is allocated to each company in the consolidated group with taxable loss. With the exception of the allocation of the consolidated AEP System NOL, Parent Company Loss Benefit and general business tax credits, the method of allocation reflects a separate return result for each company in the consolidated group. COMMITMENTS, GUARANTEES AND CONTINGENCIESParent and its subsidiaries are parties to environmental and other legal matters. For further discussion, see Note 6 - Commitments, Guarantees and ContingenciesFINANCING ACTIVITIES The following details long-term debt outstanding as of December 31, 2024 and 2023: Long-term Debt
|  |  |  | Weighted-Average |  | Interest Rate Ranges as of |  | Outstanding as of
|  |  |  | Interest Rate as of |  | December 31, |  | December 31,
Type of Debt |  | Maturity |  | December 31, 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
|  |  |  |  |  |  |  |  |  | (in millions)
Senior Unsecured Notes |  | 2025-2050 |  | 4.29% |  | 1.00%-5.95% |  | 1.00%-5.95% |  | $ | 5,290.0 |  |  | $ | 5,265.0 |
Pollution Control Bonds |  | 2026-2029 (a) |  | 3.12% |  | 2.40%-3.75% |  | 1.90%-2.60% |  | 536.8 |  |  | 537.8 |
Junior Subordinated Notes |  | 2025-2027 |  | 5.67% |  | 3.88%-7.05% |  | 2.03%-5.70% |  | 2,579.0 |  |  | 2,388.1 |
Total Long-term Debt Outstanding |  |  |  |  |  |  |  |  |  | 8,405.8 |  |  | 8,190.9 |
Long-term Debt Due Within One Year |  |  |  |  |  |  |  |  |  | 1,281.5 |  |  | 1,104.0 |
Long-term Debt |  |  |  |  |  |  |  |  |  | $ | 7,124.3 |  |  | $ | 7,086.9 |
(a)Certain Pollution Control Bonds are subject to redemption earlier than the maturity date. Long-term debt outstanding as of December 31, 2024 is payable as follows:
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | After 2029 |  | Total
| (in millions)
Principal Amount (a) | $ | 1,281.5 |  |  | $ | 50.0 |  |  | $ | 1,758.3 |  |  | $ | 930.4 |  |  | $ | 1,694.5 |  |  | $ | 2,750.0 |  |  | $ | 8,464.7 |
Unamortized Discount, Net and Debt Issuance Costs |  |  |  |  |  |  |  |  |  |  |  |  | (58.9) |
Total Long-term Debt Outstanding |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,405.8 |
(a)Amounts reflect the impact of fair value hedge accounting. See “Accounting for Fair Value Hedging Strategies” section of Note 10 included in the 2024 Annual Report for additional information. Short-term Debt Parent’s outstanding short-term debt was as follows:
|  | December 31, 2024 |  | December 31, 2023
Type of Debt |  | Outstanding Amount |  | Weighted-Average Interest Rate |  | Outstanding Amount |  | Weighted-Average Interest Rate
|  | (in millions) |  |  |  | (in millions) |  |
Commercial Paper |  | $ | 1,618.3 |  |  | 4.70 | % |  | $ | 1,937.9 |  |  | 5.69 | %
Total Short-term Debt |  | $ | 1,618.3 |  |  |  |  | $ | 1,937.9 |  |  |
RELATED PARTY TRANSACTIONS Payments on Behalf of Subsidiaries Due to occasional time sensitivity and complexity of payments, Parent makes certain insurance, tax and benefit payments on behalf of subsidiary companies. Parent is then fully reimbursed by the subsidiary companies. Short-term Lending to Subsidiaries Parent uses a commercial paper program to meet the short-term borrowing needs of subsidiaries. The program is used to fund both a Utility Money Pool, which funds the utility subsidiaries, and a Nonutility Money Pool, which funds certain nonutility subsidiaries. In addition, the program also funds, as direct borrowers, the short-term debt requirements of other subsidiaries that are not participants in either money pool for regulatory or operational reasons. The program also allows some direct borrowers to invest excess cash with Parent. Interest expense related to Parent’s short-term borrowing is included in Interest Expense on Parent’s statements of income. Parent incurred interest expense for amounts borrowed from subsidiaries of $28 million, $33 million and $30 million for the years ended December 31, 2024, 2023 and 2022, respectively. Interest income related to Parent’s short-term lending is included in Interest Income on Parent’s statements of income. Parent earned interest income for amounts advanced to subsidiaries of $84 million, $164 million and $71 million for the years ended December 31, 2024, 2023 and 2022, respectively. Affiliated Notes Parent issued long-term debt, portions of which were loaned to its subsidiaries. Parent pays interest on the affiliated notes, but the subsidiaries accrue interest for their share of the affiliated borrowing and remit the interest to Parent. Interest income related to Parent’s loans to subsidiaries is included in Interest Income on Parent’s statements of income. Parent earned interest income on loans to subsidiaries of $7 million, $6 million and $3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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