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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Details of Income Taxes as Reported | The details of the Registrants’ Income Tax Expense (Benefit) as reported are as follows:
Year Ended December 31, 2024 |  | AEP |  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Federal: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | (2.8) |  |  | $ | 22.1 |  |  | $ | 75.1 |  |  | $ | 79.9 |  |  | $ | 16.6 |  |  | $ | 41.5 |  |  | $ | (119.0) |  |  | $ | (111.4) |
Deferred |  | (57.9) |  |  | 77.1 |  |  | 89.1 |  |  | (17.8) |  |  | (118.8) |  |  | (2.7) |  |  | 20.1 |  |  | (86.1) |
Total Federal |  | (60.7) |  |  | 99.2 |  |  | 164.2 |  |  | 62.1 |  |  | (102.2) |  |  | 38.8 |  |  | (98.9) |  |  | (197.5) |
State and Local: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | (5.2) |  |  | 2.9 |  |  | 5.6 |  |  | 12.6 |  |  | 7.0 |  |  | 3.1 |  |  | (0.2) |  |  | 1.8 |
Deferred |  | 26.7 |  |  | — |  |  | 20.5 |  |  | 0.4 |  |  | — |  |  | 10.5 |  |  | (0.5) |  |  | 11.7 |
Total State and Local |  | 21.5 |  |  | 2.9 |  |  | 26.1 |  |  | 13.0 |  |  | 7.0 |  |  | 13.6 |  |  | (0.7) |  |  | 13.5 |
Income Tax Expense (Benefit) |  | $ | (39.2) |  |  | $ | 102.1 |  |  | $ | 190.3 |  |  | $ | 75.1 |  |  | $ | (95.2) |  |  | $ | 52.4 |  |  | $ | (99.6) |  |  | $ | (184.0) |
Year Ended December 31, 2023 |  | AEP |  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Federal: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | (116.7) |  |  | $ | 19.8 |  |  | $ | 93.9 |  |  | $ | 62.2 |  |  | $ | 93.2 |  |  | $ | 46.6 |  |  | $ | (60.8) |  |  | $ | (88.1) |
Deferred |  | 115.9 |  |  | 63.5 |  |  | 52.3 |  |  | (60.5) |  |  | (56.9) |  |  | 2.8 |  |  | 2.9 |  |  | 59.9 |
Total Federal |  | (0.8) |  |  | 83.3 |  |  | 146.2 |  |  | 1.7 |  |  | 36.3 |  |  | 49.4 |  |  | (57.9) |  |  | (28.2) |
State and Local: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 69.0 |  |  | 2.7 |  |  | 9.1 |  |  | 6.3 |  |  | 21.1 |  |  | (0.3) |  |  | 0.3 |  |  | 1.0 |
Deferred |  | (13.6) |  |  | (0.1) |  |  | (8.2) |  |  | 6.2 |  |  | 1.2 |  |  | 5.2 |  |  | 4.0 |  |  | (6.1) |
Total State and Local |  | 55.4 |  |  | 2.6 |  |  | 0.9 |  |  | 12.5 |  |  | 22.3 |  |  | 4.9 |  |  | 4.3 |  |  | (5.1) |
Income Tax Expense (Benefit) |  | $ | 54.6 |  |  | $ | 85.9 |  |  | $ | 147.1 |  |  | $ | 14.2 |  |  | $ | 58.6 |  |  | $ | 54.3 |  |  | $ | (53.6) |  |  | $ | (33.3) |
Year Ended December 31, 2022 |  | AEP |  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Federal: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 113.1 |  |  | $ | 29.0 |  |  | $ | 98.0 |  |  | $ | (61.0) |  |  | $ | 43.4 |  |  | $ | (27.0) |  |  | $ | (3.3) |  |  | $ | (32.3) |
Deferred |  | (88.8) |  |  | 41.4 |  |  | 46.0 |  |  | 86.6 |  |  | (51.3) |  |  | 73.3 |  |  | (50.5) |  |  | 13.4 |
Total Federal |  | 24.3 |  |  | 70.4 |  |  | 144.0 |  |  | 25.6 |  |  | (7.9) |  |  | 46.3 |  |  | (53.8) |  |  | (18.9) |
State and Local: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 26.6 |  |  | 2.2 |  |  | 8.8 |  |  | (0.4) |  |  | 10.9 |  |  | (0.3) |  |  | — |  |  | (1.8) |
Deferred |  | (45.5) |  |  | — |  |  | 16.3 |  |  | (7.0) |  |  | 1.2 |  |  | (1.8) |  |  | 4.6 |  |  | (4.5) |
Total State and Local |  | (18.9) |  |  | 2.2 |  |  | 25.1 |  |  | (7.4) |  |  | 12.1 |  |  | (2.1) |  |  | 4.6 |  |  | (6.3) |
Income Tax Expense (Benefit) |  | $ | 5.4 |  |  | $ | 72.6 |  |  | $ | 169.1 |  |  | $ | 18.2 |  |  | $ | 4.2 |  |  | $ | 44.2 |  |  | $ | (49.2) |  |  | $ | (25.2) |
Schedule of Reconciliation of Federal Statutory Tax Rate to Reported Tax Rate | The following are reconciliations for the Registrants between the federal income taxes computed by multiplying pretax income by the federal statutory tax rate and the income taxes reported:
Year Ended December 31, 2024 |  | AEP |  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Net Income |  | $ | 2,975.8 |  |  | $ | 420.1 |  |  | $ | 688.4 |  |  | $ | 421.7 |  |  | $ | 391.4 |  |  | $ | 305.6 |  |  | $ | 249.3 |  |  | $ | 325.7 |
Less: Equity Earnings |  | (1.4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.4) |
Income Tax Expense (Benefit) |  | (39.2) |  |  | 102.1 |  |  | 190.3 |  |  | 75.1 |  |  | (95.2) |  |  | 52.4 |  |  | (99.6) |  |  | (184.0) |
Pretax Income |  | $ | 2,935.2 |  |  | $ | 522.2 |  |  | $ | 878.7 |  |  | $ | 496.8 |  |  | $ | 296.2 |  |  | $ | 358.0 |  |  | $ | 149.7 |  |  | $ | 140.3 |
Income Taxes on Pretax Income at Statutory Rate (21%) |  | $ | 616.5 |  |  | $ | 109.7 |  |  | $ | 184.5 |  |  | $ | 104.3 |  |  | $ | 62.2 |  |  | $ | 75.2 |  |  | $ | 31.4 |  |  | $ | 29.5 |
Increase (Decrease) in Income Taxes Resulting from the Following Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reversal of Origination Flow-Through |  | 20.5 |  |  | 0.8 |  |  | 2.7 |  |  | 6.6 |  |  | 4.0 |  |  | 2.7 |  |  | 0.4 |  |  | 2.1 |
Investment Tax Credit Amortization |  | (58.4) |  |  | (0.9) |  |  | — |  |  | 0.1 |  |  | (2.0) |  |  | 0.1 |  |  | (1.4) |  |  | (0.1) |
Production Tax Credits |  | (214.2) |  |  | — |  |  | — |  |  | (0.3) |  |  | (69.0) |  |  | — |  |  | (73.8) |  |  | (70.7) |
State and Local Income Taxes, Net |  | 16.7 |  |  | 2.3 |  |  | 20.5 |  |  | 10.3 |  |  | 5.5 |  |  | 10.7 |  |  | (0.6) |  |  | 10.6 |
Removal Costs |  | (14.6) |  |  | — |  |  | — |  |  | (11.2) |  |  | (3.7) |  |  | — |  |  | — |  |  | — |
AFUDC Equity |  | (46.5) |  |  | (9.6) |  |  | (18.8) |  |  | (5.3) |  |  | (2.8) |  |  | (4.9) |  |  | (1.6) |  |  | (2.8) |
Tax Reform Excess ADIT Reversal |  | (91.6) |  |  | (5.1) |  |  | 1.6 |  |  | (30.1) |  |  | (15.5) |  |  | (31.1) |  |  | (5.5) |  |  | (4.0) |
Remeasurement of Excess ADIT |  | (262.2) |  |  | 6.4 |  |  | — |  |  | — |  |  | (73.3) |  |  | — |  |  | (48.6) |  |  | (146.8) |
Other |  | (5.4) |  |  | (1.5) |  |  | (0.2) |  |  | 0.7 |  |  | (0.6) |  |  | (0.3) |  |  | 0.1 |  |  | (1.8) |
Income Tax Expense (Benefit) |  | $ | (39.2) |  |  | $ | 102.1 |  |  | $ | 190.3 |  |  | $ | 75.1 |  |  | $ | (95.2) |  |  | $ | 52.4 |  |  | $ | (99.6) |  |  | $ | (184.0) |
Effective Income Tax Rate |  | (1.3) |  | % |  | 19.6 |  | % |  | 21.7 |  | % |  | 15.1 |  | % |  | (32.1) |  | % |  | 14.6 |  | % |  | (66.5) |  | % |  | (131.1) |  | %
.
Year Ended December 31, 2023 |  | AEP |  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Net Income |  | $ | 2,212.6 |  |  | $ | 370.4 |  |  | $ | 614.2 |  |  | $ | 294.4 |  |  | $ | 335.9 |  |  | $ | 328.2 |  |  | $ | 208.8 |  |  | $ | 223.8 |
Less: Equity Earnings |  | (1.4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.4) |
Income Tax Expense (Benefit) |  | 54.6 |  |  | 85.9 |  |  | 147.1 |  |  | 14.2 |  |  | 58.6 |  |  | 54.3 |  |  | (53.6) |  |  | (33.3) |
Pretax Income |  | $ | 2,265.8 |  |  | $ | 456.3 |  |  | $ | 761.3 |  |  | $ | 308.6 |  |  | $ | 394.5 |  |  | $ | 382.5 |  |  | $ | 155.2 |  |  | $ | 189.1 |
Income Taxes on Pretax Income at Statutory Rate (21%) |  | $ | 475.8 |  |  | $ | 95.8 |  |  | $ | 159.9 |  |  | $ | 64.8 |  |  | $ | 82.8 |  |  | $ | 80.3 |  |  | $ | 32.6 |  |  | $ | 39.7 |
Increase (Decrease) in Income Taxes Resulting from the Following Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reversal of Origination Flow-Through |  | 26.0 |  |  | 0.6 |  |  | 2.4 |  |  | 9.9 |  |  | 6.4 |  |  | 2.6 |  |  | 0.4 |  |  | 2.1 |
Investment Tax Credit Amortization |  | (50.3) |  |  | (0.7) |  |  | — |  |  | — |  |  | (1.6) |  |  | — |  |  | (1.4) |  |  | (0.2) |
Production Tax Credits |  | (175.2) |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | (64.3) |  |  | (67.1) |
State and Local Income Taxes, Net |  | 43.7 |  |  | 2.1 |  |  | 0.7 |  |  | 9.9 |  |  | 17.5 |  |  | 3.9 |  |  | 3.5 |  |  | (4.0) |
Removal Costs |  | (22.0) |  |  | — |  |  | — |  |  | (5.1) |  |  | (11.8) |  |  | — |  |  | — |  |  | — |
AFUDC Equity |  | (39.8) |  |  | (6.0) |  |  | (17.5) |  |  | (5.5) |  |  | (2.3) |  |  | (3.6) |  |  | (1.8) |  |  | (2.4) |
Tax Reform Excess ADIT Reversal |  | (151.1) |  |  | (6.0) |  |  | 1.7 |  |  | (17.3) |  |  | (30.0) |  |  | (28.9) |  |  | (23.3) |  |  | (12.6) |
Remeasurement of Excess ADIT |  | (46.0) |  |  | — |  |  | — |  |  | (46.0) |  |  | — |  |  | — |  |  | — |  |  | — |
Federal Return to Provision |  | — |  |  | (0.1) |  |  | — |  |  | 3.4 |  |  | (2.5) |  |  | (0.4) |  |  | 0.6 |  |  | 1.0 |
Disallowance Cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12.0 |
Other |  | (6.5) |  |  | 0.2 |  |  | (0.1) |  |  | 0.2 |  |  | 0.1 |  |  | 0.4 |  |  | 0.1 |  |  | (1.8) |
Income Tax Expense (Benefit) |  | $ | 54.6 |  |  | $ | 85.9 |  |  | $ | 147.1 |  |  | $ | 14.2 |  |  | $ | 58.6 |  |  | $ | 54.3 |  |  | $ | (53.6) |  |  | $ | (33.3) |
Effective Income Tax Rate |  | 2.4 |  | % |  | 18.8 |  | % |  | 19.3 |  | % |  | 4.6 |  | % |  | 14.9 |  | % |  | 14.2 |  | % |  | (34.5) |  | % |  | (17.6) |  | %
Year Ended December 31, 2022 |  | AEP |  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Net Income |  | $ | 2,305.6 |  |  | $ | 307.9 |  |  | $ | 594.2 |  |  | $ | 394.2 |  |  | $ | 324.7 |  |  | $ | 287.8 |  |  | $ | 167.6 |  |  | $ | 294.3 |
Less: Equity Earnings |  | (1.4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.6) |  |  | — |  |  | (1.4) |
Income Tax Expense (Benefit) |  | 5.4 |  |  | 72.6 |  |  | 169.1 |  |  | 18.2 |  |  | 4.2 |  |  | 44.2 |  |  | (49.2) |  |  | (25.2) |
Pretax Income |  | $ | 2,309.6 |  |  | $ | 380.5 |  |  | $ | 763.3 |  |  | $ | 412.4 |  |  | $ | 328.9 |  |  | $ | 331.4 |  |  | $ | 118.4 |  |  | $ | 267.7 |
Income Taxes on Pretax Income at Statutory Rate (21%) |  | $ | 485.0 |  |  | $ | 79.9 |  |  | $ | 160.3 |  |  | $ | 86.6 |  |  | $ | 69.1 |  |  | $ | 69.6 |  |  | $ | 24.9 |  |  | $ | 56.2 |
Increase (Decrease) in Income Taxes Resulting from the Following Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reversal of Origination Flow-Through |  | 17.1 |  |  | — |  |  | — |  |  | 4.7 |  |  | 2.9 |  |  | 3.0 |  |  | — |  |  | 2.3 |
Investment Tax Credit Amortization |  | (14.3) |  |  | — |  |  | — |  |  | — |  |  | (3.1) |  |  | — |  |  | (1.6) |  |  | — |
Production Tax Credits |  | (197.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (47.7) |  |  | (57.1) |
State and Local Income Taxes, Net |  | (14.0) |  |  | 1.7 |  |  | 19.8 |  |  | (5.9) |  |  | 9.6 |  |  | (1.6) |  |  | 4.3 |  |  | (4.9) |
Removal Costs |  | (26.5) |  |  | — |  |  | — |  |  | (9.8) |  |  | (12.4) |  |  | — |  |  | — |  |  | — |
AFUDC Equity |  | (29.3) |  |  | (4.1) |  |  | (14.8) |  |  | (3.7) |  |  | (2.1) |  |  | (2.9) |  |  | — |  |  | — |
Tax Reform Excess ADIT Reversal |  | (214.5) |  |  | (5.5) |  |  | — |  |  | (50.9) |  |  | (54.0) |  |  | (27.5) |  |  | (25.4) |  |  | (14.8) |
Federal Return to Provision |  | (17.4) |  |  | — |  |  | — |  |  | (2.8) |  |  | (6.2) |  |  | 3.5 |  |  | (3.7) |  |  | — |
Other |  | 16.4 |  |  | 0.6 |  |  | 3.8 |  |  | — |  |  | 0.4 |  |  | 0.1 |  |  | — |  |  | (6.9) |
Income Tax Expense (Benefit) |  | $ | 5.4 |  |  | $ | 72.6 |  |  | $ | 169.1 |  |  | $ | 18.2 |  |  | $ | 4.2 |  |  | $ | 44.2 |  |  | $ | (49.2) |  |  | $ | (25.2) |
Effective Income Tax Rate |  | 0.2 |  | % |  | 19.1 |  | % |  | 22.2 |  | % |  | 4.4 |  | % |  | 1.3 |  | % |  | 13.3 |  | % |  | (41.6) |  | % |  | (9.4) |  |
Schedule of Deferred Tax Assets and Liabilities | The following tables show elements of the net deferred tax liability and significant temporary differences for each Registrant. Amounts presented for 2023 were recast to allocate “Deferred State Income Taxes”, and other miscellaneous temporary differences, amongst other categories to substantively reflect the elements of the net deferred tax liability.
Year Ended December 31, 2024 |  | AEP |  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Deferred Tax Assets |  | $ | 2,651.9 |  |  | $ | 139.1 |  |  | $ | 172.6 |  |  | $ | 379.1 |  |  | $ | 1,072.2 |  |  | $ | 186.5 |  |  | $ | 266.9 |  |  | $ | 292.8 |
Deferred Tax Liabilities |  | (12,624.3) |  |  | (1,461.8) |  |  | (1,451.2) |  |  | (2,412.6) |  |  | (2,248.0) |  |  | (1,387.6) |  |  | (1,197.5) |  |  | (1,564.1) |
Net Deferred Tax Liabilities |  | $ | (9,972.4) |  |  | $ | (1,322.7) |  |  | $ | (1,278.6) |  |  | $ | (2,033.5) |  |  | $ | (1,175.8) |  |  | $ | (1,201.1) |  |  | $ | (930.6) |  |  | $ | (1,271.3) |
Property Related Temporary Differences |  | $ | (8,939.7) |  |  | $ | (1,364.0) |  |  | $ | (1,416.6) |  |  | $ | (1,784.8) |  |  | $ | (189.9) |  |  | $ | (1,290.9) |  |  | $ | (1,009.8) |  |  | $ | (1,353.1) |
Amounts Due to Customers for Future Income Taxes |  | 779.6 |  |  | 109.3 |  |  | 121.4 |  |  | 119.0 |  |  | 73.1 |  |  | 95.6 |  |  | 80.7 |  |  | 90.2 |
Securitized Assets |  | (133.4) |  |  | (26.5) |  |  | — |  |  | (25.7) |  |  | — |  |  | — |  |  | — |  |  | (81.1) |
Regulatory Assets |  | (966.2) |  |  | (63.2) |  |  | (0.2) |  |  | (302.4) |  |  | (49.2) |  |  | (45.3) |  |  | (53.1) |  |  | (87.0) |
Accrued Nuclear Decommissioning |  | (1,052.2) |  |  | — |  |  | — |  |  | — |  |  | (1,052.2) |  |  | — |  |  | — |  |  | — |
Net Operating Loss Carryforward |  | 110.3 |  |  | — |  |  | 2.5 |  |  | 0.4 |  |  | — |  |  | 2.9 |  |  | 27.8 |  |  | 36.5 |
Valuation Allowance |  | (35.0) |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Tax Credit Carryforward |  | 197.5 |  |  | 4.3 |  |  | — |  |  | 0.1 |  |  | 39.6 |  |  | 38.5 |  |  | 26.5 |  |  | 31.7 |
Operating Lease Liability |  | 145.3 |  |  | 12.3 |  |  | 0.3 |  |  | 16.2 |  |  | 13.5 |  |  | 13.3 |  |  | 27.1 |  |  | 35.7 |
Investment in Partnership |  | (302.1) |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (0.8) |  |  | — |  |  | (1.5) |
All Other, Net |  | 223.5 |  |  | 5.1 |  |  | 14.1 |  |  | (56.2) |  |  | (10.7) |  |  | (14.4) |  |  | (29.8) |  |  | 57.3 |
Net Deferred Tax Liabilities |  | $ | (9,972.4) |  |  | $ | (1,322.7) |  |  | $ | (1,278.6) |  |  | $ | (2,033.5) |  |  | $ | (1,175.8) |  |  | $ | (1,201.1) |  |  | $ | (930.6) |  |  | $ | (1,271.3) |
Year Ended December 31, 2023 |  | AEP |  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Deferred Tax Assets |  | $ | 3,216.1 |  |  | $ | 173.6 |  |  | $ | 188.0 |  |  | $ | 472.9 |  |  | $ | 1,014.0 |  |  | $ | 271.5 |  |  | $ | 282.4 |  |  | $ | 441.5 |
Deferred Tax Liabilities |  | (12,631.8) |  |  | (1,401.4) |  |  | (1,335.7) |  |  | (2,484.8) |  |  | (2,183.9) |  |  | (1,424.2) |  |  | (1,113.6) |  |  | (1,620.8) |
Net Deferred Tax Liabilities |  | $ | (9,415.7) |  |  | $ | (1,227.8) |  |  | $ | (1,147.7) |  |  | $ | (2,011.9) |  |  | $ | (1,169.9) |  |  | $ | (1,152.7) |  |  | $ | (831.2) |  |  | $ | (1,179.3) |
Property Related Temporary Differences |  | $ | (8,809.0) |  |  | $ | (1,274.0) |  |  | $ | (1,304.2) |  |  | $ | (1,805.9) |  |  | $ | (315.6) |  |  | $ | (1,243.2) |  |  | $ | (941.9) |  |  | $ | (1,306.0) |
Amounts Due to Customers for Future Income Taxes |  | 898.1 |  |  | 109.3 |  |  | 120.8 |  |  | 128.0 |  |  | 103.2 |  |  | 104.6 |  |  | 99.0 |  |  | 142.5 |
Securitized Assets |  | (81.8) |  |  | (46.7) |  |  | — |  |  | (32.6) |  |  | — |  |  | (5.3) |  |  | — |  |  | 2.8 |
Regulatory Assets |  | (825.9) |  |  | (56.2) |  |  | (0.7) |  |  | (284.3) |  |  | (27.7) |  |  | (50.1) |  |  | (67.2) |  |  | (146.9) |
Accrued Nuclear Decommissioning |  | (923.5) |  |  | — |  |  | — |  |  | — |  |  | (923.5) |  |  | — |  |  | — |  |  | — |
Net Operating Loss Carryforward |  | 155.6 |  |  | — |  |  | 3.9 |  |  | 0.2 |  |  | — |  |  | 2.6 |  |  | 25.3 |  |  | 47.5 |
Valuation Allowance |  | (37.4) |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.8) |
Tax Credit Carryforward |  | 321.4 |  |  | 13.7 |  |  | — |  |  | 0.1 |  |  | 7.2 |  |  | 41.0 |  |  | 53.8 |  |  | 68.6 |
Operating Lease Liability |  | 154.7 |  |  | 17.3 |  |  | 0.4 |  |  | 18.0 |  |  | 14.1 |  |  | 15.4 |  |  | 28.2 |  |  | 33.3 |
Investment in Partnership |  | (296.3) |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (0.7) |  |  | — |  |  | (1.5) |
All Other, Net |  | 28.4 |  |  | 8.8 |  |  | 32.2 |  |  | (35.3) |  |  | (27.6) |  |  | (17.0) |  |  | (28.4) |  |  | (17.8) |
Net Deferred Tax Liabilities |  | $ | (9,415.7) |  |  | $ | (1,227.8) |  |  | $ | (1,147.7) |  |  | $ | (2,011.9) |  |  | $ | (1,169.9) |  |  | $ | (1,152.7) |  |  | $ | (831.2) |  |  | $ | (1,179.3) |
Schedule of State Net Income Tax Operating Loss Carryforwards | As of December 31, 2024, AEP, OPCo, PSO, and SWEPCo have pretax state NOLC as indicated in the table below. Net of tax, the NOLCs for AEP and subsidiaries amount to $110.3 million of future tax benefit. Additionally, the amounts presented below for OPCo, PSO, and SWEPCo amount to $2.7 million, $27.8 million, and $36.1 million, respectively.:
|  |  |  | State Net Income |  |  |  |
|  |  |  | Tax Operating Loss |  | Years of
Company |  | State/Municipality |  | Carryforward |  | Expiration
|  |  |  | (in millions) |  |  |  |
AEP |  | Arkansas |  | $ | 273.9 |  |  | 2031 | - | 2034
AEP |  | Colorado |  | 70.5 |  |  | 2041
AEP |  | Illinois |  | 53.9 |  |  | 2039 | - | 2041
AEP |  | Kentucky |  | 186.7 |  |  | 2030 | - | 2037
AEP |  | Louisiana |  | 644.8 |  |  | NA
AEP |  | Michigan |  | 30.9 |  |  | 2029 | - | 2032
AEP |  | Ohio Municipal |  | 2,155.8 |  |  | 2025 | - | 2029
AEP |  | Oklahoma |  | 889.8 |  |  | 2037
AEP |  | Pennsylvania |  | 61.2 |  |  | 2030 | - | 2044
AEP |  | Tennessee |  | 46.1 |  |  | 2032 | - | 2039
OPCo |  | Ohio Municipal |  | 93.7 |  |  | 2025 | - | 2029
PSO |  | Oklahoma |  | 1,010.0 |  |  | 2037
SWEPCo |  | Arkansas |  | 273.5 |  |  | 2031 | - | 2034
SWEPCo |  | Louisiana |  | 634.5 |  |  | NA
NA Not applicable.
Summary of Tax Credit Carryforwards | As of December 31, 2024, the Registrants have federal tax credit carryforwards and AEP and PSO have state tax credit carryforwards as indicated in the table below. If these credits are not utilized, federal general business tax credits will expire in the years 2036 through 2041 and state tax credits will remain available indefinitely.
|  | Total Federal |  |  |  | Total State |  |
|  | Tax Credit |  |  |  | Tax Credit |  |
Company |  | Carryforward |  |  |  | Carryforward |  |
|  | (in millions)
AEP |  | $ | 197.9 |  |  |  |  | 40.2 |  |  |
I&M |  | 37.5 |  |  |  |  | — |  |  |
PSO |  | 26.5 |  |  |  |  | 40.2 |  |  |
SWEPCo |  | 31.7 |  |  |  |  | — |  |  |

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