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DERIVATIVES AND HEDGING (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional Volume of Derivative Instruments | The following table represents the gross notional volume of the Registrants’ outstanding derivative contracts:
|  | Notional Volume of Derivative Instruments
|  | December 31, 2024 |  | December 31, 2023
Primary Risk Exposure |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Commodity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power (MWhs) |  | 282.4 |  |  | — |  |  | 23.6 |  |  | 7.7 |  |  | 2.0 |  |  | 5.0 |  |  | 4.6 |  |  | 246.8 |  |  | — |  |  | 16.8 |  |  | 5.9 |  |  | 2.2 |  |  | 4.1 |  |  | 2.9 |
Natural Gas (MMBtus) |  | 152.8 |  |  | — |  |  | 42.2 |  |  | — |  |  | — |  |  | 46.2 |  |  | 15.4 |  |  | 151.6 |  |  | — |  |  | 37.3 |  |  | — |  |  | — |  |  | 34.9 |  |  | 17.9 |
Heating Oil and Gasoline (Gallons) |  | 7.9 |  |  | 2.0 |  |  | 0.9 |  |  | 2.0 |  |  | 1.1 |  |  | 0.7 |  |  | 0.9 |  |  | 6.5 |  |  | 1.8 |  |  | 1.0 |  |  | 0.6 |  |  | 1.2 |  |  | 0.7 |  |  | 0.9 |
Interest Rate (USD) |  | $ | 59.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 80.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest Rate on Long-term Debt (USD) |  | $ | 950.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,300.0 |  |  | $ | 150.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Fair Value of Derivative Instruments | The following tables represent the gross fair value of the Registrants’ derivative activity on the balance sheets. The derivative instruments are disclosed as gross. They are subject to master netting agreements and are presented on the balance sheets on a net basis in accordance with the accounting guidance for “Derivatives and Hedging.” Unless shown as a separate line on the balance sheets due to materiality, Current Risk Management Assets are included in Prepayments and Other Current Assets, Long-term Risk Management Assets are included in Deferred Charges and Other Noncurrent Assets, Current Risk Management Liabilities are included in Other Current Liabilities and Long-term Risk Management Liabilities are included in Deferred Credits and Other Noncurrent Liabilities on the balance sheets.
|  | December 31, 2024
| AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
Assets: |  | (in millions)
Current Risk Management Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Management Contracts - Commodity |  | $ | 425.0 |  |  | $ | — |  |  | $ | 40.2 |  |  | $ | 28.5 |  |  | $ | — |  |  | $ | 22.3 |  |  | $ | 19.1 |
Hedging Contracts - Commodity |  | 54.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedging Contracts - Interest Rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Current Risk Management Assets |  | 479.1 |  |  | — |  |  | 40.2 |  |  | 28.5 |  |  | — |  |  | 22.3 |  |  | 19.1 |
Long-term Risk Management Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Management Contracts - Commodity |  | 475.4 |  |  | — |  |  | 2.0 |  |  | 1.2 |  |  | — |  |  | 1.6 |  |  | — |
Hedging Contracts - Commodity |  | 84.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedging Contracts - Interest Rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Long-term Risk Management Assets |  | 560.0 |  |  | — |  |  | 2.0 |  |  | 1.2 |  |  | — |  |  | 1.6 |  |  | — |
Total Assets |  | $ | 1,039.1 |  |  | $ | — |  |  | $ | 42.2 |  |  | $ | 29.7 |  |  | $ | — |  |  | $ | 23.9 |  |  | $ | 19.1 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Risk Management Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Management Contracts - Commodity |  | $ | 304.1 |  |  | $ | 0.3 |  |  | $ | 6.6 |  |  | $ | 10.5 |  |  | $ | 7.5 |  |  | $ | 7.6 |  |  | $ | 3.4 |
Hedging Contracts - Commodity |  | 11.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedging Contracts - Interest Rate |  | 36.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Current Risk Management Liabilities |  | 351.7 |  |  | 0.3 |  |  | 6.6 |  |  | 10.5 |  |  | 7.5 |  |  | 7.6 |  |  | 3.4 |
Long-term Risk Management Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Management Contracts - Commodity |  | 390.7 |  |  | — |  |  | 0.8 |  |  | 2.1 |  |  | 40.2 |  |  | 0.2 |  |  | — |
Hedging Contracts - Commodity |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedging Contracts - Interest Rate |  | 35.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Long-term Risk Management Liabilities |  | 428.7 |  |  | — |  |  | 0.8 |  |  | 2.1 |  |  | 40.2 |  |  | 0.2 |  |  | — |
Total Liabilities |  | $ | 780.4 |  |  | $ | 0.3 |  |  | $ | 7.4 |  |  | $ | 12.6 |  |  | $ | 47.7 |  |  | $ | 7.8 |  |  | $ | 3.4 |
Total MTM Derivative Contract Net Assets (Liabilities) Recognized |  | $ | 258.7 |  |  | $ | (0.3) |  |  | $ | 34.8 |  |  | $ | 17.1 |  |  | $ | (47.7) |  |  | $ | 16.1 |  |  | $ | 15.7 |
|  | December 31, 2023
| AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
Assets: |  | (in millions)
Current Risk Management Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Management Contracts - Commodity |  | $ | 555.1 |  |  | $ | — |  |  | $ | 24.6 |  |  | $ | 30.1 |  |  | $ | — |  |  | $ | 19.7 |  |  | $ | 12.0 |
Hedging Contracts - Commodity |  | 56.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedging Contracts - Interest Rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Current Risk Management Assets |  | 611.8 |  |  | — |  |  | 24.6 |  |  | 30.1 |  |  | — |  |  | 19.7 |  |  | 12.0 |
Long-term Risk Management Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Management Contracts - Commodity |  | 468.8 |  |  | — |  |  | 0.3 |  |  | 12.0 |  |  | — |  |  | — |  |  | 0.5 |
Hedging Contracts - Commodity |  | 86.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedging Contracts - Interest Rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Long-term Risk Management Assets |  | 555.6 |  |  | — |  |  | 0.3 |  |  | 12.0 |  |  | — |  |  | — |  |  | 0.5 |
Total Assets |  | $ | 1,167.4 |  |  | $ | — |  |  | $ | 24.9 |  |  | $ | 42.1 |  |  | $ | — |  |  | $ | 19.7 |  |  | $ | 12.5 |
Liabilities: |  |  |  |
Current Risk Management Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Management Contracts - Commodity |  | $ | 588.0 |  |  | $ | 0.2 |  |  | $ | 18.5 |  |  | $ | 5.4 |  |  | $ | 6.9 |  |  | $ | 29.7 |  |  | $ | 14.9 |
Hedging Contracts - Commodity |  | 8.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedging Contracts - Interest Rate |  | 50.5 |  |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Current Risk Management Liabilities |  | 646.7 |  |  | 2.9 |  |  | 18.5 |  |  | 5.4 |  |  | 6.9 |  |  | 29.7 |  |  | 14.9 |
Long-term Risk Management Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Management Contracts - Commodity |  | 377.6 |  |  | — |  |  | 6.9 |  |  | 0.2 |  |  | 43.9 |  |  | 1.0 |  |  | 1.7 |
Hedging Contracts - Commodity |  | 2.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedging Contracts - Interest Rate |  | 56.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Long-term Risk Management Liabilities |  | 436.7 |  |  | — |  |  | 6.9 |  |  | 0.2 |  |  | 43.9 |  |  | 1.0 |  |  | 1.7 |
Total Liabilities |  | $ | 1,083.4 |  |  | $ | 2.9 |  |  | $ | 25.4 |  |  | $ | 5.6 |  |  | $ | 50.8 |  |  | $ | 30.7 |  |  | $ | 16.6 |
Total MTM Derivative Contract Net Assets (Liabilities) Recognized |  | $ | 84.0 |  |  | $ | (2.9) |  |  | $ | (0.5) |  |  | $ | 36.5 |  |  | $ | (50.8) |  |  | $ | (11.0) |  |  | $ | (4.1) |
The following tables show the net amounts of assets and liabilities presented on the balance sheets. The gross amounts offset include counterparty netting of risk management and hedging contracts and associated cash collateral in accordance with accounting guidance for “Derivatives and Hedging.” All derivative contracts subject to a master netting arrangement or similar agreement are offset on the balance sheets.
|  | December 31, 2024
| AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
Assets: |  | (in millions)
Current Risk Management Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amounts Recognized |  | $ | 479.1 |  |  | $ | — |  |  | $ | 40.2 |  |  | $ | 28.5 |  |  | $ | — |  |  | $ | 22.3 |  |  | $ | 19.1 |
Gross Amounts Offset |  | (268.7) |  |  | — |  |  | (4.5) |  |  | (10.1) |  |  | — |  |  | (1.7) |  |  | (1.0) |
Net Amounts Presented |  | 210.4 |  |  | — |  |  | 35.7 |  |  | 18.4 |  |  | — |  |  | 20.6 |  |  | 18.1 |
Long-term Risk Management Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amounts Recognized |  | 560.0 |  |  | — |  |  | 2.0 |  |  | 1.2 |  |  | — |  |  | 1.6 |  |  | — |
Gross Amounts Offset |  | (270.9) |  |  | — |  |  | (0.6) |  |  | (1.2) |  |  | — |  |  | (0.2) |  |  | — |
Net Amounts Presented |  | 289.1 |  |  | — |  |  | 1.4 |  |  | — |  |  | — |  |  | 1.4 |  |  | — |
Total Assets |  | $ | 499.5 |  |  | $ | — |  |  | $ | 37.1 |  |  | $ | 18.4 |  |  | $ | — |  |  | $ | 22.0 |  |  | $ | 18.1 |
Liabilities: |  |  |  |
Current Risk Management Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amounts Recognized |  | $ | 351.7 |  |  | $ | 0.3 |  |  | $ | 6.6 |  |  | $ | 10.5 |  |  | $ | 7.5 |  |  | $ | 7.6 |  |  | $ | 3.4 |
Gross Amounts Offset |  | (251.7) |  |  | (0.3) |  |  | (4.6) |  |  | (10.2) |  |  | (0.2) |  |  | (1.8) |  |  | (1.1) |
Net Amounts Presented |  | 100.0 |  |  | — |  |  | 2.0 |  |  | 0.3 |  |  | 7.3 |  |  | 5.8 |  |  | 2.3 |
Long-term Risk Management Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amounts Recognized |  | 428.7 |  |  | — |  |  | 0.8 |  |  | 2.1 |  |  | 40.2 |  |  | 0.2 |  |  | — |
Gross Amounts Offset |  | (204.3) |  |  | — |  |  | (0.6) |  |  | (1.7) |  |  | — |  |  | (0.2) |  |  | — |
Net Amounts Presented |  | 224.4 |  |  | — |  |  | 0.2 |  |  | 0.4 |  |  | 40.2 |  |  | — |  |  | — |
Total Liabilities |  | $ | 324.4 |  |  | $ | — |  |  | $ | 2.2 |  |  | $ | 0.7 |  |  | $ | 47.5 |  |  | $ | 5.8 |  |  | $ | 2.3 |
Total MTM Derivative Contract Net Assets (Liabilities) |  | $ | 175.1 |  |  | $ | — |  |  | $ | 34.9 |  |  | $ | 17.7 |  |  | $ | (47.5) |  |  | $ | 16.2 |  |  | $ | 15.8 |
|  | December 31, 2023
| AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
Assets: |  | (in millions)
Current Risk Management Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amounts Recognized |  | $ | 611.8 |  |  | $ | — |  |  | $ | 24.6 |  |  | $ | 30.1 |  |  | $ | — |  |  | $ | 19.7 |  |  | $ | 12.0 |
Gross Amounts Offset |  | (394.3) |  |  | — |  |  | (2.2) |  |  | (2.3) |  |  | — |  |  | (0.7) |  |  | (0.4) |
Net Amounts Presented |  | 217.5 |  |  | — |  |  | 22.4 |  |  | 27.8 |  |  | — |  |  | 19.0 |  |  | 11.6 |
Long-term Risk Management Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amounts Recognized |  | 555.6 |  |  | — |  |  | 0.3 |  |  | 12.0 |  |  | — |  |  | — |  |  | 0.5 |
Gross Amounts Offset |  | (234.4) |  |  | — |  |  | (0.3) |  |  | (0.2) |  |  | — |  |  | — |  |  | (0.5) |
Net Amounts Presented |  | 321.2 |  |  | — |  |  | — |  |  | 11.8 |  |  | — |  |  | — |  |  | — |
Total Assets |  | $ | 538.7 |  |  | $ | — |  |  | $ | 22.4 |  |  | $ | 39.6 |  |  | $ | — |  |  | $ | 19.0 |  |  | $ | 11.6 |
Liabilities: |  |  |  |
Current Risk Management Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amounts Recognized |  | $ | 646.7 |  |  | $ | 2.9 |  |  | $ | 18.5 |  |  | $ | 5.4 |  |  | $ | 6.9 |  |  | $ | 29.7 |  |  | $ | 14.9 |
Gross Amounts Offset |  | (417.1) |  |  | (0.2) |  |  | (2.6) |  |  | (3.4) |  |  | (0.1) |  |  | (0.8) |  |  | (0.5) |
Net Amounts Presented |  | 229.6 |  |  | 2.7 |  |  | 15.9 |  |  | 2.0 |  |  | 6.8 |  |  | 28.9 |  |  | 14.4 |
Long-term Risk Management Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Amounts Recognized |  | 436.7 |  |  | — |  |  | 6.9 |  |  | 0.2 |  |  | 43.9 |  |  | 1.0 |  |  | 1.7 |
Gross Amounts Offset |  | (194.9) |  |  | — |  |  | (0.3) |  |  | (0.2) |  |  | — |  |  | — |  |  | (0.5) |
Net Amounts Presented |  | 241.8 |  |  | — |  |  | 6.6 |  |  | — |  |  | 43.9 |  |  | 1.0 |  |  | 1.2 |
Total Liabilities |  | $ | 471.4 |  |  | $ | 2.7 |  |  | $ | 22.5 |  |  | $ | 2.0 |  |  | $ | 50.7 |  |  | $ | 29.9 |  |  | $ | 15.6 |
Total MTM Derivative Contract Net Assets (Liabilities) |  | $ | 67.3 |  |  | $ | (2.7) |  |  | $ | (0.1) |  |  | $ | 37.6 |  |  | $ | (50.7) |  |  | $ | (10.9) |  |  | $ | (4.0) |
Amount of Gain (Loss) Recognized on Risk Management Contracts | The tables below present the Registrants’ amount of gain (loss) recognized on risk management contracts: Amount of Gain (Loss) Recognized on Risk Management Contracts
|  | Year Ended December 31, 2024
Location of Gain (Loss) |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Vertically Integrated Utilities Revenues |  | $ | (23.7) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Generation & Marketing Revenues |  | (171.5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Electric Generation, Transmission and Distribution Revenues |  | — |  |  | — |  |  | 0.2 |  |  | (23.9) |  |  | — |  |  | — |  |  | — |
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation |  | 3.0 |  |  | — |  |  | 2.7 |  |  | 0.2 |  |  | — |  |  | — |  |  | — |
Other Operation |  | (0.2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |
Maintenance |  | (0.2) |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Regulatory Assets (a) |  | 73.0 |  |  | (0.1) |  |  | 21.7 |  |  | 2.8 |  |  | (1.8) |  |  | 26.0 |  |  | 14.2 |
Regulatory Liabilities (a) |  | 270.7 |  |  | — |  |  | 53.4 |  |  | 13.4 |  |  | — |  |  | 93.6 |  |  | 95.0 |
Total Gain (Loss) on Risk Management Contracts |  | $ | 151.1 |  |  | $ | (0.2) |  |  | $ | 78.0 |  |  | $ | (7.5) |  |  | $ | (1.8) |  |  | $ | 119.6 |  |  | $ | 109.1 |
|  | Year Ended December 31, 2023
Location of Gain (Loss) |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Vertically Integrated Utilities Revenues |  | $ | 24.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Generation & Marketing Revenues |  | (423.8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Electric Generation, Transmission and Distribution Revenues |  | — |  |  | — |  |  | 0.1 |  |  | 24.5 |  |  | — |  |  | — |  |  | — |
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation |  | 2.5 |  |  | — |  |  | 2.3 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Other Operation |  | (0.2) |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Maintenance |  | (0.8) |  |  | (0.3) |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |  |  | (0.2) |
Regulatory Assets (a) |  | (94.8) |  |  | (0.2) |  |  | (21.9) |  |  | (3.1) |  |  | (14.0) |  |  | (29.8) |  |  | (15.5) |
Regulatory Liabilities (a) |  | 169.7 |  |  | — |  |  | 1.0 |  |  | 7.8 |  |  | — |  |  | 88.7 |  |  | 70.7 |
Total Gain (Loss) on Risk Management Contracts |  | $ | (322.8) |  |  | $ | (0.6) |  |  | $ | (18.6) |  |  | $ | 29.2 |  |  | $ | (14.1) |  |  | $ | 58.8 |  |  | $ | 55.0 |
|  | Year Ended December 31, 2022
Location of Gain (Loss) |  | AEP |  | AEP Texas |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Vertically Integrated Utilities Revenues |  | $ | 11.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Generation & Marketing Revenues |  | 313.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Electric Generation, Transmission and Distribution Revenues |  | — |  |  | — |  |  | 0.5 |  |  | 10.6 |  |  | — |  |  | — |  |  | — |
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation |  | 5.0 |  |  | — |  |  | 4.5 |  |  | 0.1 |  |  | — |  |  | 0.2 |  |  | — |
Other Operation |  | 4.8 |  |  | 1.5 |  |  | 0.4 |  |  | 0.5 |  |  | 0.8 |  |  | 0.6 |  |  | 0.8 |
Maintenance |  | 6.7 |  |  | 1.8 |  |  | 0.9 |  |  | 0.6 |  |  | 1.2 |  |  | 0.8 |  |  | 1.1 |
Regulatory Assets (a) |  | 52.6 |  |  | 0.1 |  |  | (0.1) |  |  | (0.8) |  |  | 52.1 |  |  | 3.6 |  |  | (2.1) |
Regulatory Liabilities (a) |  | 299.7 |  |  | (0.6) |  |  | 82.4 |  |  | 8.6 |  |  | 3.7 |  |  | 98.5 |  |  | 77.9 |
Total Gain on Risk Management Contracts |  | $ | 693.7 |  |  | $ | 2.8 |  |  | $ | 88.6 |  |  | $ | 19.6 |  |  | $ | 57.8 |  |  | $ | 103.7 |  |  | $ | 77.7 |
(a)Represents realized and unrealized gains and losses subject to regulatory accounting treatment recorded as either current or noncurrent on the balance sheets.
Impact of Fair Value Hedges on Balance Sheet | The following table shows the impacts recognized on the balance sheets related to the hedged items in fair value hedging relationships:
|  | Carrying Amount of the Hedged Liabilities |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
|  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
|  | (in millions)
Long-term Debt (a) (b) |  | $ | (898.6) |  |  | $ | (878.2) |  |  | $ | 49.3 |  |  | $ | 68.4 |
(a)Amounts included within Noncurrent Liabilities line item Long-term Debt and Current Liabilities line item Long-term Debt Due Within One Year on the balance sheet. (b)Amounts include $(22) million and $(30) million as of December 31, 2024 and 2023, respectively, for the fair value hedge adjustment of hedged debt obligations for which hedge accounting has been discontinued.
Gain (Loss) on Hedging Instruments | The pretax effects of fair value hedge accounting on income were as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Gain (Loss) on Interest Rate Contracts: |  |  |  |  |
Fair Value Hedging Instruments (a) | $ | 26.8 |  |  | $ | 29.0 |  |  | $ | (90.4) |
Fair Value Portion of Long-term Debt (a) | (26.8) |  |  | (29.0) |  |  | 90.4 |
(a)Gain (Loss) is included in Interest Expense on the statements of income.
Impact of Cash Flow Hedges on the Balance Sheet | Cash flow hedges included in Accumulated Other Comprehensive Income (Loss) on the balance sheets were:
|  | Impact of Cash Flow Hedges on the Registrants’ Balance Sheets
|  | December 31, 2024 |  | December 31, 2023
|  |  |  |  |  | Portion Expected to |  |  |  |  |  | Portion Expected to
|  | AOCI |  | be Reclassed to |  | AOCI |  | be Reclassed to
|  | Gain (Loss) |  | Net Income During |  | Gain (Loss) |  | Net Income During
|  | Net of Tax |  | the Next Twelve Months |  | Net of Tax |  | the Next Twelve Months
|  | Commodity |  | Interest Rate |  | Commodity |  | Interest Rate |  | Commodity |  | Interest Rate |  | Commodity |  | Interest Rate
|  | (in millions)
AEP |  | $ | 98.5 |  |  | $ | 3.3 |  |  | $ | 33.9 |  |  | $ | 2.8 |  |  | $ | 104.9 |  |  | $ | (8.1) |  |  | $ | 38.3 |  |  | $ | 3.2 |
AEP Texas |  | — |  |  | 6.3 |  |  | — |  |  | 0.7 |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.2 |
APCo |  | — |  |  | 5.1 |  |  | — |  |  | 0.8 |  |  | — |  |  | 5.9 |  |  | — |  |  | 0.8 |
I&M |  | — |  |  | (5.1) |  |  | — |  |  | (0.4) |  |  | — |  |  | (5.5) |  |  | — |  |  | (0.4) |
PSO |  | — |  |  | 3.6 |  |  | — |  |  | 0.2 |  |  | — |  |  | (0.2) |  |  | — |  |  | — |
SWEPCo |  | — |  |  | 1.0 |  |  | — |  |  | 0.3 |  |  | — |  |  | 1.3 |  |  | — |  |  | 0.3 |

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