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v3.25.1

FINANCING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The following table details long-term debt outstanding, net of issuance costs and premiums or discounts:
Type of Debt |  | March 31, 2025 |  | December 31, 2024
|  | (in millions)
Senior Unsecured Notes |  | $ | 36,243.9 |  |  | $ | 36,410.9 |
Pollution Control Bonds |  | 1,772.0 |  |  | 1,771.3 |
Notes Payable |  | 583.5 |  |  | 609.9 |
Securitization Bonds |  | 551.7 |  |  | 578.0 |
Spent Nuclear Fuel Obligation (a) |  | 319.7 |  |  | 316.3 |
Junior Subordinated Notes |  | 2,580.1 |  |  | 2,579.1 |
Other Long-term Debt |  | 938.9 |  |  | 377.3 |
Total Long-term Debt Outstanding |  | 42,989.8 |  |  | 42,642.8 |
Long-term Debt Due Within One Year |  | 4,178.9 |  |  | 3,335.0 |
Long-term Debt |  | $ | 38,810.9 |  |  | $ | 39,307.8 |
(a)Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for SNF disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were $369 million and $367 million as of March 31, 2025 and December 31, 2024, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets.
Retirements and Principal Payments | Long-term debt and other securities issued, retired and principal payments made during the first three months of 2025 are shown in the following tables:
|  |  |  | Principal |  | Interest |  |
Company |  | Type of Debt |  | Amount (a) |  | Rate |  | Due Date
Issuances: |  |  |  | (in millions) |  | (%) |  |
AEP Texas |  | Other Long-term Debt |  | $ | 400.0 |  |  | Variable |  | 2026
Non-Registrant: |  |  |  |  |  |  |  |
KPCo |  | Other Long-term Debt |  | 150.0 |  |  | Variable |  | 2026
Transource Energy |  | Other Long-term Debt |  | 12.0 |  |  | Variable |  | 2025
Total Issuances |  |  |  | $ | 562.0 |  |  |  |  |
(a)Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts.
|  |  |  | Principal |  | Interest |  |
Company |  | Type of Debt |  | Amount Paid |  | Rate |  | Due Date
Retirements and Principal Payments: |  | (in millions) |  | (%) |  |
AEP Texas |  | Securitization Bonds |  | $ | 1.8 |  |  | 2.29 |  | 2029
AEP Texas |  | Securitization Bonds |  | 10.4 |  |  | 2.06 |  | 2025
AEPTCo |  | Senior Unsecured Notes |  | 50.0 |  |  | 3.66 |  | 2025
APCo |  | Securitization Bonds |  | 14.0 |  |  | 3.77 |  | 2028
I&M |  | Notes Payable |  | 0.8 |  |  | Variable |  | 2025
I&M |  | Notes Payable |  | 1.3 |  |  | 0.93 |  | 2025
I&M |  | Notes Payable |  | 5.0 |  |  | 3.44 |  | 2026
I&M |  | Notes Payable |  | 4.3 |  |  | 5.93 |  | 2027
I&M |  | Notes Payable |  | 6.8 |  |  | 6.01 |  | 2028
I&M |  | Notes Payable |  | 8.1 |  |  | 6.41 |  | 2028
I&M |  | Other Long-term Debt |  | 0.2 |  |  | 6.00 |  | 2025
PSO |  | Senior Unsecured Notes |  | 125.0 |  |  | 3.17 |  | 2025
PSO |  | Other Long-term Debt |  | 0.1 |  |  | 3.00 |  | 2027
Non-Registrant: |  |  |  |  |  |  |  |
Transource Energy |  | Senior Unsecured Notes |  | 1.3 |  |  | 2.75 |  | 2050
Total Retirements and Principal Payments |  | $ | 229.1 |  |  |  |  |
Schedule of Short-term Debt |
|  |  |  | March 31, 2025 |  | December 31, 2024
|  |  |  | Outstanding |  | Interest |  | Outstanding |  | Interest
Company |  | Type of Debt |  | Amount |  | Rate (a) |  | Amount |  | Rate (a)
|  |  |  | (dollars in millions)
AEP |  | Securitized Debt for Receivables (b) |  | $ | 900.0 |  |  | 4.62 | % |  | $ | 900.0 |  |  | 4.73 | %
AEP |  | Commercial Paper |  | 2,437.8 |  |  | 4.63 | % |  | 1,618.3 |  |  | 4.70 | %
SWEPCo |  | Notes Payable |  | 8.3 |  |  | 7.68 | % |  | 5.5 |  |  | 6.69 | %
|  | Total Short-term Debt |  | $ | 3,346.1 |  |  |  |  | $ | 2,523.8 |  |  |
(a)Weighted-average rate as of March 31, 2025 and December 31, 2024, respectively. (b)Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance.
Schedule of Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits | The Utility Money Pool participants’ money pool activity and corresponding authorized borrowing limits for the three months ended March 31, 2025 are described in the following table:
|  | Maximum |  |  |  | Average |  |  |  | Net Loans to |  |  |
|  | Borrowings |  | Maximum |  | Borrowings |  | Average |  | (Borrowings from) |  | Authorized |
|  | from the |  | Loans to the |  | from the |  | Loans to the |  | the Utility Money |  | Short-term |
|  | Utility |  | Utility |  | Utility |  | Utility |  | Pool as of |  | Borrowing |
Company |  | Money Pool |  | Money Pool |  | Money Pool |  | Money Pool |  | March 31, 2025 |  | Limit |
|  | (in millions)
AEP Texas |  | $ | 468.4 |  |  | $ | — |  |  | $ | 252.7 |  |  | $ | — |  |  | $ | (144.4) |  |  | $ | 600.0 |  |
AEPTCo |  | 403.6 |  |  | 13.8 |  |  | 211.8 |  |  | 9.6 |  |  | (276.1) |  |  | 820.0 |  | (a)
APCo |  | 210.1 |  |  | 24.2 |  |  | 103.4 |  |  | 18.3 |  |  | (48.5) |  |  | 750.0 |  |
I&M |  | 141.9 |  |  | — |  |  | 88.2 |  |  | — |  |  | (83.7) |  |  | 500.0 |  |
OPCo |  | 29.9 |  |  | 165.9 |  |  | 19.5 |  |  | 87.1 |  |  | (9.7) |  |  | 600.0 |  |
PSO |  | 91.5 |  |  | 232.0 |  |  | 91.5 |  |  | 154.8 |  |  | (91.5) |  |  | 750.0 |  |
SWEPCo |  | 406.8 |  |  | — |  |  | 337.3 |  |  | — |  |  | (399.8) |  |  | 750.0 |  |
(a) Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions.
Schedule of Nonutility Money Pool Activity | The Nonutility Money Pool participants’ activity for the three months ended March 31, 2025 is described in the following table:
|  | Maximum Loans |  | Average Loans |  | Loans to the Nonutility
|  | to the Nonutility |  | to the Nonutility |  | Money Pool as of
Company |  | Money Pool |  | Money Pool |  | March 31, 2025
| (in millions)
AEP Texas |  | $ | 7.2 |  |  | $ | 7.1 |  |  | $ | 7.1 |
SWEPCo |  | 2.3 |  |  | 2.3 |  |  | 2.3 |
Schedule of Direct Borrowing Activity | AEPTCo’s direct financing activities with AEP and corresponding authorized borrowing limit for the three months ended March 31, 2025 are described in the following table:
|  |  |  |  |  |  |  |  |  | Borrowings |  |  |  | Authorized |
|  | Maximum |  | Maximum |  | Average |  | Average |  | from AEP |  | Loans to |  | Short-term |
|  | Borrowings |  | Loans |  | Borrowings |  | Loans |  | as of |  | AEP as of |  | Borrowing |
Company |  | from AEP |  | to AEP |  | from AEP |  | to AEP |  | March 31, |  | March 31, |  | Limit (a) |
|  | (in millions)
AEPTCo Parent |  | $ | 13.7 |  |  | $ | 80.3 |  |  | $ | 9.5 |  |  | $ | 26.1 |  |  | $ | — |  |  | $ | 49.4 |  |  | $ | — |  |
SWTCo |  | 1.8 |  |  | — |  |  | 1.8 |  |  | — |  |  | 1.8 |  |  | — |  |  | 50.0 |  |
Midwest Transmission Holdings |  | — |  |  | 32.6 |  |  | — |  |  | 30.9 |  |  | — |  |  | 3.5 |  |  | — |  |
(a) Amount represents the authorized short-term borrowing limit from FERC or state regulatory agencies not otherwise included in the utility money pool above.
Schedule of Maximum and Minimum Interest Rates for Funds Either Borrowed from or Loaned to Utility Money Pool | The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool are summarized in the following table:
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Maximum Interest Rate |  | 4.76 | % |  | 5.79 | %
Minimum Interest Rate |  | 4.64 | % |  | 5.66 | %
Schedule of Average Interest Rates for Funds Borrowed from and Loaned to Utility Money Pool | The average interest rates for funds borrowed from and loaned to the Utility Money Pool are summarized in the following table:
|  | Average Interest Rate for Funds |  | Average Interest Rate for Funds
|  | Borrowed from the Utility Money Pool |  | Loaned to the Utility Money Pool
|  | for Three Months Ended March 31, |  | for Three Months Ended March 31,
Company |  | 2025 |  | 2024 |  | 2025 |  | 2024
AEP Texas |  | 4.70 | % |  | 5.71 | % |  | — | % |  | — | %
AEPTCo |  | 4.68 | % |  | 5.72 | % |  | 4.69 | % |  | 5.70 | %
APCo |  | 4.70 | % |  | 5.74 | % |  | 4.69 | % |  | 5.72 | %
I&M |  | 4.70 | % |  | 5.73 | % |  | — | % |  | — | %
OPCo |  | 4.66 | % |  | 5.71 | % |  | 4.70 | % |  | — | %
PSO |  | 4.67 | % |  | 5.71 | % |  | 4.70 | % |  | — | %
SWEPCo |  | 4.69 | % |  | 5.71 | % |  | — | % |  | — | %
Schedule of Maximum, Minimum and Average Interest Rates for Funds Borrowed from and Loaned to the Nonutility Money Pool | Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool are summarized in the following table:
|  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
|  | Maximum |  | Minimum |  | Average |  | Maximum |  | Minimum |  | Average
|  | Interest Rate |  | Interest Rate |  | Interest Rate |  | Interest Rate |  | Interest Rate |  | Interest Rate
|  | for Funds |  | for Funds |  | for Funds |  | for Funds |  | for Funds |  | for Funds
|  | Loaned to |  | Loaned to |  | Loaned to |  | Loaned to |  | Loaned to |  | Loaned to
|  | the Nonutility |  | the Nonutility |  | the Nonutility |  | the Nonutility |  | the Nonutility |  | the Nonutility
Company |  | Money Pool |  | Money Pool |  | Money Pool |  | Money Pool |  | Money Pool |  | Money Pool
AEP Texas |  | 4.76 | % |  | 4.64 | % |  | 4.69 | % |  | 5.79 | % |  | 5.66 | % |  | 5.72 | %
SWEPCo |  | 4.76 | % |  | 4.64 | % |  | 4.69 | % |  | 5.79 | % |  | 5.66 | % |  | 5.72 | %
Schedule of Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP | AEPTCo’s maximum, minimum and average interest rates for funds either borrowed from or loaned to AEP are summarized in the following table:
|  | Maximum |  | Minimum |  | Maximum |  | Minimum |  | Average |  | Average
|  | Interest Rate |  | Interest Rate |  | Interest Rate |  | Interest Rate |  | Interest Rate |  | Interest Rate
Three Months |  | for Funds |  | for Funds |  | for Funds |  | for Funds |  | for Funds |  | for Funds
Ended |  | Borrowed |  | Borrowed |  | Loaned |  | Loaned |  | Borrowed |  | Loaned
March 31, |  | from AEP |  | from AEP | to AEP |  | to AEP |  | from AEP |  | to AEP
2025 |  | 4.76 | % |  | 4.63 | % |  | 4.76 | % |  | 4.63 | % |  | 4.69 | % |  | 4.68 | %
2024 |  | 5.79 | % |  | 5.66 | % |  | 5.79 | % |  | 5.66 | % |  | 5.74 | % |  | 5.71 | %
Schedule of Comparative Accounts Receivable Information | Accounts receivable information for AEP Credit was as follows:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
|  | (dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable |  | 4.62 | % |  | 5.61 | % |  |  |  |
Net Uncollectible Accounts Receivable Written-Off |  | $ | 7.8 |  |  | $ | 8.1 |  |  |  |  |
Schedule of Customer Accounts Receivable Managed Portfolio |
|  | March 31, 2025 |  | December 31, 2024
|  | (in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts |  | $ | 1,212.0 |  |  | $ | 1,117.0 |
Short-term – Securitized Debt of Receivables |  | 900.0 |  |  | 900.0 |
Delinquent Securitized Accounts Receivable |  | 68.2 |  |  | 56.2 |
Bad Debt Reserves Related to Securitization |  | 44.3 |  |  | 44.5 |
Unbilled Receivables Related to Securitization |  | 296.7 |  |  | 335.5 |
Schedule of Accounts Receivable and Accrued Unbilled Revenues | The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreements were:
Company |  | March 31, 2025 |  | December 31, 2024
|  | (in millions)
APCo |  | $ | 228.0 |  |  | $ | 192.7 |
I&M |  | 194.6 |  |  | 160.5 |
OPCo |  | 498.4 |  |  | 470.7 |
PSO |  | 104.7 |  |  | 111.4 |
SWEPCo |  | 145.9 |  |  | 153.5 |
Schedule of Fees Paid to AEP Credit for Customer Accounts Receivable Sold | The fees paid to AEP Credit for customer accounts receivable sold were:
|  | Three Months Ended March 31, |  |
Company |  | 2025 |  | 2024 |  |  |  |
|  | (in millions)
APCo |  | $ | 3.9 |  |  | $ | 4.2 |  |  |  |  |
I&M |  | 3.5 |  |  | 4.1 |  |  |  |  |
OPCo |  | 7.4 |  |  | 7.4 |  |  |  |  |
PSO |  | 2.9 |  |  | 3.4 |  |  |  |  |
SWEPCo |  | 4.1 |  |  | 4.8 |  |  |  |  |
Schedule of Proceeds on Sale of Receivables to AEP Credit | The proceeds on the sale of receivables to AEP Credit were:
|  | Three Months Ended March 31, |  |
Company |  | 2025 |  | 2024 |  |  |  |
|  | (in millions)
APCo |  | $ | 604.8 |  |  | $ | 536.0 |  |  |  |  |
I&M |  | 584.8 |  |  | 529.7 |  |  |  |  |
OPCo |  | 860.3 |  |  | 845.7 |  |  |  |  |
PSO |  | 374.8 |  |  | 361.6 |  |  |  |  |
SWEPCo |  | 428.1 |  |  | 425.4 |  |  |  |  |

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