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Midas Edge

AMERICAN ELECTRIC POWER CO INC

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 26, 2024

AEP$126.53-0.2%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Financial Statements

STATEMENTS OF INCOME

Years Ended December 31,
202320222021
REVENUES
Electric Generation, Transmission and Distribution$1,968.4$1,865.6$1,465.3
Sales to AEP Affiliates1.22.94.2
Other Revenues7.46.24.9
TOTAL REVENUES1,977.01,874.71,474.4
EXPENSES
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation955.3891.5584.3
Other Operation355.8400.4353.8
Maintenance112.0114.497.2
Depreciation and Amortization255.5230.1196.6
Taxes Other Than Income Taxes64.157.549.6
TOTAL EXPENSES1,742.71,693.91,281.5
OPERATING INCOME234.3180.8192.9
Other Income (Expense):
Interest Income1.87.44.3
Allowance for Equity Funds Used During Construction8.41.52.4
Non-Service Cost Components of Net Periodic Benefit Cost14.312.58.5
Interest Expense(103.6)(83.8)(62.9)
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)155.2118.4145.2
Income Tax Expense (Benefit)(53.6)(49.2)4.1
NET INCOME$208.8$167.6$141.1
The common stock of PSO is wholly-owned by Parent.
See Notes to Financial Statements of Registrants beginning on page 174.

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Years Ended December 31,
202320222021
Net Income$208.8$167.6$141.1
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Cash Flow Hedges, Net of Tax of $(0.4), $0.3 and $0 in 2023, 2022 and 2021, Respectively(1.5)1.3(0.1)
TOTAL COMPREHENSIVE INCOME$207.3$168.9$141.0
See Notes to Financial Statements of Registrants beginning on page 174.

STATEMENTS OF CHANGES IN COMMON SHAREHOLDER’S EQUITY

CommonStock · Paid-inCapital · Retained Earnings · AccumulatedOtherComprehensiveIncome (Loss) · Total
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2020$157.2$414.0$974.3$0.1$1,545.6
Capital Contribution from Parent625.0625.0
Common Stock Dividends(20.0)(20.0)
Net Income141.1141.1
Other Comprehensive Loss(0.1)(0.1)
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2021157.21,039.01,095.4—2,291.6
Capital Contribution from Parent3.63.6
Common Stock Dividends(45.0)(45.0)
Net Income167.6167.6
Other Comprehensive Income1.31.3
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2022157.21,042.61,218.01.32,419.1
Capital Contribution from Parent0.60.6
Return of Capital to Parent(3.9)(3.9)
Common Stock Dividends(52.5)(52.5)
Net Income208.8208.8
Other Comprehensive Loss(1.5)(1.5)
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2023$157.2$1,039.3$1,374.3$(0.2)$2,570.6
See Notes to Financial Statements of Registrants beginning on page 174.

BALANCE SHEETS

ASSETS

December 31,
20232022
CURRENT ASSETS
Cash and Cash Equivalents$2.5$4.0
Accounts Receivable:
Customers107.670.1
Affiliated Companies31.052.2
Miscellaneous0.80.8
Total Accounts Receivable139.4123.1
Fuel33.711.6
Materials and Supplies106.9111.1
Risk Management Assets19.025.3
Accrued Tax Benefits31.016.1
Regulatory Asset for Under-Recovered Fuel Costs118.3178.7
Prepayments and Other Current Assets18.721.6
TOTAL CURRENT ASSETS469.5491.5
PROPERTY, PLANT AND EQUIPMENT
Electric:
Generation2,695.52,394.8
Transmission1,228.31,164.4
Distribution3,450.83,216.4
Other Property, Plant and Equipment505.9469.3
Construction Work in Progress313.7219.3
Total Property, Plant and Equipment8,194.27,464.2
Accumulated Depreciation and Amortization2,081.91,837.7
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET6,112.35,626.5
OTHER NONCURRENT ASSETS
Regulatory Assets522.7653.7
Employee Benefits and Pension Assets68.467.3
Operating Lease Assets112.8106.1
Deferred Charges and Other Noncurrent Assets49.220.8
TOTAL OTHER NONCURRENT ASSETS753.1847.9
TOTAL ASSETS$7,334.9$6,965.9
See Notes to Financial Statements of Registrants beginning on page 174.

BALANCE SHEETS

December 31,
20232022
(in millions)
CURRENT LIABILITIES
Advances from Affiliates$54.4$364.2
Accounts Payable:
General159.3202.9
Affiliated Companies56.776.7
Long-term Debt Due Within One Year – Nonaffiliated0.60.5
Risk Management Liabilities28.91.6
Customer Deposits81.459.0
Accrued Taxes30.728.7
Accrued Interest30.718.2
Obligations Under Operating Leases10.18.9
Other Current Liabilities106.282.0
TOTAL CURRENT LIABILITIES559.0842.7
NONCURRENT LIABILITIES
Long-term Debt – Nonaffiliated2,384.01,912.3
Deferred Income Taxes831.2788.6
Regulatory Liabilities and Deferred Investment Tax Credits765.6809.1
Asset Retirement Obligations83.973.5
Obligations Under Operating Leases106.899.3
Deferred Credits and Other Noncurrent Liabilities33.821.3
TOTAL NONCURRENT LIABILITIES4,205.33,704.1
TOTAL LIABILITIES4,764.34,546.8
Rate Matters (Note 4)
Commitments and Contingencies (Note 6)
COMMON SHAREHOLDER’S EQUITY
Common Stock – Par Value – $15 Per Share:
Authorized – 11,000,000 Shares
Issued – 10,482,000 Shares
Outstanding – 9,013,000 Shares157.2157.2
Paid-in Capital1,039.31,042.6
Retained Earnings1,374.31,218.0
Accumulated Other Comprehensive Income (Loss)(0.2)1.3
TOTAL COMMON SHAREHOLDER’S EQUITY2,570.62,419.1
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY$7,334.9$6,965.9
See Notes to Financial Statements of Registrants beginning on page 174.

STATEMENTS OF CASH FLOWS

Years Ended December 31,
202320222021
OPERATING ACTIVITIES
Net Income$208.8$167.6$141.1
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities:
Depreciation and Amortization255.5230.1196.6
Deferred Income Taxes7.9(59.4)113.9
Allowance for Equity Funds Used During Construction(8.4)(1.5)(2.4)
Mark-to-Market of Risk Management Contracts33.0(13.7)1.9
Deferred Fuel Over/Under-Recovery, Net313.2442.4(843.8)
Change in Other Regulatory Assets(108.3)4.7(3.5)
Change in Other Noncurrent Assets(71.3)(40.1)(14.8)
Change in Other Noncurrent Liabilities8.229.94.4
Changes in Certain Components of Working Capital:
Accounts Receivable, Net(16.3)(46.0)(28.7)
Fuel, Materials and Supplies(16.8)(51.1)1.4
Accounts Payable(58.2)57.534.2
Accrued Taxes, Net(12.9)3.2(6.5)
Other Current Assets10.7(6.3)(6.3)
Other Current Liabilities45.430.4(20.8)
Net Cash Flows from (Used for) Operating Activities590.5747.7(433.3)
INVESTING ACTIVITIES
Construction Expenditures(562.3)(447.0)(332.1)
Acquisitions of Renewable Energy Facilities(145.7)(549.3)(297.0)
Other Investing Activities15.24.32.4
Net Cash Flows Used for Investing Activities(692.8)(992.0)(626.7)
FINANCING ACTIVITIES
Capital Contribution from Parent0.63.6625.0
Return of Capital to Parent(3.9)——
Issuance of Long-term Debt – Nonaffiliated469.8499.71,290.0
Change in Advances from Affiliates, Net(309.8)291.9(83.1)
Retirement of Long-term Debt – Nonaffiliated(0.5)(500.5)(750.5)
Principal Payments for Finance Lease Obligations(3.3)(3.2)(3.2)
Dividends Paid on Common Stock(52.5)(45.0)(20.0)
Other Financing Activities0.40.50.5
Net Cash Flows from Financing Activities100.8247.01,058.7
Net Increase (Decrease) in Cash and Cash Equivalents(1.5)2.7(1.3)
Cash and Cash Equivalents at Beginning of Period4.01.32.6
Cash and Cash Equivalents at End of Period$2.5$4.0$1.3
SUPPLEMENTARY INFORMATION
Cash Paid for Interest, Net of Capitalized Amounts$87.3$79.7$57.0
Net Cash Paid (Received) for Income Taxes(10.6)(12.5)(102.9)
Cash Received from the Sale of Transferable Tax Credits(34.6)——
Noncash Acquisitions Under Finance Leases2.12.83.6
Construction Expenditures Included in Current Liabilities as of December 31,72.969.856.8
See Notes to Financial Statements of Registrants beginning on page 174.
ContentsView on SEC.gov

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