AMERICAN ELECTRIC POWER CO INC

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

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$128.33+1.4%Stored close · as of Nov 9, 2026

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

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Financial Statements

	Years Ended December 31,
	2023	2022	2021
REVENUES
Electric Generation, Transmission and Distribution	$2,133.6	$2,228.6	$2,088.9
Sales to AEP Affiliates	81.6	59.5	41.4
Provision for Refund - Affiliated	(34.8)	(5.6)	(0.4)
Other Revenues	2.4	1.9	1.9
TOTAL REVENUES	2,182.8	2,284.4	2,131.8
EXPENSES
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation	807.1	889.5	871.0
Other Operation	360.5	424.7	360.3
Maintenance	159.4	148.6	136.7
Asset Impairments and Other Related Charges	85.6	—	11.6
Depreciation and Amortization	342.8	324.8	295.0
Taxes Other Than Income Taxes	135.1	126.8	117.7
TOTAL EXPENSES	1,890.5	1,914.4	1,792.3
OPERATING INCOME	292.3	370.0	339.5
Other Income (Expense):
Interest Income	18.9	17.7	9.2
Allowance for Equity Funds Used During Construction	11.5	4.9	7.0
Non-Service Cost Components of Net Periodic Benefit Cost	13.6	12.5	8.3
Interest Expense	(147.2)	(137.4)	(125.9)
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS	189.1	267.7	238.1
Income Tax Expense (Benefit)	(33.3)	(25.2)	(0.6)
Equity Earnings of Unconsolidated Subsidiary	1.4	1.4	3.4
NET INCOME	223.8	294.3	242.1
Net Income Attributable to Noncontrolling Interest	3.5	4.2	3.1
EARNINGS ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER	$220.3	$290.1	$239.0
The common stock of SWEPCo is wholly-owned by Parent.
See Notes to Financial Statements of Registrants beginning on page 174.

	Years Ended December 31,
	2023	2022	2021
Net Income	$223.8	$294.3	$242.1
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Cash Flow Hedges, Net of Tax of $0, $0 and $0.4 in 2023, 2022 and 2021, Respectively	0.2	(0.1)	1.5
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.3), $(0.4) and $(0.4) in 2023, 2022 and 2021, Respectively	(1.3)	(1.6)	(1.6)
Pension and OPEB Funded Status, Net of Tax of $0.5, $(2.5) and $1.3 in 2023, 2022 and 2021, Respectively	1.9	(9.2)	4.9
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	0.8	(10.9)	4.8
TOTAL COMPREHENSIVE INCOME	224.6	283.4	246.9
Total Comprehensive Income Attributable to Noncontrolling Interest	3.5	4.2	3.1
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER	$221.1	$279.2	$243.8
See Notes to Financial Statements of Registrants beginning on page 174.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	SWEPCo Common Shareholder
Common Stock · Paid-inCapital · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss) · NoncontrollingInterest · Total
TOTAL EQUITY – DECEMBER 31, 2020	$0.1		$812.2		$1,811.9		$1.9		$1.6	$2,627.7
Capital Contribution from Parent		280.0						280.0
Common Stock Dividends – Nonaffiliated						(4.8)		(4.8)
Net Income				239.0			3.1		242.1
Other Comprehensive Income					4.8			4.8
TOTAL EQUITY – DECEMBER 31, 2021	0.1		1,092.2		2,050.9		6.7		(0.1)	3,149.8
Capital Contribution from Parent		350.0						350.0
Common Stock Dividends				(105.0)				(105.0)
Common Stock Dividends – Nonaffiliated						(3.4)		(3.4)
Net Income				290.1			4.2		294.3
Other Comprehensive Loss					(10.9)			(10.9)
TOTAL EQUITY – DECEMBER 31, 2022	0.1		1,442.2		2,236.0		(4.2)		0.7	3,674.8
Capital Contribution from Parent		50.0						50.0
Common Stock Dividends				(175.0)				(175.0)
Common Stock Dividends – Nonaffiliated						(4.0)		(4.0)
Net Income				220.3			3.5		223.8
Other Comprehensive Income					0.8			0.8
TOTAL EQUITY – DECEMBER 31, 2023	$0.1		$1,492.2		$2,281.3		$(3.4)		$0.2	$3,770.4
See Notes to Financial Statements of Registrants beginning on page 174.

ASSETS

	December 31,
	2023	2022
CURRENT ASSETS
Cash and Cash Equivalents(December 31, 2023 and 2022 Amounts Include $0 and $84.2, Respectively, Related to Sabine)	$2.4	$88.4
Advances to Affiliates	2.2	2.1
Accounts Receivable:
Customers	39.0	38.8
Affiliated Companies	47.2	65.4
Miscellaneous	8.3	10.4
Total Accounts Receivable	94.5	114.6
Fuel(December 31, 2023 and 2022 Amounts Include $0 and $14.2, Respectively, Related to Sabine)	113.8	81.3
Materials and Supplies(December 31, 2023 and 2022 Amounts Include $3.9 and $4.2, Respectively, Related to Sabine)	88.4	92.1
Risk Management Assets	11.6	16.4
Accrued Tax Benefits	28.4	16.5
Regulatory Asset for Under-Recovered Fuel Costs	170.8	353.0
Prepayments and Other Current Assets	29.2	47.8
TOTAL CURRENT ASSETS	541.3	812.2
PROPERTY, PLANT AND EQUIPMENT
Electric:
Generation	4,790.7	5,476.2
Transmission	2,660.6	2,479.8
Distribution	2,824.1	2,659.6
Other Property, Plant and Equipment (December 31, 2023 and 2022 Amounts Include $182.7 and $219.8, Respectively, Related to Sabine)	814.4	804.4
Construction Work in Progress	555.8	369.5
Total Property, Plant and Equipment	11,645.6	11,789.5
Accumulated Depreciation and Amortization (December 31, 2023 and 2022 Amounts Include $182.7 and $212.5, Respectively, Related to Sabine)	3,087.2	3,527.3
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	8,558.4	8,262.2
OTHER NONCURRENT ASSETS
Regulatory Assets	1,131.8	1,042.4
Deferred Charges and Other Noncurrent Assets	326.1	262.0
TOTAL OTHER NONCURRENT ASSETS	1,457.9	1,304.4
TOTAL ASSETS	$10,557.6	$10,378.8
See Notes to Financial Statements of Registrants beginning on page 174.

	December 31,
	2023	2022
(in millions)
CURRENT LIABILITIES
Advances from Affiliates	$88.7	$310.7
Accounts Payable:
General	198.9	213.1
Affiliated Companies	45.9	81.7
Short-term Debt – Nonaffiliated	4.3	—
Long-term Debt Due Within One Year – Nonaffiliated	—	6.2
Risk Management Liabilities	14.4	1.4
Customer Deposits	72.5	65.4
Accrued Taxes	58.7	52.8
Accrued Interest	39.9	36.0
Obligations Under Operating Leases	9.0	8.4
Other Current Liabilities	154.6	172.0
TOTAL CURRENT LIABILITIES	686.9	947.7
NONCURRENT LIABILITIES
Long-term Debt – Nonaffiliated	3,646.9	3,385.4
Deferred Income Taxes	1,179.3	1,089.7
Regulatory Liabilities and Deferred Investment Tax Credits	756.1	825.7
Asset Retirement Obligations	258.6	237.2
Employee Benefits and Pension Obligations	43.1	29.7
Obligations Under Operating Leases	122.5	120.2
Deferred Credits and Other Noncurrent Liabilities	93.8	68.4
TOTAL NONCURRENT LIABILITIES	6,100.3	5,756.3
TOTAL LIABILITIES	6,787.2	6,704.0
Rate Matters (Notes 4)
Commitments and Contingencies (Note 6)
EQUITY
Common Stock – Par Value – $18 Per Share:
Authorized – 3,680 Shares
Outstanding – 3,680 Shares	0.1	0.1
Paid-in Capital	1,492.2	1,442.2
Retained Earnings	2,281.3	2,236.0
Accumulated Other Comprehensive Income (Loss)	(3.4)	(4.2)
TOTAL COMMON SHAREHOLDER’S EQUITY	3,770.2	3,674.1
Noncontrolling Interest	0.2	0.7
TOTAL EQUITY	3,770.4	3,674.8
TOTAL LIABILITIES AND EQUITY	$10,557.6	$10,378.8
See Notes to Financial Statements of Registrants beginning on page 174.

	Years Ended December 31,
	2023	2022	2021
OPERATING ACTIVITIES
Net Income	$223.8	$294.3	$242.1
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	342.8	324.8	295.0
Deferred Income Taxes	54.0	9.4	16.6
Asset Impairments and Other Related Charges	85.6	—	11.6
Allowance for Equity Funds Used During Construction	(11.5)	(4.9)	(7.0)
Mark-to-Market of Risk Management Contracts	19.1	(6.2)	(7.3)
Deferred Fuel Over/Under-Recovery, Net	184.3	(86.4)	(546.4)
Change in Regulatory Assets	(60.8)	7.6	(95.6)
Change in Other Noncurrent Assets	(40.5)	42.9	41.9
Change in Other Noncurrent Liabilities	11.0	18.3	(1.1)
Changes in Certain Components of Working Capital:
Accounts Receivable, Net	20.1	(28.2)	(21.5)
Fuel, Materials and Supplies	(31.4)	(9.3)	126.5
Accounts Payable	(8.4)	34.1	22.0
Accrued Taxes, Net	(4.5)	9.8	15.4
Other Current Assets	20.2	(9.8)	(3.6)
Other Current Liabilities	(0.8)	(9.8)	8.2
Net Cash Flows from Operating Activities	803.0	586.6	96.8
INVESTING ACTIVITIES
Construction Expenditures	(780.5)	(586.4)	(414.6)
Change in Advances to Affiliates, Net	(0.1)	153.8	(153.8)
Acquisition of the North Central Wind Energy Facilities	—	(658.0)	(355.8)
Other Investing Activities	3.9	5.5	3.5
Net Cash Flows Used for Investing Activities	(776.7)	(1,085.1)	(920.7)
FINANCING ACTIVITIES
Capital Contribution from Parent	50.0	350.0	280.0
Issuance of Long-term Debt – Nonaffiliated	346.8	—	1,137.6
Change in Short-term Debt – Nonaffiliated	4.3	—	(35.0)
Change in Advances from Affiliates, Net	(222.0)	310.7	(124.6)
Retirement of Long-term Debt – Nonaffiliated	(94.1)	(6.2)	(381.2)
Principal Payments for Finance Lease Obligations	(19.1)	(10.8)	(10.9)
Dividends Paid on Common Stock	(175.0)	(105.0)	—
Dividends Paid on Common Stock – Nonaffiliated	(4.0)	(3.4)	(4.8)
Other Financing Activities	0.8	0.4	0.8
Net Cash Flows from (Used for) Financing Activities	(112.3)	535.7	861.9
Net Increase (Decrease) in Cash and Cash Equivalents	(86.0)	37.2	38.0
Cash and Cash Equivalents at Beginning of Period	88.4	51.2	13.2
Cash and Cash Equivalents at End of Period	$2.4	$88.4	$51.2
SUPPLEMENTARY INFORMATION
Cash Paid for Interest, Net of Capitalized Amounts	$128.9	$131.2	$116.5
Net Cash Paid (Received) for Income Taxes	(41.0)	(29.1)	(28.8)
Cash Received from the Sale of Transferable Tax Credits	(41.4)	—	—
Noncash Acquisitions Under Finance Leases	7.1	3.6	4.8
Construction Expenditures Included in Current Liabilities as of December 31,	63.7	105.6	69.0
See Notes to Financial Statements of Registrants beginning on page 174.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.